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

                     A S I A   P A C I F I C

          Wednesday, February 23, 2022, Vol. 25, No. 33

                           Headlines



A U S T R A L I A

ELECTRICAL LABOUR: Second Creditors' Meeting Set for March 2
HAMON AUSTRALIA: First Creditors' Meeting Set for March 2
LIBERTY PRIME 2022-1: Moody's Assigns (P)B2 Rating to Cl. F Notes
SAMSON SEAFOODS: First Creditors' Meeting Set for March 3
SPACE MONKEY: Second Creditors' Meeting Set for March 1

TWOENS PTY: First Creditors' Meeting Set for March 3


C H I N A

CHINA EVERGRANDE: Chairman Maintains Commitment to Soccer Club
GUANGYANG ANTAI: Fitch Affirms 'B' LT FC IDR, Outlook Stable
SHIMAO GROUP: Seeks More Time to Pay Loan; Court Freezes Assets
VNET GROUP: Fitch Lowers LT IDRs to 'B', Outlook Stable
YANGO GROUP: Defaults on Two Dollar-Bond Interest Payments

ZHENRO PROPERTIES: Fitch Lowers LT Issuer Default Rating to 'C'
ZHENRO PROPERTIES: Moody's Cuts CFR to Caa2, Outlook Remains Neg.


H O N G   K O N G

GENTING HK: Unfinished Global Dream Cruise Ship Attracts Investors


I N D I A

ATR WAREHOUSING: ICRA Keeps D Debt Ratings in Not Cooperating
AVNI ENERGY: ICRA Keeps D Debt Ratings in Not Cooperating
CITY TILES: ICRA Keeps D Debt Ratings in Not Cooperating Category
EASTERN SUGAR: Insolvency Resolution Process Case Summary
EASTMADE SPICES: ICRA Moves B+ Debt Rating to Not Cooperating

EMCO ELECTRODYNE: CARE Keeps B Debt Rating in Not Cooperating
EMD SCAFFOLDING INDIA: Insolvency Resolution Process Case Summary
GLOBAL ENERGY: Insolvency Resolution Process Case Summary
GRADES ENTERTAINMENTS: Insolvency Resolution Process Case Summary
GREEN PETRO: ICRA Keeps B Ratings in Not Cooperating Category

GREESHA LABORATORIES: Insolvency Resolution Process Case Summary
HINDUSTHAN MALLEABLES: ICRA Keeps B+ Rating in Not Cooperating
HOLLIS VITRIFIED: CARE Withdraws B- Rating on LT Bank Loans
JAIDEEP SHIKSHA: CARE Lowers Rating on INR7.25cr LT Loan to C
JAL EXPORTS: CARE Withdraws B+ Rating on Long Term Loans

KAY VEE: CARE Lowers Rating on INR8.76cr LT Loan to C
KIMIYA ENGINEERS: ICRA Keeps D Debt Ratings in Not Cooperating
LUCKNOW SITAPUR: ICRA Keeps D Debt Rating in Not Cooperating
MAHAGOURI ALUMINIUM: CARE Cuts Rating on INR7.77cr Loan to B-
MK FURNCRAFT PRIVATE: Insolvency Resolution Process Case Summary

MUMBAI INTERNATIONAL: Fitch Rates Proposed USD Bonds 'BB+(EXP)'
PLATINA STEELS: CARE Keeps D Debt Rating in Not Cooperating
PYTHHOS TECHNOLOGY: Insolvency Resolution Process Case Summary
R. S. MOTORS: ICRA Keeps B+ Debt Rating in Not Cooperating
RAM COTTEX: CARE Withdraws B+ Rating on Long Term Loan

SATNAM PSYLLIUM: ICRA Lowers Rating on INR5cr Loans to B+
SAVARIYA AGRO: CARE Withdraws D Rating on Long Term Loan
SAVFAB DEVELOPERS: ICRA Keeps D Debt Rating in Not Cooperating
SHIVAY MINERALS: ICRA Keeps B Debt Rating in Not Cooperating
SIMPLEX IMPORT: CARE Withdraws D Rating on Long Term Debt Rating

SUPER PSYLLIUM: ICRA Lowers Rating on INR4.60cr Loans to B+
SWAYAMPRABHA UDYAM: ICRA Moves B+ Debt Rating to Not Cooperating
TAJ GRANITES: CARE Assigns B+ Rating to INR5.42cr LT Loan
VIDEOCON GROUP: SC to Hear Twin Star's Appeal vs. NCLAT Order
VISIONARY BUSINESS: Insolvency Resolution Process Case Summary

YKM ENTERTAINMENT & HOTELS: Insolvency Resolution Case Summary


M A C A U

SJM HOLDINGS: Fitch Lowers LT FC IDR to 'BB', Still on Watch Neg.


N E W   Z E A L A N D

ARAZ HOLDING: Creditors' Proofs of Debt Due March 24
LEOPARD COACHLINES: Creditors' Proofs of Debt Due April 21
MSM PITA: Court to Hear Wind-Up Petition on March 11
MSUT TRUSTEE: Creditors' Proofs of Debt Due on April 15
SMITH & CO: Court to Hear Wind-Up Petition on March 3

VOYAGE DIGITAL: S&P Assigns Preliminary 'B+' ICR, Outlook Stable


S I N G A P O R E

DONG SHENG: Commences Wind-Up Proceedings
HASHMICRO PTE: Court Enters Wind-Up Order
HENG LEE: Court to Hear Wind-Up Petition on March 4
KML MANUFACTURING: Court to Hear Wind-Up Petition on March 4
TEE INTERNATIONAL: Yangzijiang Director Assisting With CAD Probe

VERTIGO.COM PTE: Creditors' Meeting Set for March 2


S O U T H   K O R E A

ASIANA AIRLINES: FTC Gives Conditional Nod to Korean Air Merger

                           - - - - -


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A U S T R A L I A
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ELECTRICAL LABOUR: Second Creditors' Meeting Set for March 2
------------------------------------------------------------
A second meeting of creditors in the proceedings of Electrical
Labour Hire Pty Ltd has been set for March 2, 2022, at 10:30 A.m.
at the offices of Romanis Cant, Level 2, 106 Hardware Street, in
Melbourne, Victoria.

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 March 1, 2022, at 5:00 p.m.

Manuel Hanna and Renee Di Carlo of Romanis Cant were appointed as
administrators of Electrical Labour on Jan. 28, 2022.



HAMON AUSTRALIA: First Creditors' Meeting Set for March 2
---------------------------------------------------------
A first meeting of the creditors in the proceedings of Hamon
Australia Pty Ltd will be held on March 2, 2022, at 12:00 p.m. via
teleconference.

Sule Arnautovic and Cameron Shaw of Hall Chadwick were appointed as
administrators of Hamon Australia on Feb. 18, 2022.


LIBERTY PRIME 2022-1: Moody's Assigns (P)B2 Rating to Cl. F Notes
-----------------------------------------------------------------
Moody's Investors Service has assigned the following provisional
ratings to the notes to be issued by Liberty Funding Pty Ltd in
respect of Liberty PRIME Series 2022-1.

Issuer: Liberty PRIME Series 2022-1

AUD968.0 million Class A1 notes, Assigned (P)Aaa (sf)

AUD22.0 million Class A2 notes, Assigned (P)Aaa (sf)

AUD23.1 million Class AB notes, Assigned (P)Aaa (sf)

AUD50.6 million Class B notes, Assigned (P)Aa2 (sf)

AUD11.0 million Class C notes, Assigned (P)A2 (sf)

AUD8.8 million Class D notes, Assigned (P)Baa2 (sf)

AUD13.2 million Class E notes, Assigned (P)Ba2 (sf)

AUD2.2 million Class F notes, Assigned (P)B2 (sf)

The AUD1.1million Class G notes are not rated by Moody's.

The transaction is a securitization of Australian residential
mortgages loans originated and serviced by Liberty Financial Pty
Ltd (Liberty, unrated). The transaction includes a three month
pre-funding period, whereby Liberty Funding Pty Ltd will issue
notes up to AUD1.1 billion, based on the initial pool of AUD1.0
billion. During the pre-funding period, additional loans may be
sold into the trust, up to the pre-funding amount of AUD100.0
million, subject to certain portfolio parameters and the
eligibility criteria.

RATINGS RATIONALE

The provisional ratings take into account, among other factors:

Evaluation of the underlying receivables and their expected
performance;

Evaluation of the capital structure and credit enhancement
provided to the notes;

The availability of excess spread over the life of the
transaction;

The liquidity facility in the amount of 1.0% of the notes balance
subject to a floor of AUD1,350,000;

The prefunding period and the legal structure;

The experience of Liberty as the servicer; and

The presence of Perpetual Trustee Company Limited as the back-up
servicer.

According to Moody's, the transaction benefits from various credit
strengths such as relatively high subordination to the senior
notes, and a guarantee fee reserve account. However, Moody's notes
that the transaction features some credit weaknesses such as the
pre-funding period, which may increase volatility of the portfolio
performance as it adds uncertainty to the collateral
characteristics of the pool, although this is mitigated by the
portfolio parameters and the eligibility criteria.

Moody's MILAN credit enhancement (MILAN CE) for the collateral pool
-- representing the loss that Moody's expects the portfolio to
suffer in the event of a severe recession scenario -- is 6.8%.
Moody's expected loss for this transaction is 0.70%.

The key transactional features are as follows:

Class A1 and Class A2 notes benefit from 12.0% and 10.0% note
subordination respectively.

Principal collections will be at first distributed sequentially.
Starting from the second anniversary from closing, all notes
(excluding the Class G notes) may participate in proportional
principal collections distribution subject to the step down
conditions being met. The step down criteria include, among others,
no charge offs on any of the notes and Class A1 note subordination
of at least 22.0%. The Class G notes' share of principal will be
allocated in reverse sequential order starting from the Class F
notes. Principal pay-down will revert to sequential once the
aggregate loan amount is at 20.0% or less of the aggregate loan
amount at closing, or on or following the payment date in March
2027.

The guarantee fee reserve account, which is unfunded at closing
and will build up to a limit of AUD3.3 million from excess spread.
The reserve account will firstly be available to meet losses on the
loans and charge-offs against the notes. Secondly, it can be used
to cover any required payment shortfalls that remain after
liquidity facility and principal draws.

The key features of the mortgage loan pool are as follows:

The portfolio has a weighted average scheduled loan-to-value (LTV)
ratio of 66.9%, with 7.0% of the loans with a scheduled LTV above
80.0% and 3.4% of the loans with a scheduled LTV above 90%.

Around 24.6% of the mortgage loans in the portfolio were granted
to self-employed borrowers.

All loans in the portfolio were extended on a verified income
documentation basis.

The portfolio contains no exposure to borrowers with prior credit
impairment (default, judgment or bankruptcy).

The portfolio has a weighted-average seasoning of 10.0 months,
with 79.4% of loans originated in the last six months.

Methodology Underlying the Rating Action:

The principal methodology used in these ratings was "Moody's
Approach to Rating RMBS Using the MILAN Framework" published in
February 2022.

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

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

A factor that could lead to a downgrade of the notes is
worse-than-expected collateral performance. Other reasons for worse
performance than Moody's expects include poor servicing, error on
the part of transaction parties, deterioration in credit quality of
transaction counterparties, fraud and lack of transactional
governance.

SAMSON SEAFOODS: First Creditors' Meeting Set for March 3
---------------------------------------------------------
A first meeting of the creditors in the proceedings of Samson
Seafoods Pty Ltd will be held on March 3, 2022, at 12:00 p.m. via
teleconference facilities.

Mathieu Tribut of GTS Advisory was appointed as administrator of
Samson Seafoods on Feb. 21, 2022.


SPACE MONKEY: Second Creditors' Meeting Set for March 1
-------------------------------------------------------
A second meeting of creditors in the proceedings of Space Monkey
Resource Management Pty Ltd has been set for March 1, 2022, at
10:00 a.m. via virtual meeting technology.

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. 28, 2022, at 5:00 p.m.

Dominic Cantone and Nick Cooper of Oracle Insolvency were appointed
as administrators of Space Monkey on Jan. 24, 2022.


TWOENS PTY: First Creditors' Meeting Set for March 3
----------------------------------------------------
A first meeting of the creditors in the proceedings of Twoens Pty
Ltd, formerly trading as "Urbaneering", will be held on March 3,
2022, at 10:00 a.m. via teleconference facilities.

Mathieu Tribut of GTS Advisory was appointed as administrator of
Twoens Pty on Feb. 21, 2022.




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C H I N A
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CHINA EVERGRANDE: Chairman Maintains Commitment to Soccer Club
--------------------------------------------------------------
Caixin Global reports that China Evergrande Group is still
committed to its money-losing soccer business, according to
Chairman Hui Ka Yan.

The debt-laden property developer's chief, known in Mandarin as Xu
Jiayin, vowed to continue in the soccer business and build the
Guangzhou Evergrande Football Club as a "cradle and platform." He
made the comment on Feb. 19 at a soccer management meeting, Caixin
learned.

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

Evergrande had CNY1.97 trillion (US$311 billion) of liabilities at
the end of June 2021.  Once China's biggest developer by sales,
Evergrande fell into distress as cash dried up and the group
overstretched itself on borrowings and ventures into car
manufacturing.

Evergrande hired outside financial advisers Houlihan Lokey and
Admiralty Harbour Capital in September 2021 to engage with
creditors soon after it ran into a liquidity squeeze. It has since
worked with more advisers in the past two months by turning to
China International Capital Corp, BOCI Asia and Zhong Lun Law Firm
on its debt workout plan.

As reported in the Troubled Company Reporter-Asia Pacific in
December 2021, S&P Global Ratings lowered the issuer credit ratings
on China Evergrande Group and Tianji Holding Ltd. to 'SD' from
'CC'.  S&P also lowered the issuer rating on Tianji's bonds due
2022 and 2023 to 'D' from 'C'.  S&P subsequently withdrew all its
ratings on Evergrande, its subsidiary Hengda Real Estate Group Co.
Ltd., and Tianji, at the group's request.

The TCR-AP also reported that Fitch Ratings has downgraded to 'RD'
(Restricted Default), from 'C', the Long-Term Foreign-Currency
Issuer Default Ratings (IDR) of China Evergrande Group and its
subsidiaries, Hengda Real Estate Group Co., Ltd and Tianji Holding
Limited. Fitch has affirmed the senior unsecured ratings of
Evergrande and Tianji at 'C', with a Recovery Rating of 'RR6', as
well as the Tianji-guaranteed senior unsecured notes issued by
Scenery Journey Limited at 'C', with a Recovery Rating of 'RR6'.

The downgrades reflect the non-payment of coupons due Nov. 6, 2021
for Tianji's USD645 million 13% bonds and USD590 million 13.75%
bonds after the grace period lapsed on 6 December. The non-payment
is consistent with an 'RD' rating, signifying the uncured expiry of
any applicable grace period, cure period or default forbearance
period following a payment default on a material financial
obligation.


GUANGYANG ANTAI: Fitch Affirms 'B' LT FC IDR, Outlook Stable
------------------------------------------------------------
Fitch Ratings has affirmed China-based Guangyang Antai Holdings
Limited's Long-Term Foreign-Currency Issuer Default Rating (IDR) at
'B'. The Outlook is Stable.

Guangyang Antai's ratings are supported by its market-leading
position in its core products, its diverse product offering and
sustainable financial metrics. The ratings are constrained by
geographic concentration, limited funding channels and large
external guarantees.

The Stable Outlook reflects Fitch's expectation that the company's
popular steel product offering will allow it to maintain net
leverage and margin at a level that is commensurate with its
rating.

Fitch has withdrawn Guangyang Antai's senior unsecured rating at
'B' with Recovery Rating of 'RR4' as the company does not have any
outstanding senior unsecured debt at the moment.

KEY RATING DRIVERS

Heavy Reliance on Short-Term Debt: Guangyang Antai's dependence on
bank credit facilities for liquidity constrains its rating, as it
leaves the company vulnerable to changing credit-market conditions.
Its short-term debt made up over 85% of total debt at end-2021,
averaging at around 70% of total debt between 2017 and 2020. Bank
financing is Guangyang Antai's only funding channel, as it has
limited alternative financing options.

High Business Risk from Trading: Guangyang Antai's trading segment
rapidly expanded its share of revenue to 55% in 2020, from 25% in
2017. However, Fitch estimates the share dropped to below 50% in
2021, as the company aims to slow the segment's growth and focus on
margin improvement. Trading carries higher counterparty risk and
has greater working-capital needs than Guangyang Antai's core steel
operation, which partly offsets this risk due to its market-leading
position and the cost advantage from its patented process for
400-series stainless steel.

Robust Core Business: Guangyang Antai has a strong market position
in the stainless-steel industry, with 70%-80% market share in
Shandong province and 20%-30% market share in 400-series stainless
steel products nationally. Core steel business revenue dropped
slightly in 2020 amid production cuts, but the gross margin
improved due to strong average selling prices. Prices remained
strong in 2021, but Fitch estimates that the steel margin dropped
slightly as a result of high raw-material costs.

