---

       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, January 21, 2025, Vol. 28, No. 15

                           Headlines



A U S T R A L I A

LAURICELLA ENTERPRISES: First Creditors' Meeting Set for Jan. 28
MDP REFRIGERATED: First Creditors' Meeting Set for Jan. 28
NEWCO ENERGY: First Creditors' Meeting Set for Jan. 28
STAR ENTERTAINMENT: Warns of 'Material Uncertainty' Over Future
SUPPORTING CARE: First Creditors' Meeting Set for Jan. 24

T PTY: Second Creditors' Meeting Set for Jan. 28


C H I N A

CHINA VANKE: China Steps Up Intervention as Developer Woes Deepen
COUNTRY GARDEN: Expects to Reach Terms with Creditors in February
COUNTRY GARDEN: HK Court Moves Liquidation Bid Hearing to May 26


H O N G   K O N G

H CINEMATIC: Lai Sun Announces Creditors' Voluntary Liquidation


I N D I A

AGRON LOGISTICS: ICRA Keeps D Debt Rating in Not Cooperating
ANNAPURNA TRADING: ICRA Keeps D Debt Ratings in Not Cooperating
ASG KOMPANERO: CRISIL Withdraws B Rating on INR6cr Export Loan
COASTAL ENERGY: ICRA Keeps D Debt Ratings in Not Cooperating
GANDHI ENTERPRISES: ICRA Keeps D Debt Ratings in Not Cooperating

JAY ENTERPRISE: ICRA Keeps D Debt Ratings in Not Cooperating
JAY PLAST: CRISIL Keeps D Debt Ratings in Not Cooperating
JAYKRISHNA RICE: CRISIL Keeps B Debt Rating in Not Cooperating
JENIOUS CLOTHING: CRISIL Keeps D Debt Ratings in Not Cooperating
KHODAL COTTON: ICRA Keeps D Debt Ratings in Not Cooperating

R. P. STEEL: CRISIL Keeps D Debt Ratings in Not Cooperating
RUDRANI COLD: CRISIL Keeps D Debt Ratings in Not Cooperating
S.S. OVERSEAS: CRISIL Keeps D Debt Rating in Not Cooperating
SIVA STONE: CRISIL Keeps D Debt Rating in Not Cooperating
ST. GEORGE: CRISIL Keeps C Debt Ratings in Not Cooperating

SWASTIK ENTERPRISE: CRISIL Keeps B Ratings in Not Cooperating
TEKZA CERAMIC: CRISIL Keeps D Debt Ratings in Not Cooperating
THREE SEASONS: CRISIL Keeps D Debt Rating in Not Cooperating
TIRUPATI AGENCIES: CRISIL Keeps D Debt Ratings in Not Cooperating
TULIP HOTELS: Fails to Get Bidder; NCLT Directs Liquidation

UMACHI FOODS: CRISIL Keeps D Debt Rating in Not Cooperating
UNIVERSAL ASSOCIATES: CRISIL Keeps D Ratings in Not Cooperating
USHASRI COTTON: CRISIL Keeps B Debt Rating in Not Cooperating
VAIDEHI ENTERPRISES: ICRA Keeps D Debt Rating in Not Cooperating
VENKHATASRINIVASA: CRISIL Keeps D Debt Ratings in Not Cooperating

VIBHAV FARMS: CRISIL Keeps D Debt Ratings in Not Cooperating
VIRENDRA SATIJA: CRISIL Keeps D Debt Ratings in Not Cooperating
VRC AGRO: CRISIL Keeps D Debt Ratings in Not Cooperating Category
VSC INFRA: CRISIL Keeps D Debt Ratings in Not Cooperating


N E W   Z E A L A N D

FARNO PROPERTY: Creditors' Proofs of Debt Due on Jan. 30
H & R NZ: BDO Tauranga Appointed as Liquidator
HOMESAFE DIRECT: Court to Hear Wind-Up Petition on Feb. 14
OLIVADO LIMITED: Faces Wind Up Petition
PATEL CAFE: Creditors' Proofs of Debt Due on Feb. 25

PROLINK NZ: Owes Creditors NZD4.01MM, Liquidators Report Shows
THAMES FARM: Court to Hear Wind-Up Petition on Feb. 10


S I N G A P O R E

ANKERITE PTE: Creditors' Proofs of Debt Due on Feb. 17
AUGITE PTE: Creditors' Proofs of Debt Due on Feb. 17
HAWK SR: Creditors' Proofs of Debt Due on Feb. 17
SASA SHIPPING: Creditors' Proofs of Debt Due on Feb. 18
WINMAS EXPRESS: Court Enters Wind-Up Order



X X X X X X X X

[*] BOND PRICING: For the Week Jan. 13, 2025 to Jan. 17, 2025

                           - - - - -


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

LAURICELLA ENTERPRISES: First Creditors' Meeting Set for Jan. 28
----------------------------------------------------------------
A first meeting of the creditors in the proceedings of Lauricella
Enterprises Pty Ltd will be held on Jan. 28, 2025 at 11:00 a.m. at
the offices of SV Partners at Level 17, 200 Queen Street in
Melbourne and by way of teleconference facilities (Microsoft
Teams).

Peter Gountzos and Timothy James Brace of SV Partners were
appointed as administrators of the company on Jan. 15, 2025.


MDP REFRIGERATED: First Creditors' Meeting Set for Jan. 28
----------------------------------------------------------
A first meeting of the creditors in the proceedings of MDP
Refrigerated Transport Pty Ltd will be held on Jan. 28, 2025 at
11:00 a.m. at the offices of Cor Cordis at Level 7, 201 Charlotte
Street in Brisbane.

Darryl Kirk of Cor Cordis was appointed as administrator of the
company on Jan. 15, 2025.



NEWCO ENERGY: First Creditors' Meeting Set for Jan. 28
------------------------------------------------------
A first meeting of the creditors in the proceedings of Newco Energy
Group Pty Ltd will be held on Jan. 28, 2025 at 12:00 p.m. via video
conference facilities.

David Trim, Richard Albarran & Brent Kijurina of Hall Chadwick were
appointed as administrators of the company on Jan. 15, 2025.



STAR ENTERTAINMENT: Warns of 'Material Uncertainty' Over Future
---------------------------------------------------------------
The Sydney Morning Herald reports that embattled casino operator
Star Entertainment has warned that it faces "material uncertainty"
over its ability to stay afloat unless it finds a solution to its
worsening financial woes, sparking a further drop in the company's
share price.

In a quarterly update to investors on Jan. 20, ASX-listed Star said
its revenue had fallen 15 per cent in the December quarter, citing
ongoing weakness in its operating performance, SMH discloses. It
pointed to a "challenging" consumer environment, the impact of
carded play in NSW, and expenses caused by a series of regulatory
and compliance problems.

SMH relates that the Star reiterated that it had AUD78 million left
in cash - after previously indicating earlier in the month that it
is burning through about AUD35 million a month - which prompted
Morningstar's analyst to warn the company may not survive until its
results in late February.

As it fights for survival, Star said it was continuing discussions
to attempt to deal with the crunch on its finances, but there was
no guarantee it would be able to reach a deal to resolve its
situation, SMH relays. It acknowledged the uncertainty over its
ability to continue operating if the negotiations were
unsuccessful.

"While discussions continue with respect to a range of different
solutions, there is no certainty that any of these negotiations
will result in one or more definitive arrangements that might
materially increase the Group's liquidity position. In the absence
of one or more of those arrangements, there remains material
uncertainty as to the Group's ability to continue as a going
concern," Star, as cited by SMH, said.

The update said Star made a loss of AUD8 million in the second
quarter on an EBITDA (earnings before interest, tax, depreciation
and amortisation) basis, an improvement on the AUD18 million loss
in its first quarter, SMH discloses.

Star shares dropped almost 18 per cent, or 2.5 cents, to 12 cents.
The stock has fallen almost 40 per cent since the start of the
year.

SMH says Star is seeking to unlock AUD100 million in loans that it
negotiated last year to give it more time, but to do that, it needs
to meet various conditions. On Jan. 20 it said: "A number of these
conditions remain challenging to meet given the Group's current
circumstances."

In particular, Star said it had "limited" capacity to raise AUD150
million in subordinated debt - one of the conditions for accessing
the AUD100 million in loans, SMH relays.

As well as negotiating with lenders, Star has pleaded for help from
state governments, and on Jan. 17, Star chief executive Steve
McCann called for its various stakeholders to come together.

"For Star as a corporate entity to get through this, and for
shareholders' and creditors' interests to be protected, and for our
employees to have the job security they're after, requires a
meeting of minds of a significant range of stakeholders," SMH
quotes Mr. McCann as saying.  "It's complicated, so it requires
those stakeholders to come together to deliver an outcome if we
want to succeed."

In a further sign of its precarious financial situation, the
company's Jan. 20 update also reiterated that the company's
directors continued to seek external advice on application of "safe
harbour" provisions of the Corporations Act, SMH adds. This is part
of the law aimed at helping directors turn around a distressed
company without being personally liable for debts incurred by an
insolvent company, provided they meet certain conditions.

                   About The Star Entertainment

The Star Entertainment Group Limited (ASX:SGR) --
https://www.starentertainmentgroup.com.au/ -- is an Australia-based
company that provides gaming, entertainment and hospitality
services. The Company operates The Star Sydney (Sydney), The Star
Gold Coast (Gold Coast) and Treasury Brisbane (Brisbane). The
Company operates through three segments: Sydney, Gold Coast and
Brisbane. Sydney segment consists of The Star Sydney's casino
operations, including hotels, restaurants, bars and other
entertainment facilities. Gold Coast segment consists of The Star
Gold Coast's casino operations, including hotels, theatre,
restaurants, bars and other entertainment facilities. Brisbane
segment includes Treasury's casino operations, including hotel,
restaurants and bars. The Company also manages the Gold Coast
Convention and Exhibition Centre on behalf of the Queensland
Government. The Company also owns Broadbeach Island on which the
Gold Coast casino is located.

The Star Entertainment Group posted three consecutive annual net
losses of AUD198.6 million, AUD2.43 billion and AUD1.68 billion for
the years ended June 30, 2022, 2023, and 2024, respectively.


SUPPORTING CARE: First Creditors' Meeting Set for Jan. 24
---------------------------------------------------------
A first meeting of the creditors in the proceedings of Supporting
Care Pty Ltd will be held on Jan. 24, 2025 at 11:00 a.m. via
videoconference facilities only.

David Trim and Brent Kijurina of Hall Chadwick were appointed as
administrators of the company on Jan. 15, 2025.


T PTY: Second Creditors' Meeting Set for Jan. 28
------------------------------------------------
A second meeting of creditors in the proceedings of T Pty Ltd has
been set for Jan. 28, 2025 at 2:00 p.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. 24, 2025 at 5:00 p.m.

Cameron Gray of DW Advisory was appointed as administrator of the
company on Dec. 11, 2024.




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

CHINA VANKE: China Steps Up Intervention as Developer Woes Deepen
-----------------------------------------------------------------
Bloomberg News reports that Chinese officials are taking steps to
stabilize operations at China Vanke after deepening liquidity
stress and questions surrounding the whereabouts of its top
executive triggered turmoil for its bonds and shares last week,
according to people familiar with the matter.

Bloomberg relates that officials of Shenzhen, the southern
metropolis where Vanke is based, held a closed-door meeting to
discuss Vanke on Jan. 17, said the people, asking not to be
identified discussing a private matter. Vanke's largest shareholder
is a state firm controlled by the city, giving the local government
tremendous sway over the developer.

According to Bloomberg, the Shenzhen government said during the
meeting it plans to ensure that Vanke's operations remain stable,
the people added. The officials also plan to bring in new auditors
and financial advisors to assess Vanke's balance sheet and property
projects to pave the way for next steps, according to the people.

The discussions are preliminary and could be subject to change, the
people said.

Bloomberg notes that financial regulators and the local government
of Shenzhen have already played a role in coordinating financing
extension for Vanke in the past. A household name in China, Vanke
had long been seen as insulated from a protracted property crisis
because of its government link.

The company has been in the spotlight since the start of the year.
It's facing a wall of debt repayments just as its home sales tank
and losses widen amid the unprecedented slowdown in the real estate
market.

Investors were thrown into disarray late on Jan. 16 over questions
on the whereabouts of Vanke's chief executive officer, according to
Bloomberg. A local media outlet Economic Observer reported that the
top executive Zhu Jiusheng had been taken away by police, and the
Shenzhen government sent a working group to intervene in Vanke as
the developer may face takeover. A few hours later another
publication said Zhu was reached and the Observer's stories were
removed on Jan. 17.

The people familiar didn't have additional information on Zhu's
latest status, Bloomberg notes.  

"Vanke's liquidity could reach breaking point in 2025 in the
absence of a state rescue, given its weakest cash coverage of
short-term debt since 2004," Bloomberg analysts Kristy Hung and
Monica Si wrote in a note on Jan. 20.

Bloomberg relates that the company's cash coverage of short-term
debt stands at 65 percent and could fall further, they said, adding
that its largest backer state-owned Shenzhen Metro Group's
liquidity remains similarly tight.

Once deemed as too big to fail, Vanke's debt troubles show how even
the highest quality developers have been ensnared by the property
crisis, now in its fourth year, Bloomberg says. The downdraft is
taking a toll on the closely watched builder, as the government's
efforts to stem the sector's decline struggles to materially
reinvigorate homebuyer demand.

Beijing has yet to signal its stance toward the developer. It's
also unclear what the government's increased involvement means for
the firm's debt payments.

The developer has US$4.9 billion (HK$38.22 billion) in yuan- and
dollar-denominated bonds maturing or facing redemption options in
2025, the highest annual amount of debt repayment ever and the most
for any Chinese developer this year, Bloomberg data showed. Vanke
said in early January that it will make all efforts to deal with
its public debt obligations.

"Vanke is a household brand in China," Bloomberg quotes Raymond
Cheng, head of China property research at CGS International
Securities Hong Kong, as saying. "It may not be that bad if the
government could bail out Vanke."

