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       T R O U B L E D   C O M P A N Y   R E P O R T E R

                     A S I A   P A C I F I C

          Tuesday, December 24, 2024, Vol. 27, No. 257

                           Headlines



A U S T R A L I A

BILLSON'S BREWERY: Coca-Cola to Acquire Alcoholic Range
BIRIEL INDUSTRIES: Second Creditors' Meeting Set for Jan. 9
COURTENAY HOUSE: Third Person Sentenced for Misconduct
DL GYMPIE: First Creditors' Meeting Set for Jan. 6
KURVED BY DESIGN: First Creditors' Meeting Set for Jan. 6

TRICOL PTY: Second Creditors' Meeting Set for Jan. 3
TRIPLE R: First Creditors' Meeting Set for Dec. 31
TRITON BOND 2024-3: S&P Assigns B(sf) Rating on Class F Notes


C H I N A

FINGERMOTION INC: Terminates Sales Agreement with Univest
JRSIS HEALTH: Reports $219,977 Net Loss in Q3 2024
MERCURITY FINTECH: Signs Joint Venture Deal in Hong Kong
RETO ECO-SOLUTIONS: Ever Best Trading, Shishu Jiang Hold 5.1% Stake


I N D I A

A P GOYAL: Ind-Ra Keeps D Term Loan Rating in NonCooperating
AIFAZ COTTON: CARE Keeps C Debt Rating in Not Cooperating Category
ANAND GLASS: CARE Keeps C Debt Rating in Not Cooperating Category
B.L. AGRO: Ind-Ra Cuts Loan Rating to B+
BSE INSTITUTE: Voluntary Liquidation Process Case Summary

BUDAKIA MINERALS: CARE Lowers Rating on INR19.50cr LT Loan to D
CEMENT EAST: Voluntary Liquidation Process Case Summary
CEMENT FOUNDATION: Voluntary Liquidation Process Case Summary
CENTURY SHELTORS: Ind-Ra Withdraws D NonConvertible Debt Rating
CONTINUUM GREEN: S&P Raises LT ICR to 'BB-' on Improving Cash Flows

DSK MILKOTRONICS: Liquidation Process Case Summary
KIRAN INDUSTRIES: Ind-Ra Hikes Term Loan Rating to BB+
KOPARGAON AHMEDNAGAR: Ind-Ra Keeps D Loan Rating in NonCooperating
KOTKAPURA MUKTSAR: Ind-Ra Keeps D Loan Rating in NonCooperating
LAXMI ENTERPRISES: CARE Keeps D Debt Ratings in Not Cooperating

MADHYA PRADESH: CARE Assigns C Rating to INR1,266cr LT Loan
MANGALAYATAN UNIVERSITY: Ind-Ra Cuts Term Loan Rating to B-
MASTER KISHAN: Ind-Ra Cuts Term Loan Rating to B
P. PERICHI GOUNDER: Ind-Ra Keeps D Loan Rating in NonCooperating
PRATIBHA SYNTEX: Ind-Ra Cuts Loan Rating to B+

PRIYANKA GEMS: CARE Keeps D Debt Rating in Not Cooperating
RAHIL COLD: CARE Keeps C Debt Rating in Not Cooperating Category
RITZY CHEMICALS: CARE Keeps D Debt Rating in Not Cooperating
RSG FEBRIC: Voluntary Liquidation Process Case Summary
SAI YOUTHS AGROPRODUCTS: Liquidation Process Case Summary

SVR CORPORATION: CARE Keeps D Debt Rating in Not Cooperating
TATYASAHEB KORE: Ind-Ra Keeps D Loan Rating in NonCooperating
TELUGU CINE: Ind-Ra Keeps D Loan Rating in NonCooperating
TOSHNIWAL ENTERPRISES: CRISIL Keeps D Ratings in Not Cooperating
TRIMURTI CORNS: CRISIL Keeps D Debt Ratings in Not Cooperating

UNISONN INFRA: CRISIL Keeps D Debt Ratings in Not Cooperating
US SRIVASTAVA: Ind-Ra Cuts Bank Loan Rating to B+
VAAGESWARI EDUCATIONAL: CRISIL Keeps D Ratings in Not Cooperating
VANI TRADING: CRISIL Keeps D Debt Ratings in Not Cooperating
VEDBHUMI BUILDERS: CARE Keeps D Debt Rating in Not Cooperating



I N D O N E S I A

REJEKI ISMAN: Takes Last Legal Avenue after SC Rejects Appeal


J A P A N

NISSAN MOTOR: Foxconn's Interest in Automaker said to be on Hold


M A L A Y S I A

PLB ENGINEERING: Auditor Raises Going Concern Doubt


N E W   Z E A L A N D

ADAM STEWART: Creditors' Proofs of Debt Due on Jan. 16
DIVERSE ENGINEERING: Court to Hear Wind-Up Petition on Feb. 5
NATE CONSTRUCTION: Court to Hear Wind-Up Petition on Feb. 5
ROBERTON DEVELOPMENT: Creditors' Proofs of Debt Due on Jan. 27
TANIWHA SERVICES: Creditors' Proofs of Debt Due on Feb. 7

THE GROVE: Acclaimed Auckland Restaurant to Close on March 1


S I N G A P O R E

AVENUE PARK: Creditors' Proofs of Debt Due on Jan. 20
CURRY HUT: Court to Hear Wind-Up Petition on Jan. 3
ECONCEPTS PTE: Court Enters Wind-Up Order
VE TECHNOLOGY: Court to Hear Wind-Up Petition on Jan. 3
WAYSTONE (SG): Creditors' Proofs of Debt Due on Jan. 17



X X X X X X X X

[*] BOND PRICING: For the Week Dec. 16, 2024 to Dec. 20, 2024

                           - - - - -


=================
A U S T R A L I A
=================

BILLSON'S BREWERY: Coca-Cola to Acquire Alcoholic Range
-------------------------------------------------------
ABC News reports that drinks giant Coca-Cola looks set to buy part
of the Australian-owned company Billson's Brewery which was facing
liquidation until it received a lifeline from creditors earlier
this month.

The company went into voluntary administration in July this year,
owing more than AUD7 million to 142 unsecured creditors.

The business is housed in a 159-year-old brewery in Beechworth in
north-east Victoria.

In a written statement, owners Nathan and Felicity Cowan, who
started the company in 2017, said they were "thrilled" to have
entered into agreement to see the Billson's brand and alcoholic
line to Coca-Cola, ABC News relates.

"We wholeheartedly believe that the brand is in the best possible
hands for it to thrive long into the future," the report quotes
Mr. Cowan as saying.

"This will allow us to dedicate ourselves to what we love most: the
Beechworth venue experience and our historic cordial range," Mrs
Cowan said.  

According to ABC News, the future of Billson's alcoholic line had
been hinted at in a report by administrators McGrath Nicol.

They had been negotiating since October this year with "an
unrelated confidential party" to potentially sell off the alcoholic
component of the business.

ABC News says the creditors report outlined three options for the
company, including liquidation or a deed of company arrangement.

Administrators recommended the latter as it offered the best return
for creditors.

ABC News relates that Matthias Blume, Coca-Cola Vice President for
the Asia Pacific, said the acquisition would allow the company to
keep expanding the alcoholic ready-to-drink category in Australia.

"Our Responsible Alcohol Marketing Policy determines how we
responsibly go to market with alcohol brands."

The company said it has no plans to expand Billson's beyond
Australia.

The acquisition is set to be completed at the end of January 2025
when Coca-Cola is expected to take ownership of the brands, ABC
News notes.

                     About Billson's Beverages

Australia-based Billson's Beverages sells vodka-based drinks with
flavours such as berry jelly, musk and green apple in
Endeavour-operated chain stores, Dan Murphy's and BWS, and
Coles-owned Liquorland, as well as in independent liquor stores.

Robert Smith and Matthew Hutton of McGrathNicol were appointed as
administrators of the company on July 31, 2024.

BIRIEL INDUSTRIES: Second Creditors' Meeting Set for Jan. 9
-----------------------------------------------------------
A second meeting of creditors in the proceedings of Biriel
Industries Pty Ltd has been set for Jan. 9, 2025 at 11:00 a.m. at
the offices of SV Partners at 22 Market Street in Brisbane.

The purpose of the meeting is (1) to receive the report by the
Administrator about the business, property, affairs and financial
circumstances of the Company; and (2) for the creditors of the
Company to resolve whether the Company will execute a deed of
company arrangement, the administration should end, or the Company
be wound up.

Creditors wishing to attend are advised proofs and proxies should
be submitted to the Administrator by Jan. 8, 2025 at 4:00 p.m.

Anne Meagher and Michael Caraffa of SV Partners were appointed as
administrators of the company on Sept. 27, 2024.


COURTENAY HOUSE: Third Person Sentenced for Misconduct
------------------------------------------------------
David Sipina of Prairiewood NSW, a former contractor and promoter
of Courtenay House investments, has been sentenced to three years'
imprisonment, to be served by way of an intensive correction order,
for his role in the unlicensed Courtenay House financial services
business.

On Dec. 20, 2024, Mr. Sipina pleaded guilty in the Coffs Harbour
District Court to two charges related to his involvement in the
Courtenay House matter. The first charge related to aiding and
abetting Tony Iervasi to carry on an unlicensed financial services
business contrary to s 11.2(1) of the Criminal Code (Cth) and s
911A(1) of the Corporations Act 2001 (Cth), and the second charge
related to dealing with money that he believed to be proceeds of
crime worth AUD1 million or more, contrary to s 400.3(1) of the
Criminal Code (Cth), derived from his involvement in the unlicensed
financial services business.

In May 2017, liquidators were appointed to the Courtenay House
companies and the director, Mr. Iervasi, was restricted from
leaving Australia. On Nov. 8, 2022, Mr Iervasi pleaded guilty to
five criminal charges. Four of those charges included engaging in
dishonest conduct between Dec. 13, 2010 and April 21, 2017 in
running a Ponzi scheme through the Courtenay House companies, in
relation to AUD180 million raised by the Courtenay House companies
from around 585 investors.

Mr. Sipina's role in the scheme was to recruit and manage 215
investors, and market the scheme both online and in person between
June 2015 and April 2017. For his participation, Mr. Sipina
received approximately AUD3.9 million in commissions which were
proceeds of crime. Mr. Sipina was not aware that the Courtenay
House businesses were a Ponzi scheme, but he knew they were
providing unlicensed financial services advice since at least June
24, 2015.

ASIC Deputy Chair Sarah Court said, 'ASIC is committed to
investigating people who engage in and profit from dishonest
conduct. Mr. Spina's sentencing should be a deterrent to those who
operate outside of the law and whose actions can have a detrimental
effect on consumers who entrust their money with others.'

Mr. Sipina is the third person to be sentenced for criminal
offences relating to Courtenay House.

The matter was prosecuted by the Office of the Director of Public
Prosecutions (Cth) (CDPP) after an investigation and referral by
ASIC.

Mr. Sipina was first charged on Feb. 21, 2023 and pleaded guilty to
the charges on March 20, 2024.

The maximum penalty at the time of the offending for carrying on a
financial services business without an Australian Financial
Services license was two years' imprisonment, a fine of AUD34,000,
or both. For dealing with proceeds of crime worth AUD1 million or
more, believing it to be proceeds of crime, the maximum penalty is
25 years' imprisonment, a fine of AUD255,000, or both.

The Courtenay House companies appointed liquidators on May 16,
2017.

On the application of ASIC, the Supreme Court of NSW made interim
orders on May 1, 2017 against Mr. Iervasi, Courtenay House,
Courtenay House Trading Group (and others) by consent.

These orders prevented those parties from carrying on a financial
services business in Australia and limited the extent to which they
could deal with their cash and other assets. ASIC sought these
orders to preserve funds that might be available for the benefit of
investors in the Courtenay House companies who had lost money and
to prevent these companies from accepting further funds from
investors.

The liquidators of Courtenay House Capital Trading have distributed
dividends of 28 cents in the dollar. The liquidation process is
ongoing.

On May 8, 2023, former Courtenay House contractor, Athan Papoulias,
was sentenced to two years' imprisonment to be served by way of an
intensive corrections order for his role in the unlicensed
financial services business. As part of his sentence, Mr. Papoulias
was ordered to complete 120 hours of community service.

On Sept. 2, 2024, the sole former director of the Courtenay House
companies, Mr. Iervasi, was sentenced to 11 years' imprisonment for
charges relating to operating the Ponzi scheme.


DL GYMPIE: First Creditors' Meeting Set for Jan. 6
--------------------------------------------------
A first meeting of the creditors in the proceedings of DL Gympie
Pty Ltd will be held on Jan. 6, 2025 at 11:00 a.m. at the offices
of Mcleods Accounting at Level 5, 145 Eagle Street in Brisbane.

Jonathan Mcleod and Bill Karageozis of Mcleods Accounting were
appointed as administrators of the company on Dec. 20, 2024.


KURVED BY DESIGN: First Creditors' Meeting Set for Jan. 6
---------------------------------------------------------
A first meeting of the creditors in the proceedings of Kurved By
Design Pty Ltd will be held on Jan. 6, 2025 at 10:00 a.m. at the
offices of B&T Advisory at Level 19, 144 Edward Street in
Brisbane.

Travis Pullen of B&T Advisory were appointed as administrators of
the company on Dec. 20, 2024.


TRICOL PTY: Second Creditors' Meeting Set for Jan. 3
----------------------------------------------------
A second meeting of creditors in the proceedings of Tricol Pty Ltd
has been set for Jan. 3, 2025 at 9:00 a.m. via virtual meeting
only.

The purpose of the meeting is (1) to receive the report by the
Administrator about the business, property, affairs and financial
circumstances of the Company; and (2) for the creditors of the
Company to resolve whether the Company will execute a deed of
company arrangement, the administration should end, or the Company
be wound up.

Creditors wishing to attend are advised proofs and proxies should
be submitted to the Administrator by Jan. 2, 2025 at 5:00 p.m.

Cameron Gray of DW Advisory was appointed as administrator of the
company on Nov. 26, 2024.


TRIPLE R: First Creditors' Meeting Set for Dec. 31
--------------------------------------------------
A first meeting of the creditors in the proceedings of Triple R
Corporation Pty Ltd will be held on Dec. 31, 2024 at 11:30 a.m. at
the offices of Nicols + Brien at Suite 1, Level 1, 310 Crown Street
in Wollongong.

Ryan Bradbury of Nicols + Brien was appointed as administrator of
the company on Dec. 17, 2024.


TRITON BOND 2024-3: S&P Assigns B(sf) Rating on Class F Notes
-------------------------------------------------------------
S&P Global Ratings assigned ratings to nine classes of prime
residential mortgage-backed securities (RMBS) issued by Perpetual
Corporate Trust Ltd. as trustee for Triton Bond Trust 2024-3 Series
1.

The ratings reflect the following factors.

S&P has assessed the credit risk of the underlying collateral
portfolio, including the fact that this is a closed portfolio,
which means no further loans will be assigned to the trust after
the closing date.

The credit support is sufficient to withstand the stresses S&P
applies. This credit support comprises mortgage lenders insurance
covering 13.2% of the loans in the portfolio as well as note
subordination for all rated notes.

The various mechanisms to support liquidity within the transaction,
including an amortizing liquidity facility equal to 1.0% of the
invested amount of all rated and class G notes, subject to a floor
of 0.10% of the initial invested amount of all notes, principal
draws, and a loss reserve that builds from excess spread, are
sufficient under our stress assumptions to ensure timely payment of
interest.

An extraordinary expense reserve of A$150,000, funded from day one
by Columbus Capital Pty Ltd., is available to meet extraordinary
expenses. The reserve will be topped up via excess spread if
drawn.

A fixed- to floating-rate interest-rate swap is provided by Westpac
Banking Corp. to hedge the mismatch between receipts from any
fixed-rate mortgage loans and the variable-rate RMBS, should any be
entered into after transaction close.

S&P's ratings also consider the legal structure of the trust, which
has been established as a special-purpose entity and meets our
criteria for insolvency remoteness.

S&P understands that the class A1-AU-G notes will be issued under
the ColCap Green Bond Framework. Issuance proceeds from this bond
will be used to purchase green mortgages that meet the eligibility
criteria outlined in the ColCap Green Bond Framework. S&P Global
Ratings does not consider in its credit rating analysis the
issuer's designation of the notes as "green."

  Ratings Assigned

  Triton Bond Trust 2024-3 Series 1

  Class A1-AU, A$670.00 million: AAA (sf)
  Class A1-AU-G, A$350.00 million: AAA (sf)
  Class A2, A$108.00 million: AAA (sf)
  Class AB, A$28.44 million: AAA (sf)
  Class B, A$18.00 million: AA (sf)
  Class C, A$12.00 million: A (sf)
  Class D, A$4.80 million: BBB (sf)
  Class E, A$4.56 million: BB (sf)
  Class F, A$1.20 million: B (sf)
  Class G, A$3.00 million: Not rated




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C H I N A
=========

FINGERMOTION INC: Terminates Sales Agreement with Univest
---------------------------------------------------------
FingerMotion, Inc. disclosed in a Form 8-K Report filed with the
U.S. Securities and Exchange Commission that on December 16, 2024,
the Company and Univest Securities, LLC mutually agreed to
terminate the At-the-Market Issuance Sales Agreement, dated
September 11, 2023, between the Company and Univest, effective
December 16, 2024.

FingerMotion Inc. is an evolving technology Company with a core
competency in mobile payment and recharge platform solutions in
China.

Hong Kong-based Centurion ZD CPA & Co., the Company's former
auditor, issued a "going concern" qualification in its report dated
May 29, 2024, citing that the Company has suffered recurring losses
from operations that raise substantial doubt about its ability to
continue as a going concern.

FingerMotion had a net loss of $3,812,017 and $7,538,837 for the
years ended February 29, 2024 and February 28, 2023, respectively.
As of August 31, 2024, FingerMotion had $30,188,875 in total
assets, $20,310,503 in total liabilities, and $9,878,372 in total
shareholders' equity.

JRSIS HEALTH: Reports $219,977 Net Loss in Q3 2024
--------------------------------------------------
JRSIS Health Care Corporation filed with the U.S. Securities and
Exchange Commission its Quarterly Report on Form 10-Q reporting a
net loss of $219,977 on $222,922 of revenue for the three months
ended September 30, 2024, compared to a net income of $39,407 on
$497,361 of revenue for the three months ended September 30, 2023.

For the nine months ended September 30, 2024, the Company reported
a net loss of $509,680 on $1,320,738 of revenue, compared to a net
loss of $31,415 n on $1,311,750 of revenue for the same period in
2023.

As of September 30, 2024, the Company had $2,072,870 in total
assets, $2,307,347 in total liabilities, and $234,477 in total
stockholders' deficit.

A full-text copy of the Company's Form 10-Q is available at:

                   https://tinyurl.com/bdcm28ym

                      About JRSIS Health Care

JRSIS Health Care Corporation provides medical services. The
Company offers both Western and Chinese medical practices,
including pediatrics, dermatology, traditional Chinese medicine,
internal medicine dentistry, general surgery, rehabilitation
science, and gynecology. JRSIS Health Care serves patients in
China.

As of December 31, 2023, the Company has $2,144,525 in total
assets, $2,305,177 in total liabilities, and $160,652 in total
deficit.

New York-based HHC, the Company's auditor since 2021, issued a
"going concern" qualification in its report dated April 26, 2024,
citing that the Company has suffered recurring significant losses
which resulted significant accumulated deficiency in stockholders'
equity and has a net capital deficiency. These factors raise
substantial doubt about the Company's ability to continue as a
going concern.

MERCURITY FINTECH: Signs Joint Venture Deal in Hong Kong
--------------------------------------------------------
Mercurity Fintech Holding Inc., a digital fintech group, announced
the signing of a term sheet with a high-tech enterprise specialized
in the manufacturing and sale of precision fasteners, structural
parts and other precision metal parts products for new energy
vehicles and smart electronic devices. This collaboration aims to
establish a strategic joint venture in Hong Kong, focused on
expanding into AI hardware intelligent manufacturing and supporting
advanced cooling solutions for AI servers.

The term sheet sets forth the indicative material terms and
conditions for the formation of the JV and is subject to the
definitive agreements to be entered into by the parties. These
terms are non-binding unless specifically stated otherwise, and the
definitive agreements will include customary representations,
warranties, and indemnifications for transactions of a similar
nature and scale.

          Key Highlights of the Joint Venture:

     * Expansion into AI Hardware Intelligent Manufacturing:

The JV will focus on producing precision components and accessories
tailored to the needs of global leaders in artificial intelligence,
smart driving, and wearable technology, including leading AI server
companies and technology companies. The JV's establishment aligns
with Mercurity Fintech's strategic vision to diversify its business
and enter the fast-growing AI hardware manufacturing sector.

