---

       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, February 11, 2025, Vol. 28, No. 30

                           Headlines



A U S T R A L I A

BIMM GROUP: First Creditors' Meeting Set for Feb. 14
DALTON SECURITY: Second Creditors' Meeting Set for Feb. 14
GREENSILL CAPITAL: Creditors Want Judge in IAG Dispute Disqualified
KEYBRIDGE CAPITAL: Enters Voluntary Administration
MARKENZO PTY: First Creditors' Meeting Set for Feb. 14

STAR ENTERTAINMENT: Six-Week Trial in ASIC Case Begins
STATE ROAD: First Creditors' Meeting Set for Feb. 14
THORLEY SAND: First Creditors' Meeting Set for Feb. 14
TRUE NORTH: Hamilton Locke Advises on Successful Restructure


H O N G   K O N G

NEW WORLD: Puts 55 Units at State Pavilia Up for Sale at Low Price


I N D I A

ACE FOOTMARK: CARE Keeps D Debt Ratings in Not Cooperating
AGS TRANSACT: CRISIL Lowers Rating on INR900cr LT Loan to D
AKHIL BHARTIYA: CRISIL Assigns B Rating to INR1cr Proposed Loan
ANNAPURNA TRADERS: CARE Keeps C Debt Rating in Not Cooperating
BASUNDHARA GREEN: CARE Keeps D Debt Rating in Not Cooperating

BHOPAL MOTORS: CRISIL Reaffirms B+ Rating on INR3.81cr Cash Loan
CHAWLA TECHNO: CRISIL Lowers Rating on INR0.78cr Term Loan to B-
DEVIPRASAD SHETT: CARE Keeps D Debt Rating in Not Cooperating
DURGA AUTOMOTIVES: CARE Keeps D Debt Rating in Not Cooperating
ESQUIRE MACHINES: CRISIL Reaffirms B+ Rating on INR4cr Cash Loan

HARI & CO: CARE Moves D Debt Ratings to Not Cooperating Category
ICON CARS: CARE Keeps C Debt Rating in Not Cooperating Category
J AND G TRANSFORMER: CRISIL Cuts Long/Short Term Ratings to D
KARKINOS HEALTHCARE: NCLT OKs Reliance Strategic Resolution Plan
LOGIX INFRASTRUCTURE: NCLT Recalls Insolvency Order

M.S. REDDY: CARE Keeps B- Debt Rating in Not Cooperating Category
MANJUBHARGAVA COT: CARE Keeps D Debt Rating in Not Cooperating
MITTAPALLI AGRO EXPORTS: CARE Cuts Ratings on INR15cr Loan to D
MITTAPALLI AGRO PRODUCTS: CARE Cuts Ratings on INR32.5cr Loan to D
MITTAPALLI AGRO: CARE Lowers Ratings on INR7CR LT/ST Loan to D

MY CAR: CARE Keeps D Debt Rating in Not Cooperating Category
NVA ASSET: CRISIL Lowers Rating on INR4.64cr PTCs to B-(SO)
PAWAS FOUNDATION: CRISIL Assigns B Rating to INR1cr Proposed Loan
RELIANCE SECURITIES: CARE Puts CARE PP-MLD B+ on Rating Watch Dev.
SAINIK INDUSTRIES: CRISIL Moves B+ Rating from Not Cooperating

SARVAJANIK SEWA: CRISIL Assigns B Rating to INR1cr Proposed Loan
SAVAIR ENERGY: CARE Keeps D Debt Ratings in Not Cooperating
SHIVSHANTI HOSPITALITY: CARE Keeps B- Rating in Not Cooperating
SUPREME EXPORTS: CARE Keeps C Debt Rating in Not Cooperating
SURYA INTERNATIONAL: CRISIL Keeps B- Ratings in Not Cooperating

URJA AUTOMOBILES: CARE Keeps D Debt Rating in Not Cooperating
VIMLA DEVI: CRISIL Assigns B+ Rating to INR1cr Proposed LT Loan


J A P A N

KOBE STEEL: Egan-Jones Retains BB Senior Unsecured Ratings
SOFTBANK GROUP: Egan-Jones Retains BB+ Senior Unsecured Ratings


N E W   Z E A L A N D

AKBAR ALI: Court to Hear Wind-Up Petition on Feb. 28
CHEMTAINERS LIMITED: Creditors' Proofs of Debt Due on March 3
DARA GROUP: Grant Bruce Reynolds Appointed as Liquidator
EJ'S FREIGHTERS: Creditors' Proofs of Debt Due on March 5
TVD HOLDINGS: Court to Hear Wind-Up Petition on Feb. 20



P A K I S T A N

PAKISTAN: IMF Will Visit to Assess Governance, Corruption Risks


S I N G A P O R E

KIT COMMODITIES: Court to Hear Wind-Up Petition on Feb. 21
NTEGRATOR PTE: KordaMentha Appointed as Interim Judicial Managers
SINGTECH IT: Court Enters Wind-Up Order
VEZ GROUP: Court Enters Wind-Up Order
VIKUDHA GLOBAL: Placed in Provisional Liquidation



X X X X X X X X

[] BOND PRICING: For the Week Feb. 3, 2025 to Feb. 7, 2025

                           - - - - -


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

BIMM GROUP: First Creditors' Meeting Set for Feb. 14
----------------------------------------------------
A first meeting of the creditors in the proceedings of The BIMM
Group SPV Pty Ltd will be held on Feb. 14, 2025 at 10:00 a.m. via
teleconference.

Ozem Kassem and Ian Niccol of KPT Restructuring were appointed as
administrators of the company on Feb. 4, 2025.


DALTON SECURITY: Second Creditors' Meeting Set for Feb. 14
----------------------------------------------------------
A second meeting of creditors in the proceedings of Dalton Security
Pty Ltd and Dalton Solutions Pty Ltd has been set for Feb. 14,
2025, at 10:00 a.m. and 11:00 a.m., respectively, via Zoom.

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 Feb. 13, 2025 at 5:00 p.m.

Andrew Quinn and Mitchell Ball of Mackay Goodwin were appointed as
administrators of the company on Jan. 9, 2025.


GREENSILL CAPITAL: Creditors Want Judge in IAG Dispute Disqualified
-------------------------------------------------------------------
The Australian Financial Review reports that Greensill Capital
creditors want a new Federal Court judge overseeing some AUD7
billion in legal claims against insurance giant IAG to disqualify
himself, arguing there is a question about whether he might be seen
to be biased because he previously acted for one of the parties.

Cameron Moore was appointed to the Federal Court late last year and
is the fifth judge to hear the slew of claims filed against
ASX-listed IAG, which issued insurance policies worth billions of
dollars to the collapsed financier, the Financial Review says.

Creditors, including Greensill Bank's administrator Michael Frege
and former clients Credit Suisse and White Oak, have lodged claims
in Australia to try and recover money they lost after the firm's
implosion in early 2021.

Collectively, the 10 claims filed - which are being managed by the
court simultaneously - are worth some AUD7 billion.

According to the Financial Review, since the first case was filed
in 2021, the proceedings have been overseen by five judges. One
retired, while another handed over the matters because he was too
busy. The most recent was based in Melbourne. Given the matter is
scheduled for hearings in Sydney in March next year, a Sydney-based
Federal Court judge was asked to take over the matter.

However, Justice Moore last year represented insurance broker Marsh
in a separate court case related to Greensill Capital's collapse.
Marsh was Greensill Group's broker and is a respondent to the cases
against IAG currently being heard in the Federal Court.

The Financial Review relates that Justice Moore told the court on
Feb. 7 that he had been given the case because he had a "relatively
free diary" and didn't get to decide which matters he took on. He
asked Greensill Bank's counsel to revise their application for him
to disqualify himself from hearing the proceedings.

Dozens of lawyers involved in the proceedings have been pouring
through tens of thousands of documents ahead of next year's trial.

But some of the document searching has been hindered by delays, the
report notes. Counsel representing Marsh told the court on Feb. 7
that "some catastrophic event" had occurred with a ProSearch
database that it had been using, and that lawyers had been unable
to access the database since January 28.

The Financial Review says Marsh's counsel told the court that they
hadn't been told what the catastrophic event was, whether it had
impaired the security of the documents or when access would be
restored.

The parties in the cases against IAG have been given various
deadlines throughout 2025 to respond to questions and file
evidence, says The Financial Review.

Questions include what would "a reasonably competent insurer" in
the position of IAG have done to supervise and monitor how a person
like former underwriter Greg Brereton handled trade credit
insurance policies, according to the report.

Mr. Brereton worked for IAG's half-owned subsidiary, Bond & Credit
Co, which issued trade credit insurance to Greensill Group
entities.

The Greensill Group packaged up invoice "receivables" that were
sold to investors like Credit Suisse. Insurance was key to
investors being satisfied they were protected if things went awry.

A so-called "loss referee", Alvarez & Marshal managing director
Owain Stone, has been appointed to review the alleged losses
following Greensill Capital's collapse, including amounts due to be
paid by insurers and accrued interest, the Financial Review
states.

IAG maintains it is not liable for the insurance claims and has no
"net" insurance exposure to trade credit policies, the Financial
Review adds.

                          About Greensill

Greensill was an independent financial services firm and principal
investor group based in the United Kingdom and Australia.  It
offered structures trade finance, working capital optimization,
specialty financing and contract monetization.  Greensill Capital
Pty was the parent company for the Greensill Group.

Greensill Capital (UK) Limited and Greensill Capital Management
Company (UK) Limited both entered into administration on March 8,
2021.  Greensill Limited entered into Creditors' Voluntary
Liquidation on July 30, 2021. Greensill Capital Securities Limited
entered into Creditors' Voluntary Liquidation on June 24, 2022.

Greensill Capital Pty Limited was the parent company to the
Greensill Group of which Greensill Capital (UK) Limited and
Greensill Limited formed a part.  It entered into administration in
Australia on March 9, 2021 and then subsequently into liquidation
in Australia on April 22, 2021.

KEYBRIDGE CAPITAL: Enters Voluntary Administration
--------------------------------------------------
Eliza Bavin at Financial Standard reports that Keybridge Capital
has appointed Gideon Rathner from Lowe Lippmann Chartered
Accountants as voluntary administrator, with the board blaming its
ongoing feud with WAM Active (WAM).

According to the report, the Keybridge board said court orders
being sought by WAM prevented Keybridge from raising capital, which
saw an offer of debt finance - which was dependent on a capital
raising - being withdrawn.

Financial Standard relates that the decision to enter
administration follows a move by Yowie Group on February 6 to
formally demand Keybridge repay a loan of AUD4.48 million as well
as the outstanding interest of AUD80,000.

Yowie demanded the repayment be made by 5:00 p.m. on February 7.

"[Yowie] exercised its rights under the loan agreement to demand in
full an immediate repayment, citing, amongst other things, the
delays in Keybridge's proposed capital raising, which was
understood to repay a material portion of the loan, causing a
consequential knock on effect to its business," Keybridge said,
notes the report. "Keybridge notes the significant impact on its
business flowing from WAM Active's persistent attempts to prevent
it from raising capital. The most recent injunctive relief obtained
by WAM preventing shareholders from approving capital raising
(including raising money from WAM), is supported by an undertaking
as to damages from WAM."

According to Financial Standard, Keybridge said it was unable to
reach a formal agreement with Yowie regarding an extension or
restructuring of the loan, given the restrictions around its future
capital raising capability.

The court battle between Keybridge and WAM has been ongoing for
close to five years, the report notes.

In June 2020, Keybridge launched legal proceedings against WAM
alleging it had improperly transferred 16 million Keybridge shares
into its own name, Financial Standard recalls.

Prior to the filing, WAM launched several takeover bids for
Keybridge but to no success. Keybridge chief executive Nicholas
Bolton alleged WAM transferred the shares in a bid to control the
company.


MARKENZO PTY: First Creditors' Meeting Set for Feb. 14
------------------------------------------------------
A first meeting of the creditors in the proceedings of Markenzo
Pty. Ltd. will be held on Feb. 14, 2025 at 11:30 a.m. via
teleconference.

Richard Albarran, Kathleen Vouris and Cameron Shaw of Hall Chadwick
were appointed as administrators of the company on Feb. 4, 2025.


STAR ENTERTAINMENT: Six-Week Trial in ASIC Case Begins
------------------------------------------------------
The Sydney Morning Herald reports that the corporate watchdog has
accused 10 former Star Entertainment board members and executives
of being blind to the red flags that pointed to money laundering
and illicit activities at its casino.

According to the Herald, the allegations were put forward by ASIC's
lawyers in their opening statement to the court on Feb. 10 at the
start of a landmark six-week trial between the corporate regulator
and former Star executives, including former chief executive Matt
Bekier and former chairman John O'Neill, and directors.

ASIC launched civil proceedings in the Federal Court in December
2022, accusing the former Star board members and executives of
breaching their duty to act with care and diligence.

"The defendants collectively conducted themselves in (such) an
incurious and complacent manner that sharp practices became
entrenched in the group's culture," Dr. Ruth Higgins, SC, who is
acting for ASIC, told the court, the Herald relays.

The Herald relates that Dr. Higgins told the court of staff
handling bags of AUD50 notes tied together with elastic bands being
delivered in a blue Esky bag, and operators blocking the view of
CCTV cameras with a blanket.

She also alleged the defendants cultivated and maintained business
relationships with overseas junket operators "despite having
substantial evidence that those junkets were engaged in illicit
activities which may involve money laundering and links to
organised crime."

While Star executives failed to provide the board with all the
troubling information about Sun City and other junkets, ASIC told
the court that each of Star's directors also failed to take
reasonable steps to oversee its executive team.

"The board cannot avoid responsibility for Star's failure to manage
those risks," the report quotes Dr. Higgins as saying.

According to the Herald, Dr. Higgins said there were enough red
flags at board level to indicate that directors needed to
investigate further. This included requests to approve an increase
in cheque cashing facilities for a junket operator from AUD50
million to AUD80 million with no supporting information, and at
short notice.

"You needed to know more about probity, to say 'approved' because
there's a AUD30 million increase, and an $80 million exposure for a
company with a junket operator . . .  alleged to be engaged in
(illegal) activities overseas," Dr. Higgins said.

The Herald adds that the court heard that in November 2017, Star's
directors were asked to approve a cash chequing facility for Qin
Sixin on behalf of the Minmin Shen junket.

"No probity information of any kind is included in the materials
provided to the board. The information concerns only credit and
property checks, ie the credit risk exposure to the company," Dr.
Higgins said.

This was on top of a KPMG report the board saw, which said Star's
anti-money laundering "protections are woefully deficient in
respect of junkets".

The former Star executives who face fines and corporate bans if
found guilty by the court include former Business Council of
Australia boss Katie Lahey, investment banker Ben Heap and former
Macquarie Bank chief Richard Sheppard, the Herald discloses.

Last week, former Star finance boss Harry Theodore broke ranks with
his former colleagues and settled with ASIC on charges that he
knowingly misled NAB about its ATMs being used to funnel more than
AUD900 million into Star's Sydney casino.

Mr. Bekier is facing court on these and other charges, the report
notes.

The Herald says that the casino operator has been crushed by two
inquiries that found it unfit to retain its casino licence.

Star shares got a boost on Feb. 10 after the company confirmed it
is in talks with its Chinese partners to sell its Queen's Wharf
casino precinct in Brisbane, provided it gets the best price.

A deal could help Star avoid financial collapse, the Herald says.

The Herald relates that the casino operator said it had rejected
several confidential, indicative and non-binding proposals from its
partners Chow Tai Fook Enterprises Limited and Far East Consortium
International Limited, which are seeking to acquire Star
Entertainment's 50 per cent stake in Queen's Wharf.

The trial is due to conclude next month, the report adds.

                      About Star Entertainment

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

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

As reported in the the Troubled Company Reporter-Asia Pacific on
Jan. 21, 2025, Star Entertainment has warned that it faces
"material uncertainty" over its ability to stay afloat unless it
finds a solution to its worsening financial woes.

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

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

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


STATE ROAD: First Creditors' Meeting Set for Feb. 14
----------------------------------------------------
A first meeting of the creditors in the proceedings of State Road
Quarry Products Pty Ltd, State Road Queensland Pty Ltd, State Road
Constructions Pty Ltd and State Road Plant Hire Pty Ltd will be
held on Feb. 14, 2025 at 10:00 a.m., 10:30 a.m., 11:00 a.m., and
12:00 p.m., respectively, via teleconference.