Large External Guarantees: Guangyang Antai's external guarantees
amounted to CNY2.6 billion at end-2021, compared with its
interest-bearing debt of CNY3.9 billion. However, external
guarantees are down significantly from CNY3.5 billion in 2017.
Fitch accounts for external guarantees under total debt and include
all external guarantees in calculating the company's leverage
ratios.

Guarantee Counterparty in Distress: One of Guangyang Antai's
external guarantee counterparties, Zhongrong Xinda Group Co Ltd,
had around CNY400 million of debt undergoing restructuring as at
end-2021 after experiencing financial distress. Guangyang Antai
provides a direct guarantee to this amount, but Fitch does not
expect the amount to require repayment at this stage.

Stable Leverage: Guangyang Antai has maintained low net leverage,
as measured by net debt/EBITDA, despite increasing business risk
and its highly cyclical business. Net leverage remained stable at
2.6x in 2021, supported by steady EBITDA generation.

DERIVATION SUMMARY

Guangyang Antai's ratings are supported by its strong industry
position among Chinese stainless-steel producers, a diversified
product offering in both stainless and carbon steel, and
sustainable financial metrics. The ratings are constrained by risks
associated with its trading business, substantial external
guarantees - some of which are to high-risk counterparties - and
limited funding sources.

Guangyang Antai has a weaker business profile than aluminium
producer, China Hongqiao Group Limited (BB/Positive). Hongqiao's
2020 EBITDA was significantly higher, at CNY23 billion, than
Guangyang Antai's CNY1.7 billion. Hongqiao also has a lower net
debt/EBITDA ratio of 1.3x, compared to Guangyang Antai's 2.6x.

Fitch estimates that Guangyang Antai's scale is around half of
United States Steel Corporation's (U.S. Steel, BB-/Positive) and
that U.S. Steel had lower leverage. Fitch also believes U.S. Steel
has a much higher margin.

JSW Steel Limited (BB-/Positive) and Tata Steel Limited (BB/Stable)
both have slightly higher net debt/EBITDA than Guangyang Antai.
However, the two peers have larger scale and a much higher margin.

KEY ASSUMPTIONS

-- Steelmaking gross margin to remain at around 6% on average
    between 2021 and 2024;

-- Annual capex of around CNY400 million between 2021 and 2024,
    mainly to upgrade production facilities;

-- No near-term dividend pay-out or large investment;

-- CNY200 million reduction in external guarantees each year
    between 2022 and 2024.

RATING SENSITIVITIES

Factors that could, individually or collectively, lead to positive
rating action/upgrade:

-- More diversified funding sources to reduce reliance on cross
    guarantee debt and exposure to external guarantees;

-- Lower exposure to trading business, with FFO net leverage
    sustained below 2.0x;

-- Total net debt with equity credit/operating EBITDA at below
    1.5x for a sustained period (2021 estimate: 2.6x).

Factors that could, individually or collectively, lead to negative
rating action/downgrade:

-- Continued deterioration in liquidity, in particular, weakening
    access to bank financing due to external guarantees;

-- FFO net leverage above 3.5x for a sustained period;

-- Total net debt with equity credit/operating EBITDA at above
    3.0x for a sustained period.

BEST/WORST CASE RATING SCENARIO

International scale credit ratings of Non-Financial Corporate
issuers have a best-case rating upgrade scenario (defined as the
99th percentile of rating transitions, measured in a positive
direction) of three notches over a three-year rating horizon; and a
worst-case rating downgrade scenario (defined as the 99th
percentile of rating transitions, measured in a negative direction)
of four notches over three years. The complete span of best- and
worst-case scenario credit ratings for all rating categories ranges
from 'AAA' to 'D'. Best- and worst-case scenario credit ratings are
based on historical performance.

LIQUIDITY AND DEBT STRUCTURE

Large External Guarantees, Limited Funding Sources: Fitch estimates
Guangyang Antai had total interest-bearing debt of around CNY3.9
billion at end-2021, of which CNY3.4 billion was short term. Total
external guarantees amounted to CNY2.6 billion. The company had
CNY1.6 billion in readily available cash and CNY1.3 billion in
unused facilities. The debt structure is short-term heavy and the
company's only funding channel is through bank loans, as it has no
immediate access to bond and equity markets. Credit facilities are
assessed and rolled over annually. The total facility limit has
been consistent over the years. Therefore, Fitch expects current
facilities will roll over to cover upcoming maturities.

ISSUER PROFILE

Guangyang Antai and its subsidiaries are engaged in stainless steel
and carbon steel production, trading of iron ore fines and steel
products as well as financial leases, which are used to service
upstream and downstream customers.

Guangyang Antai has 1.8 million tonnes of stainless-steel
production capacity and 4.2 million tonnes of carbon steel
production capacity. It is one of China's top-10 stainless-steel
producers and the largest 400-series producer.

SUMMARY OF FINANCIAL ADJUSTMENTS

External guarantees are reclassified as debt and included in
Fitch's leverage calculation.

ESG CONSIDERATIONS

Unless otherwise disclosed in this section, the highest level of
ESG credit relevance is a score of '3'. This means ESG issues are
credit-neutral or have only a minimal credit impact on the entity,
either due to their nature or the way in which they are being
managed by the entity.

SHIMAO GROUP: Seeks More Time to Pay Loan; Court Freezes Assets
---------------------------------------------------------------
Reuters reports that shares of cash-strapped Chinese property
developer Shimao Group eased on Feb. 17 after it sought to extend
payments of a $947 million trust loan and reports said that a court
had frozen sale of 178 apartments financed by the loan.

Shimao proposed to creditors on Feb. 16 it would repay the onshore
trust loan in states in the next three years, of which CNY1.3
billion ($205.36 million) would become due on Feb. 17, sources told
Reuters.  

Reuters relates that the trust loan was used to finance a large
mixed-used development in Shenzhen. Financial news website
Cailianshe reported 178 unsold apartments in the development have
been frozen by judicial authorities.

Shimao's plan to extend loan payments is yet to be approved by
creditors, and some creditors said they were not happy with the
proposal that did not offer any credit enhancement, the report
relays.

According to Reuters, the Shanghai-based developer, which defaulted
on a trust loan last month, has been scrambling to extend debt with
creditors and dispose of assets to raise funds.

The firm also said in the meeting on Feb. 16 that it was in talks,
facilitated by the Shenzhen government, with state-owned
enterprises to introduce strategic investors in the development,
the report adds.

                         About Shimao Group

China-based Shimao Group Holdings Ltd, formerly Shimao Property
Holdings Ltd, is an investment holding company principally engaged
in the sale of properties. The Company operates its business
through four segments. The sales of Properties segment is mainly
engaged in the development of residential real estate. The Property
Management Income and Others is mainly engaged in property
management. The Hotel Operation Income segment is mainly engaged in
hotel operations. The Commercial Properties Operation Income
segment is mainly engaged in the development, investment and
operation of commercial, office and industrial park property
projects.

As reported in the Troubled Company Reporter-Asia Pacific on Jan.
12, 2022, S&P Global Ratings has lowered its long-term issuer
credit rating on Shimao Group Holdings Ltd. to 'B-' from 'B+'. S&P
also lowered the long-term issue rating on the company's senior
unsecured notes to 'CCC+' from 'B'. S&P placed all the ratings on
CreditWatch with negative implications.

The TCR-AP reported on Jan. 13, 2022, that Fitch Ratings has
downgraded Shimao Group's Issuer Default Rating (IDR) to 'B-', from
'BB', and the senior unsecured rating and outstanding senior
unsecured notes to 'B-', from 'BB', and assigned a Recovery Rating
of 'RR4'. All ratings remain on Rating Watch Negative (RWN).

The downgrade is driven by Shimao's lower margin of safety in
preserving liquidity, as evidenced by an announcement by subsidiary
Shanghai Shimao Jianshe Co., Ltd (Shimao Jianshe; not rated) that a
company 30% indirectly owned by Shimao Jianshe had not paid a trust
loan. Shimao Jianshe guarantees the loan. Shimao continues to meet
its public capital-market obligations. Negative news flow continues
to affect market confidence in the company. Shimao's ability to
meet the obligations could be challenged if its access to capital
and contracted sales weaken significantly.

VNET GROUP: Fitch Lowers LT IDRs to 'B', Outlook Stable
-------------------------------------------------------
Fitch Ratings has downgraded China-based carrier-neutral data
centre operator VNET Group, Inc.'s Long-Term Foreign- and
Local-Currency Issuer Default Ratings (IDRs) to 'B' from 'B+'. The
Outlook is Stable.

The downgrade reflects higher-than-expected debt-funded capex in
the medium term. As a result, Fitch forecasts that its total
debt/EBITDA will remain above 5.5x in 2022-2023 (2021 estimate:
5.5x). Fitch believes that VNET will prioritise growth over
deleveraging in the medium term, as it continues to benefit from
robust demand for data centres from Chinese internet companies and
public cloud service providers such as Alibaba Group Holding
Limited (A+/Stable).

KEY RATING DRIVERS

High Leverage: Fitch expects VNET's 2022-2023 total debt/EBITDA to
deteriorate to around 6.0x, as the company plans to raise debt to
fund a part of its large capex programme. Fitch expects annual
capex to rise to around CNY5 billion during 2022-2023 (2021
estimated: CNY4 billion) to expand its data centre footprint and
cabinet capacity. Management has aggressive financial policies as
its tolerance of medium-term leverage translates into Fitch-defined
total debt/EBITDA of 6.0x-6.5x.

VNET has signed a definitive agreement with a sovereign wealth fund
to develop data centres, and will eventually sell a 49% stake in
each of these data centres to the fund in exchange for an equity
injection, subject to certain conditions. Fitch has not factored in
new equity in Fitch's forecasts, given the uncertainty over the
timing and amount.

Reliance on External Funding: Fitch estimates that VNET's existing
liquidity will be insufficient to cover its short-term debt and
annual negative FCF of CNY3.5 billion-3.9 billion, therefore the
company will continue to rely on external funding. Fitch believes
VNET's capital-market access has weakened due to adverse market
conditions amid slower economic growth. However, VNET's bank access
remains unaffected as the company had smooth access to bank funding
from 4Q21, when the market was disrupted by defaults in the Chinese
property sector.

Funding Track Record: VNET also has a proven track record of
raising cash through hybrid instruments and equity injections to
partly fund its capex, evident from the issuance of USD1.4 billion
of hybrids and equity in 2020-2021 and the USD250 million
convertible notes issued to Blackstone in February 2022.

Regulatory Risk; Customer Diversification: Fitch believes the
regulatory risk arising from customers is mitigated by Fitch's
expectations of strong demand for VNET's services. VNET offers
mission-critical services to about 6,000 enterprise customers, with
the 20 largest making up 37% of revenue in 3Q21. Contract
termination risk is low, as customers avoid facility relocation to
minimise service disruption. Customer loyalty is high, with the
managed-hosting average monthly churn rate at a low 0.1% in 1H21
and relationships with the top 10 retail customers averaging seven
years long.

Fitch expects regulatory risk in China's internet sector to remain
high, as the government has tightened regulation on monopoly
practices, data security, and content and behaviour on the
internet. This is likely to put pressure on the short-term profit
growth of VNET's internet customers.

Small Scale, Market Share: VNET's ratings are constrained by its
small revenue scale and low single-digit revenue share in China's
data centre industry. The carrier-neutral data-centre market is
fragmented and each operator has limited market share relative to
larger incumbents, such as China Telecom Corporation Limited and
China Unicom (Hong Kong) Limited, despite better growth prospects.

Wholesale Expansion: Fitch expects VNET's business risk profile to
improve gradually as the proportion of wholesale contracts, which
have longer tenors of eight to 10 years compared with retail
contracts, increases. Fitch expects revenue contribution from the
wholesale segment to rise to 15%-25% in 2022-2023 (2021 estimate:
mid-teens), led by higher cabinet orders from Alibaba and an
increase in the share of new cabinets delivered to wholesale
customers to around 60%. This improves revenue and cash flow
visibility.

Margin Expansion: Fitch expects Fitch-defined EBITDA margin to
expand to 23%-24% in 2022-2023 (2021 estimate: 21%), driven by
rising utilisation rates and operating leverage, given the
high-fixed costs of the business. Fitch-defined EBITDA is
calculated after deducting allowances for doubtful debt, other
operating income, depreciation on right-of-use assets and lease
interest expense from reported EBITDA, in line with Fitch's
Corporate Rating Criteria.

Premier Data Centres: Fitch expects VNET's revenue and cash flow
visibility to be supported by its high-quality data centres, with
73% of the cabinets it built in top-tier cities. Demand outpaces
supply in these cities because of local governments' strict limits
on land for data-centre construction and quotas on the use of power
for data centres' daily operations.

Variable Interest Equity Structure: The ratings reflect Fitch's
expectation that VNET's relationships with the Chinese government
and regulatory authorities continue to be healthy. However, any
change could affect its credit strength as it does not have equity
control over its onshore operating companies. These include Beijing
Yiyun Network Technology Co., Ltd. and other consolidated
affiliated Chinese entities with which VNET has only contractual
relationships due to government restrictions on foreign ownership
in China's value-added telecom businesses.

DERIVATION SUMMARY

VNET has a significantly weaker business risk profile than leading
global wholesale data-centre operator Digital Realty Trust, Inc.
(BBB/Stable) and retail co-location data-centre operator Equinix,
Inc. (BBB/Stable). Digital Realty and Equinix have strong
competitive positions through their global networks of data centres
while VNET is China-centric. The credit profiles of Digital Realty
and Equinix are also supported by their granular tenant bases
across multiple industries. VNET's Fitch-forecast 2022-2023 total
debt/EBITDA of around 6.0x is similar to Digital Realty's 5.8x-6.0x
but higher than Equinix's 3.9x-4.0x.

VNET has a weaker business risk profile than China's leading
hyperscale data centre operator, Chindata Group Holdings Limited
(BBB-/Stable). Chindata has materially better cash flow visibility
than VNET given Chindata's longer average contract tenor of over
nine years, whereas VNET generates the majority of its core
data-centre revenue from retail contracts with tenors of one to
three years. In addition, Chindata's customers must pay the
majority of the revenue over the contract life should they choose
to terminate contracts early.

Further, Chindata owns around 94% - measured by capacity - of its
portfolio of high-specification data centres, while VNET mainly
relies on leases to develop its data centres. Fitch believes asset
ownership provides good access to secured capital. VNET has a
slightly better financial risk profile than Chindata given the
latter's Fitch-forecast 2022-2023 total debt/EBITDA of 5.8x-6.3x.
Fitch assesses Chindata using Fitch's APAC Property/REITs Navigator
as Chindata's business model is similar to that of a real estate
investment trust (REIT) or property management company, thanks to
its strong ownership of the properties that generate recurring
revenue. Fitch assesses VNET on the Generic Navigator given it
leases rather than owns the majority of its data centres.

VNET has a better business risk profile than TierPoint, LLC
(B/Stable). TierPoint provides both retail co-location and managed
services, but derives a higher portion of revenue from managed
services. Relative to managed services, VNET's co-location and
interconnection services have longer contract tenors and more
recurring revenue and cash flow. VNET also has a strong tenant
profile as TierPoint targets secondary US markets and focusses on
SMEs in these markets. However, VNET's stronger business risk
profile is counterbalanced by its weaker financial risk profile.
VNET's Fitch-forecast 2022-2023 total debt/EBITDA of around 6.0x is
higher than TierPoint's 4.8x-5.0x.

KEY ASSUMPTIONS

Fitch's key assumptions within its rating case for the issuer
include:

-- Small price increase of 2% in monthly recurring revenue (MRR)
    per cabinet in 2021 but flattish to small decline in MRR per
    cabinet from 2022, due to the lower price charged on wholesale
    customers compared with retail customers, as the company does
    not provide value-added services to wholesale customers;

-- Annual net addition of self-built cabinets of 25,000 each in
    2022-2023 (2021 estimate: 25,000);

-- Average monthly cabinet utilisation ratio of 58%-59% in 2022
    2023, driven by the addition of a large number of cabinets
    (2021 estimate: 57%);

-- Fitch-defined EBITDA margin of 23%-24% in 2022-2023 (2021
    estimate: 21%), equivalent to company-defined adjusted EBITDA
    margin of 29%-30% in 2022-2023 (2021 estimate: 27%);

-- Capex of CNY5 billion each in 2022-2023 (2021 estimate: CNY4
    billion);

-- No cash dividends during 2022-2023;

-- USD600 million in convertible notes due 2026 and USD250
    million in convertible notes due 2027 treated as 100% debt.

RATING SENSITIVITIES

Factor that could, individually or collectively, lead to positive
rating action/upgrade:

-- Total debt/EBITDA improves to below 5.5x for a sustained
    period; for example, if the company funds capex through equity
    injections.