     * Strategic Position with Cooling Systems:

The JV aims to explore opportunities in advanced cooling solutions,
which are critical for next-generation AI servers. Our JV partner
has collaboration with the world leading AI server company,
including recent requests to produce samples for liquid cooling
projects, which highlights its proven capabilities in delivering
advanced solutions.

     * Capital Contributions and Structure:

The initial investment amounts to USD $9.8 million, with Mercurity
Fintech holding a 51% stake. This financial commitment underscores
both parties' confidence in the potential of the partnership.

     * Global Reach and Manufacturing Excellence:

The JV envisions establishing a manufacturing hub to streamline
operations and ensure the delivery of high-quality products to
clients worldwide.

     * Enhanced Product Offering:

In addition to liquid cooling systems, the JV will explore
opportunities to manufacture sub-assemblies and precision parts for
next-generation AI, automotive, and wearable technologies,
diversifying its product portfolio and solidifying its market
presence.

The joint venture will leverage the collaboration with the world
leading AI server company to align with the increasing demand for
efficient cooling technologies essential for advanced AI servers.
Harnessing MFH's capabilities in international marketing and
technological innovation, the JV is positioned to capitalize on
growth opportunities across AI, automotive, and wearable technology
markets. Its commitment to research and development ensures that
the JV will deliver innovative, high-quality solutions tailored to
meet evolving industry needs.

Shi Qiu, CEO of Mercurity Fintech, commented:

"This partnership represents a pivotal moment for Mercurity Fintech
as we expand our business scope into the thriving AI hardware
intelligent manufacturing sector. By combining our partner's
unparalleled expertise in precision engineering with Mercurity
Fintech's technological and operational acumen, we are poised to
create a unique value proposition for global technology companies.
Our JV partner's collaboration with the world leading AI server
company underscores the immense potential of this venture and our
shared commitment to innovation."

                          About Mercurity

Formerly known as JMU Limited, Mercurity Fintech Holding Inc. is a
digital fintech company with subsidiaries specializing in
distributed computing and digital consultation across North America
and the Asia-Pacific region and is in the process of applying for
FINRA approval to add brokerage services to its business. The
Company's focus is on delivering innovative financial solutions
while adhering to principles of compliance, professionalism, and
operational efficiency. The Company's aim is to contribute to the
evolution of digital finance by providing secure and innovative
financial services to individuals and businesses.

Singapore-based Onestop Assurance PAC, the Company's auditor since
2023, issued a "going concern" qualification in its report dated
April 22, 2024, citing that the Company has incurred recurring
operating losses and negative cash flows from operating activities
and has an accumulated deficit, which raise substantial doubt about
its ability to continue as a going concern.

Mercurity reported a net loss of $9.36 million for the year ended
Dec. 31, 2023, compared to a net loss of $5.63 million for the year
ended Dec. 31, 2022. As of Dec. 31, 2023, the Company had $30.39
million in total assets, $12.56 million in total liabilities, and
$17.83 million in total shareholders' equity.

RETO ECO-SOLUTIONS: Ever Best Trading, Shishu Jiang Hold 5.1% Stake
-------------------------------------------------------------------
Ever Best Trading Corporation Limited and Shishu Jiang disclosed in
a Schedule 13G filed with the U.S. Securities and Exchange
Commission that as of August 30, 2024, they beneficially owned
980,616 shares of Class A Shares, par value US$0.10 per share, ReTo
Eco-Solutions, Inc, representing 5.1% of the 19,352,636 Class A
Shares outstanding as reported in Company's Registration Statement
on Form F-3, dated September 24, 2024, filed with the U.S.
Securities and Exchange Commission on September 24, 2024.

Shishu Jiang is the sole member and director of Ever Best Trading
Corporation Limited, and is deemed to beneficially own the 980,616
Class A Shares held by Ever Best Trading Corporation Limited.

Ever Best Trading may be reached at:

     Room 706, 7th Floor, Hopson Office Building
     West Dawang Road
     Chaoyang District, Beijing F4 000000
     8613601322853

A full-text copy of Ever Best Trading's SEC Report is available
at:

                  https://tinyurl.com/38d9zx86

                     About ReTo Eco-Solutions

ReTo Eco-Solutions, Inc., through its operating subsidiaries in
China, is engaged in the manufacture and distribution of
eco-friendly construction materials (aggregates, bricks, pavers,
and tiles), made from mining waste (iron tailings), as well as
equipment used for the production of these eco-friendly
construction materials. In addition, the Company provides
consultation, design, project implementation, and construction of
urban ecological protection projects through its operating
subsidiaries in China. The Company also provides parts, engineering
support, consulting, technical advice and service, and other
project-related solutions for its manufacturing equipment and
environmental protection projects.

Irvine, California-based YCM CPA, Inc., the Company's auditor since
2021, issued a "going concern" qualification in its report dated
May 15, 2024, citing that the Company recorded an accumulated
deficit as of Dec. 31, 2023, and the Company currently has a net
working capital deficit, continued net losses, and negative cash
flows from operations. These conditions raise substantial doubt
about the Company's ability to continue as a going concern.

As of December 31, 2023, ReTo Eco-Solutions had $25.2 million in
total assets, $20.4 million in total liabilities, and $4.9 million
in total shareholders' equity.



=========
I N D I A
=========

A P GOYAL: Ind-Ra Keeps D Term Loan Rating in NonCooperating
------------------------------------------------------------
India Ratings and Research (Ind-Ra) has maintained A P Goyal Shimla
University's instrument(s) rating in the non-cooperating category.
The issuer did not participate in the surveillance exercise,
despite continuous requests and follow-ups by the agency through
emails and phone calls. Therefore, investors and other users are
advised to take appropriate caution while using the rating. The
rating will continue to appear as 'IND D (ISSUER NOT COOPERATING)'
on the agency's website.

The detailed rating actions are:

-- INR50 mil. Fund Based Working Capital Limit maintained in non-
     cooperating category with IND D (ISSUER NOT COOPERATING)
     rating; and

-- INR433.4 mil. Term loan due on September 30, 2022 maintained
     in non-cooperating category with IND D (ISSUER NOT
     COOPERATING) rating.

Note: ISSUER NOT COOPERATING: Issuer did not cooperate; based on
the best available information

Non-Cooperation by the Issuer

Ind-Ra has not received adequate information and has not been able
to conduct management interaction with A P Goyal Shimla University
while reviewing the rating. Ind-Ra had consistently followed up
with A P Goyal Shimla University over emails, apart from phone
calls.

Limitations regarding Information Availability

Ind-Ra has reviewed the credit ratings of A P Goyal Shimla
University on the basis of best available information and is unable
to provide a forward-looking credit view. Hence, the current
outstanding rating might not reflect A P Goyal Shimla University's
credit strength. If an issuer does not provide timely business and
financial updates to the agency, it indicates weak governance,
particularly in 'Transparency of Financial Information'. The agency
may also consider this as symptomatic of a possible disruption /
distress in the issuer's credit profile. Therefore, investors and
other users are advised to take appropriate caution while using
these ratings.

About the Company

A P Goyal Shimla University is run by A P Goyal Charitable Trust, a
non-profit educational trust established in 2004 by Pramod Goyal
and Rajesh Goyal.

AIFAZ COTTON: CARE Keeps C Debt Rating in Not Cooperating Category
------------------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Aifaz
Cotton Processors (ACP) continues to remain in the 'Issuer Not
Cooperating' category.

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank      12.00       CARE C; Stable; ISSUER NOT
   Facilities                      COOPERATING; Rating continues
                                   to remain under ISSUER NOT
                                   COOPERATING category

Rationale and key rating drivers

CARE Ratings Ltd. had, vide its press release dated December 18,
2023, placed the rating(s) of ACP under the 'issuer
non-cooperating' category as ACP had failed to provide information
for monitoring of the rating as agreed to in its Rating Agreement.
ACP continues to be non-cooperative despite repeated requests for
submission of information through emails dated November 2, 2024,
November 12, 2024 and November 22, 2024 among others.

In line with the extant SEBI guidelines, CARE Ratings Ltd. has
reviewed the rating on the basis of the best available information
which however, in CARE Ratings Ltd.'s opinion is not sufficient to
arrive at a fair rating.

Users of this rating (including investors, lenders and the public
at large) are hence requested to exercise caution while using the
above rating(s).

Analytical approach: Standalone

Outlook: Stable

Aifaz Cotton Processors (ACP) was incorporated as a proprietorship
firm in the year 2008. The firm is engaged in the business of
cotton ginning & pressing and trading of cotton, seeds, oil process
at Wane, Yavatmal District.


ANAND GLASS: CARE Keeps C Debt Rating in Not Cooperating Category
-----------------------------------------------------------------
CARE Ratings said the ratings for the bank facilities of Anand
Glass Works (AGW) continue to remain in the 'Issuer Not
Cooperating' category.

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank       6.83       CARE C; Stable; ISSUER NOT
   Facilities                      COOPERATING; Rating continues
                                   to remain under ISSUER NOT
                                   COOPERATING category  

   Short Term Bank      1.52       CARE A4; ISSUER NOT
   Facilities                      COOPERATING; Rating continues
                                   to remain under ISSUER NOT
                                   COOPERATING category

Rationale and key rating drivers

CARE Ratings Ltd. had, vide its press release dated December 11,
2023, placed the rating(s) of AGW under the 'issuer
non-cooperating' category as AGW had failed to provide information
for monitoring of the rating as agreed to in its Rating Agreement.
AGW continues to be non-cooperative despite repeated requests for
submission of information through e-mails dated October 26, 2024,
November 5, 2024 and November 15, 2024 among others.

In line with the extant SEBI guidelines, CARE Ratings Ltd. has
reviewed the rating on the basis of the best available information
which however, in CARE Ratings Ltd.'s opinion is not sufficient to
arrive at a fair rating.

Users of this rating (including investors, lenders and the public
at large) are hence requested to exercise caution while using the
above rating(s).

Analytical approach: Standalone

Outlook: Stable

Anand Glass Works (AGW) was incorporated in 2001 as a partnership
firm and is currently managed by Mr. Rajendra Prasad Jain, Mr.
Devendra Kumar Jain. AGW is engaged in the manufacturing of glass
containers and tableware. The manufacturing facility of the firm is
located at Firozabad, Uttar Pradesh.


B.L. AGRO: Ind-Ra Cuts Loan Rating to B+
----------------------------------------
India Ratings and Research (Ind-Ra) has downgraded B.L. Agro Oils
Limited rating to IND B+/Negative (ISSUER NOT COOPERATING). The
issuer did not participate in the surveillance exercise, despite
continuous requests and follow-ups by the agency through emails and
phone calls. Thus, the rating is based on the best available
information. Therefore, investors and other users are advised to
take appropriate caution while using the rating.

The detailed rating actions are:

-- INR2.750 bil. Fund Based Working Capital Limit downgraded with

     IND B+/Negative (ISSUER NOT COOPERATING)/IND A4 (ISSUER NOT
     COOPERATING) rating; and

-- INR770 mil. Term loan downgraded with IND B+/Negative (ISSUER
     NOT COOPERATING) rating.

Note: ISSUER NOT COOPERATING: Issuer did not cooperate; based on
the best available information

Detailed Rationale of the Rating Action

The downgrade is in accordance with Ind-Ra's policy of Guidelines
on What Constitutes Non-Cooperation. As per the policy, ratings of
non-cooperative ratings issuers may get downgraded during
subsequent reviews, if the issuer continues to remain
non-cooperative. With passage of time and absence of updated
information, the risk of sustaining the rating at current levels by
relying on dated information increases, which may be reflected
through a downgrade rating action

Non-Cooperation by the Issuer

Ind-Ra has not received adequate information and has not been able
to conduct management interaction with B.L. Agro Oils Limited while
reviewing the rating. Ind-Ra had consistently followed up with B.L.
Agro Oils Limited over emails, apart from phone calls..

Limitations regarding Information Availability

Ind-Ra has reviewed the credit ratings of B.L. Agro Oils Limited on
the basis of best available information and is unable to provide a
forward-looking credit view. Hence, the current outstanding rating
might not reflect B.L. Agro Oils Limited's credit strength. If an
issuer does not provide timely business and financial updates to
the agency, it indicates weak governance, particularly in
'Transparency of Financial Information'. The agency may also
consider this as symptomatic of a possible disruption / distress in
the issuer's credit profile. Therefore, investors and other users
are advised to take appropriate caution while using these ratings.

About the Company

B.L. Agro Oils, incorporated in 1999, is engaged in the trading,
processing and manufacturing of edible oils, namely rice bran,
mustard, soya, refined palmolein and others.

BSE INSTITUTE: Voluntary Liquidation Process Case Summary
---------------------------------------------------------
Debtor: BSE Institute of Research Development &
        Innovation Private Limited
        25th Floor, Jeejeephoy Tower,
        Dalal Street, Bombay Stock Exchange,
        Fort, Mumbai 400001,
        Maharashtra, India

Liquidation Commencement Date: December 11, 2024

Court: National Company Law Tribunal, Mumbai Bench

Liquidator: Balaji Shrirang Sagar
            Sr. No. 21/5,
            Opposite Creative Camio,
            Near PCMC D Ward Office,
            Aundh -- Ravet Road,
            Rahatani, Pune - 411027 India
            Email: balajisagar381973@gmail.com
            Tel No: +91- 9561071705

Last date for
submission of claims: January 10, 2025


BUDAKIA MINERALS: CARE Lowers Rating on INR19.50cr LT Loan to D
---------------------------------------------------------------
CARE Ratings has revised the ratings on certain bank facilities of
Budakia Minerals LLP (BML), as:

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank      19.50       CARE D; ISSUER NOT COOPERATING
   Facilities                      Rating continues to remain
                                   under ISSUER NOT COOPERATING
                                   category and Downgraded from
                                   CARE B+; Stable

Rationale and key rating drivers

CARE Ratings Ltd. had, vide its press release dated March 19, 2024,
placed the rating(s) of BML under the 'issuer non-cooperating'
category as BML had failed to provide information for monitoring of
the rating as agreed to in its Rating Agreement. BML continues to
be non-cooperative despite repeated requests for submission of
information through e-mails dated December 12, 2024, among others.

In line with the extant SEBI guidelines, CARE Ratings Ltd. has
reviewed the rating on the basis of the best available information
which however, in CARE Ratings Ltd.'s opinion is not sufficient to
arrive at a fair rating.

Users of this rating (including investors, lenders and the public
at large) are hence requested to exercise caution while using the
above rating(s).

The ratings for BML have been revised on account of
non-availability of requisite information. The rating revision also
considers ongoing delays in debt servicing as recognized from
lender feedback.

Analytical approach: Standalone

Budakia Minerals LLP (BML) is a limited liability partnership firm,
incorporated on December 05, 2018 and promoted by Mr. Amit Agarwal,
Shri John Martin Lamurong and Khasi Ispat Private Limited. The
entity is setting up an industrial unit of capacity 200 TPD for
manufacturing of quicklime at a cost of INR35.00 crore, which is to
be funded through a term loan of INR19.50 crore from NEDFi and
balance of INR15.50 crore through promoter's contribution. Going
forward, the entity has plans to manufacture hydrated lime,
precipitated calcium carbonate and activated calcium carbonate.


CEMENT EAST: Voluntary Liquidation Process Case Summary
-------------------------------------------------------
Debtor: Shree Cement East Bengal Foundation
        Bangur Nagar, Beawar, Ajmer,
        Rajasthan, India 305901

Liquidation Commencement Date: December 6, 2024

Court: National Company Law Tribunal, Jaipur Bench

Liquidator: Mahendra Prakash Khandelwal
            202, Prism Tower,
            Opp. Police Headquarters
            Lalkothi, Jaipur, Rajasthan-302015
            Phone: 0141-4112199, 09828046652
            Email: mahendra927@gmail.com

Last date for
submission of claims: January 5, 2025


CEMENT FOUNDATION: Voluntary Liquidation Process Case Summary
-------------------------------------------------------------
Debtor: Shree Cement Foundation
        Bangur Nagar, Ajmer, Beawar,
        Rajasthan, India 305901

Liquidation Commencement Date: December 6, 2024

Court: National Company Law Tribunal, Jaipur Bench

Liquidator: Mahendra Prakash Khandelwal
            202, Prism Tower,
            Opposite Police Headquarters
            Lalkothi, Jaipur, Rajasthan - 302015
            Phone: 0141-4112199, 09828046652
            Email: mahendra927@gmail.com

Last date for
submission of claims: January 5, 2025


CENTURY SHELTORS: Ind-Ra Withdraws D NonConvertible Debt Rating
---------------------------------------------------------------
India Ratings and Research (Ind-Ra) has withdrawn Century Sheltors
Developers Pvt Ltd.'s (CSDPL) non-convertible debenture ratings as
follows:

-- The 'IND D (ISSUER NOT COOPERATING)' rating on the INR1.750
     bil. Non-convertible debentures is withdrawn.

Detailed Rationale of the Rating Action

Ind-Ra is no longer required to maintain the rating, as the agency
has received a no dues certificate from the lender and a withdrawal
request from the issuer. This is consistent with Ind-Ra's Policy on
Withdrawal of Ratings. Ind-Ra will no longer provide analytical and
rating coverage for the company.

About the Company

Incorporated in 2007, CSDPL is engaged in buying, selling, renting
and operating of self-owned or leased real estate such as apartment
building and dwellings, non-residential buildings, and developing
and subdividing of real estate into lots.

CONTINUUM GREEN: S&P Raises LT ICR to 'BB-' on Improving Cash Flows
-------------------------------------------------------------------
S&P Global Ratings raised its long-term issuer credit rating on
Continuum Green Energy Holdings Ltd. to 'BB-' from 'B+'. S&P also
raised its issue rating on the senior secured notes of Continuum
Energy Aura Pte. Ltd. (Aura) to 'BB-' from 'B+'; Continuum
guarantees the notes.

S&P said, "The stable rating outlook over the next 12-24 months
reflects our view that timely commissioning of Continuum's
under-construction projects with adequate funding will support
higher cash flow and improve interest coverage. We also expect the
company to pursue growth in a prudent manner, with sufficient
equity funding or internal cash accruals to fund growth projects."

Recent project commissioning will strengthen Continuum's cash flow
and interest-servicing ratio.   S&P forecasts the company's funds
from operations (FFO) cash interest coverage will improve to about
1.5x in fiscal 2026 (ending March 31, 2026) and 1.7x-1.8x over
fiscals 2027 and 2028, from our estimate of 1.2x in fiscal 2025.
Full-year earnings contribution from recently commissioned projects
will start from fiscal 2026, supporting stronger ratios.
Continuum's total operating capacity reached 2.24 GW as of early
December 2024, following the full commissioning of close to 936
megawatts (MW) of capacity, after some delays.

Continuum's plans to further scale up its portfolio to 3.5 GW over
the next year with adequate funding will support improving ratios.
The company proposes to steadily expand its portfolio with an
under-construction capacity of about 1.28 GW (63% solar and 37%
wind mix). An initial phase of 660 MW capacity is likely to be
commissioned in phases until September 2025, and the remaining
625MW capacity is slated for commissioning by the end of March
2026. Timely execution of these projects will boost Continuum's
operating capacity to 3.5 GW and nearly double its annual EBITDA
from fiscal 2025 levels to Indian rupee (INR) 30 billion-INR32
billion on a steady state basis.

S&P believes execution risk on the company's pipeline projects has
lowered.   This is because the majority are for brownfield
expansion of existing projects that have transmission and
evacuation infrastructure in place. Previous delays were largely
due to greenfield projects and right-of-way issues, which have
eased. New policy implementation in Gujarat (announced in February
2024) will also reduce regulatory uncertainty and project delays in
the state. Project commissioning in phases will also help generate
staggered revenue once they are operational.

Continuum's planned capacity addition will require capital
expenditure (capex) of about INR62 billion. S&P forecasts the
company's capex will remain high at INR24 billion in fiscal 2025
and increase to INR46 billion in fiscal 2026. This is higher than
our previous assumption of INR17 billion over the same period. That
said, Continuum intends to use equity proceeds of INR12.6 billion
(US$150 million) to partially fund its growth capex (particularly
for the 625 MW additional capacity). This will provide some
financial headroom as the company pursues growth, in our view.
Continuum raised equity from Just Climate UK through a 14.7% stake
sale in its India platform, Continuum Green Energy Ltd. (CGEL) in
September 2024.