Richard Albarran, Kathleen Vouris and Cameron Shaw of Hall Chadwick
were appointed as administrators of the company on Feb. 4, 2025.


THORLEY SAND: First Creditors' Meeting Set for Feb. 14
------------------------------------------------------
A first meeting of the creditors in the proceedings of Thorley Sand
& Gravel Pty Ltd will be held on Feb. 14, 2025 at 11:45 a.m. via
Teleconference.

Richard Albarran, Kathleen Vouris and Cameron Shaw of Hall Chadwick
were appointed as administrators of the company on Feb. 4, 2025.


TRUE NORTH: Hamilton Locke Advises on Successful Restructure
------------------------------------------------------------
Hamilton Locke said that they have advised Canaccord Genuity
(Australia) Limited and Morgans Corporate Limited on the recent
successful restructuring of the listed company True North Copper
Limited and four of its subsidiaries (together the TNC Companies).

Following the appointment of Richard Tucker and Anthony Miskiewicz
of KordaMentha as voluntary administrators of the TNC Companies on
October 21, 2024, Hamilton Locke advised Canaccord and Morgans as
proponents of a DOCA proposal in relation to the TNC Companies. The
restructure proposal involved a AUD50 million conditional placement
fully underwritten by Canaccord and Morgans, to restructure the TNC
Companies' balance sheet pursuant to the terms of the DOCA and to
fund working capital for the business going forward
post-effectuation.

The DOCA proposal was approved by the creditors of each of the TNC
Companies on November 18, 2024. Following execution of the DOCA,
TNC completed a AUD50.9 million conditional placement and AUD2.54
million share purchase plan in short order.

The DOCA was wholly effectuated with respect to all TNC Companies
on December 31, 2024 and TNC recommenced trading on the ASX on
January 13, 2025. The successful restructure was implemented
quickly and efficiently, with the TNC Companies completing the
placement and exiting external administration in just over 10 weeks
after appointment.

The relatively novel combination of a DOCA and placement was
undertaken with the support of all stakeholders (including the
senior secured creditor). Not only was the DOCA approved by a clear
majority of creditors of each of the TNC Companies, but shareholder
approval was also obtained under the ASX listing rules to enable
TNC to issue the shares comprising the placement.

Hamilton Locke's corporate team was led by Partner Shaun Hardcastle
and Special Counsel Daniel Owen and was supported by our
restructuring and insolvency team led by Partner Nicholas Edwards,
with support from Senior Associate Katrina Zivkovic and lawyers
Nimrod Amanuel and Chansetha Soth.

The team worked closely with Richard Tucker and the KordaMentha
team and King & Wood Mallesons (acting for the administrators) to
achieve this restructure.

                      About True North Copper

Based in Cairns, Australia, True North Copper Limited (ASX:TNC) --
https://truenorthcopper.com.au/ -- engages in mineral exploration
and development activities in Australia. The company primarily
explores for copper, cobalt, gold, and silver deposits. It holds
100% interests in the Cloncurry project located near Cloncurry,
Northwest Queensland; and Mount Oxide project located in North-West
Queensland, as well as the Bundarra project located in Central
Queensland.

On Oct. 21, 2024, the Directors of True North Copper Ltd appointed
Richard Tucker and Tony Miskiewicz of KordaMentha as Voluntary
Administrators of the below entities:

     * True North Copper Limited (ACN 119 421 868)
     * TNC Mining Pty Ltd (ACN 652 408 378)
     * CopperCorp Pty Ltd (ACN 649 946 305)
     * North West Copper Pty Ltd (ACN 661 786 956)
     * TNC Asset Holding Pty Ltd (ACN 652 599 687)




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

NEW WORLD: Puts 55 Units at State Pavilia Up for Sale at Low Price
------------------------------------------------------------------
South China Morning Post reports that New World Development (NWD)
said it put another 55 units at its latest residential project on
the market at a low price after buyers oversubscribed the sale of a
first batch of flats last week.

The Post relates that NWD released the second batch of flats at its
State Pavilia development in North Point on Sunday after more than
2,850 prospective buyers wrote cheques for a chance to buy the 88
units that were put up for sale at below-cost prices on Feb. 6,
according to agents. The developer was likely to launch its new
sale this weekend.

The second price listing included 11 one-bedroom units and 44
two-bedrooms flats, ranging from 351 sq ft to 621 sq ft. These
flats were priced from HK$6.32 million (US$811,466) to HK$14.06
million, or HK$17,613 to HK$22,618 per square foot.

The average price per square foot for the new batch is HK$18,998,
up 2.5 per cent from the first list, the Post discloses.

According to the Post, the embattled developer has been scrambling
to generate cash so it can trim its HK$123.7 billion debt load. It
priced the first 88 units in State Pavilia – the first phase of
its redevelopment project at the site of the former State Theatre
in North Point – at an average of HK$18,540 per square foot. That
was an eight-year low in the Eastern district, according to
Centaline Property Agency.

The first price list was below some analysts' expectations. It was
around 13 per cent lower than its accommodation value of about
HK$21,500, surveyors said, the Post relays. The accommodation value
is the land acquisition cost divided by the gross floor area
permitted for the project.

Once a titan among Hong Kong's blue-chip stocks, NWD was ejected
from the Hang Seng Index in November, the Post recalls.

NWD's new flat sale comes as market participants have speculated
about the likelihood of it defaulting, the report notes. The firm
has been assuring the market that it is not in discussions with
creditors about restructuring its obligations.

The Post reports that the default of a major Hong Kong property
developer could send shock waves through the broader sector and
scuttle a potential recovery in the residential market, according
to S&P Global Ratings.

"Hong Kong's residential property recovery may be slipping out of
view," the credit-rating agency said in a report on Feb.6.  "S&P
Global Ratings believes that any distress event involving major
Hong Kong developers could trigger cascading effects, hitting the
financial strength of rated entities [while] raising the risk [to]
bondholders."

                    About New World Development

New World Development Company Limited -- https://www.nwd.com.hk/ --
an investment holding company, operates in the property development
and investment business in Hong Kong and Mainland China. Its
property portfolio includes residential, retail, office, and
industrial properties. The company is also involved in the loyalty
program, fashion retailing and trading, and land development
businesses; and development and operation of sports park. In
addition, it operates club houses, golf and tennis academies, and
shopping malls; constructs and operates Skycity complex; and
operates department stores.




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

ACE FOOTMARK: CARE Keeps D Debt Ratings in Not Cooperating
----------------------------------------------------------
CARE Ratings said the ratings for the bank facilities of Ace
Footmark Private Limited (AFPL) continue to remain in the 'Issuer
Not Cooperating' category.

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank      18.58       CARE D; ISSUER NOT COOPERATING
   Facilities                      Rating continues to remain
                                   under ISSUER NOT COOPERATING
                                   category

   Long Term/           2.00       CARE D/CARE D; ISSUER NOT
   Short Term                      COOPERATING Rating continues to
   Bank Facilities                 remain under ISSUER NOT  
                                   COOPERATING category

   Short Term Bank      4.20       CARE D; ISSUER NOT COOPERATING
   Facilities                      Rating continues to remain
                                   under ISSUER NOT COOPERATING
                                   category

Rationale & Key Rating Drivers

CARE Ratings Ltd. had, vide its press release dated January 19,
2024, placed the rating(s) of AFPL under the 'issuer
non-cooperating' category as AFPL had failed to provide information
for monitoring of the rating as agreed to in its Rating Agreement.
AFPL continues to be non-cooperative despite repeated requests for
submission of information through e-mails dated December 4, 2024,
December 14, 2024, December 24, 2024 among others.

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

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

Analytical approach: Standalone

Outlook: Not Applicable

ACE Footmark Private Limited was incorporated in July 2000 and
currently being managed by Mr Arjun Puri, Mr Akash Kapoor and Mr
Angad Puri. The company is engaged in the manufacturing of footwear
products like hawai slipper, sandal, etc. The manufacturing
facility of the company is located in Bahadurgarh, Haryana. The
company has its own in-house ethylene vinyl acetate (EVA)
compounding unit which produces EVA sheets from EVA granules. The
company sells its products under the brand name 'FIZIK' in India
through its distributor network. Beside ACE, group also consists of
Saraswati Timber Private Limited and Focus Shoes Private Limited.
Both are engaged in the manufacturing of footwear.


AGS TRANSACT: CRISIL Lowers Rating on INR900cr LT Loan to D
-----------------------------------------------------------
CRISIL Ratings has downgraded its rating on the long-term bank
facilities of AGS Transact Technologies Limited (AGS) to 'CRISIL D'
from 'CRISIL A/Stable'.  

                        Amount
   Facilities        (INR Crore)    Ratings
   ----------        -----------    -------
   Long Term Rating       900       CRISIL D (Downgraded from
                                    'CRISIL A/Stable')

The rating downgrade reflects delays by AGS in servicing interest
and debt obligations on term loans and bill discounting facility in
December 2024 and January 2025. The company has not yet disclosed
any instance of delay or default on its borrowings to the stock
exchanges. The company had also misrepresented facts stating that
they have adequate means to support upcoming debt obligations for
December 2024 in its no default statement submitted in November
2024.

On January 29, 2025, CRISIL Ratings was notified by a bank of
irregularities in the bill discounting facility of Securevalue
India Ltd (SVIL; a wholly owned subsidiary of AGS).  Subsequently,
based on discussions with AGS and its bankers, CRISIL Ratings
understood that there are delays in debt servicing of AGS's bank
loan facilities as well.

As per interactions with the AGS management, CRISIL Ratings
believes that the liquidity of the company has sharply deteriorated
over the past 2-3 months owing to delay in collection from
receivables as AGS was not able to meet the service level
agreements (SLAs) with its customers. Despite repeated follow-up
with AGS to obtain more details, CRISIL Ratings is yet to receive
any details on the deficiencies of AGS in meeting its SLAs.

Analytical Approach

CRISIL Ratings has combined the financial and business risk
profiles of AGS and its subsidiaries as they have common management
and are in similar lines of business. AGS has two main subsidiaries
– SVIL, which is engaged in cash management services, and India
Transact Services Ltd (ITSL) which is engaged in creating and
dealing with digital payment solutions.

Key Rating Drivers & Detailed Description

Weaknesses:

* Constrained liquidity position leading to delays in debt
servicing: There is substantial deterioration in the liquidity
position over the past 2-3 months owing to delays in collection
from receivables. As per discussions with the management, the
company was not able to meet the SLAs with its customers. This led
to delays in servicing interest and debt obligations on term loans
in December 2024 and January 2025.

* Slowdown in number of automated teller machines (ATMs) and risk
of proliferation of digital payments: A structural shift is being
witnessed in the Indian payment industry with strong surge in
digital payments. The volume of digital payments transactions
increased by 44% in a year from 113.9 billion transactions in FY
2022-23 to 164.4 billion in FY 2023-24. This surge is particularly
being driven by Unified Payments Interface (UPI) and its share in
total digital payment has increased to ~83% in 2024 from ~34% in
2019. This is also having an impact on the number of ATM additions
in the country. The total number of ATMs stood at 2.15 lacs as on
September 2024 compared to 2.19 lacs a year earlier. Even,
company's revenues from ATM management division (accounting for
~66% of FY24 revenues) has been on a declining trend. Revenues from
this division de-grew to INR982 crore in fiscal 2024 as against
INR1,137 crore in fiscal 2021. Going forward, evolution of the
payment landscape along with company's ability to garner a larger
share of ATM servicing contracts would remain a key monitorable.

* Large working capital requirement: Operations have been working
capital intensive, as indicated by debtors of around 137 days as on
March 31, 2024, and 166 days as on September 30, 2024, owing to
pending realisation with few large customers and retention money.
As per management, the stretched receivables were on account of the
company's inability to meet the SLAs with its customers and
non-payment of goods and services tax (GST) to tax authorities,
resulting in customers withholding payments.

Strengths:

* Strong market position in the ATM managed services industry with
presence across the value chain: AGS is one of the largest
integrated omnichannel payment solutions providers, providing
digital and cash-based solutions to both banks and corporate
clients across India. As of March 2024, the company had a network
of around 38,00 ATMs and CRMs under its ATM outsourcing and managed
services business with a market share of ~15% and serviced over
40,000 ATMs under the cash management business at SVIL. The company
also provides automated and technology products for the banking,
retail, paint and petroleum sectors.

Liquidity: Poor

The liquidity position of the company is poor owing to high debt
repayment, stretched receivables and fully utilised working capital
limits as on date. Net cash accruals are expected to be lower than
substantial repayment obligations of ~INR210 crore in fiscal 2025.

Rating sensitivity factors

Upward factors

* Timely track record of debt servicing for at least 90 days
* Substantial improvement in liquidity profile with material
reduction in receivables days

AGS is one of India's leading providers of end-to-end cash and
digital payment solutions including customised solutions serving
the banking, retail, petroleum and transit sectors. Its operations
cover approximately 2,200 cities and towns, servicing about
4,90,000 machines or customer touch points across India as on March
31, 2024. AGS has two main subsidiaries - SVIL (engaged in cash
management services) and ITSL (engaged in creating and dealing with
electronic payment systems). The company has also expanded its
operations to Southeast Asia and other countries by forming
overseas stepdown subsidiaries in Sri Lanka, Philippines and
Cambodia through a subsidiary in Singapore.


AKHIL BHARTIYA: CRISIL Assigns B Rating to INR1cr Proposed Loan
---------------------------------------------------------------
CRISIL Ratings has assigned its 'CRISIL B/Stable' rating to the
long-term bank facility of Akhil Bhartiya Gramonnayan Sansthan
(ABGS).

                         Amount
   Facilities         (INR Crore)    Ratings
   ----------         -----------    -------
   Proposed Long Term       1        CRISIL B/Stable (Assigned)
   Bank Loan Facility       

The rating reflects the high dependence of ABGS on government
authorities and the public for funding, and its small scale of
operations. These weaknesses are partially offset by the
longstanding regional presence of the trust.

Analytical approach

CRISIL Ratings has evaluated the standalone business and financial
risk profiles of ABGS.

Key rating drivers and detailed description

Weaknesses:

* High dependence on government authorities and the public for
funding: ABGS is a registered not-for-profit organisation
(NGO-trust), working since 1995 for the upliftment and
rehabilitation of the rural areas in Uttar Pradesh. It provides
educational services, which include free education for children and
informational seminars; and provides orphan sustenance, medical
facilities, clothes donation and other social activities. It
depends on public, corporate and government support for its funding
requirement and hence remains monitorable for consistent and
sufficient accrual.

* Small scale of operations: ABGS remains a small-sized,
non-government organisation, with estimated book size of INR0.6
crore as on March 31, 2024. The scale is expected to remain at
INR0.6-0.9 crore in fiscal 2025, with grants from the government,
which is primarily done in the last quarter of any fiscal. It has
launched several programs for the underprivileged communities
residing in remote villages. Any significant improvement in the
scale of operations will remain monitorable.

Strength:

* Longstanding regional presence of the trust: The trust has had an
established presence in Uttar Pradesh and has been operational for
over three decades. Thus, its established presence in the region
with diverse services will continue to support its sustainability.
The trust was established more than 30 years ago. Regular donations
from various large corporates and trustees is one of the benefits
of the market presence and goodwill of the trust.

Liquidity: Poor

Annual cash accrual is expected to be over INR65.49 lakh against
nil term debt obligation over the medium term, and will cushion
liquidity. The current ratio was moderate at 1.23 times as on March
31, 2024.

Outlook: Stable

CRISIL Ratings believes ABGS will continue to benefit from the
extensive experience of its promoter, and established relationships
with clients.

Rating sensitivity factors

Upward factors:

* Sustained increase in revenue to above INR2 crore
* Significant corpus infusion.

Downward factors:

* Inability to increase the receipt of grants
* Deterioration in the capital structure, with addition of debt
leading to gearing above 1 time

Established in 1995, ABGS is a registered not-for-profit
organisation (NGO-trust), working since 1995 for the upliftment and
rehabilitation of the rural areas in Uttar Pradesh. It provides
educational services, which include free education for children and
informational seminars; and provides orphanage sustenance, medical
facilities, clothes donation and other social activities.


ANNAPURNA TRADERS: CARE Keeps C Debt Rating in Not Cooperating
--------------------------------------------------------------
CARE Ratings said the ratings for the bank facilities of Annapurna
Traders (AT) continue to remain in the 'Issuer Not Cooperating'
category.