Factors that could, individually or collectively, lead to negative
rating action/downgrade:

-- Deterioration in liquidity should another shareholder other
    than Tus-Holdings Co., Ltd. (THCL) and VNET's chairman hold
    more than 50% of total voting rights or more than 50% of
    outstanding Class A shares; or THCL or the chairman holds more
    than 25% of outstanding Class A shares; or VNET ceases to be
    listed in the US without being listed on another stock
    exchange, which could trigger payment acceleration of the
    USD600 million of convertible notes due in 2026;

-- M&A that adversely affects VNET's business profile;

-- Total debt/EBITDA above 6.5x for a sustained period;

-- Deterioration in liquidity such that the liquidity ratio falls
    below 1.0x (2021 estimate: 1.6x), which could be evident from
    weakening of access to the capital market and bank funds.

BEST/WORST CASE RATING SCENARIO

International scale credit ratings of Non-Financial Corporate
issuers have a best-case rating upgrade scenario (defined as the
99th percentile of rating transitions, measured in a positive
direction) of three notches over a three-year rating horizon; and a
worst-case rating downgrade scenario (defined as the 99th
percentile of rating transitions, measured in a negative direction)
of four notches over three years. The complete span of best- and
worst-case scenario credit ratings for all rating categories ranges
from 'AAA' to 'D'. Best- and worst-case scenario credit ratings are
based on historical performance.

LIQUIDITY AND DEBT STRUCTURE

Limited Liquidity: Fitch estimates that VNET's total liquidity was
around CNY3 billion in early 2022, including USD250 million (around
CNY1.6 billion) of convertible notes issued in February 2022. Total
liquidity is insufficient to fund Fitch-estimated short-term debt
and lease payments of around CNY1.3 billion and negative FCF of
CNY3.5 billion to CNY3.9 billion assuming no external funding.
However, Fitch believes the company still has solid bank access
despite weakened capital-market access, evident from its continued
access to bank loans.

VNET is exposed to a liquidity event risk if THCL, or the chairman
and his parties acting in concert, increases the holding of their
Class A shares to over 25%, another shareholder increases its
voting rights to over 50% or holding of the Class A shares to over
50%, or the company's equity is delisted from US stock exchanges
without a listing on another stock exchange, in which case the
USD600 million of convertible notes will need to be immediately
repaid. However, Fitch believes the possibility of such an event is
remote.

ISSUER PROFILE

VNET is one of the largest carrier-neutral and cloud-neutral data
centre service operators in China with 25 years of experience. It
is also engaged in partnered cloud services with Microsoft
Corporation (AAA/Stable) and the virtual private network (VPN)
business.

ESG CONSIDERATIONS

Unless otherwise disclosed in this section, the highest level of
ESG credit relevance is a score of '3'. This means ESG issues are
credit-neutral or have only a minimal credit impact on the entity,
either due to their nature or the way in which they are being
managed by the entity.

YANGO GROUP: Defaults on Two Dollar-Bond Interest Payments
----------------------------------------------------------
Bloomberg News reports that Yango Group Co., a Shanghai-based
developer that operates in more than 100 cities across China,
didn't make a combined $27.3 million of interest payments initially
due Jan. 15 by a 30-day grace period, according to a Shenzhen stock
exchange filing.  The company, whose 2021 contracted sales were
19th highest according to China Real Estate Information Corp., said
it is facing a temporary cash flow issue and plans to hold a
bondholder meeting.

The two bonds are a $300 million, 9.25% U.S. dollar bond due April
2023 and a $357 million, 7.5% bond due April 2024, the company
said, according to Caixin Global.

The missed coupons come two months after parent Fujian Yango Group
Co. said it failed to pay interest a dollar bond, Bloomberg
relates.

Yango Justice International Ltd., the Yango Group unit which issued
the two dollar bonds with the missed coupons, received bondholder
approval in November to exchange three other notes amid efforts to
extend maturities, Bloomberg says. The new bond, due in September,
was indicated down 2.1 cents on the dollar at 14.3 cents, according
to Bloomberg-compiled prices.

Yango Group, which didn't respond to Bloomberg requests for comment
on Feb. 18, recently won bondholder approval to extend the interest
payment for an onshore note by six months, according to a local
media report. The firm has $846 million of dollar-bond interest and
maturities coming due the rest of this year, according to
Bloomberg-compiled data.

                         About Yango Group

Yango Group Co.,Ltd is a China-based company principally engaged in
the development and sale of real estates. The Company's property
projects include residential buildings, office buildings and
commercial properties, among others. The Company is also involved
in the import and export trading, hotel operation, education
management and other businesses. The Company mainly operates its
business in domestic market, with East China as its main market.

As reported in the Troubled Company Reporter-Asia Pacific in
January 2022, Moody's Investors Service has withdrawn Yango Group
Co., Ltd's Caa2 corporate family rating (CFR) and the Caa3 backed
senior unsecured ratings on the notes issued by Yango Justice
International Limited. The bonds are unconditionally and
irrevocably guaranteed by Yango.  Prior to the withdrawal, the
rating outlooks were ratings under review.


ZHENRO PROPERTIES: Fitch Lowers LT Issuer Default Rating to 'C'
---------------------------------------------------------------
Fitch Ratings has downgraded China-based property developer Zhenro
Properties Group Limited's Long-Term Issuer Default Rating (IDR) to
'C', from 'B'. The senior unsecured ratings have also been
downgraded to 'C', from 'B', with a Recovery Ratings of 'RR4'. The
ratings have been removed from Rating Watch Negative (RWN).

The downgrade follows Zhenro's announcement that it is seeking
consent solicitation relating to its US-dollar perpetual capital
securities. The company had previously announced in January 2022
that it will redeem the perpetual securities in full on 5 March
2022. Fitch considers the consent solicitation as a distressed debt
exchange (DDE) as per its criteria.

If the proposed exchange offer and consent solicitation is
successfully completed, the IDR will be downgraded to 'RD'
(Restricted Default). Fitch will then reassess Zhenro's credit
profile to determine an IDR that is consistent with the company's
post-consent solicitation capital structure and risk profile.

Zhenro has not provided further information to Fitch beyond its
public announcements.

KEY RATING DRIVERS

Consent Solicitation Constitutes a DDE: Fitch classifies a debt
restructuring as a DDE if it results in a material reduction in
terms compared with the original contractual terms and conducted to
avoid bankruptcy, similar insolvency, intervention proceedings or a
traditional payment default.

Solicitation to Avoid Default: Fitch considers the consent
solicitation to be necessary for Zhenro to avoid default, as the
company's announcement stated that its internal resources may be
insufficient to address upcoming debt maturities and the redemption
of the perpetual securities in March 2022. The redemption of the
perpetual is irrevocable and non-payment will constitute an event
of default. The solicitation asks holders for waivers on any
default arising from a failure to redeem the perpetual securities
as well as not paying distributions at the step-up rate for the
period after the first reset date of 25 January 2022.

Material Reduction in Terms: Fitch believes the exchange offer and
consent solicitation constitute a material reduction in the terms
of the existing notes, as there is an extension in the effective
redemption date and distributions are no longer based on the first
step-up rate. There is a cash consideration of USD17.5 for each
principal amount of USD1,000. The solicitation also seeks
modifications for the definition of first reset date and change of
control as well as the removal of default events that would trigger
an increase in the distribution rate for the perpetual securities.

Lack of Funding Access: Fitch believes the capital market is
largely inaccessible for Zhenro and that it will have to depend on
internal cash resources to address its debt servicing, which are
increasingly limited. The company has not disclosed to Fitch how
much available cash it has on hand for repayment of capital market
debt. Fitch expects the company to face increased refinancing
pressure on its capital market debt for the next 12 months. Zhenro
will need to rely on contracted sales proceeds to address its
onshore and offshore capital-market maturities if markets remain
shut to the company.

DERIVATION SUMMARY

Zhenro's ratings are driven by its consent solicitation for its
perpetual bond, which Fitch determines as a DDE.

KEY ASSUMPTIONS

Fitch's key assumptions within its rating case for the issuer
include:

-- Attributable contracted sales of around CNY80 billion a year
    in 2022-2024;

-- Annual land premium maintained at around two years of land
    bank life;

-- Gross floor area (GFA) acquired to be 0.5x-1.0x of GFA sold in
    2021-2024;

-- Gross profit margin of 16%-19% in 2021-2024.

Key Recovery Rating Assumptions:

-- 4x EBITDA multiple to derive Zhenro's going-concern value;

-- Application of liquidation value approach, as liquidation of
    the assets would result in a higher return to creditors;

-- Fitch assumes a 10% administrative claim in line with
    criteria.

Liquidation Approach

The liquidation estimate reflects Fitch's view of the value of
balance-sheet assets that can be realised in sale or liquidation
processes conducted during bankruptcy or insolvency proceedings and
distributed to creditors.

-- Advance rate of 80%, raised from 70%, applied to accounts
    receivable. This treatment is in line with Fitch's recovery
    rating criteria.

-- Advance rate of 25% applied to the book value of investment
    properties. The investment property portfolio mainly consists
    of malls in tier one and two cities. The portfolio has an
    average rental yield of 1%-2%, which is below the industry
    average. Fitch considers a 25% advance rate as appropriate, as
    the implied rental yield on the liquidation value of the
    investment property portfolio would improve to 5%-6%, which
    would be considered acceptable in a secondary market
    transaction.

-- Advance rate of 50%, lowered from 60%, applied to property,
    plant and equipment, which mainly consists of hotels and
    buildings, the value of which is insignificant.

-- Advance rate of 61% applied to net property inventory. The
    inventory mainly consists of completed properties held for
    sales, properties under development (PUD) and deposits for
    land acquisitions. Different advance rates were applied to the
    various inventory categories to derive a blended advance rate.

-- 70% advance rate to completed properties held for sale.
    Completed commodity housing units are closer to readily
    marketable inventory. The company's historical gross margin
    for development properties is around 20%. Therefore, a higher
    advance rate of 70% (against the typical 50% in the criteria
    for inventory) was applied.

-- 55% advance rate to PUD. Unlike completed projects, PUD are
    more difficult to sell. These assets are also in various
    stages of completion. A 55% advance rate was applied because
    Zhenro's PUD are mostly in tier one and two cities. Its land
    bank life is around two years, so the book value should be
    reasonably close to market value. The PUD balance - prior to
    applying the advance rate - is net of margin-adjusted customer
    deposits.

-- 90% advance rate to deposits for land acquisitions. Land held
    for development is closer to readily marketable inventory, in
    a similar way to completed commodity housing units, provided
    it is well located. Zhenro's land generally is not located in
    significantly disadvantaged areas. Therefore, a higher advance
    rate than the typical 50% mentioned in the criteria was
    considered.

-- Advance rate of 50%, lowered from 60%, applied to joint
    venture (JV) net assets. JV assets typically include a
    combination of completed units, PUD and land bank. A 50%
    advance rate was applied, in line with the baseline advance
    rate for inventory.

-- Advance rate of nil, lowered from 60%, applied to excess cash,
    after netting the amount of trade payables.

The allocation of value in the liability waterfall results in a
Recovery Rating corresponding to 'RR4' for the senior unsecured
offshore bonds.

RATING SENSITIVITIES

Factor that could, individually or collectively, lead to positive
rating action/upgrade:

-- Fitch will reassess Zhenro's capital structure and cash flow
    after the completion of the consent solicitation, or if the
    consent solicitation is not completed, to determine its IDR
    and senior unsecured ratings.

Factor that could, individually or collectively, lead to negative
rating action/downgrade:

-- Fitch will downgrade Zhenro's IDR to 'RD' if the consent
    solicitation is completed or if the company fails to meet any
    of its debt obligations.

BEST/WORST CASE RATING SCENARIO

International scale credit ratings of Non-Financial Corporate
issuers have a best-case rating upgrade scenario (defined as the
99th percentile of rating transitions, measured in a positive
direction) of three notches over a three-year rating horizon; and a
worst-case rating downgrade scenario (defined as the 99th
percentile of rating transitions, measured in a negative direction)
of four notches over three years. The complete span of best- and
worst-case scenario credit ratings for all rating categories ranges
from 'AAA' to 'D'. Best- and worst-case scenario credit ratings are
based on historical performance.

ISSUER PROFILE

Zhenro, listed on the Hong Kong stock exchange in 2018, is owned by
Ou Zongrong, who started his property business in 1998. Land bank
totalled 29.3 million square metres by end-June 2021, with 230
property projects mostly located in tier one and two cities.

ESG CONSIDERATIONS

Fitch has revised Zhenro's ESG Relevance Score for Financial
Transparency to '4' from '3' due to the reversal of its earlier
stock-exchange announcement that it was to redeem the perpetual
bond in full on 5 March 2022. This has a negative impact on the
credit profile, and is relevant to the ratings in conjunction with
other factors.

Unless otherwise disclosed in this section, the highest level of
ESG credit relevance is a score of '3'. This means ESG issues are
credit-neutral or have only a minimal credit impact on the entity,
either due to their nature or the way in which they are being
managed by the entity.

ZHENRO PROPERTIES: Moody's Cuts CFR to Caa2, Outlook Remains Neg.
-----------------------------------------------------------------
Moody's Investors Service has downgraded Zhenro Properties Group
Limited's corporate family rating to Caa2 from B3, and the
company's senior unsecured ratings to Caa3 from Caa1.

The ratings outlook remains negative.

"The rating downgrades reflect Zhenro's heightened default risk,
following its proposed consent solicitation[1] to its senior
perpetual capital securities holders. In addition, Zhenro had
provided inconsistent debt repayment plans to the market over the
past two months, which raise concerns over the company's financial
strategy and risk management--factors that form part of our
governance considerations of the company," says Cedric Lai, a
Moody's Vice President and Senior Analyst.

"The negative outlook reflects the uncertainty over the company's
ability to address all its near-term debt maturities amid
challenging funding conditions," adds Lai.

RATINGS RATIONALE

On February 18, 2022, Zhenro announced a consent solicitation to
its securities holders for the USD senior perpetual capital
securities senior notes due in March 2022 with a total principal
amount of USD200 million. The proposal seeks holders' consent to
(1) waive any default if the company does not redeem the senior
perpetual capital securities and (2) delay a contractual coupon
step-up until March 2023. The company also said that it may not be
able to fully redeem the securities if the consent solicitation is
not successful.

The proposal indicates Zhenro's tight liquidity and high default
risk. Moody's expects the company' cash holdings, which were
RMB35.0 billion (unrestricted) as of the end of June 2021, together
with its operating cash flow, will not be sufficient to fully cover
its maturing debt, including USD1.0 billion offshore bonds and
RMB2.1 billion of onshore bonds maturing or becoming puttable by
the end of 2022. In addition, the company has a high exposure to
its joint ventures, which could limit its ability to control its
cash flow.

Moody's expects Zhenro's contracted sales to decline substantially
over the next 6-12 months amid weak consumer sentiment and tight
funding conditions. This will reduce the company's operating cash
flow and, in turn, its liquidity.

Zhenro's Caa2 CFR reflects the company's weak liquidity with high
default risks over the next 12-18 months, and Moody's expectation
that the company will face difficulties in raising new funds from
onshore and offshore channels to address its refinancing needs amid
tight funding conditions.

Zhenro's Caa3 senior unsecured bond rating is one notch lower than
its Caa2 CFR because of the risk of structural subordination. This
risk reflects the fact that most of the claims are at the operating
subsidiary level and have priority over claims at the holding
company level in a bankruptcy scenario. In addition, the holding
company lacks significant mitigating factors for structural
subordination. As a result, the expected recovery rate for claims
at the holding company will be lower.

In terms of environmental, social and governance (ESG) factors,
Moody's has considered the company's concentrated ownership by Mr.
Ou Zongrong and his son Mr. Ou Guowei, which held a 59.6% stake in
the company as of June 30, 2021. The company's inconsistent
repayment plans related to its senior perpetual capital securities
raise concerns regarding the company's governance practices. This
is a key driver of the rating action. Specifically, the company
announced on January 4, 2022 that it will redeem the USD200 million
perpetual securities in March 2022[2], but subsequently on February
18, 2022 said that it will not redeem them.

Moody's has also considered (1) the fact that independent directors
serve as chairs of the audit and remuneration committees; (2) the
low level of related-party transactions and dividend payouts; and
(3) the presence of other internal governance structures and
standards as required by the Hong Kong Stock Exchange.

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

An upgrade is unlikely given the negative outlook.

However, the outlook could return to stable if Zhenro improves its
funding access and materially reduces its refinancing risks.

On the other hand, Moody's could downgrade the ratings if the
company's liquidity and refinancing risks heighten, or if the
recovery prospects for its creditors deteriorate.

The principal methodology used in these ratings was Homebuilding
And Property Development Industry published in January 2018.

Zhenro Properties Group Limited was incorporated in the Cayman
Islands in 2014 and listed on the Hong Kong Stock Exchange in
January 2018. As of June 30, 2021, Zhenro had 231 projects across
China. Its key operating cities include Shanghai, Fuzhou, Nanjing,
Suzhou, Jinan, Hefei, Tianjin, Wuhan and Xi'an.

