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

                     A S I A   P A C I F I C

          Tuesday, March 12, 2024, Vol. 27, No. 52

                           Headlines



A U S T R A L I A

ALLCO FINANCE: AUD618.4MM Bank Debt Trades at 94% Discount
CUBITT'S GRANNY: Debt Spirals to Nearly Double Initial Estimates
DUMPLING UNION: First Creditors' Meeting Set for March 18
ELYPTOL PTY: First Creditors' Meeting Set for March 15
HSC FACILITY: First Creditors' Meeting Set for March 15

SCIPHER TECHNOLOGIES: First Creditors' Meeting Set for March 14
STARLEATON HOLDINGS: Meeting to Vote on DOCA Moved to March 15
TIGERLILY AUST: First Creditors' Meeting Set for March 15


C H I N A

BILIBILI INC: Annual Net Loss Narrows to CNY4.8BB in 2023
CHINA VANKE: Chinese Regulators Ask Large Banks to Step Up Support
ZENDAI GROUP: Jailed Founder's Shanghai Mansion Sold for USD20MM


I N D I A

A2Z MAINTENANCE: CARE Reaffirms D Rating on INR147.80cr LT Loan
AMRITLAL JAIN: CARE Lowers Rating on INR3.0cr LT Loan to B+
ASHAPURA CALCINE: CRISIL Assigns B Rating to INR10cr Loans
BHATI ASSOCIATES: CARE Keeps C Rating in Not Cooperating Category
BLUE WHALE: CRISIL Lowers Rating on LT/ST Debts to D

BYJU'S: Gives Up Offices Across India; Tells Employees to WFH
DESIGN CLASSICS: CRISIL Lowers Rating on LT/ST Debts to D
DHARANI HI-TECH: CRISIL Reaffirms B+ Rating on INR11.5cr Loan
EXIM KNITS: CRISIL Lowers Rating on INR15.5cr Cash Loan to B
GADDALA FINANCIAL: CRISIL Lowers Rating on INR10cr Loans to D

GLAZEBROOKE TRADING: ICRA Keeps C+ Debt Rating in Not Cooperating
HI-GREEN CARBON: CARE Assigns B+ Rating to INR10.52cr LT Loan
INDO NABIN: CARE Moves C Debt Rating in Not Cooperating Category
JAYMALA INFRASTRUCTURE: ICRA Withdraws B Rating on INR27cr Loan
KUSHALBAGH MARBLES: CARE Keeps B Debt Rating in Not Cooperating

NAVYUG INDUSTRIES: CARE Keeps D Debt Rating in Not Cooperating
P.K.M. PROJECTS: ICRA Moves D Debt Rating to Not Cooperating
PUSHPAVATHI AGRO-TECH: CARE Keeps B- Rating in Not Cooperating
RPV EXPORTS: CRISIL Lowers Long/Short Term Ratings to D
SAHEB FIBRE: CARE Reaffirms B+ Rating on INR65cr LT Loan

SATYAM ENTERPRISES: CARE Assigns B+ Rating to INR50.0cr LT Loan
SHARP CHUCKS: CARE Reaffirms D Rating on INR42.14cr LT/ST Loan
SHYAMA SHYAM: CARE Keeps B- Debt Rating in Not Cooperating
TEJAS ISPAT: CARE Keeps B- Debt Rating in Not Cooperating Category


J A P A N

J. FRONT: Egan-Jones Hikes Senior Unsecured Ratings to B+
NOMURA HOLDINGS: Egan-Jones Withdraws B Senior Unsecured Ratings


N E W   Z E A L A N D

BINARY GROUP: Court to Hear Wind-Up Petition on March 15
CONBRIO TECHNOLOGY: Court to Hear Wind-Up Petition on March 22
PRINT MATTERS: Court to Hear Wind-Up Petition on March 22
PRO BUILD: Court to Hear Wind-Up Petition on March 22
STRIPE MEDIA: BDO Auckland Appointed as Receiver and Manager



S I N G A P O R E

CAFE GALILEE: Creditors' Meeting Set for March 22
GODREJ INFOTECH: Creditors' Proofs of Debt Due on April 8
HIN LEONG: Judicial Managers Given More Time to Restructure Firm
OM UNIVERSAL: Court to Hear Wind-Up Petition on March 22
PAUL IMMIGRATIONS: Court Enters Wind-Up Order

QING HENG: Creditors' Proofs of Debt Due on April 8
VALLIANZ HOLDINGS: Sells Loss-Making Crew Management Unit for US$1


X X X X X X X X

[*] BOND PRICING: For the Week March 4 to March 8, 2024

                           - - - - -


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

ALLCO FINANCE: AUD618.4MM Bank Debt Trades at 94% Discount
----------------------------------------------------------
Participations in a syndicated loan under which Allco Finance Group
Ltd is a borrower were trading in the secondary market around 5.6
cents-on-the-dollar during the week ended Friday, March 8, 2024,
according to Bloomberg's Evaluated Pricing service data.

The AUD618.4 million facility is a Term loan that is scheduled to
mature on September 30, 2009.  About AUD585.7 million of the loan
is withdrawn and outstanding.

Allco Financial Group was a fully integrated global financial
services business headquartered in Sydney, Australia. The company
is in liquidation after previously being in administrative
receivership. The Company's country of domicile is Australia.


CUBITT'S GRANNY: Debt Spirals to Nearly Double Initial Estimates
----------------------------------------------------------------
News.com.au reports that the debts of a collapsed building company
have exploded to nearly double initial estimates as administrators
look more closely into its financial affairs.

News.com.au reported last month that NSW and ACT builder Cubitt's
Granny Flats and Home Extensions had appointed administrators.

Richard Stone and Brett Lord from insolvency firm RSM Australia
Partners took over the business, pausing all construction work,
standing down most of the company's 80 staff and launching an
urgent sales campaign.

In a statement at the time, an RSM spokesperson said initial
estimates put the company's debt at AUD3.8 million, news.com.au
notes.

But as of March 8, that number has risen massively. An RSM
spokesperson said it now appears Cubitt's owes AUD6.8 million to
373 creditors, according to news.com.au.

"Our investigations are ongoing, however, to date we have
identified more than AUD1 million in assets and about AUD6.8
million in liabilities," news.com.au quotes Mr. Stone as saying.  

News.com.au says the collapse of Cubitt's plunged the fate of 120
projects into jeopardy as well as 80 staff members.

But it's not all bad news. So far, there's been high levels of
interest in buying up the business.

The administrators noted that they had received 38 expressions of
interest from parties looking to buy Cubitt's, news.com.au relays.

"We advertised the sale of the business within three days of being
appointed to take control of Cubitt's," Mr. Stone said.

"The sale includes more than 100 housing contracts that were either
underway or ready to start (at the time of the Administrators'
appointment); four showrooms located in Sydney, Newcastle,
Wollongong and Canberra; vehicles and equipment; and the business
name."

Cubitt's has four display homes in Sydney, Newcastle, Wollongong
and Canberra, which have been locked up.

News.com.au adds that the administrators also said they were taking
steps to secure other assets which they have identified to be worth
AUD1.5 million.


DUMPLING UNION: First Creditors' Meeting Set for March 18
---------------------------------------------------------
A first meeting of the creditors in the proceedings of Dumpling
Union Pty Ltd will be held on March 18, 2024 at 12:30 p.m. at the
offices of Oracle Insolvency Services at Suite 1104, 147 Pirie
Street in Adelaide and via virtual meeting technology.

Nicholas David Cooper and Yulia Petrenko of Oracle Insolvency
Services were appointed as administrators of the company on March
5, 2024.


ELYPTOL PTY: First Creditors' Meeting Set for March 15
------------------------------------------------------
A first meeting of the creditors in the proceedings of Elyptol Pty
Ltd will be held on March 15, 2024 at 10:30 a.m. at the offices of
Cor Cordis at Level 29, 360 Collins Street in Melbourne and via
virtual meeting technology.

Barry Wight and Rachel Burdett of Cor Cordis were appointed as
administrators of the company on March 4, 2024.


HSC FACILITY: First Creditors' Meeting Set for March 15
-------------------------------------------------------
A first meeting of the creditors in the proceedings of HSC Facility
Services Pty Ltd will be held on March 15, 2024 at 3:00 p.m. via
teleconference only.

Stephen Dixon of Hamilton Murphy Advisory was appointed as
administrator of the company on March 4, 2024.


SCIPHER TECHNOLOGIES: First Creditors' Meeting Set for March 14
---------------------------------------------------------------
A first meeting of the creditors in the proceedings of Scipher
Technologies Pty Ltd will be held on March 14, 2024 at 2:00 p.m.
via virtual meeting only.

Matthew Hutton and Robert Smith of McGrath Nicol were appointed as
administrators of the company on March 1, 2024.


STARLEATON HOLDINGS: Meeting to Vote on DOCA Moved to March 15
--------------------------------------------------------------
Wide Format Online reports that the Administrators of Starleaton
Holdings and SDS Bidco, Cathro Partners, will reconvene the
adjourned second meeting of creditors on March 15, for the purpose
of creditors voting on whether to accept the DOCA (Deed of Company
Arrangement), proposed by one of the directors, or to Liquidate the
companies. In either scenario, a return of between 0 and 3 cents in
the $ to unsecured creditors is the likely outcome, with
ex-employees doing better at 83-100 cents in the $.

Wide Format Online has been told the reason for Starleaton's
collapse into administration is cited as: "Deterioration in trading
performance, poor cash flow, funds tied up in inventory, poor
strategic management and loss of related party financial support."
The related party support being from founders Peter and Leanne
Eaton and their companies - who are also the largest creditors.

According to Wide Format Online, the purpose of the March 15
meeting will be to determine is for creditors to resolve:

   - that the Companies execute a Deed of Company Arrangement; or
   - that the Administration should end; or
   - that the Companies be wound up.

If the DOCA is voted in, the estimated dividend from the companies
would be:

   - Priority employee creditors: 100 cents in the $ incl. super
     (paid in installments over 12-24 months
   - Unsecured creditors 1-3 cents in the $
   - Secured creditors most likely paid over time

If the DOCA is rejected, the companies will automatically fall into
Liquidation, and the estimated dividend might be:

   - Priority employee creditors: 83-100 cents in the $ excl.
     super (paid when liquidation is completed)
   - Unsecured creditors 0-3 cents in the $
   - Secured creditors 3-14 cents in the $

However, if liquidated, Starleaton's ex-employees would be able to
lodge claims under the FEG scheme, which would return entitlements
(but not super owed) in a shorter time, usually 8-12 weeks, rather
than 12-24 months, Wide Format Online says. Superannuation claims
are a matter for the ATO. A seprate administrator's conference with
ex-employees has been proposed.

If the DOCA is executed, full control of the Companies and their
business returns to Starleaton's directors, with a Deed
Administrator acting as overseer; typically the Administrator,
according to Wide Format Online.

Wide Format Online relates that key to the DOCA is the
establishment of a DOCA fund, proposed as AUD800,000 paid in equal
monthly instalments over a period of 24 months. Additional
contributions are possible, in order to ensure priority employee
creditors are paid 100c in the dollar and participating ordinary
unsecured creditors receive 1c in the dollar.

Security for the DOCA funding would be by way of AllPAAP (all
present and after-acquired property) - a type of security available
to back up credit - which would be a security interest over the
companies' assets in favour of the Deed Administrators.

Wide Format Online adds that the ALLPAAP secured creditors who
would agree to subordinate their security and provide the Deed
Administrators ALLPAAP priority ahead of their security interests
are:  Peter & Leanne Eaton;  Starleaton Pty Limited (which is not
in administration); and SDS Distributions Pty Ltd.

The DOCA would include a restructuring of Starleaton's business
including closure of WA, Vic and Qld operations and a single
warehouse/office in Artarmon, Sydney; downsizing to six employees
and, it is believed, a focus on purely consumable supply purchased
on a cash basis. Further details are being sought on how this would
work, given that several previous suppliers of consumables have
announced alternative channels. the proposed methodology is
currently 'commercial in confidence.'

The situation regarding customers who prepaid Starleaton for
capital equipment but never received it appears vexed, subject to
separate litigations and under investigation with regards to
security interests of the purchasers, relates Wide Format Online.

The cost of the administration thus far amounts to AUD465,885, with
a further estimated AUD100,000 to administer the DOCA, or
AUD150,000 to Liquidate the companies if wound up, Wide Format
Online adds.


TIGERLILY AUST: First Creditors' Meeting Set for March 15
---------------------------------------------------------
A first meeting of the creditors in the proceedings of Tigerlily
Aust Pty Ltd, TL Holdco Pty Ltd, TL Retail Pty Ltd, and TL IP
Company Pty Ltd will be held on March 15, 2024 at 11:30 a.m. via
electronic means.

Jason Glenn Stone and Glenn Jeffrey Franklin of PKF Melbourne were
appointed as administrators of the company on March 4, 2024.





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

BILIBILI INC: Annual Net Loss Narrows to CNY4.8BB in 2023
---------------------------------------------------------
The Standard reports that Bilibili Inc's net loss narrowed 36
percent to CNY4.8 billion in 2023 from a year earlier, thanks to
reduced costs and increased revenue.

Revenue rose 3 percent to CNY22.5 billion, as the cost to generate
revenue fell by 5 percent over the previous year, The Standard
discloses.

Value-added services, which account for 44 percent of total
revenue, rose 14 percent to CNY9.9 billion.

Advertising revenue climbed 27 percent to 6.4 billion yuan, while
mobile games, IP derivatives and others fell 20 percent and 29
percent respectively.

According to The Standard, Bilibili said the decrease in game
revenue was mainly attributable to fewer new game launches and
lower revenue contributions from certain games but claimed revenues
from top-performing legacy games remained relatively stable.

Gross profit reached CNY5.4 billion, 41 percent higher
year-on-year, as its gross profit margin expanded for the sixth
consecutive quarter to 26.1 percent in the last quarter of 2023,
The Standard discloses.

Its operating cash flow swung to CNY266.6 million from a negative
CNY3.9 billion in 2022.

The Standard says the average daily active users exceeded 100
million in the fourth quarter - 8 percent higher than the same
period last year - as users' daily time spent "remained robust" at
over 95 minutes on average.

Chairman and chief executive Chen Rui said Bilibili plans to keep
facilitating a virtuous cycle between community and
commercialization this year, The Standard adds.

                          About Bilibili

Bilibili Inc. (HKG:9626) -- https://www.bilibili.com/ -- provides
online entertainment services for the young generations in the
People's Republic of China. Its platform offers a range of content,
including video services, mobile games, and value-added service, as
well as ACG-related comic and audio content. The company's video
services include professional user generated videos, occupationally
generated videos, live broadcasting, and story mode.  

Bilibili reported three consecutive annual net losses of CNY3.34
billion, CNY7.21 billion, and CNY7.15 billion for the years ended
Dec. 31, 2020, 2021, and 2022.


CHINA VANKE: Chinese Regulators Ask Large Banks to Step Up Support
------------------------------------------------------------------
Reuters reports that China has asked banks to enhance financing
support for state-backed China Vanke and called on creditors to
consider private debt maturity extension, in a rare intervention
from central government to help an embattled property firm, two
sources said.

The State Council - China's cabinet - is coordinating support
effort for China Vanke, said the sources with direct knowledge of
the matter, adding financial institutions have been requested to
make swift progress, Reuters relates.

Authorities are scrambling to stabilise a real estate sector in the
throes of a debt crisis characterised by default among the
country's biggest property firms, with support including boosting
financing for developers of certain projects.

However, central government response to individual firms' woes has
been rare, with action taken for Country Garden but most others
tackled at a local level or left to their fate, including one-time
market leader China Evergrande which faces liquidation, Reuters
says.

Unlike those two developers, Vanke has government backing, with
33.4% owned by Shenzhen Metro, a company held by Shenzhen's state
asset regulator. It is also one of few remaining Chinese property
developers whose credit is rated as investment-grade by
international credit-rating firms, so any debt repayment trouble
could decimate market confidence, analysts have said.

According to Reuters, investors have been selling securities of
China's second-biggest developer by sales amid mounting liquidity
concern. But after Reuters' report, Vanke's Shenzhen-listed stock
rose 3.1% to CNY9.46, the highest since March 5, while its Hong
Kong-listed shares climbed as much as 3.4% to HK$5.71.

The CSI 300 Real Estate Index rose 3.3% and Hang Seng Mainland
Properties Index firmed 1.8%.

The sources, who requested anonymity due to sensitivity of the
matter, said regulators met financial institutions and creditors
but did not specify when.

"Banks to ensure (China Vanke's) financing, insurers to extend
maturities for private debt, (every party) to guarantee the
repayments of public bonds," said one of the sources, Reuters
relays.

Vanke declined to comment. The National Administration of Financial
Regulation and the State Council Information Office did not respond
to requests for comment.

"The central government wants to show a gesture that it is actively
rescuing the market. It is loosening up so the banks should do it
too," Reuters quotes Alvin Cheung, associate director of Prudential
Brokerage in Hong Kong, as saying.

Reuters relates that Cheung said authorities have not been able to
stabilise the market after Evergrande defaulted, and if Vanke
defaulted after Country Garden, there would be no confidence or new
liquidity left in the market.

Another person with knowledge of the matter said some large
national commercial banks have made repayment requirements stricter
for Vanke, adding to its financial stress, Reuters relays.

Total new bank loans issued to the developer in the fourth quarter
of last year slumped by more than half compared to the same period
a year earlier, the person said.

A separate person told Reuters last week that creditor insurers
including Taikang Insurance, state-owned PICC Property and Casualty
and New China Life Insurance have received requests from Vanke for
debt maturity extensions.

To ease repayment concern, Vanke on March 8 said it has deposited
funds required to repay $630 million U.S. dollar notes due on March
11, adds Reuters.

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.


ZENDAI GROUP: Jailed Founder's Shanghai Mansion Sold for USD20MM
----------------------------------------------------------------
Yicai Global reports that a large residence in poor shape
previously owned by Dai Zhikang, the founder of investment company
Zendai Group imprisoned for illegal fundraising, was sold for
CNY144 million (USD20 million) at a judicial auction.

Located in the core area of Shanghai's Pudong district, the mansion
has a floor space of 681 square meters and was sold after 117
bidding rounds by five bidders, Yicai discloses citing data from
Alibaba Group's judicial auction platform on March 7. Its starting
price was CNY90 million (USD12.5 million), with a market appraisal
price of CNY127 million.

