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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, July 2, 2024, Vol. 27, No. 132

                           Headlines



A U S T R A L I A

ANGLE ASSET 2024-1: Moody's Assigns B2 Rating to AUD5.6MM F Notes
AXF GROUP: Second Creditors' Meeting Set for July 5
BREEARA HOLDINGS: Second Creditors' Meeting Set for July 4
E & E FASHION: Second Creditors' Meeting Set for July 4
LEAFYLOOKS LANDSCAPES: Second Creditors' Meeting Set for July 5

NEW EMERALD: First Creditors' Meeting Set for July 5
SHIELD MASTER: Court Appoints Deloitte to Verify Payments Made
UNITED GLOBAL: Federal Court Freezes Assets


C H I N A

CHINA EVERGRANDE: Electric Car Unit Share Sale May Fall Through
SINO-OCEAN GROUP: Gets Wind-Up Petition in Hong Kong
WEIFANG URBAN: Moody's Withdraws 'Ba2' Corporate Family Rating


I N D I A

CLASS RESTAURANT: CRISIL Keeps B- Debt Ratings in Not Cooperating
DEVI CONSTRUCTION: CRISIL Keeps D Debt Ratings in Not Cooperating
GANESH RICE: CRISIL Keeps D Debt Ratings in Not Cooperating
GARUDA INFRATECH: CRISIL Keeps C Debt Ratings in Not Cooperating
GOODLUCK PACKAGING: CRISIL Keeps B Ratings in Not Cooperating

GRASP CLOTHINGS: CRISIL Keeps B+ Debt Ratings in Not Cooperating
HCO INFRASTRUCTURE: CRISIL Keeps D Ratings in Not Cooperating
HOTEL PEARL: CRISIL Keeps B- Debt Ratings in Not Cooperating
INDOTECH INDUSTRIES: CRISIL Keeps D Ratings in Not Cooperating
INNOVA CHILDRENS: CRISIL Keeps D Debt Ratings in Not Cooperating

J.P. INDUSTRIES: CRISIL Keeps D Debt Rating in Not Cooperating
JAI MAANGARH: CRISIL Keeps D Debt Rating in Not Cooperating
JAIN POLYFAB: CRISIL Assigns B+ Rating to INR23.30cr LT Loan
KWALITY: Sebi Fines Ex-MD, Others for Misrepresenting Financials
MAHIMA MILK: CRISIL Keeps D Debt Ratings in Not Cooperating

PARSVNATH DEVELOPERS: CRISIL Withdraws D Rating on INR29.7cr Loan
PIRAMAL CAPITAL: Moody's Assigns First Time Ba3 LT CFR
R. K. STEEL: CRISIL Keeps B Debt Rating in Not Cooperating
RAASHRI PAINTS: CRISIL Keeps D Debt Ratings in Not Cooperating
RAMGO MODERN: CRISIL Keeps B Debt Ratings in Not Cooperating

RAVI TEXO: CRISIL Keeps D Debt Rating in Not Cooperating Category
REDHU HATCHERIES: CRISIL Keeps D Debt Ratings in Not Cooperating
REFRICO: CRISIL Keeps B Debt Rating in Not Cooperating Category
SATYAM ISPAT: CRISIL Keeps D Debt Ratings in Not Cooperating
SGM PACKAGING: CRISIL Keeps D Debt Ratings in Not Cooperating

SIX SIGMA: CRISIL Reaffirms B Rating on INR13.4cr Term Loan
VANANCHAL VILLAS: CRISIL Keeps B Debt Rating in Not Cooperating
VISHAL INFRAGLOBAL: CRISIL Keeps D Ratings in Not Cooperating
WONDERLAND AMUSEMENT: CRISIL Keeps B+ Rating in Not Cooperating
YASIKA STEELS: CRISIL Keeps D Debt Ratings in Not Cooperating



J A P A N

SHARP CORP: Vows to Achieve Profitability at Annual Meeting


N E W   Z E A L A N D

BOP GROUNDSPREAD: Creditors' Proofs of Debt Due on Aug. 19
CANNASOUTH BIOSCIENCE: Creditors' Meeting Set for July 19
IRONCLAD CONSTRUCTION: Creditors' Proofs of Debt Due on Aug. 26
NEW ZEALAND SECRET: Court to Hear Wind-Up Petition on July 12
OJS NZ: Court to Hear Wind-Up Petition on July 19

PONSONBY ROAD HOLDINGS: Chapel Bar & Bistro Goes Into Receivership


P H I L I P P I N E S

DALI: Aims to Reverse Losses Amid Revenue Growth


S I N G A P O R E

FAB MARKET: Court Enters Wind-Up Order
HARDWARE ZONE: Creditors' Proofs of Debt Due on July 19
INNOVESCO PTE: Court Enters Wind-Up Order
THIRTY LOGISTICS: Court to Hear Wind-Up Petition on July 19
ZEETROPE PRODUCTIONS: Court to Hear Wind-Up Petition on July 19



X X X X X X X X

[*] BOND PRICING: For the Week June 24, 2024 to June 28, 2024

                           - - - - -


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

ANGLE ASSET 2024-1: Moody's Assigns B2 Rating to AUD5.6MM F Notes
-----------------------------------------------------------------
Moody's Ratings has assigned the following definitive ratings to
ABS notes issued by Perpetual Corporate Trust Limited as trustee of
Angle Asset Finance - Radian Trust 2024-1.

Issuer: Perpetual Corporate Trust Limited as trustee of Angle Asset
Finance - Radian Trust 2024-1

AUD298.0 million Class A Notes, Assigned Aaa (sf)

AUD34.8 million Class B Notes, Assigned Aa2 (sf)

AUD18.8 million Class C Notes, Assigned A2 (sf)

AUD9.6 million Class D Notes, Assigned Baa2 (sf)

AUD19.6 million Class E Notes, Assigned Ba2 (sf)

AUD5.6 million Class F Notes, Assigned B2 (sf)

The AUD6.80 million Class G1 Notes and AUD6.80 million Class G2
Notes (together, the Class G Notes) are not rated by us.

Angle Asset Finance - Radian Trust 2024-1 is a securitisation of
auto and equipment loans and operating leases originated by A.C.N
603 303 126 Pty Ltd trading as Angle Asset Finance (unrated, Angle
Asset Finance). The obligors in the pool are mainly
small-to-medium-sized enterprises (SME), and also include
corporates and government entities, all domiciled in Australia. The
underlying assets relating to the receivables include, among
others, cars (25.3%), light commercial vehicles (18.4%), trucks
(22.4%) and wheeled equipment (20.4%).

Angle Asset Finance originated 99.8% of the receivables in this
portfolio, with 90.0% and 9.8% originated via broker and vendor
channels, respectively. Capital Finance Australia Limited (CFAL,
unrated), a wholly owned subsidiary of Westpac Banking Corporation
(Westpac, Aa1/P-1 domestic deposits ratings), originated the
residual 0.2% of the receivables in this portfolio through its then
vendor finance business. All receivables are serviced by Garrison
Lending Operations Pty Limited (unrated), a wholly owned subsidiary
of Angle Asset Finance.

Angle Asset Finance is a non-bank lender providing asset financing
to SMEs, corporates and government entities via brokers and vendor
relationships. Angle Asset Finance has been in operation since
October 2019, and started originating auto and equipment loans to
SMEs via brokers in significant volumes from October 2020. As of
April 30, 2024, its assets under management totalled around AUD1.7
billion. Angle Asset Finance is privately owned by an affiliate
company of Cerberus Capital Management, L.P. as a majority
shareholder and Deutsche Bank AG, Sydney Branch.

RATINGS RATIONALE

The ratings take into account, among other factors, (1) Moody's
evaluation of the underlying receivables and their expected
performance; (2) evaluation of the capital structure and credit
enhancement provided to the rated notes; (3) availability of excess
spread over the transaction's life; (4) the liquidity facility in
the amount of 1.5% of all notes other than the Class G Notes; (5)
the legal structure; (6) experience of Garrison Lending Operations
Pty Limited as servicer; and (7) the presence of Perpetual
Corporate Trust Limited as the back-up servicer.

According to Moody's analysis, the transaction benefits from high
level of excess spread. The portfolio yield of 10.3% - relative to
the transaction expenses - results in a high level of excess spread
available to cover losses arising from the portfolio.

The key weaknesses in the transaction are the limited availability
of historical data and higher-than-expected variability in
performance to date. Firstly, Angle Asset Finance started its
originations via brokers in January 2020, with significant volumes
only beginning in October 2020. Its originations via vendors
started in August 2021. Secondly, more recent origination cohorts
and, in particular, receivables originated in Q3 2022, Q4 2022 and
Q1 2023 are showing higher early cumulative defaults than prior
origination vintages. As such, the performance of the portfolio
could be subject to greater variability in the future than the
observed performance to date indicates. Moody's have taken this
into account in Moody's asset analysis.

TRANSACTION STRUCTURE AND POOL CHARACTERISTICS

Key transactional features are as follows:

-- The notes will be repaid on a sequential basis initially. On
and after the payment date occurring twelve months after the deal
closing date, all notes, other than the Class G Notes, will receive
their pro-rata share of principal, provided step-down conditions
are satisfied. These include, among others, no unreimbursed
charge-offs and payment date occurring prior to the call option
date. If step-down conditions are no longer met, the repayment of
principal will revert to sequential. The call option date will
occur on the earlier of payment date in June 2027 and the invested
amount of the notes falling below, or equal to, 10% of the initial
invested amount of the notes.

-- Citigroup Global Markets Limited (Aa3(cr)/P-1(cr)) and National
Australia Bank Limited (Aa1(cr)/P-1(cr)) will provide fixed rate
swaps for around 37.6% and 62.4% of the total swap notional,
respectively, as of closing date. The swaps will hedge the interest
rate mismatch between the assets bearing a fixed rate of interest,
and floating rate liabilities. As at closing, the total swap
notional will correspond to all notes, other than the Class G2
Notes. The total swap notional will follow a schedule based on
amortisation of the assets assuming a certain prepayment rate.

Key pool features are as follows:

-- The pool has a weighted average seasoning of 8.2 months.

-- The proportion of loans with a balloon payment is 34.0%.

-- Interest rates in the portfolio range from 4.1% to 20.7%, with
a weighted average interest rate of 10.3%.

-- Loans underwritten on the basis of 'no financials' verification
represent around 94.4% of the pool.

MAIN MODEL ASSUMPTIONS

Moody's portfolio credit enhancement ("PCE") is 28%. Moody's
expected default rate for this transaction is 5.8% and expected
recovery is 20%, resulting in an expected loss of around 4.6%.

The expected loss captures Moody's expectations of performance
considering the current economic outlook, while the PCE captures
the loss Moody's expect the portfolio to suffer in the event of a
severe recession scenario. The expected default rate, recovery and
PCE are parameters used by us to calibrate its lognormal portfolio
loss distribution curve and to associate a probability with each
potential future loss scenario in Moody's cash flow model.

Moody's have estimated expected default rate and PCE for this deal
on the basis of:

-- Cumulative default rates observed to date, taking into account
that more recent origination vintages, and in particular Q3 2022,
Q4 2022 and Q1 2023, are showing higher early cumulative defaults
than prior origination vintages.

-- Benchmarking with other SME auto and equipment receivable
portfolios in the market, in view of short performance history of
receivables originated by Angle Asset Finance.

Moody's asset assumptions also reflect qualitative analysis
including portfolio characteristics, the limited operational track
record of Angle Asset Finance as an originator and servicer and the
current economic environment in Australia.

Methodology Underlying the Rating Action

The principal methodology used in these ratings was "Equipment
Lease and Loan Securitizations Methodology" published in September
2023.

Factors that would lead to an upgrade or downgrade of the ratings:

Factors that could lead to an upgrade of the notes include a rapid
build-up of credit enhancement due to sequential amortization or a
better-than-expected collateral performance. The Australian economy
and job market are primary drivers of performance.

Factors that could lead to a downgrade of the notes is a
worse-than-expected collateral performance, poor servicing, error
on the part of transaction parties, a deterioration in the credit
quality of transaction counterparties, a lack of transactional
governance, or fraud.

AXF GROUP: Second Creditors' Meeting Set for July 5
---------------------------------------------------
A second meeting of creditors in the proceedings of AXF Group
Proprietary Limited has been set for July 5, 2024 at 11:30 a.m. via
virtual facilities.

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

Creditors wishing to attend are advised proofs and proxies should
be submitted to the Administrator by July 4, 2024 at 5:00 p.m.

Philip Campbell Wilson and Matthew Byrnes of Grant Thornton
Australia were appointed as administrators of the company on June
4, 2024.


BREEARA HOLDINGS: Second Creditors' Meeting Set for July 4
----------------------------------------------------------
A second meeting of creditors in the proceedings of Breeara
Holdings Pty Ltd has been set for July 4, 2024 at 10:30 a.m. via
electronic means.

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

Creditors wishing to attend are advised proofs and proxies should
be submitted to the Administrator by July 3, 2024 at 5:00 p.m.

Liam William Paul Bellamy of RRI Advisory was appointed as
administrators of the company on May 29, 2024.


E & E FASHION: Second Creditors' Meeting Set for July 4
-------------------------------------------------------
A second meeting of creditors in the proceedings of E & E Fashion
Pty Ltd has been set for July 4, 2024 at 11:30 a.m. via
teleconference.

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

Creditors wishing to attend are advised proofs and proxies should
be submitted to the Administrator by July 3, 2024 at 5:00 p.m.

Alex Siu of Hall Chadwick was appointed as administrator of the
company on May 29, 2024.


LEAFYLOOKS LANDSCAPES: Second Creditors' Meeting Set for July 5
---------------------------------------------------------------
A second meeting of creditors in the proceedings of Leafylooks
Landscapes Pty Ltd has been set for July 5, 2024 at 10:30 a.m. via
Zoom meeting.

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

Creditors wishing to attend are advised proofs and proxies should
be submitted to the Administrator by July 4, 2024 at 4:00 p.m.

Henry McKenna of Vincents was appointed as administrator of the
company on June 5, 2024.


NEW EMERALD: First Creditors' Meeting Set for July 5
----------------------------------------------------
A first meeting of the creditors in the proceedings of New Emerald
Energy Pty Limited will be held on July 5, 2024 at 10:00 a.m. at
the offices of JLA Insolvency & Advisory at Level 13, 50 Margaret
Street in Sydney.

Jamieson Louttit of JLA Insolvency & Advisory was appointed as
administrator of the company on June 26, 2024.



SHIELD MASTER: Court Appoints Deloitte to Verify Payments Made
--------------------------------------------------------------
The Federal Court has appointed Jason Tracy and Lucica Palaghia of
Deloitte to have full control of the bank accounts of the Shield
Master Fund.

The June 26, 2024 Court orders prevent Keystone Asset Management
Ltd, the responsible entity for Shield, from selling, transferring,
or dealing with Shield's assets, other than to make certain
payments that must first be approved by Deloitte.

The Australia Securities & Investments Commission (ASIC) took this
action to protect investor funds while its investigation continues
into concerns about the management and operation of Shield and the
associated risks to investors. Some of these concerns include:

     * Keystone has failed to lodge Keystone's and Shield's
       audited FY2023 financial statements,

     * a large proportion of the funds held by Shield have been
       directed to a fund which made loans to various companies
       associated with Mr Paul Chiodo, a former director of
       Keystone to fund property developments, and

     * ensuring there is independent oversight with respect to any

       payments going forward.

As part of the court appointment, Mr Tracy and Ms Palaghia:

     * will have to assess whether payments are in the best
       interests of Shield investors, and

     * prepare a report on the financial position of Shield by
       July 23, 2024.

The matter will be back before the Court in August at a date yet to
be fixed.

Mr. Chiodo also provided an undertaking to the Court to give ASIC
written notice 14 days prior to any international travel and to
take all reasonable steps to comply with any notices issued by ASIC
in the event he is travelling overseas. Travel restraint orders
previously made by the Court on June 18, 2024 have been vacated.

Shield is a registered managed fund, which was registered in May
2021.

Shield remains closed to new investments. ASIC took action in
February 2024 to halt new offers of investments in Shield by making
interim stop orders on four product disclosure statements for
Shield.

In February 2024, Keystone decided to halt redemptions from Shield,
according to a notice published on Keystone’s website. 


UNITED GLOBAL: Federal Court Freezes Assets
-------------------------------------------
The Australia Securities & Investments Commission (ASIC) has
obtained interim orders from the Federal Court freezing the assets
of financial advice licensee United Global Capital Pty Ltd and
related property investment company Global Capital Property Fund
Limited.

ASIC sought the orders to protect investor funds while an
investigation is continuing.