Continuum's leverage will remain high as the company pursues
additional growth.  S&P said, "We expect the company to continue
its growth and strategic focus in the commercial and industrial
(C&I) market in India. We forecast growth will be calibrated, with
about 500 MW capacity added annually from fiscal 2027 onward. This
would likely require capex of about INR25 billion per year, which
would be largely funded by debt and internal accruals. Continuum's
leverage will remain high with an FFO-to-debt ratio of 4.8% in
fiscal 2026 and 7%-7.5% in fiscals 2027 and 2028. That said, we
expect Continuum's FFO cash interest coverage to remain resilient
above 1.5x. We have not factored any earnings contribution from new
development projects in our ratios, which could lead to some
upside. In our view, Continuum's larger scale focusing on the C&I
market will support its earnings quality, given annual inflation
adjustments to tariffs, limited volume risks, and the good credit
quality of C&I customers." The company also benefits from better
cash flow visibility compared with other unregulated power
producers that are exposed to merchant price risks or fuel price
volatility.

In addition, Continuum plans a domestic listing of CGEL, which
could happen in April 2025 at the earliest. It has filed an IPO of
INR36.5 billion (US$430.5 million) in early December 2024. S&P does
not factor equity proceeds in its base case due to a lack of
visibility on the timing. The company expects to use the proceeds
for debt repayment (which includes debt at operating assets and
Aura senior secured notes). If successful, the proposed domestic
listing would support deleveraging and reduce interest burden. This
would help mitigate weaker cash flows in the event of operational
underperformance or project delays.

S&P said, "We do not expect higher leverage at parent Continuum
Energy Pte. Ltd. (CEPL) to weigh on Continuum's credit quality.  
We now assess CEPL's credit quality, given its 74% shareholding in
Continuum following the promoters' buyout of Morgan Stanley
Infrastructure Partners (MSIP) stake. While CEPL has slightly
weaker ratios than Continuum, we do not see higher risks at CEPL's
level, given Continuum is a core subsidiary and its FFO cash
interest coverage will also improve to above 1.5x from fiscal 2027
onward."

The buyout was funded by a sponsor financing of US$230 million at
the CEPL level--a three-year facility with a 12.85% coupon
(includes a substantial payment-in-kind coupon with the cash
portion of the coupon pre-funded for the first two years). There
are no other material borrowings at CEPL apart from the sponsor
loan.

Upstreaming of project cash flows to service CEPL's sponsor loan
will be limited, given Aura's bond covenants on restricted
payments. This is because Continuum does not expect dividend
payments over the next few years due to the company's negative
retained earnings as of Sept. 30, 2024.

Moreover, MSIP, which will continue to hold a significant minority
stake of 26%, also has veto rights on any new borrowings at
Continuum or its subsidiaries (other than project-level debt) and
on any related-party transactions between the company and its
shareholders.

S&P said, "The stable rating outlook for the next 12-24 months
reflects our view that timely commissioning of Continuum's
under-construction projects with adequate funding will support
higher cash flow and improve the FFO cash interest coverage to
about 1.5x in fiscal 2026 and 1.7x-1.8x in fiscal 2027. We also
expect Continuum to pursue growth in a prudent manner, with
sufficient equity funding or internal cash accruals to fund growth
projects."

S&P may lower the ratings if Continuum's FFO cash interest coverage
is not likely to stay above 1.5x on a sustainable basis. This can
happen if:

-- Material delays in project execution lead to cost overruns and
lower cash flow;

-- The company's operating performance weakens to lower than P90
(meeting power generation probability of at least 90% of the time)
estimates over a sustained period, leading to lower revenues; or

-- Continuum pursues higher debt-funded capex than we expect
without appropriate equity support.

S&P may also lower the rating if Continuum's earnings profile
deteriorates, leading to lower cash flow stability. This can happen
if changes to the tariff-setting process and competitive landscape
in the C&I market are adverse, exposing the company to higher
market and pricing risks than S&P expects. This may also result in
lower profitability and returns than peers.

S&P may raise the ratings on Continuum if the company's FFO-to-debt
ratio improves above 9% sustainably. This can happen if:

-- Operating performance is consistently stronger than S&P expects
at above P90; or

-- Profitability is significantly higher due to favorable market
dynamics in the C&I segment and an improved cost position on a
larger portfolio.

Continuum pursues disciplined growth with a proven track record of
timely project commissioning, which leads to deleveraging.


DSK MILKOTRONICS: Liquidation Process Case Summary
--------------------------------------------------
Debtor: DSK Milkotronics Private Limited
        DSK Sunderban S.No. 173, 174, 175
        Sadestranali, Hadpsar, Pune,  
        Maharashtra, India 411208

Liquidation Commencement Date: November 11, 2024

Court: National Company Law Tribunal, Mumbai Bench

Liquidator: Krishna Gopal Ratanlal Maheshwari
            602, Rajendra Ratna,
            Mahesh Nagarm S V Road,
            Goregaon (W), Mumbai City
            Maharshtra 400104

             -- and --
            
            Primus Insolvency Resolution and
            Valuation Pvt. Ltd.
            408, 4th Floor, Manish Chambers
            Sonawala Road, Goregaon (East),
            Mumbai, Maharashtra 400063
            E-mail: 1kgmaheshwari@gmail.com
                    dskmailotronics.ibc@gmail.com

Last date for
submission of claims: December 28, 2024


KIRAN INDUSTRIES: Ind-Ra Hikes Term Loan Rating to BB+
------------------------------------------------------
India Ratings and Research (Ind-Ra) has taken the following rating
actions on Kiran Industries Private Limited's (KIPL) bank
facilities:

-- INR123.69 mil. (reduced from INR158.90 mil.) Term loan due on
     September 30, 2027 upgraded with IND BB+/Stable rating;

-- INR134.31 mil. Term loan due on December 31, 2030 assigned
     with IND BB+/Stable rating;

-- INR290 mil. Fund-based working capital limits Long term rating

     upgraded; short term rating affirmed with IND BB+/Stable/IND
     A4+ rating; and

-- INR2 mil. Non-fund-based working capital limits affirmed with
     IND A4+ rating

Detailed Rationale of the Rating Action

The upgrade reflects an improvement in KIPL's credit metrics, scale
of operations and EBITDA margins in FY24. In FY25, Ind-Ra expects a
marginal improvement in the scale of operations while the EBITDA
margins would remain stable. However, the agency expects the credit
metrics to slightly deteriorate in FY25, due to the company's
debt-funded capex plans. The ratings also factor in the company's
stretched liquidity. However, the ratings are supported by the
promoters' three decade of experience in the textile industry.

Improvement in Scale of Operations: In FY24, KIPL's scale of
operations remained medium with its revenue declining to
INR2,755.81 million (FY23: INR3,014.63 million) due to a mishap in
its factory in November 2023, leading to the factory being closed
for almost a month along with slight decline in the realization per
ton to INR0.224 million (FY23: INR0.236 million). Additionally, its
job works saw an increase in FY24.  KIPL's realization of revenue
remained low mainly due to a slight change in product mix. Its
dyeing of yarn division accounted for 58.11% of the revenue in FY24
(FY23: 63.15%), followed by embroidery thread division 37.97%
(32.56%) and jari 3.92% (4.32%). Its domestic sales accounted for
88.82% of the total revenue in FY24 (FY23: 89.48%). In FY24, KIPL's
EBITDA improved to INR146.6 million (FY23: INR124.42 million). Its
revenue stood at INR1,327.17 million as of 1HFY25 and had
unexecuted orders worth INR92.5 million as of November 2024. In
FY25, Ind-Ra expects a marginal improvement in KIPL's scale of
operations as the company is introducing new segment namely
stitching threads in its threading division in January 2025.

Improvement in EBITDA Margins: In FY24, KIPL's EBITDA margins
improved but remained at 5.32% (FY23: 4.13%) on account of a
decline in yarn prices. The return on capital employed stood at
10.8% in FY24 (FY23: 8.3%). Yarn and color for dyeing are the major
raw materials which constituted 67.4% of the total revenue (FY23:
71.41%). For 6MFY25, KIPL booked EBITDA margins of about 6.79%. In
FY25, Ind-Ra expects the EBITDA margins to remain at similar levels
on account of similar nature of operations.

Improvement in Credit Metrics: In FY24, KIPL's gross interest
coverage (operating EBITDA/gross interest expense) improved to
3.03x (FY23: 2.49x) and the net leverage (adjusted net
debt/operating EBITDA) reduced to 2.68x (3.96x), due to the
increase in EBITDA coupled with the repayment of debt. In FY24,
KIPL incurred capex of INR70 million, of which INR30.5 million was
debt funded, and rest was through internal accruals. In FY25, KIPL
is planning to incur capex of INR220 million, with INR60 million
towards purchasing machinery and INR160 million for installation of
solar panel. Following the capex, the management expects the power
cost to decline FY26 onwards. In FY25, Ind-Ra expects deterioration
in the credit metrics due to the debt-funded capex plan. However,
Ind-Ra expects the credit metrics to improve FY26 onwards, due to
the likely improvement in the EBITDA on account of a decline in
power and fuel costs following the installation of solar panel and
schedule debt repayments.

Extensive Promoter's Experience: The ratings are supported by the
promoters' three decades of experience in the textile industry,
leading to established relationships with its customers.

Liquidity

Stretched: KIPL is planning to incur capex for which it has to keep
margin money of 25% of the loan disbursed in the form of fixed
deposit. The company has yet to achieve the financial closure for
the same. The company does not have any exposure to the capital
markets and relies on banks and financial institutions to meet its
funding requirements. In FY24, KIPL's working capital cycle stood
at 61 days (FY23: 65 days), with debtors days of 43 days (40 days);
creditors days of 25 days (27 days) and inventory period of 43 days
(52 days). KIPL's average monthly maximum utilization of its
fund-based working capital limits was around 60.26% over the 12
months ended September 2024. KIPL had repayment obligations of
INR20.6 million and INR49 million in FY25 and FY26.  In FY24,
KIPL's cash flow from operations turned positive INR136.58 million
(FY23: negative INR28.68 million) due to favorable changes in the
working capital, with free cash flow of INR53.24 million (FY23:
negative INR35.83 million).  At FYE24, its cash and cash equivalent
stood at INR0.31 million (FYE23: INR6.47 million).

Rating Sensitivities

Negative: A decline in the scale of operations, leading to
deterioration in the overall credit metrics with the net leverage
rising above 4.5x, and further stress in the liquidity position,
will be negative for the ratings.  

Positive: A substantial increase in the scale of operations, along
with the achievement of the financial closure for meeting the debt
portion of the capex plan, leading to an improvement in the overall
credit metrics and the liquidity position, all on a sustained
basis, would lead to a positive rating action.

About the Company

Incorporated in 1986, KIPL manufactures polyester dyed yarns,
embroidery threads viscose/polyester and metallic yarns. The
company had two factories in Surat, Gujarat. It is promoted by Amit
Sekhani, Ratanlal Sekhani and Anand Sekhani.

KOPARGAON AHMEDNAGAR: Ind-Ra Keeps D Loan Rating in NonCooperating
------------------------------------------------------------------
India Ratings and Research (Ind-Ra) has maintained Kopargaon
Ahmednagar Tollways Phase 1 Private Limited's bank loan rating in
the non-cooperating category. The issuer did not participate in the
rating exercise despite continuous requests and follow-ups by the
agency. Therefore, investors and other users are advised to take
appropriate caution while using this rating. The rating will
continue to appear as 'IND D (ISSUER NOT COOPERATING)' on the
agency's website.

The detailed rating action is:

-- INR1.560 bil. Senior project bank loan (Long-term) maintained
     in non-cooperating category with IND D (ISSUER NOT
     COOPERATING) rating.

Note: ISSUER NOT COOPERATING: The issuer did not cooperate, based
on the best available information

Non-Cooperation by the Issuer

Ind-Ra has not received adequate information and has not been able
to conduct management interaction with Kopargaon Ahmednagar
Tollways Phase 1 while reviewing the rating. Ind-Ra had
consistently followed up with Patna Bakhtiyarpur Tollway through
phone calls and emails. The issuer has also not been submitting the
no default statement since December 2023.

Limitations regarding Information Availability

Ind-Ra is unable to provide an updated forward-looking view on the
credit rating of Kopargaon Ahmednagar Tollways Phase 1, as the
agency does not have adequate information to review the rating. If
an issuer does not provide timely business and financial updates to
the agency, it indicates weak governance, particularly in
'Transparency of Financial Information'. The agency may also
consider this as symptomatic of a possible disruption/distress in
the issuer's credit profile. Therefore, investors and other users
are advised to take appropriate caution while using the rating.

About the Company

Kopargaon Ahmednagar Tollways Phase 1 is a special purpose vehicle
that was incorporated to implement the expansion of a 42.6km
stretch on the Kopargaon Ahmednagar section of State Highway 10 in
Maharashtra to four lanes from two under a seven-year concession
from the state government.

KOTKAPURA MUKTSAR: Ind-Ra Keeps D Loan Rating in NonCooperating
---------------------------------------------------------------
India Ratings and Research (Ind-Ra) has maintained Kotkapura
Muktsar Tollways Private Limited's senior project bank loan rating
in the non-cooperating category. The issuer did not participate in
the surveillance exercise despite continuous requests and
follow-ups by the agency through emails and phone calls. Therefore,
investors and other users are advised to take appropriate caution
while using the rating. The rating will continue to appear as 'IND
D (ISSUER NOT COOPERATING)' on the agency's website.

The detailed rating action is:

-- INR750 mil. Senior project bank loan (Long-term) maintained in

     non-cooperating category with IND D (ISSUER NOT COOPERATING)
     rating.

Note: ISSUER NOT COOPERATING: Issuer did not cooperate; based on
the best available information.

Non-Cooperation by the Issuer

Ind-Ra has not received adequate information and has not been able
to conduct management interaction with Kotkapura Muktsar Tollways
while reviewing the rating. Ind-Ra had consistently followed up
with Kotkapura Muktsar Tollways through emails, apart from phone
calls. The issuer has also not submitted the no default statement
since December 2023.

Limitations regarding Information Availability

Ind-Ra is unable to provide an updated forward-looking view on the
credit rating of Kotkapura Muktsar Tollways, as the agency does not
have adequate information to review the rating. If an issuer does
not provide timely business and financial updates to the agency, it
indicates weak governance, particularly in 'Transparency of
Financial Information'. The agency may also consider this as
symptomatic of a possible disruption/distress in the issuer's
credit profile. Therefore, investors and other users are advised to
take appropriate caution while using the rating. Kotkapura Muktsar
Tollways has been non-cooperative with the agency since August
2018.

About the Company

Kotkapura Muktsar Tollways is a special purpose vehicle promoted by
Supreme Infrastructure BOT Holdings Private Limited (48%), Supreme
Infrastructure India Limited (26%) and SPML Infra Limited (26%). It
has been set up to build, operate and maintain a 30-kilometer
stretch on State Highway 16.

LAXMI ENTERPRISES: CARE Keeps D Debt Ratings in Not Cooperating
---------------------------------------------------------------
CARE Ratings said the ratings for the bank facilities of Sri Laxmi
Enterprises (SLE) continue to remain in the 'Issuer Not
Cooperating' category.

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank       9.14       CARE D; ISSUER NOT COOPERATING
   Facilities                      Rating continues to remain
                                   under ISSUER NOT COOPERATING
                                   category

   Short Term Bank      5.00       CARE D; ISSUER NOT COOPERATING
   Facilities                      Rating continues to remain
                                   under ISSUER NOT COOPERATING
                                   category

Rationale and key rating drivers

CARE Ratings Ltd. had, vide its press release dated December 8,
2023, placed the rating(s) of SLE under the 'issuer
non-cooperating' category as SLE had failed to provide information
for monitoring of the rating as agreed to in its Rating Agreement.
SLE continues to be non-cooperative despite repeated requests for
submission of information through e-mails dated October 23, 2024,
November 2, 2024, November 12, 2024 among others.

In line with the extant SEBI guidelines, CARE Ratings Ltd. has
reviewed the rating on the basis of the best available information
which however, in CARE Ratings Ltd.'s opinion is not sufficient to
arrive at a fair rating.

Users of this rating (including investors, lenders and the public
at large) are hence requested to exercise caution while using the
above rating(s).

Analytical approach: Standalone

Sri Laxmi Enterprises (SLE) has been incorporated by Mr Om Prakash
Agarwal and his family members in the year 2003. The firm is
engaged in cotton ginning and pressing with installed capacity of
750 MT per annum. The firm primarily sources its raw material,
Kapas, from local farmers in Telangana and sells its finished
product in the states of Telangana, Maharashtra, Madhya Pradesh and
Tamil Nadu.

Status of non-cooperation with previous CRA: CRISIL has continued
the ratings assigned to the bank facilities of SLE to the 'issuer
not-cooperating' category vide press release dated November 25,
2024 on account of its inability to carryout review in the absence
of requisite information from the firm.


MADHYA PRADESH: CARE Assigns C Rating to INR1,266cr LT Loan
-----------------------------------------------------------
CARE Ratings has assigned rating to the bank facilities of Madhya
Pradesh Poorv Kshetra Vidyut Vitran Nigam Limited (MPPoKVVCL), as:

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank      1,266       CARE C; Stable Assigned
   Facilities                       

Rationale and key rating drivers

The rating assigned to the bank facilities of MPPoKVVCL are
constrained by the delay in debt servicing to certain financial
institutions (facilities not rated by CARE) reported by the
statutory auditor, weak financial risk profile with negative net
worth on account of losses in the past, limited tariff hikes , poor
operational performance and a challenging regulatory environment.

However, ratings continue to favourably factor in the strategic
importance of MPPoKVVCL to the state's power sector, its monopoly
in power distribution across sixteen districts of Madhya Pradesh
and support extended by Government of Madhya Pradesh (GoMP) in form
of subsidies, loans and grants in the past.

Rating sensitivities: Factors likely to lead to rating actions

Positive factors

* Significant reduction in AT&C losses
* Significant improvement in the capital structure/debt reduction
* Significant improvement in the ACS-ARR gap

Negative factors

* Continued losses with further increase in receivables
deteriorating the cash flow position.
* Continued stretching of payable days on a sustained basis.
* Diminution or delay in support from the state government.

Analytical approach: CARE Ratings Limited (CARE Ratings) has
analysed MPPKVVCL's credit profile by considering financials and
business risk profile along with support from the MPPMCL which is
the holding company of the Discom and is responsible for power
purchase at a consolidated level with high cash flow fungibility.
CARE Ratings has also factored operational and financial linkages
with GoMP.

Outlook: Stable

Stable outlook reflects that the company is expected to maintain
steady AT&C loss along with elevated leverage in the medium term.

Detailed description of key rating drivers:

Key Weaknesses

* Default in the loans servicing: In the auditor's report for FY24,
it was highlighted that the company is defaulting on loan
repayments to certain financial institutions. Of the 13 instances
of default, 12 are with the Government of Madhya Pradesh, and one
is with other financial institutions. The company has stated that
these loans are pertaining to bifurcation of MP State Electricity
Board in 2004-05 and they do not have records for the same and
hence the payments are not made on these accounts. As per feedback
from three other lenders, the debt servicing on loans is timely
including the limits rated by CARE.

* Weakened operational and financial performance: AT&C losses in
Madhya Pradesh's distribution network have remained persistently
high. The company's aggregate technical and commercial (AT&C) loss
has sharply increased from 22.16% in FY23 (FY refers to April 01 to
March 31) to 28.20% in FY24. This is on the back of low billing
efficiency of the company, partially offset by improving collection
efficiency.

The company's net worth has eroded due to net losses reported in
the past. Operational loss and elevated debt levels have also
resulted in weak debt coverage ratios.

* Stretched collection and creditor period: The average collection
period for the discom, although declined from 127 days in FY23 to
113 days in FY23, remains at an elevated level. The company depends
on subsidy from GoMP due to power supply at subsidised rates to
certain consumer categories. Creditor days has also remained high,
ranging from 250 to 265 days over the past three years, primarily
due to outstanding payments to Madhya Pradesh Power Management
Company Limited (MPPMCL).

* Weak power regulatory framework: MPPoKVVCL faces significant
regulatory risks associated with limited traffic hikes. Given the
inadequate tariff revenue and tariff hikes, there is a revenue
shortfall due to subsidised rates of agricultural and residential
supply, which is funded through subsidy from GoMP. To address the
financial strain, the company proposed a 3.86% tariff hike for FY
24-25. However, MPERC approved only a marginal increase of 0.07%,
which has not sufficiently alleviated the company's financial
difficulties, further impacting its profitability.

* Dependency on tariff subsidy from state government: The company
heavily relies on government subsidies as the tariffs are not
reflective of cost of power and consumers in the residential and
agriculture sectors benefit from cross-subsidies funded by other
consumer segments. In FY 23 and FY 24, the company received
subsidies of approximately INR7,152 crore and INR7,388 crore,
respectively, accounting for 40-45% of revenue highlighting its
dependence on such financial support.