When Shenzhen's State-owned Assets Supervision and Management
Commission publicly expressed support for Vanke in late 2023, one
of its senior official said Vanke was "an important member" in the
city's government-backed system, Bloomberg reported at the time.
The city's state asset supervisor has stayed silent over Vanke
since then.

                          About China Vanke

China Vanke Co., Ltd. operates real estate development businesses.
The Company provides housing renovation, housing loans, real estate
brokerage, and other businesses. China Vanke also operates
logistics, material supply, and other businesses.

As reported in the Troubled Company Reporter-Asia Pacific in early
December 2024, S&P Global Ratings lowered its long-term issuer
credit rating on China Vanke Co. Ltd. to 'B+' from 'BB-', and its
long-term issuer credit rating on China Vanke's subsidiary, Vanke
Real Estate (Hong Kong) Co. Ltd. (Vanke HK), to 'B' from 'B+'. S&P
also lowered the issue rating on Vanke HK's senior unsecured notes
to 'B' from 'B+'.

COUNTRY GARDEN: Expects to Reach Terms with Creditors in February
-----------------------------------------------------------------
Reuters reports that Country Garden expects to reach terms with
creditors next month regarding the restructuring of $16.4 billion
in offshore debt, and apply for court approval of the terms in
April, its lawyer told a Hong Kong court on Jan. 20.

According to Reuters, the property developer was granted an
adjournment until May 26 in a hearing held to gauge the extent to
which restructuring is proceeding ahead of a decision on a
liquidation petition.

"Adjournment today is to allow the company to continue to make
progress on the restructuring," Hong Kong justice Linda Chan said,
notes the report.

Country Garden was once China's biggest developer by sales. It
defaulted on $11 billion in offshore bonds in late 2023, deepening
a debt crisis in a sector that had seen defaults by major peers
including China Evergrande Group.

Evergrande was ordered by the Hong Kong High Court to liquidate in
January last year after the developer was unable to propose a debt
restructuring plan acceptable to creditors, Reuters notes.

Averting liquidation would allow Country Garden to return its focus
to a property sector blemished by unfinished homes and shattered
buyer sentiment, and where policymakers have struggled to turn the
tide with a wave of stimulus measures since 2022.

Reuters adds that Country Garden said this month it has proposed
restructuring that would cut offshore debt by 70% and that it had
reached an "understanding" with a lender group.

Its lawyer requested on Jan. 20 time to resolve three "sticky
points" in negotiation with two major groups of creditors - a group
of bondholders with 30% of outstanding U.S. dollar senior notes and
a group of lenders comprised of seven banks.

The issues relate to the lender group releasing its security
package in exchange for compensation, the conversion price of
convertible bonds and the terms of new notes, Reuters relays.

                        About Country Garden

Country Garden Holdings Company Limited (HKEX:2007), an investment
holding company, invests, develops, and constructs real estate
properties primarily in Mainland China. The company operates in two
segments, Property Development and Construction. It develops
residential projects, such as townhouses and condominiums; and car
parks and retail shops. The company also develops, operates, and
manages hotels. In addition, it researches and develops robots;
sells electronic hardware and food; and provides interior
decoration, agriculture, landscape design, investment and
management consulting, cultural activity planning, and real estate
consulting services.

As reported in the Troubled Company Reporter-Asia Pacific in late
February 2024, Kingboard Holdings-backed money lender Ever Credit
on Feb. 27, 2024, filed a winding-up petition against Country
Garden to the Hong Kong High Court for non-payment of a US$205
million loan.

The TCR-AP reported in late March 2024 that Country Garden has
hired Kroll to carry out a liquidation analysis. Kroll, the New
York-headquartered financial advisory firm, is expected to conduct
an independent business review of Country Garden before projecting
a recovery rate for the developer's creditors under a liquidation
scenario, according to Reuters.

The developer defaulted on US$11 billion of offshore bonds last
year and is in the process of an offshore debt restructuring.

COUNTRY GARDEN: HK Court Moves Liquidation Bid Hearing to May 26
----------------------------------------------------------------
The South China Morning Post reports that a Hong Kong court
adjourned a liquidation petition hearing against indebted Chinese
developer Country Garden Holdings on Jan. 20 after the company
unveiled a restructuring proposal earlier this month.

According to the Post, Justice Linda Chan adjourned the case until
May 26 after hearing a petition from Ever Credit, a unit of Hong
Kong-listed Kingboard Holdings, which makes laminates and
chemicals.

At the hearing, Ever Credit asked the judge to grant an immediate
liquidation order, while another creditor requested a four-week
adjournment, the Post relates. Country Garden's lawyer,
Jose-Antonio Maurellet, told the court that the company needed
another four months, but it should be able to agree on a term sheet
with creditors by the end of February.

In a statement last week, Country Garden said it expected to reach
an agreement with offshore creditors on a debt restructuring plan
in the first half of 2025.

Earlier this month, the Foshan-based developer released its first
proposal to restructure as much as US$11.6 billion in liabilities
with multiple options including converting debt into cash or
accepting extended maturity periods, the Post relays.

The firm, once the largest mainland Chinese developer in terms of
sales, entered a liquidity crisis in August 2023 when it missed a
debt-repayment deadline for two US dollar-denominated bonds,
triggering a sell-off in the industry, the Post recalls. Country
Garden's Hong Kong-listed shares have been suspended since April 2,
as it delayed the publication of its 2023 full-year and 2024
interim reports.

In an overdue earnings report issued last week, the company said
its net loss for the first half of 2024 narrowed to CNY12.8 billion
(US$1.75 billion) from CNY48.9 billion a year earlier, while its
total liabilities stood at US$164 billion at the end of 2023, the
Post discloses. The company has yet to file for a trading
resumption.

According to the Post, China's property sector fell into a crisis
soon after Beijing introduced its "three red lines" policy in
August 2020 to control excessive leverage among weak home builders.
The sector instead faced a liquidity crunch, triggering an
unprecedented US$160 billion in bond defaults.

Ever Credit's petition came amid a slew of litigation filed by
frustrated creditors against distressed developers. Sunac China
Holdings and Shimao Group Holdings received new liquidation
petitions this month, while a winding-up hearing involving Times
China Holdings is set for next week, according to the Post.

                        About Country Garden

Country Garden Holdings Company Limited (HKEX:2007), an investment
holding company, invests, develops, and constructs real estate
properties primarily in Mainland China. The company operates in two
segments, Property Development and Construction. It develops
residential projects, such as townhouses and condominiums; and car
parks and retail shops. The company also develops, operates, and
manages hotels. In addition, it researches and develops robots;
sells electronic hardware and food; and provides interior
decoration, agriculture, landscape design, investment and
management consulting, cultural activity planning, and real estate
consulting services.

As reported in the Troubled Company Reporter-Asia Pacific in late
February 2024, Kingboard Holdings-backed money lender Ever Credit
on Feb. 27, 2024, filed a winding-up petition against Country
Garden to the Hong Kong High Court for non-payment of a US$205
million loan.

The TCR-AP reported in late March 2024 that Country Garden has
hired Kroll to carry out a liquidation analysis. Kroll, the New
York-headquartered financial advisory firm, is expected to conduct
an independent business review of Country Garden before projecting
a recovery rate for the developer's creditors under a liquidation
scenario, according to Reuters.

The developer defaulted on US$11 billion of offshore bonds last
year and is in the process of an offshore debt restructuring.



=================
H O N G   K O N G
=================

H CINEMATIC: Lai Sun Announces Creditors' Voluntary Liquidation
---------------------------------------------------------------
TipRanks reports that Lai Sun Garment (International) Limited and
eSun Holdings Limited have announced the creditors' voluntary
liquidation of their joint venture, H Cinematic Limited.

According to TipRanks, the decision comes after the joint venture
operated MCL Cinemas Plus+ Plaza Hollywood in Hong Kong, reflecting
strategic changes within the companies. This marks a significant
development for investors monitoring the financial moves of these
firms.

Hong Kong-based Lai Sun Garment (International) Limited is a
holding company. The Company, through its subsidiaries, operates in
property development, such as development and the sale of
properties, and property investment, such as leasing of commercial
premises. Lai also offers property management services.




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

AGRON LOGISTICS: ICRA Keeps D Debt Rating in Not Cooperating
------------------------------------------------------------
ICRA has kept the Long-term rating of Agron Logistics India Private
Limited (ALIPL) in the 'Issuer Not Cooperating' category. The
rating is denoted as [ICRA]D; ISSUER NOT COOPERATING."

                     Amount
   Facilities     (INR crore)   Ratings
   ----------     -----------   -------
   Long-term-        10.00      [ICRA]D; ISSUER NOT COOPERATING;
   Fund based                   Rating Continues to remain under
   Cash Credit                  'Issuer Not Cooperating'
                                Category

As part of its process and in accordance with its rating agreement
with ALIPL, ICRA has been trying to seek information from the
entity so as to monitor its performance. Further, ICRA has been
sending repeated reminders to the entity for payment of
surveillance fee that became due. Despite multiple requests by
ICRA, the entity's management has remained non-cooperative. In the
absence of requisite information and in line with the aforesaid
policy of ICRA, the rating has been continued to the "Issuer Not
Cooperating" category. The rating is based on the best available
information.

Incorporated in 2006, Agron Logistics India Private Limited is
promoted by Mr. Sadanand Pandey. ALIPL is a logistic service
provider primarily engaged in providing full truck load bulk cargo
transportation services on an annual contract basis. The company
operates a fleet of around 500 trucks, out of which 63 trucks are
owned and the remaining are leased by the company. The company also
provides value added services like couriering, freight forwarding
and warehousing to its customers as per their requirements with its
warehouses located across the country.


ANNAPURNA TRADING: ICRA Keeps D Debt Ratings in Not Cooperating
---------------------------------------------------------------
ICRA has kept the Long-term and Short Term rating of Annapurna
Trading Company (ATC) in the 'Issuer Not Cooperating' category. The
ratings are denoted as [ICRA]D; ISSUER NOT COOPERATING/[ICRA]D;
ISSUER NOT COOPERATING."

                     Amount
   Facilities     (INR crore)   Ratings
   ----------     -----------   -------
   Long-term-         8.00      [ICRA]D; ISSUER NOT COOPERATING;
   Fund based                   Rating Continues to remain under
   Cash Credit                  'Issuer Not Cooperating'
                                Category

   Long-term/         2.00      [ICRA]D/[ICRA]D; ISSUER NOT
   Short Term                   COOPERATING; Rating Continues to
   Fund Based/                  remain under 'Issuer Not
   Cash Credit                  Cooperating' Category

As part of its process and in accordance with its rating agreement
with ATC, ICRA has been trying to seek information from the entity
so as to monitor its performance. Further, ICRA has been sending
repeated reminders to the entity for payment of surveillance fee
that became due. Despite multiple requests by ICRA, the entity's
management has remained non-cooperative. In the absence of
requisite information and in line with the aforesaid policy of
ICRA, the rating has been continued to the "Issuer Not Cooperating"
category. The rating is based on the best available information.

Established in 2011 and promoted by Mr. Ritesh kumar Singh, ATC is
a proprietorship entity involved in trading agro commodities
namely, maize, cotton-seed cake, wheat, rice and paddy. Based out
of Nagpur, the entity sources the trading products from western and
northern India, which are sold to traders, cattle feed and
poultry-feed factories and starch factories based out of
Maharashtra and Chhattisgarh.


ASG KOMPANERO: CRISIL Withdraws B Rating on INR6cr Export Loan
--------------------------------------------------------------
CRISIL Ratings has withdrawn its ratings on the bank facilities of
ASG Kompanero Limited (ASG; previously known as ASG Leather Private
Limited) on the request of the company and receipt of a no
objection certificate from its bank. The rating action is in line
with CRISIL Ratings' policy on withdrawal of its ratings on bank
loans.

                        Amount
   Facilities        (INR Crore)     Ratings
   ----------        -----------     -------
   Export Packing          6         CRISIL B/Stable/Issuer Not
   Credit                            Cooperating (Withdrawn)

   Export Packing          3.25      CRISIL B/Stable/Issuer Not
   Credit                            Cooperating (Withdrawn)

   Term Loan               0.31      CRISIL B/Stable/Issuer Not
                                     Cooperating (Withdrawn)

CRISIL Ratings has been consistently following up with ASG for
obtaining information through letters and emails dated September 9,
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 ASG. This restricts CRISIL
Ratings' ability to take a forward looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on ASG
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the rating on bank facilities of
ASG continues to be 'CRISIL B/Stable Issuer Not Cooperating'.

Incorporated in 2002, ASG manufactures and exports leather bags and
wallets. The company also sells under its own brand, Kompanero, at
its retail outlets. Mr Alok Kumar Sengupta is the promoter.


COASTAL ENERGY: ICRA Keeps D Debt Ratings in Not Cooperating
------------------------------------------------------------
ICRA has kept the Long-Term and Short-Term ratings of Coastal
Energy Private Limited (CEPL) in the 'Issuer Not Cooperating'
category. The ratings are denoted as "[ICRA]D; ISSUER NOT
COOPERATING/[ICRA]D; ISSUER NOT COOPERATING".

                     Amount
   Facilities     (INR crore)   Ratings
   ----------     -----------   -------
   Long-term-        113.50     [ICRA]D; ISSUER NOT COOPERATING;
   Fund based                   Rating Continues to remain under
   Cash Credit                  'Issuer Not Cooperating'
                                Category

   Long-term/        335.50     [ICRA]D/[ICRA]D; ISSUER NOT
   Short Term                   COOPERATING; Rating Continues to
   Unallocated                  remain under 'Issuer Not
                                Cooperating' Category

   Short-term        645.50     [ICRA]D; ISSUER NOT COOPERATING;
   Non-fund based               Rating continues to remain under
   Others                       'Issuer Not Cooperating'
                                Category

As part of its process and in accordance with its rating agreement
with CEPL, ICRA has been trying to seek information from the entity
so as to monitor its performance. Further, ICRA has been sending
repeated reminders to the entity for payment of surveillance fee
that became due. Despite multiple requests by ICRA, the entity's
management has remained non-cooperative. In the absence of
requisite information and in line with the aforesaid policy of
ICRA, the rating has been continued to the "Issuer Not Cooperating"
category. The rating is based on the best available information.