In Melbourne on June 20, 2024, Justice O'Callaghan ordered that UGC
and GCPF be restrained from:

     * removing property from Australia,

     * selling, charging, mortgaging, dealing with or disposing of

       property,

     * incurring new liabilities,

     * or withdrawing, transferring, disposing of, or dealing with

       money held in  bank accounts or with a financial  
       institution (subject to limited exceptions).

At a hearing on June 25, 2024, the Court extended the time for
compliance with some of the disclosure orders that had been made
and adjourned the matter for further hearing at 10:15 a.m. on
July 11, 2024.

UGC is an Australian financial services business based in Melbourne
which has held AFS licence no. 496179 since Aug. 18, 2017.

Global Capital Property Fund Limited (GCPF) has been an authorised
representative of UGC since March 25, 2020.




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

CHINA EVERGRANDE: Electric Car Unit Share Sale May Fall Through
---------------------------------------------------------------
Yicai Global reports that China Evergrande New Energy Vehicle
Group, the electric car arm of struggling property developer China
Evergrande Group, has warned that an equity sale that would have
given it a much-needed liquidity boost might not go ahead.

The sellers, the buyer and Evergrande NEV have yet to reach an
agreement and the sale might not proceed, the Guangzhou-based
company said on June 26, Yicai relays. And the buyer and the
carmaker have also not agreed on the terms of credit.

Last month, liquidators of the electric vehicle startup's parent
company found a potential buyer for a stake in the EV maker, Yicai
recalls.

Shareholders China Evergrande, Evergrande Health Industry Holding
and Acelin Global have entered into a non-binding agreement with a
possible buyer to sell a 29 percent stake in Evergrande NEV, China
Evergrande said on May 26. The carmaker applied to the Hong Kong
bourse for trading to resume after a five-day pause on May 27.

As part of the agreement, the buyer would extend a line of credit
to fund Evergrande NEV's operations and its EV business
development, Yicai relates.

Should the buyer pull out, it would be a further blow to the
embattled carmaker, which was forced to halt production in April
last year due to a lack of funds, Yicai states. As of Dec. 31,
2023, only 1,700 Hengchi 5 autos had rolled off the production line
at its Tianjin factory, and it had only delivered 1,389 units. The
factory has been shuttered since early this year.

According to Yicai, Evergrande NEV was offered a lifeline in August
last year by United Arab Emirates green mobility solution provider
NWTN which agreed to invest HKD3.9 billion (USD500 million) in
Evergrande NEV in return for a 27.5 percent stake. NWTN also would
have provided CNY600 million in interest-free transitional funds.

But Evergrande NEV lost out on this deal as it was unable to meet
the preconditions, Yicai relates. The offer was dependent on China
Evergrande completing its debt restructuring and other conditions.
But China Evergrande was unable to do so within the required time
period and in January was slapped with a winding up petition from
the Hong Kong High Court.

Evergrande NEV is in dire straits, Yicai notes. The firm had racked
up losses of CNY110 billion (USD15.2 billion) as of the end of last
year, CNY12 billion (USD1.7 billion) of which was squandered in
2023, according to its latest financial report. And it only had
CNY129 million (USD17.7 million) left in its bank accounts.

As of the end of last year, Evergrande NEV had assets of CNY34.9
billion (USD4.8 billion) and liabilities of CNY72.5 billion, a
third of which were loans.

                       About China Evergrande

China Evergrande Group is an integrated residential property
developer. The Company, through its subsidiaries, operates in
property development, investment, management, finance, internet,
health, culture, and tourism markets.

China Evergrande Group, the second largest real estate developer in
China, and certain of its affiliates sought creditor protection in
the United States under Chapter 15 of the Bankruptcy Code (Bankr.
S.D.N.Y. Lead Case No. 23-11332) on Aug. 17, 2023.

Evergrande, widely known as the most leveraged company in the
world, and its affiliates are asking the U.S. Bankruptcy Court for
the Southern District of New York for recognition of foreign
proceedings as "foreign main" proceeding under Chapter 15.

Evergrande is in the midst of a highly complex restructuring of
around $20 billion in offshore debt.  In total, the Company has
more than $300 billion in liabilities.

Evergrande is incorporated in the Cayman Islands as an exempted
company with limited liability, with its principal place of
business located at 15th Floor, YF Life Centre, 38 Gloucester Road,
Wanchai, Hong Kong.  It is subject to a restructuring proceeding
entitled In the Matter of China Evergrande Group, concerning a
scheme of arrangement between Evergrande and certain Scheme
Creditors pursuant to the relevant provisions of the Hong Kong
Companies Ordinance (Chapter 622 of the Laws of Hong Kong),
currently pending before the High Court of Hong Kong (Case Number
HCMP 1091/2023.

Affiliate Tianji Holding Limited is incorporated in Hong Kong as a
limited liability company, with its principal place of business
located at 17th Floor, One Island East, Taikoo Place, 18 Westlands
Road, Quarry Bay, Hong Kong. Tianji is subject to a restructuring
proceeding entitled In the Matter of Tianji Holding Limited,
concerning a scheme of arrangement between Tianji and certain
Scheme Creditors, pursuant to the relevant provisions of the Hong
Kong Companies Ordinance and currently pending before the Hong Kong
Court (Case Number HCMP 1090/2023).

Affiliate Scenery Journey Limited is incorporated in the British
Virgin Islands as a limited liability company, with its principal
place of business located at 2nd Floor Water's Edge Building,
Wickham's Cay II, Road Town, Tortola, BVI. Scenery Journey is
subject to a restructuring proceeding entitled In the Matter of
Scenery Journey Limited, concerning a scheme of arrangement between
Scenery Journey and certain Scheme Creditors, pursuant to section
179A of the BVI Business Companies Act, 2004, and currently pending
before the High Court of the Eastern Caribbean Supreme Court (Case
Number BVIHCOM 2023/0076).

U.S. Bankruptcy Judge Michael E Wiles presides over the Chapter 15
proceedings.

Sidley Austin is the Hong Kong Counsel to Evergrande and Tianji.
Maples BVI is the British Virgin Island Counsel to Scenery
Journey.

On Jan. 29, 2024, a Hong Kong court ordered the liquidation of
China Evergrande Group.

SINO-OCEAN GROUP: Gets Wind-Up Petition in Hong Kong
----------------------------------------------------
Bloomberg News reports that Sino-Ocean Group Holding Ltd. has
received a winding-up petition in a Hong Kong court, according to
the city's judiciary website.

The case was filed by The Bank of New York Mellon, London Branch,
and the next hearing date is set for Sept. 11, according to the
website.

Bloomberg relates that the builder said that it would oppose the
petition vigorously, according to a filing to the Hong Kong
exchange on June 28. It noted that the petition was related to the
non-repayment of the 3.25% dollar bond due 2026 issued by its unit
and guaranteed by the company with an aggregate principal amount of
$400 million and accrued interest.

According to Bloomberg, Sino-Ocean said that it has made progress
on its offshore liquidity situation and is now in advanced
discussions with the co-ordination lenders committee of existing
syndicated loans. It said it expects to get support from the
committee and expects that "an agreement on the principal terms of
the holistic debt management arrangement will be reached in due
course."

Sino-Ocean is among a select group of defaulters with Chinese
state-owned companies as major shareholders, providing a level of
confidence to investors in the past. China Life Insurance Co. owns
29.59% of the builder, according to its latest annual report.

Bloomberg says the developer has several hundred projects in China,
but the country's property slump continues to weigh on sales. For
the first five months of the year, contracted sales tumbled 67%
compared with the year-earlier period.

Once considered one of the stronger names among China's debt-laden
developers, Sino-Ocean became a defaulter in September when it
suspended payment on all its offshore borrowings.

The builder said earlier this week that it hasn't raised enough
funds for seven yuan-bond payments initially due June 28, with a 30
trading-day grace period, according to an exchange filing dated
June 26.

Sino-Ocean has made little progress addressing its offshore debt
obligations. In January, it told a key group of its dollar bond
creditors that it would prioritize repaying its local debt,
Bloomberg News reported.

Onshore, the builder sought earlier this year to exchange two yuan
bonds into new ones to extend payment by as much as 30 months,
Bloomberg reported.  

                       About Sino-Ocean Group

Sino-Ocean Group Holding Limited, formerly Sino-Ocean Land Holdings
Limited, is an investment holding company principally engaged in
property development and property investment in the People's
Republic of China (the PRC). The Company is engaged in property
development in Beijing-Tianjin-Hebei, Northeast, Central and
Southern.  

As reported in the Troubled Company Reporter-Asia Pacific on Sept.
19, 2023, Moody's Investors Service has downgraded Sino-Ocean Group
Holding Limited's corporate family rating to Ca from Caa2.

At the same time, Moody's has downgraded to C from Caa3, the backed
senior unsecured ratings on the bonds issued by Sino-Ocean Land
Treasure Finance I Limited, Sino-Ocean Land Treasure Finance II
Limited, and Sino-Ocean Land Treasure IV Limited and guaranteed by
Sino-Ocean.

The outlook remains negative.

WEIFANG URBAN: Moody's Withdraws 'Ba2' Corporate Family Rating
--------------------------------------------------------------
Moody's Ratings has withdrawn Weifang Urban Construction and
Development Investment Group Co., Ltd.'s Ba2 corporate family
rating and the Ba2 senior unsecured rating on the USD bonds issued
by the company.

The outlook prior to the withdrawal was negative.

RATINGS RATIONALE

Moody's has decided to withdraw the ratings because it believes it
has insufficient or otherwise inadequate information to support the
maintenance of the ratings.

COMPANY PROFILE

Established in September 2016, Weifang Urban Construction and
Development Investment Group Co., Ltd. is 90% owned by the Weifang
State-owned Assets Supervision and Administration Commission and
10% owned by Shandong Provincial Department of Finance through
Shandong Caixin Assets Operation Co., Ltd. As of the end of 2023,
the company reported total assets of RMB136 billion and a total
revenue of RMB16 billion.

Weifang Urban Construction is responsible for the city's major
public infrastructure and urban upgrade projects, including the
transfer of land, construction of major infrastructure facilities
including key inter-regional water conservation projects; as well
as the provision of water and heat supply. It also has some
commercial operations in chemicals, trading and financial
investment.



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

CLASS RESTAURANT: CRISIL Keeps B- Debt Ratings in Not Cooperating
-----------------------------------------------------------------
CRISIL Rating said the ratings on bank facilities of Class
Restaurant (Class) continue to be 'CRISIL B-/Stable Issuer Not
Cooperating'.

                       Amount
   Facilities       (INR Crore)     Ratings
   ----------       -----------     -------
   Cash Credit            9         CRISIL B-/Stable (Issuer Not
                                    Cooperating)

   Proposed Long Term     1         CRISIL B-/Stable (Issuer Not
   Bank Loan Facility               Cooperating)

CRISIL Ratings has been consistently following up with Class for
obtaining information through letter and email dated May 15, 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 Class, which restricts CRISIL
Ratings' ability to take a forward looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on Class
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the ratings on bank facilities of
Class continues to be 'CRISIL B-/Stable Issuer Not Cooperating'.

Class Restaurant, set up in 1998, is a proprietorship firm of Mr.
Surendra Kumar Surana. It operates a restaurant, The Class Thali,
at Juhu in Mumbai. The firm is a part of the Surana group, which
includes Surana Constructions, Surana Infrastructure Pvt Ltd,
Aurangabad Gymkhana Club Pvt Ltd (CRISIL B/Stable), Surana Housing
Pvt Ltd, and Surana Hotels & Resorts Pvt Ltd.


DEVI CONSTRUCTION: CRISIL Keeps D Debt Ratings in Not Cooperating
-----------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Devi
Construction Company (DCC) continue to be 'CRISIL D/CRISIL D Issuer
Not Cooperating'.

                        Amount
   Facilities        (INR Crore)     Ratings
   ----------        -----------     -------
   Bank Guarantee         4          CRISIL D (Issuer Not
                                     Cooperating)

   Cash Credit            9          CRISIL D (Issuer Not
                                     Cooperating)

CRISIL Ratings has been consistently following up with DCC for
obtaining information through letter and email dated May 15, 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 DCC, which restricts CRISIL
Ratings' ability to take a forward looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on DCC
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the ratings on bank facilities of
DCC continues to be 'CRISIL D/CRISIL D Issuer Not Cooperating'.

The firm, established in 1983, is a civil contractor and undertakes
projects such as construction of roads and bridges, and
improvement, widening, and straightening of roads, for government
departments and private players. Operations are concentrated in
Rajasthan as the firm is headquartered in Jaipur, and are managed
by Mr Krishna Yadav and his son Mr Abhijeet Yadav. The firm is an
'AA' class contractor.


GANESH RICE: CRISIL Keeps D Debt Ratings in Not Cooperating
-----------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Ganesh Rice
Mills (Partnership) (GRM; part of the Josan group) continue to be
'CRISIL D Issuer Not Cooperating'.

                        Amount
   Facilities        (INR Crore)     Ratings
   ----------        -----------     -------
   Cash Credit            12         CRISIL D (Issuer Not
                                     Cooperating)

   Proposed Long Term      5.16      CRISIL D (Issuer Not
   Bank Loan Facility                Cooperating)

   Term Loan               1.34      CRISIL D (Issuer Not
                                     Cooperating)

   Term Loan               5         CRISIL D (Issuer Not
                                     Cooperating)

CRISIL Ratings has been consistently following up with GRM for
obtaining information through letter and email dated May 15, 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 GRM, which restricts CRISIL
Ratings' ability to take a forward looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on GRM
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the ratings on bank facilities of
GRM continues to be 'CRISIL D Issuer Not Cooperating'.

For arriving at the rating, CRISIL Ratings has combined the
business and financial risk profiles of Josan Foods Pvt Ltd (JFPL)
and GRM. This is because these two entities, together referred to
herein as the Josan group, are in a similar line of business and
have a common management.

JFPL, set up in 2000 by Mr. Hukam Chand Josan and Mr. Sher Chand
Josan in Ferozepur (Punjab), mills and shells rice.GRM, set up in
2010, mills rice. Currently, the firm is managed by its partners,
Mr. Sarvjeet Josan and Mr. Pushpinder Singh.The Josan group has
combined milling and sorting capacities of 14 tonnes per hour (tph)
and 10 tph, respectively.


GARUDA INFRATECH: CRISIL Keeps C Debt Ratings in Not Cooperating
----------------------------------------------------------------
CRISIL Rating said the ratings on bank facilities of Garuda
Infratech India Private Limited (GIIPL) continue to be 'CRISIL
C/CRISIL A4 Issuer Not Cooperating'.

                       Amount
   Facilities       (INR Crore)     Ratings
   ----------       -----------     -------
   Bank Guarantee         3         CRISIL A4 (Issuer Not
                                    Cooperating)

   Cash Credit            6         CRISIL C (Issuer Not
                                    Cooperating)

   Proposed Long Term    17         CRISIL C (Issuer Not
   Bank Loan Facility               Cooperating)

CRISIL Ratings has been consistently following up with GIIPL for
obtaining information through letter and email dated May 15, 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 GIIPL, which restricts CRISIL
Ratings' ability to take a forward looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on GIIPL
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the ratings on bank facilities of
GIIPL continues to be 'CRISIL C/CRISIL A4 Issuer Not Cooperating'.

Incorporated in 2010 and based in Hyderabad (Andhra Pradesh), GIIPL
undertakes civil construction work for residential projects. It is
promoted by Mr Sreenivas Babu Kode, Mr Ancha Chittaranjan, Mr Satya
Lakshmi Narayana Gottipati, Mr Raju Venkata Manthena, and Mr Satya
Sekhar Boppanna.


GOODLUCK PACKAGING: CRISIL Keeps B Ratings in Not Cooperating
-------------------------------------------------------------
CRISIL Rating said the ratings on bank facilities of Goodluck
Packaging Private Limited (GPPL) continue to be 'CRISIL B/Stable
Issuer Not Cooperating'.

                        Amount
   Facilities        (INR Crore)    Ratings
   ----------        -----------    -------
   Cash Credit            3         CRISIL B/Stable (Issuer Not
                                    Cooperating)

   Long Term Loan         9.5       CRISIL B/Stable (Issuer Not
                                    Cooperating)

CRISIL Ratings has been consistently following up with GPPL for
obtaining information through letter and email dated May 15, 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 GPPL, which restricts CRISIL
Ratings' ability to take a forward looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on GPPL
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the ratings on bank facilities of
GPPL continues to be 'CRISIL B/Stable Issuer Not Cooperating'.

Incorporated in 2011, GPPL is engaged in manufacturing of
corrugated boxed from Kraft paper. Day to day operations of the
company are looked after by its promotor-director Mr. Rohit Bajaj
and his family.