Key strengths

* Strategic importance and financial support from state government:
MPPoKVVCL is fully owned by Madhya Pradesh Power Management Company
Limited which is GoMP undertaking. MPPoKVVCL is a critical entity
in the state's power sector, vital for ensuring the stability and
growth of the electricity supply system. By the strategic
importance of the distribution utility, the government has been
providing funding support to it through equity infusion, tariff
subsidy, and grants.

* Regulated monopoly business: MPPoKVVCL is one of the largest
distribution company in covering 16 districts. As the only power
distribution company in the eastern region of Madhya Pradesh,
MPPoKVVCL maintains monopoly in this region. MPPoKVVCL operates in
a cost-plus tariff regime having a regulatory framework of filling
of ARR and tariff petition with the MPERC. It has the opportunity
of recovering the cost incurred (subject to approval from MPERC)
and RoE.

Liquidity: Stretched

The company's liquidity is strained, with a current ratio below 1
and negative NWC as of 31/03/2024. High current liabilities, driven
by the current maturity of term loans for CAPEX, result in a
current ratio of 0.47 (FY24), 0.42 (FY23), and 0.39 (FY22), which
is expected to remain stable in the coming years. Most long-term
debt is from GoMP, along with loans from Power Finance Corporation
Ltd(PFC) , State Bank of India (SBI), and Rural Electrification
Corporation (REC). Despite ongoing losses, the company meets its
term and interest obligations through monthly requisitions from its
parent, MPPMCL. As of 31/10/2024, the company holds INR320 crores
in cash and cash equivalents.

MPPoKVVCL was established on 31st May 2002 as an offshoot of the
Madhya Pradesh State Electricity Board (MPSEB), which was
subsequently unbundled into separate entities: one for generation,
one for transmission, and three for distribution. These
distribution companies, known as DISCOMs, serve the Central,
Western, and Eastern regions of Madhya Pradesh. MPPoKVVCL is a
state-owned electricity distribution company responsible for
supplying power to the eastern region of Madhya Pradesh. It serves
areas such as Jabalpur, Sagar, and Narmada Valley, ensuring
reliable electricity distribution to urban, rural, and industrial
consumers.


MANGALAYATAN UNIVERSITY: Ind-Ra Cuts Term Loan Rating to B-
-----------------------------------------------------------
India Ratings and Research (Ind-Ra) has downgraded Mangalayatan
University rating to IND B-/Negative (ISSUER NOT COOPERATING). The
issuer did not participate in the surveillance exercise, despite
continuous requests and follow-ups by the agency through emails and
phone calls. Thus, the rating is based on the best available
information. Therefore, investors and other users are advised to
take appropriate caution while using the rating.

The detailed rating action is:

-- INR315.25 mil. Term loan due on July 31, 2024 downgraded with
     IND B-/Negative (ISSUER NOT COOPERATING) rating.

Note: ISSUER NOT COOPERATING: Issuer did not cooperate; based on
the best available information

Detailed Rationale of the Rating Action

The downgrade is in accordance with Ind-Ra's policy of Guidelines
on What Constitutes Non-Cooperation. As per the policy, ratings of
non-cooperative ratings issuers may get downgraded during
subsequent reviews, if the issuer continues to remain
non-cooperative. With passage of time and absence of updated
information, the risk of sustaining the rating at current levels by
relying on dated information increases, which may be reflected
through a downgrade rating action

Non-Cooperation by the Issuer

Ind-Ra has not received adequate information and has not been able
to conduct management interaction with Mangalayatan University
while reviewing the rating. Ind-Ra had consistently followed up
with Mangalayatan University over emails, apart from phone calls..

Limitations regarding Information Availability

Ind-Ra has reviewed the credit ratings of Mangalayatan University
on the basis of best available information and is unable to provide
a forward-looking credit view. Hence, the current outstanding
rating might not reflect Mangalayatan University's credit strength.
If an issuer does not provide timely business and financial updates
to the agency, it indicates weak governance, particularly in
'Transparency of Financial Information'. The agency may also
consider this as symptomatic of a possible disruption / distress in
the issuer's credit profile. Therefore, investors and other users
are advised to take appropriate caution while using these ratings.

About the Company

Manglayatan University offers undergraduate and postgraduate
courses in engineering, management, architecture, law, humanities
and others.

MASTER KISHAN: Ind-Ra Cuts Term Loan Rating to B
------------------------------------------------
India Ratings and Research (Ind-Ra) has downgraded Master Kishan
Chand Memorial Educational & Social Welfare Society rating to IND
B/Negative (ISSUER NOT COOPERATING). The issuer did not participate
in the surveillance exercise, despite continuous requests and
follow-ups by the agency through emails and phone calls. Thus, the
rating is based on the best available information. Therefore,
investors and other users are advised to take appropriate caution
while using the rating.

The detailed rating action is:

-- INR86.52 mil. Term loan due on December 31, 2025 downgraded
     with IND B/Negative (ISSUER NOT COOPERATING) rating.

Note: ISSUER NOT COOPERATING: Issuer did not cooperate; based on
the best available information

Detailed Rationale of the Rating Action

The downgrade is in accordance with Ind-Ra's policy of Guidelines
on What Constitutes Non-Cooperation. As per the policy, ratings of
non-cooperative ratings issuers may get downgraded during
subsequent reviews, if the issuer continues to remain
non-cooperative. With passage of time and absence of updated
information, the risk of sustaining the rating at current levels by
relying on dated information increases, which may be reflected
through a downgrade rating action

Non-Cooperation by the Issuer

Ind-Ra has not received adequate information and has not been able
to conduct management interaction with Master Kishan Chand Memorial
Educational & Social Welfare Society while reviewing the rating.
Ind-Ra had consistently followed up with Master Kishan Chand
Memorial Educational & Social Welfare Society over emails, apart
from phone calls.

Limitations regarding Information Availability

Ind-Ra has reviewed the credit ratings of Master Kishan Chand
Memorial Educational & Social Welfare Society on the basis of best
available information and is unable to provide a forward-looking
credit view. Hence, the current outstanding rating might not
reflect Master Kishan Chand Memorial Educational & Social Welfare
Society's credit strength. If an issuer does not provide timely
business and financial updates to the agency, it indicates weak
governance, particularly in 'Transparency of Financial
Information'. The agency may also consider this as symptomatic of a
possible disruption / distress in the issuer's credit profile.
Therefore, investors and other users are advised to take
appropriate caution while using these ratings.

About the Company

Master Kishan Chand Memorial Educational & Social Welfare Society
(established in 2001) runs two schools under its ambit, K.C.M.
Public High School and K.C.M. World School in Palwal, Haryana. Both
schools offer kindergarten to twelfth standard education and are
affiliated to the Central Board of Secondary Education.

P. PERICHI GOUNDER: Ind-Ra Keeps D Loan Rating in NonCooperating
----------------------------------------------------------------
India Ratings and Research (Ind-Ra) has maintained P. Perichi
Gounder Memorial Charitable Trust's instrument(s) rating in the
non-cooperating category. The issuer did not participate in the
surveillance exercise, despite continuous requests and follow-ups
by the agency through emails and phone calls. Therefore, investors
and other users are advised to take appropriate caution while using
the rating. The rating will continue to appear as 'IND D (ISSUER
NOT COOPERATING)' on the agency's website.

The detailed rating actions are:

-- INR66.42 mil. Bank Loan maintained in non-cooperating category

     with IND D (ISSUER NOT COOPERATING) rating; and

-- INR65 mil. Fund Based Working Capital Limit maintained in non-
     cooperating category with IND D (ISSUER NOT COOPERATING)
     rating.

Note: ISSUER NOT COOPERATING: Issuer did not cooperate; based on
the best available information

Non-Cooperation by the Issuer

Ind-Ra has not received adequate information and has not been able
to conduct management interaction with P. Perichi Gounder Memorial
Charitable Trust while reviewing the rating. Ind-Ra had
consistently followed up with P. Perichi Gounder Memorial
Charitable Trust over emails, apart from phone calls.

Limitations regarding Information Availability

Ind-Ra has reviewed the credit ratings of P. Perichi Gounder
Memorial Charitable Trust on the basis of best available
information and is unable to provide a forward-looking credit view.
Hence, the current outstanding rating might not reflect P. Perichi
Gounder Memorial Charitable Trust's credit strength. If an issuer
does not provide timely business and financial updates to the
agency, it indicates weak governance, particularly in 'Transparency
of Financial Information'. The agency may also consider this as
symptomatic of a possible disruption / distress in the issuer's
credit profile. Therefore, investors and other users are advised to
take appropriate caution while using these ratings.

About the Company

Founded in 1992, PPG is a public charitable trust based in
Coimbatore, Tamil Nadu. The trust, managed by Dr. L. P. Thangavelu,
has a cancer hospital and nine educational institutions and offers
primary to higher education.

PRATIBHA SYNTEX: Ind-Ra Cuts Loan Rating to B+
----------------------------------------------
India Ratings and Research (Ind-Ra) has downgraded Pratibha Syntex
Limited rating to IND B+/Negative (ISSUER NOT COOPERATING). The
issuer did not participate in the surveillance exercise, despite
continuous requests and follow-ups by the agency through emails and
phone calls. Thus, the rating is based on the best available
information. Therefore, investors and other users are advised to
take appropriate caution while using the rating.

The detailed rating actions are:

-- INR2.70 bil. Fund Based Working Capital Limit downgraded with
     IND B+/Negative (ISSUER NOT COOPERATING)/IND A4 (ISSUER NOT
     COOPERATING) rating;

-- INR200 mil. Non-Fund Based Working Capital Limit downgraded  
     with IND A4 (ISSUER NOT COOPERATING) rating; and

-- INR2,592.4 bil. Term loan due on March 31, 2022 downgraded
     with IND B+/Negative (ISSUER NOT COOPERATING) rating.

Note: ISSUER NOT COOPERATING: Issuer did not cooperate; based on
the best available information

Detailed Rationale of the Rating Action

The downgrade is in accordance with Ind-Ra's policy of Guidelines
on What Constitutes Non-Cooperation. As per the policy, ratings of
non-cooperative ratings issuers may get downgraded during
subsequent reviews, if the issuer continues to remain
non-cooperative. With passage of time and absence of updated
information, the risk of sustaining the rating at current levels by
relying on dated information increases, which may be reflected
through a downgrade rating action

Non-Cooperation by the Issuer

Ind-Ra has not received adequate information and has not been able
to conduct management interaction with Pratibha Syntex Limited
while reviewing the rating. Ind-Ra had consistently followed up
with Pratibha Syntex Limited over emails, apart from phone calls..

Limitations regarding Information Availability

Ind-Ra has reviewed the credit ratings of Pratibha Syntex Limited
on the basis of best available information and is unable to provide
a forward-looking credit view. Hence, the current outstanding
rating might not reflect Pratibha Syntex Limited's credit strength.
If an issuer does not provide timely business and financial updates
to the agency, it indicates weak governance, particularly in
'Transparency of Financial Information'. The agency may also
consider this as symptomatic of a possible disruption / distress in
the issuer's credit profile. Therefore, investors and other users
are advised to take appropriate caution while using these ratings.

About the Company

Established in 1997, Pratibha Syntex is promoted by S. K.
Chaudhary. The company has gradually increased its presence across
the textile value chain and has a fully integrated facility,
including spinning (cotton & blended yarn), knitting (cotton grey
fabric), dyeing (cotton dyed fabric) & garmenting (casual wear &
inner wear) in Pithampur, Madhya Pradesh.

PRIYANKA GEMS: CARE Keeps D Debt Rating in Not Cooperating
----------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Priyanka
Gems (PG) continues to remain in the 'Issuer Not Cooperating'
category.

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term/          18.00       CARE D/CARE D; ISSUER NOT
   Short Term                      COOPERATING; Rating continues
   Bank Facilities                 to remain under ISSUER NOT
                                   COOPERATING category

Rationale and key rating drivers

CARE Ratings Ltd. had, vide its press release dated October 27,
2023, placed the rating(s) of PG under the 'issuer non-cooperating'
category as PG had failed to provide information for monitoring of
the rating as agreed to in its Rating Agreement. PG continues to be
non-cooperative despite repeated requests for submission of
information through e-mails dated September 11, 2024, September 21,
2024 and October 1, 2024 among others.

In line with the extant SEBI guidelines, CARE Ratings Ltd. has
reviewed the rating on the basis of the best available information
which however, in CARE Ratings Ltd.'s opinion is not sufficient to
arrive at a fair rating.

Users of this rating (including investors, lenders and the public
at large) are hence requested to exercise caution while using the
above rating(s).

Analytical approach: Standalone

Surat (Gujarat) based, Priyanka Gems (PG) was established as a
partnership firm in the year 1991 by Mangukia family. PG is engaged
into business of processing of rough diamonds into finished
polished diamonds of various sizes, shapes, purity and colour. The
firm has its sales office in Mumbai and its operational unit is
located in Surat. The firm imports rough diamonds from Belgium and
Dubai and it sell the cut and polished diamonds in the domestic
market. Partners of PG were also associated with another firm named
M/s. Priyanka Dimonds, which was also into same line of business.
Further from May 25, 2017 the partners have merged M/s Priyanka
Dimonds with PG and by virtue of this merger all the movable assets
& stock of diamonds as on May 27, 2017 of M/s Priyanka Diamonds has
been transferred to PG.

Status of non-cooperation with previous CRA: CRISIL has continued
the rating assigned to the bank facilities of PG into Issuer Not
Cooperating category vide press release dated May 30, 2024 on
account of its inability to carry out a review in the absence of
the requisite information from the firm.


RAHIL COLD: CARE Keeps C Debt Rating in Not Cooperating Category
----------------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Rahil Cold
Storage LLP (RCSL) continues to remain in the 'Issuer Not
Cooperating' category.

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank       3.25       CARE C; Stable; ISSUER NOT
   Facilities                      COOPERATING; Rating continues
                                   to remain under ISSUER NOT
                                   COOPERATING category  

Rationale and key rating drivers

CARE Ratings Ltd. had, vide its press release dated October 25,
2023, placed the rating(s) of RCSL under the 'issuer
non-cooperating' category as RCSL had failed to provide information
for monitoring of the rating as agreed to in its Rating Agreement.
RCSL continues to be non-cooperative despite repeated requests for
submission of information through e-mails dated September 9, 2024,
September 19, 2024, September 29, 2024 among others.

In line with the extant SEBI guidelines, CARE Ratings Ltd. has
reviewed the rating on the basis of the best available information
which however, in CARE Ratings Ltd.'s opinion is not sufficient to
arrive at a fair rating.

Users of this rating (including investors, lenders and the public
at large) are hence requested to exercise caution while using the
above rating(s).

Analytical approach: Standalone

RCSL was incorporated in July 2013 by Mr. Kaushikbhai Shukla and
Mr. Rahilbhai Shukla. RCSL was incorporated with main objective to
preserve fruits and food for longer duration at its cold storage
facilities, Bagodra with total installed capacity of 3,500 metric
tonne per annum (MTPA).

Status of non-cooperation with previous CRA: CRISIL has continued
the ratings assigned to the bank facilities of RCSL to 'Issuer Not
Cooperating' category vide press release dated June 26, 2024 on
account of its inability to carry out a review in the absence of
the requisite information from the firm.


RITZY CHEMICALS: CARE Keeps D Debt Rating in Not Cooperating
------------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Ritzy
Chemicals Private Limited (RCPL) continues to remain in the 'Issuer
Not Cooperating' category.

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term/          315.00      CARE D/CARE D; ISSUER NOT
   Short Term                      COOPERATING; Rating continues
   Bank Facilities                 to remain under ISSUER NOT
                                   COOPERATING category

Rationale & Key Rating Drivers

CARE Ratings Ltd. had, vide its press release dated December 8,
2023, placed the rating(s) of RCPL under the 'issuer
non-cooperating' category as RCPL had failed to provide information
for monitoring of the rating as agreed to in its Rating Agreement.
RCPL continues to be non-cooperative despite repeated requests for
submission of information through e-mails dated October 23, 2024,
November 2, 2024, November 12, 2024 among others.

In line with the extant SEBI guidelines, CARE Ratings Ltd. has
reviewed the rating on the basis of the best available information
which however, in CARE Ratings Ltd.'s opinion is not sufficient to
arrive at a fair rating.

Users of this rating (including investors, lenders and the public
at large) are hence requested to exercise caution while using the
above rating(s).

Analytical approach: Standalone

Incorporated in 1992, RCPL is promoted and closely held by the
Sethi family (PCL group). It is engaged in manufacturing and
trading of PVC resin, Phthalic Anhydride, 2-Ethyl Hexanol (2EH),
Iso-Butyl Alcohol (IBA), Polymer additives and various other allied
chemicals. Located in Daman, RCPL's manufacturing facility has a
capacity of manufacturing 96,000 MTPA as on March 31, 2018 of
solvents and softeners which find their application in wood polish,
printing ink, paints, washing PVC medical and surgical products
etc.


RSG FEBRIC: Voluntary Liquidation Process Case Summary
------------------------------------------------------
Debtor: Rsg Febric Trading Private Limited
        A-2/119, Janakpuri, New Delhi
        Delhi, India, 110058

Liquidation Commencement Date: December 6, 2024

Court: National Company Law Tribunal, New Delhi Bench

Liquidator: Maya Gupta
            3685/7, Narang Colony,
            Tri Nagar, Delhi - 110035
            Email: fcsmayagupta@gmail.com
            Contact Number: 7838777116

            Address for correspondence:
            c/o: 1st Floor, Sincere Tower, Plot no. 4,
            Commercial Complex, Community Centre,
            Preet Vihar, New Delhi - 110092
            Email: liq.rsgfebric@gmail.com

Last date for
submission of claims: January 4, 2025


SAI YOUTHS AGROPRODUCTS: Liquidation Process Case Summary
---------------------------------------------------------
Debtor: Sai Youths Agroproducts Private Limited
        12, Aradhana Society,
        Near Chintamano Nagar 1,
        Nagpur, Maharashtra, India 440027

Liquidation Commencement Date: December 4, 2024

Court: National Company Law Tribunal, Mumbai Bench

Liquidator: Sanjay Ramdas Mahajan
            3/3, Mohanlal Mansion,
            Bhandarkar Road, Matunga Central,
            Mumbai 400019
            Email: sanjayrmahajan@hotmail.com

                -- and --

            Orion Research and Turnaround Private Limited
            811, 8th Floor, Meadows, Sahar Plaza Complex
            Andheri, Kurla Road,
            Andheri East, Mumbai 400093
            Email: sanghvilanddevelopers@gmail.com

Last date for
submission of claims: January 9, 2025


SVR CORPORATION: CARE Keeps D Debt Rating in Not Cooperating
------------------------------------------------------------
CARE Ratings said the rating for the bank facilities of SVR
Corporation Private Limited (SCPL) continues to remain in the
'Issuer Not Cooperating' category.

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank       9.50       CARE D; ISSUER NOT COOPERATING
   Facilities                      Rating continues to remain
                                   under ISSUER NOT COOPERATING
                                   category

Rationale and key rating drivers

CARE Ratings Ltd. had, vide its press release dated November 22,
2023, placed the rating(s) of SCPL under the 'issuer
non-cooperating' category as SCPL had failed to provide information
for monitoring of the rating as agreed to in its Rating Agreement.
SCPL continues to be non-cooperative despite repeated requests for
submission of information through e-mails dated October 7, 2024,
October 17, 2024, October 27, 2024 among others.

In line with the extant SEBI guidelines, CARE Ratings Ltd. has
reviewed the rating on the basis of the best available information
which however, in CARE Ratings Ltd.'s opinion is not sufficient to
arrive at a fair rating.

Users of this rating (including investors, lenders and the public
at large) are hence requested to exercise caution while using the
above rating(s).

Analytical approach: Standalone

SCPL was incorporated in the year 2013 by Mr. R. Uday Kumar Reddy
and Mr. S.V. Gowtham Reddy. The company has proposed to set up a
unit for the generation, accumulation, distribution and supply of
electricity and all forms of energy at Chittoor, Andhra Pradesh.
The total installed capacity of the unit is 2MW SPV (Solar
Photovoltaic) new grid-tied projects per annum. The raw material
required for the production, to the extent of 56% will be imported
from Hongkong and remaining to be purchased from other states in
India. SCPL has commenced its operations from December 2017
onwards. The total cost proposed for setting up the unit is
INR13.44 crore funded by equity share capital of INR3.36 crore and
remaining through term loan of INR10.08 crore in which INR4.50
crore is FLC to be converted to term loan after 3 years usance
period.