Born in Jiangsu province in 1964, Dai founded the first mutual fund
firm on the Chinese mainland in 1992 and later turned it into
Zendai, which spanned the property and finance sectors. His
personal wealth peaked at CNY10 billion (USD1.4 billion) in 2007,
ranking him 65th in the Hurun China Rich List that year.

Zendai encountered a redemption crisis over its internet finance
business in 2019, and Dai turned himself in, Yicai recalls. The
police said that Dai, who was also the Shanghai-based firm's
general manager and legal representative, admitted that the company
pooled and misappropriated funds, which it cannot repay to
investors.

In December 2022, Dai was sentenced to 19 years in prison on
charges of illegal fundraising by a court in Shanghai, with his
assets later gradually being put out to tender by the court, Yicai
relates.

From court photos, it can be seen that the mansion is missing most
of its walls, and according to the auction's bulletin, the buyer
needs to shell out a fortune to restore it to its original state,
Yicai says. The building also has arrears of over CNY500,000
(USD69,570) in property management fees.

The mansion is about six kilometers from Shanghai's financial
central business district Lujiazui. Standard apartments in the core
area of Pudong are priced at on average about CNY130,000 per square
meter, while the mansion was priced at on average CNY210,000 per
sqm.

Given that use rights for residence-purpose land are no longer
available in Pudong's core area, the mansion is considered as
precious property, Lu Wenxi, a senior analyst at Shanghai Zhongyuan
Real Estate Consulting, told Yicai. As a comparison, the price of
mansions for sale in downtown Shanghai's historic scenic area has
reached at most CNY240,000 per sqm, Lu noted.

Zendai Group is a Shanghai-based closely held investment firm
specializing in finance, investment, real-estate development and
cultural industry.




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

A2Z MAINTENANCE: CARE Reaffirms D Rating on INR147.80cr LT Loan
---------------------------------------------------------------
CARE Ratings has reaffirmed the ratings on certain bank facilities
of A2Z Maintenance Services Private Ltd, as:

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank
   Facilities          147.80      CARE D Reaffirmed

   Short Term Bank
   Facilities          337.29      CARE D Reaffirmed

Rationale and key rating drivers

The reaffirmation in the rating assigned to the bank facilities of
A2Z Infra Engineering Limited continues to factor in delays in debt
servicing by the company.

Rating sensitivities: Factors likely to lead to rating actions

Positive factors

* Timely repayment of debt obligations for more than three months
along with improvement in liquidity position of the company.

Analytical approach: Standalone

Outlook: Not Applicable

Detailed description of the key rating drivers:
Key weaknesses

*Ongoing delays in debt servicing: As per the audited annual report
for the FY23(refers to the period from April 1, 2022, to March 31,
2023, and provisional report for 9MFY24(refers to the period from
April 1, 2023, to December 31, 2023), there are on-going delays in
debt servicing by the company.

Liquidity: Poor

The liquidity of the company is poor, leading to delays in debt
servicing.

Incorporated in January 2002 as A2Z Maintenance Services Private
Ltd, the company was renamed 'A2Z Maintenance & Engineering
Services Private Ltd' in June 2005. Subsequently, the company
became a public limited company in March 2010. A2Z came up with an
IPO in October 2010 and raised INR776.2 crore. The company got its
present name in December 2014 and is primarily engaged in providing
Engineering, Procurement and Construction (EPC) services in power
transmission and distribution sector.


AMRITLAL JAIN: CARE Lowers Rating on INR3.0cr LT Loan to B+
-----------------------------------------------------------
CARE Ratings has revised the ratings on certain bank facilities of
M/s. Amritlal Jain Contractor (MAJC), as:

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank      3.00        CARE B+; Stable; ISSUER NOT
   Facilities                      COOPERATING; Rating continues
                                   to remain under ISSUER NOT
                                   COOPERATING category and
                                   Revised from CARE BB-; Stable

   Long Term/Short      2.25       CARE B+; Stable/CARE A4;
   Term Bank                       ISSUER NOT COOPERATING;
   Facilities                      Rating continues to remain
                                   under ISSUER NOT COOPERATING
                                   category and Revised from
                                   CARE BB-;Stable/CARE A4

Rationale and key rating drivers

CARE Ratings Ltd. had, vide its press release dated January 3,
2023, placed the rating(s) of MAJC under the 'issuer
non-cooperating' category as MAJC had failed to provide information
for monitoring of the rating and had not paid the surveillance fees
for the rating exercise as agreed to in its Rating Agreement. MAJC
continues to be noncooperative despite repeated requests for
submission of information through e-mails, phone calls and a
letter/email dated November 19, 2023, November 29, 2023, December
9, 2023.

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

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

The ratings assigned to the bank facilities of MAJC have been
revised on account of non-availability of requisite information.

Harda (Madhya Pradesh) based Amritlal Jain Contractor (MAJC) is a
partnership firm established by Mr. Rajeev Kumar Amritlal Jain, Mr.
Sargam Amritlal Jain, Mrs. Sadhna Rajeev Jain, Mrs. Jyoti Sanjay
Jain, Mrs. Sema Sargam Jain and Mr. Mayank Rajeev Jain, which is
engaged into road construction services. MAJC secures its major
portion of tenders through open bidding from Government of Madhya
Pradesh. The firm is registered as approved contractor with Public
Works Department (PWD) of Govt. of Madhya Pradesh. The firm has
successfully completed various road construction projects majorly
in Madhya Pradesh.



ASHAPURA CALCINE: CRISIL Assigns B Rating to INR10cr Loans
----------------------------------------------------------
CRISIL Ratings has assigned its 'CRISIL B/Stable' rating to the
long term bank facilities of Ashapura Calcine And Refactories LLP
(ACRLP).

                        Amount
   Facilities        (INR Crore)     Ratings
   ----------        -----------     -------
   Long Term Loan        0.4         CRISIL B/Stable (Assigned)

   Proposed Fund-
   Based Bank Limits     9.6         CRISIL B/Stable (Assigned)

The ratings reflect vulnerability to modest scale of operations and
large working capital requirement. These weaknesses are partially
offset by the extensive experience of the promoters in the
industrial machinery and consumables industry.

Analytical Approach

Unsecured Loans of INR1.39 crore as on 31st March 2023 has been
treated as debt and will be repaid over the medium term.

Key Rating Drivers & Detailed Description

Weaknesses:

* Modest scale of operations: Intense competition constrains
scalability, as reflected in operating income of INR5.79 crore in
fiscal 2023, and operating flexibility.

* Large working capital requirement: Gross current assets (GCAs)
were at 605.4-148.6 days over the three fiscals through 2023 and at
605.4 days as on March 31, 2023.

Strength:

* Extensive experience of the promoters: The promoters have
experience of more than 10 years in the industrial machinery and
consumables industry. This has given them understanding of market
dynamics and enabled them to establish relationships with suppliers
and customers, which will continue to support the business.

Liquidity: Stretched

Cash accrual, expected over INR1 crore per annum, will be
sufficient against yearly term debt obligation of INR0.30 crore
over the medium term.

Current ratio was low at 0.81 time as on March 31, 2023. The
promoters will likely extend support by way of equity and unsecured
loans to meet working capital requirement and debt obligation.

Outlook: Stable

CRISIL Ratings believes ACRLP will continue to benefit from the
extensive experience of its promoters and established relationships
with clients.

Rating Sensitivity factors

Upward factors

* Stable operating margin above 9% leading to net cash accrual more
than INR2 crore.
* Improvement in the working capital cycle, with GCAs less than 170
days.

Downward factors

* Decline in profitability or further stretch in the working
capital cycle.
* Net cash accrual below INR1 crore on account of decline in
revenue or operating profit.

Set up in 2017 as a limited liability firm, ACRLP manufactures
calcine clay. Its manufacturing facility is in Bhachau, Gujarat,
with installed capacity of 3,750 MT per month.

The firm is owned and managed by Mr Hareshkumar Mohanlal Rajyaguru
and Mr Rajpalsinh Sahadevsinh Gohil.


BHATI ASSOCIATES: CARE Keeps C Rating in Not Cooperating Category
-----------------------------------------------------------------
CARE Ratings said the ratings for the bank facilities of Bhati
Associates Private Limited (BAPL) continue to remain in the 'Issuer
Not Cooperating' category.

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank       8.00       CARE C; Stable; ISSUER NOT
   Facilities                      COOPERATING; Rating continues
                                   to remain under ISSUER NOT
                                   COOPERATING category  

   Long Term/          10.00       CARE C; Stable/CARE A4;
   Short Term                      ISSUER NOT COOPERATING;
   Bank Facilities                 Rating continues to remain
                                   under ISSUER NOT COOPERATING
                                   category

Rationale & Key Rating Drivers

CARE Ratings Ltd. had, vide its press release dated December 19,
2022, placed the rating(s) of BAPL under the 'issuer
non-cooperating' category as BAPL had failed to provide information
for monitoring of the rating and had not paid the surveillance fees
for the rating exercise as agreed to in its Rating Agreement. BAPL
continues to be noncooperative despite repeated requests for
submission of information through e-mails, phone calls and a
letter/email dated November 4, 2023, November 14, 2023, November
24, 2023.

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

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

Delhi based Bhati Associates Private Limited (BAPL) was established
in year 1996 as a proprietorship firm by Mr Harish Bhati, which was
later converted to a private limited company in January, 2004. The
company is managed by Mr Harish Chaudhary and Mr Satish Chaudhary.
The company is engaged in civil construction works such as
construction of roads, buildings, flyovers and others for
government entities like Public Works Department, Uttar Pradesh
Avas Vikas Parishad and others. In order to get the business,
company has to participate in tenders and bids floated by
government entities.

BLUE WHALE: CRISIL Lowers Rating on LT/ST Debts to D
----------------------------------------------------
CRISIL Ratings has revised the ratings on the bank facilities of
Blue Whale Machinery Technologies Private Limited (BWMT) to 'CRISIL
D/CRISIL D Issuer Not Cooperating' from 'CRISIL B/Stable/CRISIL A4
Issuer Not Cooperating'

                        Amount
   Facilities        (INR Crore)     Ratings
   ----------        -----------     -------
   Long Term Rating       -          CRISIL D (ISSUER NOT
                                     COOPERATING; Downgraded from
                                     'CRISIL B/Stable ISSUER NOT
                                     COOPERATING')

   Short Term Rating      -          CRISIL D (ISSUER NOT
                                     COOPERATING; Downgraded from
                                     'CRISIL A4 ISSUER NOT
                                     COOPERATING')

CRISIL Ratings has been consistently following up with BWMT for
obtaining information through letters and emails dated January 28,
2023 and March 13, 2023 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 BWMT, which restricts CRISIL
Ratings' ability to take a forward looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on BWMT
is consistent with 'Assessing Information Adequacy Risk'.

Based on the last available information, the ratings on the bank
facilities of BWMT have been downgraded to 'CRISIL D/CRISIL D
Issuer Not Cooperating' from 'CRISIL B/Stable/CRISIL A4 Issuer Not
Cooperating' due to delay in servicing debt obligation based on the
publicly available information.

Incorporated in 2007, BWMT is engaged in the trading of
construction equipment like Horizontal Directional Drillers (HDD),
Micro-tunnelling, Auger Boring, Pipe ramming & Pipe bursting and
their spares. The company has its head office in Bangalore, and a
branch presence in 6 cities in India.

Status of non cooperation with previous CRA

BWMTPL has not cooperated Acuite ratings which has classified it as
non-cooperative vide release dated 20-May-2019. The reason provided
by Acuite ratings is non-furnishing of information for monitoring
of ratings.


BYJU'S: Gives Up Offices Across India; Tells Employees to WFH
-------------------------------------------------------------
Moneycontrol reports that in a significant cost-cutting effort to
address the imminent liquidity crisis, embattled edtech company
Byju's has given up all offices across India, retaining only its
headquarters at IBC, Knowledge Park, Bengaluru.

This comes at a time when the company has been engaged in a dispute
with its investors regarding the validity of the funds raised from
a recently concluded rights issue offering.

As a result of the decision, the company has now mandated that all
employees work from home indefinitely, except for those working out
of its headquarters and approximately 300 Byju's Tuition Centres
across the country, Moneycontrol relates.

This also comes at a time when the company has held back part of
February salaries for about 75 percent of its employees,
Moneycontrol says. The company currently has close to 14,000
employees in India. Byju's, disbursed the payments after delaying
it for about 10 days and promised to pay the balance once it is
allowed to use the funds from the recently closed rights issue.

According to sources close to the company, the decision to shut
down all offices in the country was a part of the Byju's India CEO
Arjun Mohan's restructuring plan, Moneycontrol relays.

"This has been in works for over six months. The company has been
shutting down offices across country as soon the lease for each
expired," said the source.

The CapTable was the first to report the development, Moneycontrol
notes.

According to Moneycontrol, the company has laid off thousands of
employees in the last 12 months as it battled a double blow of
drying venture capital funding and slowing demand for online
learning services. Since then, its investor board members have left
too, citing differences with Raveendran.

Moneycontrol relates that the company has tried to fix some of the
problems since then. Its early investor Ranjan Pai ploughed in the
capital, it set up an advisory council with veterans such as
Mohandas Pai and Rajnish Kumar and elevated Arjun Mohan as CEO. It
is also in talks to divest assets such as Great Learning and Epic.

                            About Byju's

Based in Bengaluru, Karnataka, India, Byju's operates an online
learning platform intended to deliver engaging and accessible
education. The company's platform makes use of original content,
watch-and-learn videos, animations, and interactive simulations
that make learning contextual, visual, and practical, enabling
students to receive a personalized educational experience.

As reported in the Troubled Company Reporter-Asia Pacific on Nov.
23, 2023, the Enforcement Directorate, India's federal financial
crime-fighting agency, has issued a show-cause notice to education
tech company Byju's for alleged violations of foreign exchange
rules, the agency said in a statement on Nov. 11.

Reuters said the agency alleged violations by the company worth
over INR93 billion ($1.12 billion) under the Foreign Exchange
Management Act (FEMA), and has sent notices to founder Byju
Raveendran and parent company Think & Learn Pvt Ltd. Byju's
violated FEMA norms by not submitting documents of imports against
advance remittances made outside India, and failing to realize
proceeds of exports, the Enforcement Directorate said. The company
also delayed filing of documents against the foreign investment
received and failed to allot shares against these, it added.

The TCR-AP, citing Moneycontrol, reported on Jan. 26, 2024, that
foreign lenders, who collectively extended more than 85% of Byju's
$1.2 billion term loan, have filed an insolvency petition against
the online tutor in India, people directly aware of the development
said.

Moneycontrol related that the bankruptcy petition was filed in
January 2024 in the Bengaluru bench of the National Company Law
Tribunal (NCLT), the people said, requesting anonymity.

As reported in the Troubled Company Reporter-Asia Pacific on Feb.
5, 2024, a U.S. unit of Byju's has filed for Chapter 11 bankruptcy
proceedings in the U.S. court of Delaware, listing liabilities in
the range of $1 billion to $10 billion.

Byju's Alpha unit listed its assets in the range of $500 million to
$1 billion, according to a court filing, which showed estimated
creditors in the range of 100 to 199, according to Reuters.


DESIGN CLASSICS: CRISIL Lowers Rating on LT/ST Debts to D
---------------------------------------------------------
CRISIL Ratings has downgraded its ratings on the bank facilities of
Design classics exports Private Limited (DSNCEPL) to 'CRISIL
D/CRISIL D Issuer Not Cooperating' from 'CRISIL B+/Stable/CRISIL A4
Issuer Not Cooperating' owing to the delay in debt servicing.

                        Amount
   Facilities        (INR Crore)     Ratings
   ----------        -----------     -------
   Long Term Rating        -         CRISIL D (ISSUER NOT
                                     COOPERATING; Downgraded from
                                     'CRISIL B+/Stable ISSUER NOT
                                     COOPERATING')

   Short Term Rating       -         CRISIL D (ISSUER NOT
                                     COOPERATING; Downgraded from
                                     'CRISIL A4 ISSUER NOT
                                     COOPERATING')

CRISIL Ratings has been consistently following up with DSNCEPL for
obtaining information through letters and emails dated 11th May
2023 and August 25, 2023, 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 DSNCEPL, which restricts CRISIL
Ratings' ability to take a forward-looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on
DSNCEPL is consistent with 'Assessing Information Adequacy Risk'.

DCEPL was incorporated in 1993. DCEPL is owned & managed by Mr.
Kora Rajasekar and Ms. K. Revathi. DCEPL is engaged in
manufacturing of readymade garment for men's, women's and kids.
DCEPL manufacturing facility is located in Tamil Nadu.

Status of non cooperation with previous CRA

DCEPL has not cooperated Bricksworks ratings (BWR) which has
classified it as non-cooperative vide release dated 27-Sep-2023.
The reason provided by Brickworks ratings is non-furnishing of
information for monitoring of ratings. DCEPL has not cooperated
with the Investment information and credit rating agency (ICRA)
which has classified it as non-cooperative vide release dated
16-Feb-2018. The reason provided by ICRA ratings is non-furnishing
of information for monitoring of ratings.


DHARANI HI-TECH: CRISIL Reaffirms B+ Rating on INR11.5cr Loan
-------------------------------------------------------------
CRISIL Ratings has reaffirmed its ratings on the bank facilities of
Dharani Hi-Tech Projects Private Limited (DHPPL) at 'CRISIL
B+/Stable/CRISIL A4'.

                      Amount
   Facilities      (INR Crore)     Ratings
   ----------      -----------     -------
   Bank Guarantee        1         CRISIL A4 (Reaffirmed)

   Cash Credit           2.5       CRISIL B+/Stable (Reaffirmed)

   Cash Credit          11.5       CRISIL B+/Stable (Reaffirmed)

   Proposed Fund-
   Based Bank Limits      0.5      CRISIL B+/Stable (Reaffirmed)

CRISIL Ratings on the bank facilities of DHPPL continues to reflect
its the modest scale of operations in the civil construction
industry and average financial risk profile. These weaknesses are
partially offset by the promoters extensive experience in Civil
construction industry.

CRISIL Ratings had downgraded its ratings on the bank facilities of
Dharani Hi-Tech Projects Private Limited (DHPPL) to 'CRISIL
B+/Stable/CRISIL A4' from 'CRISIL BB-/Stable/CRISIL A4+' on
December 4, 2023.