GRASP CLOTHINGS: CRISIL Keeps B+ Debt Ratings in Not Cooperating
----------------------------------------------------------------
CRISIL Rating said the ratings on bank facilities of Grasp
Clothings (GC) continue to be 'CRISIL B+/Stable Issuer Not
Cooperating'.

                        Amount
   Facilities        (INR Crore)     Ratings
   ----------        -----------     -------
   Cash Credit/           5          CRISIL B+/Stable (Issuer Not
   Overdraft facility                Cooperating)

   Cash Term Loan         4.8        CRISIL B+/Stable (Issuer Not
                                     Cooperating)

   Proposed Long Term     0.2        CRISIL B+/Stable (Issuer Not
   Bank Loan Facility                Cooperating)

CRISIL Ratings has been consistently following up with GC for
obtaining information through letter and email dated May 15, 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 GC, which restricts CRISIL
Ratings' ability to take a forward looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on GC is
consistent with 'Assessing Information Adequacy Risk'. Based on the
last available information, the ratings on bank facilities of GC
continues to be 'CRISIL B+/Stable Issuer Not Cooperating'.

Started in 2011, GC operates an apparel store in Coimbatore, Tamil
Nadu, with majority sales under its own brands. Further, GC has two
franchises based in Karur and Pollachi (both in Tamil Nadu). The
firm is mainly run by its managing partner, Mr D Giri.


HCO INFRASTRUCTURE: CRISIL Keeps D Ratings in Not Cooperating
-------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of HCO
Infrastructure (HCOI) continue to be 'CRISIL D/CRISIL D Issuer Not
Cooperating'.

                       Amount
   Facilities       (INR Crore)    Ratings
   ----------       -----------    -------
   Bank Guarantee        2.0       CRISIL D (Issuer Not
                                   Cooperating)

   Cash Credit           1.3       CRISIL D (Issuer Not
                                   Cooperating)

   Long Term Loan        3.8       CRISIL D (Issuer Not
                                   Cooperating)

   Proposed Long Term    0.88      CRISIL D (Issuer Not
   Bank Loan Facility              Cooperating)

CRISIL Ratings has been consistently following up with HCOI for
obtaining information through letter and email dated May 15, 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 HCOI, which restricts CRISIL
Ratings' ability to take a forward looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on HCOI
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the ratings on bank facilities of
HCOI continues to be 'CRISIL D/CRISIL D Issuer Not Cooperating'.

Established in 1986, HCOI is a partnership firm by Ravi Hulkoti,
Shailaja Hulkoti and Nikunj Hilkoyi.  Frim is engaged in road
construction constriction of buildings for private players. The day
to day affairs of the firm is managed by Ravi Hulkoti.


HOTEL PEARL: CRISIL Keeps B- Debt Ratings in Not Cooperating
------------------------------------------------------------
CRISIL Rating said the ratings on bank facilities of Hotel Pearl
(HP) continue to be 'CRISIL B-/Stable Issuer Not Cooperating'.

                       Amount
   Facilities       (INR Crore)    Ratings
   ----------       -----------    -------
   Term Loan            3.5        CRISIL B-/Stable (Issuer Not
                                   Cooperating)

   Working Capital      8.0        CRISIL B-/Stable (Issuer Not
   Term Loan                       Cooperating)

CRISIL Ratings has been consistently following up with HP for
obtaining information through letter and email dated May 15, 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 HP, which restricts CRISIL
Ratings' ability to take a forward looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on HP is
consistent with 'Assessing Information Adequacy Risk'. Based on the
last available information, the ratings on bank facilities of HP
continues to be 'CRISIL B-/Stable Issuer Not Cooperating'.

Hotel Pearl, based in Kolhapur was established as a partnership
firm in 1971 by Mr. Vyankatesh Ghatage. It is amongst the oldest
operating properties in Kolhapur, being present in the hospitality
industry since the past four decades. It operates three properties,
Hotel Peal based out of Kolhapur, Pearl Sangli and Pearl Goa.


INDOTECH INDUSTRIES: CRISIL Keeps D Ratings in Not Cooperating
--------------------------------------------------------------
CRISIL Rating said the ratings on bank facilities of Indotech
Industries India Private Limited (IIIPL) continue to be 'CRISIL
D/CRISIL D Issuer Not Cooperating'.

                       Amount
   Facilities       (INR Crore)     Ratings
   ----------       -----------     -------
   Bank Guarantee        2.28       CRISIL D (Issuer Not
                                    Cooperating)

   Cash Credit           5.00       CRISIL D (Issuer Not
                                    Cooperating)

   Term Loan             0.61       CRISIL D (Issuer Not
                                    Cooperating)

CRISIL Ratings has been consistently following up with IIIPL for
obtaining information through letter and email dated May 15, 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 IIIPL, which restricts CRISIL
Ratings' ability to take a forward looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on IIIPL
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the ratings on bank facilities of
IIIPL continues to be 'CRISIL D/CRISIL D Issuer Not Cooperating'.

IIIPL, based in Indore, Madhya Pradesh, was formed in 2004 by Mr
Rahul Modi and Mr Vijay Kasat. It manufactures band saw machinery
(used in metal cutting) at its facility in Indore, and iron
castings at its foundry in Dewas, Madhya Pradesh.


INNOVA CHILDRENS: CRISIL Keeps D Debt Ratings in Not Cooperating
----------------------------------------------------------------
CRISIL Rating said the ratings on bank facilities of Innova
Childrens Heart Hospital Private Limited (ICHPL) continue to be
'CRISIL D Issuer Not Cooperating'.

                       Amount
   Facilities       (INR Crore)     Ratings
   ----------       -----------     -------
   Cash Credit          4.75        CRISIL D (Issuer Not
                                    Cooperating)

   Term Loan            1.73        CRISIL D (Issuer Not
                                    Cooperating)

   Term Loan            9.22        CRISIL D (Issuer Not
                                    Cooperating)

   Term Loan            0.80        CRISIL D (Issuer Not
                                    Cooperating)

CRISIL Ratings has been consistently following up with ICHPL for
obtaining information through letter and email dated May 15, 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 ICHPL, which restricts CRISIL
Ratings' ability to take a forward looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on ICHPL
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the ratings on bank facilities of
ICHPL continues to be 'CRISIL D Issuer Not Cooperating'.

Incorporated in 2006, ICHPL operates a 100-bed multi-specialty
hospital in Hyderabad. The operations of the hospital are managed
by its promoter, Dr. KS Murthy and Dr. K Sujanee Murthy.


J.P. INDUSTRIES: CRISIL Keeps D Debt Rating in Not Cooperating
--------------------------------------------------------------
CRISIL Ratings said the rating on bank facilities of J. P.
Industries (JPI) continues to be 'CRISIL D Issuer Not
Cooperating'.

                       Amount
   Facilities       (INR Crore)     Ratings
   ----------       -----------     -------
   Cash Credit            6         CRISIL D (Issuer Not
                                    Cooperating)

CRISIL Ratings has been consistently following up with JPI for
obtaining information through letter and email dated May 15, 2024
among others, apart from telephonic communication. However, the
issuer has remained non cooperative.

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

Detailed Rationale

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

JPI was established in 1990 as a partnership firm by Mr Harish
Kumar, Mr Ashok Kumar and Mr Rakesh Kumar. The firm processes
basmati rice at its plant at Jalalabad in Punjab. It has milling
and sorting capacity of 4 tonne per hour.


JAI MAANGARH: CRISIL Keeps D Debt Rating in Not Cooperating
-----------------------------------------------------------
CRISIL Ratings said the rating on bank facilities of Jai Maangarh
Palace (JMP) continues to be 'CRISIL D Issuer Not Cooperating'.

                       Amount
   Facilities       (INR Crore)     Ratings
   ----------       -----------     -------
   Long Term Loan        7.4        CRISIL D (Issuer Not
                                    Cooperating)

CRISIL Ratings has been consistently following up with JMP for
obtaining information through letter and email dated May 15, 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 JMP, which restricts CRISIL
Ratings' ability to take a forward looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on JMP
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the ratings on bank facilities of
JMP continues to be 'CRISIL D Issuer Not Cooperating'.

JMP is a sole proprietorship concern of Mr Sanjay Bhandari,
established in 2017. It is constructing a hotel in Udaipur, which
is to start commercial operations by January 2020. Mr Sanjay
Bhandari is associated with another firm, Jain Trading Co, which
trades in agricultural commodities.


JAIN POLYFAB: CRISIL Assigns B+ Rating to INR23.30cr LT Loan
------------------------------------------------------------
CRISIL Ratings has assigned its 'CRISIL B+/Stable' rating on the
long term bank facilities of Jain Polyfab Private Limited (JPPL).

                        Amount
   Facilities        (INR Crore)     Ratings
   ----------        -----------     -------
   Cash Credit           6.35        CRISIL B+/Stable (Assigned)
   Long Term Loan       23.30        CRISIL B+/Stable (Assigned)

The ratings reflect risks related to ongoing projects, its expected
leveraged capital structure and intense competition in the HDPE/PP
woven bag industry. These weaknesses are partially offset by the
established presence of the promoters in the High Density
Polyethylene (HDPE) and Polypropylene (PP) woven fabric bags
segment, and low funding risk for the project.

Analytical Approach

Unsecured loans by the promoters is considered to be 25% debt and
75% equity, since these loans are subordinated to the bank
facilities.

Key Rating Drivers & Detailed Description

Weaknesses:

* Exposure to implementation risks related to ongoing project: JPPL
is scheduled to commence its operations from August 2024, however,
any delay in project completion or significant cost overruns may
adversely impact the company's operations. Demand risk is also
expected to be medium as the industry is highly fragmented marked
by low entry barriers with small capital and technological
requirements. Also, it will be exposed to intense competition from
other larger players in the segment. Timely completion and
successful stabilization of its operations at the new unit will
remain a key rating sensitivity factor.

* Expected leveraged capital structure: JPPL is likely to have an
average financial risk profile with high gearing and moderate debt
protection metrics as the project cost of INR34 crore is being
funded in a debt-equity ratio of 2.1 times.

* Intense competition in the HDPE/PP woven bags industry: The
industry for HDPE/PP woven bags is highly fragmented as there are
several unorganized players with small capacities catering to
regional demand, due to economies in transport costs and generally
short period service requirements thus restricting opportunities
for players to increase the scale of operations. This possesses
competition risk to JPPL and limits opportunities to scale up
operations.

Strengths:

* Established presence of the promoters: The promoters have
established their presence in the High Density Polyethylene (HDPE)
and Polypropylene (PP) woven fabric bags segment. More than three
decades long diversified entrepreneurial experience of the
promoters across businesses has helped them develop healthy
business relationships in the region. This is expected to support
the company in quickly ramping up the operations going forward.

* Moderate funding risk: The funding risk for the project is low as
term loan of INR23 crores has been sanctioned. This along with
promoter's funds should support timely project completion. The term
loan disbursement of Rs. 12.83 crores and unsecured loans from
promoters of INR7.6 crores has been infused as on March 2024.

Liquidity: Stretched

The liquidity of the company is stretched due to the net cash
accruals to long term debt repayments with expected NCA/LTD ratio
of below 1 times in the fiscal 2026 which is the first full year of
operations and first year of repayments. The liquidity is supported
by the unsecured loans by the promoters. The company has availed
cash credit facility of Rs. 6.35 in order to support the working
capital requirements of the company. Tinely promoter infusion
should support the liquidity and remains a key monitorable in the
medium term.

Outlook: Stable

CRISIL ratings believes that JPPL will benefit over the medium term
from its promoter extensive industry experience.

Rating Sensitivity factors

Upward factors:

* Stabilizes operations at its proposed plant in a timely manner
leading to healthy cash accruals of above INR3.5 crores
* Sustained improvement in capital strcuture and liquidity profile

Downward factors:

* Faces a considerable delay in the commencement of its operations,
impacting debt repaying ability
* Generates significantly low cash accruals below INR2.5 crores
during its initial phase of operations leading deterioration of
liquidity

JPPL was incorporated on March 28, 2022 by Mr. Mr. Amit Kumar Jain
and Mrs. Supriya Jain. The company is setting up manufacturing unit
at SIDCO Industrial Complex, Bari Brahmana, Jammu and Kashmir for
the production of HDPE/PP/LD Woven Fabric Bags.


KWALITY: Sebi Fines Ex-MD, Others for Misrepresenting Financials
----------------------------------------------------------------
The Economic Times reports that markets regulator Sebi on June 28
slapped fines totalling INR3.75 crore on former promoter and MD of
dairy firm Kwality's Sanjay Dhingra and other entities for
misrepresenting the financials of the company.

Individually, the regulator imposed a fine of INR1.5 crore each on
Sanjay Dhingra and Sidhant Gupta (former director and member of
Kwality's audit committee) and INR75 lakh on Satish Kumar Gupta
(Chief Financial Officer), ET relates.

The regulator also barred these individuals from the securities
market for two years.

The Income Tax Department (ITD), in March 2018, conducted search
and seizure operations of Kwality Ltd and referred the matter to
the Securities and Exchange Board of India (Sebi) to examine
possible violations of the securities law, ET recalls.

Sebi initiated an investigation for the 2016-2018 period to
ascertain whether there was any violation of the provisions of the
Prohibition of Fraudulent and Unfair Trade Practices (PFUTP) and
the Listing Obligations and Disclosure Requirements (LODR) rules.

The market watchdog noted that the show cause notice has recorded
INR7,574.88 crore as the amount of misrepresentation as calculated
by auditor Bagchi and Gupta, ET says.

"I note that the financial statements of Kwality were fraudulently
manipulated and the figures contained therein were significantly
misstated/misrepresented, including revenue and sales, expenses,
capital assets, inventories, debtors payable, creditors receivable,
etc, leading to the publication of untrue and misleading financial
results of the company during FY 2016-17 to 2018-19," ET quotes
Sebi's Chief General Manager K Saravanan as saying in the final
order.

Sebi noted that if the instances of misstatement/misrepresentation
in the financial statements of Kwality had been correctly reflected
and published in the form of actual financials, the profit/ losses
and financial position of the company would have been different
from the reported financial statements.

Accordingly, this violated the provisions of PFUTP rules and LODR
norms, Sebi said.

In addition, Sebi has also observed that Dhingra was the promoter
and the MD of Kwality as per the disclosures in the annual reports
of the company during the period FY 2016-17 to FY 2018-19, ET
notes.

                           About Kwality

Kwality Ltd is engaged in the business of milk processing and
manufacturing of dairy products, including ghee, milk powders,
lassi, chaach, flavoured milk etc. It owns two milk processing
units, one in Softa, Haryana, and another in Dibai, Uttar Pradesh.

Kwality went into insolvency process in December 2018 and was
acquired by Sarda Mines through the liquidation process in 2022.


MAHIMA MILK: CRISIL Keeps D Debt Ratings in Not Cooperating
-----------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Shiv Mahima
Milk Products Private Limited (SMPL) continue to be 'CRISIL D
Issuer Not Cooperating'.

                        Amount
   Facilities        (INR Crore)     Ratings
   ----------        -----------     -------
   Cash Credit            6          CRISIL D (Issuer Not
                                     Cooperating)

   Long Term Loan         6.6        CRISIL D (Issuer Not
                                     Cooperating)

CRISIL Ratings has been consistently following up with SMPL for
obtaining information through letter and email dated May 15, 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 SMPL, which restricts CRISIL
Ratings' ability to take a forward looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on SMPL
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the ratings on bank facilities of
SMPL continues to be 'CRISIL D Issuer Not Cooperating'.

SMPL was incorporated in 2013, promoted by the Mittal family. The
Jaipur-based company has set up a wheat-processing unit with a
grinding capacity of 63,000 tpa at Shahapur to manufacture maida,
wheat, and bran. The key promoter, Mr Bharat Mittal manages
operations along with his wife, Ms Mukta Mittal.


PARSVNATH DEVELOPERS: CRISIL Withdraws D Rating on INR29.7cr Loan
-----------------------------------------------------------------
CRISIL Ratings has withdrawn the ratings on certain bank facilities
of Parsvnath Developers Limited (PDL), as:

                        Amount
   Facilities        (INR Crore)      Ratings
   ----------        -----------      -------
   Cash Credit           6            CRISIL D (ISSUER NOT
                                      COOPERATING; Withdrawn)

   Cash Credit           0.5          CRISIL D (ISSUER NOT
                                      COOPERATING; Withdrawn)

   Cash Credit          29.74         CRISIL D (ISSUER NOT
                                      COOPERATING; Withdrawn)

   Cash Credit           9.5          CRISIL D (ISSUER NOT
                                      COOPERATING; Withdrawn)

In accordance with the terms of the rating agreement with PDL,
CRISIL Ratings has sent repeated reminders for payment of fees
towards the surveillance exercise through letters and emails dated
Apr 24, 2024, May 24, 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 while using the rating assigned/ reviewed with
the suffix 'ISSUER NOT COOPERATING'.