The company was founded by Mr. Ou Zongrong, who indirectly owned
54.6% of Zhenro as of June 30, 2021. Mr. Ou Guowei, the son of Ou
Zongrong, owned 5.0% of the company as of the same date.



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

GENTING HK: Unfinished Global Dream Cruise Ship Attracts Investors
------------------------------------------------------------------
Bloomberg News reports that billionaire Lim Kok Thay is among
several investors interested in purchasing the Global Dream mega
luxury liner that was under construction at Genting Hong Kong
Ltd.'s now-insolvent shipbuilder, MV Werften in Germany.

Several serious interested parties are in talks to buy the
unfinished ship, said Christoph Morgen, the German court-appointed
provisional insolvency administrator for the shipbuilder, Bloomberg
relates.  Mr. Morgen is optimistic a deal could come together, but
thinks it won't likely happen before next month because the case is
complex, he said at a briefing at the shuttered shipyard in Wismar
on Feb. 14.

MV Werften's provisional insolvency in early January proved to be a
turning point for Genting Hong Kong, which became the world's
biggest cruise operator to seek court assistance to safeguard its
assets during the pandemic when it filed a windup petition days
later, according to Bloomberg. Genting reported a record loss of
$1.7 billion in May as the pandemic ravaged the cruising industry.

Lim, who has resigned as Genting Hong Kong's chairman and chief
executive officer, contacted Mr. Morgen to express interest in
purchasing the ship at the beginning of the provisional insolvency
process, Mr. Morgen said. The insolvency administrator said he
hopes to find "a better solution for the ship" than Lim.

"My impression is that he would only like to buy it if nobody else
would be interested in order to get it cheap and possibly to finish
the ship somewhere else," said Mr. Morgen, who added he hasn't
heard from Lim since, Bloomberg relays. "I hope that we won't
depend on this, because we now have strong interest from many other
possible investors."

Bloomberg notes that the 342-meter liner, which Genting dubbed the
Global Dream and which is set to be the world's biggest vessel by
passenger capacity, was heralded as ushering in a new era of mega
ships tapping into Asia's growing cruising market. The ship was
about 72% complete when the German government and Genting couldn't
agree in December on plans to finance $620 million to help finish
it and keep the shipyard in business, Bloomberg relates citing a
letter Lim wrote to creditors.

Both Lim and German government officials blamed the other for MV
Werften's bankruptcy. German Economy Minister Robert Habeck said
his government did everything in its power to save MV Werften,
saying the state had offered a loan of EUR600 million ($670
million) on the condition that Genting provide an additional EUR60
million plus guarantees for the federal funds. Genting turned that
down, Mr. Habeck, as cited by Bloomberg, said.

In his letter to creditors explaining Genting's slide into
provisional insolvency, Lim accused the current German government
of not honoring the previous government's agreement to provide the
capital that didn't require a personal guarantee.

Bloomberg relates that Henning Groskreutz, a union leader from the
local IG Metall chapter, said that the shipyard will still need
between EUR500 million and EUR600 million to finish the ship. "We
will need this money in order to be able to convince the workers to
stay here," Bloomberg quotes Mr. Groskreutz as saying. Many workers
have already left and have started at other employers because
there's high demand for such skills.

Mr. Habeck said the government would be willing to subsidize the
final construction of the Global Dream with a "new reliable
investor."

"If there's a reliable finance plan, we could make the same offer
like over Christmas," Mr. Habeck said, adding that Genting didn't
want to contribute financially to complete the ship. "We don't want
to throw money out of the window."

Genting's Crystal Cruises brand shut its U.S. office and terminated
employees earlier in February, the report notes. The closing of
Crystal Cruises' operation in Miami came after two of its ships
were seized in the Bahamas after a fuel supplier sought the action
for $4.6 million in unpaid fuel bills.

                      About Genting Hong Kong

Genting Hong Kong Limited is a Hong Kong-based investment holding
company principally engaged in cruise businesses. The Company
operates through two segments. Cruise and Cruise-related Activities
segment is engaged in the sales of passenger tickets, the sales of
foods and beverages onboard, shore excursion, as well as the
provision of onboard entertainment and other onboard services.
Non-cruise Activities segment is engaged in onshore hotel
businesses, travel agency, aviation businesses, entertainment
businesses and shipyard businesses, among others. The Company
operates businesses in Asia Pacific, North America and Europe,
among others.

As reported in the Troubled Company Reporter-Asia Pacific on Jan.
20, 2022, Genting Hong Kong has filed a winding-up petition in
Bermuda, after the bankruptcy of its shipyard in Germany triggered
US$2.78 billion of debt and forced Asia's largest operator of sea
cruises to be liquidated.

The owner of Dream Cruise Holding appointed Alvarez & Marsal's
Edward Simon Middleton and Tiffany Wong Wing-sze as provisional
liquidators, South China Morning Post disclosed citing a filing on
Jan. 19 to the Hong Kong stock exchange.

Dream Cruises Holding Ltd., an indirect non-wholly owned unit of
Genting Hong Kong that has also filed a winding up petition, will
continue to operate its fleet in the region, the company said.



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

ATR WAREHOUSING: ICRA Keeps D Debt Ratings in Not Cooperating
-------------------------------------------------------------
ICRA has retained the long-term ratings of ATR Warehousing Private
Limited in the 'Issuer Not Cooperating' category. The ratings are
denoted as [ICRA]D; ISSUER NOT COOPERATING".

                    Amount
   Facilities     (INR crore)    Ratings
   ----------     -----------    -------
   Long-term–        12.50       [ICRA]D; ISSUER NOT
COOPERATING;
   Fund based/CC                 Rating Continues to remain under
                                 'Issuer Not Cooperating'
                                 Category

   Long-term–        25.75       [ICRA]D; ISSUER NOT
COOPERATING;
   Fund based/TL                 Rating Continues to remain under
                                 'Issuer Not Cooperating'
                                 Category

   Long-term–        38.75       [ICRA]D; ISSUER NOT
COOPERATING;
   Unallocated                   Rating Continues to remain under
                                 'Issuer Not Cooperating'
                                 Category

ICRA has been trying to seek information from the entity so as to
monitor its performance. Further, ICRA has been sending repeated
reminders to the entity for payment of surveillance fee that became
due. Despite repeated requests by ICRA, the entity's management has
remained non-cooperative. The current rating action has been taken
by ICRA basis best available/dated/limited information on the
issuers' performance. Accordingly, the lenders, investors and other
market participants are advised to exercise appropriate caution
while using this rating as the rating may not adequately reflect
the credit risk profile of the entity. The rating action has been
taken in accordance with ICRA's policy in respect of
non-cooperation by a rated entity available at www.icra.in.

ATR Warehousing Pvt. Ltd was established in 1972. However, it
forayed into full-fledged client centric warehousing in the year
2000. The company is having a fleet of transport vehicles and other
facilities for material handling and transportation. AWPL has
warehouses at Visakhapatnam, Vijayawada, Kakinada, Rajahmundry,
Raipur, Haldiya and Nellore in 2 states, Andhra Pradesh and Madhya
Pradesh, covering 2.2 million sqft. ATR Group was founded by Mr.
A.T Rayudu, and currently managed by Mr. Avinash Anumolu. ATR
Warehousing Pvt Ltd is the flagship Company of the group and
controls all other group companies through direct or indirect
holdings. The group controls over 4 million square feet of covered
warehousing and open space in strategic locations across Southern
India.


AVNI ENERGY: ICRA Keeps D Debt Ratings in Not Cooperating
---------------------------------------------------------
ICRA has retained the ratings for the bank facilities of Avni
Energy Solutions Private Limited. in the 'Issuer Not Cooperating'
category. The rating is denoted as [ICRA]D/[ICRA]D; ISSUER NOT
COOPERATING".

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

   Short-term         0.50       [ICRA]D; ISSUER NOT COOPERATING;
   fund based                    Continues to remain under the
                                 'Issuer Not Cooperating'
                                 Category

   Long Term-         1.75       [ICRA]D; ISSUER NOT COOPERATING;
   Unallocated                   Rating Continues to remain under
                                 'Issuer Not Cooperating'
                                 Category

   Short term–        1.00       [ICRA]D; ISSUER NOT
COOPERATING;
   Non fund based                Rating Continues to remain under
                                 'Issuer Not Cooperating'
                                 Category

ICRA has been trying to seek information from the entity so as to
monitor its performance. Further, ICRA has been sending repeated
reminders to the entity for payment of surveillance fee that became
due. Despite repeated requests by ICRA, the entity's management has
remained non-cooperative. The current rating action has been taken
by ICRA basis best available/dated/limited information on the
issuers' performance. Accordingly, the lenders, investors and other
market participants are advised to exercise appropriate caution
while using this rating as the rating may not adequately reflect
the credit risk profile of the entity. The rating action has been
taken in accordance with ICRA's policy in respect of
non-cooperation by a rated entity available at www.icra.in.

AESPL is incorporated in 2009 and is engaged in providing LED based
lighting solutions for street lighting, rural lighting and home/
office lighting requirements. It is promoted by Mr. Brij Mohan
Rathi and Mr. Gururaj Ganesh. Its manufacturing facility is located
in Bangalore. Its customers include CREDA (Chhattisgarh State
Renewable Energy Development Agency), EESL (Energy Efficiency
Service Limited), Havells India Limited etc.


CITY TILES: ICRA Keeps D Debt Ratings in Not Cooperating Category
-----------------------------------------------------------------
ICRA has retained the ratings for the bank facilities of City Tiles
Limited in the 'Issuer Not Cooperating' category. The rating is
denoted as "[ICRA]D/[ICRA]D: ISSUER NOT COOPERATING".

                    Amount
   Facilities     (INR crore)    Ratings
   ----------     -----------    -------
   Fund Based–        22.52      [ICRA]D ISSUER NOT COOPERATING;
   Term Loan                     Rating continues to remain under
                                 'Issuer Not Cooperating'
                                 Category

   Fund Based–        35.00      [ICRA]D ISSUER NOT COOPERATING;
   Cash Credit                   Rating continues to remain under
                                 'Issuer Not Cooperating'
                                 Category

   Non-fund           14.00      [ICRA]D ISSUER NOT COOPERATING;
   Based–Bank                    Rating continues to remain
under
   Guarantee                     'Issuer Not Cooperating'
                                 Category

ICRA has been trying to seek information from the entity so as to
monitor its performance. Further, ICRA has been sending repeated
reminders to the entity for payment of surveillance fee that became
due. Despite repeated requests by ICRA, the entity's management has
remained non-cooperative. The current rating action has been taken
by ICRA basis best available/dated/limited information on the
issuers' performance. Accordingly, the lenders, investors and other
market participants are advised to exercise appropriate caution
while using this rating as the rating may not adequately reflect
the credit risk profile of the entity. The rating action has been
taken in accordance with ICRA's policy in respect of
non-cooperation by a rated entity available at www.icra.in.

City Tiles Limited was incorporated in 2002 as a manufacturer of
ceramic tiles, by Mr R. D. Patel. Since then the company has
extended production capacities as well as the product range. CTL is
currently engaged in the business of manufacturing and outsourcing
of vitrified tiles. The manufacturing facility of the company is
located near Himmatnagar in Gujarat having an installed capacity of
about 14,000 square meters per day of vitrified tiles. CTL markets
its tiles under a single brand name "City Tiles".


EASTERN SUGAR: Insolvency Resolution Process Case Summary
---------------------------------------------------------
Debtor: Eastern Sugar & Industries Limited
        PO. Hanuman Sugar Mills
        Motihari, P.S. Motihari East
        Champaran Bihar 845401

Insolvency Commencement Date: February 11, 2022

Court: National Company Law Tribunal, Kolkata Bench

Estimated date of closure of
insolvency resolution process: August 9, 2022

Insolvency professional: Ajay Kumar Agarwal

Interim Resolution
Professional:            Ajay Kumar Agarwal
                         Plot no. IID/31/1, Street No. 1111
                         PS Qube, Unit Number 1015A, 10th Floor
                         Beside City Centre 2
                         Kolkata 700161 WB
                         E-mail: cs.aaa.2014@gmail.com
                                 cirp.esil@gmail.com

Last date for
submission of claims:    February 25, 2022


EASTMADE SPICES: ICRA Moves B+ Debt Rating to Not Cooperating
-------------------------------------------------------------
ICRA has moved the ratings for the bank facilities of Eastmade
Spices & Herbs Pvt. Ltd. in the 'Issuer Not Cooperating' category.
The rating is denoted as "[ICRA]B+ (Stable) ISSUER NOT
COOPERATING".

                    Amount
   Facilities     (INR crore)    Ratings
   ----------     -----------    -------
   Cash Credit        3.75       [ICRA]B+ (Stable) ISSUER NOT
                                 COOPERATING; Rating Moved to the
                                 'Issuer Not Cooperating'
                                 Category

   Term Loan          5.50       [ICRA]B+ (Stable) ISSUER NOT
                                 COOPERATING; Rating Moved to the
                                 'Issuer Not Cooperating'
                                 Category

ICRA has been trying to seek information from the entity so as to
monitor its performance, but despite repeated requests by ICRA, the
entity's management has remained non-cooperative. The current
rating action has been taken by ICRA basis limited information on
the issuers' performance. Accordingly, the lenders, investors and
other market participants are advised to exercise appropriate
caution while using this rating as the rating may not adequately
reflect the credit risk profile of the entity.  The rating action
has been taken in accordance with ICRA's policy in respect of
non-cooperation by a rated entity available at www.icra.in.

Incorporated in 2015, Eastmade Spices & Herbs Pvt. Ltd. is promoted
by members of the Patel family, who have extensive experience in
the agro-commodity business. The company processes food grains and
spices. Its commercial operations began in FY2020. Besides, the
company is also involved in trading agro-commodities. The company
has an installed processing capacity of 4,680 MTPA. The promoters
are also associated with Satnam Psyllium Industries and Super
Psyllium, which are also involved in the agri-commodities business.


In FY2020, the company reported a net profit of INR1.3 crore on an
operating income of INR12.7 crore compared to a net loss of INR0.5
crore on an operating income of INR5.8 crore in FY2019.


EMCO ELECTRODYNE: CARE Keeps B Debt Rating in Not Cooperating
-------------------------------------------------------------
CARE Ratings said the rating for the bank facilities of EMCO
Electrodyne Private Limited (EEPL) continues to remain in the
'Issuer Not Cooperating ' category.

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank       7.00       CARE B; Stable; ISSUER NOT
   Facilities                      COOPERATING; Rating continues
                                   To remain under ISSUER NOT
                                   COOPERATING category  

Detailed Rationale & Key Rating Drivers

CARE Ratings Ltd. had, vide its press release dated February 09,
2021, placed the rating(s) of EEPL under the 'issuer
non-cooperating' category as EEPL had failed to provide information
for monitoring of the rating and had not paid the surveillance fees
for the rating exercise as agreed to in its Rating Agreement. EEPL
continues to be noncooperative despite repeated requests for
submission of information through e-mails, phone calls and a
letter/email dated December 26, 2021, January 5, 2022, January 15,
2022.

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

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

The entity was incorporated as a private limited company by the
name of Emco Danubius Alternators India Private Limited in April
1994. However, in June 1995, the company was renamed to Emco
Electrodyne Private Limited (EEP) and is currently being managed by
Mr. Piara Singh Matharoo, Mrs. Surinder Matharoo, Mr. J.S.
Matharoo. The company is engaged in the manufacturing of motor
coils, roebel stator bars, wound stator capsules, cast iron stator
frame, generator, three phase induction motor and
repairing/rewinding & overhauling of generators and motors at its
manufacturing facility located in Mohali, Punjab. Besides EEP, the
directors are also engaged in managing another group concerns
namely Emco Switch Gears Private Limited and Emco Dynamics India.