Coastal Energy Private Limited (CEPL) engages in non-coking coal
trading and coal handling services. The company was promoted by Mr.
Ahmed Abdul Rahman Buhari along with Mr. Ameer Faizal with an
objective of undertaking coal handling services for exports made by
its Dubai based associate company "Coal & Oil Company" in India and
later the company began importing of coal on stock and sale basis.
Later, the company has been securing orders through tenders and
around 70% of the sales are made through this process. The
promoters have long experience in trading business and the company
has well qualified professionals in the senior management, with
considerable experience in the concerned industries.


GANDHI ENTERPRISES: ICRA Keeps D Debt Ratings in Not Cooperating
----------------------------------------------------------------
ICRA has kept the Long-term and Short Term rating of Gandhi
Enterprises in the 'Issuer Not Cooperating' category. The ratings
are denoted as [ICRA]D; ISSUER NOT COOPERATING/[ICRA]D; ISSUER NOT
COOPERATING."

                      Amount
   Facilities      (INR crore)    Ratings
   ----------      -----------    -------
   Long-term/          50.95      [ICRA]D/[ICRA]D; ISSUER NOT
   Short Term                     COOPERATING; Rating Continues
   Fund Based                     to remain under 'Issuer Not
   Cash Credit                    Cooperating' Category

As part of its process and in accordance with its rating agreement
with Gandhi Enterprises, ICRA has been trying to seek information
from the entity so as to monitor its performance. Further, ICRA has
been sending repeated reminders to the entity for payment of
surveillance fee that became due. Despite multiple requests by
ICRA, the entity's management has remained non-cooperative. In the
absence of requisite information and in line with the aforesaid
policy of ICRA, the rating has been continued to the "Issuer Not
Cooperating" category. The rating is based on the best available
information.

Mr. Mahendra Gandhi and his two cousins, Mr. Bhupendra Gandhi and
Mr. Chandresh Gandhi, established M/s. Gandhi Enterprises in 1984
as a partnership firm. The principal business of this firm is to
export CPD. Concurrently, the Gandhi family also set up M/sChayya
Gems for the CPD business. Mr. Mahendra Gandhi was the senior
partner of both these firms, and over the years, most of the
business was routed through M/s Chayya Gems. In FY2006, Mr.
Mahendra Gandhi and Mr. Chandresh Gandhi decided to part ways with
M/s Chayya Gems. Subsequent to the separation, both cousins
concentrated their efforts on promoting the business of M/s. Gandhi
Enterprises till FY2011. In FY2012, GENTP's business was further
split into two companies—Gandhi Enterprises and Akshar Impex
Private Limited (AIPL). Currently, GENTP's business is driven by
Mr. Mahendra Gandhi, while AIPL is managed by Mr. Chandresh Gandhi.
GENTP operates its CPD business through facilities in Gujarat
(Surat, Ahmedabad and Vishnagar), while its head office is in
Mumbai.

JAY ENTERPRISE: ICRA Keeps D Debt Ratings in Not Cooperating
------------------------------------------------------------
ICRA has kept the Long-term and Short Term rating of Jay Enterprise
in the 'Issuer Not Cooperating' category. The ratings are denoted
as [ICRA]D; ISSUER NOT COOPERATING/[ICRA]D; ISSUER NOT
COOPERATING."

                     Amount
   Facilities     (INR crore)   Ratings
   ----------     -----------   -------
   Long-term-         7.00      [ICRA]D; ISSUER NOT COOPERATING;
   Fund based                   Rating Continues to remain under
   Cash Credit                  'Issuer Not Cooperating'
                                Category

   Long-term/         5.00      [ICRA]D/[ICRA]D; ISSUER NOT
   Short Term                   COOPERATING; Rating Continues to
   Unallocated                  remain under 'Issuer Not
                                Cooperating' Category

As part of its process and in accordance with its rating agreement
with Jay Enterprise, ICRA has been trying to seek information from
the entity so as to monitor its performance. Further, ICRA has been
sending repeated reminders to the entity for payment of
surveillance fee that became due. Despite multiple requests by
ICRA, the entity's management has remained non-cooperative. In the
absence of requisite information and in line with the aforesaid
policy of ICRA, the rating has been continued to the "Issuer Not
Cooperating" category. The rating is based on the best available
information.

Jay Enterprise was incorporated in 2010 as a proprietorship firm
and was later converted to a partnership firm in April 2013. Since
its inception, the firm has been carrying on the activity of
trading in finished fabrics. JE at present deals in variety of
fabrics, such as-polyester fabric, synthetic fabrics, cotton
fabrics and others. JE has a registered office and a warehouse on a
rental basis located at Surat, Gujara.


JAY PLAST: CRISIL Keeps D Debt Ratings in Not Cooperating
---------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Jay Plast
International (JPI) continue to be 'CRISIL D Issuer not
cooperating'.

                      Amount
   Facilities      (INR Crore)      Ratings
   ----------      -----------      -------
   Cash Credit          4           CRISIL D (ISSUER NOT
                                    COOPERATING)

   Term Loan            3           CRISIL D (ISSUER NOT
                                    COOPERATING)

CRISIL Ratings has been consistently following up with JPI for
obtaining information through letter and email dated December 9,
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 JPI, which restricts CRISIL
Ratings' ability to take a forward looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on JPI
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the rating on bank facilities of
JPI continues to be 'CRISIL D Issuer not cooperating'.

Incorporated in 2017, JPI is setting up manufacturing unit for
HDPE, LDPE and PP woven bags.


JAYKRISHNA RICE: CRISIL Keeps B Debt Rating in Not Cooperating
--------------------------------------------------------------
CRISIL Ratings said the rating on bank facilities of Jaykrishna
Rice industries (JKRI) continues to be 'CRISIL B/Stable Issuer Not
Cooperating'.

                       Amount
   Facilities        (INR Crore)     Ratings
   ----------        -----------     -------
   Cash Credit             10        CRISIL B/Stable (Issuer Not
                                     Cooperating)

CRISIL Ratings has been consistently following up with JKRI for
obtaining information through letter and email dated December 9,
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 JKRI, which restricts CRISIL
Ratings' ability to take a forward looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on JKRI
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the rating on bank facilities of
JKRI continues to be 'CRISIL B/Stable Issuer not cooperating'.

Incorporated in 2009, JKRI mills and processes paddy into rice. The
manufacturing plant is in Nellore, Andhra Pradesh. Mr K.
Bramhanandam and Mr K. Kumar and their families are the promoters.


JENIOUS CLOTHING: CRISIL Keeps D Debt Ratings in Not Cooperating
----------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Jenious
Clothing Private Limited (JCPL) continue to be 'CRISIL D/CRISIL D
Issuer not cooperating'.

                        Amount
   Facilities        (INR Crore)    Ratings
   ----------        -----------    -------
   Letter of Credit        3        CRISIL D (ISSUER NOT
                                    COOPERATING)

   Long Term Loan         20        CRISIL D (ISSUER NOT
                                    COOPERATING)

   Overdraft Facility     36        CRISIL D (ISSUER NOT
                                    COOPERATING)

   Proposed Long Term     21.5      CRISIL D (ISSUER NOT
   Bank Loan Facility               COOPERATING)

   Working Capital        12.5      CRISIL D (ISSUER NOT
   Term Loan                        COOPERATING)

CRISIL Ratings has been consistently following up with JCPL for
obtaining information through letter and email dated December 9,
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 JCPL, which restricts CRISIL
Ratings' ability to take a forward looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on JCPL
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the ratings on bank facilities of
JCPL continues to be 'CRISIL D/CRISIL D Issuer not cooperating'.

Established in 1995, Bangalore based JCPL is in the textile
industry. The company is involved in manufacture and export of
readymade garment and is promoted by Mr. Sunil Raheja.


KHODAL COTTON: ICRA Keeps D Debt Ratings in Not Cooperating
-----------------------------------------------------------
ICRA has kept the Long-term rating of Khodal Cotton Processing
Private Limited in the 'Issuer Not Cooperating' category. The
rating is denoted as [ICRA]D; ISSUER NOT COOPERATING."

                     Amount
   Facilities     (INR crore)   Ratings
   ----------     -----------   -------
   Long-term-         9.00      [ICRA]D; ISSUER NOT COOPERATING;
   Fund based                   Rating Continues to remain under
   Cash Credit                  'Issuer Not Cooperating'
                                Category

   Long-term-         0.14      [ICRA]D; ISSUER NOT COOPERATING;
   Fund based                   Rating Continues to remain under
   Term Loan                    'Issuer Not Cooperating'
                                Category

As part of its process and in accordance with its rating agreement
with Khodal Cotton Processing Private Limited, ICRA has been trying
to seek information from the entity so as to monitor its
performance. Further, ICRA has been sending repeated reminders to
the entity for payment of surveillance fee that became due. Despite
multiple requests by ICRA, the entity's management has remained
non-cooperative. In the absence of requisite information and in
line with the aforesaid policy of ICRA, the rating has been
continued to the "Issuer Not Cooperating" category. The rating is
based on the best available information.

Established in 2011, Khodal Cotton Processing Private Limited
(KCPPL) is a private limited company. The company is managed by
four directors namely Mr. Mansukhbhai Ajani, Mr. Lalitbhai Ajani,
Mr. Maheshbhai Bhayani and Mr. Ashvinbhai Ajani. The company is
engaged in ginning and pressing of raw cotton. KCPPL's
manufacturing facility is located 2 at Jangvad, Rajkot District in
Gujarat and is currently equipped with 24 ginning machines and one
pressing machine to produce cotton bales and cottonseeds. KCPPL
hasan installed capacity to produce 280 cotton bales per day (24
hours operation.


R. P. STEEL: CRISIL Keeps D Debt Ratings in Not Cooperating
-----------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of R. P. Steel
Industries (RP Steel) continue to be 'CRISIL D/CRISIL D Issuer Not
Cooperating'.

                        Amount
   Facilities        (INR Crore)     Ratings
   ----------        -----------     -------
   Cash Credit            7          CRISIL D (Issuer Not
                                     Cooperating)

   Letter of Credit      10          CRISIL D (Issuer Not
                                     Cooperating)

CRISIL Ratings has been consistently following up with RP Steel for
obtaining information through letter and email dated December 09,
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 RP Steel, which restricts CRISIL
Ratings' ability to take a forward looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on RP
Steel is consistent with 'Assessing Information Adequacy Risk'.
Based on the last available information, the ratings on bank
facilities of RP Steel continues to be 'CRISIL D/CRISIL D Issuer
not cooperating'.

RP Steel was set up in 1984, by Mr Purushotam Agarwal. It trades in
iron and steel long products such as rounds, billets, blooms, pig
iron, wire rods, thermo-mechanically treated bars/rebars, and
imported scrap.


RUDRANI COLD: CRISIL Keeps D Debt Ratings in Not Cooperating
------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Rudrani Cold
Storage Private Limited (RCSPL) continue to be 'CRISIL B/Stable
Issuer not cooperating'.

                         Amount
   Facilities         (INR Crore)   Ratings
   ----------         -----------   -------
   Cash Credit             1        CRISIL B/Stable (ISSUER NOT
                                    COOPERATING)

   Long Term Loan          5.5      CRISIL B/Stable (ISSUER NOT
                                    COOPERATING)

   Working Capital         0.7      CRISIL B/Stable (ISSUER NOT
   Facility                         COOPERATING)

   Working Capital         4        CRISIL B/Stable (ISSUER NOT
   Facility                         COOPERATING)

CRISIL Ratings has been consistently following up with RCSPL for
obtaining information through letter and email dated December 9,
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 RCSPL, which restricts CRISIL
Ratings' ability to take a forward looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on RCSPL
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the rating on bank facilities of
RCSPL continues to be 'CRISIL B/Stable Issuer not cooperating'.

Incorporated in November 2020 by Mr Avisake Kolay and Mr Raj Kumar
Ghosh, RCSPL operates a cold storage facility. The company has cold
storage capacity of 140,000 quintals. It started commercial
operations from March 2021.


S.S. OVERSEAS: CRISIL Keeps D Debt Rating in Not Cooperating
------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of S.S. Overseas
(SSO; part of the SS group) continue to be 'CRISIL D Issuer Not
Cooperating'.

                        Amount
   Facilities        (INR Crore)     Ratings
   ----------        -----------     -------
   Cash Credit            18         CRISIL D (Issuer Not
                                     Cooperating)

   Cash Credit             1.94      CRISIL D (Issuer Not
                                     Cooperating)

   Long Term Loan          0.06      CRISIL D (Issuer Not
                                     Cooperating)

CRISIL Ratings has been consistently following up with SSO for
obtaining information through letter and email dated December 9,
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 SSO, which restricts CRISIL
Ratings' ability to take a forward looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on SSO
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the rating on bank facilities of
SSO continues to be 'CRISIL D Issuer not cooperating'.

For arriving at the ratings, CRISIL Ratings has combined the
business and financial risk profiles of SSO and S. S. Agro (SSA),
because the two firms, together referred to as the SS group, are in
the same line of business, with common promoters and management,
and strong financial linkages. CRISIL has also considered unsecured
loans extended by the group's promoters, as neither debt nor
equity, as they bear an interest rate that is lower than the market
rate, and have been in the business for over three years.

The SS group, based in Jalalabad, district Bhatinda (Punjab), is
managed by Mr Pravesh Kumar and his brothers. Both SSA and SSO
process and sell basmati rice.


SIVA STONE: CRISIL Keeps D Debt Rating in Not Cooperating
---------------------------------------------------------
CRISIL Ratings said the rating on bank facilities of Sri Siva Stone
Exports India Private Limited (SSSPL) continues to be 'CRISIL D
Issuer not cooperating'.

                       Amount
   Facilities       (INR Crore)     Ratings
   ----------       -----------     -------
   Cash Credit           20         CRISIL D (ISSUER NOT
                                    COOPERATING)

CRISIL Ratings has been consistently following up with SSSPL for
obtaining information through letter and email dated December 9,
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 SSSPL, which restricts CRISIL
Ratings' ability to take a forward looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on SSSPL
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the rating on bank facilities of
SSSPL continues to be 'CRISIL D Issuer not cooperating'.