On account of lack of management cooperation towards non-payment of
fees, CRISIL Ratings has reaffirmed the rating on bank facilities
of PDL at 'CRISIL D Issuer Not Cooperating'.

Detailed Rationale

The rating on cash credit facility of INR15.5 crore, has been
withdrawn at the company's request as these limits were reduced
from existing facilities of PDL. The rating action is in line with
CRISIL Ratings' policy on withdrawal of its ratings on bank
facilities.

The reaffirmation reflects delay in servicing of debt obligations
of Cash Credit account. The cash credit account though remains
overdrawn for less than 30 days. Further, the balance sheet for
fiscal 2023 also reflects default on debt facilities. Management
has articulated that it has entered into agreements and requesting
with lenders for repayment of defaulted debt in a time bound
manner. Some of these agreements are under process. However, CRISIL
Ratings has not been able to verify the same through independent
sources. The reaffirmation at D, thus, reflects delay in servicing
of debt obligations of Cash Credit account and inability to confirm
timely debt servicing on entire debt.

PDL is also exposed to cyclicality inherent in the real estate
sector. However, it benefits from the extensive experience of its
promoters in the real estate industry.

Analytical Approach

For arriving at the rating, CRISIL Ratings has combined the
business and financial risk profiles of PDL and its subsidiaries
and associates. This is because all these entities, collectively
referred to as PDL, are managed by the same promoters and have
financial linkages.

Key Rating Drivers & Detailed Description

Weaknesses:

* Stretched liquidity reflected by ongoing overdues in the group:
There has been sustained overdues in debt servicing in group on
account of stretched liquidity. The group continues to show
interest accrued and due of INR330 crores as on March 31, 2023. For
the rated amount of cash credit facility, the overdues have been
upto 30 days in recent months, primarily due to levy of monthly
interest. Regularization of debt servicing will remain a key rating
sensitivity factor.

* Susceptibility to cyclical demand inherent in the real estate
sector: The real estate sector in India is cyclical and affected by
volatile prices, opaque transactions and a highly fragmented market
structure. Hence, business risk profile will remain susceptible to
risks arising from any industry slowdown

Strength:

* Promoters' extensive experience: Healthy track record of over two
decades in the real estate sector has enabled the promoters to
develop a well-diversified portfolio, which includes residential
apartments and townships, commercial and retail space, special
economic zones (SEZs), information technology (IT) parks, and
hotels. It is also engaged in the construction contracting
business.

Liquidity: Poor

Liquidity is Poor due to the slowdown in sales and flow of customer
advances from projects. Company has been reducing its existing
limits in the bank.

Rating Sensitivity factors

Upward Factors:

* Track Record of timely debt servicing for atleast 90 days
* Sustainable improvement in financial risk profile

                          About the Group

Incorporated in 1990, PDL develops real estate projects and has a
well-diversified portfolio of residential apartments, integrated
townships, commercial and retail projects, SEZs, IT parks, and
hotels. It is also engaged in the construction contracting
business. While the company has delivered about 1.78 crore square
feet (sq ft) through its 68 completed projects, the ongoing project
portfolio comprises around 39 projects spread over about 3.59 crore
sq ft. It has pan-India presence but has undertaken majority of
projects in Delhi and the National Capital Region.


PIRAMAL CAPITAL: Moody's Assigns First Time Ba3 LT CFR
------------------------------------------------------
Moody's Ratings has assigned a first-time Ba3 long-term corporate
family rating to Piramal Capital and Housing Finance Limited
(PCHFL). The outlook is stable.

RATINGS RATIONALE

The rating of India-based PCHFL is based on the consolidated
financials of Piramal Enterprises Limited (PEL), reflecting the
strong operational and business linkages between the two entities,
common management, funding and risk management. In May 2024, PEL's
board of directors approved a composite scheme of arrangement,
whereby PEL would be reverse merged into PCHFL. The merger is
subject to regulatory approvals and is expected to be completed in
9-12 months.

PCHFL's Ba3 CFR is driven by its high capitalization and an
increasingly diversified portfolio mix, offset by its relatively
low profitability, risks from its legacy real estate exposures and
wholesale funding.

Capitalization is a key credit strength. Its tangible common equity
to tangible managed assets (TCE/TMA) ratio was strong at 31.8% with
a consolidated regulatory capital adequacy ratio of 25.6% as of the
end of March 2024. While Moody's expect the company's
capitalization to decline due to balance-sheet growth and further
clean-up of its legacy real estate exposures, the strong capital
level provides adequate cushion against unexpected risks.

Since 2021, after the acquisition of Dewan Housing Finance Limited,
the company has diversified its loan book into retail and
small-ticket corporate and real estate sectors, which represent 79%
of its consolidated assets under management (AUM) as of end of
March 2024, up from 34% as of the end of March 2022. The retail
loans are further diversified across mortgages, loans against
property, used car financing and unsecured consumer and business
loans. Although delinquencies in the retail loans are low, the
portfolio is yet to season because it has grown rapidly over the
past few years.

Legacy real estate exposures represent about 21% of the AUM. While
the company has significantly reduced this portfolio over the past
few years, the reduction has entailed sizable credit costs.

Moody's expect the company's twin strategy of increasing retail and
mid-market exposures while reducing the legacy lumpy real estate
exposures will help improve the granularization of the loan book
and reduce the risk of volatility in its asset quality, a credit
positive.

The company's core profitability, excluding the legacy real estate
exposures, is moderate due to the investments related to the
ramping up of its branch network and human resources over the past
two years. Its credit costs have also been elevated due to the
running down of legacy real estate exposures and the one-time loan
loss provisioning on the alternate investment fund investments due
to regulatory guidance. As a result, the company reported a loss in
the year ended March 31, 2024 (FY 2024) with a return on average
assets of –2%. While its increased operating leverage will help
improve operating profitability, its net profitability will remain
moderate in the next 1-2 years because of credit costs associated
with further reduction of the legacy real estate exposures.

Like industry peers, the company relies fully on wholesale sources
for its funding needs. The company maintains access to the domestic
bond and bank loan market. While its on-balance sheet liquidity is
modest like other Indian peers, the company matches the maturities
of its assets and liabilities, which helps manage liquidity.

ENVIRONMENTAL, SOCIAL AND GOVERNANCE (ESG) CONSIDERATIONS

The rating incorporates PCHFL's ESG considerations, as per Moody's
General Principles for Assessing Environmental, Social and
Governance Risks Methodology. The company faces moderate social and
governance risks. This is reflected in its Social Issuer Profile
Score (IPS) of S-3 and Governance IPS of G-3. Moody's assessment of
PCHFL's governance risk takes into account its risk management
framework commensurate with its risk appetite, balanced by its
nascent consumer franchise, relatively risky target customers,
inherent risks related to the cyclical nature of the real estate
sector and modest on-balance-sheet liquidity.  Overall, the
company's Credit Impact Score of CIS-3 indicates that ESG
considerations have limited impact on the current credit rating
with potential for greater negative impact over time.

FACTORS THAT COULD LEAD TO AN UPGRADE OR DOWNGRADE OF THE RATING

WHAT COULD MOVE THE RATING UP

Moody's could upgrade PCHFL's rating if the company manages to: (1)
meaningfully reduce its legacy real estate exposures and maintains
stable, through-the-cycle, asset quality of retail loans and (2)
improves overall profitability with a return on average assets
above 2.5%, helped by improved operating leverage and lower credit
costs, while maintaining high capitalization.

WHAT COULD MOVE THE RATING DOWN

Moody's could downgrade the rating if the company's asset quality
or capitalization deteriorates, or its access to funding worsens.
In addition, a reduction in regulatory capital below 17% could lead
to a rating downgrade.

The principal methodology used in this rating was Finance Companies
Methodology published in November 2019.

Piramal Enterprise Limited and Piramal Capital and Housing Finance
Limited are headquartered in Mumbai and reported consolidated
assets of INR826.0 billion and INR658.6 billion, respectively, as
of March 31, 2024.

R. K. STEEL: CRISIL Keeps B Debt Rating in Not Cooperating
----------------------------------------------------------
CRISIL Rating said the rating on bank facilities of R. K. Steel and
Alloys (RKSA) continues to be 'CRISIL B/Stable Issuer Not
Cooperating'.

                       Amount
   Facilities       (INR Crore)    Ratings
   ----------       -----------    -------
   Cash Credit            9        CRISIL B/Stable (Issuer Not
                                   Cooperating)

CRISIL Ratings has been consistently following up with RKSA for
obtaining information through letter and email dated May 15, 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 RKSA, which restricts CRISIL
Ratings' ability to take a forward looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on RKSA
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the ratings on bank facilities of
RKSA continues to be 'CRISIL B/Stable Issuer Not Cooperating'.

Set up in 1998 in Punjab as a partnership firm by Mr Ravi Kant and
Mr Vijay kant, RKSA manufactures thermo-mechanically treated bars,
and engineering parts such as machinery and auto parts. Facility in
Mandi Gobindgarh, Punjab, with installed capacity of 30,000 tonne
per annum.


RAASHRI PAINTS: CRISIL Keeps D Debt Ratings in Not Cooperating
--------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Raashri
Paints and Barrels Private Limited (RPBPL; previously known as
Evergreen Drums and Cans Private Limited) continue to be 'CRISIL
D/CRISIL D Issuer Not Cooperating'.

                        Amount
   Facilities        (INR Crore)     Ratings
   ----------        -----------     -------
   Cash Credit            7.5        CRISIL D (Issuer Not
                                     Cooperating)

   Corporate Loan         6          CRISIL D (Issuer Not
                                     Cooperating)

   Letter of Credit      10          CRISIL D (Issuer Not
                                     Cooperating)

   Proposed Long Term     0.35       CRISIL D (Issuer Not
   Bank Loan Facility                Cooperating)

   Term Loan              6.15       CRISIL D (Issuer Not
                                     Cooperating)

CRISIL Ratings has been consistently following up with RPBPL for
obtaining information through letter and email dated May 15, 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 RPBPL, which restricts CRISIL
Ratings' ability to take a forward looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on RPBPL
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the ratings on bank facilities of
RPBPL continues to be 'CRISIL D/CRISIL D Issuer Not Cooperating'.

EDCPL was originally set up as a partnership firm in 1974; the firm
was reconstituted as a private limited company in 1992-93 (refers
to financial year, April 1 to March 31). It manufactures metal
containers, cans, roll-on-pilfer-proof caps, barrels, and drums.
Its day-to-day operations are being managed by Mr. Kamal
Jhunjhunwala.


RAMGO MODERN: CRISIL Keeps B Debt Ratings in Not Cooperating
------------------------------------------------------------
CRISIL Rating said the ratings on bank facilities of Ramgo Modern
Rice Mill (RMRM) continue to be 'CRISIL B/Stable Issuer Not
Cooperating'.

                       Amount
   Facilities       (INR Crore)     Ratings
   ----------       -----------     -------
   Cash Credit          0.75        CRISIL B/Stable (Issuer Not
                                    Cooperating)

   Cash Credit          5           CRISIL B/Stable (Issuer Not
                                    Cooperating)

CRISIL Ratings has been consistently following up with RMRM for
obtaining information through letter and email dated May 15, 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 RMRM, which restricts CRISIL
Ratings' ability to take a forward looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on RMRM
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the ratings on bank facilities of
RMRM continues to be 'CRISIL B/Stable Issuer Not Cooperating'.

Set up in 1984 as a proprietorship concern by Mr Ramaiah
Govindammal, RMRM mills and processes paddy into rice, rice bran,
and broken rice. It also trades in paddy for a commission.


RAVI TEXO: CRISIL Keeps D Debt Rating in Not Cooperating Category
-----------------------------------------------------------------
CRISIL Ratings said the rating on bank facilities of Ravi Texo Fab
Private Limited (RTFPL) continues to be 'CRISIL D Issuer Not
Cooperating'.

                        Amount
   Facilities        (INR Crore)     Ratings
   ----------        -----------     -------
   Cash Credit             6.5       CRISIL D (Issuer Not
                                     Cooperating)

CRISIL Ratings has been consistently following up with RTFPL for
obtaining information through letter and email dated May 15, 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 RTFPL, which restricts CRISIL
Ratings' ability to take a forward looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on RTFPL
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the ratings on bank facilities of
RTFPL continues to be 'CRISIL D Issuer Not Cooperating'.

RTFPL, incorporated in November 1994 at Panipat, Haryana, trades in
all types of yarn, fabrics, and handloom goods. The company is
managed by Mr Vaibhav Khurana.


REDHU HATCHERIES: CRISIL Keeps D Debt Ratings in Not Cooperating
----------------------------------------------------------------
CRISIL Rating said the ratings on bank facilities of Redhu
Hatcheries Private Limited (RHPL) continue to be 'CRISIL D Issuer
Not Cooperating'.

                      Amount
   Facilities       (INR Crore)     Ratings
   ----------       -----------     -------
   Cash Credit          9.14        CRISIL D (Issuer Not
                                    Cooperating)

   Funded Interest      7.17        CRISIL D (Issuer Not
   Term Loan                        Cooperating)

   Term Loan            5.03        CRISIL D (Issuer Not
                                    Cooperating)

   Working Capital     18.66        CRISIL D (Issuer Not
   Term Loan                        Cooperating)

CRISIL Ratings has been consistently following up with RHPL for
obtaining information through letter and email dated May 15, 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 RHPL, which restricts CRISIL
Ratings' ability to take a forward looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on RHPL
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the ratings on bank facilities of
RHPL continues to be 'CRISIL D Issuer Not Cooperating'.

Incorporated in 1992 by Mr Baljeet Singh and his brother Mr
Mohinder Singh, RHPL undertakes poultry farming. It sells day-old
chicks and eggs. The hatchery units and broiler farms are based out
of Jind (Haryana).


REFRICO: CRISIL Keeps B Debt Rating in Not Cooperating Category
---------------------------------------------------------------
CRISIL Rating said the rating on bank facilities of Refrico
continues to be 'CRISIL B/Stable Issuer Not Cooperating'.

                       Amount
   Facilities       (INR Crore)    Ratings
   ----------       -----------    -------
   Cash Credit            5        CRISIL B/Stable (Issuer Not
                                   Cooperating)

CRISIL Ratings has been consistently following up with Refrico for
obtaining information through letter and email dated May 15, 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 Refrico, which restricts CRISIL
Ratings' ability to take a forward looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on
Refrico is consistent with 'Assessing Information Adequacy Risk'.
Based on the last available information, the ratings on bank
facilities of Refrico continues to be 'CRISIL B/Stable Issuer Not
Cooperating'.

Refrico was set up in 1975 as a partnership firm; daily operations
are managed by Mr B N Rastogi. The firm trades in and distributes
home appliances such as air conditioners, refrigerators, TV sets,
and washing machines of several brands at its three retail
showrooms in Lucknow.


SATYAM ISPAT: CRISIL Keeps D Debt Ratings in Not Cooperating
------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Satyam Ispat
(North East) Limited (SINEL) continue to be 'CRISIL D/CRISIL D
Issuer Not Cooperating'.

                        Amount
   Facilities        (INR Crore)     Ratings
   ----------        -----------     -------
   Bank Guarantee        0.5         CRISIL D (Issuer Not
                                     Cooperating)

   Cash Credit          16.5         CRISIL D (Issuer Not
                                     Cooperating)

   Cash Credit           4.4         CRISIL D (Issuer Not
                                     Cooperating)

   Letter of Credit      9.5         CRISIL D (Issuer Not
                                     Cooperating)

   Proposed Term Loan    9.2         CRISIL D (Issuer Not
                                     Cooperating)

   Working Capital       5.1         CRISIL D (Issuer Not
   Term Loan                         Cooperating)

   Working Capital       8.8         CRISIL D (Issuer Not
   Term Loan                         Cooperating)

CRISIL Ratings has been consistently following up with SINEL for
obtaining information through letter and email dated May 15, 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 SINEL, which restricts CRISIL
Ratings' ability to take a forward looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on SINEL
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the ratings on bank facilities of
SINEL continues to be 'CRISIL D/CRISIL D Issuer Not Cooperating'.

SINEL, incorporated in 2005, is a part of Satyam Group of
Industries. It commenced commercial operations in April 2007, and
manufactures TMT bars and mild steel billets, which it sells under
Satyam Super TMT brand. The company has a semi-integrated plant in
Assam, with capacity to manufacture TMT and mild steel billets.