TATYASAHEB KORE: Ind-Ra Keeps D Loan Rating in NonCooperating
-------------------------------------------------------------
India Ratings and Research (Ind-Ra) has maintained Shree Tatyasaheb
Kore Warana Sahakari Sakhar Karkhana Ltd.'s instrument(s) rating in
the non-cooperating category. The issuer did not participate in the
surveillance exercise, despite continuous requests and follow-ups
by the agency through emails and phone calls. Therefore, investors
and other users are advised to take appropriate caution while using
the rating. The rating will continue to appear as 'IND D (ISSUER
NOT COOPERATING)' on the agency's website.

The detailed rating action are:

-- INR5.240 bil. Fund Based Working Capital Limit maintained in
     non-cooperating category with IND D (ISSUER NOT COOPERATING)
     rating;

-- INR1,041.9 bil. Term loan due on March 31, 2024 maintained in
     non-cooperating category with IND D (ISSUER NOT COOPERATING)  

     rating; and

-- INR218.1 mil. Term loan maintained in non-cooperating category

     with IND D (ISSUER NOT COOPERATING) rating.

Note: ISSUER NOT COOPERATING: Issuer did not cooperate; based on
the best available information

Detailed Rationale of the Rating Action
The ratings are maintained in the non-cooperating category in
accordance with Ind-Ra's policy of Issuer Non-Cooperation.

Non-Cooperation by the Issuer

Ind-Ra has not received adequate information and has not been able
to conduct management interaction with Shree Tatyasaheb Kore Warana
Sahakari Sakhar Karkhana Ltd. while reviewing the rating. Ind-Ra
had consistently followed up with Shree Tatyasaheb Kore Warana
Sahakari Sakhar Karkhana Ltd. over emails, apart from phone calls.

Limitations regarding Information Availability

Ind-Ra has reviewed the credit ratings of Shree Tatyasaheb Kore
Warana Sahakari Sakhar Karkhana Ltd. on the basis of best available
information and is unable to provide a forward-looking credit view.
Hence, the current outstanding rating might not reflect Shree
Tatyasaheb Kore Warana Sahakari Sakhar Karkhana Ltd.'s credit
strength. If an issuer does not provide timely business and
financial updates to the agency, it indicates weak governance,
particularly in 'Transparency of Financial Information'. The agency
may also consider this as symptomatic of a possible disruption /
distress in the issuer's credit profile. Therefore, investors and
other users are advised to take appropriate caution while using
these ratings.

About the Company

STKWSSKL was registered on September 27, 1955 under The Maharashtra
Co-operative Societies Act, 1960. The cooperative operates a 12,000
metric tons capacity sugar plant, a 44MW capacity cogen power plant
and a 80 kilo liters per day capacity ethanol plant in Warananagar
near Kolhapur, Maharashtra. Shobhatai Vilasrao Kore is the Chairman
and SR Bhagat is the Managing Director.

TELUGU CINE: Ind-Ra Keeps D Loan Rating in NonCooperating
---------------------------------------------------------
India Ratings and Research (Ind-Ra) has maintained Telugu Cine
Workers Cooperative Housing Society Limited's instrument(s) rating
in the non-cooperating category. The issuer did not participate in
the surveillance exercise, despite continuous requests and
follow-ups by the agency through emails and phone calls. Therefore,
investors and other users are advised to take appropriate caution
while using the rating. The rating will continue to appear as 'IND
D (ISSUER NOT COOPERATING)' on the agency's website.

The detailed rating action is:

-- INR500 mil. Fund Based Working Capital Limit maintained in
     non-cooperating category with IND D (ISSUER NOT COOPERATING)
     rating.

Note: ISSUER NOT COOPERATING: Issuer did not cooperate; based on
the best available information

Non-Cooperation by the Issuer

Ind-Ra has not received adequate information and has not been able
to conduct management interaction with Telugu Cine Workers
Cooperative Housing Society Limited while reviewing the rating.
Ind-Ra had consistently followed up with Telugu Cine Workers
Cooperative Housing Society Limited over emails, apart from phone
calls.

Limitations regarding Information Availability

Ind-Ra has reviewed the credit ratings of Telugu Cine Workers
Cooperative Housing Society Limited on the basis of best available
information and is unable to provide a forward-looking credit view.
Hence, the current outstanding rating might not reflect Telugu Cine
Workers Cooperative Housing Society Limited's credit strength. If
an issuer does not provide timely business and financial updates to
the agency, it indicates weak governance, particularly in
'Transparency of Financial Information'. The agency may also
consider this as symptomatic of a possible disruption/distress in
the issuer's credit profile. Therefore, investors and other users
are advised to take appropriate caution while using these ratings.

About the Company

Telugu Cine Workers Cooperative Housing Society is registered under
the Andhra Pradesh Co-Operative Societies Act 7 of 1964. It was
established in 1991 for the construction and handover of housing
units in Chitrapuri Colony, Hyderabad.

TOSHNIWAL ENTERPRISES: CRISIL Keeps D Ratings in Not Cooperating
----------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Toshniwal
Enterprises Controls Limited (TECL) continue to be 'CRISIL D/CRISIL
D Issuer Not Cooperating'.

                         Amount
   Facilities         (INR Crore)     Ratings
   ----------         -----------     -------
   Bank Guarantee          7          CRISIL D (Issuer Not
                                      Cooperating)

   Bank Guarantee          4          CRISIL D (Issuer Not
                                      Cooperating)

   Bank Guarantee          1.5        CRISIL D (Issuer Not
                                      Cooperating)

   Cash Credit            14          CRISIL D (Issuer Not
                                      Cooperating)

   Cash Credit             9          CRISIL D (Issuer Not
                                      Cooperating)

   Cash Credit             6          CRISIL D (Issuer Not
                                      Cooperating)

   Letter of Credit        1.5        CRISIL D (Issuer Not
                                      Cooperating)
   Proposed Fund-  
   Based Bank Limits       1.7        CRISIL D (Issuer Not
                                      Cooperating)

   Term Loan               2.39       CRISIL D (Issuer Not
                                      Cooperating)

   Term Loan               2.41       CRISIL D (Issuer Not
                                      Cooperating)

CRISIL Ratings has been consistently following up with TECL for
obtaining information through letter and email dated November 11,
2024 among others, apart from telephonic communication. However,
the issuer has remained non cooperative.

'The investors, lenders and all other market participants should
exercise due caution with reference to the rating assigned/reviewed
with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived
at without any management interaction and is based on best
available or limited or dated information on the company. Such non
co-operation by a rated entity may be a result of deterioration in
its credit risk profile. These ratings with 'ISSUER NOT
COOPERATING' suffix lack a forward looking component.'

Detailed Rationale

Despite repeated attempts to engage with the management, CRISIL
Ratings failed to receive any information on either the financial
performance or strategic intent of TECL, which restricts CRISIL
Ratings' ability to take a forward looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on TECL
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the ratings on bank facilities of
TECL continues to be 'CRISIL D/CRISIL D Issuer not cooperating'.

Incorporated in 1991, TECL provides telecommunication testing, and
measurement products and services. Operations are being managed by
Mr. Rajesh Toshniwal. Service offerings include radio frequency
optimisation, electromagnetic field (EMF) testing, network
benchmarking, installation and de-installation of BTS (base
transceiver station), frequency planning, drive testing and
optimization and others. TECL is also an authorized distributor for
testing and measurement devices of various telecommunication
companies.


TRIMURTI CORNS: CRISIL Keeps D Debt Ratings in Not Cooperating
--------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Trimurti
Corns Agro Foods Private Limited (TCAFPL) continue to be 'CRISIL D
Issuer Not Cooperating'.

                         Amount
   Facilities         (INR Crore)     Ratings
   ----------         -----------     -------
   Cash Credit             2.5        CRISIL D (Issuer Not
                                      Cooperating)

   Export Packing          2.0        CRISIL D (Issuer Not
   Credit                             Cooperating)

   Long Term Loan          4.62       CRISIL D (Issuer Not
                                      Cooperating)

   Long Term Loan         12.35       CRISIL D (Issuer Not
                                      Cooperating)

CRISIL Ratings has been consistently following up with TCAFPL for
obtaining information through letter and email dated November 11,
2024 among others, apart from telephonic communication. However,
the issuer has remained non cooperative.

'The investors, lenders and all other market participants should
exercise due caution with reference to the rating assigned/reviewed
with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived
at without any management interaction and is based on best
available or limited or dated information on the company. Such non
co-operation by a rated entity may be a result of deterioration in
its credit risk profile. These ratings with 'ISSUER NOT
COOPERATING' suffix lack a forward looking component.'

Detailed Rationale

Despite repeated attempts to engage with the management, CRISIL
Ratings failed to receive any information on either the financial
performance or strategic intent of TCAFPL, which restricts CRISIL
Ratings' ability to take a forward looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on
TCAFPL is consistent with 'Assessing Information Adequacy Risk'.
Based on the last available information, the rating on bank
facilities of TCAFPL continues to be 'CRISIL D Issuer not
cooperating'.

For arriving at the rating, CRISIL Ratings has combined the
business and the financial risk profile of TCAFPL and Mrunmaha Agro
Foods Pvt Ltd (MAFPL). This is because these two companies,
together referred as the Trimurti group, are under a common
management, are engaged in a similar line of business, and have
operational and financial linkages. Furthermore, both these
companies have given corporate guarantees for each other's bank
facilities.

The Trimurti group processes agro-commodities such as sweet corn,
baby corn, and green peas, and manufactures frozen, non-frozen, and
ready-to-eat products. TCAFPL and MAFPL have a combined processing
capacity of 183 tonnes per day (tpd) at their manufacturing units
in Pune (Maharashtra).


UNISONN INFRA: CRISIL Keeps D Debt Ratings in Not Cooperating
-------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Unisonn
Infrastructures (UI) continue to be 'CRISIL D/CRISIL D Issuer Not
Cooperating'.

                      Amount
   Facilities       (INR Crore)     Ratings
   ----------       -----------     -------
   Long Term Loan       0.12        CRISIL D (Issuer Not
                                    Cooperating)
   Overdraft Facility   2.20        CRISIL D (Issuer Not
                                    Cooperating)

   Proposed Long Term   7.68        CRISIL D (Issuer Not
   Bank Loan Facility               Cooperating)

CRISIL Ratings has been consistently following up with UI for
obtaining information through letter and email dated November 11,
2024 among others, apart from telephonic communication. However,
the issuer has remained non cooperative.

'The investors, lenders and all other market participants should
exercise due caution with reference to the rating assigned/reviewed
with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived
at without any management interaction and is based on best
available or limited or dated information on the company. Such non
co-operation by a rated entity may be a result of deterioration in
its credit risk profile. These ratings with 'ISSUER NOT
COOPERATING' suffix lack a forward looking component.'

Detailed Rationale

Despite repeated attempts to engage with the management, CRISIL
Ratings failed to receive any information on either the financial
performance or strategic intent of UI, which restricts CRISIL
Ratings' ability to take a forward looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on UI is
consistent with 'Assessing Information Adequacy Risk'. Based on the
last available information, the ratings on bank facilities of UI
continues to be 'CRISIL D/CRISIL D Issuer not cooperating'.
Established in 2009 as a partnership firm, UI is engaged in
diversified industrial civil construction activities primarily in
construction & retrofitting of cooling towers. Based in
Vishakhapatnam (Andhra Pradesh), the firm is promoted and managed
by Mr.K Vaishnav and Mr.A Vaishnav.


US SRIVASTAVA: Ind-Ra Cuts Bank Loan Rating to B+
-------------------------------------------------
India Ratings and Research (Ind-Ra) has downgraded U. S. Srivastava
Memorial Educational Society rating to IND B+/Negative (ISSUER NOT
COOPERATING). The issuer did not participate in the surveillance
exercise, despite continuous requests and follow-ups by the agency
through emails and phone calls. Thus, the rating is based on the
best available information. Therefore, investors and other users
are advised to take appropriate caution while using the rating.

The detailed rating actions are:

-- INR30 mil. Bank Overdraft downgraded with IND B+/Negative
     (ISSUER NOT COOPERATING) rating; and

-- INR42.9 mil. Term loan downgraded with IND B+/Negative (ISSUER

     NOT COOPERATING) rating.

Note: ISSUER NOT COOPERATING: Issuer did not cooperate; based on
the best available information

Detailed Rationale of the Rating Action

The downgrade is in accordance with Ind-Ra's policy of Guidelines
on What Constitutes Non-Cooperation. As per the policy, ratings of
non-cooperative ratings issuers may get downgraded during
subsequent reviews, if the issuer continues to remain
non-cooperative. With passage of time and absence of updated
information, the risk of sustaining the rating at current levels by
relying on dated information increases, which may be reflected
through a downgrade rating action

Non-Cooperation by the Issuer

Ind-Ra has not received adequate information and has not been able
to conduct management interaction with U. S. Srivastava Memorial
Educational Society while reviewing the rating. Ind-Ra had
consistently followed up with U. S. Srivastava Memorial Educational
Society over emails, apart from phone calls..

Limitations regarding Information Availability

Ind-Ra has reviewed the credit ratings of U. S. Srivastava Memorial
Educational Society on the basis of best available information and
is unable to provide a forward-looking credit view. Hence, the
current outstanding rating might not reflect U. S. Srivastava
Memorial Educational Society's credit strength. If an issuer does
not provide timely business and financial updates to the agency, it
indicates weak governance, particularly in 'Transparency of
Financial Information'. The agency may also consider this as
symptomatic of a possible disruption / distress in the issuer's
credit profile. Therefore, investors and other users are advised to
take appropriate caution while using these ratings.

About the Company

The society offers various undergraduate and postgraduate
programmes in engineering, information technology, management and
pharmacy. It also has a school - Sherwood Academy - affiliated to
the Indian Certificate of Secondary Education.

VAAGESWARI EDUCATIONAL: CRISIL Keeps D Ratings in Not Cooperating
-----------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Sree
Vaageswari Educational Society (SVET) continue to be 'CRISIL D
Issuer Not Cooperating'.

                         Amount
   Facilities         (INR Crore)     Ratings
   ----------         -----------     -------
   Overdraft Facility      5          CRISIL D (Issuer Not
                                      Cooperating)

   Proposed Long Term      1          CRISIL D (Issuer Not
   Bank Loan Facility                 Cooperating)

   Rupee Term Loan         6          CRISIL D (Issuer Not
                                      Cooperating)

CRISIL Ratings has been consistently following up with SVET for
obtaining information through letter and email dated November 11,
2024 among others, apart from telephonic communication. However,
the issuer has remained non cooperative.

'The investors, lenders and all other market participants should
exercise due caution with reference to the rating assigned/reviewed
with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived
at without any management interaction and is based on best
available or limited or dated information on the company. Such non
co-operation by a rated entity may be a result of deterioration in
its credit risk profile. These ratings with 'ISSUER NOT
COOPERATING' suffix lack a forward looking component.'

Detailed Rationale

Despite repeated attempts to engage with the management, CRISIL
Ratings failed to receive any information on either the financial
performance or strategic intent of SVET, which restricts CRISIL
Ratings' ability to take a forward looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on SVET
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the rating on bank facilities of
SVET continues to be 'CRISIL D Issuer not cooperating'.

SVET, founded by Mr. G. Samba Reddy in year 1988, is an education
group based out of Karimnagar (near Hyderabad) providing education
including engineering and other professional courses. SVET has
established 7 institutes offering courses across engineering,
pharmacy, business management and computer applications. The trust
is actively managed by Mr. G. Samba Reddy and his son Dr. G.
Srinivasa Reddy. The Reddy family also has interests in hotel
business and etrol filling stations.


VANI TRADING: CRISIL Keeps D Debt Ratings in Not Cooperating
------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Sri Vani
Trading and Co. (SVT) continue to be 'CRISIL D/CRISIL D Issuer Not
Cooperating'.

                     Amount
   Facilities      (INR Crore)    Ratings
   ----------      -----------    -------
   Cash Credit           1        CRISIL D (Issuer Not
                                  Cooperating)

   Foreign Letter        5        CRISIL D (Issuer Not
   of Credit                      Cooperating)

CRISIL Ratings has been consistently following up with SVT for
obtaining information through letter and email dated November 11,
2024 among others, apart from telephonic communication. However,
the issuer has remained non cooperative.

'The investors, lenders and all other market participants should
exercise due caution with reference to the rating assigned/reviewed
with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived
at without any management interaction and is based on best
available or limited or dated information on the company. Such non
co-operation by a rated entity may be a result of deterioration in
its credit risk profile. These ratings with 'ISSUER NOT
COOPERATING' suffix lack a forward looking component.'

Detailed Rationale

Despite repeated attempts to engage with the management, CRISIL
Ratings failed to receive any information on either the financial
performance or strategic intent of SVT, which restricts CRISIL
Ratings' ability to take a forward looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on SVT
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the ratings on bank facilities of
SVT continues to be 'CRISIL D/CRISIL D Issuer not cooperating'.

Incorporated in 2008, as a partnership firm by Mr. Marimuthu and
Mr. Inbaraj, SVT trades imported timber.


VEDBHUMI BUILDERS: CARE Keeps D Debt Rating in Not Cooperating
--------------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Vedbhumi
Builders And Developers Private Limited (VBDPL) continues to remain
in the 'Issuer Not Cooperating' category.

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank       38.94      CARE D; ISSUER NOT COOPERATING
   Facilities                      Rating continues to remain
                                   under ISSUER NOT COOPERATING
                                   category

Rationale and key rating drivers

CARE Ratings Ltd. had, vide its press release dated December 12,
2023, placed the rating(s) of VBDPL under the 'issuer
non-cooperating' category as VBDPL had failed to provide
information for monitoring of the rating as agreed to in its Rating
Agreement. VBDPL continues to be non-cooperative despite repeated
requests for submission of information through e-mails dated
October 27, 2024, November 06, 2024 and November 16, 2024 among
others.

In line with the extant SEBI guidelines, CARE Ratings Ltd. has
reviewed the rating on the basis of the best available information
which however, in CARE Ratings Ltd.'s opinion is not sufficient to
arrive at a fair rating.

Users of this rating (including investors, lenders and the public
at large) are hence requested to exercise caution while using the
above rating(s).

Analytical approach: Standalone

Vedbhumi Builders & Developers Private Limited (VBDPL) was
incorporated in 2005 by Mr. Yogesh Chawda & Mr. Vijay Pawar. The
promoters have been involved in the development of residential and
commercial projects in the city of Nagpur and its catchment areas
since over a decade.




=================
I N D O N E S I A
=================

REJEKI ISMAN: Takes Last Legal Avenue after SC Rejects Appeal
-------------------------------------------------------------
Jakarta Globe reports that Sritex CEO Iwan Kurniawan Lukminto
announced on Dec. 20 that the company would request a judicial
review -- the final legal recourse available in Indonesia -- to
contest the Supreme Court ruling that rejected an appeal by textile
giant Sri Rejeki Isman, popularly known as Sritex, to overturn a
bankruptcy ruling issued by the Semarang District Court two months
ago.

"We consider this measure essential to retain our business and
protect the 50,000 workers who have been with us for decades," the
report quotes Iwan as saying in a statement following the Supreme
Court's decision.

The Semarang District Court declared Sritex bankrupt on October 21
after a lawsuit was filed by creditor Indo Bharat Rayon over unpaid
debts. The creditor successfully annulled a prior debt
restructuring agreement with Sritex, prompting the company to
pursue legal appeals.

Founded 58 years ago, Sritex is one of Indonesia's oldest and
largest textile companies, with production facilities spread across
several cities and regencies in Central Java. The company is
renowned not only domestically but also internationally, having
supplied camouflage military uniforms to NATO countries -- a
testament to its global reach and reputation.

According to Jakarta Globe, the bankruptcy of Sritex raises
significant concerns, given its pivotal role in Indonesia's textile
industry and its large workforce. Recognizing the potential
socio-economic fallout, the government has intervened by forming an
inter-ministerial team to address the issue and mitigate the risk
of mass layoffs.

"We are committed to maintaining operations and avoiding mass
layoffs during this challenging period," Iwan said, emphasizing the
company's dedication to its workforce. "Our workers are the primary
asset of the company, and we remain committed to contributing to
the national textile industry."

Jakarta Globe notes that Sritex's bankruptcy comes at a time when
Indonesia's textile and garment industry is grappling with various
challenges, including declining export demand, rising operational
costs, and increased competition from regional players like Vietnam
and Bangladesh. Despite these challenges, the sector remains one of
Indonesia's largest non-oil-and-gas contributors to GDP, employing
millions of workers nationwide.