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank       3.26       CARE C; Stable; ISSUER NOT
   Facilities                      COOPERATING; Rating continues
                                   to remain under ISSUER NOT
                                   COOPERATING category  

   Short Term Bank      6.00       CARE A4; ISSUER NOT
   Facilities                      COOPERATING; Rating continues
                                   to remain under ISSUER NOT
                                   COOPERATING category


Rationale and key rating drivers

CARE Ratings Ltd. had, vide its press release dated January 30,
2024, placed the rating(s) of AT under the 'issuer non-cooperating'
category as AT had failed to provide information for monitoring of
the rating as agreed to in its Rating Agreement. AT continues to be
non-cooperative despite repeated requests for submission of
information through e-mails dated December 15, 2024, December 25,
2024, January 4, 2025 among others.

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

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

Analytical approach: Standalone

Outlook: Stable

Annapurna Traders (AT) was established as a proprietorship firm in
2007. The firm is primarily engaged in trading of wheat, soyabean,
chana and makka etc. The firm has two manufacturing units located
at Bematara and Nandul, Chhattisgarh with aggregate processing
capacity of 11,520 metric ton per annum (MTPA). AT procures paddy
from farmers & local agents and sells its products through the
wholesalers and distributors located in Chhattisgarh. Mr. Manish
Kumar Gilda, having more than a decade of experience in the rice
milling industry and trading business, looks after the day to day
operations of the firm along with a team of experienced
professionals who have rich experience in the similar line of
business.

Status of non-cooperation with previous CRA: Acuite has continued
the rating assigned to the bank facilities of AT into ISSUER NOT
COOPERATING category vide press release dated November 15, 2024 on
account of its inability to carry out a review in the absence of
requisite information from the firm.


BASUNDHARA GREEN: CARE Keeps D Debt Rating in Not Cooperating
-------------------------------------------------------------
CARE Ratings said the ratings for the bank facilities of Basundhara
Green Power Limited (BGPL) continue to remain in the 'Issuer Not
Cooperating' category.

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank      10.20       CARE D; ISSUER NOT COOPERATING
   Facilities                      Rating continues to remain
                                   under ISSUER NOT COOPERATING
                                   category

Rationale & Key Rating Drivers

CARE Ratings Ltd. had, vide its press release dated December 15,
2023, placed the rating(s) of BGPL under the 'issuer
non-cooperating' category as BGPL had failed to provide information
for monitoring of the rating as agreed to in its Rating Agreement.
BGPL continues to be non-cooperative despite repeated requests for
submission of information through e-mails dated October 30, 2024,
November 9, 2024, November 19, 2024 among others.

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

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

Analytical approach: Standalone

Outlook: Not Applicable

Basundhara Green Power Limited (Now BHRAMRI DEVI KRISHI UDYOG
LIMITED) was incorporated in December, 2009 by Shri Ranjan Kumar
Barai, Shri Gobardhan Mondal and Smt. Suparna Bhattacharya of West
Bengal. The company is currently engaged in fish farming &
cultivation with its unit being located at Jalpaiguri, West Bengal.
Further, BGPL has undertaken expansion of its existing fish farming
& cultivation unit by enhancing its capacity by 18 MTPA. The total
cost of the expansion project was Rs.5.14crore (excluding margins
for working capital) funded at a debt equity ratio of 1.24:1. The
project was commissioned in February, 2017. BGPL is in the process
of setting up a new poultry farming unit for production of broiler
meat.

BHOPAL MOTORS: CRISIL Reaffirms B+ Rating on INR3.81cr Cash Loan
----------------------------------------------------------------
CRISIL Ratings has reaffirmed its 'CRISIL B+/Stable/CRISIL A4'
ratings on the bank facilities of Bhopal Motors Private Limited
(BMPL).

                        Amount
   Facilities        (INR Crore)    Ratings
   ----------        -----------    -------
   Cash Credit           3.81       CRISIL B+/Stable (Reaffirmed)

   Cash Credit           0.74       CRISIL B+/Stable (Reaffirmed)

   Electronic Dealer    24          CRISIL A4 (Reaffirmed)
   Financing Scheme
   (e-DFS)              
   
   Inventory Funding     5          CRISIL A4 (Reaffirmed)
   Facility              

   Proposed Working      1.8        CRISIL A4 (Reaffirmed)
   Capital Facility      

   Term Loan            19          CRISIL B+/Stable (Reaffirmed)

   Term Loan            12.26       CRISIL B+/Stable (Reaffirmed)

The ratings continue to reflect the average financial risk profile
of the company and exposure to intense competition and cyclicality
in the construction equipment industry. These weaknesses are
partially offset by the extensive experience of the promoters in
the automotive (auto) dealership business and their strong
relationship with JCB India Ltd (JCB; 'CRISIL AAA/Stable').

Analytical Approach

CRISIL Ratings has evaluated the standalone business and financial
risk profiles of BMPL

Key Rating Drivers & Detailed Description

Weakness:

* Average financial risk profile: Financial risk profile has been
weak owing to high dependence on external debt and low operating
margin. Total outside liabilities to adjusted networth ratio was
3.4 times as on March 31, 2024. Debt protection metrics were
subdued, as indicated by interest coverage ratio of 1.28 times and
net cash accrual to adjusted debt ratio of 0.06 time for fiscal
2024. The financial risk profile is likely to improve over the
medium term, with gradual repayment of debt and steady accretion to
reserve.

* Exposure to intense competition and cyclicality in the end-user
industry: The construction equipment industry is vulnerable to
changes in economic cycles. Excessive downturn in the economy or
monetary tightening measures can substantially impact demand.
Intense competition from other dealers in the region constrains
operating performance, as reflected in earnings before interest,
tax, depreciation and amortisation margin of around 2.7% in fiscal
2024.

Strengths:

* Extensive experience of the promoters and healthy relationship
with JCB: The promoters have been in the auto dealership business
for four decades and are associated with JCB for more than 25
years. The company derives around 80% of its revenue from the sale
of vehicles and the remaining from service and sale of spare parts.
It has five showrooms, two workshops and multiple sales outlets,
establishing its presence across Madhya Pradesh.

Liquidity: Stretched

Liquidity should remain supported by the ample surplus available in
cash accrual and bank lines. Bank limit utilisation was around 64%
for the 12 months through December 2024. Cash accrual is projected
at INR4-6 crore per annum, against yearly debt obligation of INR3.2
crore over the medium term. Current ratio stood healthy at 1.44
times and cash and bank balance at around INR1.14 crore as on March
31, 2024.

Outlook: Stable

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

Rating Sensitivity Factors

Upward Factors

* Steady revenue growth while maintaining moderate operating
margin, leading to interest coverage ratio more than 1.5 times
* Improvement in the working capital cycle and no large,
debt-funded capital expenditure (capex)

Downward Factors

* Steep decline in revenue and/or operating margin, resulting in
net cash accrual less than INR3.5 crore
* Sizeable stretch in the working capital cycle or any large,
debt-funded capex

Incorporated in 1951 in Indore, BMPL is an authorised dealer for
heavy earth-moving equipment and commercial vehicles, including
backhoe loaders, excavators and car-mounted machines, for JCB. Mr
Rohit Sanghi and Ms Swati Tokkar are the promoters.


CHAWLA TECHNO: CRISIL Lowers Rating on INR0.78cr Term Loan to B-
----------------------------------------------------------------
CRISIL Ratings has downgraded its rating on the long term bank loan
facility of Chawla Techno Construct Limited (CTC) to 'CRISIL
B-/Stable' from 'CRISIL B/Stable' while reaffirming its rating on
the short-term bank facilities at 'CRISIL A4'.

                        Amount
   Facilities        (INR Crore)    Ratings
   ----------        -----------    -------
   Bank Guarantee         15        CRISIL A4 (Reaffirmed)

   Proposed Rupee
   Term Loan               0.78     CRISIL B-/Stable (Downgraded
                                    from 'CRISIL B/Stable')

The downgrade reflects the weakening in the business risk profile
of CTC on account of continued operating losses amidst lower
execution of limited order book and lower absorption of fixed
overheads, which couldn't be passed on completely. Operating
profitability stood negative 58.5% during fiscal 2024 and is
estimated at negative INR2.9 crores during fiscal 2025 (April-Sep).
While the revenue is likely to show recovery during fiscal 2026,
with an estimated on-year revival to INR80-90 crores of revenue on
account of new tenders, subdued operating profitability shall keep
the net cash accruals modest at around INR0.5-1 crore; revenue
during April'24-Sep'24 is estimated at ~INR0.3 crore (~INR9 crore
during fiscal 2024). Going forward, revival in operating
profitability amidst sustained revenue growth will remain a key
rating sensitivity factor.

Financial risk profile, on the other hand, remains supported by
debt free capital structure and networth of ~INR6.5 crore as at
March 31, 2024. However, negative operating profitability is likely
to keep the debt protection indicators subdued. Liquidity, too,
remains aided by need based financial support from the promoters,
however, remains constrained on account of modest net cash
accruals.

The ratings continue to reflect the extensive experience of the
promoters in the industry. These strengths are partially offset by
declined revenue, declined operating margin, weak financial risk
profile, and susceptibility to risks related to the tender-based
business.

Analytical Approach:

Unsecured loan of INR6.75 crore as on March 31, 2024, from the
promoter group have been treated as neither debt nor equity as the
loans are expected to be retained in the business over the medium
term.

Key Rating Drivers & Detailed Description

Weaknesses:

* Declining scale of operations and negative operating margins:
Revenue was subdued around INR9.44 crore in fiscal 2024 from
INR61.98 crore in fiscal 2023 recorded de-growth of 85%. Till
September 2023, the company has booked a revenue of INR0.2 crore
and is expecting to book additional revenue of around INR0.1-0.2
crore for execution of existing orders in hand. Operating losses
has also dipped from -8.8% to -58.5% in fiscal 2024 due to
increased labor cost and lower absorption of fixed costs. Further
during fiscal 2025 performance will remain deteriorated due to low
order book as well.

* Weak financial risk profile: Financial risk profile is expected
to remain weak due to decline profitability over the last two
fiscals leading to decline in Net worth from INR12.70 crores in
fiscal 2023 to INR6.50 crores in fiscal 2024.  Now with no
incremental order in hand margins are expected to remain negative
which will further impact the net worth in fiscal 2024-25. Debt
protection metrics also remains weak due to operating losses and
same is expected to improve with growth in revenue and improvement
in profit and healthy assertion to reserve leading to improvement
in capital structure remain key monitorable.

* Exposure to risks arising from the tender-based business: Since
the entire income is tender-driven, revenue depends on the ability
of CTC to bid successfully. Over the last two fiscals the company
has seen no addition in tenders in the order book, which also
limits the revenue visibility of the company. Thus, addition of
tenders in the order book remains key monitorable in the medium
term.

Strength:

* Extensive experience of promoters: The 4-decade-long experience
of the promoters in the civil construction segment and their active
involvement in functional areas of the business will help CTC bag
orders once ongoing issues with bank is resolved. CRISIL Ratings
believe that CTC shall continue to benefit from promoter's
experience.

Liquidity: Poor

Cash accruals are expected to remain negative for FY25 due to no
incremental orders in hand. However there exists no repayment
obligation. Liquidity is further supported by USL of INR6.75 Cr
from promoters, which have been treated as NDNE as they are
expected to remain the business.

Outlook: Stable

CRISIL Ratings believes CTC will continue to benefit from the
extensive experience of its promoters in the civil construction
business.

Rating sensitivity factors

Upward factors:

* Sustained improvement in scale of operation while maintaining the
operating margin with improvement in net cash accrual to INR0.5-1
crores.
* Improvement and strengthening the liquidity profile.

Downward factors:

* No order book growth in medium term such that revenue remains
below INR2 crore.
* Further stretch in working capital cycle, weakening the financial
risk profile, especially liquidity

CTC was established as a private limited company in 1980, by Mr KS
Chawla and his cousin, Mr CS Chawla. It was reconstituted in 1989,
as a closely held public limited company. The company undertakes
civil contracts and constructs industrial and institutional
buildings, architectural structures and residential premises for
private entities.


DEVIPRASAD SHETT: CARE Keeps D Debt Rating in Not Cooperating
-------------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Deviprasad
Shetty (DS) continues to remain in the 'Issuer Not Cooperating'
category.

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

Rationale and key rating drivers

CARE Ratings Ltd. had, vide its press release dated January 23,
2024, placed the rating(s) of DS under the 'issuer non-cooperating'
category as DS had failed to provide information for monitoring of
the rating as agreed to in its Rating Agreement. DS continues to be
non-cooperative despite repeated requests for submission of
information through e-mails dated December 8, 2024, December 18,
2024 and December 28, 2024 among others.

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

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

Analytical approach: Standalone

Outlook: Not Applicable

DS was established in the year 2013 by Mr. Deviprasad Shetty as a
proprietorship firm. The firm is working as a private contractor
along with subcontractor for K2K Infrastructure Private Limited for
construction of buildings.

Status of non-cooperation with previous CRA: Brickwork has
continued the rating assigned to the bank facilities of DS into
Issuer Not Cooperating category vide press release dated May 14,
2024 on account of its inability to carry out a review in the
absence of requisite information.


DURGA AUTOMOTIVES: CARE Keeps D Debt Rating in Not Cooperating
--------------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Durga
Automotives Private Limited (DAPL) continues to remain in the
'Issuer Not Cooperating' category.

                        Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank       19.40      CARE D; ISSUER NOT COOPERATING
   Facilities                      Rating continues to remain
                                   under ISSUER NOT COOPERATING
                                   category

Rationale and key rating drivers

CARE Ratings Ltd. had, vide its press release dated January 23,
2024, placed the rating(s) of DAPL under the 'issuer
non-cooperating' category as DAPL had failed to provide information
for monitoring of the rating as agreed to in its Rating Agreement.
DAPL continues to be non-cooperative despite repeated requests for
submission of information through e-mails dated December 8, 2024,
December 18, 2024, December 28, 2024 among others.

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

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

Analytical approach: Standalone

Outlook: Not applicable

Durga Automotives Private Limited (DAPL) was incorporated on
October 12, 1998 and its registered office is situated at Dagapur,
Pradhan Nagar, Siliguri, West Bengal. The company is promoted by
Mr. Sanjay Bansal, Mrs. Anita Agarwalla and Mr. Ashwin Bansal. DAPL
is an authorized dealer of Hyundai Motor India Ltd. (HMIL) for its
passenger vehicles and Piaggio Vehicles Private Limited (PVPL) for
its commercial vehicles. It is engaged in the sale of vehicles,
spare parts and servicing activities. The company presently
operates one showroom cum sales office and workshop including spare
parts for PVPL at Siliguri. Further, DAPL has three showrooms (one
each in Siliguri, Coochbehar and Jaigaon) and four workshops (2 in
Siliguri and one each in Coochbehar and Jaigaon) for HMIL.

Status of non-cooperation with previous CRA: ICRA has continued the
rating assigned to the bank facilities of DAPL into ISSUER NOT
COOPERATING category vide press release dated December 31, 2024 on
account of its inability to carry out a review in the absence of
requisite information from the company.



ESQUIRE MACHINES: CRISIL Reaffirms B+ Rating on INR4cr Cash Loan
----------------------------------------------------------------
CRISIL Ratings has reaffirmed its 'CRISIL B+/Stable/CRISIL A4'
ratings on the bank loan facilities of Esquire Machines Pvt Ltd
(EMPL).

                        Amount
   Facilities        (INR Crore)    Ratings
   ----------        -----------    -------
   Bank Guarantee        0.05       CRISIL A4 (Reaffirmed)

   Cash Credit           4          CRISIL B+/Stable (Reaffirmed)

   Letter of Credit      0.95       CRISIL A4 (Reaffirmed)

   Proposed Fund-
   Based Bank Limits     5          CRISIL B+/Stable (Reaffirmed)

The ratings continue to reflect the stable business risk profile of
the company. The business risk profile is supported by revenue of
INR25.31 crore in fiscal 2024 and INR26.35 crore in fiscal 2023.
The business risk profile will remain stable with revenue growth of
15-20% over the medium term. The financial risk profile is weak
with low networth of INR6.94 crore and moderate gearing of 1.07
times in fiscal 2024. The debt protection metrics are also weak
with net cash accrual to adjusted debt (NCAAD) and interest
coverage ratios of 0.18 time and 0.24 time, respectively, in fiscal
2024.