SGM PACKAGING: CRISIL Keeps D Debt Ratings in Not Cooperating
-------------------------------------------------------------
CRISIL Rating said the ratings on bank facilities of SGM Packaging
Industries (SGM) continue to be 'CRISIL D/CRISIL D Issuer Not
Cooperating'.

                        Amount
   Facilities        (INR Crore)      Ratings
   ----------        -----------      -------
   Bank Guarantee        1.25         CRISIL D (Issuer Not
                                      Cooperating)
      
   Cash Credit           3.5          CRISIL D (Issuer Not
                                      Cooperating)

   Letter of Credit      0.25         CRISIL D (Issuer Not
                                      Cooperating)

   Proposed Long Term    2            CRISIL D (Issuer Not
   Bank Loan Facility                 Cooperating)

   Term Loan             0.5          CRISIL D (Issuer Not
                                      Cooperating)


CRISIL Ratings has been consistently following up with SGM for
obtaining information through letter and email dated May 15, 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 SGM, which restricts CRISIL
Ratings' ability to take a forward looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on SGM
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the ratings on bank facilities of
SGM continues to be 'CRISIL D/CRISIL D Issuer Not Cooperating'.

Set up in 2007 as a proprietorship firm by Mr. Rajesh Chauhan, SGM
manufactures wooden crates, corrugated paper boxes, and plastic
pallets at its facility in Gurgaon.


SIX SIGMA: CRISIL Reaffirms B Rating on INR13.4cr Term Loan
-----------------------------------------------------------
CRISIL Rating has reaffirmed its 'CRISIL B/Stable' rating on the
long-term bank facilities of Six Sigma Medicare And Research Ltd
(SSMRL).

                        Amount
   Facilities        (INR Crore)    Ratings
   ----------        -----------    -------
   Cash Credit           3.5        CRISIL B/Stable (Reaffirmed)


   Proposed Long Term    4.1        CRISIL B/Stable (Reaffirmed)
   Bank Loan Facility    

   Term Loan            13.4        CRISIL B/Stable (Reaffirmed)

The ratings continue to reflect the company's weak financial risk
profile, large working capital requirement, and exposure to intense
competition and geographic concentration risk. These weaknesses are
partially offset by the extensive experience of the promoters in
the healthcare industry.

Key rating drivers and detailed description

Weaknesses:

* Modest financial risk profile: Capital structure was highly
leveraged, as reflected in gearing and total outside liabilities to
tangible networth ratio of 40.14 times and 67.91 times,
respectively, as on March 31, 2023, along with modest networth of
INR0.64 crore. The capital structure is estimated to sustain at
similar levels in fiscal 2024. With subdued operating performance
and significantly low cash accrual, the financial risk profile
remains subdued. Debt protection metrics were average, as indicated
by interest coverage and net cash accrual to adjusted debt ratios
of 0.95 times and 0.00 time, respectively, in fiscal 2023, and will
remain weak in fiscal 2024. Sustained improvement in operating
performance will be a key monitorable.

* Large working capital requirement: Operations are working capital
intensive, as reflected in receivables of 90-210 days in the last
three fiscals. The working capital cycle is supported by payables
and bank limits.

* Exposure to competition and geographic concentration risk:
Operations are concentrated in Nashik, Maharashtra, with patients
primarily from nearby regions, exposing the company to geographic
concentration risk. The hospital faces competition from other
government and private hospitals in the region, which has led to
modest revenue growth. The company recently discontinued operations
at its Malegaon hospital, leading to loss of revenue.

Strength:

* Extensive experience of the promoters: The new management brings
in technical expertise and has extensive experience in the
healthcare industry, which will support the business. The
management have been changed to Kochar and Mahajan family who bring
in expertise of more than 15 years in the industry

Liquidity: Stretched

Bank limit utilisation was high at 84.24% for the nine months
through February 2024. Cash accrual, expected at INR2.0-2.5 crore
per fiscal will sufficiently cover term debt obligation of
INR1.6-1.7 crore over the medium term.

Current ratio was moderate at 1.16 times as on March 31, 2023. The
promoters will extend equity and unsecured loans to meet working
capital requirement and debt obligation.

Outlook: Stable

SSMRL will benefit from the entrepreneurial experience of the
promoters.

Rating sensitivity factors

Upward factors:

* Sharp improvement in revenue along with better operating
performance leading to higher cash accrual
* Improvement in the capital structure, with gearing less than 3.5
times

Downward factors:

* Significant decline in revenue or operating margin leading to
cash accrual less than INR1.2 crore
* Further stretch in the working capital cycle or large capital
expenditure weakening the financial risk profile

Incorporated in 2012, SSMRL manages a multispecialty hospital in
Nashik with capacity of around 150 beds. Dr Anuj Bhasin, Dr Abhay
Bhorse, Mr Sandeep Khivansara, Ms Sneha Kulkarni, Mr Swapnil Parekh
and Ms Sonika Bhasin are the promoters.


VANANCHAL VILLAS: CRISIL Keeps B Debt Rating in Not Cooperating
---------------------------------------------------------------
CRISIL Rating said the rating on bank facilities of Vananchal
Villas LLP (VLVL) continues to be 'CRISIL B/Stable Issuer Not
Cooperating'.

                          Amount
   Facilities          (INR Crore)    Ratings
   ----------          -----------    -------
   Proposed Long Term        8        CRISIL B/Stable (Issuer Not
   Bank Loan Facility                 Cooperating)

CRISIL Ratings has been consistently following up with VLVL for
obtaining information through letter and email dated May 15, 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 VLVL, which restricts CRISIL
Ratings' ability to take a forward looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on VLVL
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the ratings on bank facilities of
VLVL continues to be 'CRISIL B/Stable Issuer Not Cooperating'.

VLVL, incorporated in 2019, is currently setting up a hotel, hall
and restaurant to offer hospitality services. Operations are
managed by the partners, Mr Sandeep Padia, Mrs Ragini Padia, Mr
Manmohan Agarwal and Mr Ashutosh Agarwal.


VISHAL INFRAGLOBAL: CRISIL Keeps D Ratings in Not Cooperating
-------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Vishal
Infraglobal Private Limited (VIPL) continue to be 'CRISIL D/CRISIL
D Issuer Not Cooperating'.

                        Amount
   Facilities        (INR Crore)     Ratings
   ----------        -----------     -------
   Bank Guarantee        47          CRISIL D (Issuer Not
                                     Cooperating)
  
   Cash Credit           12.5        CRISIL D (Issuer Not
                                     Cooperating)

   Cash Credit           12.5        CRISIL D (Issuer Not
                                     Cooperating)

CRISIL Ratings has been consistently following up with VIPL for
obtaining information through letter and email dated May 15, 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 VIPL, which restricts CRISIL
Ratings' ability to take a forward looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on VIPL
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the ratings on bank facilities of
VIPL continues to be 'CRISIL D/CRISIL D Issuer Not Cooperating'.

VIPL was originally established as a proprietorship concern by Mr.
Virsangbhai F Chaudhary in 1990. The firm was reconstituted as
partnership firm in 2007 and subsequently as a private limited
company in 2012. The company undertakes construction of roads and
bridges and is recognized as an AA-class contractor by the
Government of Gujarat for the execution of road projects.


WONDERLAND AMUSEMENT: CRISIL Keeps B+ Rating in Not Cooperating
---------------------------------------------------------------
CRISIL Rating said the rating on bank facilities of Wonderland
Amusement Park Private Limited (Wonderland) continues to be 'CRISIL
B+/Stable Issuer Not Cooperating'.

                        Amount
   Facilities        (INR Crore)    Ratings
   ----------        -----------    -------
   Overdraft Facility     5         CRISIL B+/Stable (Issuer Not
                                    Cooperating)

CRISIL Ratings has been consistently following up with Wonderland
for obtaining information through letter and email dated May 15,
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 Wonderland, which restricts
CRISIL Ratings' ability to take a forward looking view on the
entity's credit quality. CRISIL Ratings believes that rating action
on Wonderland is consistent with 'Assessing Information Adequacy
Risk'. Based on the last available information, the ratings on bank
facilities of Wonderland continues to be 'CRISIL B+/Stable Issuer
Not Cooperating'.

Wonderland was established by Mr Kulwant Singh and Mr Kuldeep Singh
in 1997 as a partnership firm and was incorporated as private
limited company in 2001. The company operates an amusement park in
Jalandhar, Punjab.


YASIKA STEELS: CRISIL Keeps D Debt Ratings in Not Cooperating
-------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Yasika Steels
Private Limited (YSPL) continue to be 'CRISIL D Issuer Not
Cooperating'.

                        Amount
   Facilities        (INR Crore)     Ratings
   ----------        -----------     -------
   Cash Credit             3         CRISIL D (Issuer Not
                                     Cooperating)

   Funded Interest         1.51      CRISIL D (Issuer Not
   Term Loan                         Cooperating)

   Proposed Long Term      5.06      CRISIL D (Issuer Not
   Bank Loan Facility                Cooperating)

   Term Loan               0.68      CRISIL D (Issuer Not
                                     Cooperating)

   Working Capital         4.75      CRISIL D (Issuer Not
   Demand Loan                       Cooperating)

CRISIL Ratings has been consistently following up with Yasika
Steels Private Limited (YSPL) for obtaining information through
letter and email dated May 15, 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 YSPL, which restricts CRISIL
Ratings' ability to take a forward looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on YSPL
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the ratings on bank facilities of
YSPL continues to be 'CRISIL D Issuer Not Cooperating'.

YSPL, incorporated in 2005 and promoted by Mr Viral R Malaviya and
his wife, Ms Poonam Viral Malaviya, manufactures and trades in
steel products, mainly bright steel bars.




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

SHARP CORP: Vows to Achieve Profitability at Annual Meeting
-----------------------------------------------------------
The Japan Times reports that Sharp Corp. will work hard to achieve
profitability after two consecutive years of net loss, Executive
Vice President Masahiro Okitsu told shareholders on June 27.

Okitsu became president and CEO of the Japanese electronics maker
later on June 27, replacing Wu Po-Hsuan, who stepped aside to
become deputy chairman, according to the report.

The Japan Times relates that the company will "engage in selection
and concentration, and invest in unique products," Okitsu said at a
shareholder meeting in Sakai, Osaka Prefecture. The comments came
after Sharp last month released a plan to focus on its brand
businesses including household appliances.

Wu apologized for the company's dismal earnings.

In response to criticism from shareholders that Sharp's turnaround
plan is unclear, Okitsu said the company will do all it can to meet
shareholder expectations, The Japan Times relays.

Sharp logged a consolidated net loss of JPY149.9 billion for the
year that ended in March, due chiefly to its sluggish liquid
crystal display panel operations, the second straight year of loss,
The Japan Times discloses. The company took restructuring steps,
including stopping production at its Sakai plant, which produces
large LCD panels for television sets.

Thursday [June 27] marked the peak of Japan's general shareholder
meeting season, the report says. Roughly 670 firms, or about 30% of
publicly traded firms with a fiscal period through March, held
shareholder meetings.

                         About Sharp Corp.

Japan-based Sharp Corp. engages in the manufacture and sale of
electronic components and consumer electronic products.

As reported in the Troubled Company Reporter-Asia Pacific in late
May 2024, S&P Global Ratings lowered to 'B-' from 'B+' its
long-term issuer credit rating on Sharp Corp. The outlook on the
Japan-based electronics maker is negative. Meanwhile, S&P affirmed
its 'B' short-term issuer credit and commercial paper program
ratings. S&P took similar actions on an overseas Sharp subsidiary.




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

BOP GROUNDSPREAD: Creditors' Proofs of Debt Due on Aug. 19
----------------------------------------------------------
Creditors of Bop Groundspread Limited are required to file their
proofs of debt by Aug. 19, 2024, to be included in the company's
dividend distribution.

The High Court at Tauranga appointed Lynda Smart and Derek Ah Sam
of Rodgers Reidy as liquidators on June 24, 2024.

CANNASOUTH BIOSCIENCE: Creditors' Meeting Set for July 19
---------------------------------------------------------
Cannasouth Bioscience Limited will hold a meeting for its creditors
on July 19, 2024 at 12:00 p.m.

Agenda of the meeting includes:

   a. to confirm the appointment of Garry Whimp and Benjamin
      Francis as liquidators;

   b. to appoint another liquidator in place of the incumbent;

   c. to appoint a liquidation committee; and

   d. If a committee is appointed, to elect members on the
      committee.

Garry Whimp and Benjamin Francis of Blacklock Rose were appointed
as liquidators of Cannasouth Bioscience Limited on June 6, 2024.


IRONCLAD CONSTRUCTION: Creditors' Proofs of Debt Due on Aug. 26
---------------------------------------------------------------
Creditors of Ironclad Construction Limited are required to file
their proofs of debt by Aug. 26, 2024, to be included in the
company's dividend distribution.

The company commenced wind-up proceedings on June 26, 2024.

The company's liquidators are:

          Christopher Carey McCullagh
          Stephen Mark Lawrence
          PKF Corporate
          PO Box 3678
          Auckland 1140


NEW ZEALAND SECRET: Court to Hear Wind-Up Petition on July 12
-------------------------------------------------------------
A petition to wind up the operations of New Zealand Secret Limited
will be heard before the High Court at Auckland on July 12, 2024,
at 10:45 a.m.

Reality Business Centre SA filed the petition against the company
on April 8, 2024.

The Petitioner's solicitor is:

          Satya Pandaram
          Pandaram Legal, 8 Radnor Street
          PO Box 4033
          Hamilton


OJS NZ: Court to Hear Wind-Up Petition on July 19
-------------------------------------------------
A petition to wind up the operations of OJS NZ Limited will be
heard before the High Court at Auckland on July 19, 2024, at 10:45
a.m.

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

The Petitioner's solicitor is:

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



PONSONBY ROAD HOLDINGS: Chapel Bar & Bistro Goes Into Receivership
------------------------------------------------------------------
Stuff.co.nz reports that a popular Auckland bar has gone into
receivership following the failure to pay a loan worth hundreds of
thousands back to its co-owner.

Chapel Bar & Bistro on Ponsonby Road, which opened in 2005, went
into receivership last week according to documents on the Company
Register, Stuff relates.

Digby Noyce was appointed receiver of Ponsonby Road Holdings by
Kyle David Anderson and Deborah Anderson, the sole director and
major shareholder of the company.

Mr. Noyce, who has been contacted for comment, told The Herald,
that the loan was made by the duo to the company but was unable to
be paid back, Stuff relays.

He said the loan was "fairly substantial" but would not provide the
exact figure, which was in the hundreds of thousands.

Three years ago another business that was originally behind
Ponsonby Road's Chapel Bar, The Red Heads, went into liquidation,
recalls Stuff.

Stuff, citing the Companies Office, discloses that Kyle Anderson
and Craig Anderson are 45% shareholders of the company, which
launched in 2020. Luke and Amanda Dallow have 5% of shares each.

Craig Anderson was a director until late last year.

Documents show Craig Anderson was the director of Pitt Street
Holdings Limited, which had been trading as a bar and restaurant
under the name Pitt St Pub in Auckland Central, which went into
liquidation earlier in the year. Kyle Anderson was a former
director and shareholder.

Kyle Anderson is also the current director of Holy Hop in
Auckland's Kingsland, which is in liquidation owing more than
NZD300,000, Stuff adds.




=====================
P H I L I P P I N E S
=====================

DALI: Aims to Reverse Losses Amid Revenue Growth
------------------------------------------------
BusinessWorld reports that fast-growing hard discount retailer DALI
is confident of turning around its financial operations in the next
five years through the implementation of cost-efficiency measures.

Since opening its first store in Laguna in February 2020, DALI,
backed by the Asian Development Bank, has faced financial
challenges, BusinessWorld says. Despite a 141% revenue jump to
PHP22.3 billion, HDPI's losses more than doubled to PHP1.88 billion
last year. As of end-2023, cumulative losses amounted to PHP3.26
billion, resulting in a capital deficit of PHP1.29 billion,
BusinessWorld discloses.

The company's aggressive expansion efforts contributed to a 255%
surge in operating expenses, reaching PHP3.01 billion.

According to BusinessWorld, the ADB injected $25 million into Hard
Discount Philippines Inc. (HDPI), which operates DALI Everyday.
This funding supports DALI's ongoing expansion plans, including the
rollout of new branches and enhancement of cold chain
infrastructure.

As of end-2023, HDPI, a member of the Switzerland-founded Dali
Discount AG, received additional capital totaling PHP4.67 billion
from shareholders.

BusinessWorld says Venturi Partners, an equity firm, invested $25
million, attracted by DALI's strong business model, capable
management team, and the promising growth potential of the
Philippine retail market.

"Management believes that with the planned increase in equity, the
commitment and continued financial support from the parent company,
and the projected improvement in net profit margin, the company
will generate sufficient cash flows from its operations to meet its
obligations as they fall due," HDPI said.