Key Rating Drivers & Detailed Description

Weaknesses:

* Modest scale of operations in a fragmented industry: DHPPL's
scale of operations remains modest as indicated by operating income
of INR29.96 crores in fiscal 2023. Sustained improvement in scale
of operations remains a key rating sensitivity factor over the
medium term.

* Average financial risk profile: The company's capital structure
is leveraged, marked by gearing and TOL/TNW of 1.33 and 1.60 times
as on 31st March 2023. Debt protection metrics is average with
interest coverage and NCAATD at 2.20 times and 0.13 times in
FY2023. The financial risk profile of the company is expected to
remain at similar levels over the medium term.

Strength:

* Extensive experience of the promoter in civil construction
Industry: DHPPL's promoters have been executing civil contracts for
more than 15 years and have established relationships with various
government bodies like highways department, Public Works Department
(PWD) and various municipalities leading to repeat orders from
these customers.

Liquidity: Stretched

Bank limit utilization is high at around 99 percent for the past
6months ended January 2024.  Estimated Net Cash accruals are
expected to be over INR1.3-2 Crore are expected to be sufficient
against their Nil term debt obligation over the medium term.
current ratio is healthy at 1.59 times on March31, 2023

Outlook: Stable

CRISIL Ratings believes DHPPL will continue to benefit from the
extensive industry experience of its promoters.

Rating Sensitivity factors

Upward factors:

* Sustained improvement in scale of operations by 15 - 20%.
* Sustenance of operating margins at over 11%, leading to higher
cash accruals.

Downward factors:

* Decline in revenue or profitability below 8% and stretch in
working capital cycle.
* Further deterioration in liquidity profile or Large debt funded
capital expenditure that weakens capital structure.

About the Company DHPPL, set up in 1995, was re-constituted as a
private limited company in 2010. It operates in the civil
construction industry. The company's day-to-day operations are
managed by Mr. S Kamaraj and Mr. Senthamil Selvan.


EXIM KNITS: CRISIL Lowers Rating on INR15.5cr Cash Loan to B
------------------------------------------------------------
CRISIL Rating has downgraded its long term rating on the bank loan
facilities of Exim Knits Pvt Ltd (EXIM) to 'CRISIL B/Stable' from
'CRISIL B+/Stable' while reaffirming the short term rating at
'CRISIL A4'.

                        Amount
   Facilities        (INR Crore)     Ratings
   ----------        -----------     -------
   Cash Credit            15.5       CRISIL B/Stable (Downgraded
                                     from 'CRISIL B+/Stable')

   Foreign Bill            5         CRISIL A4 (Reaffirmed)
   Purchase                
           
   Long Term Loan         16.5       CRISIL B/Stable (Downgraded
                                     from 'CRISIL B+/Stable')
  
The rating action reflects the barely adequate net cash accrual of
the company to meet term debt obligation and its fully utilised
bank lines which were occasionally overdrawn due to large working
capital requirement. While the net cash accrual is expected to
increase gradually as the operating margin and turnover improve, it
remains key rating monitorable.

The ratings continue to reflect the leveraged capital structure,
exposure to volatile raw material prices and large working capital
requirement. These weaknesses are partially offset by the extensive
experience of the promoters in the readymade garments industry.

Key Rating Drivers & Detailed Description

Weaknesses:

* Leveraged capital structure: Gearing was high at 3.26 times and
small networth at INR14.24 crore as on March 31, 2023. The capital
structure may improve over the medium term, in the absence of any
large, debt-funded capital expenditure (capex)

* Exposure to volatile raw material prices: Since the cost of
procuring the raw materials accounts for a bulk of production cost,
even a slight variation in price can drastically impact
profitability. The operating margin has fluctuated between 8% and
12% during the five fiscal years through 2023.

* Large working capital requirement: The working capital cycle is
likely to remain stretched and will be closely monitored. Gross
current assets were 186 days as on March 31, 2023, led by inventory
of over 114 days and receivables of 51 days.

Strength:

* Extensive experience of the promoters: The promoters have more
than two decades of experience in the readymade garments industry;
their strong understanding of market dynamics and healthy
relationships with suppliers and customers should continue to
support the business.

Liquidity: Stretched

Bank limit utilization is high at around 99.33 percent for the past
twelve months ended December 23 Cash accrual are expected to be
over INR3.2-5.64 crore which is insufficient against term debt
obligation of INR4-5 crore over the medium term. Current ratios are
moderate at 1.2 times on March31, 2023 The promoters are likely to
extend support in the form of equity and unsecured loans to meet
its working capital requirements and repayment obligations.

Outlook; Stable

EXIM will continue to benefit from the extensive experience of the
promoters.

Rating Sensitivity Factors

Upward factors:

* Substantial and sustainable increase in revenue and
profitability, leading to higher-than-expected cash accrual
* Improvement in the financial risk profile, especially capital
structure
* Bank limit utilization dropping below 85%, thereby aiding
liquidity.

Downward factors:

* Decline in revenue or profitability, resulting in cash accrual
less than INR9 crore
* Any large, debt-funded capex

EXIM, established in 1999, manufactures and sells/exports readymade
garments and fabrics. The dyeing and knitting unit are in Erode
while the stitching and packing facility in at Tiruppur (both in
Tamil Nadu). Mr. P Padmanabhan and his family members manage the
business.


GADDALA FINANCIAL: CRISIL Lowers Rating on INR10cr Loans to D
-------------------------------------------------------------
CRISIL Ratings has downgraded its rating on the long-term bank
facility of Gaddala Financial Services Pvt Ltd (GFS) to 'CRISIL D
Issuer Not Cooperating' from 'CRISIL B/Stable Issuer Not
Cooperating' as per publicly available information.

                          Amount
   Facilities          (INR Crore)   Ratings
   ----------          -----------   -------
   Proposed Long Term       4        CRISIL D (ISSUER NOT
   Bank Loan Facility                COOPERATING; Downgraded from
                                     'CRISIL B/Stable ISSUER NOT
                                     COOPERATING')

   Proposed Long Term       6        CRISIL D (ISSUER NOT
   Bank Loan Facility                COOPERATING; Downgraded from
                                     'CRISIL B/Stable ISSUER NOT
                                     COOPERATING')

CRISIL Ratings has been consistently following up with GFS to get
information through letters dated November 23, 2023, and March 4,
2024, apart from telephonic communication. However, the issuer has
continued to be non-cooperative.

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-cooperation by a rated entity may be a result of
deterioration in its credit risk profile. This rating with an
'Issuer not cooperating' suffix lacks 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 GFS. This restricted the ability
of CRISIL Ratings to take a forward-looking view on the credit
quality of the entity. CRISIL Ratings believes that the rating
action on GFS is consistent with 'Assessing Information Adequacy
Risk'.

The current promoter, Mr John Gaddala, acquired GFS from Mr Poorna
Chandra Rao in 2009. Earlier the company was called Vanki Neni and
operated as a hire purchase company. Post-acquisition, it commenced
operations as a microfinance institution (MFIs) in 2010. However,
unlike other MFIs, GFS does not operate in business models such as
self-help group or joint liability group; instead it directly lends
to individuals. The company is based in Telangana and confined to
few districts such as Warangal, Mahubudabad, Jangaon and
Hyderabad.

Status of non cooperation with previous CRA

Gaddala Financial Services Private Limited. did not cooperate with
Acuite Ratings & Research Ltd. which has classified it as issuer
not cooperative through its release dated November 16, 2021. The
reason provided by Acuite Ratings & Research Ltd is non-furnishing
of information for rating review.


GLAZEBROOKE TRADING: ICRA Keeps C+ Debt Rating in Not Cooperating
-----------------------------------------------------------------
ICRA has kept the Debenture Program of Glazebrooke Trading Private
Limited in the 'Issuer Not Cooperating' category. The rating is
denoted as "[ICRA]C+; ISSUER NOT COOPERATING".

                        Amount
   Facilities        (INR crore)    Ratings
   ----------        -----------    -------
   Long Term-            150.00     [ICRA]C+; ISSUER NOT
   Non-convertible                  COOPERATING; Rating continues
   Debentures (NCD)                 to remain under 'Issuer Not
                                    Cooperating' category

As part of its process and in accordance with its rating agreement
with Glazebrooke Trading 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.

The company was incorporated in 2017 to carry out import and
trading of spices in India. The core activity is to sell the
imported spices to super wholesalers and wholesalers spread across
the states by matching demand and supply gap. The company's vison
is to become a diversified conglomerate in the next ten years, and
this go triggered by the opportunity seen in the mining and mining
related logistics. They have also entered a memorandum of
understanding with their existing logistical operator with hands-on
business available to invest. Glazebrooke is promoted by Mr.
Vijayakumaran Dwarakanathan and Mrs. Lakshmi Muthuraman.


HI-GREEN CARBON: CARE Assigns B+ Rating to INR10.52cr LT Loan
-------------------------------------------------------------
CARE Ratings has assigned rating to the bank facilities of Hi-Green
Carbon Limited (HGCL), as:

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank   
   Facilities          10.52       CARE B+; Stable Assigned

Rationale and key rating drivers

The rating assigned to the bank facilities of HGCL are constrained
on account of history of delays in debt servicing along with
stretched liquidity. The rating also takes into consideration
project implementation and stabilization risk owing to on-going
debt funded capex, geographical concentration risk and presence in
a regulated rubber recycling industry.

However, the rating derives strength from experienced promoters
having established track record of operations. The rating also
factors in company's healthy operating performance during FY23
(Audited; period refers from April 1 to March 31) and H1FY24
(Unaudited; period refers from April 1 to September 30) along with
comfortable capital structure and debt coverage metrics.

Rating sensitivities: Factors likely to lead to rating actions

Positive factors

* Growth in scale of operations with total operating income (TOI)
of more than INR100 crore and sustaining operating margin above
25%.

* Clear track record of debt servicing of more than 1 year.

Negative factors

* Decline in scale of operations with TOI below INR 50 crore or
decline in PBILDT margin below 15% on sustained basis.

* Any regulatory change having the potential to materially impact
the company's performance.

Analytical approach: Standalone

Outlook: Stable

Stable Outlook reflects that the rated entity will be able to
sustain its operational performance as exhibited by TOI and strong
profitability margins. However, timely completion of on-going
capacity expansion capex will be a key rating monitorable.

Detailed description of the key rating drivers:

Key weaknesses

* History of delays in debt servicing: There were instances of
overdrawing in working capital limits for 1-2 days on account of
interest charged during April 2023 and December 2023 end. Further,
there were instances of penal interest in Term loan statement which
were charged during JuneAugust 2023 as auto-debit mandate had been
non-operative on account of delay in renewal of sanctioned
facilities. However, auto-mandate facility had been operative since
renewal of sanctioned facility in September 2023 and hence there is
clear track record of repayments since then. Also, liquidity is
improved owing to receipt of proceeds from IPO as well as better
operational performance.

* Project implementation and stabilization risk owing to on-going
capex: HGCL is under-going a capacity expansion project at an
estimated cost of INR40.41 crore. The proposed plant will be in
Dhule, Maharashtra having installed capacity of recycling 100MT of
waste tyres/day. The project is expected to commence operations
from May/June 2024. The project cost is funded through issue of
equity shares, internal accruals, and term loan from bank. Till
February 2024, HGCL has incurred ~Rs.30 crore in the project. With
25% of costs yet to be incurred, there exist project
implementation and stabilization risk.

* Geographical concentration risk: HGCL is operating from its sole
recycling plant located at Bhilwara, Rajasthan where ~80% of the
domestic revenue of the company is concentrated. Furthermore, ~96%
of the revenue came from the domestic market whereas balance 4%
from exports.  Hence, HGCL is exposed to geographical concentration
risk. However, commencement of other manufacturing unit in
Maharashtra which is expected to cater demands from Maharashtra and
nearby states will reduce geographical concentration risk.

* Presence in a regulated industry: As HGCL is engaged in waste
tyre recycling process, the industry is regulated for the stringent
pollution control norms from The Central Pollution Control Board
(CPCB), State Pollution Control Board (SPCB) as well as Ministry of
Environment, Forest and Climate Change (MoEFCC). The said boards
have implemented various regulations and guidelines related to
waste management and environmentally sound disposal. However, HGCL
has been certified with Environmental Management Measures with ISO
14001:2015, Occupational Health & Safety Management standards with
ISO 45001:2018, Quality Management Standards with ISO 9001:2015,
Good Manufacturing Practice (GMP) and RoHS. HGCL's certifications,
necessary approvals and licenses adheres to the said guidelines.

Key strengths

* Experienced promoters having established track record of
operations: Mr. Amitkumar Bhalodi, MD cum CFO, is a key promoter of
HGCL, looks after commercial activities, sales, purchase, marketing
& finance of the company. He is having more than 15 years of
experience in this field. Mr. Shailesh Kumar Makadia, Chairman and
promoter of HGCL is having almost 2 decades of experience in waste
recycling process and looks after technical research and
development of the company. Mr. Nirmalkumar Sutaria, WTD and
promoter is having more than 11 Years of experience of Waste
Recycling and Recovering Carbon Black. He manages factory
operations and production department of the company. The promoters
are also supported by a team of experienced and trained employees.

* Healthy operating performance during FY23 and H1FY24: During
FY23, TOI improved by ~53% y-o-y to INR77.96 crore from INR50.88
crore in FY22 on account of volume growth as well as improved sales
realisation across its product mix. During H1FY24, TOI remained at
INR33.42 crore. Volume growth and price realisation growth for
recovered carbon black remained at 13% and 26% respectively whereas
for fuel oil, it remained at 37% and 22% respectively.
Profitability marked by PBILDT margin improved substantially to
25.7% in FY23 from 17.4% in FY22 due to higher efficiency in
recycling process leading to better quality products. With finance
cost and depreciation remained at similar levels with FY22, PAT
margin improved to 15.8% in FY23 from 7.3% in FY22. Consequently,
HGCL reported gross cash accruals of 18.20 crore in FY23.

* Comfortable capital structure and debt coverage metrics: Capital
structure remained comfortable as marked by overall gearing at
0.56x as on March 31, 2023, vis-à-vis 1.33x as on March 31, 2022.
Sequential improvement in overall gearing is on account of higher
tangible net worth due to accretion of profits to reserves as well
as slight decline in total debt. Overall gearing further improved
and remained at 0.17x as on September 30, 2023, mainly due to
increase in net worth as a result of fresh issue of equity shares
of INR44.93 crore. Debt coverage indicators remained strong as
exhibited by comfortable interest coverage ratio of 16.01x during
FY23 vis-à-vis 7.64x in FY22. Total debt to GCA remained at 0.75
years as on March 31, 2023, as against 2.25 years as on March 31,
2022. Strong debt coverage indicators are due to better operating
results during FY23.

Liquidity: Stretched

Liquidity of HGCL remained stretched on account of higher
utilisation of its working capital limits, low cash and bank
balance as well as moderate operating cycle. Cash and bank balance
remained low at INR0.09 crore as on March 31, 2023 vis-à-vis
INR0.06 crore as on March 31, 2022. During the past twelve months
ended January 2024, HGCL had utilised ~75-80% of its working
capital limits. Operating cycle remained at 66 days during FY23 and
FY22 due to higher inventory days. However, HGCL generated adequate
GCA of INR18.20 crore in FY23 as against negligible gross loan
repayment of INR0.69 crore during FY24. Cashflow from operations
remained at INR9.61 crore for FY23 and INR5.95 crore in FY22 due to
better operational performance during FY23.

HGCL was formally incorporated as Shantol Green Hydrocarbons
(India) Private Limited during 2011 by Mr. Amitkumar Bhalodi, Mrs.
Dakshaben Makadia and Mrs. Binaben Makadia. Subsequently, RNG
Finlease Pvt. Ltd. (RNG) acquired control of HGCL during 2012-2017.
Later, Mr. Amitkumar Bhalodi, Dr. Shaileshkumar Makadia, Mrs. Krupa
Dethariya, Mrs. Radhika Bhalodi, Mrs. Shiryakumari Makadia, and Mr.
Koosh Dethariya acquired combined 28.42% from RNG in 2022. Further,
during September 2023, HGCL came up with Initial public offer to
raise ~INR52.8 crore and got its shares listed on NSE SME (NSE
Emerge) platform. HGCL is engaged in the business of waste tyres
recycling. Main products of HGCL are Recovered Carbon Black (RCB),
Steel Wires, Fuel Oil and Synthesis Gas which are produced from
pyrolysis process on end-of-life tyres (ELTs). HGCL further
processes synthesis gas to manufacture Sodium silicate (Raw glass).
RCB has been used as a reinforcing agent in tyres, also acting as a
pigmenting, UV stabilizing and conducive agent in products such as
plastics, printing inks, coatings, etc. Fuel Oil also known as
bio-oil used in industrial applications like boilers, furnaces,
kilns, hot water generators, etc. Sodium silicate is used in soap
detergent and in the manufacturing of silica gel. Company's
production facility is located at Bhilwara, Rajasthan with an
installed capacity of recycling of 100 MT waste tyres/day and 60
MT/day of sodium silicate production. Further, HGCL is establishing
another plant at Maharashtra with capacity of 100 MT of waste
tyres/day and expected to operationalise from May/June 2024.


INDO NABIN: CARE Moves C Debt Rating in Not Cooperating Category
----------------------------------------------------------------
CARE Ratings has migrated the ratings for the bank facilities of
Indo Nabin Projects Limited (INPL) to the 'Issuer Not Cooperating'
category.

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term/           1.11       CARE C; Stable/CARE A4;
   Short Term                      ISSUER NOT COOPERATING;
   Bank Facilities                 Rating moved to ISSUER NOT
                                   COOPERATING category

Rationale and key rating drivers

CARE Ratings Ltd. has been seeking information from INPL to monitor
the rating(s) vide e-mail communications/letters dated November 8,
2023, February 13, 2024, February 16, 2024, among others and
numerous phone calls. However, despite repeated requests, the
company has not provided the requisite information for monitoring
the ratings.

In line with the extant SEBI guidelines, CARE Ratings Ltd. has
reviewed the rating on the basis of the best available information
which however, in CARE Ratings Ltd.'s opinion is not sufficient to
arrive at a fair rating. Further, INPL has not paid the
surveillance fees for the rating exercise as agreed to in its
Rating Agreement. The rating on INPL's bank facilities will now be
denoted as CARE C; Stable/CARE A4; ISSUER NOT COOPERATING.

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

The rating assigned to the bank facilities Indo Nabin Projects
Limited (INPL) continues to be constrained elongated average
collection period, reduction in order book position, weak
debt-protection metrics, and exposure to volatility in input
prices. The ratings also factor stable financial performance in
FY23, gradual reduction in debt level by the company, experience of
the promoters in the industry and strong clientele comprising of
government and large corporate entities.