Incorporated in December 2013 in Ongole, Andhra Pradesh, and
promoted by Mr. Siva Narayana and his family members, SIPL
processes and exports granite slabs. The company is promoted by Mr.
Siva Narayana who has been associated with the granite industry for
over 10 years.


ST. GEORGE: CRISIL Keeps C Debt Ratings in Not Cooperating
----------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of ST. George
Electronica Private Limited (STG) continue to be 'CRISIL C/CRISIL
A4 Issuer not cooperating'.

                        Amount
   Facilities        (INR Crore)     Ratings
   ----------        -----------     -------
   Overdraft Facility    20.45       CRISIL A4 (Issuer Not
                                     Cooperating)

   Term Loan              9.50       CRISIL C (ISSUER NOT
                                     COOPERATING)

   Term Loan              6.70       CRISIL C (ISSUER NOT
                                     COOPERATING)

   Working Capital       12.05       CRISIL C (ISSUER NOT
   Facility                          COOPERATING)

CRISIL Ratings has been consistently following up with STG for
obtaining information through letter and email dated December 9,
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 STG, which restricts CRISIL
Ratings' ability to take a forward looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on STG
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the ratings on bank facilities of
STG continues to be 'CRISIL C/CRISIL A4 Issuer not cooperating'.

The company is engaged in trading of electrical and electronic
appliances and has 6 retail stores in Chennai. It was established
in 2014 at Thrissur in Kerala by Mr KT Jissy.


SWASTIK ENTERPRISE: CRISIL Keeps B Ratings in Not Cooperating
-------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Swastik
Enterprise - Ahmedabad (SE) continue to be 'CRISIL B/Stable Issuer
Not Cooperating'.

                        Amount
   Facilities        (INR Crore)     Ratings
   ----------        -----------     -------
   Cash Credit             8         CRISIL B/Stable (Issuer Not
                                     Cooperating)

   Proposed Long Term      5         CRISIL B/Stable (Issuer Not
   Bank Loan Facility                Cooperating)

CRISIL Ratings has been consistently following up with SE for
obtaining information through letter and email dated December 9,
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 SE, which restricts CRISIL
Ratings' ability to take a forward looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on SE is
consistent with 'Assessing Information Adequacy Risk'. Based on the
last available information, the rating on bank facilities of SE
continues to be 'CRISIL B/Stable Issuer not cooperating'.

Incorporated in 1990, SE is engaged into trading cloth & chemicals.
The firm also have distributorship of HTC, App Daily, and Zopo. The
operations are managed by Mr Sandeep Jain.


TEKZA CERAMIC: CRISIL Keeps D Debt Ratings in Not Cooperating
-------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Tekza Ceramic
LLP (TCL) continue to be 'CRISIL D/CRISIL D Issuer not
cooperating'.

                       Amount
   Facilities       (INR Crore)     Ratings
   ----------       -----------     -------
   Bank Guarantee       2.48        CRISIL D (Issuer Not
                                    Cooperating)

   Cash Credit          5           CRISIL D (Issuer Not
                                    Cooperating)

   Term Loan            4.34        CRISIL D (Issuer Not
                                    Cooperating)

   Working Capital      2.18        CRISIL D (Issuer Not
   Term Loan                        Cooperating)

CRISIL Ratings has been consistently following up with TCL for
obtaining information through letter and email dated December 9,
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 TCL, which restricts CRISIL
Ratings' ability to take a forward looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on TCL
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the ratings on bank facilities of
TCL continues to be 'CRISIL D/CRISIL D Issuer not cooperating'.

TCL manufactures parking tiles which are sold under the brand name,
Tekza. The manufacturing facility is at Morbi.


THREE SEASONS: CRISIL Keeps D Debt Rating in Not Cooperating
------------------------------------------------------------
CRISIL Ratings said the rating on bank facilities of Three Seasons
Aquatech Private Limited (TSAPL) continues to be 'CRISIL D Issuer
not cooperating'.

                       Amount
   Facilities       (INR Crore)     Ratings
   ----------       -----------     -------
   Term Loan             15         CRISIL D (ISSUER NOT
                                    COOPERATING)

CRISIL Ratings has been consistently following up with TSAPL for
obtaining information through letter and email dated December 9,
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 TSAPL, which restricts CRISIL
Ratings' ability to take a forward looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on TSAPL
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the rating on bank facilities of
TSAPL continues to be 'CRISIL D Issuer not cooperating'.

TSAPL, incorporated in fiscal 2012, is setting up a unit for
processing shrimp, which would be exported. The plant is in East
Godavari district, Andhra Pradesh. Operations are expected to
commence by April 2021.


TIRUPATI AGENCIES: CRISIL Keeps D Debt Ratings in Not Cooperating
-----------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Tirupati
Agencies Private Limited (TAPL) continue to be 'CRISIL D/CRISIL D
Issuer Not Cooperating'.

                        Amount
   Facilities        (INR Crore)     Ratings
   ----------        -----------     -------
   Bank Guarantee        0.6         CRISIL D (Issuer Not
                                     Cooperating)

   Cash Credit           7.0         CRISIL D (Issuer Not
                                     Cooperating)

CRISIL Ratings has been consistently following up with TAPL for
obtaining information through letter and email dated December 9,
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 TAPL, which restricts CRISIL
Ratings' ability to take a forward looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on TAPL
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the ratings on bank facilities of
TAPL continues to be 'CRISIL D/CRISIL D Issuer not cooperating'.

TAPL, incorporated in 1981, trades in roller ball bearings of odd
sizes. The company has four warehouses, one in Kolkata and the
others in Mumbai. Operations are managed by the promoter-director
Mr Chandra Kant Khemka.


TULIP HOTELS: Fails to Get Bidder; NCLT Directs Liquidation
-----------------------------------------------------------
Deccan Herald reports that the National Company Law Tribunal (NCLT)
has directed for the liquidation of debt-ridden Tulip Hotels, as
the tribunal failed to receive any bidder during its insolvency
resolution process within the prescribed timeline.

On May 16, 2023, the NCLT had directed the initiation of a
Corporate Insolvency Resolution Process (CIRP) against Tulip Hotels
over a plea filed by Yes Bank, claiming a default of INR900 crore
for two corporate guarantees issued by it, Deccan Herald notes.  

Deccan Herald relates that Tulip Hotels was a corporate guarantor
for two loans disbursed by Yes Bank to Cox & Kings and EzeeGo One
Travel and Tours Ltd. After they defaulted, the financial creditor
Yes Bank invoked the guarantee of INR450 crore each given for both
loans.

However, the RP of Tulip Hotels submitted that during the
prescribed timeline of 180 days, no bids (resolution plan) were
submitted for Tulip Hotels during the Corporate Insolvency
Resolution Process (CIRP) and the Committee of Creditor (CoC) has
also passed no for extension of the period.

Hence, he was left with no other option except to go for
liquidation as per the provisions of the Insolvency & Bankruptcy
Code (IBC), Deccan Herald relays.

CIRP for Tulip Hotel expired on Nov. 12, 2023, as the IBC mandates
it shall be completed within 180 days from the date of admission of
the application to initiate the said process.


UMACHI FOODS: CRISIL Keeps D Debt Rating in Not Cooperating
-----------------------------------------------------------
CRISIL Ratings said the rating on bank facilities of Umachi Foods &
Commodities Private Limited (UFC) continues to be 'CRISIL D Issuer
Not Cooperating'.

                         Amount
   Facilities         (INR Crore)     Ratings
   ----------         -----------     -------
   Working Capital         9          CRISIL D (Issuer Not
   Facility                           Cooperating)

CRISIL Ratings has been consistently following up with UFC for
obtaining information through letter and email dated December 9,
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 UFC, which restricts CRISIL
Ratings' ability to take a forward looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on UFC
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the rating on bank facilities of
UFC continues to be 'CRISIL D Issuer not cooperating'.

UFC began operations in 2014; since then it has been engaged in
bulk trading of packaged basmati rice. The company is primarily
engaged in domestic supply as well as exports to the Middle-East.
The basmati rice is procured from rice mills directly as well as
through dealers and agents based in Delhi, Haryana, Punjab, and
Uttar Pradesh.



UNIVERSAL ASSOCIATES: CRISIL Keeps D Ratings in Not Cooperating
---------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Universal
Associates (UAS) 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         1.5        CRISIL D (Issuer Not
                                     Cooperating)

   Cash Credit           11.5        CRISIL D (Issuer Not
                                     Cooperating)

   Cash Credit            1.5        CRISIL D (Issuer Not
                                     Cooperating)

CRISIL Ratings has been consistently following up with UAS for
obtaining information through letter and email dated December 9,
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 UAS, which restricts CRISIL
Ratings' ability to take a forward looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on UAS
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the ratings on bank facilities of
UAS continues to be 'CRISIL D/CRISIL D Issuer not cooperating'.

UAS was set up in 1987 as a partnership concern. The firm
undertakes civil construction works with road construction being
its main revenue contributor. Based in Bhavnagar (Gujarat), it
undertakes contracts for departments of the Gujarat government in
and around the Bhavnagar region. It has 'Class AA' certification
for road construction. The firm is managed by Mr. Rajnikant Patel
and his son, Mr. Bhavik Patel.


USHASRI COTTON: CRISIL Keeps B Debt Rating in Not Cooperating
-------------------------------------------------------------
CRISIL Ratings said the rating on bank facilities of Ushasri Cotton
and Ginning Mills Private Limited (UCGMPL) continues to be 'CRISIL
B/Stable Issuer Not Cooperating'.

                        Amount
   Facilities        (INR Crore)     Ratings
   ----------        -----------     -------
   Cash Credit             7         CRISIL B/Stable (Issuer Not
                                     Cooperating)

CRISIL Ratings has been consistently following up with UCGMPL for
obtaining information through letter and email dated December 9,
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 UCGMPL, which restricts CRISIL
Ratings' ability to take a forward looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on
UCGMPL is consistent with 'Assessing Information Adequacy Risk'.
Based on the last available information, the rating on bank
facilities of UCGMPL continues to be 'CRISIL B/Stable Issuer not
cooperating'.

Khammam-based UCGMPL, incorporated in August 2008, gins and presses
cotton. Mr. Ch Sridhar and Mr. Ch Satyam are the promoters.


VAIDEHI ENTERPRISES: ICRA Keeps D Debt Rating in Not Cooperating
----------------------------------------------------------------
ICRA has kept the Long-Term rating of Vaidehi Enterprises (VE) in
the 'Issuer Not Cooperating' category. The rating is denoted as
"[ICRA]D; ISSUER NOT COOPERATING".

                      Amount
   Facilities     (INR crore)   Ratings
   ----------     -----------   -------
   Long-term          5.00      [ICRA]D; ISSUER NOT COOPERATING;
   Fund based                   Rating continues to remain under
   Cash Credit                  'Issuer Not Cooperating' category


As part of its process and in accordance with its rating agreement
with VE, ICRA has been trying to seek information from the entity
so as to monitor its performance. Further, ICRA has been sending
repeated reminders to the entity for payment of surveillance fee
that became due. Despite multiple requests by ICRA, the entity's
management has remained non-cooperative. In the absence of
requisite information and in line with the aforesaid policy of
ICRA, the rating has been continued to the "Issuer Not Cooperating"
category. The rating is based on the best available information.

Incorporated in July 2014 by Mr. Suresh Goyal and Mr. Ajay
Bhaootra, Vaidehi Enterprises (VE) is engaged in the marketing of
high-end women's dress material in tier I and Tier II cities. The
firm commenced commercial operations in December 2014 and  utilise
the premises of its group company for doing the finishing work and
for storage of finished and partly processed fabrics  before
despatching it to wholesalers/distributors. The promoters have been
in the business of textile for over a decade through other group
companies, viz. Shivani Trendz Private Limited (rated [ICRA]A4) and
Vaibhavi Trendz Pvt. Ltd. The firm's product portfolio comprises of
sarees and suits. The main raw material i.e. grey cloth is procured
from the local market the processing (dyeing & printing activities
and embroidery work) is outsourced to local units while the cutting
and handwork is done in-house. The company has an in-house design
team of three people and employs 20-22 people for doing the cutting
and handwork.


VENKHATASRINIVASA: CRISIL Keeps D Debt Ratings in Not Cooperating
-----------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of
VenkhataSrinivasa Infracon Private Limited (VSIPL) continue to be
'CRISIL D/CRISIL D Issuer Not Cooperating'.

                        Amount
   Facilities        (INR Crore)     Ratings
   ----------        -----------     -------
   Overdraft Facility     6.0        CRISIL D (Issuer Not
                                     Cooperating)

   Proposed Long Term     0.4        CRISIL D (Issuer Not
   Bank Loan Facility                Cooperating)

CRISIL Ratings has been consistently following up with VSIPL for
obtaining information through letter and email dated December 9,
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 VSIPL, which restricts CRISIL
Ratings' ability to take a forward looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on VSIPL
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the ratings on bank facilities of
VSIPL continues to be 'CRISIL D/CRISIL D Issuer not cooperating'.

Incorporated in 2011, VSIPL is a sub-contractor and undertakes
projects in the civil construction segment, primarily earthwork
excavations (in open area, tunnel area, etc). Based in
Visakhapatnam (Andhra Pradesh), VSIPL is promoted by Mr. Siddareddy
Udaya Sridhar Reddy, Mr. Mudi Vikranth Reddy and Mr. Siddareddy
Vijaya.


VIBHAV FARMS: CRISIL Keeps D Debt Ratings in Not Cooperating
------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Vibhav Farms
(VF) continue to be 'CRISIL D Issuer Not Cooperating'.

                        Amount
   Facilities        (INR Crore)     Ratings
   ----------        -----------     -------
   Long Term Loan        4.57        CRISIL D (Issuer Not
                                     Cooperating)

   Open Cash Credit      2.5         CRISIL D (Issuer Not
                                     Cooperating)

   Proposed Long Term    0.82        CRISIL D (Issuer Not
   Bank Loan Facility                Cooperating)

   Working Capital       1.11        CRISIL D (Issuer Not
   Term Loan                         Cooperating)

CRISIL Ratings has been consistently following up with VF for
obtaining information through letter and email dated December 9,
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 VF, which restricts CRISIL
Ratings' ability to take a forward looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on VF is
consistent with 'Assessing Information Adequacy Risk'. Based on the
last available information, the ratings on bank facilities of VF
continues to be 'CRISIL D Issuer not cooperating'.