EMD SCAFFOLDING INDIA: Insolvency Resolution Process Case Summary
-----------------------------------------------------------------
Debtor: EMD Scaffolding India Private Limited
        A-230/2, Shaheen Bagh
        Gali No. 7, Jamia Nagar
        Okhla, New Delhi
        South Delhi DL 110025

Insolvency Commencement Date: February 9, 2022

Court: National Company Law Tribunal, New Delhi Bench

Estimated date of closure of
insolvency resolution process: July 11, 2022

Insolvency professional: Krit Narayan Mishra

Interim Resolution
Professional:            Krit Narayan Mishra
                         C-3, Ashoka Apartments
                         Plot No. 8, Sector-12
                         Dwarka, New Delhi 110078
                         E-mail: kritmassociates@gmail.com

                            - and -

                         29A, DDA SFS Flats
                         Pocket 1, Sector 7
                         Dwarka, New Delhi 110075
                         E-mail: ip.cirp.emdscaffolding@gmail.com

Last date for
submission of claims:    February 23, 2022


GLOBAL ENERGY: Insolvency Resolution Process Case Summary
---------------------------------------------------------
Debtor: Global Energy Talent Private Limited

        Registered office:
        C-72, Sadbhawana Apartments
        Ashok Vihar-4, Delhi 110052

        Books of Accounts and Papers are maintained:
        4th Floor, Sheldon
        Plot No. 91, Sector 44
        Gurugram 122003

Insolvency Commencement Date: February 10, 2022

Court: National Company Law Tribunal, Delhi Bench

Estimated date of closure of
insolvency resolution process: July 10, 2022

Insolvency professional: Pankaj Kumar Singhal

Interim Resolution
Professional:            Pankaj Kumar Singhal
                         A-233, Ground Floor
                         Bunkar Colony
                         Ashok Vihar, Phase-IV
                         New Delhi 110052
                         E-mail: aprassociatesllp@gmail.com

                            - and -

                         WP-509, Second Floor
                         Wazirpur Village
                         Ashok Vihar, Phase-I
                         Delhi 110052
                         E-mail: cirp.globalenergytalent@gmail.com

Last date for
submission of claims:    February 24, 2022


GRADES ENTERTAINMENTS: Insolvency Resolution Process Case Summary
-----------------------------------------------------------------
Debtor: Grades Entertainments Private Limited
        H.no. 241, Khasra No. 270/228/173
        3rd Floor, Street No. 9
        Blk-A, Village Wazirabad
        Delhi 110084

Insolvency Commencement Date: February 15, 2022

Court: National Company Law Tribunal, Bench-III, New Delhi

Estimated date of closure of
insolvency resolution process: August 14, 2022
                               (180 days from commencement)

Insolvency professional: Nitish Kumar Chugh

Interim Resolution
Professional:            Nitish Kumar Chugh
                         A-802, Dharam CGHS
                         Plot No. 18, Sector 18A
                         Dwarka, New Delhi 110075
                         E-mail: ca.nitish@gmail.com

                            - and -

                         Flat No. 93, Pocket-6
                         Sector-12, Rainbow Apartment
                         Dwarka, New Delhi 110075
                         E-mail: cirp.grades@gmail.com

Last date for
submission of claims:    March 1, 2022


GREEN PETRO: ICRA Keeps B Ratings in Not Cooperating Category
-------------------------------------------------------------
ICRA has retained the long-term and short-term ratings of Green
Petro Fuels LLP in the 'Issuer Not Cooperating' category. The
ratings are denoted as [ICRA]B(Stable)/[ICRA]A4; ISSUER NOT
COOPERATING".

                     Amount
   Facilities      (INR crore)     Ratings
   ----------      -----------     -------
   Cash Credit         6.80        [ICRA]B (Stable) ISSUER NOT
                                   COOPERATING; Rating continues
                                   to remain under 'Issuer Not
                                   Cooperating' category

   Term Loan           3.23        [ICRA]B (Stable) ISSUER NOT
                                   COOPERATING; Rating continues
                                   to remain under 'Issuer Not
                                   Cooperating' category

   Unallocated         2.87        [ICRA]B (Stable) ISSUER NOT
   Limits                          COOPERATING; Rating continues
                                   to remain under 'Issuer Not
                                   Cooperating' category

   Non fund-based      7.35        [ICRA]A4; ISSUER NOT
   Limit                           COOPERATING; Rating continues
                                   To remain under 'Issuer Not
                                   Cooperating' category

ICRA has been trying to seek information from the entity so as to
monitor its performance. Further, ICRA has been sending repeated
reminders to the entity for payment of surveillance fee that became
due. Despite repeated requests by ICRA, the entity's management has
remained non-cooperative. The current rating action has been taken
by ICRA basis best available/dated/limited information on the
issuers' performance. Accordingly, the lenders, investors and other
market participants are advised to exercise appropriate caution
while using this rating as the rating may not adequately reflect
the credit risk profile of the entity. The rating action has been
taken in accordance with ICRA's policy in respect of
non-cooperation by a rated entity available at www.icra.in.

Green Petro Fuels LLP (GPF) was incorporated in November 2012 for
estbalishing light diesel oil manufacturing facility (in Raipur) by
Tirubhala Chemicals Private Limited (owned by Mr. Monish Johri) and
Mr. Santosh Dwidevi. The entity has a production capacity of 60,000
MT for blending oils to manufacture light diesel oils for
industrial use. GPF utilised around 16% of its installed capacity
in FY2017 at a production level of 9500MT.


GREESHA LABORATORIES: Insolvency Resolution Process Case Summary
----------------------------------------------------------------
Debtor: M/s. Greesha Laboratories Pvt. Ltd.

        Registered office:
        58/B/1, Adarsh Nagar
        Hyderabad 500463

        Factory:
        Plot No. 16, IDA Kothur
        Shadnagar Mandal
        Hyderabad

Insolvency Commencement Date: February 11, 2022

Court: National Company Law Tribunal, Hyderabad Bench

Estimated date of closure of
insolvency resolution process: August 10, 2022
                               (180 days from commencement)

Insolvency professional: Madasa Kumar

Interim Resolution
Professional:            Madasa Kumar
                         4th Floor, Plot No. 48
                         Vaishnoi Enclave, Pet Basheerabad (V)
                         Quthbullapur (M), Medchal Malkajgiri (D)
                         Telangana 500055
                         E-mail: kumarmadas@gmail.com
                         Mobile: 9866512519

                            - and -

                         Global Insolvency Professionals
                         Pvt Limited
                         Plot No. 717, Journalist Colony
                         Banjara Hills Road No. 2
                         Hyderabad 500034

Last date for
submission of claims:    February 25, 2022


HINDUSTHAN MALLEABLES: ICRA Keeps B+ Rating in Not Cooperating
--------------------------------------------------------------
ICRA has retained the long-term rating of Hindusthan Malleables &
Forgings Ltd. in the 'Issuer Not Cooperating' category. The rating
is denoted as [ICRA]B+(Stable); ISSUER NOT COOPERATING".

                     Amount
   Facilities      (INR crore)     Ratings
   ----------      -----------     -------
   Fund based-         8.00        [ICRA]B+ (Stable) ISSUER NOT
   Cash Credit                     COOPERATING; Rating continues
                                   to remain under 'Issuer Not
                                   Cooperating' category

ICRA has been trying to seek information from the entity so as to
monitor its performance. Further, ICRA has been sending repeated
reminders to the entity for payment of surveillance fee that became
due. Despite repeated requests by ICRA, the entity's management has
remained non-cooperative. The current rating action has been taken
by ICRA basis best available/dated/limited information on the
issuers' performance. Accordingly, the lenders, investors and other
market participants are advised to exercise appropriate caution
while using this rating as the rating may not adequately reflect
the credit risk profile of the entity. The rating action has been
taken in accordance with ICRA's policy in respect of
non-cooperation by a rated entity available at www.icra.in.

Incorporated in 1959, Hindusthan Malleables & Forgings Limited
(HMFL) manufactures graded, malleable iron and steel castings,
catering mainly to the automobile, steel and power sectors. The
current management took over the operations of the company in 2003.
The manufacturing facility of the company is located at Bhuli, in
Dhanbad, Jharkhand and has an annual capacity of 7,560 metric
tonnes per annum (MTPA).


HOLLIS VITRIFIED: CARE Withdraws B- Rating on LT Bank Loans
-----------------------------------------------------------
CARE has reviewed the ratings assigned to the bank facilities of
Hollis Vitrified Private Limited (HVPL) at CARE B-/CARE A4; Issuer
Not Cooperating and has simultaneously withdrawn it, with immediate
effect.

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank         -        Rating continues to remain     

   Facilities                      under ISSUER NOT COOPERATING
                                   category; Reaffirmed at
                                   CARE B-; ISSUER NOT COOPERATING
                                   and Withdrawn

   Short Term Bank        -        Rating continues to remain
   Facilities                      under ISSUER NOT COOPERATING
                                   category; Reaffirmed at
                                   CARE A4; ISSUER NOT
                                   COOPERATING and Withdrawn

The ratings assigned to the bank facilities of HVPL continue to
remain constrained on account of its moderate scale of operations,
leveraged capital structure and debt coverage indicators. The
ratings are also constrained on account of HVPL's presence of
company in a highly competitive and fragmented ceramic industry,
which has close linkages with the cyclical real estate sector and
susceptibility of profitability to volatility in prices of raw
material and natural gas.

The ratings, however, continue to derive strengths from its
experienced promoters.

The withdrawal of ratings is at the request of HVPL and 'No
Objection Certificate' received from the bank that has extended the
facilities rated by CARE.

Detailed description of the key rating drivers

Key Rating Weaknesses

* Moderate scale of operations and profitability: HVPL reported TOI
of INR103.62 crore during FY21 as against INR101.56 crore during
FY20. Profit margins remained moderate marked by PBILDT margin of
12.25% and PAT margin of 1.68% during FY21 respectively. (14.75%
and 1.43% during FY20 respectively). Gross Cash Accruals also
remained moderate at INR9.01 crore in FY21.

* Moderate capital structure and debt coverage indicators: HVPL's
capital structure remained moderate marked by overall gearing ratio
of 1.43x as on March 31, 2021, as against 1.78x as on March 31,
2020. Debt coverage indicators remained 7moderate marked by total
debt to GCA ratio of 4.78 years as on March 31, 2021 (5.38 as on
March 31, 2020) and an interest coverage ratio of 3.67x during FY21
(FY20: 2.85 times). Susceptibility of margins to volatility in raw
material and fuel prices: Prices of key raw material and fuel is
market driven and exerts pressure on the margins of tile
manufacturers in case of sharp volatility in its prices.

* Presence in a highly competitive tile industry with significant
capacity additions underway in the region along with its linkages
with the cyclical real estate industry: The ceramic industry is
highly competitive and fragmented with the presence of numerous
organized as well as unorganized players operating in the domestic
market. Moreover, the ceramic tile industry has strong linkages
with the real estate industry, which, in India is highly fragmented
and cyclical.

Key Rating Strengths

* Experienced promoters: The promoters of HVPL, Mr. Dharamshi
Kagathara, Mr. Dinesh Patel and Mr. Jatin Kagathara have wide
experience in the ceramic tiles industry through HVPL as well as
through Vasant Ceramics. The promoters have also demonstrated their
capability to support HVPL's operations through infusion of equity
as well as unsecured loans.

Incorporated in January 2011 by Mr. Dharamshi Kagathara, Mr. Dinesh
Patel and Mr. Jatin Kagathara, HVPL is engaged in manufacturing of
vitrified tiles from its manufacturing facility located at Morbi.
It has an installed capacity of 48,000 Metric Ton Per Annum.

JAIDEEP SHIKSHA: CARE Lowers Rating on INR7.25cr LT Loan to C
-------------------------------------------------------------
CARE Ratings has revised the ratings on certain bank facilities of
Jaideep Shiksha Utthan Samiti (JSUS), as:

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank       7.25       CARE C; Stable; ISSUER NOT
   Facilities                      COOPERATING; Rating continues
                                   To remain under ISSUER NOT
                                   COOPERATING category and
                                   Revised from CARE B; Stable

   Short Term Bank      1.00       CARE A4; ISSUER NOT
   Facilities                      COOPERATING; Rating continues
                                   to remain under ISSUER NOT
                                   COOPERATING category

Detailed Rationale & Key Rating Drivers

CARE Ratings Ltd. had, vide its press release dated February 09,
2021, placed the rating(s) of JSUS under the 'issuer
non-cooperating' category as JSUS had failed to provide information
for monitoring of the rating and had not paid the surveillance fees
for the rating exercise as agreed to in its Rating Agreement. JSUS
continues to be noncooperative despite repeated requests for
submission of information through e-mails, phone calls and a
letter/email dated December 26, 2021, January 5, 2022, January 15,
2022.

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

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

The ratings have been revised on account of non-availability of
requisite information.

Jaideep Shiksha Utthan Samiti (JSU) got registered under the
Society Registration Act- 1860 in 1996 and is currently being
managed by Mr. Jagdish Jaglan, Mrs. Sudesh Jaglan, Mr. Ankit Singh,
Mr. Ramphal Singh, Mr. Rajinder Singh, Mr. Yudhvir Singh and Mrs.
Bimla as the members with an objective to provide education
service. The society is running one school under the name of
"Greenwood Public School" and two colleges under the name of
"Greenwood College of Education" and "Greenwood Degree College" in
Karnal, Haryana. Greenwood Public School is offering classes from
Nursery to 8th standard and is Haryana Board of School Education
(HBSE) affiliated and whereas the colleges are offering courses
like B.A., B.Com, B.Sc, B.Ed, JBT/ D.Ed, Post Graduate diploma in
Yoga, certificate course in Yoga which are duly approved by NCTE
(National Council for Teacher Education) and are also affiliated to
Kurukshetra University, Kurukshetra (KUK).


JAL EXPORTS: CARE Withdraws B+ Rating on Long Term Loans
--------------------------------------------------------
CARE has revised and withdrawn the outstanding ratings of 'CARE B+;
Stable/CARE A4' assigned to the bank facilities of Jal Exports (JE)
with immediate effect. The above action has been taken at the
request of JE and 'No Objection Certificate' received from the
bank(s) that have extended the facilities rated by CARE.

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank         -        Revised to CARE B+; Stable
   Facilities                      from CARE BB-; Stable and
                                   Withdrawn

   Short Term Bank        -        Reaffirmed at CARE A4 and
   Facilities                      Withdrawn

Detailed description of the key rating drivers

Key Rating Weaknesses

* Small scale of operation along with low profit margin: Total
operating income continued to decline to INR 18.79 crore in FY21
from INR 41.28 crore in FY20. PBILDT margin of the firm improved at
5.15% in FY21 and 4.54% in FY20. Further company has faced net
losses at INR 0.21 crore in FY21 vis-à-vis net profit of INR 0.26
in FY20.

* Leveraged capital structure and weak debt coverage indicators:
Capital structure of the firm continued to remain leveraged and
deteriorated to 3.53x as on March 31, 2021 vis-à-vis 2.66x as on
March 31, 2020 on account of decrease in net worth base. The debt
coverage indicators continued to remain weak and total debt to
gross cash accruals deteriorated to 1030.52x in FY21 vis-à-vis
23.48x in FY20 due to low GCA level. Further interest coverage
ratio declined to 1.02x in FY21 and 1.48x in FY20 on account of
decline in PBILDT.

* Working capital intensive nature of operation: Operation of the
firm continued to remain working capital intensive and operating
cycle got stretched due to covid-19 pandemic. Further collection
period remained high at 88 days in FY21 to its customers to sustain
in the competitive market scenario and inventory holding period
also remained high at 265 days in FY21 as firm has to maintain
inventory to execute the orders in timely manner. Further, entity
also delayed payment to suppliers and creditor's period stood at 94
days. Therefore, working capital cycle remains high at 259 days
which is managed by working capital bank borrowings of INR 12.30
crore which is utilized at 90% during last 12 months.

* Susceptibility of profit margins due to volatile material prices
and foreign exchange fluctuation risk: The raw material is the
major cost driver (constituting about 73% of total cost of sales in
FY21) and the prices of the same are volatile in nature therefore
cost base remains exposed to any adverse price fluctuations in the
prices of the fabric being major cost component amongst all raw
materials is volatile in nature. Accordingly, the profitability
margins of the entity are susceptible to fluctuation in raw
material prices. With limited ability to pass on the increase in
raw material costs in a competitive operating spectrum, any
substantial increase in raw material costs would affect the
entity's profitability. Further profitability of the entity is also
exposed to the foreign currency fluctuation as entity earns major
revenue from exports due to which the firm has availed forward
contract facility from bank to hedge the funds for its foreign
currency exposure. However, the entity's revenue & profitability
are exposed to adverse change in the foreign currency rates to
extent.

* Presence in competitive and fragmented industry: Entity operates
in a highly competitive and fragmented textile industry. The entity
witnesses intense competition from both the other organized and
unorganized players domestically. This fragmented and highly
competitive industry results into price competition thereby posing
a threat to the profit margins of the companies operating in the
industry.

* Partnership constitution of firm: Being a partnership firm, JE
has inherent risk of withdrawal of partners' capital at the time of
personal contingency. Furthermore, it has restricted access to
external borrowings where net worth, as well as creditworthiness of
the partners, are the key factors affecting credit decision of the
lenders. Hence, limited funding avenues along with limited
financial flexibility have resulted in small scale of operations
for the firm.

Key Rating Strengths

* Long track record of operation coupled with experienced
proprietor in the business: JE possesses an established track
record of more than three decades in the business and over the
years of operation the partners have developed long-standing
relationship with clients and gained significant experience in the
business which helps in continuous receipt of orders. Business is
managed by partners Mr. Vishal Thakkar and Mr. Chirag Thakkar who
have rich experience for more than two decades in the industry.
Partners are assisted by experienced management team in the field
of accounts, sales and production to carry out day-to-day
operations.