Analytical approach: Standalone

Detailed description of the key rating drivers

At the time of last rating on January 5, 2023, the following were
the rating strengths and weaknesses (updated for the information
received from Registrar of Companies).

Key weaknesses

* Reduction in order book position: The company had low unexecuted
order book of around INR3.35 crore as on September 30, 2022. INPL
was not able to secure any major order in FY22 and in current year
due to absence of BG limits. Further, the working capital
facilities of the company have been reduced by the banks which
restrict its scale of operation to some extent. The reduction in
order book was due to conscious decision by management not to bid
for EPC orders (which has resulted in losses in the past).
Currently the management bid only for consultancy projects.

* Elongation of average collection period: The operating cycle of
the company remained high at 1334 days in FY22 (Audited) vis a vis
from 638 days in FY21. The average collection period remains high
at 1462 days in FY22 vis-à-vis 669 days in FY21. However, on
absolute level, overall debtors have reduced to INR24.04 crore as
on March 31, 2022, and further to INR15.63 crore as on November 30,
2022, from INR32.82 crore as on March 31, 2021. The Company paid
off its GECL loan as well as working capital limits with IDBI Bank
through recovery of debtors). The company received No Dues
Certificate from IDBI Bank dated June 16, 2022. The average days of
inventory reduced to 9 days in FY22 (68 days in FY21) realization
of existing inventory. In FY23, the average collection period
improved, albeit stood elongated at 743 days.

* Volatility in input prices: Raw material cost incurred by the
company accounted for about 55% of total cost of sales in FY22
(Audited). The major components of raw material consumed by INPL
include steel, aluminium, copper, etc. which are subject to price
fluctuations. However, INPL incorporates price adjustment/
escalation clause as per IEEMA in all its contracts which hedges it
from adverse variances in cost to a certain extent.

* Weak debt-protection metrics: The overall gearing however,
increased to 6.56x as on March 31, 2022, from to 2.96x as on March
31, 2021, due to reduction in net worth on account of loss
incurred. Total debt/GCA remained weak on account of cash loss in
FY22. However, overall gearing improved and stood at 2.82 times in
FY23 and total debt/GCA also recorded improvement,
however, remained stretched at 37.16 times in FY23.

Key strengths

* Experienced Promoters: INPL, incorporated on 1978, was promoted
by Mr. Amalendu Sen (an electrical engineer from IIT Kharagpur),
having around five decades of experience in the field of electrical
turnkey project execution and Mr. R. Chandramouli. All directors of
INPL are professionally qualified and involved in the field of
execution of electrical installation for more than three decades.
Going forward, the company will only bid for consultancy projects.

* Stable financial performance in FY23: The operating income of the
company substantially reduced to INR7.00 crore in FY22 (Audited)
from INR19.46 crore in FY21 on account of lower execution of
existing orders and absence of fresh orders in the last three years
due to conscious decision by management not to bid for EPC orders
(which has resulted in losses in the past). Currently the
management bids only for consultancy projects. PBILDT margin of the
company also continuously decline, and company reported operating
loss of INR7.08 crore in FY22 as against operating loss of INR 5.78
crore in FY21 on account of underabsorption of fixed costs along
with cost overrun in raw material consumption due to theft and
pilferage in some of the projects.

In H1FY23, the company reported turnover of INR4.42 crore with PBT
of INR0.05 crore in H1FY23. Moreover, for FY23, the company
recorded turnover of INR11.09 crores and reported a PAT of INR0.50
crores against a loss of INR6.56 crores in FY22.

* Gradual reduction in debt level: The overall debt level reduced
to INR31.51 crore as on March 31, 2022 (including unsecured loan of
INR 21.21 crore) from INR33.62 crore (including unsecured loan of
INR23.36 crore) as on March 31, 2021.INPL has reduced debt during
FY22 through collections received from long pending debtors. The
total debt further stood reduced at INR20.15 crores in FY23.

* Clientele being government and large corporate entities: INPL's
clientele base [MSPDCL, JBVNL, PWD (Govt. of West Bengal), WBSEDCL,
etc] majorly comprises of government entities. Hence default risk
for payment is low. INPL got good number of repeat orders from its
existing clients in the past indicating the capability of the
company to execute the projects satisfactorily.
Though the order book has been substantially reduced in FY21 and
FY22. The reduction in order book was due to conscious decision by
management not to bid for EPC orders (which has resulted in losses
in the past). Currently the management bid only for consultancy
projects.

Indo Nabin Projects Ltd. (INPL), which was originally promoted by
Mr. Amalendu Sen & Mr. R. Chandramouli, is a construction company
engaged in providing engineering & construction services (which
includes design & engineering, supply of materials, erection &
maintenance, and commissioning of sub-stations (33/11KV)) for
electrification projects primarily under Deen Dayal Upadhyaya Gram
Jyoti Yojana (DDUGJY) scheme of the Government of India. The
company specializes in execution of electrical construction
contracts on turnkey basis and has executed several contracts
involving ETC (Erection, Testing and Commissioning) of sub-stations
and operation & maintenance projects.

JAYMALA INFRASTRUCTURE: ICRA Withdraws B Rating on INR27cr Loan
---------------------------------------------------------------
ICRA has withdrawn the ratings assigned to the bank facilities of
Jaymala Infrastructure Private Limited, at the request of the
company and based on the No Due Certificate/Closure Certificate
received from its bankers. The Key Rating Drivers, Liquidity
Position, Rating Sensitivities, have not been captured as the rated
instruments are being withdrawn.

                      Amount
   Facilities      (INR crore)    Ratings
   ----------      -----------    -------
   Long Term-         27.00       [ICRA]B (Stable) ISSUER NOT
   Fund Based-                    COOPERATING; Withdrawn
   Term Loan                      

Jaymala Infrastructure Private Limited (JIPL) was incorporated in
2010 to undertake activities in hospitality (hotel chain facility)
and renting of immovable properties. JIPL owns a land area at
Chakan MIDC in Pune where the company has developed 1,22,112 sq ft
of production facility and had let out the same to Benteler
Automotive India Private Limited. Also, the company is setting up a
150-room 4-star category hotel in Navi Mumbai. While JIPL would
develop the hotel, it will be operated through management agreement
with Marriott Hotels (India) Private Limited which is a leading
global hospitality chain.


KUSHALBAGH MARBLES: CARE Keeps B Debt Rating in Not Cooperating
---------------------------------------------------------------
CARE Ratings said the ratings for the bank facilities of Kushalbagh
Marbles Private Limited (KMPL) continue to remain in the 'Issuer
Not Cooperating' category.

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank       9.81       CARE B; Stable; ISSUER NOT
   Facilities                      COOPERATING; Rating continues
                                   to remain under ISSUER NOT
                                   COOPERATING category  

Rationale & Key Rating Drivers

CARE Ratings Ltd. had, vide its press release dated December 19,
2022, placed the rating(s) of KMPL under the 'issuer
non-cooperating' category as KMPL had failed to provide information
for monitoring of the rating and had not paid the surveillance fees
for the rating exercise as agreed to in its Rating Agreement. KMPL
continues to be non-cooperative despite repeated requests for
submission of information through e-mails, phone calls and a
letter/email dated November 4, 2023, November 14, 2023, November
24, 2023.

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

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

Banswara (Rajasthan) based Kushalbagh Marbles Private Limited
(KMPL) was incorporated in 1985 by Mr. Vinod Kumar Agrawal along
with his family members. KMPL is engaged in the business of
processing of marble blocks as well as sale of finished marble
slabs and tiles. The processing plant of the company is located at
Banswara, Rajasthan.


NAVYUG INDUSTRIES: CARE Keeps D Debt Rating in Not Cooperating
--------------------------------------------------------------
CARE Ratings said the ratings for the bank facilities of Navyug
Industries (NI) continue to remain in the 'Issuer Not Cooperating'
category.

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank      15.00       CARE D; ISSUER NOT COOPERATING
   Facilities                      Rating continues to remain
                                   under ISSUER NOT COOPERATING
                                   category

Rationale and key rating drivers

CARE Ratings Ltd. had, vide its press release dated October 20,
2023, placed the rating(s) of NI under the 'issuer non-cooperating'
category as NI had failed to provide information for monitoring of
the rating and had not paid the surveillance fees for the rating
exercise as agreed to in its Rating Agreement. NI continues to be
non-cooperative despite repeated requests for submission of
information through e-mails, phone calls and a letter/email dated
March 5, 2024.

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

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

The rating has been revised on account of non-availability of
requisite information. The rating also considers the ongoing delays
in debt servicing as recognized from publicly available
information.

Faridabad (Haryana) based Navyug Industries (NI) was established in
2006 as a partnership concern and is currently being managed by Mr.
Anupam Gulati and Mr. Madhur Gulati. NI is engaged in manufacturing
of electrical appliances like steam and dry irons, hair dryers, LPG
gas geysers; led lighting products like led bulbs, tube lights and
plastic utility goods for household like kitchen storage racks and
spice boxes. NI has its manufacturing unit located in Haridwar and
the manufacturing processes of the firm are ISO 9001 certified.

P.K.M. PROJECTS: ICRA Moves D Debt Rating to Not Cooperating
------------------------------------------------------------
ICRA has moved the ratings for the bank facilities of P.K.M.
Projects Private Limited to the 'Issuer Not Cooperating' category.
The rating is denoted as "[ICRA]D; ISSUER NOT COOPERATING".

                    Amount
   Facilities     (INR crore)   Ratings
   ----------     -----------   -------
   Long-term–        28.00      [ICRA]D; ISSUER NOT COOPERATING;
   Fund based                   Rating moved to 'Issuer Not
   Term Loan                    Cooperating' Category'

As part of its process and in accordance with its rating agreement
with P.K.M. Projects 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
moved to the "Issuer Not Cooperating" category. The rating is based
on the best available information.

Incorporated in 2006, PKM is a part of Mahesh Mehta Group, founded
by Mr. Mahesh Mehta. The promoters have more than two decades of
experience in real estate and hotel industry. The Group has
presence in industries like Katha production, real estate and
hospitality business through its group entities.

In 2015, PKM acquired a three-star hotel property constructed on
the freehold land admeasuring approximately 6,850 sq. metres, in
Candolim, Goa. The company has tied-up O&M agreement with Hyatt
Group for 97 rooms spread across area of 6,650 sq. ft and was
expected to achieve full COD in April 2023.


PUSHPAVATHI AGRO-TECH: CARE Keeps B- Rating in Not Cooperating
--------------------------------------------------------------
CARE Ratings said the ratings for the bank facilities of Sri
Pushpavathi Agro-Tech Private Limited (SPAPL) continue to remain in
the 'Issuer Not Cooperating' category.

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank       9.00       CARE B-; Stable; ISSUER NOT
   Facilities                      COOPERATING; Rating continues
                                   to remain under ISSUER NOT
                                   COOPERATING category  

Rationale and key rating drivers

CARE Ratings Ltd. had, vide its press release dated January 4,
2023, placed the rating(s) of SPAPL under the 'issuer
non-cooperating' category as SPAPL had failed to provide
information for monitoring of the rating and had not paid the
surveillance fees for the rating exercise as agreed to in its
Rating Agreement. SPAPL continues to be non-cooperative despite
repeated requests for submission of information through e-mails,
phone calls and a letter/email dated November 20, 2023, November
30, 2023, December 10, 2023.

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

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

Andhra Pradesh based, Sri Pushpavathi Agro-Tech Private Limited
(SPAPL) was incorporated in 2014 and promoted by Mr. N.
Venkateswarlu and his family member. The company is planning to
provide cold storage facilities i.e., for preserving agricultural
products like pulses, chillies, turmeric etc. at Narsaraopet,
Guntur Dist. Andhra Pradesh. The proposed customers of the company
include farmers and local traders. The company is planning to set
up the cold storage capacity of 10,000 metric tonnes. Apart from
providing cold storage facility the company is also planning to
engage in processing and packaging of Chilli powder. Current
installed capacity for the processing and packaging of chilli
powder is 4 tons per day.


RPV EXPORTS: CRISIL Lowers Long/Short Term Ratings to D
-------------------------------------------------------
CRISIL Ratings has revised the ratings on the bank facilities of
RPV Exports Private Limited (RPVEPL) to 'CRISIL D/CRISIL D Issuer
Not Cooperating' from 'CRISIL B/Stable/CRISIL A4 Issuer Not
Cooperating' owing to delay in servicing term debt obligation.

                        Amount
   Facilities        (INR Crore)     Ratings
   ----------        -----------     -------
   Long Term Rating       -          CRISIL D (ISSUER NOT
                                     COOPERATING; Downgraded from
                                     'CRISIL B/Stable ISSUER NOT
                                     COOPERATING')

   Short Term Rating      -          CRISIL D (ISSUER NOT
                                     COOPERATING; Downgraded from
                                     'CRISIL A4 ISSUER NOT
                                     COOPERATING')

CRISIL Ratings has been consistently following up with RPVEPL for
obtaining information through letters and email dated January 5,
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 RPVEPL, which restricts CRISIL
Ratings' ability to take a forward-looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on
RPVEPL is consistent with 'Assessing Information Adequacy Risk'.

RPVEPL, incorporated in 2012, is a Kolkata-based company that
manufactures readymade garments such as t-shirts, trousers, skirts,
and inner wear. Mr. Rama Shankar Choubey, Ms Sunita Choubey, and Mr
Piyush Choubey are the promoters.

Status of non-cooperation with previous CRA

RPVEPL has not cooperated with Acuite Ratings and Research Limited
which has classified the company as non-cooperative through a
release dated April 17, 2019. The reason provided by Acuite Ratings
and Research Limited   is non-furnishing of information for
monitoring of ratings.


SAHEB FIBRE: CARE Reaffirms B+ Rating on INR65cr LT Loan
--------------------------------------------------------
CARE Ratings has reaffirmed the ratings on certain bank facilities
of Saheb Fibre Private Limited (SFPL), as:

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank
   Facilities           65.00      CARE B+; Stable Reaffirmed

   Short Term Bank
   Facilities            2.00      CARE A4 Reaffirmed

Rationale & Key Rating Drivers

The ratings assigned to the bank facilities of SFPL continues to
remain constrained on account of project implementation and
stabilization risk associated with on-going debt-funded capex,
presence in highly competitive and fragmented polyester staple
fibre (PSF) industry with raw material price fluctuation risk along
with exposure to volatility in finished goods prices. The ratings,
however, continue to derive strength from its experience of
promoters through group entities along with benefits from
technological advancement and expected government incentives.

Rating sensitivities - Factors likely to lead to rating actions

Positive factors

* Stabilization of operations with successful completion of the
project within time and cost parameters

Negative factors

* Delay in project execution and commencement of operations putting
pressure on liquidity

* Changes in government regulations which adversely impacts the
business of the company

Analytical approach: Standalone

Outlook: Stable

Stable outlook reflects that SFPL is likely to complete its debt
funded capex within time and cost parameters and achieve envisaged
total operating income (TOI) and profitability.

Detailed description of the key rating drivers

Key Weaknesses

* Project implementation and stabilization risk associated with
on-going debt-funded capex: SFPL is establishing PSF manufacturing
unit in Morbi (Gujarat). Operations are expected to commence from
July 2024 with installed capacity of 20338 MTPA. The total cost of
project is envisaged to INR89.50 crore with project gearing of 1.98
times. Till February 23, 2024, SFPL has incurred cost of INR68.85
crore as against costs of INR18.09 crore incurred till May 17,
2023. CARE Ratings Limited (CARE Ratings) expects project to be
completed within time and costs parameter. With steady progress and
~23% of pending costs to be incurred, project implementation risk
is moderated to a certain extent, however, stabilization risk
persists. Completion of project within envisaged time and cost
parameter along with stabilization of operations are key rating
monitorable.

* Highly competitive and fragmented nature of industry with raw
material price fluctuation risk: The company operates in the PSF
industry which is highly competitive industry with presence of
numerous independent smallscale enterprises owing to low entry
barriers leading to high level of competition in the processing
segment. Furthermore, PSF industry also faces competition from the
low-cost countries like China and Bangladesh. The intense
competition in the industry also restricts ability to completely
pass on volatility in input cost to its customers, leading to lower
profit margins. Further, the basic raw material of the company is
Polyethylene terephthalate (PET) bottles which is the downstream
petroleum product and hence the prices of which are linked to
international crude prices.

* Exposure to volatility in finished goods prices: The price of PSF
is benchmarked against the prices of virgin PSF, which in turn, is
linked to the prices of Poly Terephthalic acid (PTA) and mono
ethylene glycol (MEG) (i.e., derivatives of crude oil). PSF's
prices are at a discount (approximately 15-20%) to virgin PSF
prices. Any downward movement in crude oil prices makes PSF less
attractive vis-à-vis virgin PSF, as the spread between the two
gets narrowed. However, the risk is mitigated to an extent as PET
waste does not have any other significant usage apart from that in
PSF manufacturing. Hence, PSF manufacturers have ability to
negotiate input raw material prices in times of declining PSF
prices.

Key Strengths

* Experienced Promoters: SFPL is promoted by 5 promoters viz. Mr.
Jigar Sitapara, Mr. Harsh Saradava, Mr. Parth Bhatasana, Mr. Sandip
Haraniya and Mr. Arjan Haraniya. Mr. Jigar Sitapara has 9 years of
experience in ceramic industry, Mr. Harsh Saradava has decade of
experience in textile industry, Mr. Parth Bhatasana has 5 years of
experience in ceramic industry, Mr. Sandip Haraniya has 12 years of
experience in marketing segment of various industries and Mr. Arjan
Haraniya has 29 years of experience in diamond industry.  All the
promoters are involved in various functions of either of the group
company or associate company of SFPL and thus possess the knowledge
of setting up the manufacturing plant and carrying out its
operations. Also, the overall, operations of the company will be
supported by another qualified individual namely Mr. Omprakash
Tiwari. Mr. Omprakash Tiwari has over 3 decades of industry
experience in planning, procurements, marketing and plant
management in the field of PSF. Also, the connections build by Mr.
Omprakash Tiwari in the textile industry will be helpful for SFPL.