                           About Sritex

PT Sri Rejeki Isman Tbk is a textiles and garments producer. The
Company produces yarns, textiles, uniforms, and fashion clothes
through its spinning, weaving, dyeing/printing, and garmenting
processes.

The Semarang City Commercial Court has granted the request of one
of Sritex's creditors to maintain the continuity of debt payment
obligations (PKPU), thus declaring the textile company bankrupt,
according to Indonesia Business Post.

Semarang City Commercial Court Spokesperson, Haruno Patriadi, said
in Semarang, Central Java, on Oct. 23, 2024, the decision in the
conference led by Chief Justice Muhammad Anshar Majid granted the
request of PT Indo Bharat Rayon as a debtor of PT Sritex.




=========
J A P A N
=========

NISSAN MOTOR: Foxconn's Interest in Automaker said to be on Hold
----------------------------------------------------------------
Bloomberg News reports that Hon Hai Precision Industry, the
Taiwan-based manufacturer of iPhones better known as Foxconn, is
putting its interest in pursuing Nissan on hold while the
Yokohama-based automaker is in negotiations for a potential merger
with Honda, according to a person familiar with the matter.

According to Bloomberg, the decision to pause comes after Foxconn
sent a delegation to meet with Renault - which owns 36% of Nissan
and will have a say in any tie-up - in France, people with
knowledge of the matter said.

But the smartphone-maker, which has long-standing ambitions to
break into the electric vehicle industry, is not giving up
completely, preferring to see if the two Japanese marques make
legitimate progress toward a deal before deciding on its next move,
the people said, asking not to be identified discussing private
decisions, Bloomberg relays.

Bloomberg notes that Foxconn's pause is the latest development in
the unexpected emergence of two suitors for the ailing Japanese
carmaker, which is struggling to turn around cratering
profitability and dwindling market share. Honda and Nissan, which
have flirted with a tie-up for several years, appear to have
accelerated work on a potential merger after Foxconn approached
Nissan about buying the entire company.

It's not clear whether Nissan has engaged in substantial
discussions with Foxconn, or already rebuffed the Taiwanese
company. But Foxconn would likely not have been able to outbid or
outmaneuver Honda in a takeover battle, given the close domestic
ties between the Japanese companies.

Bloomberg says that a potential combination of Honda and Nissan
would effectively consolidate the Japanese auto industry into two
main camps and provide them with more resources to compete with
larger peers globally after downsizing long-held partnerships with
other carmakers.

Nissan is in need of a partner to put it back on a stronger
financial footing as it steps up restructuring efforts to cope with
stalled revenue growth and lower profits. It faces pressure from an
activist shareholder and a daunting debt load that has led to
speculation in credit markets about its investment grade rating.

                         About Nissan Motor

Nissan Motor Co., Ltd. manufactures and distributes automobiles and
related parts. The Company produces luxury cars, sports cars,
commercial vehicles, and more. Nissan Motor markets its products
Worldwide.

As reported in the Troubled Company Reporter-Asia Pacific on March
4, 2024, S&P Global Ratings affirmed its 'BB+' long-term and 'B'
short-term issuer credit ratings on Nissan Motor Co. Ltd. and its
overseas subsidiaries. The outlook on the long-term rating is
stable. S&P affirmed all issue ratings on the companies.




===============
M A L A Y S I A
===============

PLB ENGINEERING: Auditor Raises Going Concern Doubt
---------------------------------------------------
The Edge Malaysia reports that PLB Engineering Bhd's external
auditors, Grant Thornton Malaysia PLT, have expressed an unmodified
audit opinion with material uncertainty regarding the group's
ability to continue as a going concern.

According to The Edge, Grant Thornton highlighted the group's and
the company's net losses of MYR12.79 million and MYR17.12 million,
respectively, in the audited financial statements for the financial
year ended Aug. 31, 2024 (FY2024).

It also noted that the group's and the company's current
liabilities exceeded their current assets by MYR54.79 million and
MYR52.18 million, respectively.

"The continuation of the group and the company as a going concern
is dependent on the successful disposal of its assets, completion
of its on-going construction and property development projects and
continuous financial support from its bankers. Our opinion is not
modified in respect of this matter," said the auditors.

The Edge relates that Grant Thornton highlighted key audit matters
related to PLB Engineering's property development and construction
activities, which accounted for MYR70.23 million in revenue and
MYR43.65 million in direct costs. This segment contributed 84.71%
of PLB's total revenue for FY2024.

To address these audit concerns, PLB said in its bourse filing that
the group is actively involved in project tendering to secure new
opportunities, including industrial factory buildings,
infrastructure works, and centralised labour quarters, complexes,
aiming to generate recurring income, The Edge relays.

Additionally, the group is focused on managing costs for ongoing
projects and closely monitoring their progress to ensure timely
completion within the contract period.

"During the year under review, the group focused on the on-going
affordable housing schemes in Paya Terubong, The Dew, to ensure
timely completion of the project. The scheme with 281 units has
recorded sales with a signed sale & purchase agreement of 84% and
achieved 45% completion to date," it said.

The Edge adds that PLB said it is actively seeking buyers for its
undeveloped land banks, with plans to use the proceeds to reduce
bank borrowings and payables, aiming to improve its net current
liabilities position.

The group is also divesting non-core businesses to enhance its
financial position and reduce its gearing levels. This includes the
sale of a 60% stake in PLB Green Solar Sdn Bhd for MYR19.8 million.
Additionally, the group has reached a mutual agreement with
Seberang Perai City Council and Penang City Council on the buyout
price for the Pulau Burung project in Penang.

"Premised on the above, the directors believe that with the
improving outlook of the property market and continued support from
the bankers, the group is able to generate sufficient cash flows
from the operations to meet the obligations and working capital of
the group.

"Some of the steps above are in the process of being implemented
with various timelines attached to them. Barring unforeseen
circumstances, the board expects to address the matters as
mentioned above within the next financial year," it added.

As of end-August, PLB had MYR158.23 million in bank borrowings
against cash and bank balances of MYR7.8 million. Trade receivables
stood at MYR10.88 million against trade payables of MYR36.62
million.

The group's accumulated losses stood at MYR30.62 million against
its share capital of MYR112.4 million, The Edge discloses.

PLB Engineering Berhad -- https://plb.com.my/ -- is an investment
holding company. Through its subsidiaries, the Company provides
contracting and construction works to industrial, residential, and
commercial buildings. PLB Engineering also leases and develops
properties, manufactures and distributes cement-sand bricks and
ready-mix concrete, and operates steel and metal fabrication
works.




=====================
N E W   Z E A L A N D
=====================

ADAM STEWART: Creditors' Proofs of Debt Due on Jan. 16
------------------------------------------------------
Creditors of Adam Stewart Trustee Limited are required to file
their proofs of debt by Jan. 16, 2025, to be included in the
company's dividend distribution.

The company commenced wind-up proceedings on Dec. 16, 2024.

The company's liquidator is:

          Brenton Hunt
          PO Box 13400
          City East
          Christchurch 8141


DIVERSE ENGINEERING: Court to Hear Wind-Up Petition on Feb. 5
-------------------------------------------------------------
A petition to wind up the operations of Diverse Engineering 2020
Limited will be heard before the High Court at Nelson on Feb. 5,
2025, at 11:00 a.m.

Coldstore Construction 2008 Limited filed the petition against the
company on Nov. 22, 2024.

The Petitioner's solicitor is:

          Lucy Ingham
          c/o Rout Milner Fitchett Solicitors
          167 Hardy Street
          Nelson


NATE CONSTRUCTION: Court to Hear Wind-Up Petition on Feb. 5
-----------------------------------------------------------
A petition to wind up the operations of Nate Construction Limited
will be heard before the High Court at Gisborne on Feb. 5, 2025, at
9:30 a.m.

The Commissioner of Inland Revenue filed the petition against the
company on Nov. 22, 2024.

The Petitioner's solicitor is:

          Charles David Walmsley
          Inland Revenue, Legal Services
          21 Home Straight
          PO Box 432
          Hamilton


ROBERTON DEVELOPMENT: Creditors' Proofs of Debt Due on Jan. 27
--------------------------------------------------------------
Creditors of Roberton Development Limited are required to file
their proofs of debt by Jan. 27, 2025, to be included in the
company's dividend distribution.

The company commenced wind-up proceedings on Dec. 16, 2024.

The company's liquidators are:

          Adam Botterill
          Damien Grant
          Waterstone Insolvency
          PO Box 352
          Auckland 1140


TANIWHA SERVICES: Creditors' Proofs of Debt Due on Feb. 7
---------------------------------------------------------
Creditors of Taniwha Services Limited (trading as Taniwha
Services), et al., are required to file their proofs of debt by
Feb. 7, 2025, to be included in the company's dividend
distribution.

The other entities involved are:

     - Plugin Accountant Limited;

     - LC Renovationz Limited;

     - Ateam Fixers Limited;

     - NKSW Limited (previously known as Eco-Smart Homes
       Northwest Limited);

     - ASCCN 21 Limited (previously known as Eco-Smart Group
       Limited);

     - Legacy Painters Limited (trading as Legacy Painters
       Limited); and

     - RBIT Limited (trading as Results Fitness)

Taniwha Services commenced wind-up proceedings on Dec. 12, 2024.

LC Renovationz and Plugin Accountant commenced wind-up proceedings
on Dec. 13, 2024.

Ateam Fixers, NKSW Limited, ASCCN 21, Legacy Painters commenced
wind-up proceedings on Dec. 16, 2024.

RBIT Limited commenced wind-up proceedings on Dec. 17, 2024.

The company's liquidators are:

          Derek Ah Sam
          Paul Vlasic
          Rodgers Reidy (NZ) Limited
          PO Box 45220
          Te Atatu
          Auckland 0651


THE GROVE: Acclaimed Auckland Restaurant to Close on March 1
------------------------------------------------------------
Radio New Zealand reports that the owners of Auckland restaurant
The Grove once ranked one of the best fine dining establishments in
the world has announced it will be closing soon.

RNZ relates that The Grove, which "serves modern New Zealand food
with a French twist" on Wyndham Street, will open its doors for the
last time on March 1.

"After two unforgettable decades, it's with a heavy heart that we
announce the closing of The Grove Restaurant," owners Michael and
Annette Dearth said on Facebook.

"This decision was not made lightly, but as we reflect on the past
20 years, we are overwhelmed with gratitude for the incredible
journey we've shared with you.

"From humble beginnings to achieving accolades beyond our dreams,
we are immensely proud of what we've built - a place where people
come together to celebrate milestones, share meals, and create
memories that will last a lifetime."

According to RNZ, the Grove in 2018 was ranked number nine in the
Traveller's Choice Awards on the international travel website Trip
Advisor.

Before then, the restaurant won accolades at the Metro Peugeot
Awards and the Cuisine Good Food Awards, and was named one the best
100 hundred restaurants in the world by French ranking and
restaurants guide La Liste.

"The Grove has been more than just a restaurant - it's a family.
And you have been at the heart of it all, so we thank you," the
Dearths said.

They also own waterfront restaurant Baduzzi, which will remain
open.

Mr. Dearth told the NZ Herald there were "a lot of reasons" for
shutting The Grove, RNZ relays.

"It's been such a fight - from the pandemic, to so much uncertainty
[with the] global financial crisis and extreme weather events where
suddenly vegetables cost more than protein . . .

"To produce what our expectations are for this restaurant and to
keep up with those expectations that we have and that other people
have for The Grove . . . you know, there's only so much we can
charge."

When the renewal of their lease came up, the Dearths told the
Herald they did not want to commit to another six years.

Famous guests they have served included Pat Benatar, Michael Stipe,
Eva Longoria and Sir Ian McKellen, RNZ says.




=================
S I N G A P O R E
=================

AVENUE PARK: Creditors' Proofs of Debt Due on Jan. 20
-----------------------------------------------------
Creditors of Avenue Park Development Pte. Ltd. are required to file
their proofs of debt by Jan. 20, 2025, to be included in the
company's dividend distribution.

The company commenced wind-up proceedings on Nov. -, 2024.

The company's liquidators are:

          Leow Quek Shiong
          Gary Loh Weng Fatt
          Seah Roh Lin
          c/o BDO Advisory Pte. Ltd.
          600 North Bridge Road
          #23-01 Parkview Square
          Singapore 188778


CURRY HUT: Court to Hear Wind-Up Petition on Jan. 3
---------------------------------------------------
A petition to wind up the operations of The Curry Hut Pte. Ltd.
will be heard before the High Court of Singapore on Jan. 3, 2025,
at 10:00 a.m.

United Overseas Bank Limited filed the petition against the company
on Dec. 12, 2024.

The Petitioner's solicitors are:

          M/s Advent Law Corporation
          111 North Bridge Road
          #25-03 Peninsula Plaza
          Singapore 179098


ECONCEPTS PTE: Court Enters Wind-Up Order
-----------------------------------------
The High Court of Singapore entered an order on Dec. 6, 2024, to
wind up the operations of Econcepts Pte. Ltd.

Maybank Singapore Limited of filed the petition against the
company.

The company's liquidator is:

          Gary Loh Weng Fatt
          BDO Advisory Pte Ltd
          600 North Bridge Road
          #23-01 Parkview Square
          Singapore 188778


VE TECHNOLOGY: Court to Hear Wind-Up Petition on Jan. 3
-------------------------------------------------------
A petition to wind up the operations of VE Technology Group Pte.
Ltd. (formerly known as VE Capital Asia Pte. Ltd.) will be heard
before the High Court of Singapore on Jan. 3, 2025, at 10:00 a.m.

United Overseas Bank Limited filed the petition against the company
on Dec. 10, 2024.

The Petitioner's solicitors are:

          M/s Advent Law Corporation
          111 North Bridge Road
          #25-03 Peninsula Plaza
          Singapore 179098


WAYSTONE (SG): Creditors' Proofs of Debt Due on Jan. 17
-------------------------------------------------------
Creditors of Waystone (SG) Pte. Ltd. are required to file their
proofs of debt by Jan. 17, 2025, to be included in the company's
dividend distribution.

The company's liquidators are Mr. Aaron Loh Cheng Lee Ernst & Young
Solutions LLP and Ms. Ee Meng Yen Angela of EY Corporate Advisors
Pte Ltd were appointed as liquidators of the company Dec. 12,
2024.




===============
X X X X X X X X
===============

[*] BOND PRICING: For the Week Dec. 16, 2024 to Dec. 20, 2024
-------------------------------------------------------------
Issuer                  Coupon    Maturity     Currency    Price
------                  ------    --------     --------    -----


   AUSTRALIA
   ---------

ACN 113 874 712 PTY     13.25    02/15/18        USD        0.22
ACN 113 874 712 PTY     13.25    02/15/18        USD        0.22
VIRGIN AUSTRALIA HO      8.00    11/26/24        AUD        0.43
VIRGIN AUSTRALIA HO      7.88    10/15/21        USD        0.39
VIRGIN AUSTRALIA HO      7.88    10/15/21        USD        0.39
VIRGIN AUSTRALIA HO      8.25    05/30/23        AUD        0.34
VIRGIN AUSTRALIA HO      8.08    03/05/24        AUD        0.34
VIRGIN AUSTRALIA HO      8.13    11/15/24        USD        0.22
VIRGIN AUSTRALIA HO      8.13    11/15/24        USD        0.21