* Reputed customer base: The firm primarily sells its products to
private label brands in international markets, mainly to the US,
Europe and Mexico. The client brands include Coppel Corporation,
Forever 21, Spykar, Mufti, and Lee Cooper, etc.

Liquidity: Weak

The liquidity position remained weak marked by tightly matched
accruals to repay its debt obligations. Its average working capital
limit utilization remained at 90% during past 12 months. Further,
free cash and bank balance remained low at INR0.49 crore as of
March 31, 2021 (vis-à-vis INR 0.34 crore as of March 31, 2020).
The current ratio and quick ratio stood at 1.33x and 0.56x as of
March 31, 2021 respectively vis-a-vis current ratio of 1.18x and
quick ratio of 0.52x as on March 31, 2020.

Jal Exports (JE) was established in 1989, as a partnership firm by
Thakkar family. Partners, Mr. Prakash Thakkar, Vishal Thakkar and
Mr. Chirag Thakkar have more than two decades of experience in the
textile industry. JE is engaged in the export of readymade garments
for men and boys. It outsources production to third-parties on
job-work basis. It procures material i.e. fabric from domestic
suppliers and 90% of the garments are exported to USA, UK, Mexico
and France. The firm has a registered office located in Mumbai.


KAY VEE: CARE Lowers Rating on INR8.76cr LT Loan to C
-----------------------------------------------------
CARE Ratings has revised the ratings on certain bank facilities of
Kay Vee Airjets (KVA), as:

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank       8.76       CARE C; Stable; ISSUER NOT
   Facilities                      COOPERATING; Rating continues
                                   To remain under ISSUER NOT
                                   COOPERATING category and
                                   Revised from CARE B-; Stable

   Short Term Bank      0.40       CARE A4; ISSUER NOT
   Facilities                      COOPERATING; Rating continues
                                   to remain under ISSUER NOT
                                   COOPERATING category

Detailed Rationale & Key Rating Drivers

CARE Ratings Ltd. had, vide its press release dated January 29,
2021, placed the rating(s) of KVA under the 'issuer
non-cooperating' category as KVA had failed to provide information
for monitoring of the rating and had not paid the surveillance fees
for the rating exercise as agreed to in its Rating Agreement. KVA
continues to be non-cooperative despite repeated requests for
submission of information through e-mails, phone calls and a
letter/email dated December 15, 2021, December 25, 2021 and January
4, 2022.

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

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

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

Kay Vee Airjets (KVA) was established by Mr. E. Venkatesan,
Managing Partner as a partnership firm along with the other
partners namely Mr. M. Kanishkan and Mr. Deepika Kanishkan. KVA is
engaged in in manufacturing of grey fabric with an installed
capacity to produce 3, 50,000 meters per month. KVA uses 40 Air Jet
looms to produce gray fabric. The firm commenced operations from
October 2018.


KIMIYA ENGINEERS: ICRA Keeps D Debt Ratings in Not Cooperating
--------------------------------------------------------------
ICRA has retained the Long-term ratings of Kimiya Engineers Private
Limited in the 'Issuer Not Cooperating' category. The ratings are
denoted as [ICRA]D; ISSUER NOT COOPERATING".

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

   Non fund based     30.00      [ICRA]D; ISSUER NOT COOPERATING;
   Limits                        Rating Continues to remain under
                                 'Issuer Not Cooperating'
                                 Category

ICRA has been trying to seek information from the entity so as to
monitor its performance. Further, ICRA has been sending repeated
reminders to the entity for payment of surveillance fee that became
due. Despite repeated requests by ICRA, the entity's management has
remained non-cooperative. The current rating action has been taken
by ICRA basis best available/dated/limited information on the
issuers' performance. Accordingly, the lenders, investors and other
market participants are advised to exercise appropriate caution
while using this rating as the rating may not adequately reflect
the credit risk profile of the entity. The rating action has been
taken in accordance with ICRA's policy in respect of
non-cooperation by a rated entity available at www.icra.in.

Kimiya Associates (KA) was established as a proprietary firm by Mr.
Anurag Verma in 2003, for project management, design, fabrication
and construction for architectural space frames and pre-engineered
buildings. KA was acquired by Kimiya Engineers Private Limited
(KEPL) on October 15, 2010 along with all the assets and
liabilities by issuing equity shares to Mr. Anurag Verma.
Currently, KEPL is involved in turnkey civil construction projects
for various public and private bodies.


LUCKNOW SITAPUR: ICRA Keeps D Debt Rating in Not Cooperating
------------------------------------------------------------
ICRA has retained the long-term ratings of Lucknow Sitapur
Expressways Limited in the 'Issuer Not Cooperating' category. The
ratings are denoted as [ICRA]D; ISSUER NOT COOPERATING".

                    Amount
   Facilities     (INR crore)    Ratings
   ----------     -----------    -------
   Long-term–        142.00      [ICRA]D; ISSUER NOT
COOPERATING;
   Fund based                    Rating Continues to remain under
                                 'Issuer Not Cooperating'
                                 Category

ICRA has been trying to seek information from the entity so as to
monitor its performance. Further, ICRA has been sending repeated
reminders to the entity for payment of surveillance fee that became
due. Despite repeated requests by ICRA, the entity's management has
remained non-cooperative. The current rating action has been taken
by ICRA basis best available/dated/limited information on the
issuers' performance. Accordingly, the lenders, investors and other
market participants are advised to exercise appropriate caution
while using this rating as the rating may not adequately reflect
the credit risk profile of the entity. The rating action has been
taken in accordance with ICRA's policy in respect of
non-cooperation by a rated entity available at www.icra.in.

LSEL, promoted and 99.64% owned by DSC Limited (DSC), is a Special
Purpose Vehicle (SPV) promoted for undertaking a Build, Operate and
Transfer (BOT) road project involving four laning of Lucknow –
Sitapur section (from Km 488.270 to Km 413.200) of National Highway
24 (NH-24). The project was awarded by National Highway Authority
of India (NHAI) to a consortium led by DSC. The Concession
Agreement (CA), between LSEL and NHAI was executed on December 23,
2005. The project achieved provisional completion certificate in
October 2011 and final completion in August 2012 against scheduled
COD (commercial
operation date) of May 2009. The company had capitalized INR490
crore as project cost. The project road starts at Sitapur near
Sitapur intersection in the Sitapur district (Uttar Pradesh) and
ends at Lucknow and involved total length of ~76 km.


MAHAGOURI ALUMINIUM: CARE Cuts Rating on INR7.77cr Loan to B-
-------------------------------------------------------------
CARE Ratings has revised the ratings on certain bank facilities of
Mahagouri Aluminium Private Limited (MAPL), as:

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank       7.77       CARE B-; Stable; ISSUER NOT
   Facilities                      COOPERATING; Rating continues
                                   To remain under ISSUER NOT
                                   COOPERATING category and
                                   Revised from CARE B; Stable

   Short Term Bank      1.10       CARE A4; ISSUER NOT
   Facilities                      COOPERATING; Rating continues
                                   to remain under ISSUER NOT
                                   COOPERATING category

Detailed Rationale & Key Rating Drivers

CARE Ratings Ltd. had, vide its press release dated January 15,
2021, placed the rating(s) of MAPL under the 'issuer
non-cooperating' category as MAPL had failed to provide information
for monitoring of the rating and had not paid the surveillance fees
for the rating exercise as agreed to in its Rating Agreement. MAPL
continues to be non-cooperative despite repeated requests for
submission of information through e-mails, phone calls and a
letter/email dated December 1, 2021, December 11, 2021, December
30, 2021.

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

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

The ratings assigned to the bank facilities of MAPL have been
revised on account of non-availability of requisite information.
The ratings also factored in delayed project execution.

Incorporated in June 28, 2018, Mahagouri Aluminium Private Limited
(MAPL) was promoted by the Patel family of Odisha to set up a
manufacturing unit of aluminium extruded items. Currently, the
company is setting up of a manufacturing unit of aluminium extruded
items in Soro, Balasore, Odisha with an installed capacity of 3000
metric tons per annum (MTPA). The aggregate cost of the project is
estimated to be INR12.51 crore which will be funded through term
loan of INR6.19 crore and balance through promoter contribution of
INR6.32 crore.


MK FURNCRAFT PRIVATE: Insolvency Resolution Process Case Summary
----------------------------------------------------------------
Debtor: MK Furncraft Private Limited
        H-5/2, Kalka Das Marg
        Mehrauli, New Delhi 110030

Insolvency Commencement Date: February 16, 2022

Court: National Company Law Tribunal, New Delhi-IV Bench

Estimated date of closure of
insolvency resolution process: August 15, 2022

Insolvency professional: Mr. Hans Raj Bhogra

Interim Resolution
Professional:            Mr. Hans Raj Bhogra
                         5, Ground Floor, Garg Plaza
                         Bhera Enclave, Paschim Vihar
                         Near Bhatnagar International School
                         New Delhi 110087
                         E-mail: hansrajbhogra@gmail.com

                            - and -

                         AAA Insolvency Professionals LLP
                         E-10A, Kailash Colony
                         New Delhi 110048
                         E-mail mkfurncraft@aaainsolvency.com

Last date for
submission of claims:    March 2, 2022


MUMBAI INTERNATIONAL: Fitch Rates Proposed USD Bonds 'BB+(EXP)'
---------------------------------------------------------------
Fitch Ratings has assigned Mumbai International Airport Limited's
(MIAL) proposed US dollar bonds an expected rating of 'BB+(EXP)'.
The Outlook is Stable. The bond proceeds will be used to repay the
bridge loan facility at MIAL, and for capex. The final rating on
the proposed bonds is contingent upon the receipt of final
documents conforming to information already received.

RATING RATIONALE

The rating reflects Mumbai's strong passenger growth potential in
the medium-to-long term, MIAL's regulated asset base, higher
contribution of domestic traffic than international traffic and
adequate financial profile. The rating case assumes a full recovery
of traffic to pre- pandemic levels by end-2024, with leverage, on
average, of 7.6x over FY23-FY27 (financial year end March). The
Stable Outlook reflects MIAL's large headroom against Fitch's
negative rating action trigger of 10.0x.

Mumbai is the industrial and financial hub of India. Within the
regulatory framework, the concessionaire earns return on its
regulatory asset base (RAB), the aeronautical tariffs are
determined under a hybrid till with 30% of non-aeronautical revenue
for cross-subsidisation and the concession fee is based on a
revenue share of 38.7% to Airports Authority of India (AAI). The
fairly stable domestic traffic contributes 73% to MIAL's total
passenger base.

MIAL's capex is mainly maintenance capex with some portion of the
capex aimed at improving runway efficiency.

The expected rating also considers likely capacity constraints at
the airport in the medium term and the operation of Navi Mumbai
International Airport Limited (NMIAL) from FY25 to cater for
additional traffic growth in Mumbai. The passenger base in the FY20
was 46 million and has grown at CAGR of 9% over the past five
years.

MIAL is a SPV, incorporated in March 2006 to design, develop,
construct, upgrade, operate, maintain and manage Chhatrapati
Shivaji Maharaj International Airport (CSMIA) in Mumbai, has a
30-year concession from May 2006 with a provision for a 30-year
extension.

KEY RATING DRIVERS

Demand Affected by Pandemic, Strong Fundamentals: Revenue Risk -
Stronger

CSMIA is the second-largest airport in India, serving as an
origin-and-destination airport to the growing Mumbai metropolitan
region population of 22 million. The enplanement base was 11
million in FY21 (FY20: 46 million) with a mix of business and
leisure travel. The airport's catchment area and regional economy
has strong underlying economic demand, with the passenger traffic
growing over 9% in the past five years. The pandemic has severely
affected the traffic levels with a drop in FY21 traffic by 76%.
Fitch expects recovery to pre-pandemic levels by the end of 2024.

Fitch expects CSMIA to reach its full capacity of 60 million
passengers by FY29, after the maintenance capex to meet efficiency
levels. NMIAL, the city's second airport, is set to be operational
by FY25 to cater for additional traffic growth and will have an
initial capacity of 20 million passengers by FY27, expandable up to
60 million passengers. CSMIA will remain the primary integrated
airport, while NMIAL will absorb domestic demand constrained at
CSMIA and take on spillover international demand.

Tariff Mechanism Monitored by Regulator: Price Risk - Midrange

The Airports Economic Regulatory Authority (AERA) of India has
confirmed the hybrid till regulatory framework with 30%
non-aeronautical revenue used for cross-subsidisation. The
regulatory regime for airport operators is evolving, as evident
from the delay in various control period tariff orders. But there
are no major pending disputes with the regulator. The control
period 3 (CP3) tariffs (FY20-FY24) were delayed by two years to
April 2021 because of the pandemic. The aeronautical tariffs
charged by MIAL will be no less than the base airport charges as
stipulated in the state support agreement, according to AERA.

Capacity Constrained, Mainly Maintenance Capex: Infrastructure
Development/Renewal - Midrange

Fitch expects CSMIA to reach maximum capacity by FY29. CSMIA is the
busiest single runway airport in the world, handling up to 53 air
traffic movements per hour and on peak days handling up to 1,004
movements a day. MIAL aims to increase the efficiency of its runway
operations to increase runway utilization and cater to the higher
passenger base.

MIAL estimates capex in CP3 FY22-FY24 is INR29 billion, including
interest during construction with regard to INR19 billion approved
by AERA. Fitch believes that the Adani Group, which manages
projects across various sectors, has the execution capabilities for
MIAL's capex plan even though the contracts are yet to be
finalised.

Ringfenced Structure, Manageable Refinance Risk: Debt structure -
Midrange

The proposed dollar bonds benefit from seniority, security and a
protective debt structure - ringfencing of all cash flow and a set
of covenants limiting leverage, defined as net debt/EBITDA, to 5x
and funds from operations/net debt is not less than 10% with a 40%
margin up to 24 months after issuance or a shorter period at the
company's sole discretion.

Refinancing risk is mitigated by the long concession life,
extendable till 2066. The bondholders will benefit from an escrow
account for the proposed bonds, which have a cash waterfall
mechanism in place excluding the airport development fee (ADF)
receipts and funds received from NMIAL or for investment in NMIAL
thereby insulating MIAL from the obligations of NMIAL. The
bondholders will also benefit from a six-month reserve for
interest.

Ongoing Investigations Against MIAL:

The Enforcement Directorate of India is investigating a money
laundering case against GVK Group, previous owner of MIAL, and MIAL
to assess alleged irregularities to the tune INR7 billion in
maintaining the Mumbai airport. According to MIAL's current
management, the investigation is ongoing, no member of the current
management is under investigation and no legal case has been filed
as yet. It's uncertain as to what extent will MIAL be involved in
the proceedings. However, Fitch was informed that MIAL was used as
a conduit to launder money and lost its cash in the process. Fitch
would consider any unfavourable outcome against MIAL as an event
risk.

PEER GROUP

Delhi International Airport Limited (DIAL, BB-/Stable) is MIAL's
closest peer. Both airport operators benefit from a strong volume
risk assessment with DIAL and CSMIA being the largest and second
largest airports in India with DIAL catering to the national
capital region and CSMIA located in the financial and industrial
hub of India. Fitch has assessed the price risk at both airports as
'Midrange' because there is some regulatory uncertainty with tariff
implementation, but the base airport charges mitigate any downside
risk to aeronautical tariff determination.

MIAL's leverage from FY23-FY27 is 7.6x and much lower than that of
DIAL, which has a large capex expansion plan over the next four
years resulting in leverage above 20x. MIAL's lower leverage
supports its two-notch higher credit assessment compared with that
of DIAL. Both airport operators have similar debt structures,
mainly consisting of dollar bullet notes with cash waterfall
mechanism in place.

MIAL can also be compared with GMR Hyderabad International Airport
Limited (GHIAL, BB+/Stable). MIAL has a stronger catchment area
than GHIAL. GHIAL serves Hyderabad but it is also a vibrant though
smaller city than Mumbai. GHIAL's passenger traffic has already
reached 77% of 2019 levels as of December 2021. Fitch has assessed
the price risk for both airport operators as 'Midrange'. Both have
similar leverage profiles with GHIAL's declining to below 4x beyond
FY26 and MIAL's leverage around 5x FY27 onwards justifying similar
rating levels, in Fitch's view.

MIAL can also be compared to London peers Heathrow Funding Limited
(Heathrow, A-/Negative) though the rating differential is wider.
MIAL's key rating driver assessments are broadly aligned with
Heathrow. Still, Heathrow Airport has historically been one of the
most robust assets in the global sector with a much more resilient
operating performance than CSMIA. Heathrow and MIAL have a 'Strong'
volume risk assessment as they cater to business hubs in London and
Mumbai, respectively.

In case of London, Heathrow Airport remains the primary
international gateway with Gatwick Airport (Gatwick Funding
Limited; Debt Rating: BBB+/Negative) the second airport in the city
catering to the domestic market and low-cost carriers. This
strategy of dual airports catering to different routes and segments
in London is similar to Mumbai, where CSMIA is the international
gateway with NMIAL from FY25 catering to additional traffic growth
and improving domestic connectivity.