* Latest technology benefit along with expected benefits from
government incentives: SFPL has purchased PSF production line from
Shanghai Pacific Erfanji Fibre Complete Equipment Co. Ltd., which
will provide latest technological benefits to production process of
SFPL. Also, under the 'PET Bottle Recycling using Indigenous Waste'
SFPL will be eligible for financial assistance up to 40% of fixed
capital investment in the project and maximum up to INR50 crore.

Liquidity: Stretched

Project implementation and stabilization along with generation of
envisaged cash accruals to meet the debt obligation shall remain
crucial from credit perspective. Operations are expected to
commence from July 2024 onwards while debt repayment will commence
from November 2024. Debt repayment obligation for FY25 remains at
INR2.40 crore.

Rajkot, Gujarat-based Saheb Fibre Private Limited (SFPL) was
incorporated on September 29, 2022, by 5 promoters viz. Mr. Jigar
Sitapara, Mr. Harsh Saradava, Mr. Parth Bhatasana, Mr. Sandip
Haraniya and Mr. Arjan Haraniya. SFPL is implementing greenfield
project to manufacture PSF from post consumed PET bottles with
expected project costs of INR89.50 crore. SFPL will operate
from its sole manufacturing facility at Morbi, Gujarat and expects
to commence operations from July 2024 with installed capacity of
20338 MTPA. PSF finds its application in pillows, soft toys,
cushions, clothing and home furnishing items like curtains,
carpets, wall coverings, sheets, etc.


SATYAM ENTERPRISES: CARE Assigns B+ Rating to INR50.0cr LT Loan
---------------------------------------------------------------
CARE Ratings has assigned the ratings on certain bank facilities of
Satyam Enterprises Rosalin Sahoo, as:

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank
   Facilities          50.00       CARE B+; Stable Assigned

Rationale and key rating drivers

The rating assigned to the bank facilities of Satyam Enterprises
Rosalin Sahoo is constrained by it being a proprietorship entity,
leveraged capital structure and stretched debt protection metrics,
susceptibility of operating margins owing to commodity nature of
products, presence in a competitive and fragmented industry,
exposure to project risk and high working capital utilisation
leading to stretched liquidity.

The ratings, however, derive strength from the vast experience of
the promoter & long track record in cashew processing and trading,
modest capacity utilisation, modest scale of operations and
established relationship with suppliers and customers.

Rating sensitivities: Factors likely to lead to rating actions

Positive factors

• Increase in revenues above INR80 crores and margins above 4% on

a sustained basis.

* Improvement in overall gearing below 2.00x

Negative factors

* Drop in revenues below INR40 crores and operating margins below
3%
* Any unenvisaged capex plan leading to further weakening of
capital structure and debt protection metrics from current levels.

Analytical approach: Standalone

Outlook: Stable

Stable outlook reflects the ability of the company to sustain its
operational performance backed by growing demand for cashew
products.

Detailed description of the key rating drivers:

Key weaknesses

* Constitution of the entity as a proprietorship firm: Satyam
Enterprises being a proprietorship firm, is exposed to inherent
risk of the capital being withdrawn at times of personal
contingency and firm being dissolved upon the
death/retirement/insolvency of the proprietor. Further, any
substantial withdrawals from capital account would impact the net
worth and thereby the financial profile of the firm, however, there
hasn't been much withdrawal of capital in the last 5 years. Apart
from this, proprietorship firm business has restricted avenues to
raise capital which could prove a hindrance to its growth.

* Exposure to project risk: The firm is planning to enhance the
capacity of processing raw cashew nuts from current 10 tonne per
day to 30 tonne per day coupled with automating many of the lines
in the processing chain, which would lead to less labour cost and
save on time. The total estimated cost is around 33 crores, and the
same will be funded with a term loan of INR25 crores and remaining
through internal accruals. The proprietor has infused capital worth
INR8 crores and the same is extended as advances towards purchase
of machineries, however the financial tie up for the term loan is
yet to be achieved. The timeline for the project for completion is
around 6 to 8 months.

As articulated by management, the automation of several lines is
expected to reduce work-in-progress inventory cycle significantly.
Currently the operation is much more labour intensive, hence the
time taken for conversion is around 10 to 14 days, however post
automation the same will reduce significantly to 4 to 5 days.

* Leveraged capital structure and stretched debt protection
metrics: Capital structure of the firm stands leveraged owing to a
small net worth base of INR4.94 crores as of FY23 (PY: INR2.08
crores). This includes subordination of unsecured loans worth
INR2.02 crores as of Mar 31, 2023. Overall gearing stood at 4.21
times in FY23 as against 4.36 times in FY22. Debt protection
metrices also stood stretched owing to thin margins, interest
coverage and total debt to GCA stood at 1.84 times and 16.40 times
in FY23 respectively. Further the gearing ratio is expected to
moderate further with debt funded capex.

* Susceptibility of operating margins owing to commodity nature of
products: The firm deals in cashew kernels and raw cashew nuts
(RCN) which being commodities are highly volatile by nature and
affected by regular fluctuations in the prices.

* Presence in a competitive and fragmented industry: The cashew
industry in India is characterised by intense competition and
fragmentation, with the presence of many units due to low entry
barriers and a liberal policy regime. The firm faces intense
competition from both branded segment business and unorganised
characterised by small regional players with limited product
lines and marketing network confined to the local market. This
limits the pricing power and the resultant profitability of the
industry players in a market which is highly price sensitive.

Key strengths

* Experienced promoter and long track record in Cashew processing:
The firm Satyam Enterprises is promoted by Mrs Rosalin Sahoo and is
actively managed by her husband Mr. Sunil Sahoo, who majorly
overlooks most of the operations of the firm. The promoters carry
vast experience of over a decade in running this business and has
an established presence in Odisha. Modest capacity utilisation: The
firm current has an installed capacity of around 10 tonne per day
for processing of Raw Cashew Nuts. When processed, the major
product is cashew kernels, however the other by products are Oil
and wastage (Biofuel). From the raw material processed, around 20%
Kernels are generated, 30% oil and remaining 50% comes out as
waste. Currently the firm is running at around 70 to 75% capacity
utilisation. The process includes heating of raw nuts in furnace
which then later goes through cooling, shelling, peeling, and
grading. The operations are mainly labour intensive. Apart from
this the firm has a cold storage, where it can store up to 400
tonnes of kernels, however the firm is storing around 25% of the
capacity currently and the firm has around 1800 tonne capacity to
store Oil. For processing of RCN, the firm is planning to enhance
the capacity from current 10 tonne per day to 30 tonne per day.

* Modest scale of operations: The major products generated are
cashew kernels, oil, and wastage (biofuel). Kernels are packed and
sold under the firm's own brand to wholesalers and the average rate
per Kg is around INR600. Whereas Oil and Biofuel is sold to
Furnace, paint, and chemical industries. The firm generally sells
oil on a bulk basis once they have stored around 200 to 300 tonne.
The firm has recorded a sales of INR54.82 crores in FY23 as against
INR25.03 crores in FY22, a growth of 119%. However, over the past 5
years, the average sales have been around INR25 crores. Of the
total sales of INR54.82 crores, INR42.67 crores was generated from
sales of Kernels and remaining INR12.15 crores through sales of
wastage (Biofuels). In H1FY24, the firm has reported total
operating income of INR26.75 crores. The firm reported satisfactory
operating margins of around 4.65% vis-a-vis average of 3.40% over
the 5-year period from FY19 to FY23. In H1FY24, the firm reported
operating margins of 6.28%. Successful scale up of operations from
current levels while maintaining margins will remain a key rating
sensitivity.

* Established relationship with the suppliers and customers: The
firm sells 100% of its products domestically, wherein the firm
packages the kernels sales the same to wholesalers, under the
firm's own brand. Depending upon the quality, the price per kg
varies and the same ranges between INR400 per kg to INR700 per kg
and the average sales rate is around INR600 per kg. Due to long
term presence of the promoter in the market, the firm has
maintained strong relations with its clientele base over the years
and top 10 customers contributed around 21% of the revenues in
FY23.  The firm generally sources around 70% through Africa and
rest is purchased domestically. The firm purchases from Ivory
Coast, Ghana, Cambodia, Indonesia, and other regions in Africa. As
the harvest season is different across different regions in Africa,
generally the raw nuts are available throughout the year. Though
the firm doesn't import directly, the firm purchases the same
through intermediary traders.

Liquidity: Stretched

The liquidity of the firm is stretched due to its high working
capital utilisations and a modest GCA against debt repayments. The
firm earned a GCA of INR1.27 crores against debt repayments of
around INR0.42 crores in FY23. During FY23, the firm had availed
ad-hoc limits of INR3 crores between September 2023 to December
2023. In FY24, the firm's debt repayment obligation stands at
INR1.52 crore which would be met through a mix of cash
accruals/promoter funds. Including ad hoc limits, the average
working capital utilisations stood at 98% for the 9 months ending
December 2023. Most of the WC is required to fund its inventory
levels.

Satyam Enterprises a proprietorship concern is engaged in the
business of processing of raw cashew nuts to kernels. The firm is
in the business for more than a decade and is generally into sales
of Kernels through its own brand. Currently the firm has a capacity
of 10 tonne per day for processing of RCN and sales domestically.

SHARP CHUCKS: CARE Reaffirms D Rating on INR42.14cr LT/ST Loan
--------------------------------------------------------------
CARE Ratings has reaffirmed the ratings on certain bank facilities
of Sharp Chucks and Machines Limited (SCML), as:

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank      20.39       CARE D Rating removed from
   Facilities                      ISSUER NOT COOPERATING category

                                   and Reaffirmed

   Long Term/          42.14       CARE D/CARE D Rating removed
   Short Term                      from ISSUER NOT COOPERATING
   Bank Facilities                 category and Reaffirmed

   Short Term Bank      3.00       CARE D Rating removed from
   Facilities                      ISSUER NOT COOPERATING category

                                   and Reaffirmed

In the absence of minimum information required for the purpose of
rating, CARE Ratings Limited was unable to express an opinion on
the ratings of Sharp Chucks and Machines Limited and in line with
the extant SEBI guidelines, CARE Ratings Limited revised the
ratings of bank facilities of the company to 'CARE D/CARE D; ISSUER
NOT COOPERATING'. However, the company has now submitted the
requisite information to CARE Ratings Limited. CARE Ratings Limited
has carried out a full review of the ratings and the ratings stand
at 'CARE D/CARE D.

Rationale and key rating drivers

The ratings assigned to the bank facilities of Sharp Chucks and
Machines Limited (SCML) continues to remain constrained by delays
in the timely servicing of its term debt obligations.

Rating sensitivities: Factors likely to lead to rating actions

Positive factors

* Improvement in the liquidity position of the company as reflected
by timely servicing of its debt obligations.

Analytical approach: Standalone

Detailed description of the key rating drivers:

Key weaknesses

* Delays in debt servicing obligations: There has been delays in
the timely servicing of its term debt obligations in the month of
December, 2023. The delay in repayment was on account of stretched
liquidity position of the company.

Liquidity: Stretched

The liquidity position of the company remained poor characterized
by almost full utilization of its working capital limits for the
past 12 month's period ending January, 2024. The stretched
liquidity position of the company has constrained the ability of
the company to repay its debt obligations on a timely basis.

Jalandhar, Punjab based Sharp Chucks and Machines Limited (SCML)
(erstwhile known as Sharp Garden Implements Private Limited) was
initially incorporated in June, 1994 as a private limited company.
Later, in December, 2022, it was converted into a public limited
company and in October, 2023, the company got listed (NSE SME). The
current directors are namely; Mr. Ajay Sikka, Mrs. Gopika Sikka,
Mr. Avinash Shripad Joshi, Mr. Rahul Sharma, Mr. Manmohan Puri and
Mr. Suraj Singhal.

The company is engaged in the manufacturing of casting products,
forging products, lathe chucks, power chucks, drill chuck and other
machine tools accessories, etc. The manufacturing process of the
company is done through two units located at Jalandhar, Punjab. The
company is having an installed capacity of 30,000 MTPA of casting
unit, 14,400 MTPA for machining unit and 3,600 MTPA of forging unit
as on March 31, 2023. The products manufactured by the company
finds its application in diverse industries such as tractors,
automobiles, material handling & earth moving equipment's,
railways, defense, machine tools, DIY power tools industry, etc.
The company is having certifications like IATF 16949: 2016, ISO
9001: 2015 and BSI SA 8000: 2014. The company sells ~70% of its
products to different original equipment manufacturers (OEMs) like
Mahindra & Mahindra Limited (M&M), International Tractors Limited,
Escorts Kubota Limited, Swaraj Engines Limited, GNA Gears Limited,
etc. and rest are sold to different dealers/traders based out in
PAN India. It is also making ~4% in FY23 export of its products to
countries such as USA, Russia, Italy, Germany, Sweden, Dubai, etc.


SHYAMA SHYAM: CARE Keeps B- Debt Rating in Not Cooperating
----------------------------------------------------------
CARE Ratings said the ratings for the bank facilities of Shyama
Shyam Vsk Water Managementprivate Limited (SSVWML) continue to
remain in the 'Issuer Not Cooperating' category.

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank       6.46       CARE B-; Stable; ISSUER NOT
   Facilities                      COOPERATING; Rating continues
                                   to remain under ISSUER NOT
                                   COOPERATING category  

Rationale & Key Rating Drivers

CARE Ratings Ltd. had, vide its press release dated December 20,
2022, placed the rating(s) of SSVWML under the 'issuer
non-cooperating' category as SSVWML had failed to provide
information for monitoring of the rating and had not paid the
surveillance fees for the rating exercise as agreed to in its
Rating Agreement. SSVWML continues to be non-cooperative despite
repeated requests for submission of information through e-mails,
phone calls and a letter/email dated November 5, 2023, November 15,
2023, November 25, 2023.

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

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

Delhi-based SSVM was incorporated in 2012 as a joint venture
between RK Automobiles Pvt Ltd, VSK Technologies Pvt Ltd and
Professional Automotives Pvt Ltd. SSV is established with the aim
of providing logistics services to Delhi Jal Borad (DJB). The
company is being managed by Mr. Radhey Shyam Khathuria, Mr. Om
Prakash Gupta and Mr. Sunil Suri are the directors of SSVM who have
around 5 years of experience in the field of water management. SSVM
is established with the aim of providing logistics services to
Delhi Jal Borad (DJB). The company commenced operations in January
2013 with contract from DJB for providing logistics services for
supplying water in unauthorized colonies through tankers for 10
years at a fixed price with an escalation clause towards diesel and
labour charges.


TEJAS ISPAT: CARE Keeps B- Debt Rating in Not Cooperating Category
------------------------------------------------------------------
CARE Ratings said the ratings for the bank facilities of Tejas
Ispat Private Limited (TIPL) continue to remain in the 'Issuer Not
Cooperating' category.

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank       9.00       CARE B-; Stable; ISSUER NOT
   Facilities                      COOPERATING; Rating continues
                                   to remain under ISSUER NOT
                                   COOPERATING category  

Rationale and key rating drivers

CARE Ratings Ltd. had, vide its press release dated January 4,
2023, placed the rating(s) of TIPL under the 'issuer
non-cooperating' category as TIPL had failed to provide information
for monitoring of the rating and had not paid the surveillance fees
for the rating exercise as agreed to in its Rating Agreement. TIPL
continues to be non-cooperative despite repeated requests for
submission of information through e-mails, phone calls and a
letter/email dated November 20, 2023, November 30, 2023, December
10, 2023.

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

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

Tejas Ispat Private Limited (TIPL) was incorporated in May 2006 by
the Malhotra family of Jamshedpur, Jharkhand for setting of an iron
& steel manufacturing plant. The manufacturing plant of the company
will consist of furnace division and a rolling division and the
same are proposed to be located at Adiyapur Industrial Area,
Jamshedpur in Jharkhand. TIPL has already set up the rolling
division entirely funded by the promoters and presently setting up
furnace division with aggregate project cost of INR6.89 crore. Mr
Kailash Malhotra has around four decades of experience in iron and
steel industry will look after the dayto-day operations of the
company. He will be supported by his son: Mr Vivek Malhotra who is
also has around seven years of experience in steel industry.




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

J. FRONT: Egan-Jones Hikes Senior Unsecured Ratings to B+
---------------------------------------------------------
Egan-Jones Ratings Company, on January 24, 2024, upgraded the
foreign currency and local currency senior unsecured ratings on
debt issued by J. Front Retailing Co., Ltd. to B+ from B. EJR also
withdraws the rating on commercial paper issued by the Company.

Headquartered in Tokyo, Japan, J. Front Retailing Co., Ltd. is a
holding company established through the merger of Daimaru and
Matsuzakaya.



NOMURA HOLDINGS: Egan-Jones Withdraws B Senior Unsecured Ratings
----------------------------------------------------------------
Egan-Jones Ratings Company, on January 22, 2024, withdrew its 'B'
foreign currency and local currency senior unsecured ratings on
debt issued by Nomura Holdings, Inc. EJR also withdrew its 'B'
rating on commercial paper issued by the Company.

Headquartered in Tokyo, Japan, Nomura Holdings, Inc. is a holding
company which manages financial operations for its subsidiaries.




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

BINARY GROUP: Court to Hear Wind-Up Petition on March 15
--------------------------------------------------------
A petition to wind up the operations of Binary Group Limited will
be heard before the High Court at Auckland on March 15, 2024, at
10:00 a.m.

Kingsdon Investment Limited filed the petition against the company
on Dec. 12, 2023.

The Petitioner's solicitor is:

          Chen Legal
          39 Mulroy Place
          Pinehill
          Auckland


CONBRIO TECHNOLOGY: Court to Hear Wind-Up Petition on March 22
--------------------------------------------------------------
A petition to wind up the operations of Conbrio Technology Group
Limited will be heard before the High Court at Auckland on March
22, 2024, at 10:00 a.m.

The Commissioner of Inland Revenue filed the petition against the
company on Jan. 3, 2024.

The Petitioner's solicitor is:

          Hosanna Tanielu
          Inland Revenue, Legal Services
          5 Osterley Way
          Manukau City
          Auckland 2104


PRINT MATTERS: Court to Hear Wind-Up Petition on March 22
---------------------------------------------------------
A petition to wind up the operations of Print Matters Taranaki
Limited will be heard before the High Court at Auckland on March
22, 2024, at 10:00 a.m.

The Commissioner of Inland Revenue filed the petition against the
company on Jan. 3, 2024.

The Petitioner's solicitor is:

          Hosanna Tanielu
          Inland Revenue, Legal Services
          5 Osterley Way
          Manukau City
          Auckland 2104


PRO BUILD: Court to Hear Wind-Up Petition on March 22
-----------------------------------------------------
A petition to wind up the operations of Pro Build Contracting
Limited will be heard before the High Court at Auckland on March
22, 2024, at 10:00 a.m.