The ratings also reflect EMPL's modest scale of operations and weak
financial risk profile. These weaknesses are partially offset by
the extensive experience of the promoters in the construction
equipment industry.

Analytical Approach

The analytical approach is based on the standalone financial risk
profile of EMPL. Unsecured loan of INR6.78 crore, provided by the
promoters as on March 31, 2024, has been treated as neither debt
nor equity, as the loan amount has increased over the past three
fiscals and the funds should be retained in the business over the
medium term.

Key Rating Drivers & Detailed Description

Weaknesses:

* Modest scale of operations: Subdued scale is reflected in revenue
of INR20-25 crore over the past few fiscals. It was INR25.31 crore
in fiscal 2024 against INR26.35 crore in fiscal 2023. The company
achieved total revenue of INR14.77 crore till the end of December
2024 which is expected to grow 15-20% over the medium term.
Sustained growth in revenue and operating margin will be key rating
sensitivity factors over the medium term.

* Large working capital requirement: Gross current assets (GCAs)
were high at 253 days as on March 31, 2024, driven by inventory of
90 days and receivables of 141 days. Operations may remain working
capital intensive over the medium term.

Strength:

* Extensive experience of the management: The four-decade-long
experience of the promoters in the construction equipment industry,
their strong understanding of market dynamics and healthy
relationships with suppliers and customers will continue to support
the business.

Liquidity: Stretched

Expected cash accrual of INR0-0.70 crore per fiscal will not be
sufficient to cover yearly debt obligation of INR0.27-0.66 crore
over the medium term. Bank limit utilisation averaged 82.42% over
the 12 months through December 2024. The current ratio was healthy
at 1.79 times as on March 31, 2024. Liquidity is further supported
by expected equity and unsecured loans from the promoters.

Outlook: Stable

EMPL will continue to benefit from the extensive experience of its
promoters in the construction equipment industry.

Rating sensitivity factors

Upward factors:

* Sustained increase in net cash accrual to over INR2 crore
* Improvement in the working capital cycle with lower GCAs

Downward factors:

* Sustained weakening of interest coverage ratio to less than 1.0
time
* Large debt-funded capital expenditure or capital withdrawal by
the promoters, weakening the total outside liabilities to adjusted
networth ratio

EMPL manufactures a wide range of equipment and machines such as
concrete mixer, material handling and other products. The companuy
was incorporated in 1996 as private limited company. The company is
managed by Mr. Mahesh Gohil, Mr. Gladston Selveraj, Mr. Anuj Gohil
and Mr. Rajendra Kanetka. The manufacturing facility of the company
is situated in Por, Gujarat.


HARI & CO: CARE Moves D Debt Ratings to Not Cooperating Category
----------------------------------------------------------------
CARE Ratings has migrated the rating on bank facilities of Hari &
Co International LLP (HCI) to Issuer Not Cooperating category.

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank       31.50      CARE D; ISSUER NOT COOPERATING
   Facilities                      Rating moved to ISSUER NOT
                                   COOPERATING category

   Short Term Bank       3.00      CARE D; ISSUER NOT COOPERATING
   Facilities                      Rating moved to ISSUER NOT
                                   COOPERATING category

Rationale and key rating drivers

CARE Ratings Ltd. has been seeking No Default Statement from HCI to
monitor the ratings vide email communications/letters dated January
21, 2025, January 27, 2025, among others and numerous phone calls.
However, despite repeated requests, the company has not provided
the requisite No Default Statement for monitoring the ratings. In
line with the extant SEBI guidelines, CARE Ratings Ltd. has
reviewed the rating on the basis of the best available information
which however, in CARE Ratings Ltd.'s opinion is not sufficient to
arrive at a fair rating. The rating on Hari & Co International LLP
(HCI) bank facilities will now be denoted as CARE D; ISSUER NOT
COOPERATING.

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

The ratings have been revised on account of non-receipt of monthly
No default statement for the month of November 2024 and December
2024 despite repeated requests. The rating assigned to the bank
facilities of Hari & Co International LLP (HCI) factors in delays
in servicing of debt obligations. The rating further continues to
be constrained by the highly leveraged capital structure and tight
liquidity position of the entity.

Analytical approach: Standalone

Outlook: Not Applicable

Detailed description of key rating drivers:

At the time of previous rating published on April 29, 2024, the
following were the key rating drivers. The same has been updated
with latest available information.

Key weaknesses

* Delay in debt servicing: The company has been delaying in
servicing the availed loan facilities.

* Highly leveraged capital structure: The capital structure of HCI
is highly leveraged. The overall gearing as on March 31, 2024 stood
at 5.92x (PY: 5.02x) and the total debt to Gross Cash Accruals
(GCA) remains weak at 72.82x in FY24 (PY:27.75x), due to higher
dependence on external borrowings to fund the operations.

* Working capital intensive operations: The average collection
period has elongated to 350 days in FY24 from 339 days in FY23 and
the operating cycle has elongated to 173 days in FY24.

Hari & Co. International LLP (HCI) was incorporated in May 2016 and
is being managed by promoters, Mr. Hariharan and Mr. Annamalaisamy.
HCI is involved in trading/exporting perishable food (fruits &
vegetables), non-perishable food (food staple such as rice, wheat,
sugar, etc.) and construction materials such as boulders, steel
bars, cement, aggregate, etc., as well.


ICON CARS: CARE Keeps C Debt Rating in Not Cooperating Category
---------------------------------------------------------------
CARE Ratings said the ratings for the bank facilities of Icon Cars
Private Limited (ICPL) continue to remain in the 'Issuer Not
Cooperating' category.

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank      10.95       CARE C; Stable; ISSUER NOT
   Facilities                      COOPERATING; Rating continues
                                   to remain under ISSUER NOT
                                   COOPERATING category  

   Short Term Bank      1.30       CARE A4; ISSUER NOT
   Facilities                      COOPERATING; Rating continues
                                   to remain under ISSUER NOT
                                   COOPERATING category

Rationale and key rating drivers

CARE Ratings Ltd. had, vide its press release dated January 17,
2024, placed the rating(s) of ICPL under the 'issuer
non-cooperating' category as ICPL had failed to provide information
for monitoring of the rating as agreed to in its Rating Agreement.
ICPL continues to be non-cooperative despite repeated requests for
submission of information through e-mails dated December 2, 2024,
December 12, 2024 and December 22, 2024 among others.

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

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

Analytical approach: Standalone

Outlook: Stable

Lucknow (Uttar Pradesh) based Icon Cars Private Limited (ICPL) is
promoted by Mr. Pawan Kumar Garg and Mr. Aditya Garg in January,
2016. ICPL is engaged in the dealership of passenger vehicles of
Honda Company India Limited (HCIL) on Sitapur Road, NH-24- Lucknow.
The operations of the company commenced in August, 2016. Company
also undertakes servicing of passenger vehicle work. ICPL is
another group of Standard Surfactants Limited, managed by Mr. Pawan
Kumar Garg.

J AND G TRANSFORMER: CRISIL Cuts Long/Short Term Ratings to D
-------------------------------------------------------------
CRISIL Ratings has downgraded the ratings of J and G Transformer
Private limited (JGPL) to 'CRISIL D/CRISIL D Issuer Not
Cooperating' from 'CRISIL B+/Stable/CRISIL A4 Issuer Not
Cooperating'.

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

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

CRISIL Ratings has been consistently following up with JGPL for
obtaining information through letters and emails dated Jan. 31,
2025 and Feb 3, 2025, 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 JGPL, which restricts CRISIL
Ratings' ability to take a forward-looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on JGPL
is consistent with 'Assessing Information Adequacy Risk'.

As per the No Default Statement shared by JGPL on Jan 31, 2025, the
management had indicated irregularities in the account conduct.
Based on the same, the ratings on bank facilities of JGPL have been
downgraded to 'CRISIL D/CRISIL D Issuer Not Cooperating' from
'CRISIL B+/Stable/CRISIL A4 Issuer Not Cooperating'.

JGPL was set up as a proprietorship firm in 2009 and converted into
a corporate entity in 2016. It manufactures transformers for
Haryana state electricity boards: Uttar Haryana Bijli Vitran Nigam
and Dakshin Haryana Bijli Vitran Nigam. The manufacturing
facilities are in Dhorka (Gurugram).


KARKINOS HEALTHCARE: NCLT OKs Reliance Strategic Resolution Plan
----------------------------------------------------------------
CARE Ratings Ltd. said that the Hon'ble National Company Law
Tribunal (NCLT), Mumbai recently cleared the resolution plan
submitted by Reliance Strategic Business Ventures Ltd. (RSBVL), a
wholly owned subsidiary of Reliance Industries Ltd. for acquisition
of 100% equity stake in Karkinos Healthcare Pvt. Ltd. [KHPL, parent
company of Karkinos Healthcare North East Pvt. Ltd. (KHNEPL)].

"CARE Ratings Ltd. shall assess the exact impact of the
afore-mentioned development on KHNEPL and appropriately review its
ratings as and when further clarity emerges on RSBVL's plans for
it," the ratings agency said.

Karkinos Healthcare Pvt. Ltd. is in the business of providing
technology-driven, innovative solutions for the early detection,
diagnosis, and management of cancer. The financial flexibility of
KHNEPL is expected to improve by virtue of it becoming a
wholly-owned step-down subsidiary of RSBVL.

As reported in the Troubled Company Reporter-Asia Pacific in late
May 2024, CARE Ratings has revised the ratings on certain bank
facilities of Karkinos Healthcare North East Private Limited
(KHNEPL), as:

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term/          109.00      CARE D/CARE D Revised from
   Short Term                      CARE BBB-; Stable/CARE A3  
   Bank Facilities     
                                   
CARE Ratings revised the ratings assigned to the bank facilities of
KHNEPL on account of delays in the servicing of term loan in April
2024 as per the no default statement (NDS) received for the month.
The rating action is in line with CARE's policy on default
recognition. The delays in debt servicing by KHNEPL were due to
adverse liquidity conditions owing to delay in scale-up of
operations and non-materialisation of the envisaged equity infusion
by investors.


LOGIX INFRASTRUCTURE: NCLT Recalls Insolvency Order
---------------------------------------------------
The Economic Times reports that the National Company Law Tribunal
(NCLT) has recalled and set aside its own order directing
insolvency proceedings against realty firm Logix Infrastructure in
July 2023, saying the plea was initiated with "fraudulent and mala
fide intentions" and a collusive petition was filed by the
financial creditor.

ET relates that NCLT said "there is a nexus and connection" between
its financial creditor Experts Realty Professionals whose plea for
insolvency was initiated against Logix Infrastructure. The
corporate tribunal said the entire transaction was "orchestrated"
and forum was used "with purported malicious intent".

The insolvency petition filed "with an ulterior motive" against
Logix Infrastructure and its financial creditor has used this forum
for purposes other than the insolvency resolution of the realty
firm with purported malicious intent, contrary to the objectives of
the IBC, the tribunal said, ET relays.

According to ET, the NCLT also asked for a thorough probe by the
Serious Fraud Investigation Office (SFIO) and lifting of the veil
to comprehensively examine the alleged fraudulent and collusive
actions.

"We are of the considered view that the Section 7 application
bearing IB-237(ND)/2023 filed by the financial creditor (Experts
Realty Professionals) is a collusive application filed in collusion
with the corporate debtor (Logix Infra) with an ulterior motive,"
said NCLT.

On July 14, 2023, the NCLT had directed initiating a Corporate
Insolvency Resolution Process (CIRP) against Logix Infrastructure
while admitting a plea filed by Experts Realty Professionals
claiming a default on repayment of debt.

According to ET, the NCLT on Feb. 6 recalled and set aside its July
2023 order and passed a new ruling "directing the Resolution
Professional to hand over the management of the corporate debtor's
affairs to the ex-management/suspended board of directors of the
corporate debtor".

The NCLT further said if any resolution plan has been submitted by
any successful bidder, in that case Resolution Professional is
directed to refund the earnest money deposit followed by the
performance bank guarantee submitted by them within one week.

It has also directed the financial creditor to pay all costs, fees,
and expenses of the Resolution Professional within a week, ET
relays.

Besides, the insolvency tribunal also imposed a penalty of INR5
lakh on the financial creditor and asked it to deposit the amount
in the Prime Minister's National Relief Fund (PMNRF) within ten
days from the date of passing of this order.

ET notes that NCLT's latest order came after an application moved
by allottees in the Logix Blossom Country, a project of the realty
firm, requesting the tribunal to revoke the insolvency process as
it has been filed with fraudulent and malicious intentions to
defraud creditors and the flat allottees.

They pointed out two key people as related parties. Hemant Sharma,
an Additional Director in Experts Realty Professionals, was the
financial creditor from May 12, 2020 to September 5, 2020 and was
appointed as a director in Logix Infra on September 11, 2020.

They also challenged the Memorandum of Understanding (MoU) dated
October 20, 2020, involving the consideration of INR15 crore and
the minutes of meeting dated December 15, 2021, under which the
realty firm sold the allocated units to a financial creditor,
contending that these documents highlight several deficiencies.

ET adds that the tribunal also observed that the MoU and minutes
were not accompanied by any stamp paper. According to the Stamp
Act, such agreements require a stamp paper of at least INR100.

Agreeing to allottees' submissions, NCLT said: "We are of the
considered view that this raises doubts about the authenticity and
genuineness of the MoU dated October 20, 2020 and the minutes dated
December 15, 2021. Therefore, these documents cannot be relied upon
by the financial creditor, in the main Section 7 Application."

NCLT further said applicants have "provided valid evidence to prove
fraud or malicious intent" of Experts Realty Professionals against
Logix Infrastructure and the explanation given by the financial
creditor "is not convincing".

"After reviewing the master data and the documents provided by the
applicants regarding the financial creditor . . . we accept the
contention . . . that there is a nexus and connection between the
financial creditor and the corporate debtor," the NCLT, as cited by
ET, said.

NCLT has found the related party transaction manipulated the
actions of both the corporate debtor and the financial creditor,
said a two-member NCLT bench comprising members Atul Chaturvedi and
B V Balram Das.

"Both companies were initially managed by independent persons;
however, simultaneous changes in Key Managerial Personnel (KMPs) in
both companies, including resignations in the financial creditor
and appointments in the corporate debtor, cannot be ignored and
highlight their conduct," said the 18-page NCLT order.


M.S. REDDY: CARE Keeps B- Debt Rating in Not Cooperating Category
-----------------------------------------------------------------
CARE Ratings said the rating for the bank facilities of M.S. Reddy
(MR) continues to remain in the 'Issuer Not Cooperating' category.

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank       7.40       CARE B-; Stable; ISSUER NOT
   Facilities                      COOPERATING; Rating continues
                                   to remain under ISSUER NOT
                                   COOPERATING category  

Rationale and key rating drivers

CARE Ratings Ltd. had, vide its press release dated January 10,
2024, placed the rating(s) of MR under the 'issuer non-cooperating'
category as MR had failed to provide information for monitoring of
the rating as agreed to in its Rating Agreement. MR continues to be
non-cooperative despite repeated requests for submission of
information through e-mails dated November 25, 2024, December 5,
2024 and December 15, 2024 among others.

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

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

Analytical approach: Standalone

Outlook: Stable

M.S Reddy was established in the year 2014 as a proprietorship firm
promoted by Mr. M Sahadeva Reddy. The firm is planning to setting
up of agriculture rural Godown with an installed capacity of 39,030
MT/1,70,000 Sq. feet in the location Kasaba Hobli, Nelamangala
Taluk, Bengaluru, Karnataka. The godown would be utilized by
governments, private organizations and local formers for storage
requirements of products like red chilli and various food grains.
The proposed rent for the godown during initial year of
commencement is INR14/- per Sq. feet per month. As per the
management, the Scheduled Commercial Operational Date (SCOD) of the
project was expected to be in December, 2017.


MANJUBHARGAVA COT: CARE Keeps D Debt Rating in Not Cooperating
--------------------------------------------------------------
CARE Ratings said the rating for the bank facilities of
Manjubhargava Cot Fibres Private Limited (MCFPL) continues to
remain in the 'Issuer Not Cooperating' category.