RATING SENSITIVITIES

Factors that could, individually or collectively, lead to negative
rating action/downgrade:

-- Forecast net debt/EBTIDA under Fitch's rating case remains
    above 10x for a sustained period;

-- Further credit erosion of the major air carriers or payment
    delinquencies.

Factor that could, individually or collectively, lead to positive
rating action/upgrade:

-- Positive rating action is not expected in the near term, given
    uncertainties related to growth prospects.

BEST/WORST CASE RATING SCENARIO

International scale credit ratings of Sovereigns, Public Finance
and Infrastructure issuers have a best-case rating upgrade scenario
(defined as the 99th percentile of rating transitions, measured in
a positive direction) of three notches over a three-year rating
horizon; and a worst-case rating downgrade scenario (defined as the
99th percentile of rating transitions, measured in a negative
direction) of three notches over three years. The complete span of
best- and worst-case scenario credit ratings for all rating
categories ranges from 'AAA' to 'D'. Best- and worst-case scenario
credit ratings are based on historical performance.

TRANSACTION SUMMARY

The dollar bond proceeds will be used to repay the company's bridge
financing and for capex purposes. The bridge financing was used to
take over MIAL's existing loans. All the debt will be raised by
MIAL and there is no guarantee from Adani Airport Holdings Limited
on the proposed bonds. The proposed bonds will rank senior and will
be secured by charge over all accounts, MIAL's movable properties,
book debt and operating cash flow except amounts and accounts
pertaining to the ADF.

FINANCIAL ANALYSIS

Under the base case, the seven-year average leverage from FY23 is
4.9x. The base case assumes traffic will reach pre-pandemic levels
by the end of 2023 and MIAL will reach its maximum capacity by
FY28. Only contracted revenue from commercial property development
has been considered and tariffs from the fourth control period have
been assumed based on the projected revenue and spend.

Under the rating case, Fitch expects the ratio to average 6.9x over
the next seven years from FY23, considering the debt covenant to
maintain leverage at 5.0x. There is no requirement of additional
sub debt in the future apart from pandemic-related ramp-up support
of INR20 billion. The rating case assumes traffic will reach
pre-pandemic levels by the end of 2024 and MIAL will reach its
maximum capacity of 60 million passengers by FY29.

Only contracted revenue from commercial property development has
been considered and base airport charges are assumed from the
fourth control period to remove any downside risk to aeronautical
tariffs. The concession agreement can be extended up to 2066,
mitigating any refinancing risk.

The rating assigned conservatively assumes that no funds are
recovered from the ongoing investigations.

ESG CONSIDERATIONS

Unless otherwise disclosed in this section, the highest level of
ESG credit relevance is a score of '3'. This means ESG issues are
credit-neutral or have only a minimal credit impact on the entity,
either due to their nature or the way in which they are being
managed by the entity.

PLATINA STEELS: CARE Keeps D Debt Rating in Not Cooperating
-----------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Platina
Steels Private Limited (PSPL) continues to remain in the 'Issuer
Not Cooperating ' category.

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank       17.16      CARE D; ISSUER NOT COOPERATING
   Facilities                      Rating continues to remain
                                   under ISSUER NOT COOPERATING
                                   category

Detailed Rationale & Key Rating Drivers

CARE Ratings Ltd. had, vide its press release dated January 29,
2021, placed the rating(s) of PSPL under the 'issuer
non-cooperating' category as PSPL had failed to provide information
for monitoring of the rating and had not paid the surveillance fees
for the rating exercise as agreed to in its Rating Agreement. PSPL
continues to be noncooperative despite repeated requests for
submission of information through e-mails, phone calls and a
letter/email dated December 15, 2021, December 25, 2021, January 4,
2022.

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).

Incorporated in June 2011, PSPL is engaged in the manufacturing of
stainless-steel rerolling mill with plant located at Thimmapuram,
Guntur District, Andhra Pradesh with an installed capacity of 4,200
metric tonnes per annum (MTPA). The company is currently procuring
its raw materials from Jindal Steel and Power Limited and Rohit
Ferrotech Limited and is supplying through agents to various
manufacturing entities.


PYTHHOS TECHNOLOGY: Insolvency Resolution Process Case Summary
--------------------------------------------------------------
Debtor: Pythhos Technology Private Limited
        301 3rd Floor RG Trade Tower
        Netaji Subhash Place
        Pitampura Delhi
        North West DL 110034
        IN

Insolvency Commencement Date: February 11, 2022

Court: National Company Law Tribunal, New Delhi Bench

Estimated date of closure of
insolvency resolution process: August 2, 2022

Insolvency professional: Mr. Sunder Khatri

Interim Resolution
Professional:            Mr. Sunder Khatri
                         GF-124 & 113 World Trade Centre
                         Babar Road, Lalit Hotel
                         New Delhi
                         National Capital Territory of Delhi
                         110001
                         E-mail: sunder_khatri@yahoo.com
                                 ip.phythhos@gmail.com

Last date for
submission of claims:    February 25, 2022


R. S. MOTORS: ICRA Keeps B+ Debt Rating in Not Cooperating
----------------------------------------------------------
ICRA has retained the long-term rating of R. S. Motors Pvt Ltd in
the 'Issuer Not Cooperating' category. The rating is denoted as
[ICRA]B+(Stable); ISSUER NOT COOPERATING".

                     Amount
   Facilities      (INR crore)     Ratings
   ----------      -----------     -------
   Long Term-         30.00        [ICRA]B+ (Stable) ISSUER NOT
   Fund Based-                     COOPERATING; Rating continues
   Cash Credit                     to remain under 'Issuer Not
                                   Cooperating' category

ICRA has been trying to seek information from the entity so as to
monitor its performance. Further, ICRA has been sending repeated
reminders to the entity for payment of surveillance fee that became
due. Despite repeated requests by ICRA, the entity's management has
remained non-cooperative. The current rating action has been taken
by ICRA basis best available/dated/limited information on the
issuers' performance. Accordingly, the lenders, investors and other
market participants are advised to exercise appropriate caution
while using this rating as the rating may not adequately reflect
the credit risk profile of the entity. The rating action has been
taken in accordance with ICRA's policy in respect of
non-cooperation by a rated entity available at www.icra.in.

RSM has been operating multiple passenger vehicle dealerships for
Toyota for the last 15 years, and its promoters have been in the
auto dealership business for over three decades. The company's
first sales outlet commenced operations at Udaipur in 2001 and
RSMPL currently has six 3S (sales, service and spares) outlets at
Jaipur, Kota, Udaipur, Bhilwara and Chittorgarh in Rajasthan. RSMPL
is a part of the Chandra Group of companies, consisting of multiple
companies in the same line of business i.e., automobile dealership.

RAM COTTEX: CARE Withdraws B+ Rating on Long Term Loan
------------------------------------------------------
CARE has reaffirmed and withdrawn outstanding rating of CARE B+;
Stable assigned to the bank facilities of Shree Ram Cottex
Industries Private Limited (SRC) with immediate effect.

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

The rating also considers its moderate scale of operations and thin
profit margins, moderate capital structure and weak debt coverage
indicators. The rating also factored in its susceptibility of
operating margins to volatile cotton prices and presence in highly
fragmented cotton ginning industry and government regulations. The
ratings derive strengths from vast experience of promoters and easy
availability of raw material due to close proximity of SRC to
cotton producing region. The rating withdrawal is at the request of
SRC and 'No Objection Certificate' received from the bank that has
extended the facilities rated by CARE.

Detailed description of the key rating driver

Key Rating Weaknesses

* Moderate scale of operations and thin profit margins: Total
Operating Income (TOI) of SRC improved by 22% and remained at
INR188.12 crore during FY21 as compared to Rs.154.74 crore during
FY20 on account of higher demand from customers. Till February 11,
2022(in current year provisional), SRC has achieved TOI of INR 140
crores. The profitability margin continued to remain thin primarily
on account of SRC's presence in the lowest segment of the cotton
textile value-chain with limited value addition. During FY21,
PBILDT margin and PAT margin remained thin at 1.85% and 0.24%
respectively as against 2.60% and 0.18% during FY20.

* Moderate capital structure and weak debt coverage indicators:
Capital structure of SRC has been marginally declined but remained
moderate at 1.24x during FY21 as against 1.05x during FY20 mainly
due to increase in the total debt which was due to addition of
Covid working capital loan as well as unsecured loans from related
parties. The debt coverage indicators continued to remain weak
marked by total debt/GCA of 52.14 years and PBILDT interest
coverage of 1.32 times during FY21 as against 54.61 years and 1.19
times largely due to low profitability coupled with higher reliance
on external debt for working capital requirement.

* Susceptibility of operating margins to volatile cotton prices:
Raw cotton is the key raw material for ginning and pressing
activities. Prices of raw cotton are highly volatile in nature.
Cotton ginners usually procure raw materials in large volumes to
bargain bulk discount from suppliers hence, the volatility in
cotton price along with the high inventory requirements results in
high susceptibility of operating margins to cotton price
fluctuations.

* Presence in highly fragmented cotton ginning industry and
government regulations: Cotton ginning business involves very
limited value addition and is highly dominated by small and medium
scale units resulting in highly fragmented nature of the industry.
Moreover, the competition in the ginning industry remains stiff
restricting the profitability margins. Furthermore, Government
policies with regard to minimum support price (MSP) and
export-import policy affect cotton prices.

Key Rating Strengths

* Vast and rich experience of promoters: SRC is promoted by Mr.
Ramnik Bhalala along with his brother Mr. Dinesh Bhalala. Mr.
Ramnik Bhalala has an extensive experience of more than 25 years in
the cotton ginning industry and looks after finance and marketing
function of SRC. Mr. Dinesh Bhalala has an experience of more than
a decade and manages administration and overall plant operations.
The promoter group has regularly infused funds, either through
capital or unsecured loans to support the operations of the company
as and when required.

* Easy availability of raw material due to close proximity of SRC
to cotton producing region: SRC's processing facility is situated
in Gondal (Gujarat), which is one of the cottons producing belts.
Due to its proximity to cotton growing region of Gujarat, SRC
benefits by way of lower logistic cost (both on transportation and
storage) along with procurement of raw materials at effective
prices.

Gondal, Gujarat-based SRC is engaged in cotton ginning and pressing
to produce cotton bales. Initially, SRC operated as partnership
firm - Shree Ram Cottex Industries - and was subsequently converted
to a private limited company in September 2013. As on March 31,
2020, SRC was equipped with 32 ginning machines with a production
capacity of 360 bales per day at its facility in Gondal, Rajkot.


SATNAM PSYLLIUM: ICRA Lowers Rating on INR5cr Loans to B+
---------------------------------------------------------
ICRA has revised the ratings on certain bank facilities of Satnam
Psyllium Industries, as:

                     Amount
   Facilities     (INR crore)    Ratings
   ----------     -----------    -------
   Cash Credit        3.00       [ICRA]B+ (Stable) ISSUER NOT
                                 COOPERATING; Rating downgraded
                                 from [ICRA]BB- (Stable) and
                                 moved to the 'Issuer Not
                                 Cooperating' category

   Standby Limit      2.00       [ICRA]B+ (Stable) ISSUER NOT
                                 COOPERATING; Rating downgraded
                                 from [ICRA]BB- (Stable) and
                                 moved to the 'Issuer Not
                                 Cooperating' category

   Packing Credit    10.00       [ICRA]A4 ISSUER NOT COOPERATING;
                                 Rating Moved to the 'Issuer Not
                                 Cooperating' category

Rationale

The rating downgrade is because of lack of adequate information
regarding Satnam Psyllium Industries performance and hence the
uncertainty around its credit risk. ICRA assesses whether the
information available about the entity is commensurate with its
rating and reviews the same as per its "Policy in respect of
non-cooperation by a rated entity" available at www.icra.in.

The lenders, investors and other market participants are thus
advised to exercise appropriate caution while using this rating as
the rating may not adequately reflect the credit risk profile of
the entity, despite the downgrade.

As part of its process and in accordance with its rating agreement
with Satnam Psyllium Industries, ICRA has been trying to seek
information from the entity so as to monitor its performance, but
despite repeated requests by ICRA, the entity's management has
remained non-cooperative. In the absence of requisite information
and in line with the aforesaid policy of ICRA, a rating view has
been taken on the entity based on the best available information.

Established as a partnership firm in 2001, Satnam Psyllium
Industries is promoted by members of the Patel family, who have
extensive experience in the agro-commodity business. The firm
manufactures psyllium husk from psyllium seeds (Isabgol), and also
trades in agro-commodities. The firm currently has an installed
capacity for processing 10,500 MTPA of psyllium seeds. The partners
are also associated with Super Psyllium and Eastmade Spices & Herbs
Pvt. Ltd., which are also involved in the
agri-commodities business. In FY2020, the firm reported a net
profit of INR0.7 crore on an operating income of INR123.4 crore
compared to a net profit of INR0.7 crore on an operating income of
INR115.4 crore in FY2019.


SAVARIYA AGRO: CARE Withdraws D Rating on Long Term Loan
--------------------------------------------------------
CARE Ratings has moved the rating assigned to the bank facility of
Savariya Agro Commodities (SAC) from CARE D to CARE D; Issuer not
co-operating and simultaneously withdrawn the outstanding ratings
of 'CARE D; Issuer not co-operating' with immediate effect. The
above action has been taken at the request of SAC and 'No Objection
Certificate' received from the bank that has extended the facility
rated by CARE Ratings Ltd.

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long-term Bank        -         Rating moved to CARE D;
   Facilities                      ISSUER NOT COOPERATING and
                                   Withdrawn

Detailed description of the key rating drivers

At the time of the last rating on February 24, 2021, following were
the rating weaknesses:

Key Rating Weaknesses

* Delays in servicing of debt obligation: As per bank statements
received, there were instances of penal interest charges in term
loan account and cash credit account with respect to delays in
servicing of debt obligation.

Liquidity: Poor

Poor liquidity marked by lower accruals when compared to repayment
obligations. Further, there were frequent overdrawals in the cash
credit facility during the last twelve months ended February 22,
2021. This has constrained the ability of the company to repay its
debt obligations on a timely basis

SAC is a proprietorship firm established by Mr. Gajendra Bhati on
April, 2018. The operations also commenced in April, 2018. The firm
is engaged in processing of raw walnuts, almonds and pistachios and
converting them into edible form with the help of shelling,
roasting, grading and packaging. The processing takes place at a
facility located near Jalore, Rajasthan with an installed capacity
of 5000 kilos per day.


SAVFAB DEVELOPERS: ICRA Keeps D Debt Rating in Not Cooperating
--------------------------------------------------------------
ICRA has retained the ratings for the bank facilities of Savfab
Developers Pvt. Ltd. in the 'Issuer Not Cooperating' category. The
rating is denoted as "[ICRA]D: ISSUER NOT COOPERATING".

                     Amount
   Facilities     (INR crore)    Ratings
   ----------     -----------    -------
   Fund Based–        35.00      [ICRA]D ISSUER NOT COOPERATING;
   Term Loan                     Rating continues to remain under
                                 'Issuer Not Cooperating'
                                 Category

ICRA has been trying to seek information from the entity so as to
monitor its performance. Further, ICRA has been sending repeated
reminders to the entity for payment of surveillance fee that became
due. Despite repeated requests by ICRA, the entity's management has
remained non-cooperative. The current rating action has been taken
by ICRA basis best available/dated/limited information on the
issuers' performance. Accordingly, the lenders, investors and other
market participants are advised to exercise appropriate caution
while using this rating as the rating may not adequately reflect
the credit risk profile of the entity. The rating action has been
taken in accordance with ICRA's policy in respect of
non-cooperation by a rated entity available at www.icra.in.

Incorporated in 2012, SDPL is developing a residential project
called "Jasmine Grove" at Village Mehrauli, on NH-24, Ghaziabad,
Uttar Pradesh. In the last year, the company increased the scope of
the project to 517 flats from the originally envisaged 370 flats.
The company is part of the Saviour group, which is promoted by Mr.
Dhanesh Goel and Mr. Vineet Goel, who have been executing projects
in NCR for many years.


SHIVAY MINERALS: ICRA Keeps B Debt Rating in Not Cooperating
------------------------------------------------------------
ICRA has retained the long-term ratings of Shivay Minerals in the
'Issuer Not Cooperating' category. The ratings are denoted as
[ICRA]B(Stable); ISSUER NOT COOPERATING".

                     Amount
   Facilities      (INR crore)     Ratings
   ----------      -----------     -------
   Fund based-         4.50        [ICRA]B (Stable) ISSUER NOT
   Term Loan                       COOPERATING; Rating continues
                                   to remain under 'Issuer Not
                                   Cooperating' category

   Fund based-         2.00        [ICRA]B (Stable) ISSUER NOT
   Working Capital                 COOPERATING; Rating continues
   Facilities                      to remain under 'Issuer Not
                                   Cooperating' category

ICRA has been trying to seek information from the entity so as to
monitor its performance. Further, ICRA has been sending repeated
reminders to the entity for payment of surveillance fee that became
due. Despite repeated requests by ICRA, the entity's management has
remained non-cooperative. The current rating action has been taken
by ICRA basis best available/dated/limited information on the
issuers' performance. Accordingly, the lenders, investors and other
market participants are advised to exercise appropriate caution
while using this rating as the rating may not adequately reflect
the credit risk profile of the entity. The rating action has been
taken in accordance with ICRA's policy in respect of
non-cooperation by a rated entity available at www.icra.in.