The Commissioner of Inland Revenue filed the petition against the
company on Jan. 8, 2024.

The Petitioner's solicitor is:

          Hosanna Tanielu
          Inland Revenue, Legal Services
          5 Osterley Way
          Manukau City
          Auckland 2104


STRIPE MEDIA: BDO Auckland Appointed as Receiver and Manager
------------------------------------------------------------
Rees Logan and Andrew McKay of BDO Auckland on March 6, 2024, were
appointed as receivers and managers of:

     - Stripe Media Limited
     - AM Media Corporation Limited
     - Stripe Studios (Circus 4) Limited
     - Stripe Studios (France) Limited
     - Stripe Studios (Gold) Limited
     - Stripe Studios (Rich Listers 2) Limited
     - Stripe Studios (Snow 2) Limited
     - Tripe Studios (Snow) Limited

The receivers and managers may be reached at:

          BDO Auckland
          PO Box 2219
          Auckland 1140




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

CAFE GALILEE: Creditors' Meeting Set for March 22
-------------------------------------------------
Cafe Galilee Pte Ltd will hold a meeting for its creditors on March
22, 2024, at 3:30 p.m. via video conferencing.

Agenda of the meeting includes:

   a. to receive a statement of the Company's affairs together
      with a list of creditors and the estimated amounts of their
      claims;

   b. to appoint Liquidators;

   c. to appoint a Committee of Inspection if deemed necessary;
      and

   d. Any other business.

Mr. Goh Tiong Hong was appointed as Provisional Liquidator of the
Company on Feb. 27, 2024.


GODREJ INFOTECH: Creditors' Proofs of Debt Due on April 8
---------------------------------------------------------
Creditors of Godrej Infotech (Singapore) Pte. Ltd. are required to
file their proofs of debt by April 8, 2024, to be included in the
company's dividend distribution.

The company commenced wind-up proceedings on March 5, 2024.

The company's liquidator is:

         Najeeb Assan
         c/o IP Consultants Pte Ltd
         80 Robinson Road #15-02
         Singapore 068898


HIN LEONG: Judicial Managers Given More Time to Restructure Firm
----------------------------------------------------------------
The Business Times reports that the Singapore High Court on March 7
granted a three-month extension on the judicial management order to
restructure Singapore's troubled oil trader Hin Leong Trading (HLT)
subject to certain conditions, according to sources.

This follows an application by HLT's JMs for more time as the JM
order that was granted beginning August last year is set to expire
on Feb. 3, 2021, BT relates.

Singapore-based Hin Leong Trading (Pte.) Ltd. provided petroleum
products and transportation services. The Company offered oil,
lubricants, grease, and diesel products, as well grants storage,
terminalling, trucking, and marine logistics services. Hin Leong
Trading served customers globally.

Hin Leong Trading and shipping unit Ocean Tankers (Pte.) Ltd. filed
for court protection from creditors on April 17, 2020, as the
former struggles to repay debts of almost US$4 billion.

Hin Leong posted a positive equity of US$4.56 billion and net
profit of US$78 million in the period ended October 31, 2019,
according to the people, who asked not to be identified as the
matter is sensitive, Bloomberg News reported.

But Hin Leong told its creditors that total liabilities reached
US$4.05 billion as of early April, while assets were just US$714
million, leaving a hole of at least US$3.34 billion, according to
screenshots of the presentation to a group of bankers seen by
Bloomberg News.

The balance sheet of the company showed no equity at all as of
April 9, 2020, and warned that "figures obtained from the company
are subject to verification," Bloomberg News added.

On April 27, 2020, the Company was granted interim judicial
management by the Singapore High Court.  Goh Thien Phong and Chan
Kheng Tek of PricewaterhouseCoopers Advisory Services (PwC) have
been appointed as interim judicial managers. Ernst & Young (EY),
has been appointed interim judicial manager for Ocean Tankers.

On March 8, 2021, judicial managers Goh Thien Phong and Chan Kheng
Tek of PwC were appointed liquidators of Hin Leong.

The judicial managers had applied for Hin Leong to be wound up
after three potential bidders walked away from a deal to buy Hin
Leong and two related companies as a combined entity, according to
The Straits Times.

OM UNIVERSAL: Court to Hear Wind-Up Petition on March 22
--------------------------------------------------------
A petition to wind up the operations of Om Universal Pte Ltd will
be heard before the High Court of Singapore on March 22, 2024, at
10:00 a.m.

Standard Chartered Bank (Singapore) Limited filed the petition
against the company on Feb. 28, 2024.

The Petitioner's solicitors are:

         Rajah & Tann Singapore LLP
         9 Straits View
         #06-07 Marina One West Tower
         Singapore 018937


PAUL IMMIGRATIONS: Court Enters Wind-Up Order
---------------------------------------------
The High Court of Singapore entered an order on March 1, 2024, to
wind up the operations of Paul Immigrations Pte. Ltd.

RHB Bank Berhad filed the petition against the company on Jan. 11,
2024.

The company's liquidators are:

         Leow Quek Shiong
         Gary Loh Weng Fatt
         BDO Advisory
         600 North Bridge Road
         #23-01 Parkview Square
         Singapore 188778


QING HENG: Creditors' Proofs of Debt Due on April 8
---------------------------------------------------
Creditors of Qing Heng Investment Pte. Ltd. are required to file
their proofs of debt by April 8, 2024, to be included in the
company's dividend distribution.

The company commenced wind-up proceedings on Feb. 29, 2024.

The company's liquidator is:

         Seah Chee Wei
         c/o 60 Paya Lebar Road
         #04-23 Paya Lebar Square
         Singapore 409051


VALLIANZ HOLDINGS: Sells Loss-Making Crew Management Unit for US$1
------------------------------------------------------------------
The Business Times reports that Catalist-listed offshore support
vessel operator Vallianz Holdings sold off a wholly-owned
subsidiary for US$1 on Dec. 31, it disclosed a week and a half
later.

Loss-making crew management unit Offshore Engineering Resources was
sold on a willing buyer, willing seller basis - without a valuation
exercise - to an unrelated third party, the Vallianz board said in
a bourse filing on March 11, BT relates.

The unit and its two 99 per cent-owned subsidiaries had together
rung up an interim net loss of US$324,000 for the nine months to
Dec. 31, 2020, with unaudited net tangible liabilities of some
US$20,000 as at the same date, Vallianz noted in its statement.

BT adds that the disposal of the entities - which Vallianz said
counted as a non-discloseable transaction under Catalist rules - is
not expected to materially affect the group's net tangible assets
or earnings per share for its financial year to March 31, 2021.

Shares last traded on Jan. 8 at 4.6 Singapore cents apiece, BT
discloses.

Vallianz Holdings Limited is a vessel and equipment owning, and
leasing company. The Company provides marine support services,
primarily marine asset ownership, leasing, and fleet management.




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

[*] BOND PRICING: For the Week March 4 to March 8, 2024
-------------------------------------------------------
Issuer                 Coupon     Maturity    Currency    Price
------                 ------     --------    --------    -----


   AUSTRALIA
   ---------
ACN 113 874 712 PTY     13.25     02/15/18      USD       0.20
ACN 113 874 712 PTY     13.25     02/15/18      USD       0.20
COBURN RESOURCES PTY    12.00     03/20/26      USD      74.97
MOSAIC BRANDS LTD        8.00     09/30/24      AUD       0.81
VIRGIN AUSTRALIA HOL     7.88     10/15/21      USD       0.14
VIRGIN AUSTRALIA HOL     8.13     11/15/24      USD       0.05
VIRGIN AUSTRALIA HOL     8.13     11/15/24      USD       0.15
VIRGIN AUSTRALIA HOL     8.08     03/05/24      AUD       0.42
VIRGIN AUSTRALIA HOL     8.25     05/30/23      AUD       0.20
VIRGIN AUSTRALIA HOL     7.88     10/15/21      USD       0.14
VIRGIN AUSTRALIA HOL     8.00     11/26/24      AUD       0.16