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank      12.75       CARE D; ISSUER NOT COOPERATING
   Facilities                      Rating continues to remain
                                   under ISSUER NOT COOPERATING
                                   category

Rationale and key rating drivers

CARE Ratings Ltd. had, vide its press release dated January 02,
2024, placed the rating(s) of MCFPL under the 'issuer
non-cooperating' category as MCFPL had failed to provide
information for monitoring of the rating as agreed to in its Rating
Agreement. MCFPL continues to be non-cooperative despite repeated
requests for submission of information through e-mails dated
November 17, 2024, November 27, 2024 and December 7, 2024 among
others.

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

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

Analytical approach: Standalone

Outlook: Not Applicable

Guntur based, ManjuBhargava Cot Fibers Private Limited (MCFPL) was
incorporated in 2016 as a Private Limited Company by Mr. C.V.
Bhargava Reddy and his relatives but the commercial operations were
started from July 2017. The company is engaged in cotton ginning
and pressing activity with a total installed capacity of 200 bales
per day. The manufacturing unit of the company is located at
Guntur, Andhra Pradesh state. The company purchases raw cotton from
local farmers located in and around Andhra Pradesh and Telangana.
The company sells its final products such as cotton lint, cotton
seed and cotton yarn to the customers located in Andhra Pradesh,
Maharashtra and Tamil Nadu.


MITTAPALLI AGRO EXPORTS: CARE Cuts Ratings on INR15cr Loan to D
---------------------------------------------------------------
CARE Ratings has revised the ratings on certain bank facilities of
Mittapalli Agro Exports (MAEX), as:

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term/          15.00       CARE D/CARE D; ISSUER NOT
   Short Term                      COOPERATING; Downgraded from
   Bank Facilities                 CARE BB; Stable/CARE A4 and
                                   moved to ISSUER NOT COOPERATING

                                   category

Rationale and key rating drivers

CARE Ratings Ltd. has been seeking information from MAEX to monitor
the rating(s) vide e-mail communications dated January 13, 2025, to
January 20, 2025, among others and numerous phone calls. However,
despite repeated requests, the firm has not provided the requisite
information for monitoring the ratings. In line with the extant
SEBI guidelines, CARE Ratings Ltd. has reviewed and revised the
rating on the basis of the best available information (including
lender interaction) which however, in CARE Ratings Ltd.'s opinion
is not sufficient to arrive at a fair rating. The rating on MAEX's
bank facilities will now be denoted as CARE D; ISSUER NOT
COOPERATING.

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

The ratings have been revised on account of ongoing delays in debt
servicing with the account classified as NPA based on the
confirmation received during interaction with the lender.

Analytical approach: Combined

CARE has combined financials of three entities of the Mittapalli
Agro group namely Mittapalli Agro Products Private Limited (MAPPL),
Mittapalli Agro Exports (MAEX) and Mittapalli Agro Enterprises
(MAE) since, these said entities are engaged in a similar line of
activity and have common promoters along with having significant
operational linkages.

Outlook: Not Applicable
Key weaknesses

* Ongoing delays in debt servicing: There are ongoing delays in
debt servicing of the rated working capital loans and the account
has been classified as NPA.

* Moderate financial risk profile: The scale of operations of the
group has improved due to higher sales realization yet remained
modest. The TOI increased to INR190.52 crore in FY23 from INR121.63
crore in FY22. The profitability margins continue to remain thin
due to trading nature of operation with very limited value
addition. The margins are also affected by fluctuation in the raw
tobacco prices, which is volatile since the availability FCV being
a high-grade tobacco is highly regulated, and time bound with
limited quantity being available for Medium/small players as cash
rich buyers can plan and procure desired quantities and qualities
at the right time. The capital structure marked by overall gearing
has improved yet remained leveraged due to high debt level on
account of high utilization of working capital debt. The overall
gearing stood at 3.76x as on March 31, 2023 (PY:3.98x). The
coverage indicators remained moderate with interest cover just
above unity at of 1.10 times in FY23 (PY: 1.16x).

* Elongated operating cycle given the working capital-intensive
nature of operations: Group operates in a working capital-intensive
industry and the operating cycle continues to remain stretched at
220 days in FY23 (FY22: 328 days) primarily because of high
collection period of 150 days for FY23 (FY22: 280 days) and
significant increase in inventory holding period to 132 days during
FY23 as against 124 days in FY22. The average shipment time
increased to 2-3 months as against 30 days which led to high
inventory as on March 31, 2023. Also, in view of seasonality
associated with cultivation of tobacco owing to which the group
needs to maintain adequate stocks to ensure availability for
processing and trading throughout the year, hence the inventory
holding normally remains high in this industry.

* Susceptibility to adverse regulatory changes and climatic
conditions: Tobacco industry is highly susceptible to adverse
regulatory changes due to restrictive government policies in the
form of excise duties and imposition of multiple taxes. Moreover,
in order to maintain acceptable level of quality of processed
tobacco, sourcing of quality tobacco is prerequisite. The
availability of quality tobacco depends on the climatic conditions
and in an event of any adverse climatic events like untimely rains,
drought, etc. may limit the availability of the same.

* Partnership constitution of few entities: Two entities in the
group i.e. Mittapalli Agro Exports (MAEX) and Mittapalli Agro
Enterprises (MAE) has been constituted as partnership firm which
has the risk of withdrawal of capital and may also restrict the
financial flexibility at times of stress. However, the partners
have been infusing USL as and when required to support operations.

Key strengths

* Experienced promoters with established presence in the industry:
Mr. Mittapalli Panduranga Rao is the founder of the group and has a
vast experience of over four decades in the tobacco industry. Group
is currently managed by the next generation of the Mitapalli
family; Mr. Mittapalli Ramesh, who is the Managing Director in one
of the group companies Mittapalli Agro Products Pvt Ltd (MAPPL) has
over two decades of experience in Tobacco processing and exports.
Mr. Mittapalli Ramesh is also managing partner in Mittapalli Agro
Enterprises (MAE) and Mittapalli Agro Exports (MAEX) and is
actively involve in the day-to-day operations of the group with
other family members and are ably supported by technically
efficient and experienced staff.

* Location advantage with the presence of the unit in prime tobacco
cultivating area: The group operates from Guntur, which is a prime
area for the Indian tobacco Industry. Andhra Pradesh state
(especially areas around Guntur) is the major hub for tobacco
cultivation. The group benefits from the locational advantage for
logistics with respect to raw material procurement as well as
shipment of finished products. The products are shipped from the
nearby ports to the export destinations. Processing unit is located
near National Highway- 5 and is well connected with road, rail and
sea. The tobacco leaves after procurement are processed by way of
threshing and re-drying which the group gets done on job-work
basis. The group has own warehouses to keep the tobaccos and is
capable of handling and exporting around 7000 Tons of Tobacco
annually.

Liquidity Analysis- Stretched

The liquidity position of the group is stretched characterized by
elongated operating cycle and highly utilised working capital
limits of around 95% for all 3 entities during the last 12-month
period ended in October 2023. However, the group has no major term
debt repayment obligations. Liquidity is supported by an above
unity current ratio at 1.91x March 31, 2023 (PY: 1.55x) and regular
infusion of funds from promoters to support the operations.

                          About the group

Mittapalli Agro Group (MAG) is primarily engaged in the business of
exporting of green leaf tobacco since past twenty-two years, it is
a closely held group by the Mittapalli family of Guntur. The group
has been promoted by Mr. Panduranga Rao, the entities of the group
include, Mittapalli Agro Products Pvt Ltd (MAPPL), Mittapalli Agro
Exports (MAEX) and Mittapalli Agro Enterprises (MAE). The group is
currently managed by the promoter's son, Mr. Mittapalli Ramesh
(Managing Director) and other family members.
Mittapalli Agro Group has a track record of over two decades and is
engaged in the business of exporting green leaf tobacco. It
procures different varieties of tobacco leaves namely Flue Cured
Virginia (FCV) from the tobacco auction board and other varieties
like Burely, Light Soil Burely, Air Cured, Sun Cured etc. locally
from the farmers and the exports are primarily to countries like
USA, Europe and Saudi Arabia. The tobacco leaves after procurement
are processed by way of threshing and re-drying which the
group gets done on job-work basis. There are many threshing units
present in Guntur area with sufficient capacities for processing
and grading of tobacco.

                            About MAEX

Mittapalli Agro Exports is a partnership firm formed in 2008 with
current partners as Mr. Ramesh Mittapalli and Mr. Lakshmi Susmitha
Mittapalli. The firm is engaged in processing, trading and exports
of tobacco leaves.

MITTAPALLI AGRO PRODUCTS: CARE Cuts Ratings on INR32.5cr Loan to D
------------------------------------------------------------------
CARE Ratings has revised the ratings on certain bank facilities of
Mittapalli Agro Products Private Limited (MAPPL), as:

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term/          32.50       CARE D/CARE D; ISSUER NOT
   Short Term                      COOPERATING; Downgraded from
   Bank Facilities                 CARE BB; Stable/CARE A4 and
                                   moved to ISSUER NOT COOPERATING

                                   category

   Short Term Bank      7.00       CARE D; ISSUER NOT COOPERATING;
   Facilities                      Downgraded from from CARE A4
                                   and moved to ISSUER NOT
                                   COOPERATING category

Rationale and key rating drivers

CARE Ratings Ltd. has been seeking information from MAPPL to
monitor the rating(s) vide e-mail communications dated January 13,
2025, to January 20, 2025, among others and numerous phone calls.
However, despite repeated requests, the company has not provided
the requisite information for monitoring the ratings. In line with
the extant SEBI guidelines, CARE Ratings Ltd. has reviewed and
revised the rating on the basis of the best available information
(including lender interaction) which however, in CARE Ratings
Ltd.'s opinion is not sufficient to arrive at a fair rating. The
rating on MAPPL's bank facilities will now be denoted as CARE D;
ISSUER NOT COOPERATING.

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

The ratings have been revised on account of ongoing delays in debt
servicing with the account classified as NPA based on the
confirmation received during interaction with the lender.

Analytical approach: Combined

CARE has combined financials of three entities of the Mittapalli
Agro group namely Mittapalli Agro Products Private Limited (MAPPL),
Mittapalli Agro Exports (MAEX) and Mittapalli Agro Enterprises
(MAE) since, these said entities are engaged in a similar line of
activity and have common promoters along with having significant
operational linkages.

Outlook: Not Applicable

Key weaknesses

* Ongoing delays in debt servicing: There are ongoing delays in
debt servicing of the rated working capital loans and the account
has been classified as NPA.

* Moderate financial risk profile: The scale of operations of the
group has improved due to higher sales realization yet remained
modest. The TOI increased to INR190.52 crore in FY23 from INR121.63
crore in FY22. The profitability margins continue to remain thin
due to trading nature of operation with very limited value
addition. The margins are also affected by fluctuation in the raw
tobacco prices, which is volatile since the availability FCV being
a high-grade tobacco is highly regulated, and time bound with
limited quantity being available for Medium/small players as cash
rich buyers can plan and procure desired quantities and qualities
at the right time. The capital structure marked by overall gearing
has improved yet remained leveraged due to high debt level on
account of high utilization of working capital debt. The overall
gearing stood at 3.76x as on March 31, 2023 (PY:3.98x). The
coverage indicators remained moderate with interest cover just
above unity at of 1.10 times in FY23 (PY: 1.16x).

* Elongated operating cycle given the working capital-intensive
nature of operations: Group operates in a working capital-intensive
industry and the operating cycle continues to remain stretched at
220 days in FY23 (FY22: 328 days) primarily because of high
collection period of 150 days for FY23 (FY22: 280 days) and
significant increase in inventory holding period to 132 days during
FY23 as against 124 days in FY22. The average shipment time
increased to 2-3 months as against 30 days which led to high
inventory as on March 31, 2023. Also, in view of seasonality
associated with cultivation of tobacco owing to which the group
needs to maintain adequate stocks to ensure availability for
processing and trading throughout the year, hence the inventory
holding normally remains high in this industry.

* Susceptibility to adverse regulatory changes and climatic
conditions: Tobacco industry is highly susceptible to adverse
regulatory changes due to restrictive government policies in the
form of excise duties and imposition of multiple taxes. Moreover,
in order to maintain acceptable level of quality of processed
tobacco, sourcing of quality tobacco is prerequisite. The
availability of quality tobacco depends on the climatic conditions
and in an event of any adverse climatic events like untimely rains,
drought, etc. may limit the availability of the same.

* Partnership constitution of few entities: Two entities in the
group i.e. Mittapalli Agro Exports (MAEX) and Mittapalli Agro
Enterprises (MAE) has been constituted as partnership firm which
has the risk of withdrawal of capital and may also restrict the
financial flexibility at times of stress. However, the partners
have been infusing USL as and when required to support operations.

Key strengths

* Experienced promoters with established presence in the industry:
Mr. Mittapalli Panduranga Rao is the founder of the group and has a
vast experience of over four decades in the tobacco industry.
Group is currently managed by the next generation of the Mitapalli
family; Mr. Mittapalli Ramesh, who is the Managing Director in one
of the group companies Mittapalli Agro Products Pvt Ltd (MAPPL) has
over two decades of experience in Tobacco processing and exports.
Mr. Mittapalli Ramesh is also managing partner in Mittapalli Agro
Enterprises (MAE) and Mittapalli Agro Exports (MAEX) and is
actively involve in the day-to-day operations of the group with
other family members and are ably supported by technically
efficient and experienced staff.

* Location advantage with the presence of the unit in prime tobacco
cultivating area: The group operates from Guntur, which is a prime
area for the Indian tobacco Industry. Andhra Pradesh state
(especially areas around Guntur) is the major hub for tobacco
cultivation. The group benefits from the locational advantage for
logistics with respect to raw material procurement as well as
shipment of finished products. The products are shipped from the
nearby ports to the export destinations. Processing unit is located
near National Highway- 5 and is well connected with road, rail and
sea. The tobacco leaves after procurement are processed by way of
threshing and re-drying which the group gets done on job-work
basis. The group has own warehouses to keep the tobaccos and is
capable of handling and exporting around 7000 Tons of Tobacco
annually.

Liquidity Analysis- Stretched

The liquidity position of the group is stretched characterized by
elongated operating cycle and highly utilised working capital
limits of around 95% for all 3 entities during the last 12-month
period ended in October 2023. However, the group has no major term
debt repayment obligations. Liquidity is supported by an above
unity current ratio at 1.91x March 31, 2023 (PY: 1.55x) and regular
infusion of funds from promoters to support the operations.

                          About the group

Mittapalli Agro Group (MAG) is primarily engaged in the business of
exporting of green leaf tobacco since past twenty-two years, it is
a closely held group by the Mittapalli family of Guntur. The group
has been promoted by Mr. Panduranga Rao, the entities of the group
include, Mittapalli Agro Products Pvt Ltd (MAPPL), Mittapalli Agro
Exports (MAEX) and Mittapalli Agro Enterprises (MAE). The group is
currently managed by the promoter's son, Mr. Mittapalli Ramesh
(Managing Director) and other family members.
Mittapalli Agro Group has a track record of over two decades and is
engaged in the business of exporting green leaf tobacco. It
procures different varieties of tobacco leaves namely Flue Cured
Virginia (FCV) from the tobacco auction board and other varieties
like Burely, Light Soil Burely, Air Cured, Sun Cured etc. locally
from the farmers and the exports are primarily to countries like
USA, Europe and Saudi Arabia. The tobacco leaves after procurement
are processed by way of threshing and re-drying which the
group gets done on job-work basis. There are many threshing units
present in Guntur area with sufficient capacities for processing
and grading of tobacco.

                           About MAPPL

Mittapalli Agro Products Pvt Ltd, incorporated in 2005 by Mr.
Panduranga Rao is the flagship company of the Mittapalli Agro
Group. MAPPL is engaged in engaged in processing, trading and
exports of tobacco leaves.


MITTAPALLI AGRO: CARE Lowers Ratings on INR7CR LT/ST Loan to D
--------------------------------------------------------------
CARE Ratings has revised the ratings on certain bank facilities of
Mittapalli Agro Enterprises (MAE), as:

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank       3.00       CARE D; ISSUER NOT COOPERATING;
   Facilities                      Downgraded from CARE BB; Stable

                                   and moved to ISSUER NOT
                                   COOPERATING category

   Long Term/           7.00       CARE D/CARE D; ISSUER NOT
   Short Term                      COOPERATING; Downgraded from
   Bank Facilities                 CARE BB; Stable/CARE A4 and
                                   moved to ISSUER NOT COOPERATING

                                   category

Rationale and key rating drivers

CARE Ratings Ltd. has been seeking information from MAE to monitor
the rating(s) vide e-mail communications dated January 13, 2025, to
January 20, 2025, among others and numerous phone calls. However,
despite repeated requests, the firm has not provided the requisite
information for monitoring the ratings. In line with the extant
SEBI guidelines, CARE Ratings Ltd. has reviewed and revised the
rating on the basis of the best available information (including
lender interaction) which however, in CARE Ratings Ltd.'s opinion
is not sufficient to arrive at a fair rating. The rating on MAE's
bank facilities will now be denoted as CARE D; ISSUER NOT
COOPERATING.