Established in 2013 and based in Hyderabad (Telangana), VF is
engaged in the poultry business and produces hatching eggs. The
firm's poultry farms are located in Medak district, Telangana and
promoted and managed by Mr.Y Pavan Kumar Reddy.


VIRENDRA SATIJA: CRISIL Keeps D Debt Ratings in Not Cooperating
---------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Virendra
Satija Foundation Society (VSFS) continue to be 'CRISIL D Issuer
Not Cooperating'.

                        Amount
   Facilities        (INR Crore)     Ratings
   ----------        -----------     -------
   Proposed Fund-        0.98        CRISIL D (Issuer Not
   Based Bank Limits                 Cooperating)

   Term Loan             6.4         CRISIL D (Issuer Not
                                     Cooperating)

CRISIL Ratings has been consistently following up with VSFS for
obtaining information through letter and email dated December 9,
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 VSFS, which restricts CRISIL
Ratings' ability to take a forward looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on VSFS
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the ratings on bank facilities of
VSFS continues to be 'CRISIL D Issuer not cooperating'.

VSFS was founded in March 2012 to set up a school in Chhindwara,
Madhya Pradesh, under the DPS franchise. The school commenced
operations in June 2014. Mr. Virendra Satija is the chairman of the
society.


VRC AGRO: CRISIL Keeps D Debt Ratings in Not Cooperating Category
-----------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of VRC Agro
Farms Private Limited (VRC) continue to be 'CRISIL D Issuer Not
Cooperating'.

                        Amount
   Facilities        (INR Crore)     Ratings
   ----------        -----------     -------
   Cash Credit           6.7         CRISIL D (Issuer Not
                                     Cooperating)

   Proposed Long Term    3.3         CRISIL D (Issuer Not
   Bank Loan Facility                Cooperating)

CRISIL Ratings has been consistently following up with VRC for
obtaining information through letter and email dated December 9,
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 VRC, which restricts CRISIL
Ratings' ability to take a forward looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on VRC
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the rating on bank facilities of
VRC continues to be 'CRISIL D Issuer not cooperating'.

Set up in 1994 as a proprietorship firm (Kanneganti Sea Foods) in
Hyderabad, Telangana by Mr. K Ramakrishna and reconstituted as a
private limited company in 2011, VRC cultivates and trades prawns.


VSC INFRA: CRISIL Keeps D Debt Ratings in Not Cooperating
---------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of VSC Infra
Private Limited (VSC) continue to be 'CRISIL D/CRISIL D Issuer Not
Cooperating'.

                       Amount
   Facilities       (INR Crore)     Ratings
   ----------       -----------     -------
   Bank Guarantee      5.05         CRISIL D (Issuer Not
                                    Cooperating)

   Bank Guarantee      4.06         CRISIL D (Issuer Not
                                    Cooperating)

   Bank Guarantee      2.95         CRISIL D (Issuer Not
                                    Cooperating)

   Cash Credit         2            CRISIL D (Issuer Not
                                    Cooperating)

   Cash Credit         3            CRISIL D (Issuer Not
                                    Cooperating)

   Proposed Bank       0.94         CRISIL D (Issuer Not
   Guarantee                        Cooperating)

CRISIL Ratings has been consistently following up with VSC for
obtaining information through letter and email dated December 9,
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 VSC, which restricts CRISIL
Ratings' ability to take a forward looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on VSC
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the ratings on bank facilities of
VSC continues to be 'CRISIL D/CRISIL D Issuer not cooperating'.

VSC, incorporated in July 2008 at Hyderabad, undertakes power
construction projects; drilling and blasting for rock excavation;
lift irrigation projects; branch canals; earth work; excavation;
embankment; structures of printed circuit board; track conversion
in railways; and construction of embankment of dam project. Revenue
is majorly generated from executing construction work for the
Indian Railways and the Government of Telangana.




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

FARNO PROPERTY: Creditors' Proofs of Debt Due on Jan. 30
--------------------------------------------------------
Creditors of Farno Property Care Limited are required to file their
proofs of debt by Jan. 30, 2025, to be included in the company's
dividend distribution.

The company commenced wind-up proceedings on Dec. 19, 2024.

The company's liquidators are:

          Tony Leonard Maginness
          Jared Waiata Booth
          Baker Tilly Staples Rodway Auckland
          PO Box 3899
          Auckland 1140


H & R NZ: BDO Tauranga Appointed as Liquidator
----------------------------------------------
Paul Thomas Manning and Thomas Lee Rodewald of BDO Tauranga on Jan.
13, 2025, were appointed as liquidators of H & R NZ Enterprises
Limited.

The liquidators may be reached at:
          
          c/- BDO Tauranga Limited
          Level 1, The Hub
          525 Cameron Road
          PO Box 15660
          Tauranga 3144


HOMESAFE DIRECT: Court to Hear Wind-Up Petition on Feb. 14
----------------------------------------------------------
A petition to wind up the operations of Homesafe Direct Limited
will be heard before the High Court at Auckland on Feb. 14, 2025,
at 10:00 a.m.

Young Developments Limited filed the petition against the company
on Nov. 8, 2024.

The Petitioner's solicitor is:

          Eddie Taia
          Franklin Law
          Level 2, 1 Wesley Street
          Pukekohe
          Auckland


OLIVADO LIMITED: Faces Wind Up Petition
---------------------------------------
John Weekes at NZ Herald reports that an avocado supply company has
applied to put an oil producer into liquidation.

NZ Herald relates that a liquidator said tough times in recent
years made business impossible for some in the avocado industry.

Far North Avocado Suppliers Limited, in liquidation itself, has
applied to have Olivado Limited liquidated at the Whangarei High
Court, the report says.


PATEL CAFE: Creditors' Proofs of Debt Due on Feb. 25
----------------------------------------------------
Creditors of Patel Cafe Limited are required to file their proofs
of debt by Feb. 25, 2025, to be included in the company's dividend
distribution.

The company commenced wind-up proceedings on Jan. 8, 2025.

The company's liquidators are:

          Daran Nair
          Heiko Draht
          Nair Draht Limited
          97 Great South Road
          Epsom
          Auckland 1051


PROLINK NZ: Owes Creditors NZD4.01MM, Liquidators Report Shows
--------------------------------------------------------------
Radio New Zealand reports that a liquidator's initial report into
an insolvent Auckland-based labour hire company - Prolink NZ - has
estimated that the company owes about NZD4.01 million to
creditors.

According to RNZ, the company remains the centre of a major
investigation by Immigration New Zealand (INZ) that commenced as
early as September 2023, alongside former licensed immigration
advisor Cook Huang, after complaints from migrant workers who say
they have been cheated thousands of dollars, but have had little to
non full-time work.

The directors of the company are Haiyan Luo and Shaojun Han, and
100 percent of the shares are owned by Haiyan Luo.

Prolink NZ entered into voluntary liquidation about a month ago,
appointing licensed insolvency practitioner Pratesh Patel.

Dozens of the company's 188 migrant employees whose accredited
employer work visas (AEWVs) are at risk, have written to INZ asking
to be granted open work visas, and for the directors of the
companies to be held to account, according to RNZ.

RNZ says the liquidator's first report published this week showed
the creditors including pages of the names of the 188 employees and
the Inland Revenue Department, ACC, Canon New Zealand, water cooler
company Big Blue, Toyota Finance NZ, UDC Finance, long term car
rental company Lease 2 Go, messaging provider Message 4U, One NZ,
Rothbury Insurance, Smarty Payroll, Spark NZ, Adobe, and Aon
Insurance.

A Tesla has been returned to UDC Finance and has been taken to
Turners Auctions.

A Porsche, also financed by UDC, was sold prior to liquidation, and
the liquidator is currently reviewing this transaction.

Mr. Patel's report showed the company owed about NZD4.01 million to
creditors, RNZ discloses.

The company has total assets of NZD134,786, including NZD73,632
held in its bank account, and NZD61,154 held by one of the
directors.

Earlier, Mr. Patel told RNZ that one of the directors withdrew
about NZD80,000 out of the company's bank account without
justification, about two weeks prior to the company's going into
liquidation, and that he would be looking into it.

The biggest creditor to date is IRD, to which the company owed
NZD2.43 million.

The company also owed NZD83,281 in employees wages and holiday
pay.

As of the date of liquidation, there are about 51 employees who are
contracted out across 11 companies, including packaging company
Trugene Laboratories (3), FT Logistics Centre (3), fisheries
company Moana New Zealand (20), All Office Furniture (1), BBMY
Farms (6), E- Pacs Super Mart (1), Forty Thieves/Nut Butter (2),
gourmet meat online butchery Neat Meats (3), Paramount (1), Westpac
Mussels (10), and a Cafe (1).

RNZ relates that the liquidator said he has taken a pragmatic
approach to the situation and has instructed these companies that
they have the liquidator's consent to pay former Prolink NZ
employees directly.

Mr. Patel's report said Prolink NZ started to lose contracts to
about four months prior to liquidation, and that all contracts were
cancelled after the company's accredited employer status was lost,
RNZ relays.

The company was first suspended in September 2023, following the
investigation by INZ.

Earlier INZ confirmed that the company's accreditation status
lapsed in August 2024, and that it did not reapply for
accreditation.

One of Prolink NZ's directors Haiyan (Shirley) Luo was jailed in
2017 for using fake birth documents to bring a child over from
China, and also for evading NZD423,909 in taxes with regards to
three companies, RNZ recalls.

In late November, Luo was added as a director of the company
alongside Shaojun Han, and she also took over 100 percent of the
company's shares, which was previously held by Han.


THAMES FARM: Court to Hear Wind-Up Petition on Feb. 10
------------------------------------------------------
A petition to wind up the operations of Thames Farm & Industrial
Supplies (2003) Limited will be heard before the High Court at
Hamilton on Feb. 10, 2025, at 10:45 a.m.

Delaval Limited filed the petition against the company on Nov. 21,
2024.

The Petitioner's solicitor is:

          Kieran Andrew Lomas
          Level 1, 127 Alexandra Street
          Hamilton 3204




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

ANKERITE PTE: Creditors' Proofs of Debt Due on Feb. 17
------------------------------------------------------
Creditors of Ankerite Pte. Ltd. are required to file their proofs
of debt by Feb. 17, 2025, to be included in the company's dividend
distribution.

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


AUGITE PTE: Creditors' Proofs of Debt Due on Feb. 17
----------------------------------------------------
Creditors of Augite Pte. Ltd. are required to file their proofs of
debt by Feb. 17, 2025, to be included in the company's dividend
distribution.

The company commenced wind-up proceedings on Jan. 9, 2025.

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


HAWK SR: Creditors' Proofs of Debt Due on Feb. 17
-------------------------------------------------
Creditors of Hawk SR Pte. Ltd. are required to file their proofs of
debt by Feb. 17, 2025, to be included in the company's dividend
distribution.

The company commenced wind-up proceedings on Jan. 8, 2025.

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


SASA SHIPPING: Creditors' Proofs of Debt Due on Feb. 18
-------------------------------------------------------
Creditors of Sasa Shipping Co. Pte. Ltd. are required to file their
proofs of debt by Feb. 18, 2025, to be included in the company's
dividend distribution.

The company commenced wind-up proceedings on Jan. 15, 2025.

The company's liquidator is:

          Mr. Liew Khee Soon
          60 Paya Lebar Road
          #04-51, Paya Lebar Square
          Singapore 409051


WINMAS EXPRESS: Court Enters Wind-Up Order
------------------------------------------
The High Court of Singapore entered an order on Jan. 3, 2025, to
wind up the operations of Winmas Express (S) Pte. Ltd.

Maybank Singapore Limited 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




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

[*] BOND PRICING: For the Week Jan. 13, 2025 to Jan. 17, 2025
-------------------------------------------------------------
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
COBURN RESOURCES PTY     12.00    03/20/26       USD       68.98
VIRGIN AUSTRALIA HOL      8.08    03/05/24       AUD        0.32
VIRGIN AUSTRALIA HOL      8.00    11/26/24       AUD        0.32
VIRGIN AUSTRALIA HOL      8.25    05/30/23       AUD        0.38
VIRGIN AUSTRALIA HOL      8.13    11/15/24       USD        0.43
VIRGIN AUSTRALIA HOL      8.13    11/15/24       USD        0.43
VIRGIN AUSTRALIA HOL      7.88    10/15/21       USD        0.46
VIRGIN AUSTRALIA HOL      7.88    10/15/21       USD        0.46