   CHINA
   -----

AKESU TEXTILE CITY D     7.50     06/21/24      CNY      20.26
AKESU TEXTILE CITY D     7.50     06/21/24      CNY      20.27
ALETAI CITY JUJIN UR     7.73     10/26/24      CNY      25.78
ANAR PROPERTY GROUP      8.50     03/08/24      CNY      13.02
ANHUI PINGTIANHU INV     7.50     08/13/26      CNY      62.73
ANHUI PINGTIANHU INV     7.50     08/13/26      CNY      62.72
ANLU CONSTRUCTION DE     7.80     11/28/26      CNY      64.53
ANLU CONSTRUCTION DE     7.80     11/28/26      CNY      64.31
ANNING DEVELOPMENT I     8.80     09/11/25      CNY      41.62
ANNING DEVELOPMENT I     8.80     09/11/25      CNY      42.31
ANNING DEVELOPMENT I     8.00     12/04/25      CNY      41.53
ANNING DEVELOPMENT I     8.00     12/04/25      CNY      42.41
ANSHANG WANGTONG CON     7.50     05/06/26      CNY      63.01
ANSHANG WANGTONG CON     7.50     05/06/26      CNY      60.30
ANSHUN CITY XIXIU IN     8.00     01/29/26      CNY      40.50
ANSHUN CITY XIXIU IN     7.90     11/15/25      CNY      42.25
ANSHUN CITY XIXIU IN     7.90     11/15/25      CNY      41.77
ANSHUN CITY XIXIU IN     8.00     01/29/26      CNY      42.69
ANSHUN TRANSPORTATIO     7.50     10/31/24      CNY      20.60
ANSHUN TRANSPORTATIO     7.50     10/31/24      CNY      20.27
ANYUE XINGAN CITY DE     7.50     01/30/25      CNY      20.38
ANYUE XINGAN CITY DE     7.50     05/06/26      CNY      53.10
ANYUE XINGAN CITY DE     7.50     01/30/25      CNY      20.38
ANYUE XINGAN CITY DE     7.50     05/06/26      CNY      61.43
BIJIE CITY ANFANG CO     7.80     01/18/26      CNY      41.38
BIJIE CITY ANFANG CO     7.80     01/18/26      CNY      42.24
BIJIE QIXINGGUAN DIS     7.60     09/08/24      CNY      20.48
BIJIE QIXINGGUAN DIS     8.05     08/16/25      CNY      40.33
BIJIE QIXINGGUAN DIS     7.60     09/08/24      CNY      20.40
BIJIE QIXINGGUAN DIS     8.05     08/16/25      CNY      41.85
BIJIE TIANHE URBAN C     8.05     12/03/25      CNY      41.32
BIJIE TIANHE URBAN C     8.05     12/03/25      CNY      42.41
BIJIE XINTAI INVESTM     7.80     11/01/24      CNY      20.30
BIJIE XINTAI INVESTM     7.80     11/01/24      CNY      20.27
CAOXIAN SHANG DU INV     7.80     10/28/26      CNY      64.49
CAOXIAN SHANG DU INV     7.80     10/28/26      CNY      63.82
CHANGDE DEYUAN INVES     7.70     06/11/25      CNY      41.46
CHANGDE DEYUAN INVES     7.70     06/11/25      CNY      41.47
CHANGDE DINGCHENG JI     7.58     10/19/25      CNY      41.94
CHANGDE DINGCHENG JI     7.58     10/19/25      CNY      41.93
CHENGDU GARDEN WATER     8.00     06/13/25      CNY      40.00
CHENGDU GARDEN WATER     8.00     06/13/25      CNY      41.17
CHENGDU GARDEN WATER     7.50     09/11/24      CNY      20.40
CHENGDU GARDEN WATER     7.50     09/11/24      CNY      20.47
CHISHUI CITY CONSTRU     8.50     01/18/26      CNY      41.82
CHISHUI CITY CONSTRU     8.50     01/18/26      CNY      41.58
CHONGQING HONGYE IND     7.50     12/24/26      CNY      64.59
CHONGQING JIANGLAI I     7.50     10/26/25      CNY      42.05
CHONGQING JIANGLAI I     7.50     10/26/25      CNY      42.05
CHONGQING NANCHUAN C     7.80     08/06/26      CNY      62.54
CHONGQING SHUANGFU C     7.50     09/09/26      CNY      63.56
CHONGQING THREE GORG     7.80     03/01/26      CNY      62.79
CHONGQING THREE GORG     7.80     03/01/26      CNY      60.00
CHONGQING TONGRUI AG     7.50     09/18/26      CNY      63.89
CHONGQING TONGRUI AG     7.50     09/18/26      CNY      63.88
CHONGQING WANSHENG E     7.50     03/27/25      CNY      40.94
CHONGQING WANSHENG E     7.50     03/27/25      CNY      40.73
CHONGQING YUDIAN STA     8.00     11/30/25      CNY      42.41
CHUYING AGRO-PASTORA     8.80     06/26/19      CNY      20.00
DALI URBAN DEVELOPME     8.00     12/25/25      CNY      42.51
DALI URBAN DEVELOPME     8.00     12/25/25      CNY      42.52
DASHIQIAO URBAN CONS     7.59     08/14/24      CNY      20.42
DASHIQIAO URBAN CONS     7.59     08/14/24      CNY      20.42
DAWA COUNTY CITY CON     7.80     01/30/26      CNY      42.60
DAWA COUNTY CITY CON     7.80     01/30/26      CNY      38.80
DAWU COUNTY URBAN CO     7.50     09/20/26      CNY      62.88
DAWU COUNTY URBAN CO     7.50     09/20/26      CNY      63.95
DING NAN CITY CONSTR     7.80     04/08/26      CNY      60.00
DING NAN CITY CONSTR     7.80     04/08/26      CNY      63.01
DUJIANGYAN NEW CITY      7.80     05/02/25      CNY      40.00
DUJIANGYAN NEW CITY      7.80     05/02/25      CNY      41.25
DUJIANGYAN NEW CITY      7.80     10/11/25      CNY      42.04
DUJIANGYAN NEW CITY      7.80     10/11/25      CNY      42.04
DUJIANGYAN XINGYAN I     7.50     11/01/26      CNY      63.73
DUJIANGYAN XINGYAN I     7.50     11/01/26      CNY      63.74
FANGCHENG GANGSHI WE     7.95     10/11/25      CNY      42.09
FANGCHENG GANGSHI WE     7.95     10/11/25      CNY      42.08
FANGCHENG GANGSHI WE     7.93     12/25/25      CNY      42.35
FANGCHENG GANGSHI WE     7.93     12/25/25      CNY      42.44
FANTASIA GROUP CHINA     7.80     11/29/24      CNY      44.53
FANTASIA GROUP CHINA     7.50     12/17/23      CNY      73.70
FUJIAN FUSHENG GROUP     7.90     12/17/21      CNY      70.99
FUJIAN FUSHENG GROUP     7.90     11/19/21      CNY      60.00
FUZHOU LINCHUAN URBA     8.00     02/26/26      CNY      62.96
GANZHOU NANKANG DIST     8.00     09/27/25      CNY      42.04
GANZHOU NANKANG DIST     8.00     10/29/25      CNY      42.20
GANZHOU NANKANG DIST     8.00     10/29/25      CNY      42.20
GANZHOU NANKANG DIST     8.00     09/27/25      CNY      41.74
GANZHOU NANKANG DIST     8.00     01/23/26      CNY      42.65
GANZHOU NANKANG DIST     8.00     01/23/26      CNY      40.00
GANZHOU ZHANGGONG CO     7.80     10/16/25      CNY      41.83
GANZHOU ZHANGGONG CO     7.80     10/16/25      CNY      42.07
GAOQING LU QING ASSE     7.50     09/27/24      CNY      20.54
GAOQING LU QING ASSE     7.50     09/27/24      CNY      20.53
GOME APPLIANCE CO LT     7.80     12/21/24      CNY      37.00
GUANGAN XINHONG INVE     7.50     06/03/26      CNY      63.22
GUANGAN XINHONG INVE     7.50     06/03/26      CNY      63.09
GUANGXI BAISE EXPERI     7.60     12/24/25      CNY      42.28
GUANGXI BAISE EXPERI     7.60     12/24/25      CNY      42.28
GUANGXI BAISE EXPERI     7.59     01/08/26      CNY      42.38
GUANGXI BAISE EXPERI     7.59     01/08/26      CNY      42.37
GUANGXI CHONGZUO URB     8.50     09/26/25      CNY      41.94
GUANGXI CHONGZUO URB     8.50     09/26/25      CNY      42.24
GUANGXI NINGMING HUI     8.50     12/07/25      CNY      41.77
GUANGXI NINGMING HUI     8.50     11/05/26      CNY      65.26
GUANGXI NINGMING HUI     8.50     11/05/26      CNY      62.97
GUANGXI TIANDONG COU     7.50     06/04/27      CNY      45.00
GUANGYUAN CITY DEVEL     7.50     10/25/27      CNY      37.60
GUANGYUAN YUANQU CON     7.50     12/23/26      CNY      64.60
GUANGYUAN YUANQU CON     7.50     12/23/26      CNY      64.61
GUANGYUAN YUANQU CON     7.50     10/30/26      CNY      62.35
GUANGYUAN YUANQU CON     7.50     10/30/26      CNY      64.23
GUANGZHOU FINELAND R    13.60     07/27/23      USD      15.63
GUCHENG CONSTRUCTION     7.88     04/27/25      CNY      41.23
GUCHENG CONSTRUCTION     7.88     04/27/25      CNY      40.00
GUIXI STATE OWNED HO     7.50     09/17/26      CNY      63.95
GUIXI STATE OWNED HO     7.50     09/17/26      CNY      63.94
GUIYANG BAIYUN INDUS     7.50     03/06/26      CNY      60.00
GUIYANG BAIYUN INDUS     7.50     03/06/26      CNY      62.60
GUIYANG BAIYUN INDUS     8.30     03/21/25      CNY      41.15
GUIYANG BAIYUN INDUS     8.30     03/21/25      CNY      40.00
GUIYANG ECONOMIC DEV     7.50     04/30/26      CNY      60.83
GUIYANG ECONOMIC DEV     7.90     10/29/25      CNY      40.19
GUIYANG ECONOMIC DEV     7.50     04/30/26      CNY      51.70
GUIYANG ECONOMIC DEV     7.90     10/29/25      CNY      42.16
GUIYANG ECONOMIC TEC     7.80     04/30/26      CNY      63.18
GUIYANG ECONOMIC TEC     7.80     04/30/26      CNY      63.05
GUIYANG GUANSHANHU I     8.20     04/30/24      CNY      40.24
GUIYANG HI-TECH HOLD     8.00     11/25/26      CNY      62.31
GUIYANG HI-TECH HOLD     8.00     11/25/26      CNY      64.83
GUIZHOU CHANGSHUN CO     8.50     03/19/26      CNY      63.33
GUIZHOU CHANGSHUN CO     8.50     03/19/26      CNY      60.00
GUIZHOU EAST LAKE CI     8.00     12/07/25      CNY      40.84
GUIZHOU EAST LAKE CI     8.00     12/07/25      CNY      42.41
GUIZHOU GUIAN DEVELO     7.60     04/26/25      CNY       6.92
GUIZHOU GUIAN DEVELO     7.50     01/14/25      CNY      15.50
GUIZHOU HONGGUO ECON     7.80     02/08/25      CNY      20.03
GUIZHOU HONGGUO ECON     7.80     02/08/25      CNY      20.00
GUIZHOU HONGGUO ECON     7.80     11/24/24      CNY      20.40
GUIZHOU HONGGUO ECON     7.80     11/24/24      CNY      20.69
GUIZHOU JINFENGHUANG     7.60     08/19/26      CNY      62.32
GUIZHOU JINFENGHUANG     7.60     08/19/26      CNY      63.79
GUIZHOU RAILWAY INVE     7.50     04/23/24      CNY      15.17
GUIZHOU RAILWAY INVE     7.50     04/23/24      CNY      15.12
GUIZHOU SHUICHENG EC     7.50     10/26/25      CNY      41.09
GUIZHOU SHUICHENG EC     7.50     10/26/25      CNY      41.98
GUIZHOU SHUICHENG WA     8.00     11/27/25      CNY      42.16
GUIZHOU SHUICHENG WA     8.00     11/27/25      CNY      41.19
GUIZHOU XINDONGGUAN      7.70     09/05/24      CNY      20.23
GUIZHOU XINDONGGUAN      7.70     09/05/24      CNY      20.26
HAIAN URBAN DEMOLITI     7.74     05/02/25      CNY      41.09
HAIAN URBAN DEMOLITI     8.00     12/21/25      CNY      42.21
HENGYANG CITY AND UR     7.50     09/22/24      CNY      20.51
HENGYANG CITY AND UR     7.80     12/14/24      CNY      20.74
HENGYANG CITY AND UR     7.50     09/22/24      CNY      20.50
HENGYANG CITY AND UR     7.80     12/14/24      CNY      20.75
HONGAN URBAN DEVELOP     7.50     12/04/24      CNY      20.68
HONGAN URBAN DEVELOP     7.50     12/04/24      CNY      20.65
HUAINAN SHAN NAN DEV     7.94     04/01/26      CNY      63.25
HUAINAN SHAN NAN DEV     7.94     04/01/26      CNY      60.00
HUAINAN URBAN CONSTR     7.58     02/12/26      CNY      42.59
HUAINAN URBAN CONSTR     7.50     03/20/25      CNY      40.00
HUAINAN URBAN CONSTR     7.50     03/20/25      CNY      41.03
HUBEI DAYE LAKE HIGH     7.50     04/01/26      CNY      62.00
HUBEI DAYE LAKE HIGH     7.50     04/01/26      CNY      61.80
HUBEI JIAKANG CONSTR     7.80     12/19/25      CNY      42.10
HUBEI YILING ECONOMI     7.50     03/28/26      CNY      60.00
HUBEI YILING ECONOMI     7.50     03/28/26      CNY      62.79
HUNAN CHUZHISHENG HO     7.50     03/27/26      CNY      62.85
HUNAN CHUZHISHENG HO     7.50     03/27/26      CNY      60.00
HUNAN MEISHAN RESOUR     8.00     03/21/26      CNY      63.03
HUNAN MEISHAN RESOUR     8.00     03/21/26      CNY      60.00
HUNAN TIANYI RONGTON     7.50     09/17/25      CNY      41.79
HUNAN TIANYI RONGTON     8.00     10/24/25      CNY      42.19
HUNAN TIANYI RONGTON     7.50     09/17/25      CNY      41.50
HUNAN TIANYI RONGTON     8.00     10/24/25      CNY      41.73
HUNAN XUANDA CONSTRU     7.50     01/24/26      CNY      40.00
HUNAN XUANDA CONSTRU     7.50     01/23/26      CNY      42.35
HUNAN XUANDA CONSTRU     7.50     01/23/26      CNY      40.00
HUNAN XUANDA CONSTRU     7.50     01/24/26      CNY      42.24
HUZHOU NEW CITY INVE     7.50     11/23/24      CNY      20.68
HUZHOU NEW CITY INVE     7.50     11/23/24      CNY      20.64
HUZHOU WUXING NANTAI     7.90     09/20/25      CNY      41.57
JIA COUNTY DEVELOPME     7.50     01/21/27      CNY      64.74
JIA COUNTY DEVELOPME     7.50     01/21/27      CNY      58.00
JIAHE ZHUDU DEVELOPM     7.50     03/13/25      CNY      40.00
JIAHE ZHUDU DEVELOPM     7.50     03/13/25      CNY      40.98
JIANGSU YANGKOU PORT     7.60     08/17/25      CNY      41.75
JIANGSU YANGKOU PORT     7.60     08/17/25      CNY      41.76
JIANGXI HUANGGANGSHA     7.90     01/25/26      CNY      42.71
JIANGXI HUANGGANGSHA     7.90     10/08/25      CNY      42.06
JIANGXI HUANGGANGSHA     7.90     10/08/25      CNY      42.14
JIANGXI JIHU DEVELOP     7.50     04/10/25      CNY      40.00
JIANGXI JIHU DEVELOP     7.50     04/10/25      CNY      41.06
JIANGYOU XINGYI PARK     7.80     12/17/25      CNY      51.20
JIANLI FENGYUAN CITY     7.50     01/14/26      CNY      42.33
JIANLI FENGYUAN CITY     7.50     01/14/26      CNY      42.34
JINGDEZHEN CERAMIC C     7.50     08/27/25      CNY      41.68
JINGDEZHEN CERAMIC C     7.50     08/27/25      CNY      41.66
JINING NEW CITY DEVE     7.60     03/23/25      CNY      40.93
JINING NEW CITY DEVE     7.60     03/23/25      CNY      40.00
JINXIANG COUNTY CITY     7.50     03/20/26      CNY      62.74
JINXIANG COUNTY CITY     7.50     03/20/26      CNY      60.92
JINZHOU CIHANG GROUP     9.00     04/05/20      CNY      33.63
JUNAN COUNTY URBAN C     7.50     09/26/24      CNY      20.52
JUNAN COUNTY URBAN C     7.50     09/26/24      CNY      20.52
KAIDI ECOLOGICAL AND     8.50     11/21/18      CNY      72.46
LAOHEKOU CITY CONSTR     7.50     06/09/24      CNY      70.92
LETING INVESTMENT GR     7.50     04/11/26      CNY      59.80
LETING INVESTMENT GR     7.50     04/11/26      CNY      62.37
LIJIN CITY CONSTRUCT     7.50     12/20/25      CNY      42.24
LIJIN CITY CONSTRUCT     7.50     12/20/25      CNY      42.24
LIJIN CITY CONSTRUCT     7.50     04/26/26      CNY      60.00
LIJIN CITY CONSTRUCT     7.50     04/26/26      CNY      63.00
LINFEN YAODU DISTRIC     7.50     09/19/25      CNY      41.87
LINYI COUNTY CITY DE     7.78     03/21/25      CNY      40.00
LINYI COUNTY CITY DE     7.78     03/21/25      CNY      41.07
LINYI ZHENDONG CONST     7.50     11/26/25      CNY      42.10
LINYI ZHENDONG CONST     7.50     11/26/25      CNY      42.10
LINYI ZHENDONG CONST     7.50     12/06/25      CNY      42.15
LINYI ZHENDONG CONST     7.50     12/06/25      CNY      42.16
LIUPANSHUI AGRICULTU     8.00     04/26/27      CNY      72.76
LIUZHOU LONGJIAN INV     8.28     04/30/24      CNY      15.11
LONGNAN ECO&TECH DEV     7.50     07/26/26      CNY      63.10
LUANCHUAN COUNTY TIA     8.50     01/23/26      CNY      42.67
LUANCHUAN COUNTY TIA     8.50     01/23/26      CNY      40.00
LUOHE ECONOMIC DEVEL     7.50     12/18/25      CNY      42.19
LUOHE ECONOMIC DEVEL     7.50     12/18/25      CNY      42.19
LUOYANG XIYUAN STATE     7.80     01/29/26      CNY      41.02
LUOYANG XIYUAN STATE     7.50     11/15/25      CNY      41.97
LUOYANG XIYUAN STATE     7.50     11/15/25      CNY      41.61
LUOYANG XIYUAN STATE     7.80     01/29/26      CNY      41.05
MAANSHAN NINGBO INVE     7.80     11/29/25      CNY      41.92
MAANSHAN NINGBO INVE     7.80     11/29/25      CNY      42.28
MAANSHAN NINGBO INVE     7.50     04/18/26      CNY      62.62
MAANSHAN NINGBO INVE     7.50     04/18/26      CNY      24.00
MEISHAN CITY DONGPO      8.08     08/16/25      CNY      41.83
MEISHAN CITY DONGPO      8.08     08/16/25      CNY      41.84
MEISHAN CITY DONGPO      8.00     01/03/26      CNY      42.52
MEISHAN CITY DONGPO      8.00     01/03/26      CNY      42.52
MEISHAN HONGSHUN PAR     7.50     12/10/25      CNY      52.67
MENGZHOU INVESTMENT      8.00     09/03/25      CNY      41.91
MENGZHOU INVESTMENT      8.00     09/03/25      CNY      41.91
MENGZHOU INVESTMENT      8.00     11/06/25      CNY      42.24
MENGZHOU INVESTMENT      8.00     11/06/25      CNY      42.24
MENGZI CITY DEVELOPM     7.65     09/25/24      CNY      20.34
MENGZI CITY DEVELOPM     7.65     09/25/24      CNY      20.52
MENGZI CITY DEVELOPM     8.00     03/25/26      CNY      61.50
MENGZI CITY DEVELOPM     8.00     03/25/26      CNY      63.05
MIAN YANG ECONOMIC D     8.00     09/29/26      CNY      64.45
MIAN YANG ECONOMIC D     8.20     03/15/26      CNY      63.08
MIAN YANG ECONOMIC D     8.20     03/15/26      CNY      60.00
MIAN YANG ECONOMIC D     8.00     09/29/26      CNY      64.45
MIANYANG ANZHOU INVE     7.90     11/25/26      CNY      64.82
MIANYANG ANZHOU INVE     8.10     05/04/25      CNY      41.15
MIANYANG ANZHOU INVE     8.10     05/04/25      CNY      41.34
MIANYANG ANZHOU INVE     8.10     11/22/25      CNY      42.41
MIANYANG ANZHOU INVE     8.10     11/22/25      CNY      42.03
MIANYANG ANZHOU INVE     7.90     11/25/26      CNY      64.81
MIANYANG HUIDONG INV     8.10     02/10/25      CNY      20.98
MIANYANG HUIDONG INV     8.10     04/28/25      CNY      41.29
MIANZHU CITY JINSHEN     7.87     12/18/25      CNY      42.08
MIANZHU CITY JINSHEN     7.87     12/18/25      CNY      42.39
MILE AGRICULTURAL IN     7.60     02/27/26      CNY      60.00
MILE AGRICULTURAL IN     8.00     10/25/25      CNY      42.17
MILE AGRICULTURAL IN     8.00     10/25/25      CNY      41.84
MILE AGRICULTURAL IN     7.60     02/27/26      CNY      62.58
MUDANJIANG LONGSHENG     7.50     09/27/25      CNY      41.85
NANCHONG JIALING DEV     7.98     05/23/25      CNY      40.00
NANCHONG JIALING DEV     7.98     05/23/25      CNY      41.39
NANCHONG JIALING DEV     7.80     12/12/24      CNY      20.74
NANCHONG JIALING DEV     7.80     12/12/24      CNY      20.74
NANJING JIANGNING EC     7.94     04/14/24      CNY      15.09
NANJING JIANGNING EC     7.94     04/14/24      CNY      15.17
NEOGLORY HOLDING GRO     8.00     09/25/20      CNY      60.00
NEOGLORY HOLDING GRO     8.00     10/22/20      CNY      56.00
NEOGLORY HOLDING GRO     8.10     11/23/18      CNY      72.00
NINGXIA SHENG YAN IN     7.50     09/27/28      CNY      42.45
PANJIN CITY SHUANGTA     8.70     12/20/25      CNY      42.85
PANJIN CITY SHUANGTA     8.50     01/29/26      CNY      42.94
PANJIN CITY SHUANGTA     8.70     12/20/25      CNY      42.84
PANJIN CITY SHUANGTA     8.50     01/29/26      CNY      42.93
PANJIN LIAODONGWAN Z     7.50     12/28/26      CNY      64.64
PEIXIAN ECONOMIC DEV     7.51     11/04/26      CNY      64.12
PEIXIAN ECONOMIC DEV     7.51     11/04/26      CNY      64.06
PENGSHAN DEVELOPMENT     7.98     05/03/25      CNY      41.59
PENGSHAN DEVELOPMENT     7.98     05/03/25      CNY      41.34
PENGZE CITY DEVELOPM     7.60     08/31/25      CNY      41.69
PENGZE CITY DEVELOPM     7.60     08/31/25      CNY      41.74
PINGLIANG CHENGXIANG     7.80     03/29/26      CNY      62.25
PINGLIANG CHENGXIANG     7.80     03/29/26      CNY      62.93
PUDING YELANG STATE-     7.79     11/13/24      CNY      20.60
PUDING YELANG STATE-     7.79     11/13/24      CNY      20.36
PUDING YELANG STATE-     8.00     03/13/25      CNY      40.73
PUDING YELANG STATE-     8.00     03/13/25      CNY      40.70
PUER CITY SI MAO GUO     7.50     03/14/26      CNY      62.67
PUER CITY SI MAO GUO     7.50     03/14/26      CNY      60.00
QIANDONGNAN TRANSPOR     8.00     01/15/27      CNY      65.34
QIANDONGNAN TRANSPOR     8.00     01/15/27      CNY      65.34
QIANNANZHOU INVESTME     8.00     01/02/26      CNY      41.89
QIANNANZHOU INVESTME     8.00     01/02/26      CNY      42.54
QINGHAI PROVINCIAL I     7.88     03/22/21      USD       2.52
QINGZHEN CITY CONSTR     7.50     03/18/26      CNY      62.66
QINGZHEN CITY CONSTR     7.50     03/18/26      CNY      62.65
QINGZHOU HONGYUAN PU     7.60     06/17/27      CNY      62.05
QINGZHOU HONGYUAN PU     7.60     06/17/27      CNY      64.57
QINZHOU BINHAI NEW C     7.70     08/15/26      CNY      63.90
QINZHOU BINHAI NEW C     7.70     08/15/26      CNY      63.91
QUJING CITY QILIN DI     8.50     01/21/26      CNY      42.94
QUJING CITY QILIN DI     8.50     01/21/26      CNY      40.00
RENHUAI WATER INVEST     7.98     07/26/25      CNY      41.70
RENHUAI WATER INVEST     8.00     12/26/25      CNY      40.15
RENHUAI WATER INVEST     7.98     02/24/25      CNY      40.48
RUCHENG SHUNXING INV     7.50     01/07/26      CNY      42.32
RUCHENG SHUNXING INV     7.50     01/07/26      CNY      42.32
RUDONG NEW WORLD INV     7.50     12/06/26      CNY      64.48
RUDONG NEW WORLD INV     7.50     12/06/26      CNY      64.44
RUILI RENLONG INVEST     8.00     09/20/26      CNY      62.69
RUILI RENLONG INVEST     8.00     09/20/26      CNY      62.68
SHAANXI XIYUE HUASHA     7.50     12/27/26      CNY      64.29
SHAANXI XIYUE HUASHA     7.50     12/27/26      CNY      64.61
SHANDONG HONGHE HOLD     7.50     01/29/26      CNY      41.88
SHANDONG HONGHE HOLD     7.50     01/29/26      CNY      41.00
SHANDONG OCEAN CULTU     7.50     03/28/26      CNY      62.34
SHANDONG OCEAN CULTU     7.50     04/25/26      CNY      61.81
SHANDONG RENCHENG RO     7.50     01/23/26      CNY      41.32
SHANDONG RUYI TECHNO     7.90     09/18/23      CNY      52.10
SHANDONG URBAN CAPIT     7.50     04/12/26      CNY      62.85
SHANDONG URBAN CAPIT     7.50     04/12/26      CNY      60.00
SHANGLI INVESTMENT C     7.80     01/22/26      CNY      42.27
SHANGLI INVESTMENT C     7.50     06/01/25      CNY      41.08
SHANGLI INVESTMENT C     7.50     06/01/25      CNY      41.28
SHANGLI INVESTMENT C     7.80     01/22/26      CNY      40.49
SHANGRAO GUANGXIN UR     7.95     07/24/25      CNY      41.63
SHANGRAO GUANGXIN UR     7.95     07/24/25      CNY      41.64
SHANTOU INVESTMENT H     7.99     03/04/24      CNY      15.06
SHANTOU INVESTMENT H     7.99     03/04/24      CNY      15.30
SHANXI JINZHONG STAT     7.50     05/05/26      CNY      62.84
SHAOYANG SAISHUANGQI     8.00     11/28/25      CNY      42.37
SHAOYANG SAISHUANGQI     8.00     11/28/25      CNY      42.37
SHEHONG STATE OWNED      7.50     08/22/25      CNY      41.74
SHEHONG STATE OWNED      7.50     08/22/25      CNY      21.30
SHEHONG STATE OWNED      7.60     10/22/25      CNY      21.48
SHEHONG STATE OWNED      7.60     10/22/25      CNY      21.48
SHEHONG STATE OWNED      7.60     10/25/25      CNY      42.09
SHEHONG STATE OWNED      7.60     10/25/25      CNY      42.09
SHENWU ENVIRONMENTAL     9.00     03/14/19      CNY      12.00
SHEYANG URBAN CONSTR     7.80     11/27/24      CNY      20.73
SHEYANG URBAN CONSTR     7.80     11/27/24      CNY      20.66
SHIFANG CITY NATIONA     8.00     12/05/25      CNY      42.40
SHIFANG CITY NATIONA     8.00     12/05/25      CNY      42.40
SHIYAN CITY CHENGTOU     7.80     02/13/26      CNY      46.08
SHUANGYASHAN DADI CI     8.50     08/26/26      CNY      64.68
SHUANGYASHAN DADI CI     8.50     12/16/26      CNY      65.60
SHUANGYASHAN DADI CI     8.50     08/26/26      CNY      64.67
SHUANGYASHAN DADI CI     8.50     12/16/26      CNY      65.60
SHUANGYASHAN DADI CI     8.50     04/30/26      CNY      63.69
SHUANGYASHAN DADI CI     8.50     04/30/26      CNY      63.71
SHUOZHOU INVESTMENT      7.50     10/23/25      CNY      41.60
SHUOZHOU INVESTMENT      7.50     10/23/25      CNY      41.78
SHUOZHOU INVESTMENT      7.80     12/25/25      CNY      42.36
SHUOZHOU INVESTMENT      7.80     12/25/25      CNY      42.24
SICHUAN CHENG'A DEVE     7.50     11/06/24      CNY      20.52
SICHUAN CHENG'A DEVE     7.50     11/06/24      CNY      20.61
SICHUAN CHENG'A DEVE     7.50     11/29/24      CNY      20.65
SICHUAN CHENG'A DEVE     7.50     11/29/24      CNY      20.65
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     07/23/22      CNY      42.00
SICHUAN LANGUANG DEV     7.50     08/12/21      CNY      12.63
SIYANG JIADING INDUS     7.50     04/27/25      CNY      41.13
SIYANG JIADING INDUS     7.50     04/27/25      CNY      41.12
SIYANG JIADING INDUS     7.50     12/14/25      CNY      42.22
SIYANG JIADING INDUS     7.50     12/14/25      CNY      42.22
TAHOE GROUP CO LTD       7.50     09/19/21      CNY       4.00
TAHOE GROUP CO LTD       8.50     08/02/21      CNY      18.00
TAHOE GROUP CO LTD       7.50     10/10/20      CNY       4.00
TAHOE GROUP CO LTD       7.50     08/15/20      CNY       8.00
TAIXING CITY CHENGXI     7.60     04/04/26      CNY      62.72
TAIXING CITY CHENGXI     7.60     04/04/26      CNY      60.00
TAIXING CITY CHENGXI     7.80     03/05/26      CNY      60.00
TAIXING CITY CHENGXI     7.80     03/05/26      CNY      62.81
TAIXING CITY CHENGXI     7.60     04/24/26      CNY      63.05
TAIXING CITY CHENGXI     7.60     04/24/26      CNY      60.00
TAIXING XINGHUANG IN     8.50     11/15/25      CNY      42.56
TAIXING XINGHUANG IN     8.50     11/15/25      CNY      42.51
TAIZHOU FENGCHENGHE      7.90     12/29/24      CNY      20.80
TAIZHOU FENGCHENGHE      7.90     12/29/24      CNY      20.81
TAIZHOU HUACHENG MED     8.50     12/26/25      CNY      42.73
TAIZHOU HUACHENG MED     8.50     12/26/25      CNY      42.79
TANCHENG COUNTY CITY     7.50     04/09/26      CNY      60.00
TANCHENG COUNTY CITY     7.50     04/09/26      CNY      62.83
TANGSHAN HOLDING DEV     7.60     05/16/25      CNY      41.17
TANGSHAN HOLDING DEV     7.60     05/16/25      CNY      41.00
TAOYUAN COUNTY CONST     7.50     09/11/26      CNY      63.22
TAOYUAN COUNTY CONST     8.00     10/17/26      CNY      64.72
TAOYUAN COUNTY CONST     8.00     10/17/26      CNY      64.72
TAOYUAN COUNTY CONST     7.50     09/11/26      CNY      63.89
TAOYUAN COUNTY ECONO     8.20     09/06/25      CNY      42.09
TAOYUAN COUNTY ECONO     8.20     09/06/25      CNY      42.10
TEMPUS GROUP CO LTD      7.50     06/07/20      CNY      23.53
TENGCHONG SHIXINGBAN     7.50     05/05/26      CNY      71.57
TIANJIN REAL ESTATE      7.70     03/16/21      CNY      21.49
TONGCHENG CITY CONST     7.50     07/23/25      CNY      41.49
TONGCHENG CITY CONST     7.50     07/23/25      CNY      40.00
TONGHUA FENGYUAN INV     7.80     04/30/26      CNY      61.50
TONGHUA FENGYUAN INV     8.00     12/18/25      CNY      42.45
TONGHUA FENGYUAN INV     8.00     12/18/25      CNY      41.65
TONGHUA FENGYUAN INV     7.80     04/30/26      CNY      63.16
TONGXIANG CHONGDE IN     7.88     11/29/25      CNY      42.37
TONGXIANG CHONGDE IN     7.88     11/29/25      CNY      42.37
TUNGHSU GROUP CO LTD     8.18     10/25/21      CNY      22.00
TUNGHSU GROUP CO LTD     7.85     03/23/21      CNY       0.00
URUMQI ECO TECH DEVE     7.50     10/19/25      CNY      41.89
URUMQI ECO TECH DEVE     7.50     10/19/25      CNY      41.76
WEIHAI LANCHUANG CON     7.70     10/11/25      CNY      39.79
WEIHAI LANCHUANG CON     7.70     10/11/25      CNY      41.92
WEIHAI WENDENG URBAN     7.70     05/02/28      CNY      72.50
WEIHAI WENDENG URBAN     7.70     05/02/28      CNY      74.34
WEINAN CITY INDUSTRI     7.50     04/28/26      CNY      61.92
WEINAN CITY INDUSTRI     7.50     04/28/26      CNY      60.00
WINTIME ENERGY GROUP     7.50     11/16/20      CNY      43.63
WINTIME ENERGY GROUP     7.50     04/04/21      CNY      43.63
WINTIME ENERGY GROUP     7.90     03/29/21      CNY      43.63
WINTIME ENERGY GROUP     7.70     11/15/20      CNY      43.63
WINTIME ENERGY GROUP     7.90     12/22/20      CNY      43.63
WINTIME ENERGY GROUP     7.50     12/06/20      CNY      43.63
WUSU CITY XINGRONG C     7.50     10/25/25      CNY      42.04
WUSU CITY XINGRONG C     7.50     10/25/25      CNY      42.05
WUXUE URBAN CONSTRUC     7.50     04/12/26      CNY      62.86
WUXUE URBAN CONSTRUC     7.50     04/12/26      CNY      60.00
WUYANG CONSTRUCTION      7.80     09/11/20      CNY      32.48
XIAN LINTONG URBAN I     7.69     04/22/26      CNY      60.00
XIAN LINTONG URBAN I     7.69     04/22/26      CNY      63.05
XIANGXIANG URBAN CON     7.50     10/27/24      CNY      20.50
XIANGXIANG URBAN CON     7.50     10/27/24      CNY      20.59
XIFENG COUNTY URBAN      8.00     03/14/26      CNY      51.10
XIFENG COUNTY URBAN      8.00     03/14/26      CNY      60.97
XINFENG COUNTY URBAN     7.80     12/05/25      CNY      42.23
XINFENG COUNTY URBAN     7.80     12/05/25      CNY      42.28
XINFENG COUNTY URBAN     7.80     04/16/26      CNY      61.88
XINFENG COUNTY URBAN     7.80     04/16/26      CNY      62.87
XINGYI XINHENG URBAN     7.90     01/31/25      CNY      20.64
XINGYI XINHENG URBAN     8.00     11/21/25      CNY      41.76
XINGYI XINHENG URBAN     8.00     11/21/25      CNY      41.72
XINGYI XINHENG URBAN     7.90     01/31/25      CNY      20.00
XINPING URBAN DEVELO     7.70     01/24/26      CNY      40.98
XINPING URBAN DEVELO     7.70     01/24/26      CNY      42.53
XINYU CITY YUSHUI DI     7.50     09/24/26      CNY      63.64
XIPING COUNTY INDUST     7.50     12/26/24      CNY      20.73
XIPING COUNTY INDUST     7.50     12/26/24      CNY      20.73
XIUSHAN HUAXING ENTE     7.50     09/25/25      CNY      41.84
XIUSHAN HUAXING ENTE     7.50     09/25/25      CNY      41.83
XUZHOU CITY JIAWANG      7.88     01/28/26      CNY      41.16
XUZHOU CITY JIAWANG      7.88     01/28/26      CNY      40.58
XUZHOU CITY JIAWANG      7.98     05/06/26      CNY      60.50
XUZHOU CITY JIAWANG      7.98     05/06/26      CNY      62.61
YANGLING URBAN RURAL     7.80     06/19/26      CNY      60.00
YANGLING URBAN RURAL     7.80     06/19/26      CNY      63.55
YANGLING URBAN RURAL     7.80     02/20/26      CNY      42.65
YANGLING URBAN RURAL     7.80     02/20/26      CNY      60.00
YIBIN NANXI CAIYUAN      8.10     07/24/25      CNY      41.74
YIBIN NANXI CAIYUAN      8.10     07/24/25      CNY      40.00
YIBIN NANXI CAIYUAN      8.10     11/28/25      CNY      42.50
YIBIN NANXI CAIYUAN      8.10     11/28/25      CNY      42.39
YICHANG CHUANGYUAN H     7.80     11/06/25      CNY      42.17
YINGKOU BEIHAI NEW C     7.98     01/25/25      CNY      20.88
YINGKOU BEIHAI NEW C     7.98     01/25/25      CNY      20.88
YINGTAN JUNENG INVES     8.00     05/06/26      CNY      63.39
YINGTAN JUNENG INVES     8.00     05/06/26      CNY      60.00
YIYANG COUNTY CITY C     7.50     06/07/25      CNY      40.00
YIYANG COUNTY CITY C     7.90     11/05/25      CNY      42.28
YIYANG COUNTY CITY C     7.90     11/05/25      CNY      42.13
YIYANG COUNTY CITY C     7.50     06/07/25      CNY      41.37
YIYANG LONGLING CONS     7.60     01/23/26      CNY      40.30
YIYANG LONGLING CONS     7.60     01/23/26      CNY      42.07
YIYUAN HONGDING ASSE     7.50     08/17/25      CNY      41.62
YIYUAN HONGDING ASSE     7.50     08/17/25      CNY      41.69
YONGAN STATE-OWNED A     8.50     11/26/25      CNY      42.59
YONGAN STATE-OWNED A     8.50     11/26/25      CNY      42.04
YONGCHENG COAL & ELE     7.50     02/02/21      CNY      39.88
YONGXIU CITY CONSTRU     7.50     05/02/25      CNY      41.05
YONGXIU CITY CONSTRU     7.50     05/02/25      CNY      40.00
YONGXIU CITY CONSTRU     7.80     08/27/25      CNY      41.58
YONGXIU CITY CONSTRU     7.80     08/27/25      CNY      41.80
YOUYANG COUNTY TAOHU     7.50     09/28/25      CNY      41.85
YOUYANG COUNTY TAOHU     7.50     09/28/25      CNY      41.85
YUANJIANG CITY CONST     7.50     01/18/26      CNY      42.37
YUANJIANG CITY CONST     7.50     01/18/26      CNY      42.37
YUDU ZHENXING INVEST     7.50     05/03/25      CNY      40.49
YUDU ZHENXING INVEST     7.50     05/03/25      CNY      41.17
YUEYANG CITY JUNSHAN     7.96     04/23/26      CNY      60.00
YUEYANG CITY JUNSHAN     7.96     04/23/26      CNY      63.12
YUEYANG HUILIN INVES     7.50     12/23/26      CNY      63.81
YUEYANG HUILIN INVES     7.50     12/23/26      CNY      64.61
YUTAI XINDA ECONOMIC     7.50     04/10/26      CNY      62.01
YUTAI XINDA ECONOMIC     7.50     04/10/26      CNY      62.83
ZHANGJIAJIE LOULI TO     7.50     03/26/26      CNY      62.72
ZHANGJIAJIE LOULI TO     7.50     03/26/26      CNY      62.70
ZHANGZI NATIONAL OWN     7.50     10/18/26      CNY      64.16
ZHANGZI NATIONAL OWN     7.50     10/18/26      CNY      64.17
ZHEJIANG CHANGXING H     7.50     12/26/25      CNY      42.25
ZHEJIANG CHANGXING H     7.50     12/26/25      CNY      42.19
ZHEJIANG CHANGXING H     7.50     05/16/26      CNY      62.36
ZHEJIANG CHANGXING H     7.50     05/16/26      CNY      60.00
ZHEJIANG WUYI CITY C     8.00     08/10/25      CNY      41.78
ZHEJIANG WUYI CITY C     8.00     08/10/25      CNY      41.78
ZHEJIANG WUYI CITY C     8.00     12/21/25      CNY      42.47
ZHEJIANG WUYI CITY C     8.00     12/21/25      CNY      42.43
ZHONGXIANG CITY CONS     7.50     07/05/26      CNY      60.00
ZHONGXIANG CITY CONS     7.50     07/05/26      CNY      62.68
ZHOUSHAN ISLANDS NEW     7.50     01/30/27      CNY      59.86
ZHOUSHAN ISLANDS NEW     7.50     01/30/27      CNY      55.00
ZHUZHOU HI-TECH AUTO     8.00     08/14/25      CNY      52.28
ZHUZHOU RAILWAY INDU     7.50     09/25/24      CNY      20.44
ZIGUI COUNTY CHUYUAN     7.80     02/12/28      CNY      70.00
ZIYANG KAILI INVESTM     8.00     02/14/26      CNY      41.92
ZUNYI BOZHOU URBAN C     7.85     10/24/24      CNY      20.23
ZUNYI BOZHOU URBAN C     7.85     10/24/24      CNY      20.37
ZUNYI TRAFFIC TRAVEL     7.70     09/27/27      CNY      64.22
ZUNYI TRAFFIC TRAVEL     7.70     09/27/27      CNY      62.50
ZUNYI URBAN CONSTRUC     7.50     05/20/24      CNY      40.13