   CHINA
   -----

ANHUI PINGTIANHU IN      7.50    08/13/26        CNY       42.11
ANHUI PINGTIANHU IN      7.50    08/13/26        CNY       40.00
ANLU CONSTRUCTION D      7.80    11/28/26        CNY       63.22
ANLU CONSTRUCTION D      7.80    11/28/26        CNY       60.00
ANNING DEVELOPMENT       8.00    12/04/25        CNY       20.77
ANNING DEVELOPMENT       8.00    12/04/25        CNY       20.74
ANNING DEVELOPMENT       8.80    09/11/25        CNY       20.72
ANSHANG WANGTONG CO      7.50    05/06/26        CNY       41.80
ANSHANG WANGTONG CO      7.50    05/06/26        CNY       41.74
ANSHUN CITY XIXIU I      8.00    01/29/26        CNY       41.36
ANSHUN CITY XIXIU I      7.90    11/15/25        CNY       40.95
ANSHUN CITY XIXIU I      8.00    01/29/26        CNY       40.67
ANYUE XINGAN CITY D      7.50    05/06/26        CNY       41.73
ANYUE XINGAN CITY D      7.50    01/30/25        CNY       20.20
ANYUE XINGAN CITY D      7.50    01/30/25        CNY       20.20
BIJIE CITY ANFANG C      7.80    01/18/26        CNY       41.29
BIJIE CITY ANFANG C      7.80    01/18/26        CNY       40.55
BIJIE QIXINGGUAN DI      8.05    08/16/25        CNY       20.75
BIJIE TIANHE URBAN       8.05    12/03/25        CNY       41.09
BIJIE TIANHE URBAN       8.05    12/03/25        CNY       40.76
CAOXIAN SHANG DU IN      7.80    10/28/26        CNY       42.55
CAOXIAN SHANG DU IN      7.80    10/28/26        CNY       42.54
CHANGDE DEYUAN INVE      7.70    06/11/25        CNY       20.60
CHANGDE DEYUAN INVE      7.70    06/11/25        CNY       20.59
CHANGDE DINGCHENG J      7.58    10/19/25        CNY       20.85
CHANGDE DINGCHENG J      7.58    10/19/25        CNY       20.84
CHENGDU GARDEN WATE      8.00    06/13/25        CNY       20.42
CHENGDU GARDEN WATE      8.00    06/13/25        CNY       20.00
CHISHUI CITY CONSTR      8.50    01/18/26        CNY       41.31
CHISHUI CITY CONSTR      8.50    01/18/26        CNY       41.28
CHONGQING HONGYE IN      7.50    12/24/26        CNY       62.96
CHONGQING JIANGLAI       7.50    10/26/25        CNY       20.87
CHONGQING JIANGLAI       7.50    10/26/25        CNY       20.00
CHONGQING NANCHUAN       7.80    08/06/26        CNY       42.08
CHONGQING SHUANGFU       7.50    09/09/26        CNY       42.44
CHONGQING THREE GOR      7.80    03/01/26        CNY       41.59
CHONGQING THREE GOR      7.80    03/01/26        CNY       40.00
CHONGQING TONGRUI A      7.50    09/18/26        CNY       42.38
CHONGQING TONGRUI A      7.50    09/18/26        CNY       40.00
CHONGQING WANSHENG       7.50    03/27/25        CNY       20.73
CHONGQING WANSHENG       7.50    03/27/25        CNY       20.28
CHONGQING WANSHENG       8.50    11/25/25        CNY       30.78
CHONGQING YUDIAN ST      8.00    11/30/25        CNY       41.08
CHUYING AGRO-PASTOR      8.80    06/26/19        CNY        1.00
DALI URBAN DEVELOPM      8.00    12/25/25        CNY       41.87
DALI URBAN DEVELOPM      8.00    12/25/25        CNY       41.23
DAWA COUNTY CITY CO      7.80    01/30/26        CNY       41.33
DAWA COUNTY CITY CO      7.80    01/30/26        CNY       38.80
DAWU COUNTY URBAN C      7.50    09/20/26        CNY       42.35
DAWU COUNTY URBAN C      7.50    09/20/26        CNY       40.00
DING NAN CITY CONST      7.80    04/08/26        CNY       41.42
DING NAN CITY CONST      7.80    04/08/26        CNY       40.00
DUJIANGYAN NEW CITY      7.80    10/11/25        CNY       20.78
DUJIANGYAN NEW CITY      7.80    10/11/25        CNY       20.50
DUJIANGYAN NEW CITY      7.80    05/02/25        CNY       20.45
DUJIANGYAN NEW CITY      7.80    05/02/25        CNY       20.00
DUJIANGYAN XINGYAN       7.50    11/01/26        CNY       42.69
FANGCHENG GANGSHI W      7.93    12/25/25        CNY       21.05
FANGCHENG GANGSHI W      7.95    10/11/25        CNY       20.91
FANGCHENG GANGSHI W      7.93    12/25/25        CNY       20.00
FANGCHENG GANGSHI W      7.95    10/11/25        CNY       20.00
FANTASIA GROUP CHIN      7.50    06/30/28        CNY       73.70
FANTASIA GROUP CHIN      7.80    06/30/28        CNY       44.53
FUJIAN FUSHENG GROU      7.90    12/17/21        CNY       70.99
FUJIAN FUSHENG GROU      7.90    11/19/21        CNY       60.00
FUZHOU LINCHUAN URB      8.00    02/26/26        CNY       41.56
GANZHOU NANKANG DIS      8.00    01/23/26        CNY       41.32
GANZHOU NANKANG DIS      8.00    01/23/26        CNY       40.00
GANZHOU NANKANG DIS      8.00    10/29/25        CNY       20.92
GANZHOU NANKANG DIS      8.00    09/27/25        CNY       20.84
GANZHOU NANKANG DIS      8.00    10/29/25        CNY       20.00
GANZHOU NANKANG DIS      8.00    09/27/25        CNY       20.00
GANZHOU ZHANGGONG C      7.80    10/16/25        CNY       22.68
GANZHOU ZHANGGONG C      7.80    10/16/25        CNY       20.88
GOME APPLIANCE CO L      7.80    12/21/24        CNY       37.00
GUANGAN XINHONG INV      7.50    06/03/26        CNY       43.09
GUANGAN XINHONG INV      7.50    06/03/26        CNY       41.83
GUANGDONG PEARL RIV      7.50    10/26/26        CNY       18.03
GUANGXI BAISE EXPER      7.59    01/08/26        CNY       41.16
GUANGXI BAISE EXPER      7.60    12/24/25        CNY       41.04
GUANGXI BAISE EXPER      7.60    12/24/25        CNY       40.00
GUANGXI BAISE EXPER      7.59    01/08/26        CNY       39.39
GUANGXI CHONGZUO UR      8.50    09/26/25        CNY       20.97
GUANGXI CHONGZUO UR      8.50    09/26/25        CNY       20.96
GUANGXI NINGMING HU      8.50    11/05/26        CNY       43.19
GUANGXI NINGMING HU      8.50    11/05/26        CNY       42.46
GUANGXI NINGMING HU      8.50    12/07/25        CNY       40.93
GUANGXI TIANDONG CO      7.50    06/04/27        CNY       40.00
GUANGYUAN CITY DEVE      7.50    10/25/27        CNY       26.89
GUANGYUAN YUANQU CH      7.50    07/15/26        CNY       74.02
GUANGYUAN YUANQU CO      7.50    12/23/26        CNY       62.88
GUANGYUAN YUANQU CO      7.50    10/30/26        CNY       61.77
GUANGYUAN YUANQU CO      7.50    12/23/26        CNY       60.00
GUANGYUAN YUANQU CO      7.50    10/30/26        CNY       40.00
GUANGZHOU FINELAND      13.60    07/27/23        USD        0.73
GUCHENG CONSTRUCTIO      7.88    04/27/25        CNY       20.38
GUCHENG CONSTRUCTIO      7.88    04/27/25        CNY       20.00
GUIXI STATE OWNED H      7.50    09/17/26        CNY       43.42
GUIXI STATE OWNED H      7.50    09/17/26        CNY       42.41
GUIYANG BAIYUN INDU      7.50    03/06/26        CNY       41.44
GUIYANG BAIYUN INDU      7.50    03/06/26        CNY       40.62
GUIYANG BAIYUN INDU      8.30    03/21/25        CNY       20.46
GUIYANG BAIYUN INDU      8.30    03/21/25        CNY       20.31
GUIYANG ECONOMIC DE      7.50    04/30/26        CNY       41.38
GUIYANG ECONOMIC DE      7.90    10/29/25        CNY       20.94
GUIYANG ECONOMIC DE      7.90    10/29/25        CNY       20.82
GUIYANG ECONOMIC TE      7.80    04/30/26        CNY       41.83
GUIYANG ECONOMIC TE      7.80    04/30/26        CNY       41.80
GUIYANG HI-TECH HOL      8.00    11/25/26        CNY       62.33
GUIYANG HI-TECH HOL      8.00    11/25/26        CNY       60.27
GUIZHOU CHANGSHUN C      8.50    03/19/26        CNY       41.85
GUIZHOU CHANGSHUN C      8.50    03/19/26        CNY       40.00
GUIZHOU EAST LAKE C      8.00    12/07/25        CNY       41.10
GUIZHOU EAST LAKE C      8.00    12/07/25        CNY       40.57
GUIZHOU GUIAN DEVEL      7.60    04/26/25        CNY        5.90
GUIZHOU HONGGUO ECO      7.80    02/08/25        CNY       20.23
GUIZHOU HONGGUO ECO      7.80    02/08/25        CNY       20.10
GUIZHOU HONGGUO ECO      7.80    11/24/24        CNY       20.03
GUIZHOU HONGGUO ECO      7.80    11/24/24        CNY       10.50
GUIZHOU JINFENGHUAN      7.60    08/19/26        CNY       42.26
GUIZHOU JINFENGHUAN      7.60    08/19/26        CNY       41.50
GUIZHOU SHUANGLONG       7.50    04/20/30        CNY       60.00
GUIZHOU SHUICHENG E      7.50    10/26/25        CNY       20.86
GUIZHOU SHUICHENG E      7.50    10/26/25        CNY       19.50
GUIZHOU SHUICHENG W      8.00    11/27/25        CNY       40.47
GUIZHOU SHUICHENG W      8.00    11/27/25        CNY       40.46
GUIZHOU ZHONGSHAN D      8.00    03/18/29        CNY       70.00
HAIAN URBAN DEMOLIT      8.00    12/21/25        CNY       41.19
HAIAN URBAN DEMOLIT      7.74    05/02/25        CNY       20.42
HENGYANG CITY AND U      7.80    12/14/24        CNY       20.09
HENGYANG CITY AND U      7.80    12/14/24        CNY       20.09
HONGAN URBAN DEVELO      7.50    12/04/24        CNY       20.06
HONGAN URBAN DEVELO      7.50    12/04/24        CNY       20.00
HUAINAN SHAN NAN DE      7.94    04/01/26        CNY       41.91
HUAINAN SHAN NAN DE      7.94    04/01/26        CNY       40.00
HUAINAN URBAN CONST      7.58    02/12/26        CNY       41.50
HUAINAN URBAN CONST      7.50    03/20/25        CNY       20.36
HUAINAN URBAN CONST      7.50    03/20/25        CNY       20.00
HUBEI DAYE LAKE HIG      7.50    04/01/26        CNY       41.36
HUBEI JIAKANG CONST      7.80    12/19/25        CNY       40.96
HUBEI YILING ECONOM      7.50    12/02/26        CNY       61.16
HUBEI YILING ECONOM      7.50    03/28/26        CNY       41.63
HUBEI YILING ECONOM      7.50    03/28/26        CNY       40.00
HUNAN CHUZHISHENG H      7.50    03/27/26        CNY       41.48
HUNAN CHUZHISHENG H      7.50    03/27/26        CNY       40.00
HUNAN MEISHAN RESOU      8.00    03/21/26        CNY       41.73
HUNAN MEISHAN RESOU      8.00    03/21/26        CNY       40.00
HUNAN TIANYI RONGTO      8.00    10/24/25        CNY       20.97
HUNAN TIANYI RONGTO      8.00    10/24/25        CNY       20.97
HUNAN TIANYI RONGTO      7.50    09/17/25        CNY       20.79
HUNAN XUANDA CONSTR      7.50    01/24/26        CNY       41.26
HUNAN XUANDA CONSTR      7.50    01/23/26        CNY       41.19
HUNAN XUANDA CONSTR      7.50    01/24/26        CNY       40.00
HUNAN XUANDA CONSTR      7.50    01/23/26        CNY       40.00
HUZHOU NEW CITY INV      7.50    11/23/24        CNY       20.03
HUZHOU NEW CITY INV      7.50    11/23/24        CNY       20.00
HUZHOU WUXING NANTA      7.90    09/20/25        CNY       20.92
JIA COUNTY DEVELOPM      7.50    01/21/27        CNY       62.77
JIA COUNTY DEVELOPM      7.50    01/21/27        CNY       58.00
JIAHE ZHUDU DEVELOP      7.50    03/13/25        CNY       20.31
JIAHE ZHUDU DEVELOP      7.50    03/13/25        CNY       20.00
JIANGSU YANGKOU POR      7.60    08/17/25        CNY       22.50
JIANGSU YANGKOU POR      7.60    08/17/25        CNY       20.70
JIANGSU ZHONGNAN CO      7.80    03/17/29        CNY       44.19
JIANGXI HUANGGANGSH      7.90    01/25/26        CNY       41.07
JIANGXI HUANGGANGSH      7.90    10/08/25        CNY       20.68
JIANGXI HUANGGANGSH      7.90    10/08/25        CNY       20.68
JIANGXI JIHU DEVELO      7.50    04/10/25        CNY       20.37
JIANGXI JIHU DEVELO      7.50    04/10/25        CNY       20.00
JIANGXI TONGGU CITY      7.50    04/21/27        CNY       63.89
JIANGYOU XINGYI PAR      7.50    05/07/26        CNY       51.81
JIANGYOU XINGYI PAR      7.80    12/17/25        CNY       51.00
JIANLI FENGYUAN CIT      7.50    01/14/26        CNY       41.17
JIANLI FENGYUAN CIT      7.50    01/14/26        CNY       40.00
JILIN ECONOMY TECHN      8.00    03/26/28        CNY       62.59
JILIN ECONOMY TECHN      8.00    03/26/28        CNY       59.21
JINING NEW CITY DEV      7.60    03/23/25        CNY       20.21
JINING NEW CITY DEV      7.60    03/23/25        CNY       20.00
JINXIANG COUNTY CIT      7.50    03/20/26        CNY       41.54
JINXIANG COUNTY CIT      7.50    03/20/26        CNY       40.92
JINZHOU CIHANG GROU      9.00    04/05/20        CNY       33.63
KAILI GUIZHOU TOWN       7.98    03/30/27        CNY       64.06
KAILI GUIZHOU TOWN       7.98    03/30/27        CNY       64.05
KAIYUAN CITY XINGYU      7.50    09/22/27        CNY       64.69
KAIYUAN CITY XINGYU      7.50    09/22/27        CNY       64.36
LAOTING INVESTMENT       7.50    04/11/26        CNY       41.64
LAOTING INVESTMENT       7.50    04/11/26        CNY       39.80
LIJIN CITY CONSTRUC      7.50    04/26/26        CNY       41.72
LIJIN CITY CONSTRUC      7.50    12/20/25        CNY       41.09
LIJIN CITY CONSTRUC      7.50    04/26/26        CNY       40.00
LIJIN CITY CONSTRUC      7.50    12/20/25        CNY       40.00
LINFEN YAODU DISTRI      7.50    09/19/25        CNY       20.78
LINYI COUNTY CITY D      7.78    03/21/25        CNY       20.35
LINYI COUNTY CITY D      7.78    03/21/25        CNY       20.00
LINYI ZHENDONG CONS      7.50    12/06/25        CNY       41.00
LINYI ZHENDONG CONS      7.50    11/26/25        CNY       41.00
LINYI ZHENDONG CONS      7.50    12/06/25        CNY       40.83
LINYI ZHENDONG CONS      7.50    11/26/25        CNY       40.79
LIUPANSHUI AGRICULT      8.00    04/26/27        CNY       59.40
LIUPANSHUI AGRICULT      8.00    04/26/27        CNY       59.39
LONGNAN ECO&TECH DE      7.50    07/26/26        CNY       42.04
LUANCHUAN COUNTY TI      8.50    01/23/26        CNY       41.47
LUANCHUAN COUNTY TI      8.50    01/23/26        CNY       40.00
LUOHE ECONOMIC DEVE      7.50    12/18/25        CNY       41.09
LUOHE ECONOMIC DEVE      7.50    12/18/25        CNY       41.03
LUOYANG XIYUAN STAT      7.80    01/29/26        CNY       41.40
LUOYANG XIYUAN STAT      7.80    01/29/26        CNY       41.20
LUOYANG XIYUAN STAT      7.50    11/15/25        CNY       41.13
LUOYANG XIYUAN STAT      7.50    11/15/25        CNY       40.79
MAANSHAN NINGBO INV      7.50    04/18/26        CNY       41.65
MAANSHAN NINGBO INV      7.80    11/29/25        CNY       41.01
MAANSHAN NINGBO INV      7.80    11/29/25        CNY       41.00
MAANSHAN NINGBO INV      7.50    04/18/26        CNY       16.00
MEISHAN CITY DONGPO      8.00    01/03/26        CNY       41.26
MEISHAN CITY DONGPO      8.00    01/03/26        CNY       40.00
MEISHAN CITY DONGPO      8.08    08/16/25        CNY       20.77
MEISHAN CITY DONGPO      8.08    08/16/25        CNY       20.00
MEISHAN HONGSHUN PA      7.50    12/10/25        CNY       51.41
MENGZHOU INVESTMENT      8.00    11/06/25        CNY       20.96
MENGZHOU INVESTMENT      8.00    09/03/25        CNY       20.79
MENGZHOU INVESTMENT      8.00    11/06/25        CNY       20.00
MENGZHOU INVESTMENT      8.00    09/03/25        CNY       20.00
MENGZI CITY DEVELOP      8.00    03/25/26        CNY       42.25
MENGZI CITY DEVELOP      8.00    03/25/26        CNY       41.62
MIAN YANG ECONOMIC       8.00    09/29/26        CNY       42.63
MIAN YANG ECONOMIC       8.20    03/15/26        CNY       41.65
MIAN YANG ECONOMIC       8.00    09/29/26        CNY       40.00
MIAN YANG ECONOMIC       8.20    03/15/26        CNY       40.00
MIANYANG ANZHOU INV      7.90    11/25/26        CNY       62.98
MIANYANG ANZHOU INV      7.90    11/25/26        CNY       60.00
MIANYANG ANZHOU INV      8.10    11/22/25        CNY       41.06
MIANYANG ANZHOU INV      8.10    11/22/25        CNY       40.00
MIANYANG ANZHOU INV      8.10    05/04/25        CNY       20.49
MIANYANG ANZHOU INV      8.10    05/04/25        CNY       20.25
MIANYANG HUIDONG IN      8.10    04/28/25        CNY       20.48
MIANYANG HUIDONG IN      8.10    02/10/25        CNY       20.27
MIANZHU CITY JINSHE      7.87    12/18/25        CNY       41.15
MIANZHU CITY JINSHE      7.87    12/18/25        CNY       41.13
MILE AGRICULTURAL I      7.60    02/27/26        CNY       41.40
MILE AGRICULTURAL I      7.60    02/27/26        CNY       41.00
MILE AGRICULTURAL I      8.00    10/25/25        CNY       20.88
MILE AGRICULTURAL I      8.00    10/25/25        CNY       20.28
MUDANJIANG LONGSHEN      7.50    09/27/25        CNY       20.79
NANCHONG JIALING DE      7.98    05/23/25        CNY       20.54
NANCHONG JIALING DE      7.80    12/12/24        CNY       20.09
NANCHONG JIALING DE      7.80    12/12/24        CNY       20.08
NANCHONG JIALING DE      7.98    05/23/25        CNY       20.00
NINGXIA SHENG YAN I      7.50    09/27/28        CNY       42.45
PANJIN CITY SHUANGT      8.50    01/29/26        CNY       41.50
PANJIN CITY SHUANGT      8.50    01/29/26        CNY       41.49
PANJIN CITY SHUANGT      8.70    12/20/25        CNY       41.34
PANJIN CITY SHUANGT      8.70    12/20/25        CNY       41.33
PANJIN LIAODONGWAN       7.50    12/28/26        CNY       62.98
PEIXIAN ECONOMIC DE      7.51    11/04/26        CNY       42.47
PEIXIAN ECONOMIC DE      7.51    11/04/26        CNY       40.00
PENGSHAN DEVELOPMEN      7.98    05/03/25        CNY       21.59
PENGSHAN DEVELOPMEN      7.98    05/03/25        CNY       20.48
PENGZE CITY DEVELOP      7.60    08/31/25        CNY       20.75
PENGZE CITY DEVELOP      7.60    08/31/25        CNY       20.75
PINGLIANG CHENGXIAN      7.80    03/29/26        CNY       41.62
PINGLIANG CHENGXIAN      7.80    03/29/26        CNY       41.40
PUDING YELANG STATE      8.00    03/13/25        CNY       20.22
PUDING YELANG STATE      8.00    03/13/25        CNY       20.07
PUDING YELANG STATE      7.79    11/13/24        CNY       20.01
PUER CITY SI MAO GU      7.50    03/14/26        CNY       41.91
PUER CITY SI MAO GU      7.50    03/14/26        CNY       41.44
QIANDONGNAN TRANSPO      8.00    01/15/27        CNY       63.43
QIANDONGNAN TRANSPO      8.00    01/15/27        CNY       63.42
QIANNANZHOU INVESTM      8.00    01/02/26        CNY       41.23
QIANXINAN AUTONOMOU      8.00    06/22/27        CNY       63.89
QIANXINAN PREFECTUR      7.99    06/10/27        CNY       62.96
QIANXINAN PREFECTUR      7.99    06/10/27        CNY       60.00
QIANXINAN WATER RES      7.50    09/25/27        CNY       64.94
QIANXINAN WATER RES      7.50    09/25/27        CNY       64.93
QINGHAI PROVINCIAL       7.88    03/22/21        USD        1.58
QINGZHEN CITY CONST      7.50    03/18/26        CNY       41.47
QINGZHEN CITY CONST      7.50    03/18/26        CNY       41.46
QINGZHOU HONGYUAN P      7.60    06/17/27        CNY       48.25
QINGZHOU HONGYUAN P      7.60    06/17/27        CNY       48.23
QINZHOU BINHAI NEW       7.70    08/15/26        CNY       42.38
QINZHOU BINHAI NEW       7.70    08/15/26        CNY       42.37
QUJING CITY QILIN D      8.50    01/21/26        CNY       41.47
QUJING CITY QILIN D      8.50    01/21/26        CNY       40.00
RENHUAI WATER INVES      8.00    12/26/25        CNY       40.73
RENHUAI WATER INVES      7.98    07/26/25        CNY       20.68
RENHUAI WATER INVES      7.98    02/24/25        CNY       20.15
RUCHENG SHUNXING IN      7.50    01/07/26        CNY       41.20
RUCHENG SHUNXING IN      7.50    01/07/26        CNY       40.00
RUDONG NEW WORLD IN      7.50    12/06/26        CNY       63.00
RUDONG NEW WORLD IN      7.50    12/06/26        CNY       60.00
RUILI RENLONG INVES      8.00    09/20/26        CNY       42.05
SHAANXI XIYUE HUASH      7.50    12/27/26        CNY       62.88
SHAANXI XIYUE HUASH      7.50    12/27/26        CNY       62.30
SHANDONG HONGHE HOL      7.50    01/29/26        CNY       41.14
SHANDONG OCEAN CULT      7.50    04/25/26        CNY       41.64
SHANDONG OCEAN CULT      7.50    03/28/26        CNY       41.56
SHANDONG RENCHENG R      7.50    01/23/26        CNY       41.07
SHANDONG RUYI TECHN      7.90    09/18/23        CNY       52.10
SHANDONG SANXING GR      7.90    08/30/27        CNY       58.00
SHANDONG URBAN CAPI      7.50    04/12/26        CNY       41.55
SHANDONG URBAN CAPI      7.50    04/12/26        CNY       40.00
SHANGLI GANXIANG CI      7.80    01/22/26        CNY       41.10
SHANGLI GANXIANG CI      7.80    01/22/26        CNY       40.49
SHANGLI GANXIANG CI      7.50    06/01/25        CNY       20.47
SHANGLI GANXIANG CI      7.50    06/01/25        CNY       20.42
SHANGRAO GUANGXIN U      7.95    07/24/25        CNY       20.67
SHANGRAO GUANGXIN U      7.95    07/24/25        CNY       20.67
SHANXI JINZHONG STA      7.50    05/05/26        CNY       41.73
SHAOYANG SAISHUANGQ      8.00    11/28/25        CNY       41.03
SHAOYANG SAISHUANGQ      8.00    11/28/25        CNY       40.00
SHEHONG STATE OWNED      7.60    10/25/25        CNY       20.88
SHEHONG STATE OWNED      7.60    10/22/25        CNY       20.87
SHEHONG STATE OWNED      7.50    08/22/25        CNY       20.71
SHEHONG STATE OWNED      7.60    10/25/25        CNY       20.00
SHEHONG STATE OWNED      7.60    10/22/25        CNY       20.00
SHEHONG STATE OWNED      7.50    08/22/25        CNY       20.00
SHENWU ENVIRONMENTA      9.00    03/14/19        CNY       12.00
SHEYANG URBAN CONST      7.80    11/27/24        CNY       20.03
SHEYANG URBAN CONST      7.80    11/27/24        CNY       20.03
SHIFANG CITY NATION      8.00    12/05/25        CNY       41.09
SHIFANG CITY NATION      8.00    12/05/25        CNY       40.00
SHIYAN CITY CHENGTO      7.80    02/13/26        CNY       44.82
SHUANGYASHAN DADI C      8.50    12/16/26        CNY       63.53
SHUANGYASHAN DADI C      8.50    12/16/26        CNY       63.52
SHUANGYASHAN DADI C      8.50    08/26/26        CNY       42.77
SHUANGYASHAN DADI C      8.50    08/26/26        CNY       42.76
SHUANGYASHAN DADI C      8.50    04/30/26        CNY       42.08
SHUANGYASHAN DADI C      8.50    04/30/26        CNY       42.07
SHUOZHOU INVESTMENT      7.80    12/25/25        CNY       41.14
SHUOZHOU INVESTMENT      7.80    12/25/25        CNY       41.12
SHUOZHOU INVESTMENT      7.50    10/23/25        CNY       21.60
SHUOZHOU INVESTMENT      7.50    10/23/25        CNY       20.93
SICHUAN CHENG'A DEV      7.50    11/29/24        CNY       20.04
SICHUAN CHENG'A DEV      7.50    11/29/24        CNY       20.00
SICHUAN COAL INDUST      7.70    01/09/18        CNY       45.00
SICHUAN LANGUANG DE      7.50    07/23/22        CNY       42.00
SICHUAN LANGUANG DE      7.50    08/12/21        CNY       12.63
SICHUAN LANGUANG DE      7.50    07/11/21        CNY       12.63
SIYANG JIADING INDU      7.50    12/14/25        CNY       41.86
SIYANG JIADING INDU      7.50    12/14/25        CNY       41.00
SIYANG JIADING INDU      7.50    04/27/25        CNY       20.40
SIYANG JIADING INDU      7.50    04/27/25        CNY       20.40
TAHOE GROUP CO LTD       7.50    08/15/20        CNY       24.00
TAHOE GROUP CO LTD       8.50    08/02/21        CNY        2.37
TAHOE GROUP CO LTD       7.50    10/10/20        CNY        2.20
TAHOE GROUP CO LTD       7.50    09/19/21        CNY        2.17
TAIXING CITY CHENGX      7.60    04/24/26        CNY       41.78
TAIXING CITY CHENGX      7.60    04/04/26        CNY       41.69
TAIXING CITY CHENGX      7.80    03/05/26        CNY       41.49
TAIXING CITY CHENGX      7.60    04/24/26        CNY       40.00
TAIXING CITY CHENGX      7.60    04/04/26        CNY       40.00
TAIXING CITY CHENGX      7.80    03/05/26        CNY       40.00
TAIXING XINGHUANG I      8.50    11/15/25        CNY       40.82
TAIXING XINGHUANG I      8.50    11/15/25        CNY       39.59
TAIZHOU FENGCHENGHE      7.90    12/29/24        CNY       20.12
TAIZHOU FENGCHENGHE      7.90    12/29/24        CNY       20.00
TAIZHOU HUACHENG ME      8.50    12/26/25        CNY       41.36
TAIZHOU HUACHENG ME      8.50    12/26/25        CNY       40.00
TANCHENG COUNTY CIT      7.50    04/09/26        CNY       41.58
TANCHENG COUNTY CIT      7.50    04/09/26        CNY       40.00
TANGSHAN HOLDING DE      7.60    05/16/25        CNY       20.48
TANGSHAN HOLDING DE      7.60    05/16/25        CNY       20.35
TAOYUAN COUNTY CONS      8.00    10/17/26        CNY       42.83
TAOYUAN COUNTY CONS      7.50    09/11/26        CNY       42.42
TAOYUAN COUNTY CONS      8.00    10/17/26        CNY       40.00
TAOYUAN COUNTY CONS      7.50    09/11/26        CNY       40.00
TAOYUAN COUNTY ECON      8.20    09/06/25        CNY       21.25
TAOYUAN COUNTY ECON      8.20    09/06/25        CNY       20.86
TEMPUS GROUP CO LTD      7.50    06/07/20        CNY        2.00
TENGCHONG SHIXINGBA      7.50    05/05/26        CNY       51.56
TIANJIN REAL ESTATE      7.70    03/16/21        CNY       21.49
TONGCHENG CITY CONS      7.50    07/23/25        CNY       20.64
TONGCHENG CITY CONS      7.50    07/23/25        CNY       20.00
TONGHUA FENGYUAN IN      7.80    04/30/26        CNY       41.70
TONGHUA FENGYUAN IN      8.00    12/18/25        CNY       41.17
TONGHUA FENGYUAN IN      7.80    04/30/26        CNY       41.16
TONGHUA FENGYUAN IN      8.00    12/18/25        CNY       40.00
TONGREN WATER GROUP      8.00    11/29/28        CNY       73.50
TONGXIANG CHONGDE I      7.88    11/29/25        CNY       41.70
TONGXIANG CHONGDE I      7.88    11/29/25        CNY       41.10
TUNGHSU GROUP CO LT      8.18    10/25/21        CNY       22.00
WEIHAI LANCHUANG CO      7.70    10/11/25        CNY       20.90
WEIHAI LANCHUANG CO      7.70    10/11/25        CNY       20.82
WEIHAI WENDENG URBA      7.50    03/04/29        CNY       73.00
WEIHAI WENDENG URBA      7.70    05/02/28        CNY       64.19
WEIHAI WENDENG URBA      7.70    05/02/28        CNY       62.50
WEINAN CITY INDUSTR      7.50    06/30/27        CNY       63.67
WEINAN CITY INDUSTR      7.50    06/30/27        CNY       60.00
WEINAN CITY INDUSTR      7.50    04/28/26        CNY       41.63
WEINAN CITY INDUSTR      7.50    04/28/26        CNY       40.00
WINTIME ENERGY GROU      7.50    04/04/21        CNY       43.63
WINTIME ENERGY GROU      7.90    03/29/21        CNY       43.63
WINTIME ENERGY GROU      7.90    12/22/20        CNY       43.63
WINTIME ENERGY GROU      7.50    12/06/20        CNY       43.63
WINTIME ENERGY GROU      7.50    11/16/20        CNY       43.63
WINTIME ENERGY GROU      7.70    11/15/20        CNY       43.63
WUSU CITY XINGRONG       7.50    10/25/25        CNY       20.82
WUSU CITY XINGRONG       7.50    10/25/25        CNY       20.00
WUXUE URBAN CONSTRU      7.50    04/12/26        CNY       41.46
WUXUE URBAN CONSTRU      7.50    04/12/26        CNY       40.00
WUZHOU CANGHAI CONS      8.00    05/31/28        CNY       64.79
WUZHOU CITY CONSTRU      7.90    03/26/29        CNY       73.20
XIAN LINTONG URBAN       7.69    04/22/26        CNY       41.73
XIAN LINTONG URBAN       7.69    04/22/26        CNY       40.00
XIFENG COUNTY URBAN      8.00    03/14/26        CNY       41.29
XINFENG COUNTY URBA      7.80    04/16/26        CNY       41.88
XINFENG COUNTY URBA      7.80    04/16/26        CNY       41.81
XINFENG COUNTY URBA      7.80    12/05/25        CNY       41.14
XINFENG COUNTY URBA      7.80    12/05/25        CNY       40.00
XINGYI XINHENG URBA      8.00    11/21/25        CNY       40.90
XINGYI XINHENG URBA      8.00    11/21/25        CNY       40.61
XINGYI XINHENG URBA      7.90    01/31/25        CNY       20.11
XINGYI XINHENG URBA      7.90    01/31/25        CNY       20.00
XINPING URBAN DEVEL      7.70    01/24/26        CNY       41.30
XINYU CITY YUSHUI D      7.50    09/24/26        CNY       42.49
XIPING COUNTY INDUS      7.50    12/26/24        CNY       20.11
XIPING COUNTY INDUS      7.50    12/26/24        CNY       20.00
XUZHOU CITY JIAWANG      7.98    05/06/26        CNY       41.92
XUZHOU CITY JIAWANG      7.88    01/28/26        CNY       40.58
XUZHOU CITY JIAWANG      7.98    05/06/26        CNY       40.50
XUZHOU CITY JIAWANG      7.88    01/28/26        CNY       40.45
YANCHENG URBANIZATI      7.50    03/04/27        CNY       63.65
YANGLING URBAN RURA      7.80    06/19/26        CNY       42.11
YANGLING URBAN RURA      7.80    02/20/26        CNY       41.46
YANGLING URBAN RURA      7.80    06/19/26        CNY       40.00
YANGLING URBAN RURA      7.80    02/20/26        CNY       40.00
YIBIN NANXI CAIYUAN      8.10    11/28/25        CNY       41.19
YIBIN NANXI CAIYUAN      8.10    11/28/25        CNY       41.10
YIBIN NANXI CAIYUAN      8.10    07/24/25        CNY       20.58
YIBIN NANXI CAIYUAN      8.10    07/24/25        CNY       20.00
YICHANG CHUANGYUAN       7.80    11/06/25        CNY       20.96
YINGKOU BEIHAI NEW       7.98    01/25/25        CNY       20.21
YINGKOU BEIHAI NEW       7.98    01/25/25        CNY       20.21
YINGTAN JUNENG INVE      8.00    05/06/26        CNY       41.99
YINGTAN JUNENG INVE      8.00    05/06/26        CNY       40.00
YIYANG COUNTY CITY       7.90    11/05/25        CNY       40.96
YIYANG COUNTY CITY       7.90    11/05/25        CNY       22.01
YIYANG COUNTY CITY       7.50    06/07/25        CNY       20.50
YIYANG COUNTY CITY       7.50    06/07/25        CNY       20.00
YIYANG LONGLING CON      7.60    01/23/26        CNY       41.14
YIYANG LONGLING CON      7.60    01/23/26        CNY       40.30
YIYUAN HONGDING ASS      7.50    08/17/25        CNY       21.15
YIYUAN HONGDING ASS      7.50    08/17/25        CNY       20.67
YONGAN STATE-OWNED       8.50    11/26/25        CNY       41.15
YONGAN STATE-OWNED       8.50    11/26/25        CNY       40.00
YONGCHENG COAL & EL      7.50    02/02/21        CNY       39.88
YONGXIU CITY CONSTR      7.80    08/27/25        CNY       20.60
YONGXIU CITY CONSTR      7.50    05/02/25        CNY       20.32
YONGXIU CITY CONSTR      7.80    08/27/25        CNY       20.00
YONGXIU CITY CONSTR      7.50    05/02/25        CNY       20.00
YOUYANG COUNTY TAOH      7.50    09/28/25        CNY       20.79
YUANJIANG CITY CONS      7.50    01/18/26        CNY       41.23
YUANJIANG CITY CONS      7.50    01/18/26        CNY       41.22
YUDU ZHENXING INVES      7.50    05/03/25        CNY       20.49
YUDU ZHENXING INVES      7.50    05/03/25        CNY       20.41
YUEYANG CITY JUNSHA      7.96    03/13/27        CNY       63.92
YUEYANG CITY JUNSHA      7.96    03/13/27        CNY       60.51
YUEYANG CITY JUNSHA      7.96    04/23/26        CNY       41.77
YUEYANG CITY JUNSHA      7.96    04/23/26        CNY       40.00
YUEYANG HUILIN INVE      7.50    12/23/26        CNY       62.85
YUEYANG HUILIN INVE      7.50    12/23/26        CNY       60.00
YUSHEN ENERGY DEVEL      7.50    05/07/27        CNY       63.90
YUSHEN ENERGY DEVEL      7.50    05/07/27        CNY       60.00
YUTAI XINDA ECONOMI      7.50    04/10/26        CNY       41.58
ZHANGJIAJIE LOULI T      7.50    03/26/26        CNY       41.56
ZHANGJIAJIE LOULI T      7.50    03/26/26        CNY       41.55
ZHANGZI NATIONAL OW      7.50    10/18/26        CNY       42.52
ZHANGZI NATIONAL OW      7.50    10/18/26        CNY       40.00
ZHEJIANG CHANGXING       7.50    05/16/26        CNY       41.74
ZHEJIANG CHANGXING       7.50    05/16/26        CNY       41.60
ZHEJIANG CHANGXING       7.50    12/26/25        CNY       41.11
ZHEJIANG CHANGXING       7.50    12/26/25        CNY       40.00
ZHEJIANG HUZHOU NAN      7.80    08/21/25        CNY       19.91
ZHEJIANG WUYI CITY       8.00    12/21/25        CNY       41.23
ZHEJIANG WUYI CITY       8.00    12/21/25        CNY       41.23
ZHEJIANG WUYI CITY       8.00    08/10/25        CNY       20.81
ZHEJIANG WUYI CITY       8.00    08/10/25        CNY       20.00
ZHONGHONG HOLDING C      8.00    07/04/19        CNY        2.75
ZHONGTIAN FINANCIAL      8.50    08/16/27        CNY       31.04
ZHONGXIANG CITY CON      7.50    07/05/26        CNY       42.12
ZHONGXIANG CITY CON      7.50    07/05/26        CNY       40.00
ZHOUSHAN ISLANDS NE      7.50    01/30/27        CNY       58.95
ZHOUSHAN ISLANDS NE      7.50    01/30/27        CNY       55.00
ZHUZHOU HI-TECH AUT      8.00    08/14/25        CNY       25.94
ZIGUI COUNTY CHUYUA      7.80    02/12/28        CNY       64.24
ZIGUI COUNTY CHUYUA      7.80    02/12/28        CNY       60.00
ZIYANG KAILI INVEST      8.00    02/14/26        CNY       41.30
ZUNYI ROAD & BRIDGE      8.00    05/08/29        CNY       70.83
ZUNYI TRAFFIC TRAVE      7.80    03/07/29        CNY       74.66