DALI's commitment to affordability and convenience is drawing
budget-conscious Filipino consumers, potentially challenging
established retail giants like the Sy family's SM, Robinsons of the
Gokongweis, and Lucio Co's Puregold, BusinessWorld notes.




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

FAB MARKET: Court Enters Wind-Up Order
--------------------------------------
The High Court of Singapore entered an order on June 21, 2024, to
wind up the operations of Fab Market Pte. Ltd.

DBS Bank Ltd filed the petition against the company.

The company's liquidators are:

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


HARDWARE ZONE: Creditors' Proofs of Debt Due on July 19
-------------------------------------------------------
Creditors of Hardware Zone Pte. Ltd. are required to file their
proofs of debt by July 19, 2024, to be included in the company's
dividend distribution.

The company commenced wind-up proceedings on June 21, 2024.

The company's liquidators are:

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


INNOVESCO PTE: Court Enters Wind-Up Order
-----------------------------------------
The High Court of Singapore entered an order on June 7, 2024, to
wind up the operations of Innovesco Pte. Ltd.

CIMB Bank Berhad filed the petition against the company.

The company's liquidator is:

          Ms. Oon Su Sun
          c/o Finova Advisory  
          182 Cecil Street
          #23-02 Frasers Tower
          Singapore 069547


THIRTY LOGISTICS: Court to Hear Wind-Up Petition on July 19
-----------------------------------------------------------
A petition to wind up the operations of Thirty Logistics Pte Ltd
will be heard before the High Court of Singapore on July 19, 2024,
at 10:00 a.m.

DBS Bank Ltd filed the petition against the company on June 26,
2024.

The Petitioner's solicitors are:

          Shook Lin & Bok LLP
          1 Robinson Road
          #18-00 AIA Tower
          Singapore 048542


ZEETROPE PRODUCTIONS: Court to Hear Wind-Up Petition on July 19
---------------------------------------------------------------
A petition to wind up the operations of Zeetrope Productions Pte
Ltd will be heard before the High Court of Singapore on July 19,
2024, at 10:00 a.m.

DBS Bank Ltd filed the petition against the company on June 25,
2024.

The Petitioner's solicitors are:

          Shook Lin & Bok LLP
          1 Robinson Road
          #18-00 AIA Tower
          Singapore 048542




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

[*] BOND PRICING: For the Week June 24, 2024 to June 28, 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     74.89
MOSAIC BRANDS LTD        8.00     09/30/24       AUD      0.93
VIRGIN AUSTRALIA HOL     8.00     11/26/24       AUD      0.13
VIRGIN AUSTRALIA HOL     8.13     11/15/24       USD      0.21
VIRGIN AUSTRALIA HOL     8.13     11/15/24       USD      0.21
VIRGIN AUSTRALIA HOL     8.08     03/05/24       AUD      0.16
VIRGIN AUSTRALIA HOL     8.25     05/30/23       AUD      0.08
VIRGIN AUSTRALIA HOL     7.88     10/15/21       USD      0.22
VIRGIN AUSTRALIA HOL     7.88     10/15/21       USD      0.22