   HONG KONG
   ---------

CHINA SOUTH CITY HOL     9.00     04/12/24      USD      31.10
CHINA SOUTH CITY HOL     9.00     10/09/24      USD      39.47
CHINA SOUTH CITY HOL     9.00     06/26/24      USD      26.84
CHINA SOUTH CITY HOL     9.00     12/11/24      USD      26.68
HAINAN AIRLINES HONG    12.00     10/29/21      USD       3.19
HONGKONG IDEAL INVES    14.75     10/08/22      USD       1.57
YANGO JUSTICE INTERN    10.25     09/15/22      USD       0.36
YANGO JUSTICE INTERN     7.50     04/15/24      USD       0.34
YANGO JUSTICE INTERN     7.88     09/04/24      USD       0.47
YANGO JUSTICE INTERN     8.25     11/25/23      USD       0.34
YANGO JUSTICE INTERN     9.25     04/15/23      USD       0.34
YANGO JUSTICE INTERN     7.50     02/17/25      USD       0.39
YANGO JUSTICE INTERN    10.00     02/12/23      USD       0.06
YANGO JUSTICE INTERN    10.25     03/18/22      USD       0.15
ZENSUN ENTERPRISES L    12.50     04/23/24      USD       3.95
ZENSUN ENTERPRISES L    12.50     09/13/23      USD       4.66


   INDIA
   -----

AXIS FINANCE LTD         8.10     11/17/28      INR      72.07
IIFL SAMASTA FINANCE    10.75     02/24/25      INR      62.73
IKF FINANCE LTD         10.60     03/27/25      INR      62.14
KOTAK MAHINDRA BANK      7.60     02/14/31      INR      63.22
PIRAMAL CAPITAL & HO     8.50     04/18/23      INR      34.25




   MALAYSIA
   --------

CAPITAL A BHD            8.00     12/29/28      MYR       0.78


   PHILIPPINES
   -----------

BAYAN TELECOMMUNICAT    15.00     07/15/06      USD      13.61


   SINGAPORE
   ---------

BAKRIE TELECOM PTE L    11.50     05/07/15      USD       0.60
BAKRIE TELECOM PTE L    11.50     05/07/15      USD       0.60
BLD INVESTMENTS PTE      8.63     03/23/15      USD       6.75
DAVOMAS INTERNATIONA    11.00     12/08/14      USD       0.25
DAVOMAS INTERNATIONA    11.00     12/08/14      USD       0.25
DAVOMAS INTERNATIONA    11.00     05/09/11      USD       0.21
DAVOMAS INTERNATIONA    11.00     05/09/11      USD       0.21
ENERCOAL RESOURCES P     9.25     08/05/14      USD      45.75
ITNL OFFSHORE PTE LT     7.50     01/18/21      CNY      18.25
MICLYN EXPRESS OFFSH     8.75     11/25/18      USD       0.82
NOMURA INTERNATIONAL    19.50     08/28/28      TRY      66.22
NOMURA INTERNATIONAL     7.65     10/04/37      AUD      64.29
ORO NEGRO DRILLING P     7.50     01/24/24      USD       0.70
RICKMERS MARITIME        8.45     05/15/17      SGD       5.00
SWIBER HOLDINGS LTD      7.75     09/18/17      CNY       6.13


   SOUTH KOREA
   -----------

SAMPYO CEMENT CO LTD     8.10     04/12/15      KRW      70.00
SAMPYO CEMENT CO LTD     8.10     06/26/15      KRW      70.00
SAMPYO CEMENT CO LTD     8.30     09/10/14      KRW      70.00
SAMPYO CEMENT CO LTD     8.30     04/20/14      KRW      70.00
SAMPYO CEMENT CO LTD     7.50     07/20/14      KRW      70.00


   SRI LANKA
   ---------

SRI LANKA GOVERNMENT     8.00     01/01/32      LKR      71.73
SRI LANKA GOVERNMENT     9.00     06/01/43      LKR      74.17
SRI LANKA GOVERNMENT     7.55     03/28/30      USD      50.29
SRI LANKA GOVERNMENT     7.85     03/14/29      USD      50.34
SRI LANKA GOVERNMENT     7.85     03/14/29      USD      50.39
SRI LANKA GOVERNMENT     7.55     03/28/30      USD      50.35



                           *********


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

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

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

This material is copyrighted and any commercial use, resale or
publication in any form (including e-mail forwarding,
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Information contained herein is obtained from sources believed
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