   HONG KONG
   ---------

CHINA SOUTH CITY HO      9.00    04/12/24        USD       28.83
CHINA SOUTH CITY HO      9.00    06/26/24        USD       28.25
CHINA SOUTH CITY HO      9.00    12/11/24        USD       27.89
CHINA SOUTH CITY HO      9.00    10/09/24        USD       27.88
HAINAN AIRLINES HON     12.00    10/29/21        USD        1.92
HONGKONG IDEAL INVE     14.75    10/08/22        USD        2.60
YANGO JUSTICE INTER     10.25    09/15/22        USD        0.40
YANGO JUSTICE INTER      7.50    04/15/24        USD        0.39
YANGO JUSTICE INTER      9.25    04/15/23        USD        0.22
YANGO JUSTICE INTER      7.50    02/17/25        USD        0.16
YANGO JUSTICE INTER      8.25    11/25/23        USD        0.15
YANGO JUSTICE INTER      7.88    09/04/24        USD        0.13
YANGO JUSTICE INTER     10.00    02/12/23        USD        0.12
YANGO JUSTICE INTER     10.25    03/18/22        USD        0.01
ZENSUN ENTERPRISES      12.50    04/23/24        USD        5.38
ZENSUN ENTERPRISES      12.50    09/13/23        USD        5.25


   INDONESIA
   ---------

WIJAYA KARYA PERSER      9.10    03/03/26        IDR       74.57
WIJAYA KARYA PERSER      9.10    03/03/26        IDR       74.33
WIJAYA KARYA PERSER      8.50    03/03/26        IDR       73.91
WIJAYA KARYA PERSER      8.50    03/03/26        IDR       73.91
WIJAYA KARYA PERSER      8.55    09/08/26        IDR       68.44
WIJAYA KARYA PERSER      8.55    09/08/26        IDR       68.21
WIJAYA KARYA PERSER     10.50    11/03/27        IDR       65.31
WIJAYA KARYA PERSER     10.50    11/03/27        IDR       65.31
WIJAYA KARYA PERSER     10.90    11/03/29        IDR       64.92
WIJAYA KARYA PERSER     10.90    11/03/29        IDR       64.92
WIJAYA KARYA PERSER      7.75    02/18/27        IDR       63.84
WIJAYA KARYA PERSER      7.75    02/18/27        IDR       63.52
WIJAYA KARYA PERSER      9.75    03/03/28        IDR       63.03
WIJAYA KARYA PERSER      9.85    12/18/27        IDR       62.93
WIJAYA KARYA PERSER      9.75    03/03/28        IDR       62.87
WIJAYA KARYA PERSER      9.85    12/18/27        IDR       62.64
WIJAYA KARYA PERSER      9.25    09/08/28        IDR       60.80
WIJAYA KARYA PERSER      9.25    09/08/28        IDR       60.75
WIJAYA KARYA PERSER      8.30    02/18/29        IDR       58.02
WIJAYA KARYA PERSER      8.30    02/18/29        IDR       57.97
WIJAYA KARYA PERSER      8.60    12/18/25        IDR       55.84


   INDIA
   -----

BHARAT SANCHAR NIGA      7.55    03/20/34        INR       63.39
IIFL SAMASTA FINANC     10.75    02/24/25        INR       30.86
IKF FINANCE LTD         10.60    03/27/25        INR       25.04
IKF HOME FINANCE LT     10.85    08/31/26        INR       74.73
MAHANAGAR TELEPHONE      7.51    03/06/34        INR       51.29
PIRAMAL CAPITAL & H      8.50    04/18/23        INR       34.25


   MALAYSIA
   --------

CAPITAL A BHD            8.00    12/29/28        MYR        0.96


   PHILIPPINES
   -----------

BAYAN TELECOMMUNICA     15.00    07/15/06        USD       15.00
BAYAN TELECOMMUNICA     15.00    07/15/06        USD       15.00


   SINGAPORE
   ---------

BAKRIE TELECOM PTE      11.50    05/07/15        USD        0.59
BLD INVESTMENTS PTE      8.63    03/23/15        USD        6.75
DAVOMAS INTERNATION     11.00    05/09/11        USD        0.33
DAVOMAS INTERNATION     11.00    05/09/11        USD        0.33
DAVOMAS INTERNATION     11.00    12/08/14        USD        0.33
DAVOMAS INTERNATION     11.00    12/08/14        USD        0.33
ENERCOAL RESOURCES       9.25    08/05/14        USD       45.75
ITNL OFFSHORE PTE L      7.50    01/18/21        CNY       22.30
MICLYN EXPRESS OFFS      8.75    11/25/18        USD        0.76
NOMURA INTERNATIONA     19.50    08/28/28        TRY       64.85
NOMURA INTERNATIONA      7.65    10/04/37        AUD       64.33
ORO NEGRO DRILLING       7.50    01/24/24        USD        0.50
RICKMERS MARITIME        8.45    05/15/17        SGD        5.00
SWIBER HOLDINGS LTD      7.75    09/18/17        CNY        6.13


   SOUTH KOREA
   -----------

KOSME SCALE-UP SECU     24.00    12/30/24        KRW       73.64
KOSME SCALE-UP SECU     20.00    12/29/25        KRW       70.05
SAMPYO CEMENT CO LT      8.10    06/26/15        KRW       70.00
SAMPYO CEMENT CO LT      8.10    04/12/15        KRW       70.00
SAMPYO CEMENT CO LT      8.30    09/10/14        KRW       70.00
SAMPYO CEMENT CO LT      7.50    07/20/14        KRW       70.00
SAMPYO CEMENT CO LT      8.30    04/20/14        KRW       70.00
KOSME SCALE-UP SECU     20.00    03/30/25        KRW       68.15
KOSME SCALE-UP SECU     20.00    03/30/25        KRW       68.15


   SRI LANKA
   ---------

SRI LANKA GOVERNMEN     12.40    05/15/31        LKR       72.61
SRI LANKA GOVERNMEN     12.40    06/15/32        LKR       69.54
SRI LANKA GOVERNMEN      7.50    01/15/33        LKR       66.55
SRI LANKA GOVERNMEN      7.50    02/15/34        LKR       63.79
SRI LANKA GOVERNMEN      7.50    03/15/35        LKR       61.46
SRI LANKA GOVERNMEN      7.50    04/15/36        LKR       59.49
SRI LANKA GOVERNMEN     12.40    05/15/37        LKR       57.86
SRI LANKA GOVERNMEN     12.40    06/15/38        LKR       56.81
SRI LANKA GOVERNMEN      7.85    03/14/29        USD       62.57
SRI LANKA GOVERNMEN      7.85    03/14/29        USD       62.56
SRI LANKA GOVERNMEN      7.55    03/28/30        USD       62.05
SRI LANKA GOVERNMEN      7.55    03/28/30        USD       62.02



                           *********


S U B S C R I P T I O N   I N F O R M A T I O N

Troubled Company Reporter-Asia Pacific is a daily newsletter co-
published by Bankruptcy Creditors' Service, Inc., Fairless Hills,
Pennsylvania, USA, and Beard Group, Inc., Washington, D.C., USA.
Marites O. Claro, Joy A. Agravante, Rousel Elaine T. Fernandez,
Julie Anne L. Toledo, Ivy B. Magdadaro and Peter A. Chapman,
Editors.

Copyright 2024.  All rights reserved.  ISSN: 1520-9482.

This material is copyrighted and any commercial use, resale or
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