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

The ratings have been revised on account of ongoing delays in debt
servicing with the account classified as NPA based on the
confirmation received during interaction with the lender.

Analytical approach: Combined

CARE has combined financials of three entities of the Mittapalli
Agro group namely Mittapalli Agro Products Private Limited (MAPPL),
Mittapalli Agro Exports (MAEX) and Mittapalli Agro Enterprises
(MAE) since, these said entities are engaged in a similar line of
activity and have common promoters along with having significant
operational linkages.

Outlook: Not Applicable

Key weaknesses

* Ongoing delays in debt servicing: There are ongoing delays in
debt servicing of the rated working capital loans and the account
has been classified as NPA.

* Moderate financial risk profile: The scale of operations of the
group has improved due to higher sales realization yet remained
modest. The TOI increased to INR190.52 crore in FY23 from INR121.63
crore in FY22. The profitability margins continue to remain thin
due to trading nature of operation with very limited value
addition. The margins are also affected by fluctuation in the raw
tobacco prices, which is volatile since the availability FCV being
a high-grade tobacco is highly regulated, and time bound with
limited quantity being available for Medium/small players as cash
rich buyers can plan and procure desired quantities and qualities
at the right time. The capital structure marked by overall gearing
has improved yet remained leveraged due to high debt level on
account of high utilization of working capital debt. The overall
gearing stood at 3.76x as on March 31, 2023 (PY:3.98x). The
coverage indicators remained moderate with interest cover just
above unity at of 1.10 times in FY23 (PY: 1.16x).

* Elongated operating cycle given the working capital-intensive
nature of operations: Group operates in a working capital-intensive
industry and the operating cycle continues to remain stretched at
220 days in FY23 (FY22: 328 days) primarily because of high
collection period of 150 days for FY23 (FY22: 280 days) and
significant increase in inventory holding period to 132 days during
FY23 as against 124 days in FY22. The average shipment time
increased to 2-3 months as against 30 days which led to high
inventory as on March 31, 2023. Also, in view of seasonality
associated with cultivation of tobacco owing to which the group
needs to maintain adequate stocks to ensure availability for
processing and trading throughout the year, hence the inventory
holding normally remains high in this industry.

* Susceptibility to adverse regulatory changes and climatic
conditions: Tobacco industry is highly susceptible to adverse
regulatory changes due to restrictive government policies in the
form of excise duties and imposition of multiple taxes. Moreover,
in order to maintain acceptable level of quality of processed
tobacco, sourcing of quality tobacco is prerequisite. The
availability of quality tobacco depends on the climatic conditions
and in an event of any adverse climatic events like untimely rains,
drought, etc. may limit the availability of the same.

* Partnership constitution of few entities: Two entities in the
group i.e. Mittapalli Agro Exports (MAEX) and Mittapalli Agro
Enterprises (MAE) has been constituted as partnership firm which
has the risk of withdrawal of capital and may also restrict the
financial flexibility at times of stress. However, the partners
have been infusing USL as and when required to support operations.

Key strengths

* Experienced promoters with established presence in the industry:
Mr. Mittapalli Panduranga Rao is the founder of the group and has a
vast experience of over four decades in the tobacco industry.
Group is currently managed by the next generation of the Mitapalli
family; Mr. Mittapalli Ramesh, who is the Managing Director in one
of the group companies Mittapalli Agro Products Pvt Ltd (MAPPL) has
over two decades of experience in Tobacco processing and exports.
Mr. Mittapalli Ramesh is also managing partner in Mittapalli Agro
Enterprises (MAE) and Mittapalli Agro Exports (MAEX) and is
actively involve in the day-to-day operations of the group with
other family members and are ably supported by technically
efficient and experienced staff.

* Location advantage with the presence of the unit in prime tobacco
cultivating area: The group operates from Guntur, which is a prime
area for the Indian tobacco Industry. Andhra Pradesh state
(especially areas around Guntur) is the major hub for tobacco
cultivation. The group benefits from the locational advantage for
logistics with respect to raw material procurement as well as
shipment of finished products. The products are shipped from the
nearby ports to the export destinations. Processing unit is located
near National Highway- 5 and is well connected with road, rail and
sea. The tobacco leaves after procurement are processed by way of
threshing and re-drying which the group gets done on job-work
basis. The group has own warehouses to keep the tobaccos and is
capable of handling and exporting around 7000 Tons of Tobacco
annually.

Liquidity Analysis- Stretched

The liquidity position of the group is stretched characterized by
elongated operating cycle and highly utilised working capital
limits of around 95% for all 3 entities during the last 12-month
period ended in October 2023. However, the group has no major term
debt repayment obligations. Liquidity is supported by an above
unity current ratio at 1.91x March 31, 2023 (PY: 1.55x) and regular
infusion of funds from promoters to support the operations.

                          About the group

Mittapalli Agro Group (MAG) is primarily engaged in the business of
exporting of green leaf tobacco since past twenty-two years, it is
a closely held group by the Mittapalli family of Guntur. The group
has been promoted by Mr. Panduranga Rao, the entities of the group
include, Mittapalli Agro Products Pvt Ltd (MAPPL), Mittapalli Agro
Exports (MAEX) and Mittapalli Agro Enterprises (MAE). The group is
currently managed by the promoter's son, Mr. Mittapalli Ramesh
(Managing Director) and other family members.
Mittapalli Agro Group has a track record of over two decades and is
engaged in the business of exporting green leaf tobacco. It
procures different varieties of tobacco leaves namely Flue Cured
Virginia (FCV) from the tobacco auction board and other varieties
like Burely, Light Soil Burely, Air Cured, Sun Cured etc. locally
from the farmers and the exports are primarily to countries like
USA, Europe and Saudi Arabia. The tobacco leaves after procurement
are processed by way of threshing and re-drying which the
group gets done on job-work basis. There are many threshing units
present in Guntur area with sufficient capacities for processing
and grading of tobacco.

                             About MAE

Mittapalli Agro Enterprises is a partnership firm established in
2008 with current partners as Mr. Ramesh Mittapalli and Mr. Lakshmi
Susmitha Mittapalli. The firm is engaged in processing, trading and
exports of tobacco leaves.

MY CAR: CARE Keeps D Debt Rating in Not Cooperating Category
------------------------------------------------------------
CARE Ratings said the rating for the bank facilities of My Car Nexa
Private Limited (MCNPL) continues to remain in the 'Issuer Not
Cooperating' category.

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank      17.75       CARE D; ISSUER NOT COOPERATING
   Facilities                      Rating continues to remain
                                   under ISSUER NOT COOPERATING
                                   category

Rationale and key rating drivers

CARE Ratings Ltd. had, vide its press release dated January 29,
2024, placed the rating(s) of MCNPL under the 'issuer
non-cooperating' category as MCNPL had failed to provide
information for monitoring of the rating as agreed to in its Rating
Agreement. MCNPL continues to be non-cooperative despite repeated
requests for submission of information through e-mails dated
December 14, 2024, December 24, 2024 and January 3, 2025 among
others.

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

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

Analytical approach: Standalone

Outlook: Not Applicable

Kanpur (Uttar Pradesh) based My Car Nexa Private Limited (MCNPL)
was incorporated on November 5, 2015. The company is currently
being managed by Mr. Vijay Garg, Sh. Purshottam Das Garg and Mrs.
Kavita Garg. MCNPL is an authorized dealer for passenger cars
manufactured by Maruti Suzuki India Ltd for its premium sales
channel, 'NEXA'. The showroom became operational in January 2016;
MSIL currently sells the Baleno (All variants), S-Cross, Ciaz (All
variants) and Ignis through NEXA outlets. The company manages its
operations through its 3S (Sales, spare and service) facility
located in Kanpur, Uttar Pradesh. The showroom has attached
workshop facility for the post sales services of cars.

NVA ASSET: CRISIL Lowers Rating on INR4.64cr PTCs to B-(SO)
-----------------------------------------------------------
CRISIL Ratings has downgraded the rating on Series 1 Senior Tranche
Pass Through Certificates (PTCs) issued by NVA Asset 1 Trust to
'CRISIL B- (SO)' from 'CRISIL A (SO)', and placed the rating on
'Rating Watch with Negative Implications'. The transaction is
originated by Connect Residuary Private Limited (Connect; not rated
by CRISIL). The PTCs are backed by non-cancellable lease rental
payments from AGS Transact Technologies Limited (AGS; rated 'CRISIL
D'). The rating action follows downgrade in the ratings of the
obligor to 'CRISIL D' from 'CRISIL A/Stable'.

                     Amount
   Facilities     (INR Crore)    Ratings
   ----------     -----------    -------
   Series 1           4.64       CRISIL B- (SO)/Watch Negative
   Senior Tranche                Downgraded from 'CRISIL A (SO)';
   PTCs - LT                     Placed on 'Rating Watch with
                                 Negative Implications'

The transaction has an Ultimate Interest Ultimate Principal (UIUP)
structure with final maturity on April 9, 2026. The structure
inherently provides additional time to correct liquidity mismatches
of the lessee. Further, CRISIL Ratings notes that the scheduled
interest and principal payments to PTC holders are on a quarterly
basis and 8 of the 12 quarterly payouts, including the latest
payout which was due on January 30, 2025, have been made as per
scheduled timelines.

The transaction has a 'Par' structure with no external credit
support. Connect assigned rentals (excluding GST net of TDS) of
INR14.91 crores to 'NVA Asset I Trust ', a trust settled by Beacon
Trusteeship Limited in exchange for a purchase consideration of
INR12.82 crores. As after January 2025 payouts, the outstanding PTC
amount is 4.64 crore.

The PTC investors' recourse is limited to the rent receivables and
the underlying assets (ATMs) hypothecated in favour of the Trust.

Key Rating Drivers & Detailed Description

Weakness:

* Credit quality of the obligor: The performance of the instrument
is dependent on the lessee's credit profile. The outstanding rating
on the obligor is CRISIL D.

* Receivables are non-financial obligation: The rentals are in the
nature of operating obligations. However, as per Agreement, the
rental obligations are non-cancellable and for primary business
purpose, which provides part comfort regarding the rental
repayments.

Strengths:

* Ultimate interest and principal structure: This structure allows
adequate support to cover for liquidity issues of the lessee. There
is atleast 20 days gap between the rental receivables date and the
PTC payout dates, and an additional gap of 69 days between the last
payout date and the legal maturity date.

* Non extinguishing nature of the obligation: The rental agreement
read with other transaction documents provides that the obligations
can be terminated only at the instance of the Trust and even in
case of termination, the liability to pay the Present Value of
future rentals stands for the lessee.

Liquidity: Poor

Liquidity is poor given the lessee's credit profile.

Rating Sensitivity factors

Upward factors:

* Upgrade in the rating of the obligor.

Downward factors:

* Delay in 1 or more payments of the upcoming quarterly payouts
* Non-adherence to the key transaction terms envisaged at the time
of the rating
Rating Assumptions

To assess the total cashflows available for payouts to PTC
investors, CRISIL Ratings has factored the following in its
analysis:

* Credit quality of the underlying: The performance of the
instrument is dependent on the underlying obligor's capacity to pay
the rentals.

* Commingling Risk: The funds come in an escrow account, controlled
solely by the Trustee. CRISIL Ratings does not envisage any
commingling risk for this transaction.

                        About AGS Transact  

AGS is one of India's leading providers of end-to-end cash and
digital payment solutions including customized solutions serving
the banking, retail, petroleum and transit sectors. Operations
covered approximately 2,200 cities and towns, servicing about
4,90,000 machines or customer touch points across India, as of
March 31, 2024. AGS has two main subsidiaries – SVIL (engaged in
cash management services) and ITSL (engaged in creating and dealing
with electronic payment systems). The company has also expanded its
operations to Southeast Asia and other countries by forming
overseas stepdown subsidiaries in Sri Lanka, Philippines and
Cambodia through a subsidiary in Singapore.

                       About the Originator

Connect Residuary Private Limited (Connect) was incorporated on
August 10, 2011, by a group of professionals who have been
connected with the equipment renting industry for over 36 years in
India and Overseas now.  Their primary business entails asset
renting. As an asset lifecycle management company, they engage with
corporates to cater to their asset-based needs for expansion, and
offer integrated asset tracking solutions, for clients to manage
the rented assets across the organization. Their offer varied
solutions for their prospective clients like new equipment rental,
sell and rent back, refresh plan, short term rentals, and also
provide value added services like asset disposable services and
strategic & advisory services

The company deals in renting of a wide range of assets namely plant
and machinery, furniture and fixtures, retail/office assets,
information technology assets, ATM and related assets, medical and
pharmaceuticals to a wide spectrum of industries including E
payment & ATM management, IT, Manufacturing, Retail, Insurance,
Medical & Pharmaceutical etc.

Their head office is in Mumbai which is supported by sales offices
in NCR and Bangalore. They cater to Pan India market though a
well-established platform and network. The company has a total AUM
of INR 2,300 crore+, over 200 clients and more than 40 employees.



PAWAS FOUNDATION: CRISIL Assigns B Rating to INR1cr Proposed Loan
-----------------------------------------------------------------
CRISIL Ratings has assigned its 'CRISIL B/Stable' rating to the
long-term bank facility of Pawas Foundation (PF).

                          Amount
   Facilities          (INR Crore)    Ratings
   ----------          -----------    -------
   Proposed Long Term        1        CRISIL B/Stable (Assigned)
   Bank Loan Facility        

The rating reflects PF's high dependence on government authorities
and public for funding, and constrained financial flexibility.
These weaknesses are partially offset by the long-standing regional
presence and sound operating efficiencies of the trust.

Analytical Approach

CRISIL Ratings has evaluated the standalone business and financial
risk profiles of PF.

Key Rating Drivers & Detailed Description

Weakness:

* High dependence on government authorities and public for funding:
PF is a not-for-profit, non-government organisation working since
2010 for the upliftment and rehabilitation in rural parts of Uttar
Pradesh. It provides services including free education for
children, orphan sustenance, medical facilities and cloth donation.
It also hosts informational seminars. The trust depends on public,
corporate and government support for funding and hence it remains
monitorable for consistent and sufficient accrual.

* Constrained financial flexibility: The trust had a modest
networth and high total outside liabilities to tangible networth
ratio of INR0.18 crore and 2.48 times, respectively, as on March
31, 2024. This constrains the overall financial flexibility to
raise additional debt in adverse times.

Strengths:

* Long-standing regional presence: The trust was established more
than 15 years ago. Its established presence in Uttar Pradesh with
diverse services provided will continue to support sustainability.
Regular donations from large corporates and trustees are one of the
benefits the trust enjoys owing to its market presence and
goodwill.

* Sound operating efficiencies: PF has healthy operating
efficiencies as indicated by comfortable return on capital
employed, driven by high economies of scale and experienced
management.

Liquidity: Poor

Annual cash accrual is expected to be over INR0.30 crore with no
term debt obligation over the medium term. In addition, it will
cushion liquidity.

The current ratio was moderate at 1.35 times as on March 31, 2024.

Low gearing and moderate networth will support financial
flexibility and provide the cushion available in case of any
adverse conditions or downturn in the business.

Outlook: Stable

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

Rating Sensitivity Factors

Upward factors

* Sustained increase in operating profitability to 20% and in
scale, leading to higher cash accrual.
* Improvement in working capital cycle with gross current assets
increasing to 100 days.

Downward factors

* Large, debt-funded capital expenditure, weakening the capital
structure.
* Substantial increase in working capital requirement i.e. GCA days
more than 250 days, weakening the liquidity and financial risk
profile.

Registered in 2010 in Uttar Pradesh as a not-for-profit,
non-government organisation, PF provides services including free
education for children, orphan sustenance, medical facilities and
cloth donation. It also hosts informational seminars.

PF is managed by Prabhakar Singh.