   CHINA
   -----

ALETAI CITY JUJIN UR     7.73     10/26/24       CNY     25.43
ANHUI PINGTIANHU INV     7.50     08/13/26       CNY     62.75
ANHUI PINGTIANHU INV     7.50     08/13/26       CNY     60.00
ANLU CONSTRUCTION DE     7.80     11/28/26       CNY     64.27
ANLU CONSTRUCTION DE     7.80     11/28/26       CNY     60.00
ANNING DEVELOPMENT I     8.00     12/04/25       CNY     21.45
ANNING DEVELOPMENT I     8.00     12/04/25       CNY     21.45
ANNING DEVELOPMENT I     8.80     09/11/25       CNY     41.68
ANSHANG WANGTONG CON     7.50     05/06/26       CNY     42.64
ANSHANG WANGTONG CON     7.50     05/06/26       CNY     41.80
ANSHUN CITY XIXIU IN     8.00     01/29/26       CNY     42.39
ANSHUN CITY XIXIU IN     7.90     11/15/25       CNY     41.91
ANSHUN TRANSPORTATIO     7.50     10/31/24       CNY     20.35
ANSHUN TRANSPORTATIO     7.50     10/31/24       CNY     20.27
ANYUE XINGAN CITY DE     7.50     05/06/26       CNY     42.20
ANYUE XINGAN CITY DE     7.50     01/30/25       CNY     20.58
ANYUE XINGAN CITY DE     7.50     01/30/25       CNY     20.57
BIJIE CITY ANFANG CO     7.80     01/18/26       CNY     41.98
BIJIE CITY ANFANG CO     7.80     01/18/26       CNY     41.34
BIJIE QIXINGGUAN DIS     8.05     08/16/25       CNY     41.38
BIJIE QIXINGGUAN DIS     7.60     09/08/24       CNY     20.21
BIJIE TIANHE URBAN C     8.05     12/03/25       CNY     41.93
BIJIE TIANHE URBAN C     8.05     12/03/25       CNY     41.60
BIJIE XINTAI INVESTM     7.80     11/01/24       CNY     20.31
CAOXIAN SHANG DU INV     7.80     10/28/26       CNY     64.17
CAOXIAN SHANG DU INV     7.80     10/28/26       CNY     63.75
CHANGDE DEYUAN INVES     7.70     06/11/25       CNY     21.02
CHANGDE DEYUAN INVES     7.70     06/11/25       CNY     21.01
CHANGDE DINGCHENG JI     7.58     10/19/25       CNY     41.60
CHANGDE DINGCHENG JI     7.58     10/19/25       CNY     41.59
CHENGDU GARDEN WATER     8.00     06/13/25       CNY     20.99
CHENGDU GARDEN WATER     8.00     06/13/25       CNY     20.00
CHENGDU GARDEN WATER     7.50     09/11/24       CNY     20.22
CHENGDU GARDEN WATER     7.50     09/11/24       CNY     20.21
CHISHUI CITY CONSTRU     8.50     01/18/26       CNY     41.71
CHISHUI CITY CONSTRU     8.50     01/18/26       CNY     41.68
CHONGQING HONGYE IND     7.50     12/24/26       CNY     64.37
CHONGQING JIANGLAI I     7.50     10/26/25       CNY     41.66
CHONGQING JIANGLAI I     7.50     10/26/25       CNY     40.00
CHONGQING NANCHUAN C     7.80     08/06/26       CNY     62.87
CHONGQING SHUANGFU C     7.50     09/09/26       CNY     63.38
CHONGQING THREE GORG     7.80     03/01/26       CNY     42.51
CHONGQING THREE GORG     7.80     03/01/26       CNY     40.00
CHONGQING TONGRUI AG     7.50     09/18/26       CNY     63.58
CHONGQING TONGRUI AG     7.50     09/18/26       CNY     60.00
CHONGQING WANSHENG E     7.50     03/27/25       CNY     20.73
CHONGQING WANSHENG E     7.50     03/27/25       CNY     20.73
CHONGQING YUDIAN STA     8.00     11/30/25       CNY     42.00
CHUYING AGRO-PASTORA     8.80     06/26/19       CNY     19.40
DALI URBAN DEVELOPME     8.00     12/25/25       CNY     42.15
DALI URBAN DEVELOPME     8.00     12/25/25       CNY     41.87
DASHIQIAO URBAN CONS     7.59     08/14/24       CNY     20.14
DASHIQIAO URBAN CONS     7.59     08/14/24       CNY     20.14
DAWA COUNTY CITY CON     7.80     01/30/26       CNY     42.17
DAWA COUNTY CITY CON     7.80     01/30/26       CNY     38.80
DAWU COUNTY URBAN CO     7.50     09/20/26       CNY     63.59
DAWU COUNTY URBAN CO     7.50     09/20/26       CNY     60.00
DING NAN CITY CONSTR     7.80     04/08/26       CNY     42.65
DING NAN CITY CONSTR     7.80     04/08/26       CNY     40.00
DUJIANGYAN NEW CITY      7.80     10/11/25       CNY     41.57
DUJIANGYAN NEW CITY      7.80     10/11/25       CNY     41.44
DUJIANGYAN NEW CITY      7.80     05/02/25       CNY     20.86
DUJIANGYAN NEW CITY      7.80     05/02/25       CNY     20.00
DUJIANGYAN XINGYAN I     7.50     11/01/26       CNY     63.91
FANGCHENG GANGSHI WE     7.93     12/25/25       CNY     42.01
FANGCHENG GANGSHI WE     7.93     12/25/25       CNY     40.00
FANGCHENG GANGSHI WE     7.95     10/11/25       CNY     41.88
FANGCHENG GANGSHI WE     7.95     10/11/25       CNY     40.00
FANTASIA GROUP CHINA     7.80     06/30/28       CNY     44.53
FANTASIA GROUP CHINA     7.50     06/30/28       CNY     73.70
FUJIAN FUSHENG GROUP     7.90     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     42.61
GANZHOU NANKANG DIST     8.00     01/23/26       CNY     42.31
GANZHOU NANKANG DIST     8.00     01/23/26       CNY     40.00
GANZHOU NANKANG DIST     8.00     10/29/25       CNY     41.81
GANZHOU NANKANG DIST     8.00     10/29/25       CNY     40.00
GANZHOU NANKANG DIST     8.00     09/27/25       CNY     41.39
GANZHOU NANKANG DIST     8.00     09/27/25       CNY     40.00
GANZHOU ZHANGGONG CO     7.80     10/16/25       CNY     42.68
GANZHOU ZHANGGONG CO     7.80     10/16/25       CNY     41.64
GAOQING LU QING ASSE     7.50     09/27/24       CNY     20.27
GAOQING LU QING ASSE     7.50     09/27/24       CNY     20.27
GOME APPLIANCE CO LT     7.80     12/21/24       CNY     37.00
GUANGAN XINHONG INVE     7.50     06/03/26       CNY     43.09
GUANGAN XINHONG INVE     7.50     06/03/26       CNY     42.81
GUANGDONG PEARL RIVE     7.50     10/26/26       CNY     34.23
GUANGXI BAISE EXPERI     7.59     01/08/26       CNY     41.96
GUANGXI BAISE EXPERI     7.59     01/08/26       CNY     39.39
GUANGXI BAISE EXPERI     7.60     12/24/25       CNY     41.65
GUANGXI BAISE EXPERI     7.60     12/24/25       CNY     40.00
GUANGXI CHONGZUO URB     8.50     09/26/25       CNY     41.77
GUANGXI CHONGZUO URB     8.50     09/26/25       CNY     41.70
GUANGXI NINGMING HUI     8.50     11/05/26       CNY     64.53
GUANGXI NINGMING HUI     8.50     11/05/26       CNY     63.73
GUANGXI NINGMING HUI     8.50     12/07/25       CNY     41.85
GUANGXI TIANDONG COU     7.50     06/04/27       CNY     40.00
GUANGYUAN CITY DEVEL     7.50     10/25/27       CNY     37.60
GUANGYUAN YUANQU CON     7.50     12/23/26       CNY     64.36
GUANGYUAN YUANQU CON     7.50     12/23/26       CNY     60.00
GUANGYUAN YUANQU CON     7.50     10/30/26       CNY     63.93
GUANGYUAN YUANQU CON     7.50     10/30/26       CNY     60.00
GUANGZHOU FINELAND R    13.60     07/27/23       USD      4.10
GUCHENG CONSTRUCTION     7.88     04/27/25       CNY     20.83
GUCHENG CONSTRUCTION     7.88     04/27/25       CNY     20.00
GUIXI STATE OWNED HO     7.50     09/17/26       CNY     63.42
GUIXI STATE OWNED HO     7.50     09/17/26       CNY     63.38
GUIYANG BAIYUN INDUS     7.50     03/06/26       CNY     42.21
GUIYANG BAIYUN INDUS     7.50     03/06/26       CNY     41.45
GUIYANG BAIYUN INDUS     8.30     03/21/25       CNY     20.74
GUIYANG BAIYUN INDUS     8.30     03/21/25       CNY     20.00
GUIYANG ECONOMIC DEV     7.50     04/30/26       CNY     42.46
GUIYANG ECONOMIC DEV     7.90     10/29/25       CNY     41.46
GUIYANG ECONOMIC DEV     7.90     10/29/25       CNY     41.45
GUIYANG ECONOMIC TEC     7.80     04/30/26       CNY     42.66
GUIYANG ECONOMIC TEC     7.80     04/30/26       CNY     42.51
GUIYANG HI-TECH HOLD     8.00     11/25/26       CNY     63.48
GUIYANG HI-TECH HOLD     8.00     11/25/26       CNY     60.27
GUIZHOU CHANGSHUN CO     8.50     03/19/26       CNY     42.89
GUIZHOU CHANGSHUN CO     8.50     03/19/26       CNY     40.00
GUIZHOU EAST LAKE CI     8.00     12/07/25       CNY     41.94
GUIZHOU EAST LAKE CI     8.00     12/07/25       CNY     41.31
GUIZHOU GUIAN DEVELO     7.60     04/26/25       CNY      6.92
GUIZHOU HONGGUO ECON     7.80     02/08/25       CNY     20.41
GUIZHOU HONGGUO ECON     7.80     11/24/24       CNY     20.43
GUIZHOU HONGGUO ECON     7.80     11/24/24       CNY     10.50
GUIZHOU JINFENGHUANG     7.60     08/19/26       CNY     63.22
GUIZHOU SHUANGLONG A     7.50     04/20/30       CNY     60.00
GUIZHOU SHUICHENG EC     7.50     10/26/25       CNY     41.55
GUIZHOU SHUICHENG EC     7.50     10/26/25       CNY     19.50
GUIZHOU SHUICHENG WA     8.00     11/27/25       CNY     41.34
GUIZHOU SHUICHENG WA     8.00     11/27/25       CNY     41.34
GUIZHOU XINDONGGUAN      7.70     09/05/24       CNY     20.16
GUIZHOU ZHONGSHAN DE     8.00     03/18/29       CNY     70.00
HAIAN URBAN DEMOLITI     8.00     12/21/25       CNY     41.85
HAIAN URBAN DEMOLITI     7.74     05/02/25       CNY     20.77
HENGYANG CITY AND UR     7.80     12/14/24       CNY     20.49
HENGYANG CITY AND UR     7.80     12/14/24       CNY     20.49
HENGYANG CITY AND UR     7.50     09/22/24       CNY     20.24
HENGYANG CITY AND UR     7.50     09/22/24       CNY     20.24
HONGAN URBAN DEVELOP     7.50     12/04/24       CNY     20.38
HONGAN URBAN DEVELOP     7.50     12/04/24       CNY     20.00
HUAINAN SHAN NAN DEV     7.94     04/01/26       CNY     42.64
HUAINAN SHAN NAN DEV     7.94     04/01/26       CNY     40.00
HUAINAN URBAN CONSTR     7.58     02/12/26       CNY     42.20
HUAINAN URBAN CONSTR     7.50     03/20/25       CNY     20.77
HUAINAN URBAN CONSTR     7.50     03/20/25       CNY     20.00
HUBEI DAYE LAKE HIGH     7.50     04/01/26       CNY     42.42
HUBEI DAYE LAKE HIGH     7.50     04/01/26       CNY     41.25
HUBEI JIAKANG CONSTR     7.80     12/19/25       CNY     41.40
HUBEI YILING ECONOMI     7.50     03/28/26       CNY     42.35
HUBEI YILING ECONOMI     7.50     03/28/26       CNY     40.00
HUNAN CHUZHISHENG HO     7.50     03/27/26       CNY     42.50
HUNAN CHUZHISHENG HO     7.50     03/27/26       CNY     40.00
HUNAN MEISHAN RESOUR     8.00     03/21/26       CNY     42.69
HUNAN MEISHAN RESOUR     8.00     03/21/26       CNY     40.00
HUNAN TIANYI RONGTON     8.00     10/24/25       CNY     41.81
HUNAN TIANYI RONGTON     8.00     10/24/25       CNY     41.80
HUNAN TIANYI RONGTON     7.50     09/17/25       CNY     41.46
HUNAN XUANDA CONSTRU     7.50     01/24/26       CNY     42.08
HUNAN XUANDA CONSTRU     7.50     01/24/26       CNY     40.00
HUNAN XUANDA CONSTRU     7.50     01/23/26       CNY     42.19
HUNAN XUANDA CONSTRU     7.50     01/23/26       CNY     40.00
HUZHOU NEW CITY INVE     7.50     11/23/24       CNY     20.39
HUZHOU NEW CITY INVE     7.50     11/23/24       CNY     20.00
HUZHOU WUXING NANTAI     7.90     09/20/25       CNY     41.64
JIA COUNTY DEVELOPME     7.50     01/21/27       CNY     63.80
JIA COUNTY DEVELOPME     7.50     01/21/27       CNY     58.00
JIAHE ZHUDU DEVELOPM     7.50     03/13/25       CNY     20.71
JIAHE ZHUDU DEVELOPM     7.50     03/13/25       CNY     20.00
JIANGSU YANGKOU PORT     7.60     08/17/25       CNY     42.50
JIANGSU YANGKOU PORT     7.60     08/17/25       CNY     41.31
JIANGSU ZHONGNAN CON     7.80     03/17/29       CNY     44.19
JIANGXI HUANGGANGSHA     7.90     01/25/26       CNY     42.33
JIANGXI HUANGGANGSHA     7.90     10/08/25       CNY     41.70
JIANGXI HUANGGANGSHA     7.90     10/08/25       CNY     41.51
JIANGXI JIHU DEVELOP     7.50     04/10/25       CNY     20.79
JIANGXI JIHU DEVELOP     7.50     04/10/25       CNY     20.00
JIANGXI TONGGU CITY      7.50     04/21/27       CNY     64.49
JIANGYOU XINGYI PARK     7.50     05/07/26       CNY     52.49
JIANGYOU XINGYI PARK     7.80     12/17/25       CNY     51.89
JIANLI FENGYUAN CITY     7.50     01/14/26       CNY     42.11
JIANLI FENGYUAN CITY     7.50     01/14/26       CNY     40.00
JILIN ECONOMY TECHNO     8.00     03/26/28       CNY     64.30
JILIN ECONOMY TECHNO     8.00     03/26/28       CNY     59.21
JINING NEW CITY DEVE     7.60     03/23/25       CNY     20.62
JINING NEW CITY DEVE     7.60     03/23/25       CNY     20.00
JINXIANG COUNTY CITY     7.50     03/20/26       CNY     42.43
JINXIANG COUNTY CITY     7.50     03/20/26       CNY     40.92
JINZHOU CIHANG GROUP     9.00     04/05/20       CNY     33.63
JUNAN COUNTY URBAN C     7.50     09/26/24       CNY     20.25
JUNAN COUNTY URBAN C     7.50     09/26/24       CNY     20.20
KAILI GUIZHOU TOWN C     7.98     03/30/27       CNY     65.58
KAILI GUIZHOU TOWN C     7.98     03/30/27       CNY     65.57
LAOTING INVESTMENT G     7.50     04/11/26       CNY     42.56
LAOTING INVESTMENT G     7.50     04/11/26       CNY     39.80
LIJIN CITY CONSTRUCT     7.50     04/26/26       CNY     42.63
LIJIN CITY CONSTRUCT     7.50     04/26/26       CNY     40.00
LIJIN CITY CONSTRUCT     7.50     12/20/25       CNY     41.83
LIJIN CITY CONSTRUCT     7.50     12/20/25       CNY     40.00
LINFEN YAODU DISTRIC     7.50     09/19/25       CNY     41.46
LINYI COUNTY CITY DE     7.78     03/21/25       CNY     20.80
LINYI COUNTY CITY DE     7.78     03/21/25       CNY     20.00
LINYI ZHENDONG CONST     7.50     12/06/25       CNY     41.83
LINYI ZHENDONG CONST     7.50     12/06/25       CNY     41.50
LINYI ZHENDONG CONST     7.50     11/26/25       CNY     41.77
LIUPANSHUI AGRICULTU     8.00     04/26/27       CNY     60.81
LIUPANSHUI AGRICULTU     8.00     04/26/27       CNY     60.36
LONGNAN ECO&TECH DEV     7.50     07/26/26       CNY     63.09
LUANCHUAN COUNTY TIA     8.50     01/23/26       CNY     42.34
LUANCHUAN COUNTY TIA     8.50     01/23/26       CNY     40.00
LUOHE ECONOMIC DEVEL     7.50     12/18/25       CNY     41.79
LUOHE ECONOMIC DEVEL     7.50     12/18/25       CNY     41.78
LUOYANG XIYUAN STATE     7.80     01/29/26       CNY     41.53
LUOYANG XIYUAN STATE     7.80     01/29/26       CNY     41.30
LUOYANG XIYUAN STATE     7.50     11/15/25       CNY     41.00
LUOYANG XIYUAN STATE     7.50     11/15/25       CNY     40.87
MAANSHAN NINGBO INVE     7.50     04/18/26       CNY     42.40
MAANSHAN NINGBO INVE     7.50     04/18/26       CNY     16.00
MAANSHAN NINGBO INVE     7.80     11/29/25       CNY     41.83
MAANSHAN NINGBO INVE     7.80     11/29/25       CNY     41.80
MEISHAN CITY DONGPO      8.00     01/03/26       CNY     42.07
MEISHAN CITY DONGPO      8.00     01/03/26       CNY     40.00
MEISHAN CITY DONGPO      8.08     08/16/25       CNY     41.32
MEISHAN CITY DONGPO      8.08     08/16/25       CNY     40.00
MEISHAN HONGSHUN PAR     7.50     12/10/25       CNY     52.32
MENGZHOU INVESTMENT      8.00     11/06/25       CNY     41.74
MENGZHOU INVESTMENT      8.00     11/06/25       CNY     40.00
MENGZHOU INVESTMENT      8.00     09/03/25       CNY     41.40
MENGZHOU INVESTMENT      8.00     09/03/25       CNY     40.00
MENGZI CITY DEVELOPM     8.00     03/25/26       CNY     42.53
MENGZI CITY DEVELOPM     8.00     03/25/26       CNY     42.06
MENGZI CITY DEVELOPM     7.65     09/25/24       CNY     20.26
MENGZI CITY DEVELOPM     7.65     09/25/24       CNY     20.22
MIAN YANG ECONOMIC D     8.00     09/29/26       CNY     64.09
MIAN YANG ECONOMIC D     8.00     09/29/26       CNY     60.00
MIAN YANG ECONOMIC D     8.20     03/15/26       CNY     42.57
MIAN YANG ECONOMIC D     8.20     03/15/26       CNY     40.00
MIANYANG ANZHOU INVE     7.90     11/25/26       CNY     64.41
MIANYANG ANZHOU INVE     7.90     11/25/26       CNY     60.00
MIANYANG ANZHOU INVE     8.10     11/22/25       CNY     41.94
MIANYANG ANZHOU INVE     8.10     11/22/25       CNY     40.00
MIANYANG ANZHOU INVE     8.10     05/04/25       CNY     21.00
MIANYANG ANZHOU INVE     8.10     05/04/25       CNY     20.95
MIANYANG HUIDONG INV     8.10     04/28/25       CNY     20.96
MIANYANG HUIDONG INV     8.10     02/10/25       CNY     20.72
MIANZHU CITY JINSHEN     7.87     12/18/25       CNY     42.04
MIANZHU CITY JINSHEN     7.87     12/18/25       CNY     41.96
MILE AGRICULTURAL IN     7.60     02/27/26       CNY     42.21
MILE AGRICULTURAL IN     7.60     02/27/26       CNY     42.00
MILE AGRICULTURAL IN     8.00     10/25/25       CNY     41.70
MUDANJIANG LONGSHENG     7.50     09/27/25       CNY     41.41
NANCHONG JIALING DEV     7.98     05/23/25       CNY     21.00
NANCHONG JIALING DEV     7.98     05/23/25       CNY     20.00
NANCHONG JIALING DEV     7.80     12/12/24       CNY     20.50
NANCHONG JIALING DEV     7.80     12/12/24       CNY     20.50
NEOGLORY HOLDING GRO     8.00     10/22/20       CNY     56.00
NEOGLORY HOLDING GRO     8.00     09/25/20       CNY     60.00
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     8.50     01/29/26       CNY     42.43
PANJIN CITY SHUANGTA     8.50     01/29/26       CNY     42.42
PANJIN CITY SHUANGTA     8.70     12/20/25       CNY     42.29
PANJIN CITY SHUANGTA     8.70     12/20/25       CNY     42.28
PANJIN LIAODONGWAN Z     7.50     12/28/26       CNY     64.32
PEIXIAN ECONOMIC DEV     7.51     11/04/26       CNY     63.82
PEIXIAN ECONOMIC DEV     7.51     11/04/26       CNY     60.00
PENGSHAN DEVELOPMENT     7.98     05/03/25       CNY     21.59
PENGSHAN DEVELOPMENT     7.98     05/03/25       CNY     20.95
PENGZE CITY DEVELOPM     7.60     08/31/25       CNY     41.30
PENGZE CITY DEVELOPM     7.60     08/31/25       CNY     41.28
PINGLIANG CHENGXIANG     7.80     03/29/26       CNY     42.48
PINGLIANG CHENGXIANG     7.80     03/29/26       CNY     42.09
PUDING YELANG STATE-     8.00     03/13/25       CNY     20.79
PUDING YELANG STATE-     8.00     03/13/25       CNY     20.70
PUDING YELANG STATE-     7.79     11/13/24       CNY     20.30
PUDING YELANG STATE-     7.79     11/13/24       CNY     20.06
PUER CITY SI MAO GUO     7.50     03/14/26       CNY     42.25
PUER CITY SI MAO GUO     7.50     03/14/26       CNY     40.00
QIANDONGNAN TRANSPOR     8.00     01/15/27       CNY     64.77
QIANDONGNAN TRANSPOR     8.00     01/15/27       CNY     64.76
QIANNANZHOU INVESTME     8.00     01/02/26       CNY     42.09
QIANXINAN PREFECTURE     7.99     06/10/27       CNY     65.96
QIANXINAN PREFECTURE     7.99     06/10/27       CNY     60.00
QINGHAI PROVINCIAL I     7.88     03/22/21       USD      1.18
QINGZHEN CITY CONSTR     7.50     03/18/26       CNY     42.38
QINGZHEN CITY CONSTR     7.50     03/18/26       CNY     42.37
QINGZHOU HONGYUAN PU     7.60     06/17/27       CNY     49.36
QINZHOU BINHAI NEW C     7.70     08/15/26       CNY     63.49
QINZHOU BINHAI NEW C     7.70     08/15/26       CNY     63.48
QUJING CITY QILIN DI     8.50     01/21/26       CNY     42.41
QUJING CITY QILIN DI     8.50     01/21/26       CNY     40.00
RENHUAI WATER INVEST     8.00     12/26/25       CNY     39.87
RENHUAI WATER INVEST     7.98     07/26/25       CNY     41.19
RENHUAI WATER INVEST     7.98     02/24/25       CNY     20.64
RUCHENG SHUNXING INV     7.50     01/07/26       CNY     42.03
RUCHENG SHUNXING INV     7.50     01/07/26       CNY     40.00
RUDONG NEW WORLD INV     7.50     12/06/26       CNY     64.27
RUDONG NEW WORLD INV     7.50     12/06/26       CNY     60.00
RUILI RENLONG INVEST     8.00     09/20/26       CNY     63.24
SHAANXI XIYUE HUASHA     7.50     12/27/26       CNY     64.01
SHAANXI XIYUE HUASHA     7.50     12/27/26       CNY     61.80
SHANDONG HONGHE HOLD     7.50     01/29/26       CNY     42.11
SHANDONG OCEAN CULTU     7.50     04/25/26       CNY     42.52
SHANDONG OCEAN CULTU     7.50     03/28/26       CNY     42.28
SHANDONG RENCHENG RO     7.50     01/23/26       CNY     41.57
SHANDONG RUYI TECHNO     7.90     09/18/23       CNY     52.10
SHANDONG SANXING GRO     7.90     08/30/24       CNY     58.00
SHANDONG URBAN CAPIT     7.50     04/12/26       CNY     42.17
SHANDONG URBAN CAPIT     7.50     04/12/26       CNY     40.00
SHANGLI INVESTMENT C     7.80     01/22/26       CNY     42.17
SHANGLI INVESTMENT C     7.80     01/22/26       CNY     40.49
SHANGLI INVESTMENT C     7.50     06/01/25       CNY     20.94
SHANGLI INVESTMENT C     7.50     06/01/25       CNY     20.82
SHANGRAO GUANGXIN UR     7.95     07/24/25       CNY     41.20
SHANGRAO GUANGXIN UR     7.95     07/24/25       CNY     41.14
SHANXI JINZHONG STAT     7.50     05/05/26       CNY     42.61
SHAOYANG SAISHUANGQI     8.00     11/28/25       CNY     41.96
SHAOYANG SAISHUANGQI     8.00     11/28/25       CNY     40.00
SHEHONG STATE OWNED      7.60     10/25/25       CNY     41.69
SHEHONG STATE OWNED      7.60     10/25/25       CNY     40.00
SHEHONG STATE OWNED      7.60     10/22/25       CNY     40.00
SHEHONG STATE OWNED      7.60     10/22/25       CNY     21.34
SHEHONG STATE OWNED      7.50     08/22/25       CNY     41.31
SHEHONG STATE OWNED      7.50     08/22/25       CNY     40.00
SHENWU ENVIRONMENTAL     9.00     03/14/19       CNY     12.00
SHEYANG URBAN CONSTR     7.80     11/27/24       CNY     20.40
SHEYANG URBAN CONSTR     7.80     11/27/24       CNY     20.40
SHIFANG CITY NATIONA     8.00     12/05/25       CNY     41.74
SHIFANG CITY NATIONA     8.00     12/05/25       CNY     40.00
SHIYAN CITY CHENGTOU     7.80     02/13/26       CNY     45.82
SHUANGYASHAN DADI CI     8.50     12/16/26       CNY     64.93
SHUANGYASHAN DADI CI     8.50     12/16/26       CNY     64.91
SHUANGYASHAN DADI CI     8.50     08/26/26       CNY     63.94
SHUANGYASHAN DADI CI     8.50     08/26/26       CNY     63.93
SHUANGYASHAN DADI CI     8.50     04/30/26       CNY     43.02
SHUANGYASHAN DADI CI     8.50     04/30/26       CNY     43.01
SHUOZHOU INVESTMENT      7.80     12/25/25       CNY     42.02
SHUOZHOU INVESTMENT      7.80     12/25/25       CNY     41.96
SHUOZHOU INVESTMENT      7.50     10/23/25       CNY     41.60
SHUOZHOU INVESTMENT      7.50     10/23/25       CNY     41.59
SICHUAN CHENG'A DEVE     7.50     11/29/24       CNY     20.41
SICHUAN CHENG'A DEVE     7.50     11/29/24       CNY     20.00
SICHUAN CHENG'A DEVE     7.50     11/06/24       CNY     20.32
SICHUAN CHENG'A DEVE     7.50     11/06/24       CNY     20.00
SICHUAN COAL INDUSTR     7.70     01/09/18       CNY     45.00
SICHUAN LANGUANG DEV     7.70     03/11/23       CNY     12.63
SICHUAN LANGUANG DEV     7.50     10/26/22       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
SICHUAN LANGUANG DEV     7.50     07/11/21       CNY     12.63
SIYANG JIADING INDUS     7.50     12/14/25       CNY     41.95
SIYANG JIADING INDUS     7.50     12/14/25       CNY     41.86
SIYANG JIADING INDUS     7.50     04/27/25       CNY     20.83
SIYANG JIADING INDUS     7.50     04/27/25       CNY     20.83
TAHOE GROUP CO LTD       7.50     09/19/21       CNY      6.00
TAHOE GROUP CO LTD       8.50     08/02/21       CNY      1.00
TAHOE GROUP CO LTD       7.50     10/10/20       CNY      5.90
TAHOE GROUP CO LTD       7.50     08/15/20       CNY      1.00
TAIXING CITY CHENGXI     7.60     04/24/26       CNY     42.71
TAIXING CITY CHENGXI     7.60     04/24/26       CNY     40.00
TAIXING CITY CHENGXI     7.60     04/04/26       CNY     42.53
TAIXING CITY CHENGXI     7.60     04/04/26       CNY     40.00
TAIXING CITY CHENGXI     7.80     03/05/26       CNY     42.53
TAIXING CITY CHENGXI     7.80     03/05/26       CNY     40.00
TAIXING XINGHUANG IN     8.50     11/15/25       CNY     42.01
TAIXING XINGHUANG IN     8.50     11/15/25       CNY     39.59
TAIZHOU FENGCHENGHE      7.90     12/29/24       CNY     20.56
TAIZHOU FENGCHENGHE      7.90     12/29/24       CNY     20.00
TAIZHOU HUACHENG MED     8.50     12/26/25       CNY     42.32
TAIZHOU HUACHENG MED     8.50     12/26/25       CNY     40.00
TANCHENG COUNTY CITY     7.50     04/09/26       CNY     42.38
TANCHENG COUNTY CITY     7.50     04/09/26       CNY     40.00
TANGSHAN HOLDING DEV     7.60     05/16/25       CNY     20.89
TANGSHAN HOLDING DEV     7.60     05/16/25       CNY     20.86
TAOYUAN COUNTY CONST     8.00     10/17/26       CNY     64.22
TAOYUAN COUNTY CONST     8.00     10/17/26       CNY     60.00
TAOYUAN COUNTY CONST     7.50     09/11/26       CNY     63.12
TAOYUAN COUNTY CONST     7.50     09/11/26       CNY     60.00
TAOYUAN COUNTY ECONO     8.20     09/06/25       CNY     41.59
TAOYUAN COUNTY ECONO     8.20     09/06/25       CNY     41.20
TEMPUS GROUP CO LTD      7.50     06/07/20       CNY      2.00
TENGCHONG SHIXINGBAN     7.50     05/05/26       CNY     52.63
TIANJIN REAL ESTATE      7.70     03/16/21       CNY     21.49
TONGCHENG CITY CONST     7.50     07/23/25       CNY     41.24
TONGCHENG CITY CONST     7.50     07/23/25       CNY     40.00
TONGHUA FENGYUAN INV     7.80     04/30/26       CNY     42.64
TONGHUA FENGYUAN INV     7.80     04/30/26       CNY     41.93
TONGHUA FENGYUAN INV     8.00     12/18/25       CNY     42.00
TONGHUA FENGYUAN INV     8.00     12/18/25       CNY     40.00
TONGREN WATER GROUP      8.00     11/29/28       CNY     72.05
TONGXIANG CHONGDE IN     7.88     11/29/25       CNY     41.95
TONGXIANG CHONGDE IN     7.88     11/29/25       CNY     41.70
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     41.46
URUMQI ECO TECH DEVE     7.50     10/19/25       CNY     40.00
WEIHAI LANCHUANG CON     7.70     10/11/25       CNY     41.21
WEIHAI LANCHUANG CON     7.70     10/11/25       CNY     40.92
WEIHAI WENDENG URBAN     7.70     05/02/28       CNY     64.26
WEINAN CITY INDUSTRI     7.50     04/28/26       CNY     42.15
WEINAN CITY INDUSTRI     7.50     04/28/26       CNY     40.00
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     7.90     12/22/20       CNY     43.63
WINTIME ENERGY GROUP     7.50     12/06/20       CNY     43.63
WINTIME ENERGY GROUP     7.50     11/16/20       CNY     43.63
WINTIME ENERGY GROUP     7.70     11/15/20       CNY     43.63
WUSU CITY XINGRONG C     7.50     10/25/25       CNY     41.65
WUSU CITY XINGRONG C     7.50     10/25/25       CNY     40.00
WUXUE URBAN CONSTRUC     7.50     04/12/26       CNY     42.50
WUXUE URBAN CONSTRUC     7.50     04/12/26       CNY     40.00
WUZHOU CANGHAI CONST     8.00     05/31/28       CNY     66.77
WUZHOU CITY CONSTRUC     7.90     03/26/29       CNY     73.20
XIAN LINTONG URBAN I     7.69     04/22/26       CNY     42.54
XIAN LINTONG URBAN I     7.69     04/22/26       CNY     40.00
XIFENG COUNTY URBAN      8.00     03/14/26       CNY     42.39
XINFENG COUNTY URBAN     7.80     04/16/26       CNY     42.63
XINFENG COUNTY URBAN     7.80     04/16/26       CNY     41.88
XINFENG COUNTY URBAN     7.80     12/05/25       CNY     41.89
XINFENG COUNTY URBAN     7.80     12/05/25       CNY     40.00
XINGYI XINHENG URBAN     8.00     11/21/25       CNY     41.52
XINGYI XINHENG URBAN     7.90     01/31/25       CNY     20.54
XINGYI XINHENG URBAN     7.90     01/31/25       CNY     20.00
XINPING URBAN DEVELO     7.70     01/24/26       CNY     42.00
XINYU CITY YUSHUI DI     7.50     09/24/26       CNY     64.07
XIPING COUNTY INDUST     7.50     12/26/24       CNY     20.49
XIPING COUNTY INDUST     7.50     12/26/24       CNY     20.00
XIUSHAN HUAXING ENTE     7.50     09/25/25       CNY     41.48
XIUSHAN HUAXING ENTE     7.50     09/25/25       CNY     41.47
XUZHOU CITY JIAWANG      7.98     05/06/26       CNY     42.73
XUZHOU CITY JIAWANG      7.98     05/06/26       CNY     40.50
XUZHOU CITY JIAWANG      7.88     01/28/26       CNY     41.25
XUZHOU CITY JIAWANG      7.88     01/28/26       CNY     40.58
YANCHENG URBANIZATIO     7.50     03/04/27       CNY     65.03
YANGLING URBAN RURAL     7.80     06/19/26       CNY     43.07
YANGLING URBAN RURAL     7.80     06/19/26       CNY     40.00
YANGLING URBAN RURAL     7.80     02/20/26       CNY     42.37
YANGLING URBAN RURAL     7.80     02/20/26       CNY     40.00
YIBIN NANXI CAIYUAN      8.10     11/28/25       CNY     42.07
YIBIN NANXI CAIYUAN      8.10     11/28/25       CNY     41.99
YIBIN NANXI CAIYUAN      8.10     07/24/25       CNY     40.95
YIBIN NANXI CAIYUAN      8.10     07/24/25       CNY     40.00
YICHANG CHUANGYUAN H     7.80     11/06/25       CNY     41.90
YINGKOU BEIHAI NEW C     7.98     01/25/25       CNY     20.62
YINGKOU BEIHAI NEW C     7.98     01/25/25       CNY     20.61
YINGTAN JUNENG INVES     8.00     05/06/26       CNY     42.95
YINGTAN JUNENG INVES     8.00     05/06/26       CNY     40.00
YIYANG COUNTY CITY C     7.90     11/05/25       CNY     42.01
YIYANG COUNTY CITY C     7.90     11/05/25       CNY     41.84
YIYANG COUNTY CITY C     7.50     06/07/25       CNY     20.97
YIYANG COUNTY CITY C     7.50     06/07/25       CNY     20.00
YIYANG LONGLING CONS     7.60     01/23/26       CNY     41.92
YIYANG LONGLING CONS     7.60     01/23/26       CNY     40.30
YIYUAN HONGDING ASSE     7.50     08/17/25       CNY     41.27
YONGAN STATE-OWNED A     8.50     11/26/25       CNY     41.75
YONGAN STATE-OWNED A     8.50     11/26/25       CNY     40.00
YONGCHENG COAL & ELE     7.50     02/02/21       CNY     39.88
YONGXIU CITY CONSTRU     7.80     08/27/25       CNY     41.32
YONGXIU CITY CONSTRU     7.80     08/27/25       CNY     40.00
YONGXIU CITY CONSTRU     7.50     05/02/25       CNY     20.83
YONGXIU CITY CONSTRU     7.50     05/02/25       CNY     20.00
YOUYANG COUNTY TAOHU     7.50     09/28/25       CNY     41.41
YUANJIANG CITY CONST     7.50     01/18/26       CNY     42.09
YUANJIANG CITY CONST     7.50     01/18/26       CNY     42.09
YUDU ZHENXING INVEST     7.50     05/03/25       CNY     20.84
YUDU ZHENXING INVEST     7.50     05/03/25       CNY     20.49
YUEYANG CITY JUNSHAN     7.96     03/13/27       CNY     64.83
YUEYANG CITY JUNSHAN     7.96     03/13/27       CNY     60.51
YUEYANG CITY JUNSHAN     7.96     04/23/26       CNY     42.65
YUEYANG CITY JUNSHAN     7.96     04/23/26       CNY     40.00
YUEYANG HUILIN INVES     7.50     12/23/26       CNY     64.46
YUEYANG HUILIN INVES     7.50     12/23/26       CNY     60.00
YUSHEN ENERGY DEVELO     7.50     05/07/27       CNY     64.99
YUSHEN ENERGY DEVELO     7.50     05/07/27       CNY     60.00
YUTAI XINDA ECONOMIC     7.50     04/10/26       CNY     42.39
ZHANGJIAJIE LOULI TO     7.50     03/26/26       CNY     42.42
ZHANGJIAJIE LOULI TO     7.50     03/26/26       CNY     42.41
ZHANGZI NATIONAL OWN     7.50     10/18/26       CNY     63.63
ZHANGZI NATIONAL OWN     7.50     10/18/26       CNY     60.00
ZHEJIANG CHANGXING H     7.50     05/16/26       CNY     42.48
ZHEJIANG CHANGXING H     7.50     05/16/26       CNY     41.60
ZHEJIANG CHANGXING H     7.50     12/26/25       CNY     41.84
ZHEJIANG CHANGXING H     7.50     12/26/25       CNY     40.00
ZHEJIANG HUZHOU NANX     7.80     08/21/25       CNY     41.88
ZHEJIANG WUYI CITY C     8.00     12/21/25       CNY     42.07
ZHEJIANG WUYI CITY C     8.00     12/21/25       CNY     41.99
ZHEJIANG WUYI CITY C     8.00     08/10/25       CNY     41.35
ZHEJIANG WUYI CITY C     8.00     08/10/25       CNY     40.00
ZHONGHONG HOLDING CO     8.00     07/04/19       CNY      2.75
ZHONGXIANG CITY CONS     7.50     07/05/26       CNY     63.06
ZHONGXIANG CITY CONS     7.50     07/05/26       CNY     60.00
ZHOUSHAN ISLANDS NEW     7.50     01/30/27       CNY     59.56
ZHOUSHAN ISLANDS NEW     7.50     01/30/27       CNY     55.00
ZHUZHOU HI-TECH AUTO     8.00     08/14/25       CNY     51.64
ZHUZHOU RAILWAY INDU     7.50     09/25/24       CNY     20.23
ZIGUI COUNTY CHUYUAN     7.80     02/12/28       CNY     66.28
ZIGUI COUNTY CHUYUAN     7.80     02/12/28       CNY     60.00
ZIYANG KAILI INVESTM     8.00     02/14/26       CNY     42.20
ZUNYI BOZHOU URBAN C     7.85     10/24/24       CNY     20.30
ZUNYI BOZHOU URBAN C     7.85     10/24/24       CNY     20.25
ZUNYI ROAD & BRIDGE      8.00     05/08/29       CNY     72.05
ZUNYI TRAFFIC TRAVEL     7.80     03/07/29       CNY     70.00
ZUNYI TRAFFIC TRAVEL     7.70     09/27/27       CNY     64.51
ZUNYI TRAFFIC TRAVEL     7.70     09/27/27       CNY     63.94