   CHINA
   -----

ANHUA COUNTY MEISHAN      8.00    03/21/26       CNY       40.00
ANHUA COUNTY MEISHAN      8.00    03/21/26       CNY       41.52
ANHUI PINGTIANHU INV      7.50    08/13/26       CNY       40.00
ANHUI PINGTIANHU INV      7.50    08/13/26       CNY       42.18
ANLU CONSTRUCTION DE      7.80    11/28/26       CNY       40.00
ANLU CONSTRUCTION DE      7.80    11/28/26       CNY       42.84
ANNING DEVELOPMENT I      8.80    09/11/25       CNY       20.68
ANNING DEVELOPMENT I      8.00    12/04/25       CNY       21.01
ANSHANG WANGTONG CON      7.50    05/06/26       CNY       40.98
ANSHANG WANGTONG CON      7.50    05/06/26       CNY       41.63
ANSHUN CITY XIXIU IN      7.90    11/15/25       CNY       20.50
ANSHUN CITY XIXIU IN      7.90    11/15/25       CNY       20.56
ANSHUN CITY XIXIU IN      8.00    01/29/26       CNY       40.74
ANYUE XINGAN CITY DE      7.50    01/30/25       CNY       20.09
ANYUE XINGAN CITY DE      7.50    01/30/25       CNY       20.09
ANYUE XINGAN CITY DE      7.50    05/06/26       CNY       41.25
ANYUE XINGAN CITY DE      7.50    05/06/26       CNY       41.63
BIJIE CITY ANFANG CO      7.80    01/18/26       CNY       40.55
BIJIE CITY ANFANG CO      7.80    01/18/26       CNY       41.11
BIJIE TIANHE URBAN C      8.05    12/03/25       CNY       20.61
BIJIE TIANHE URBAN C      8.05    12/03/25       CNY       21.01
CAOXIAN SHANG DU INV      7.80    10/28/26       CNY       42.55
CAOXIAN SHANG DU INV      7.80    10/28/26       CNY       42.60
CHANGDE DEYUAN INVES      7.70    06/11/25       CNY       20.50
CHANGDE DEYUAN INVES      7.70    06/11/25       CNY       20.50
CHANGDE DINGCHENG JI      7.58    10/19/25       CNY       20.73
CHANGDE DINGCHENG JI      7.58    10/19/25       CNY       20.74
CHENGDU GARDEN WATER      8.00    06/13/25       CNY       20.00
CHENGDU GARDEN WATER      8.00    06/13/25       CNY       20.46
CHISHUI CITY CONSTRU      8.50    01/18/26       CNY       40.58
CHISHUI CITY CONSTRU      8.50    01/18/26       CNY       40.58
CHONGQING HONGYE IND      7.50    12/24/26       CNY       42.88
CHONGQING JIANGLAI I      7.50    10/26/25       CNY       20.00
CHONGQING JIANGLAI I      7.50    10/26/25       CNY       20.84
CHONGQING NANCHUAN C      7.80    08/06/26       CNY       42.20
CHONGQING SHUANGFU C      7.50    09/09/26       CNY       42.61
CHONGQING THREE GORG      7.80    03/01/26       CNY       40.00
CHONGQING THREE GORG      7.80    03/01/26       CNY       41.46
CHONGQING TONGRUI AG      7.50    09/18/26       CNY       40.00
CHONGQING TONGRUI AG      7.50    09/18/26       CNY       42.32
CHONGQING WANSHENG E      7.50    03/27/25       CNY       20.20
CHONGQING YUDIAN STA      8.00    11/30/25       CNY       20.99
CHUYING AGRO-PASTORA      8.80    06/26/19       CNY       16.00
DAWU COUNTY URBAN CO      7.50    09/20/26       CNY       40.00
DAWU COUNTY URBAN CO      7.50    09/20/26       CNY       42.36
DING NAN CITY CONSTR      7.80    04/08/26       CNY       40.00
DING NAN CITY CONSTR      7.80    04/08/26       CNY       41.43
DUJIANGYAN NEW CITY       7.80    05/02/25       CNY       20.00
DUJIANGYAN NEW CITY       7.80    05/02/25       CNY       20.36
DUJIANGYAN NEW CITY       7.80    10/11/25       CNY       20.50
DUJIANGYAN NEW CITY       7.80    10/11/25       CNY       20.82
DUJIANGYAN XINGYAN I      7.50    11/01/26       CNY       42.71
DUJIANGYAN XINGYAN I      7.50    11/01/26       CNY       42.88
FANGCHENG GANGSHI WE      7.95    10/11/25       CNY       20.00
FANGCHENG GANGSHI WE      7.93    12/25/25       CNY       20.00
FANGCHENG GANGSHI WE      7.95    10/11/25       CNY       20.85
FANGCHENG GANGSHI WE      7.93    12/25/25       CNY       21.05
FANTASIA GROUP CHINA      7.80    06/30/28       CNY       44.53
FANTASIA GROUP CHINA      7.50    06/30/28       CNY       73.70
FUJIAN FUSHENG GROUP      7.90    11/19/21       CNY       60.00
FUJIAN FUSHENG GROUP      7.90    12/17/21       CNY       70.99
FUZHOU LINCHUAN URBA      8.00    02/26/26       CNY       41.40
GANZHOU NANKANG DIST      8.00    09/27/25       CNY       20.00
GANZHOU NANKANG DIST      8.00    10/29/25       CNY       20.00
GANZHOU NANKANG DIST      8.00    09/27/25       CNY       20.80
GANZHOU NANKANG DIST      8.00    10/29/25       CNY       20.89
GANZHOU NANKANG DIST      8.00    01/23/26       CNY       40.00
GANZHOU NANKANG DIST      8.00    01/23/26       CNY       41.20
GANZHOU ZHANGGONG CO      7.80    10/16/25       CNY       20.83
GANZHOU ZHANGGONG CO      7.80    10/16/25       CNY       22.68
GUANGAN XINHONG INVE      7.50    06/03/26       CNY       41.79
GUANGAN XINHONG INVE      7.50    06/03/26       CNY       43.09
GUANGDONG PEARL RIVE      7.50    10/26/26       CNY       18.03
GUANGXI BAISE EXPERI      7.60    12/24/25       CNY       20.00
GUANGXI BAISE EXPERI      7.60    12/24/25       CNY       20.95
GUANGXI BAISE EXPERI      7.59    01/08/26       CNY       39.39
GUANGXI BAISE EXPERI      7.59    01/08/26       CNY       41.03
GUANGXI CHONGZUO URB      8.50    09/26/25       CNY       20.87
GUANGXI CHONGZUO URB      8.50    09/26/25       CNY       20.88
GUANGXI NINGMING HUI      8.50    12/07/25       CNY       21.10
GUANGXI NINGMING HUI      8.50    11/05/26       CNY       42.55
GUANGXI NINGMING HUI      8.50    11/05/26       CNY       43.13
GUANGXI TIANDONG COU      7.50    06/04/27       CNY       40.00
GUANGYUAN CITY DEVEL      7.50    10/25/27       CNY       26.85
GUANGYUAN YUANQU CHU      7.50    07/15/26       CNY       73.86
GUANGYUAN YUANQU CON      7.50    10/30/26       CNY       40.00
GUANGYUAN YUANQU CON      7.50    12/23/26       CNY       40.00
GUANGYUAN YUANQU CON      7.50    10/30/26       CNY       41.87
GUANGYUAN YUANQU CON      7.50    12/23/26       CNY       42.80
GUANGZHOU FINELAND R     13.60    07/27/23       USD        0.21
GUCHENG CONSTRUCTION      7.88    04/27/25       CNY       20.00
GUCHENG CONSTRUCTION      7.88    04/27/25       CNY       20.30
GUIXI STATE OWNED HO      7.50    09/17/26       CNY       42.30
GUIXI STATE OWNED HO      7.50    09/17/26       CNY       43.42
GUIYANG BAIYUN INDUS      8.30    03/21/25       CNY       20.21
GUIYANG BAIYUN INDUS      8.30    03/21/25       CNY       20.46
GUIYANG BAIYUN INDUS      7.50    03/06/26       CNY       40.80
GUIYANG BAIYUN INDUS      7.50    03/06/26       CNY       41.30
GUIYANG ECONOMIC DEV      7.90    10/29/25       CNY       20.82
GUIYANG ECONOMIC DEV      7.90    10/29/25       CNY       20.89
GUIYANG ECONOMIC DEV      7.50    04/30/26       CNY       40.68
GUIYANG ECONOMIC DEV      7.50    04/30/26       CNY       40.99
GUIYANG ECONOMIC TEC      7.80    04/30/26       CNY       41.71
GUIYANG ECONOMIC TEC      7.80    04/30/26       CNY       41.72
GUIYANG HI-TECH HOLD      8.00    11/25/26       CNY       40.27
GUIYANG HI-TECH HOLD      8.00    11/25/26       CNY       42.55
GUIZHOU CHANGSHUN CO      8.50    03/19/26       CNY       40.00
GUIZHOU CHANGSHUN CO      8.50    03/19/26       CNY       41.67
GUIZHOU EAST LAKE CI      8.00    12/07/25       CNY       20.41
GUIZHOU EAST LAKE CI      8.00    12/07/25       CNY       21.01
GUIZHOU GUIAN DEVELO      7.50    01/14/25       CNY       15.22
GUIZHOU HONGGUO ECON      7.80    02/08/25       CNY       20.12
GUIZHOU JINFENGHUANG      7.60    08/19/26       CNY       41.70
GUIZHOU JINFENGHUANG      7.60    08/19/26       CNY       42.23
GUIZHOU SHUANGLONG A      7.50    04/20/30       CNY       60.00
GUIZHOU SHUANGLONG A      7.50    11/17/30       CNY       62.83
GUIZHOU SHUICHENG EC      7.50    10/26/25       CNY       19.50
GUIZHOU SHUICHENG EC      7.50    10/26/25       CNY       20.82
GUIZHOU SHUICHENG WA      8.00    11/27/25       CNY       20.53
GUIZHOU SHUICHENG WA      8.00    11/27/25       CNY       20.91
GUIZHOU ZHONGSHAN DE      8.00    03/18/29       CNY       70.00
HAIAN URBAN DEMOLITI      7.74    05/02/25       CNY       20.30
HAIAN URBAN DEMOLITI      8.00    12/21/25       CNY       21.02
HUAINAN SHAN NAN DEV      7.94    04/01/26       CNY       40.00
HUAINAN SHAN NAN DEV      7.94    04/01/26       CNY       41.91
HUAINAN URBAN CONSTR      7.50    03/20/25       CNY       20.00
HUAINAN URBAN CONSTR      7.50    03/20/25       CNY       20.25
HUAINAN URBAN CONSTR      7.58    02/12/26       CNY       41.37
HUBEI DAYE LAKE HIGH      7.50    04/01/26       CNY       41.43
HUBEI JIAKANG CONSTR      7.80    12/19/25       CNY       20.77
HUBEI YILING ECONOMI      7.50    03/28/26       CNY       40.00
HUBEI YILING ECONOMI      7.50    03/28/26       CNY       41.48
HUNAN CHUZHISHENG HO      7.50    03/27/26       CNY       40.00
HUNAN CHUZHISHENG HO      7.50    03/27/26       CNY       41.45
HUNAN TIANYI RONGTON      8.00    10/24/25       CNY       20.89
HUNAN TIANYI RONGTON      8.00    10/24/25       CNY       20.90
HUNAN XUANDA CONSTRU      7.50    01/23/26       CNY       40.00
HUNAN XUANDA CONSTRU      7.50    01/24/26       CNY       40.00
HUNAN XUANDA CONSTRU      7.50    01/23/26       CNY       41.15
HUNAN XUANDA CONSTRU      7.50    01/24/26       CNY       41.16
HUZHOU WUXING NANTAI      7.90    09/20/25       CNY       20.75
JIA COUNTY DEVELOPME      7.50    01/21/27       CNY       62.78
JIAHE ZHUDU DEVELOPM      7.50    03/13/25       CNY       20.00
JIAHE ZHUDU DEVELOPM      7.50    03/13/25       CNY       20.24
JIANGSU YANGKOU PORT      7.60    08/17/25       CNY       20.69
JIANGSU YANGKOU PORT      7.60    08/17/25       CNY       22.50
JIANGSU ZHONGNAN CON      7.80    03/17/29       CNY       44.19
JIANGXI HUANGGANGSHA      7.90    10/08/25       CNY       20.68
JIANGXI HUANGGANGSHA      7.90    10/08/25       CNY       20.69
JIANGXI HUANGGANGSHA      7.90    01/25/26       CNY       40.95
JIANGXI JIHU DEVELOP      7.50    04/10/25       CNY       20.00
JIANGXI JIHU DEVELOP      7.50    04/10/25       CNY       20.27
JIANGXI TONGGU CITY       7.50    04/21/27       CNY       63.26
JIANGYOU XINGYI PARK      7.80    12/17/25       CNY       26.25
JIANGYOU XINGYI PARK      7.50    05/07/26       CNY       51.32
JIANLI FENGYUAN CITY      7.50    01/14/26       CNY       40.00
JIANLI FENGYUAN CITY      7.50    01/14/26       CNY       41.04
JILIN ECONOMY TECHNO      8.00    03/26/28       CNY       59.21
JILIN ECONOMY TECHNO      8.00    03/26/28       CNY       62.85
JINING NEW CITY DEVE      7.60    03/23/25       CNY       20.00
JINING NEW CITY DEVE      7.60    03/23/25       CNY       20.20
JINXIANG COUNTY CITY      7.50    03/20/26       CNY       40.92
JINXIANG COUNTY CITY      7.50    03/20/26       CNY       41.41
JINZHOU CIHANG GROUP      9.00    04/05/20       CNY       33.63
KAILI GUIZHOU TOWN C      7.98    03/30/27       CNY       63.92
KAILI GUIZHOU TOWN C      7.98    03/30/27       CNY       63.93
KAIYUAN CITY XINGYUA      7.50    09/22/27       CNY       64.60
KAIYUAN CITY XINGYUA      7.50    09/22/27       CNY       64.82
LAOTING INVESTMENT G      7.50    04/11/26       CNY       39.80
LAOTING INVESTMENT G      7.50    04/11/26       CNY       41.55
LIJIN CITY CONSTRUCT      7.50    12/20/25       CNY       20.00
LIJIN CITY CONSTRUCT      7.50    12/20/25       CNY       20.96
LIJIN CITY CONSTRUCT      7.50    04/26/26       CNY       40.00
LIJIN CITY CONSTRUCT      7.50    04/26/26       CNY       41.67
LINFEN YAODU DISTRIC      7.50    09/19/25       CNY       20.74
LINYI COUNTY CITY DE      7.78    03/21/25       CNY       20.00
LINYI COUNTY CITY DE      7.78    03/21/25       CNY       20.23
LINYI ZHENDONG CONST      7.50    11/26/25       CNY       20.80
LINYI ZHENDONG CONST      7.50    11/26/25       CNY       20.89
LINYI ZHENDONG CONST      7.50    12/06/25       CNY       20.92
LIUPANSHUI AGRICULTU      8.00    04/26/27       CNY       59.31
LIUPANSHUI AGRICULTU      8.00    04/26/27       CNY       59.32
LONGNAN ECO&TECH DEV      7.50    07/26/26       CNY       41.90
LUANCHUAN COUNTY TIA      8.50    01/23/26       CNY       40.00
LUANCHUAN COUNTY TIA      8.50    01/23/26       CNY       41.30
LUOHE ECONOMIC DEVEL      7.50    12/18/25       CNY       20.95
LUOHE ECONOMIC DEVEL      7.50    12/18/25       CNY       21.02
LUOYANG XIYUAN STATE      7.50    11/15/25       CNY       20.74
LUOYANG XIYUAN STATE      7.50    11/15/25       CNY       20.80
LUOYANG XIYUAN STATE      7.80    01/29/26       CNY       40.98
LUOYANG XIYUAN STATE      7.80    01/29/26       CNY       41.30
MAANSHAN NINGBO INVE      7.50    04/18/26       CNY       16.00
MAANSHAN NINGBO INVE      7.80    11/29/25       CNY       20.94
MAANSHAN NINGBO INVE      7.80    11/29/25       CNY       20.96
MAANSHAN NINGBO INVE      7.50    04/18/26       CNY       41.55
MEISHAN CITY DONGPO       8.08    08/16/25       CNY       20.00
MEISHAN CITY DONGPO       8.08    08/16/25       CNY       20.69
MEISHAN CITY DONGPO       8.00    01/03/26       CNY       40.00
MEISHAN CITY DONGPO       8.00    01/03/26       CNY       41.08
MEISHAN HONGSHUN PAR      7.50    12/10/25       CNY       26.05
MENGZHOU INVESTMENT       8.00    09/03/25       CNY       20.00
MENGZHOU INVESTMENT       8.00    11/06/25       CNY       20.00
MENGZHOU INVESTMENT       8.00    09/03/25       CNY       20.76
MENGZHOU INVESTMENT       8.00    11/06/25       CNY       20.90
MENGZI CITY DEVELOPM      8.00    03/25/26       CNY       41.51
MENGZI CITY DEVELOPM      8.00    03/25/26       CNY       42.25
MIAN YANG ECONOMIC D      8.20    03/15/26       CNY       40.00
MIAN YANG ECONOMIC D      8.00    09/29/26       CNY       40.00
MIAN YANG ECONOMIC D      8.20    03/15/26       CNY       41.51
MIAN YANG ECONOMIC D      8.00    09/29/26       CNY       42.58
MIANYANG ANZHOU INVE      8.10    11/22/25       CNY       20.00
MIANYANG ANZHOU INVE      8.10    05/04/25       CNY       20.30
MIANYANG ANZHOU INVE      8.10    05/04/25       CNY       20.38
MIANYANG ANZHOU INVE      8.10    11/22/25       CNY       20.99
MIANYANG ANZHOU INVE      7.90    11/25/26       CNY       40.00
MIANYANG ANZHOU INVE      7.90    11/25/26       CNY       42.89
MIANYANG HUIDONG INV      8.10    02/10/25       CNY       20.13
MIANYANG HUIDONG INV      8.10    04/28/25       CNY       20.37
MIANZHU CITY JINSHEN      7.87    12/18/25       CNY       21.02
MIANZHU CITY JINSHEN      7.87    12/18/25       CNY       21.04
MILE AGRICULTURAL IN      8.00    10/25/25       CNY       20.85
MILE AGRICULTURAL IN      7.60    02/27/26       CNY       41.00
MILE AGRICULTURAL IN      7.60    02/27/26       CNY       41.28
MUDANJIANG LONGSHENG      7.50    09/27/25       CNY       20.74