RELIANCE SECURITIES: CARE Puts CARE PP-MLD B+ on Rating Watch Dev.
------------------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Reliance
Securities Limited (RSL) continues to remain in the 'Issuer Not
Cooperating' category.

                        Amount
   Facilities       (INR crore)     Ratings
   ----------       -----------     -------
   Market linked        2.00        CARE PP-MLD B+ (RWD) Continues
   debentures                       to be on Rating Watch with
                                    Developing Implications

Rationale and key rating drivers

Reaffirmation of the rating to the principal protected market
linked debentures (PP-MLD) of RSL takes into account its volatile
earnings profile and continued reduction in the scale of
operations. The rating also remains constrained by the intensely
competitive nature of the industry in which RSL operates. The
rating continues to factor in the experienced management team along
with moderate solvency profile. The rating remains on rating watch
on account of the impending resolution of the parent company,
Reliance Capital Limited (RCL).

Rating sensitivities: Factors likely to lead to rating actions

Positive factors

* Completion of resolution process of the parent leading to
significant improvement in the overall business operations and
earning profile on a sustained basis.

Negative factors

* Sustained reduction in the overall business operations impacting
profitability

Analytical approach:

CARE Ratings has analysed the standalone business profile of the
company, factoring its linkages with the parent company, RCL.

Outlook: Not applicable

Detailed description of key rating drivers:

Key weaknesses

* Volatile earnings profile: During FY24, profits of the company
declined from INR20.28 crore in FY23 to INR12.75 crore in FY24
primarily on account of decrease in overall broking business.
Brokerage income continued to decline and stood at INR69.12 crore
in FY24 as against INR74.87 crore in FY23. During H1FY25, the
profitability also witnessed a sharp decline where the PAT stood at
INR2.87 crores as against the PAT of INR10.47 crore during H1FY24.
Given the slowdown in its overall business as a result of default
by the parent company, the company is not borrowing any external
funds and is dependent on the networth to run daily operations.
Given the pending resolution of RCL, the level of business activity
shall continue to remain restricted. Given the high share of income
from treasury activities in total income, the earnings profile
remains vulnerable to market volatilities and hence earnings will
continue to remain key monitorable.

* Reduced scale of operations: As part of its cost cutting
measures, the scale of operations is being reduced with the total
number of branches declining to 45 as on December 31, 2024, from
112 at end of FY21. Further, the NSE active client base has also
seen a downtrend and stood at 72,976 during FY24 compared with
89,847 during FY23. It further dipped to 68,513 as of December 2024
end. The turnover decreased from INR59,78,741.24 crores in H1FY24
to INR25,24,057 crores in H1FY25. The source for this proprietary
book is from the company's own fund. In times of market downfall,
the proprietary book might get impacted further impacting the
capitalization of the company.

* High dependence on capital market: The broking industry is
currently witnessing a moderation in the active client growth as
well as volumes on account of volatility in the capital market
activities due to various global events. In these circumstances,
many broking firms have lost their share in the active client base.
Given these conditions, the company's ability to maintain its
market share will remain a key monitorable. In addition to this,
intense competitive pressures in the industry with discount
brokerage firms seizing market share of traditional players,
adversely impact the brokerage fees and margins. Large broking
firms are in better position to reduce operating expenses and
maintain their margins.

Key strengths

* Adequate solvency profile: RSL's overall gearing stood at 0.016x
as on March 31, 2024, as compared to 0.05x as on March 31, 2023.
The net gearing stood at 0.01x as on March 31, 2024, as compared to
0.05x as on March 31, 2023. The debt of the company has been on a
declining trend in the past few years leading to improvement in
gearing. As on September 30, 2024, gearing remained largely
unchanged at around 0.016x.

Liquidity: Adequate

As on December 31, 2024, the company's liquidity remained adequate
with free cash and balances of INR18.59 crore and Mutual fund
investment of INR160.62 crore, against which the company has a debt
repayment of INR2.00 crore.

Incorporated in June 2005, RSL is a SEBI-licensed stock broking
company. The company is the broking arm of RCL, which holds 100%
equity stake in the company. The company provides broking services
to its clients for dealing in equities, future and options, IPOs,
mutual funds and debt market.


SAINIK INDUSTRIES: CRISIL Moves B+ Rating from Not Cooperating
--------------------------------------------------------------
Due to inadequate information and in line with the guidelines of
the Securities and Exchange Board of India, CRISIL Ratings had
migrated the ratings of Sainik Industries Pvt Ltd (SIPL) to 'CRISIL
BB+/Stable/CRISIL A4+ Issuer Not Cooperating'. However, the
management has subsequently started sharing the requisite
information necessary for carrying out a comprehensive review of
the ratings. Consequently, CRISIL Ratings is migrating the ratings
to 'CRISIL B+/Stable/CRISIL A4'.

                        Amount
   Facilities        (INR Crore)    Ratings
   ----------        -----------    -------
   Bank Guarantee           5       CRISIL A4 (Migrated from
                                    'CRISIL A4+ ISSUER NOT
                                    COOPERATING')

   Overdraft Facility      25       CRISIL B+/Stable (Migrated
                                    from 'CRISIL BB+/Stable
                                    ISSUER NOT COOPERATING')

The ratings reflect moderation in the business risk profile of the
company, constrained by moderation in operating income, negative
operating margin and stretched working capital cycle. High
investments in unrelated businesses also constrain the liquidity
profile of the company.

Operating income moderated from INR680 crore in fiscal 2023 to
INR107.59 crore in fiscal 2024 as the company discontinued its
sugar and liquor trading business which contributed roughly INR500
crore to the revenue until fiscal 2023. While the company
voluntarily discontinued its sugar trading business due to lower
operating margin, it had to discontinue the liquor trading business
due to a change in liquor policy. Till November 2024, SIPL had
achieved revenue of INR67 crore and is expected to achieve revenue
of INR110-120 crore in fiscal 2025, while operating margin is
expected to remain at 2-4% over the medium term.

Currently, the company is engaged in the business of mining sand
and assembling solar batteries. Assembly of solar batteries is a
new segment for the company in which it faces heavy competition
from incumbent players who undercut the prices of SIPL resulting in
negligible operating margin.

The ratings continue to be restricted by large working capital
requirement, exposure to regulatory and compliance risks in the
mining and liquor trading industries, and susceptibility to risks
inherent in tender-based business. These weaknesses are partially
offset by the extensive experience of the promoters in the sand
mining industry and healthy financial risk profile.

Analytical Approach

To arrive at the ratings, CRISIL Ratings has combined the business
and financial risk profiles of SIPL, and its wholly owned
subsidiaries, Wayward Pharma Care Pvt Ltd, Orchard Infratech Pvt
Ltd and Wonder Edibles Pvt Ltd. This is because all these entities
have strong business and financial links.

Unsecured loans of INR10.36 crores from promoter affiliates have
been treated as debt as they are expected to be repaid. Additional
unsecured loans of INR209 crores which have been reclassified as
Compulsory Convertible Debentures in FY24 at zero coupon rate and
10 years maturity have been treated as quasi equity.

Key Rating Drivers & Detailed Description

Weaknesses:

* Large working capital requirement: Operations are working capital
intensive, as reflected in high gross current assets (GCAs) of
around 704 days as on March 31, 2024, primarily driven by sizeable
current assets, which consist of debtors of INR58.09 crore (197
days), inventory of INR15.97 crore (54 days). Out of INR58.09 crore
of receivables, INR57.23 crore has been outstanding for more than
six months. The stretched working capital cycle is partly supported
by bank limits and creditors of 10-20 days. In fiscal 2025,
operations are expected to remain working capital intensive.
Debtors are expected to remain high at 195-200 days, while
inventory holding period is expected to be 50-60 days. The company
is expected to continue extending loans and advances to companies
of promoter affiliates to generate interest income. Hence, GCAs are
expected to be 750-800 days in fiscal 2025, driven by high
outstanding receivables, moderate inventory holding period and
loans and advances to other companies.

* Exposure to regulatory and compliance risks and inherent risks in
tender-based business: The group will remain susceptible to
execution challenges on account of regulatory hurdles as well as
legal issues in mining regions, which can lead to unforeseen delays
in operations. This is seen in fluctuating operating revenue of the
company. Revenue and profitability depend entirely on the ability
to win tenders. Also, intense competition necessitates aggressive
bidding to procure contracts, which restricts the operating margin.
Due to regulatory challenges in the liquor business, the company
has discontinued it, impacting the overall revenue and operating
margin.

Strengths:

* Extensive experience of the promoters: The promoters have more
than 10 years' experience in the sand mining industry. During this
time, they have gained a sound understanding of the market dynamics
and developed healthy relationships with customers and government
authorities, which will support the group's business risk profile
over the medium term. The group has entered the business of
assembling lithium ion batteries to store electricity generated
using solar. Since this is a new segment for the group, it is
facing competition from incumbent players who have their own
manufacturing facilities and are able to undercut the prices of
SIPL. Thus, the group is incurring negative operating margin in
this segment. The solar battery assembly segment is expected to
contribute INR80-90 crore to the total revenue in fiscal 2025.

* Comfortable financial risk profile: The financial risk profile is
supported by healthy adjusted networth of INR385.90 crore as on
March 31, 2024. The capital structure is also healthy, as indicated
by gearing and total outside liabilities to tangible networth
(TOLTNW) ratio of 0.25 time and 0.36 time, respectively, as on
March 31, 2024. The debt protection metrics are expected to
improve, driven by low reliance on external debt and comfortable
profitability. In the current fiscal, networth is expected to
remain stable at INR385-390 crore in the absence of any major
expectations of improvement in the operating margin. The capital
structure is expected to remain healthy with no debt-funded capital
expenditure (capex) and sustained accretion to reserves over the
medium term. Gearing and TOLTNW ratio are expected at 0.23 time and
0.35 time, respectively, in fiscal 2025.

Liquidity: Stretched

Bank limit utilisation averaged 75.79% for the seven months through
October 2024. Cash accrual is expected to be INR3.5 crore, which
will be sufficient against debt repayment of INR2.79 crore in the
current fiscal. Over the medium term, cash accrual is expected to
remain comfortable against minuscule debt obligation and the
surplus will cushion the liquidity of the company in the absence of
any debt-funded capex. The current ratio was healthy at 2.85 times
as on March 31, 2024.

Outlook: Stable

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

Rating sensitivity factors

Upward factors:

* Sustenance in revenue profile and operating margin over 6%
leading to higher cash accrual
* Moderation of loans and investments in unrelated businesses and
improvement in realisations from debtors leading to improvement in
GCAs

Downward factors:

* Decline in revenue to less than INR80 crore and dip in
profitability, leading to lower net cash accrual
* Large, debt-funded capex or acquisition or further stretch in the
working capital cycle, weakening the financial risk profile and
liquidity

SIPL, previously known as Sainik Foods Pvt Ltd, was incorporated in
2005. It trades in sugar, liquor and fish wholesale and in the open
market. The company is now engaged in the extraction of river sand
and selling it in the open market, as well as the sale of solar
items. SIPL is owned by Mr Ajay Rastogi and managed by Mr Ajay
Rastogi and Mr Yogesh Saxena.


SARVAJANIK SEWA: CRISIL Assigns B Rating to INR1cr Proposed Loan
----------------------------------------------------------------
CRISIL Ratings has assigned its 'CRISIL B/Stable' rating to the
long-term bank facility of Sarvajanik Sewa Sansthan (SSS).

                         Amount
   Facilities         (INR Crore)    Ratings
   ----------         -----------    -------
   Proposed Long Term       1        CRISIL B/Stable (Assigned)
   Bank Loan Facility       

The rating reflects SSS's high dependence on government authorities
and public for funding and modest scale of operations. These
weaknesses are partially offset by the extensive experience of the
promoter in social and developmental activities.

Analytical Approach

CRISIL Ratings has evaluated the standalone business and financial
risk profiles of SSS.

Key Rating Drivers & Detailed Description

Weaknesses:

* High dependence on government authorities and public for funding:
SSS is a not-for-profit, non-governmental organisation (NGO-trust)
working since 2022 in the areas of training and skill development
in rural parts of Uttar Pradesh. It undertakes projects related to
children's education and literacy, environmental awareness and
natural resource management, health and nutrition, rural
development and poverty alleviation, among other areas. It depends
on public and government support for its funding requirements and,
hence, consistent and sufficient accrual will be a key
monitorable.

* Modest scale of operations: Subdued scale is reflected in revenue
of around INR1 crore during the three fiscals ended March 31, 2024,
on account of modest funding and donations received by the trust
from its donors. Insufficient funding remains a key rating
constraint.

Strength:

* Extensive experience of the promoters: The promoters have been
involved in social and developmental activities for more than a
decade. They have a strong understanding of the people and the
region in which SSS operates. Expertise of the management will
continue to support the business risk profile.


Liquidity: Poor

Cash and cash equivalent were modest at INR0.5 lakh as of March
2024 and it is expected to be at a similar level over the medium
term. Low gearing and increase in networth should support financial
flexibility

Outlook: Stable

CRISIL Ratings believes SSS will continue to benefit from the
extensive experience of its promoters and established relationships
with local people in the region.

Rating Sensitivity Factors

Upward factors:

* Revenue increasing above INR2.5 crore
* Sustenance of capital structure, with no reliance on external
debt

Downward factors:

* Revenue declines by more than 25%
* Sizeable stretch in the working capital cycle

Set up in 2022, SSS is a not-for-profit NGO registered under the
Societies Registration Act 1860, recognized as a social
organization working for the upliftment and training of people
living in rural parts of Uttar Pradesh. It undertakes projects for
children's education, skill development of women, literacy,
environment and natural resource management, health and nutrition,
rural development and poverty alleviation, among other areas.

SSS is managed by Mr Mohd Riyaz Khan.


SAVAIR ENERGY: CARE Keeps D Debt Ratings in Not Cooperating
-----------------------------------------------------------
CARE Ratings said the ratings for the bank facilities of Savair
Energy Limited (SEL) continue to remain in the 'Issuer Not
Cooperating' category.

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank      21.00       CARE D; ISSUER NOT COOPERATING
   Facilities                      Rating continues to remain
                                   under ISSUER NOT COOPERATING
                                   category

   Long Term/          47.00       CARE D/CARE D; ISSUER NOT
   Short Term                      COOPERATING; Rating continues
   Bank Facilities                 to remain under ISSUER NOT
                                   COOPERATING category

Rationale and key rating drivers

CARE Ratings Ltd. had, vide its press release dated February 2,
2024, placed the rating(s) of SEL under the 'issuer
non-cooperating' category as SEL had failed to provide information
for monitoring of the rating as agreed to in its Rating Agreement.
SEL continues to be non-cooperative despite repeated requests for
submission of information through emails dated December 18, 2024,
December 28, 2024 and January 7, 2025 among others.

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

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

Analytical approach: Standalone

Outlook: Not Applicable

Incorporated in the year 2001 by the name of Energy Logistics
Private Limited, the Company was subsequently renamed as Savair
Energy Limited (SEL). SEL is promoted by Mr. Saji Antony who is a
Mechanical Engineer by qualification and has worked in various Oil
& Gas companies for 20 years before starting the business in 2001.
The company now focuses in providing EPC services in the Energy and
Infrastructure space, SKID & Packages for the Air filtering, fuel
filtering, Gas Conditioning and Heat
Exchanges systems, project management consultancy in the field of
Energy & Infrastructure. The manufacturing facility is located in
Ambernath MIDC.



SHIVSHANTI HOSPITALITY: CARE Keeps B- Rating in Not Cooperating
---------------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Shivshanti
Hospitality Private Limited (SHPL) continues to remain in the
'Issuer Not Cooperating' category.

                        Amount
   Facilities       (INR crore)     Ratings
   ----------       -----------     -------
   Long-term Bank       10.00       CARE B-; Stable; ISSUER NOT
   Facilities                       COOPERATING; Rating continues
                                    to remain under ISSUER NOT
                                    COOPERATING category

Rationale and key rating drivers

CARE Ratings Ltd. had, vide its press release dated December 29,
2023, placed the rating(s) of SHPL under the 'issuer
non-cooperating' category as SHPL had failed to provide information
for monitoring of the rating as agreed to in its Rating Agreement.
SHPL continues to be non-cooperative despite repeated requests for
submission of information through e-mails dated November 13, 2024,
November 23, 2024 and December 3, 2024 among others.