   HONG KONG
   ---------

CHINA SOUTH CITY HOL     9.00     12/11/24       USD     25.52
CHINA SOUTH CITY HOL     9.00     10/09/24       USD     25.07
CHINA SOUTH CITY HOL     9.00     06/26/24       USD     25.20
CHINA SOUTH CITY HOL     9.00     04/12/24       USD     25.68
HAINAN AIRLINES HONG    12.00     10/29/21       USD      2.92
HONGKONG IDEAL INVES    14.75     10/08/22       USD      1.57
YANGO JUSTICE INTERN     7.50     02/17/25       USD      0.30
YANGO JUSTICE INTERN     7.88     09/04/24       USD      0.50
YANGO JUSTICE INTERN     7.50     04/15/24       USD      0.13
YANGO JUSTICE INTERN     8.25     11/25/23       USD      0.60
YANGO JUSTICE INTERN     9.25     04/15/23       USD      0.50
YANGO JUSTICE INTERN    10.00     02/12/23       USD      0.14
YANGO JUSTICE INTERN    10.25     09/15/22       USD      0.16
YANGO JUSTICE INTERN    10.25     03/18/22       USD      0.09
ZENSUN ENTERPRISES L    12.50     04/23/24       USD      5.88
ZENSUN ENTERPRISES L    12.50     09/13/23       USD      4.69


   INDONESIA
   ---------

WIJAYA KARYA PERSERO    10.90     11/03/29       IDR     64.72
WIJAYA KARYA PERSERO    10.90     11/03/29       IDR     64.72
WIJAYA KARYA PERSERO     8.30     02/18/29       IDR     56.88
WIJAYA KARYA PERSERO     8.30     02/18/29       IDR     56.79
WIJAYA KARYA PERSERO     9.25     09/08/28       IDR     59.63
WIJAYA KARYA PERSERO     9.25     09/08/28       IDR     59.54
WIJAYA KARYA PERSERO     9.75     03/03/28       IDR     61.71
WIJAYA KARYA PERSERO     9.75     03/03/28       IDR     61.42
WIJAYA KARYA PERSERO     9.85     12/18/27       IDR     61.27
WIJAYA KARYA PERSERO     9.85     12/18/27       IDR     60.71
WIJAYA KARYA PERSERO    10.50     11/03/27       IDR     63.82
WIJAYA KARYA PERSERO    10.50     11/03/27       IDR     63.82
WIJAYA KARYA PERSERO     7.75     02/18/27       IDR     60.95
WIJAYA KARYA PERSERO     7.75     02/18/27       IDR     60.35
WIJAYA KARYA PERSERO     8.55     09/08/26       IDR     64.96
WIJAYA KARYA PERSERO     8.55     09/08/26       IDR     64.50
WIJAYA KARYA PERSERO     9.10     03/03/26       IDR     70.06
WIJAYA KARYA PERSERO     9.10     03/03/26       IDR     69.57
WIJAYA KARYA PERSERO     9.25     12/18/25       IDR     71.87
WIJAYA KARYA PERSERO     9.25     12/18/25       IDR     71.75
WIJAYA KARYA PERSERO     8.60     12/18/25       IDR     36.19
WIJAYA KARYA PERSERO     9.90     11/03/25       IDR     74.36
WIJAYA KARYA PERSERO     9.90     11/03/25       IDR     74.36


   INDIA
   -----

AVANTI FINANCE PVT L     9.25     08/29/25       INR     73.87
AXIS FINANCE LTD         8.10     11/17/28       INR     73.72
AYE FINANCE PVT LTD     11.25     05/08/25       INR     48.68
IIFL SAMASTA FINANCE    10.75     02/24/25       INR     37.68
IKF FINANCE LTD         10.60     03/27/25       INR     37.56
MAHANAGAR TELEPHONE      7.51     03/06/34       INR     53.60
PIRAMAL CAPITAL & HO     8.50     04/18/23       INR     34.25
SHRIRAM FINANCE LTD      8.55     04/28/28       INR     36.47


   MALAYSIA
   --------

CAPITAL A BHD            8.00     12/29/28       MYR      0.84


   PHILIPPINES
   -----------

BAYAN TELECOMMUNICAT    15.00     07/15/06       USD     14.88
BAYAN TELECOMMUNICAT    15.00     07/15/06       USD     14.88


   SINGAPORE
   ---------

BAKRIE TELECOM PTE L    11.50     05/07/15       USD      0.56
BAKRIE TELECOM PTE L    11.50     05/07/15       USD      0.56
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      0.25
DAVOMAS INTERNATIONA    11.00     05/09/11       USD      0.25
ENERCOAL RESOURCES P     9.25     08/05/14       USD     45.75
ITNL OFFSHORE PTE LT     7.50     01/18/21       CNY     18.30
MICLYN EXPRESS OFFSH     8.75     11/25/18       USD      0.87
NOMURA INTERNATIONAL     7.65     10/04/37       AUD     65.66
NOMURA INTERNATIONAL    19.50     08/28/28       TRY     65.07
ORO NEGRO DRILLING P     7.50     01/24/24       USD      0.50
RICKMERS MARITIME        8.45     05/15/17       SGD      5.00
SWIBER HOLDINGS LTD      7.75     09/18/17       CNY      6.13


   SOUTH KOREA
   -----------

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


   SRI LANKA
   ---------

SRI LANKA GOVERNMENT    12.40     06/15/38       LKR     60.49
SRI LANKA GOVERNMENT    12.40     05/15/37       LKR     61.40
SRI LANKA GOVERNMENT    12.40     04/15/36       LKR     62.56
SRI LANKA GOVERNMENT    12.40     03/15/35       LKR     63.97
SRI LANKA GOVERNMENT    12.40     02/15/34       LKR     65.69
SRI LANKA GOVERNMENT    12.40     01/15/33       LKR     67.74
SRI LANKA GOVERNMENT    12.40     06/15/32       LKR     72.02
SRI LANKA GOVERNMENT     7.55     03/28/30       USD     57.70
SRI LANKA GOVERNMENT     7.55     03/28/30       USD     57.70
SRI LANKA GOVERNMENT     7.85     03/14/29       USD     58.83
SRI LANKA GOVERNMENT     7.85     03/14/29       USD     58.82



                           *********


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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