NANCHONG JIALING DEV      7.98    05/23/25       CNY       20.00
NANCHONG JIALING DEV      7.98    05/23/25       CNY       20.44
NINGXIA SHENG YAN IN      7.50    09/27/28       CNY       42.45
PANJIN CITY SHUANGTA      8.70    12/20/25       CNY       21.19
PANJIN CITY SHUANGTA      8.70    12/20/25       CNY       21.20
PANJIN CITY SHUANGTA      8.50    01/29/26       CNY       41.34
PANJIN CITY SHUANGTA      8.50    01/29/26       CNY       41.35
PANJIN LIAODONGWAN Z      7.50    12/28/26       CNY       42.85
PEIXIAN ECONOMIC DEV      7.51    11/04/26       CNY       40.00
PEIXIAN ECONOMIC DEV      7.51    11/04/26       CNY       42.54
PENGSHAN DEVELOPMENT      7.98    05/03/25       CNY       20.38
PENGSHAN DEVELOPMENT      7.98    05/03/25       CNY       21.59
PENGZE CITY DEVELOPM      7.60    08/31/25       CNY       20.68
PENGZE CITY DEVELOPM      7.60    08/31/25       CNY       20.68
PINGLIANG CHENGXIANG      7.80    03/29/26       CNY       41.09
PINGLIANG CHENGXIANG      7.80    03/29/26       CNY       41.52
PUDING YELANG STATE-      8.00    03/13/25       CNY      100.00
PUER CITY SI MAO GUO      7.50    03/14/26       CNY       41.34
PUER CITY SI MAO GUO      7.50    03/14/26       CNY       41.91
QIANDONG NANZHOU DEV      8.00    12/21/27       CNY       63.00
QIANDONG NANZHOU DEV      8.00    12/21/27       CNY       66.59
QIANDONGNAN TRANSPOR      8.00    01/15/27       CNY       63.31
QIANDONGNAN TRANSPOR      8.00    01/15/27       CNY       63.32
QIANNANZHOU INVESTME      8.00    01/02/26       CNY       41.08
QIANXINAN AUTONOMOUS      8.00    06/22/27       CNY       64.30
QIANXINAN PREFECTURE      7.99    06/10/27       CNY       63.54
QIANXINAN WATER RESO      7.50    12/25/27       CNY       62.90
QIANXINAN WATER RESO      7.50    09/25/27       CNY       65.03
QIANXINAN WATER RESO      7.50    09/25/27       CNY       65.04
QIANXINAN WATER RESO      7.50    12/25/27       CNY       68.81
QINGHAI PROVINCIAL I      7.88    03/22/21       USD        0.46
QINGZHEN CITY CONSTR      7.50    03/18/26       CNY       41.35
QINGZHEN CITY CONSTR      7.50    03/18/26       CNY       41.36
QINGZHOU HONGYUAN PU      7.60    06/17/27       CNY       48.20
QINZHOU BINHAI NEW C      7.70    08/15/26       CNY       42.28
QINZHOU BINHAI NEW C      7.70    08/15/26       CNY       42.28
QUJING CITY QILIN DI      8.50    01/21/26       CNY       40.00
QUJING CITY QILIN DI      8.50    01/21/26       CNY       41.29
RENHUAI WATER INVEST      7.98    02/24/25       CNY       20.11
RENHUAI WATER INVEST      7.98    07/26/25       CNY       20.61
RENHUAI WATER INVEST      8.00    12/26/25       CNY       20.81
RUCHENG SHUNXING INV      7.50    01/07/26       CNY       40.00
RUCHENG SHUNXING INV      7.50    01/07/26       CNY       41.06
RUDONG NEW WORLD INV      7.50    12/06/26       CNY       40.00
RUDONG NEW WORLD INV      7.50    12/06/26       CNY       42.91
RUILI RENLONG INVEST      8.00    09/20/26       CNY       42.22
SHANDONG HONGHE HOLD      7.50    01/29/26       CNY       41.06
SHANDONG OCEAN CULTU      7.50    03/28/26       CNY       41.38
SHANDONG OCEAN CULTU      7.50    04/25/26       CNY       41.53
SHANDONG RENCHENG RO      7.50    01/23/26       CNY       41.09
SHANDONG RUYI TECHNO      7.90    09/18/23       CNY       52.10
SHANDONG SANXING GRO      7.90    08/30/27       CNY       58.00
SHANDONG URBAN CAPIT      7.50    04/12/26       CNY       40.00
SHANDONG URBAN CAPIT      7.50    04/12/26       CNY       41.48
SHANGLI GANXIANG CIT      7.50    06/01/25       CNY       20.36
SHANGLI GANXIANG CIT      7.50    06/01/25       CNY       20.36
SHANGLI GANXIANG CIT      7.80    01/22/26       CNY       40.49
SHANGLI GANXIANG CIT      7.80    01/22/26       CNY       41.01
SHANGRAO GUANGXIN UR      7.95    07/24/25       CNY       20.60
SHANGRAO GUANGXIN UR      7.95    07/24/25       CNY       20.62
SHANXI JINZHONG STAT      7.50    05/05/26       CNY       41.59
SHAOYANG SAISHUANGQI      8.00    11/28/25       CNY       20.00
SHAOYANG SAISHUANGQI      8.00    11/28/25       CNY       21.06
SHEHONG STATE OWNED       7.50    08/22/25       CNY       20.00
SHEHONG STATE OWNED       7.60    10/22/25       CNY       20.00
SHEHONG STATE OWNED       7.60    10/25/25       CNY       20.00
SHEHONG STATE OWNED       7.50    08/22/25       CNY       20.66
SHEHONG STATE OWNED       7.60    10/22/25       CNY       20.84
SHEHONG STATE OWNED       7.60    10/25/25       CNY       20.85
SHENWU ENVIRONMENTAL      9.00    03/14/19       CNY       12.00
SHIFANG CITY NATIONA      8.00    12/05/25       CNY       20.00
SHIFANG CITY NATIONA      8.00    12/05/25       CNY       21.01
SHIYAN CITY CHENGTOU      7.80    02/13/26       CNY       44.68
SHUANGYASHAN DADI CI      8.50    04/30/26       CNY       41.94
SHUANGYASHAN DADI CI      8.50    04/30/26       CNY       41.95
SHUANGYASHAN DADI CI      8.50    08/26/26       CNY       42.68
SHUANGYASHAN DADI CI      8.50    08/26/26       CNY       42.69
SHUANGYASHAN DADI CI      8.50    12/16/26       CNY       43.38
SHUANGYASHAN DADI CI      8.50    12/16/26       CNY       43.39
SHUOZHOU INVESTMENT       7.50    10/23/25       CNY       20.85
SHUOZHOU INVESTMENT       7.80    12/25/25       CNY       20.92
SHUOZHOU INVESTMENT       7.80    12/25/25       CNY       21.08
SHUOZHOU INVESTMENT       7.50    10/23/25       CNY       21.60
SICHUAN COAL INDUSTR      7.70    01/09/18       CNY       45.00
SICHUAN LANGUANG DEV      7.50    07/11/21       CNY       12.63
SICHUAN LANGUANG DEV      7.50    08/12/21       CNY       12.63
SICHUAN LANGUANG DEV      7.50    07/23/22       CNY       42.00
SIYANG JIADING INDUS      7.50    04/27/25       CNY       20.31
SIYANG JIADING INDUS      7.50    04/27/25       CNY       20.32
SIYANG JIADING INDUS      7.50    12/14/25       CNY       20.93
TAHOE GROUP CO LTD        7.50    08/15/20       CNY        2.20
TAHOE GROUP CO LTD        7.50    10/10/20       CNY        2.20
TAHOE GROUP CO LTD        8.50    08/02/21       CNY        2.20
TAHOE GROUP CO LTD        7.50    09/19/21       CNY        3.10
TAIXING CITY CHENGXI      7.80    03/05/26       CNY       40.00
TAIXING CITY CHENGXI      7.60    04/04/26       CNY       40.00
TAIXING CITY CHENGXI      7.60    04/24/26       CNY       40.00
TAIXING CITY CHENGXI      7.80    03/05/26       CNY       41.46
TAIXING CITY CHENGXI      7.60    04/04/26       CNY       41.60
TAIXING CITY CHENGXI      7.60    04/24/26       CNY       41.70
TAIXING XINGHUANG IN      8.50    11/15/25       CNY       19.59
TAIXING XINGHUANG IN      8.50    11/15/25       CNY       20.82
TAIZHOU HUACHENG MED      8.50    12/26/25       CNY       20.00
TAIZHOU HUACHENG MED      8.50    12/26/25       CNY       41.24
TANCHENG COUNTY CITY      7.50    04/09/26       CNY       40.00
TANCHENG COUNTY CITY      7.50    04/09/26       CNY       41.48
TANGSHAN HOLDING DEV      7.60    05/16/25       CNY       20.32
TAOYUAN COUNTY CONST      7.50    09/11/26       CNY       40.00
TAOYUAN COUNTY CONST      8.00    10/17/26       CNY       40.00
TAOYUAN COUNTY CONST      7.50    09/11/26       CNY       42.34
TAOYUAN COUNTY CONST      8.00    10/17/26       CNY       42.83
TAOYUAN COUNTY ECONO      8.20    09/06/25       CNY       20.79
TAOYUAN COUNTY ECONO      8.20    09/06/25       CNY       21.25
TEMPUS GROUP CO LTD       7.50    06/07/20       CNY        2.00
TENGCHONG SHIXINGBAN      7.50    05/05/26       CNY       51.74
TIANJIN REAL ESTATE       7.70    03/16/21       CNY       21.49
TONGCHENG CITY CONST      7.50    07/23/25       CNY       20.00
TONGCHENG CITY CONST      7.50    07/23/25       CNY       20.57
TONGHUA FENGYUAN INV      8.00    12/18/25       CNY       20.00
TONGHUA FENGYUAN INV      8.00    12/18/25       CNY       21.04
TONGHUA FENGYUAN INV      7.80    04/30/26       CNY       41.32
TONGHUA FENGYUAN INV      7.80    04/30/26       CNY       41.69
TONGREN WATER GROUP       8.00    11/29/28       CNY       62.76
TONGREN WATER GROUP       8.00    11/29/28       CNY       64.22
TONGXIANG CHONGDE IN      7.88    11/29/25       CNY       20.88
TONGXIANG CHONGDE IN      7.88    11/29/25       CNY       21.70
TUNGHSU GROUP CO LTD      7.85    03/23/21       CNY        0.00
TUNGHSU GROUP CO LTD      8.18    10/25/21       CNY       22.00
WEIHAI LANCHUANG CON      7.70    10/11/25       CNY       20.79
WEIHAI LANCHUANG CON      7.70    10/11/25       CNY       20.80
WEIHAI WENDENG URBAN      7.70    05/02/28       CNY       64.70
WEINAN CITY INDUSTRI      7.50    04/28/26       CNY       40.00
WEINAN CITY INDUSTRI      7.50    04/28/26       CNY       41.56
WEINAN CITY INDUSTRI      7.50    06/30/27       CNY       60.00
WEINAN CITY INDUSTRI      7.50    06/30/27       CNY       63.74
WINTIME ENERGY GROUP      7.70    11/15/20       CNY       43.63
WINTIME ENERGY GROUP      7.50    11/16/20       CNY       43.63
WINTIME ENERGY GROUP      7.50    12/06/20       CNY       43.63
WINTIME ENERGY GROUP      7.90    12/22/20       CNY       43.63
WINTIME ENERGY GROUP      7.90    03/29/21       CNY       43.63
WINTIME ENERGY GROUP      7.50    04/04/21       CNY       43.63
WUSU CITY XINGRONG C      7.50    10/25/25       CNY       20.00
WUSU CITY XINGRONG C      7.50    10/25/25       CNY       20.82
WUXUE URBAN CONSTRUC      7.50    04/12/26       CNY       40.00
WUXUE URBAN CONSTRUC      7.50    04/12/26       CNY       41.41
WUZHOU CANGHAI CONST      8.00    05/31/28       CNY       64.99
WUZHOU CITY CONSTRUC      7.95    11/28/28       CNY       65.88
WUZHOU CITY CONSTRUC      7.95    11/28/28       CNY       67.36
WUZHOU CITY CONSTRUC      7.90    03/26/29       CNY       73.20
XIFENG COUNTY URBAN       8.00    03/14/26       CNY       41.36
XINFENG COUNTY URBAN      7.80    12/05/25       CNY       20.00
XINFENG COUNTY URBAN      7.80    12/05/25       CNY       20.99
XINFENG COUNTY URBAN      7.80    04/16/26       CNY       41.67
XINFENG COUNTY URBAN      7.80    04/16/26       CNY       41.88
XINPING URBAN DEVELO      7.70    01/24/26       CNY       40.80
XINPING URBAN DEVELO      7.70    01/24/26       CNY       41.15
XINYU CITY YUSHUI DI      7.50    09/24/26       CNY       42.35
XUZHOU CITY JIAWANG       7.88    01/28/26       CNY       40.31
XUZHOU CITY JIAWANG       7.98    05/06/26       CNY       40.50
XUZHOU CITY JIAWANG       7.88    01/28/26       CNY       40.58
XUZHOU CITY JIAWANG       7.98    05/06/26       CNY       41.83
YANCHENG URBANIZATIO      7.50    03/04/27       CNY       63.64
YANGLING URBAN RURAL      7.80    02/20/26       CNY       40.00
YANGLING URBAN RURAL      7.80    06/19/26       CNY       40.00
YANGLING URBAN RURAL      7.80    02/20/26       CNY       41.23
YANGLING URBAN RURAL      7.80    06/19/26       CNY       41.98
YIBIN NANXI CAIYUAN       8.10    07/24/25       CNY       20.00
YIBIN NANXI CAIYUAN       8.10    07/24/25       CNY       20.59
YIBIN NANXI CAIYUAN       8.10    11/28/25       CNY       20.92
YIBIN NANXI CAIYUAN       8.10    11/28/25       CNY       21.06
YICHANG CHUANGYUAN H      7.80    11/06/25       CNY       20.89
YINGKOU BEIHAI NEW C      7.98    01/25/25       CNY       20.08
YINGKOU BEIHAI NEW C      7.98    01/25/25       CNY       20.08
YINGTAN JUNENG INVES      8.00    05/06/26       CNY       40.00
YINGTAN JUNENG INVES      8.00    05/06/26       CNY       41.89
YIYANG COUNTY CITY C      7.50    06/07/25       CNY       20.00
YIYANG COUNTY CITY C      7.50    06/07/25       CNY       20.37
YIYANG COUNTY CITY C      7.90    11/05/25       CNY       20.93
YIYANG COUNTY CITY C      7.90    11/05/25       CNY       22.01
YIYANG LONGLING CONS      7.60    01/23/26       CNY       40.30
YIYANG LONGLING CONS      7.60    01/23/26       CNY       41.05
YIYUAN HONGDING ASSE      7.50    08/17/25       CNY       20.63
YONGCHENG COAL & ELE      7.50    02/02/21       CNY       39.88
YONGXIU CITY CONSTRU      7.50    05/02/25       CNY       20.00
YONGXIU CITY CONSTRU      7.80    08/27/25       CNY       20.00
YONGXIU CITY CONSTRU      7.50    05/02/25       CNY       20.26
YONGXIU CITY CONSTRU      7.80    08/27/25       CNY       20.55
YOUYANG COUNTY TAOHU      7.50    09/28/25       CNY       20.74
YUANJIANG CITY CONST      7.50    01/18/26       CNY       41.07
YUANJIANG CITY CONST      7.50    01/18/26       CNY       41.08
YUDU ZHENXING INVEST      7.50    05/03/25       CNY       20.29
YUDU ZHENXING INVEST      7.50    05/03/25       CNY       20.49
YUEYANG CITY JUNSHAN      7.96    04/23/26       CNY       40.00
YUEYANG CITY JUNSHAN      7.96    04/23/26       CNY       41.74
YUEYANG CITY JUNSHAN      7.96    03/13/27       CNY       60.51
YUEYANG CITY JUNSHAN      7.96    03/13/27       CNY       62.66
YUEYANG HUILIN INVES      7.50    12/23/26       CNY       40.00
YUEYANG HUILIN INVES      7.50    12/23/26       CNY       42.86
YUSHEN ENERGY DEVELO      7.50    05/07/27       CNY       60.00
YUSHEN ENERGY DEVELO      7.50    05/07/27       CNY       63.91
YUTAI XINDA ECONOMIC      7.50    04/10/26       CNY       41.58
ZHANGJIAJIE LOULI TO      7.50    03/26/26       CNY       41.43
ZHANGJIAJIE LOULI TO      7.50    03/26/26       CNY       41.43
ZHANGZI NATIONAL OWN      7.50    10/18/26       CNY       40.00
ZHANGZI NATIONAL OWN      7.50    10/18/26       CNY       42.48
ZHEJIANG CHANGXING H      7.50    12/26/25       CNY       20.00
ZHEJIANG CHANGXING H      7.50    12/26/25       CNY       21.00
ZHEJIANG CHANGXING H      7.50    05/16/26       CNY       41.60
ZHEJIANG CHANGXING H      7.50    05/16/26       CNY       41.84
ZHEJIANG WUYI CITY C      8.00    08/10/25       CNY       20.00
ZHEJIANG WUYI CITY C      8.00    08/10/25       CNY       20.66
ZHEJIANG WUYI CITY C      8.00    12/21/25       CNY       20.94
ZHEJIANG WUYI CITY C      8.00    12/21/25       CNY       21.07
ZHONGHONG HOLDING CO      8.00    07/04/19       CNY        2.75
ZHONGXIANG CITY CONS      7.50    07/05/26       CNY       40.00
ZHONGXIANG CITY CONS      7.50    07/05/26       CNY       42.09
ZHOUSHAN ISLANDS NEW      7.50    01/30/27       CNY       55.00
ZHOUSHAN ISLANDS NEW      7.50    01/30/27       CNY       58.95
ZHUZHOU HI-TECH AUTO      8.00    08/14/25       CNY       25.83
ZIGUI COUNTY CHUYUAN      7.80    02/12/28       CNY       60.00
ZIGUI COUNTY CHUYUAN      7.80    02/12/28       CNY       64.53
ZIYANG KAILI INVESTM      8.00    02/14/26       CNY       41.35
ZUNYI HUICHUAN LOUHA      7.50    11/24/27       CNY       62.20
ZUNYI HUICHUAN LOUHA      7.50    11/24/27       CNY       68.57
ZUNYI ROAD & BRIDGE       8.00    05/08/29       CNY       70.80