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

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

Analytical approach: Standalone

Outlook: Stable

Ajmer (Rajasthan) based Shivshanti Hospitality Private Limited
(SHPL) was incorporated in 2015 by Mr. Suresh Sharma along with his
family members as a private limited company. The company was formed
with an objective to establish a hotel at Ajmer (Rajasthan) with
brand name Trisara.


SUPREME EXPORTS: CARE Keeps C Debt Rating in Not Cooperating
------------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Supreme
Exports (SE) continues to remain in the 'Issuer Not Cooperating'
category.

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

Rationale and key rating drivers

CARE Ratings Ltd. had, vide its press release dated January 2,
2024, placed the rating(s) of SE under the 'issuer non-cooperating'
category as SE had failed to provide information for monitoring of
the rating as agreed to in its Rating Agreement. SE continues to be
non-cooperative despite repeated requests for submission of
information through e-mails dated November 17, 2024, November 27,
2024 and December 7, 2024 among others.

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

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

Analytical approach: Standalone

Outlook: Stable

Supreme Exports (SE) was established in the year 2000 and promoted
by Mr SHV Prasad and his spouse Ms. S Rama Sita. The firm is
engaged in processing, packing and export of shrimp to various
places like Vietnam, China, Singapore and Dubai. The product
profile of the company includes black tiger, vannamei, scamp and
white shrimp. The plant has the certification of 'Hazard Analysis
Critical Control Point (HACCP)' and British Retail Consortium
(BRC). The processing and storage facilities of SE are approved by
the Marine Products Export Development Authority (MPEDA).

SURYA INTERNATIONAL: CRISIL Keeps B- Ratings in Not Cooperating
---------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Surya
International - Ahmedabad (SIA) continue to be 'CRISIL B-/Stable
Issuer not cooperating'.

                        Amount
   Facilities        (INR Crore)    Ratings
   ----------        -----------    -------
   Cash Credit           7.50       CRISIL B-/Stable (Issuer Not
                                    Cooperating)

   Loan Against          0.91       CRISIL B-/Stable (Issuer Not
   Property                         Cooperating)

   Proposed Long Term    0.11       CRISIL B-/Stable (Issuer Not
   Bank Loan Facility               Cooperating)

   Term Loan             6.48       CRISIL B-/Stable (Issuer Not
                                    Cooperating)

CRISIL Ratings has been consistently following up with SIA for
obtaining information through letter and email dated January 22,
2025 among others, apart from telephonic communication. However,
the issuer has remained non cooperative and the rating on bank
facilities of SIA continues to be 'CRISIL B-/Stable Issuer not
cooperating'.

Earlier, the entity did not provide the No Default Statements (NDS)
for the three consecutive months. Therefore, the issuer was
classified as 'non cooperative' in line with Clause 11. 3 of SEBI
CRA Operational Circular dated May 16, 2024.

'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 SIA, which restricts CRISIL
Ratings' ability to take a forward looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on SIA
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the rating on bank facilities of
SIA continues to be 'CRISIL B-/Stable Issuer not cooperating'.

Set up in 1998, SIA manufactures and exports food products such as
liquid food colour, food powder, flavouring essence, rose syrup,
rose water and kewra water. Its manufacturing facility is in
Ahmedabad. SIA is part of the Bajaj group of companies, owned and
managed by Dwarkaprasad Bajaj, Sanjay Bajaj and Gautam Bajaj.


URJA AUTOMOBILES: CARE Keeps D Debt Rating in Not Cooperating
-------------------------------------------------------------
CARE Ratings said the ratings for the bank facilities of Urja
Automobiles Private Limited (UAPL) continue to remain in the
'Issuer Not Cooperating' category.

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank       6.81       CARE D; ISSUER NOT COOPERATING
   Facilities                      Rating continues to remain
                                   under ISSUER NOT COOPERATING
                                   category

Rationale & Key Rating Drivers

CARE Ratings Ltd. had, vide its press release dated January 24,
2024, placed the rating(s) of UAPL under the 'issuer
non-cooperating' category as UAPL had failed to provide information
for monitoring of the rating as agreed to in its Rating Agreement.
UAPL continues to be non-cooperative despite repeated requests for
submission of information through e-mails dated December 9, 2024,
December 19, 2024, December 29, 2024 among others.

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

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

Analytical approach: Standalone

Outlook: Not Applicable

Urja Automobiles Private Limited (UAPL) was incorporated during
February 2013 by Mr. Rahul Kumar of Danapur in Patna. Subsequently,
the company started to initiate an auto dealership business and has
setup a selling and servicing facility at Saguna in Danapur. The
company has entered into dealership authority from Nissan Motor
India Pvt. Ltd. (NMIPL) for selling and servicing passenger
vehicles. Later on the company started sales and service facility
at other three locations in Bihar, namely, Araa, Patliputra and
Purnia. The day-to-day affairs of the company are looked after by
Mr. Rahul Kumar (Managing Director) with adequate support from
other three directors and a team of experienced personnel.

Status of non-cooperation with previous CRA: ICRA has continued the
rating assigned to the bank facilities of UAPL into ISSUER NOT
COOPERATING category vide press release dated February 27, 2024 on
account of its inability to carry out a review in the absence of
requisite information from the company.


VIMLA DEVI: CRISIL Assigns B+ Rating to INR1cr Proposed LT Loan
---------------------------------------------------------------
CRISIL Ratings has assigned its 'CRISIL B+/Stable' rating to the
long-term bank facility of Vimla Devi Seva Sansthan (VDSS).

                          Amount
   Facilities          (INR Crore)    Ratings
   ----------          -----------    -------
   Proposed Long Term        1        CRISIL B+/Stable (Assigned)
   Bank Loan Facility        

The rating reflects high dependence on government authorities and
modest scale of operations. These weaknesses are partially offset
by long-standing regional presence of the trust.

Analytical Approach

CRISIL Ratings has evaluated the standalone business and financial
risk profiles of VDSS.

Key Rating Drivers & Detailed Description

Weaknesses:

* High dependence on government authorities and public for funding:
VDSS is a not-for-profit organisation (NGO-trust) registered,
recognised social organisation working since 1998 for the
upliftment and rehabilitation of rural parts in Uttar Pradesh. It
provides education services such as free education for children,
host informational seminars, etc. and orphan sustenance, medical
facilities, clothes donation and other social activities. It
depends on public, corporate and government support for its funding
requirement and hence remains a key monitorable for consistent and
sufficient cash accrual.

* Modest scale of operations: Scale has been modest, with revenue
of INR0.5-5.4 crore for the three fiscals through 2024, owing to
moderate funding/donations received from the donors. Revenue of the
trust depends on tenders received by the organisation. Any
improvement in tender allocation to the organisation will remain a
key monitorable.

Strength:

* Longstanding regional presence of the trust: The trust has been
providing diverse services for around three decades in Uttar
Pradesh and hence is well reputed in the region. It receives
regular donations from various large corporates and trustees

Liquidity - Poor

Cash accrual is expected at more than INR21 lakh per annum, against
yearly debt obligation of INR8 lakh over the medium term; the
surplus cash will aid liquidity. Current ratio stood at 1.13 times
and cash and bank balance at around INR1.44 crore as on March 31,
2024. Low gearing and moderate networth should support financial
flexibility.

Outlook: Stable

VDSS will continue to benefit from the extensive experience of its
trustees and their established relationship with clients.

Rating Sensitivity Factors

Upward Factors

* Sustained improvement in scale, leading to cash accrual above
INR3 crore
* Significant corpus infusion

Downward Factors

* Inability to increase the receipt of grants
* Deterioration in the capital structure, with addition of debt,
leading to gearing above 1 time

VDSS is an NGO-trust registered, recognised social organisation
working since 1983 for the upliftment and rehabilitation of rural
parts in Uttar Pradesh. Its services incude free education for
children, environment and natural resource management, health and
nutrition, human immunodeficiency virus/acquired immunodeficiency
syndrome, rural development and poverty alleviation, etc.




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

KOBE STEEL: Egan-Jones Retains BB Senior Unsecured Ratings
----------------------------------------------------------
Egan-Jones Ratings Company on January 3, 2025, maintained its 'BB'
foreign currency and local currency senior unsecured ratings on
debt issued by Kobe Steel, Ltd. EJR also withdrew the rating on
commercial paper issued by the Company.

Headquartered in Kobe, Hyogo, Japan, Kobe Steel, Ltd. is a supplier
of aluminum and copper product including core products.

SOFTBANK GROUP: Egan-Jones Retains BB+ Senior Unsecured Ratings
---------------------------------------------------------------
Egan-Jones Ratings Company on January 6, 2025, maintained its 'BB+'
foreign currency and local currency senior unsecured ratings on
debt issued by SoftBank Group Corp.

Headquartered in Minato City, Tokyo, Japan, SoftBank Group Corp.
operates as a holding company, and through its subsidiary, provides
telecommunication services.



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

AKBAR ALI: Court to Hear Wind-Up Petition on Feb. 28
----------------------------------------------------
A petition to wind up the operations of Akbar Ali Investments
Limited will be heard before the High Court at Auckland on Feb. 28,
2025, at 10:45 a.m.

The Commissioner of Inland Revenue filed the petition against the
company on Nov. 27, 2024.

The Petitioner's solicitor is:

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


CHEMTAINERS LIMITED: Creditors' Proofs of Debt Due on March 3
-------------------------------------------------------------
Creditors of Chemtainers Limited, Shelf 12345678 Limited, Genuine
Tiny Homes Limited and I-Pop Inn Limited are required to file their
proofs of debt by March 3, 2025, to be included in the company's
dividend distribution.

The company commenced wind-up proceedings on Feb. 3, 2025.

The company's liquidator is:

          Brenton Hunt
          PO Box 13400
          City East
          Christchurch 8141


DARA GROUP: Grant Bruce Reynolds Appointed as Liquidator
--------------------------------------------------------
Grant Bruce Reynolds of Reynolds & Associates on Feb. 4, 2025, was
appointed as liquidator of Dara Group Limited.

The liquidator may be reached at:

          Reynolds & Associates Limited
          PO Box 259059
          Botany
          Auckland 2163


EJ'S FREIGHTERS: Creditors' Proofs of Debt Due on March 5
---------------------------------------------------------
Creditors of EJ's Freighters Limited are required to file their
proofs of debt by March 5, 2025, to be included in the company's
dividend distribution.

The company commenced wind-up proceedings on Feb. 5, 2025.

The company's liquidator is:

          Brenton Hunt
          PO Box 13400
          City East
          Christchurch 8141


TVD HOLDINGS: Court to Hear Wind-Up Petition on Feb. 20
-------------------------------------------------------
A petition to wind up the operations of TVD Holdings Limited will
be heard before the High Court at Auckland on Feb. 20, 2025, at
10:45 a.m.

The Commissioner of Inland Revenue filed the petition against the
company on Nov. 14, 2024.

The Petitioner's solicitor is:

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




===============
P A K I S T A N
===============

PAKISTAN: IMF Will Visit to Assess Governance, Corruption Risks
---------------------------------------------------------------
Reuters reports that a three-member International Monetary Fund
(IMF) mission will visit Pakistan to conduct a Governance and
Corruption Diagnostic Assessment under the country's 2024 Extended
Fund Facility program, the finance ministry said on Feb. 9, without
specifying dates.

The ministry added that the report will recommend actions for
addressing corruption vulnerabilities and strengthening integrity
and governance, noting that the findings would help shape
structural reforms, Reuters relates.

"The focus of the mission will be to examine the severity of
corruption vulnerabilities across six core state functions. These
include fiscal governance, central bank governance and operations,
financial sector oversight, market regulation, rule of law, and
AML-CFT," the ministry said in the statement.

According to Reuters, Pakistan's government welcomed the IMF's
technical support, saying the assessment would aid efforts to
promote transparency and institutional capacity.

Reuters says the South Asian country, currently bolstered by a $7
billion facility from the International Monetary Fund (IMF) granted
in September, is navigating an economic recovery.

The IMF is set to review Pakistan's progress by March, with the
government and central bank expressing confidence about meeting its
targets, adds Reuters.

                          About Pakistan

Pakistan is a country located in South Asia. It has a coastline
along the Arabia Sea and the Gulf of Oman and is bordered by
Afghanistan, China, India, and Iran. Pakistan's capital is
Islamabad.

In late August 2024, Moody's Ratings upgraded the Government of
Pakistan's local and foreign currency issuer and senior unsecured
debt ratings to Caa2 from Caa3.  Concurrently, the outlook for
Government of Pakistan is changed to positive from stable.  In July
2024, S&P Global Ratings affirmed its 'CCC+' long-term sovereign
credit rating and 'C' short-term rating on Pakistan. The outlook on
the long-term rating is stable.  In August 2024, Fitch Ratings
upgraded Pakistan's Long-Term Foreign-Currency Issuer Default
Rating (IDR) to 'CCC+' from 'CCC'.




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

KIT COMMODITIES: Court to Hear Wind-Up Petition on Feb. 21
----------------------------------------------------------
A petition to wind up the operations of Kit Commodities Pte. Ltd.
will be heard before the High Court of Singapore on Feb. 21, 2025,
at 10:00 a.m.

Maybank Singapore Limited filed the petition against the company on
Jan. 27, 2025.

The Petitioner's solicitors are:

          Adsan Law LLC
          300 Beach Road
          #26-00 The Concourse
          Singapore 199555


NTEGRATOR PTE: KordaMentha Appointed as Interim Judicial Managers
-----------------------------------------------------------------
Cameron Lindsay Duncan and David Dong-Won Kim of KordaMentha Pte
Ltd on Feb. 3, 2025, were appointed as Interim Judicial Managers of
Ntegrator Pte Ltd.

SINGTECH IT: Court Enters Wind-Up Order
---------------------------------------
The High Court of Singapore entered an order on Jan. 24, 2025, to
wind up the operations of Singtech IT & Communications Pte. Ltd.

United Overseas Bank Limited filed the petition against the
company.

The company's liquidators are:

          Lin Yueh Hung
          Ng Kian Kiat
          RSM SG Corporate Advisory
          8 Wilkie Road, #03-08
          Wilkie Edge
          Singapore 228095


VEZ GROUP: Court Enters Wind-Up Order
-------------------------------------
The High Court of Singapore entered an order on Jan. 24, 2025, to
wind up the operations of VEZ Group Pte. Ltd. (formerly known as
Elizabeth-Zion Asia Pacific Pte. Ltd.).

DBS Bank Ltd filed the petition against the company.

The company's liquidator is:

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


VIKUDHA GLOBAL: Placed in Provisional Liquidation
-------------------------------------------------
Paresh Tribhovan Jotangia, Ho May Kee, and Amar Bipin Singh of
Grant Thornton Singapore on Jan. 24, 2025, were appointed as
Provisional Liquidators of Vikudha Global Trade Pte. Ltd.

The Provisional Liquidators may be reached at:

          Grant Thornton Singapore
          c/o 8 Marina View
          #40-04/05 Asia Square Tower 1
          Singapore 018960




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

[] BOND PRICING: For the Week Feb. 3, 2025 to Feb. 7, 2025
----------------------------------------------------------
Issuer                 Coupon    Maturity     Currency    Price
------                 ------    --------     --------    -----


   AUSTRALIA
   ---------

ACN 113 874 712 PTY      13.25    02/15/18       USD        0.22
ACN 113 874 712 PTY      13.25    02/15/18       USD        0.22
COBURN RESOURCES PTY     12.00    03/20/26       USD       68.98
VIRGIN AUSTRALIA HOL      8.08    03/05/24       AUD        0.32
VIRGIN AUSTRALIA HOL      8.00    11/26/24       AUD        0.32
VIRGIN AUSTRALIA HOL      8.25    05/30/23       AUD        0.38
VIRGIN AUSTRALIA HOL      8.13    11/15/24       USD        0.43
VIRGIN AUSTRALIA HOL      8.13    11/15/24       USD        0.43
VIRGIN AUSTRALIA HOL      7.88    10/15/21       USD        0.46
VIRGIN AUSTRALIA HOL      7.88    10/15/21       USD        0.46


   CHINA
   -----

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


   HONG KONG
   ---------

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


   INDONESIA
   ---------

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


   INDIA
   -----

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


   MALAYSIA
   --------

CAPITAL A BHD             8.00    12/29/28       MYR        0.96


   PHILIPPINES
   -----------

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


   SINGAPORE
   ---------

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


   SOUTH KOREA
   -----------

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


   SRI LANKA
   ---------

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



                           *********


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

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

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

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

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



                *** End of Transmission ***