   HONG KONG
   ---------

CHINA SOUTH CITY HOL      9.00    06/26/24       USD       25.05
CHINA SOUTH CITY HOL      9.00    10/09/24       USD       26.82
CHINA SOUTH CITY HOL      9.00    04/12/24       USD       28.25
CHINA SOUTH CITY HOL      9.00    12/11/24       USD       28.50
HAINAN AIRLINES HONG     12.00    10/29/21       USD        1.93
HONGKONG IDEAL INVES     14.75    10/08/22       USD        2.66
YANGO JUSTICE INTERN     10.00    02/12/23       USD        0.01
YANGO JUSTICE INTERN      7.88    09/04/24       USD        0.06
YANGO JUSTICE INTERN      7.50    02/17/25       USD        0.06
YANGO JUSTICE INTERN      8.25    11/25/23       USD        0.09
YANGO JUSTICE INTERN     10.25    03/18/22       USD        0.10
YANGO JUSTICE INTERN      9.25    04/15/23       USD        0.15
YANGO JUSTICE INTERN      7.50    04/15/24       USD        0.27
YANGO JUSTICE INTERN     10.25    09/15/22       USD        0.50
ZENSUN ENTERPRISES L     12.50    09/13/23       USD        5.71
ZENSUN ENTERPRISES L     12.50    04/23/24       USD        5.76


   INDONESIA
   ---------

WIJAYA KARYA PERSERO      8.30    02/18/29       IDR       58.51
WIJAYA KARYA PERSERO      8.30    02/18/29       IDR       58.56
WIJAYA KARYA PERSERO      9.25    09/08/28       IDR       61.15
WIJAYA KARYA PERSERO      9.25    09/08/28       IDR       61.19
WIJAYA KARYA PERSERO      8.60    12/18/25       IDR       61.85
WIJAYA KARYA PERSERO      9.85    12/18/27       IDR       62.92
WIJAYA KARYA PERSERO      9.75    03/03/28       IDR       63.14
WIJAYA KARYA PERSERO      9.85    12/18/27       IDR       63.16
WIJAYA KARYA PERSERO      9.75    03/03/28       IDR       63.27
WIJAYA KARYA PERSERO      7.75    02/18/27       IDR       64.04
WIJAYA KARYA PERSERO      7.75    02/18/27       IDR       64.30
WIJAYA KARYA PERSERO     10.90    11/03/29       IDR       65.44
WIJAYA KARYA PERSERO     10.90    11/03/29       IDR       65.44
WIJAYA KARYA PERSERO     10.50    11/03/27       IDR       65.46
WIJAYA KARYA PERSERO     10.50    11/03/27       IDR       65.46
WIJAYA KARYA PERSERO      8.55    09/08/26       IDR       68.85
WIJAYA KARYA PERSERO      8.55    09/08/26       IDR       69.04


   INDIA
   -----

BHARAT SANCHAR NIGAM      7.55    03/20/34       INR       62.68
IKF HOME FINANCE LTD     10.85    08/31/26       INR       59.83
MAHANAGAR TELEPHONE       7.51    03/06/34       INR       54.13
RAJASTHAN RAJYA VIDY      9.00    12/24/26       INR       70.00


   MALAYSIA
   --------

CAPITAL A BHD             8.00    12/29/28       MYR        0.96


   PHILIPPINES
   -----------

BAYAN TELECOMMUNICAT     15.00    07/15/06       USD       15.00
BAYAN TELECOMMUNICAT     15.00    07/15/06       USD       15.00


   SINGAPORE
   ---------

BAKRIE TELECOM PTE L     11.50    05/07/15       USD        0.90
BAKRIE TELECOM PTE L     11.50    05/07/15       USD        0.90
BLD INVESTMENTS PTE       8.63    03/23/15       USD        6.75
DAVOMAS INTERNATIONA     11.00    05/09/11       USD        0.32
DAVOMAS INTERNATIONA     11.00    05/09/11       USD        0.32
DAVOMAS INTERNATIONA     11.00    12/08/14       USD        0.36
DAVOMAS INTERNATIONA     11.00    12/08/14       USD        0.36
ENERCOAL RESOURCES P      9.25    08/05/14       USD       45.75
ITNL OFFSHORE PTE LT      7.50    01/18/21       CNY       20.50
MICLYN EXPRESS OFFSH      8.75    11/25/18       USD        0.56
NOMURA INTERNATIONAL      7.65    10/04/37       AUD       65.68
NOMURA INTERNATIONAL     19.50    08/28/28       TRY       67.78
ORO NEGRO DRILLING P      7.50    01/24/24       USD        0.55
RICKMERS MARITIME         8.45    05/15/17       SGD        5.00
SWIBER HOLDINGS LTD       7.75    09/18/17       CNY        6.13


   SOUTH KOREA
   -----------

KOREA DEVELOPMENT BA     11.24    11/25/26       BRL       52.27
KOREA DEVELOPMENT BA     11.21    11/19/26       BRL       57.20
SAMPYO CEMENT CO LTD      8.30    04/20/14       KRW       70.00
SAMPYO CEMENT CO LTD      7.50    07/20/14       KRW       70.00
SAMPYO CEMENT CO LTD      8.30    09/10/14       KRW       70.00
SAMPYO CEMENT CO LTD      8.10    04/12/15       KRW       70.00
SAMPYO CEMENT CO LTD      8.10    06/26/15       KRW       70.00


   SRI LANKA
   ---------

SRI LANKA GOVERNMENT      7.50    06/15/38       LKR       59.28
SRI LANKA GOVERNMENT      7.50    05/15/37       LKR       60.98
SRI LANKA GOVERNMENT      7.50    04/15/36       LKR       62.93
SRI LANKA GOVERNMENT      7.50    03/15/35       LKR       65.13
SRI LANKA GOVERNMENT      7.50    02/15/34       LKR       67.50
SRI LANKA GOVERNMENT      7.50    01/15/33       LKR       70.10
SRI LANKA GOVERNMENT      7.50    06/15/32       LKR       72.66



                           *********


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 2025.  All rights reserved.  ISSN: 1520-9482.

This material is copyrighted and any commercial use, resale or
publication in any form (including e-mail forwarding,
electronic re-mailing and photocopying) is strictly prohibited
without prior written permission of the publishers.
Information contained herein is obtained from sources believed
to be reliable, but is not guaranteed.

TCR-AP subscription rate is US$775 for 6 months delivered via e-
mail.  Additional e-mail subscriptions for members of the same
firm for the term of the initial subscription or balance
thereof are US$25 each.  For subscription information, contact
Peter Chapman at 215-945-7000.



                *** End of Transmission ***