Shivay Minerals was incorporated in April, 2017. It is promoted by
Mr. Nayankumar Ghelajibhai Bhagiya along with seven other partners.
The firm plans to manufacture ceramic body clay (powder), which is
used in manufacturing ceramic tiles. The key promoters have
reasonable experience in manufacturing ceramic body clay (powder).
Its manufacturing facility is located at Morbi, Gujarat, which is a
ceramic industry hub. It has an installed capacity to produce
90,000 MT of ceramic body clay (powder) annually.


SIMPLEX IMPORT: CARE Withdraws D Rating on Long Term Debt Rating
----------------------------------------------------------------
CARE Ratings has withdrawn the rating on bank facilities of Simplex
Import & Export (SIE) to Issuer Not Cooperating category.

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long-term Bank         -        Rating moved to CARE D;
   Facilities                      ISSUER NOT COOPERATING
                                   and Withdrawn

Detailed Rationale and Key Rating Drivers

CARE Ratings has moved the rating assigned to the bank facility of
SIE from CARE D to CARE D; Issuer not co-operating and
simultaneously withdrawn the outstanding ratings of 'CARE D; Issuer
not co-operating' [Single D] with immediate effect. The above
action has been taken at the request of SAC and 'No Objection
Certificate' received from the bank that has extended the facility
rated by CARE Ratings Ltd.

Detailed description of the key rating drivers

At the time of the last rating on February 23, 2021, following were
the rating weaknesses:

Key Rating Weaknesses

* Delays in servicing of debt obligation: As per bank statements
received, there were instances of penal interest charges in term
loan account with respect to delays in servicing of debt
obligation. Further, there were overdrawals in the cash credit
account for more than 30 days.

Liquidity: Poor

Poor liquidity marked by lower accruals when compared to repayment
obligations. This has constrained the ability of the company to
repay its debt obligations on a timely basis.

SIE is engaged in processing of raw cashews and chocolates. The
processing takes place at a facility located near Jalore,
Rajasthan. The raw materials required for the production are raw
cashew which is imported from suppliers located in Iran, while
chocolates are imported from China and Hong Kong.

SUPER PSYLLIUM: ICRA Lowers Rating on INR4.60cr Loans to B+
-----------------------------------------------------------
ICRA has revised the ratings on certain bank facilities of Super
Psyllium, as:

                     Amount
   Facilities     (INR crore)    Ratings
   ----------     -----------    -------
   Cash Credit        3.00       [ICRA]B+ (Stable) ISSUER NOT
                                 COOPERATING; Rating downgraded
                                 from [ICRA]BB- (Stable) and
                                 moved to the 'Issuer Not
                                 Cooperating' category

   Standby Limit      1.60       [ICRA]B+ (Stable) ISSUER NOT
                                 COOPERATING; Rating downgraded
                                 from [ICRA]BB- (Stable) and
                                 moved to the 'Issuer Not
                                 Cooperating' category

   Packing Credit     8.00       [ICRA]A4 ISSUER NOT COOPERATING;
                                 Rating Moved to the 'Issuer Not
                                 Cooperating' category

Rationale

The rating downgrade is because of lack of adequate information
regarding Super Psyllium performance and hence the uncertainty
around its credit risk. ICRA assesses whether the information
available about the entity is commensurate with its rating and
reviews the same as per its "Policy in respect of non-cooperation
by a rated entity" available at www.icra.in. The lenders, investors
and other market participants are thus advised to exercise
appropriate caution while using this rating as the rating may not
adequately reflect the credit risk profile of the entity, despite
the downgrade.

As part of its process and in accordance with its rating agreement
with Super Psyllium, ICRA has been trying to seek information from
the entity so as to monitor its performance, but despite repeated
requests by ICRA, the entity's management has remained
non-cooperative. In the absence of requisite information and in
line with the aforesaid policy of ICRA, a rating view has been
taken on the entity based on the best available information.

Established as a partnership firm in 2005, Super Psyllium is
promoted by members of the Patel family, who have extensive
experience in the agro-commodity business. The firm manufactures
psyllium husk from psyllium seeds (Isabgol), and also trades in
agro-commodities. The firm currently has an installed capacity for
processing 6,750 MTPA of psyllium seeds. The partners are also
associated with Satnam Psyllium Industries and Eastmade Spices &
Herbs Pvt. Ltd., which are also involved in the agri-commodities
business. In FY2020, the firm reported a net profit of INR1.0 crore
on an operating income of INR51.2 crore compared to a net profit of
INR1.2 crore on an operating income of INR61.0 crore in FY2019.


SWAYAMPRABHA UDYAM: ICRA Moves B+ Debt Rating to Not Cooperating
----------------------------------------------------------------
ICRA has moved the ratings for the bank facilities of Swayamprabha
Udyam & Company in the 'Issuer Not Cooperating' category. The
rating is denoted as "[ICRA]B+(Stable)/A4 ISSUER NOT COOPERATING"
                     Amount
   Facilities      (INR crore)     Ratings
   ----------      -----------     -------
   Long Term-          4.25        [ICRA]B+ (Stable) ISSUER NOT
   Fund Based-                     COOPERATING; Rating Moved to
   Cash Credit                     the 'Issuer Not Cooperating'
                                   Category

   Short-term
   Fund based          9.25        [ICRA]A4 ISSUER NOT
                                   COOPERATING; Rating Moved to
                                   the 'Issuer Not Cooperating'
                                   category

ICRA has been trying to seek information from the entity so as to
monitor its performance. Further, ICRA has been sending repeated
reminders to the entity for payment of surveillance fee that became
due. Despite repeated requests by ICRA, the entity's management has
remained non-cooperative. The current rating action has been taken
by ICRA basis best available/dated/limited information on the
issuers' performance. Accordingly, the lenders, investors and other
market participants are advised to exercise appropriate caution
while using this rating as the rating may not adequately reflect
the credit risk profile of the entity. The rating action has been
taken in accordance with ICRA's policy in respect of
non-cooperation by a rated entity available at www.icra.in.

Established in 2000, Swayamprabha is a partnership firm managed by
Mr. Ajith Kamath and his wife Mrs. Anasooya Kamath. It processes
RCNs and converts them into kernels. It imports RCNs primarily from
the African countries like Guinea Bissau, Tanzania and Ivory Coast.
The processed kernels are graded, packed and sold in the domestic
and international market. The firm's manufacturing facility is
located in Karkala. As per provisional results for FY2020, the firm
reported a net profit of INR0.1 crore on an operating income (OI)
of INR27.0 crore, as against a net loss of INR0.3 crore on an OI of
INR48.7 crore in FY2019.


TAJ GRANITES: CARE Assigns B+ Rating to INR5.42cr LT Loan
---------------------------------------------------------
CARE Ratings has assigned rating to the bank facilities of Taj
Granites Private Limited (TGPL), as:

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank       5.42       CARE B+; Stable Assigned
   Facilities           

   Long Term Bank      13.28       CARE B+; Stable Rating removed
   Facilities                      from ISSUER NOT COOPERATING
                                   category and Revised from
                                   CARE B; Stable

   Long Term/           3.80       CARE B+; Stable/CARE A4
   Short Term                      Rating removed from ISSUER NOT
   Bank Facilities                 COOPERATING category and
                                   Revised from CARE B; Stable/
                                   CARE A4

In the absence of minimum information required for the purpose of
rating, CARE was unable to express an opinion on the ratings of
TGPL and in line with the extant SEBI guidelines, CARE had revised
the ratings of bank facilities of the company to 'CARE B; Stable;
ISSUER NOT COOPERATING' from 'CARE B+; Stable'. However, the
company has now submitted the requisite information to CARE. CARE
has carried out a full review of the ratings and the ratings stand
at 'CARE B+; Stable'.

Detailed Rationale and Key Rating Drivers:

The revision in the ratings assigned to the bank facilities of TGPL
in primarily due to successful completion of its ongoing capex. The
ratings also take into consideration experienced management,
locational advantage with ease of availability of labour & raw
material.

The ratings however continue to remain constrained on account of
its modest scale of operations, moderate profitability, leveraged
capital structure and weak debt coverage indicators coupled with
stretched liquidity during FY21 (Audited, FY refers to April 1 to
March 31). The ratings also factor in presence in the highly
competitive marble industry with linkage to cyclical real estate
sector and vulnerability of margins to volatile foreign exchange
rate.

Rating Sensitivities

Positive factors:

* Increase in scale of operations marked by total operating income
of above INR25 crore on sustained basis with maintaining current
level of operating margins

* Stabilization of operations with recently completed project
achieving envisaged revenue and profitability

* Sustainable improvement in the liquidity profile marked by
improvement in operating cycle below 120 days on sustained basis

Negative factors:

* Sustainable increase in finished goods inventory holding period
owing to low demand from the market

* Any changes in government policy which adversely affect its scale
of operations

Detailed description of the key rating drivers

Key Rating Weaknesses

* Moderate scale of operations coupled with moderate profitability:
During FY21, TGPL has registered a growth in its scale of
operations by 47.05% and remained moderate at INR11.87 crore as
against INR8.08 crore during FY20 mainly because of increase in
demand for its finished products from its end customers. However,
PBILDT margin has dipped by 163 bps over FY20 and remained moderate
marked at 12.73% during FY21 mainly because of increase in material
cost. Consequently, PAT margin has also dipped marginally by 11bps
and remained moderate at 2.01% during FY21 as against 2.12% during
FY20 mainly because of increase in interest & finance charges.

* Leveraged capital structure and weak debt coverage indicators:
Despite of increase in total debt as on March 31, 2021 led by
availment of term loan, capital structure of TGPL has improved with
improved net worth base but continue to remain leveraged marked by
an overall gearing ratio of 3.69 times as on March 31, 2021 as
against 5.89 times as on March 31, 2020. Debt coverage indicators
continue to remain weak marked by total debt to gross cash accruals
of 38.61 times as on March 31, 2021 as against 18.57 times as on
March 31, 2020. The deterioration was mainly due to increase in
total debt coupled with marginal increase in gross cash accruals.
Further, interest coverage has also deteriorated mainly on account
of increase in interest & finance charges and continue to remain
weak at 2.00 times during FY21 as against 2.57 times during FY20.

* Presence in a highly competitive marble industry coupled with
linkage to cyclical real estate sector and foreign exchange rate
fluctuation risk: The industry is considered to be highly
fragmented with presence of large number of organized and
unorganized players. The entry barriers to the industry are very
low and the operating margin is susceptible to new capacity
additions in the industry. The industry is primarily dependent upon
demand from real estate and construction sector across the globe.
The real estate industry is cyclical in nature and is exposed to
various external factors like the disposable income, interest rate
scenario, etc. Further, since the company generates major revenue
from export market, hence profitability margins of the company are
susceptible to fluctuation in foreign exchange rate.

Key Rating Strengths

* Experienced management: Mr. Neeraj Purohit, Director, MBA by
qualification, has more than two decades of experience in the
marble industry and looks after the overall affairs of the company.
Mr. Pradeep Kumar Pareek, Director, has more than two decades of
experience in the industry and also looks after the overall affairs
of the company. Mrs. Namita Purohit, Director, Bachelor of
Technology (Civil) by qualification, looks after the marketing
function. Further, Mr. Suvek Pareek has more than two decades of
experience in the industry and looks after the raw material
procurement functions of the company. They are assisted qualified
and experienced employees for smooth running of the company.

* Location advantage with ease of availability of labour and raw
material: Both the processing units of entity are situated in
Rajasthan which has the largest reserve of marbles in India with
estimated reserves of 1,100 million tons accounting of more than
91% of the total marble reserves of the country. Further, skilled
labour is also easily available by virtue of it being situated in
the marble belt of India.  Further, the company procures majorly
its raw material requirement from its sister concern, Neeraj Marble
(Proprietorship firm owned by Mr. Neeraj Purohit) which owns four
mines located in Alwar, Ajmer, Bhilwara and Jaipur. All the four
mines have reserves of marbles and granites for next 15 years.

* Successful completion of ongoing capex: TGPL has successfully
completed ongoing capex of capacity expansion project for
processing of marbles and granites with an installed capacity of 32
Lakh Square Feet Per Annum (SFPA) with total cost of INR25.44 crore
having debt/equity mix of 4.43 times in October 15, 2021. TGPL
commenced operations from October 16, 2021.

Liquidity: Stretched

The company has availed fund based facility from the bank which it
utilizes for fulfilling its working capital requirement of business
which remained fully utilized on an average for the past 12 months
ended January 31, 2022. TGPL has cash and bank balance of INR0.02
crore as on March 31, 2021 (Rs.0.03 crore as on March 31, 2020).
The gross cash accruals also remained inadequate at INR0.64 crore
during FY21 as against debt repayment obligations of INR0.73 crore
during FY22. Further the moratorium benefit was also availed by the
company for any of its bank facilities for the period ended August,
2020. Further, cash flow from operations (CFO) also turned negative
and remained at INR11.32 crore during FY21 as against positive CFO
of INR1.82 crore during FY20 on account of advancing of funds to
suppliers for the capex. The operating cycle also remained
elongated at 104 days during FY21 as against 161 days during FY20
mainly because of decrease in inventory period days and collection
period days.

Jaipur (Rajasthan) based TGPL was incorporated in 1991 by Mr.
Arvind Kumar Agarwal, Mr. Ashish Tayal and Mrs. Uma Garg. Later on
in 1995, the company was takeover by Mr. Pradeep Kumar Pareek and
Mr. Prabhulal Purohit. The company is engaged in processing and
export of marbles & granites wherein the company majorly purchases
marble blocks from the mines which are owned by the directors.


VIDEOCON GROUP: SC to Hear Twin Star's Appeal vs. NCLAT Order
-------------------------------------------------------------
CNBCTV18.com reports that the Supreme Court on Feb. 14 said it will
hear an appeal by Twin Star Technologies, a Vedanta group company,
against the order passed by the National Company Law Appellate
Tribunal (NCLAT), which had set aside the approvals accorded for
the company's takeover of the Videocon group under the bad debt
resolution process.

In an oral order -- the SC did not pass a interim order -- the
court said that it hopes the authorities will not proceed with the
new round of bids for Videocon, CNBCTV18.com relates.

"We are not passing any interim order but please tell the
authorities not to proceed with the process, we will hear the
case," Chief Justice NV Ramana told Solicitor General Tushar Mehta,
who was representing the committee of creditors (CoC), the report
relays.

Mehta, on his part, assured the court that no fresh steps would be
taken by CoC, the report adds.

                     About Videocon Industries

Videocon Industries sells consumer products like color televisions,
washing machines, air conditioners, refrigerators, microwave ovens
and many other home appliances in India.

Videocon was among the first 12 companies pushed into bankruptcy
after directions from the Reserve Bank of India in 2017.

On June 6, 2018, National Company Law Tribunal (NCLT), Mumbai
bench, admitted a petition for initiating insolvency resolution
process against the company under the Insolvency and Bankruptcy
Code, 2016.

The company's total debt stood at over INR635 billion in 2019,
Business Standard discloses citing bankruptcy case related
disclosures on the company's website.

VISIONARY BUSINESS: Insolvency Resolution Process Case Summary
--------------------------------------------------------------
Debtor: Visionary Business Administration Private Limited
        253/495, S B Gorai Road
        Near Sent Vincent School
        Asansol Burdwan
        Bardhaman 713304

Insolvency Commencement Date: February 16, 2022

Court: National Company Law Tribunal, Dhanbad Bench

Estimated date of closure of
insolvency resolution process: August 15, 2022

Insolvency professional: Mrs. Vinita Agrawal

Interim Resolution
Professional:            Mrs. Vinita Agrawal
                         B-301, Royal Palms
                         Near Memko More
                         Dhaiya, Dhanbad 826004
                         E-mail: sushil.vinita@gmail.com

                            - and -

                         Resurgent Resolution Professionals LLP
                         CFB F-1, 1st Floor, Paridhan Garment Park
                         19, Canal South Road
                         Kolkata 700015
                         West Bengal
                         E-mail: visionarybusiness.cirp@gmail.com

Last date for
submission of claims:    March 2, 2022


YKM ENTERTAINMENT & HOTELS: Insolvency Resolution Case Summary
--------------------------------------------------------------
Debtor: M/s YKM Entertainment & Hotels Private Limited

        Registered office:
        D.No. 1-225, Golden Ridge Township
        Pendyal Village, Maheshwaram Mandal
        Rangareddi, TG 509325
        India

        Corporate office:
        H.No. 6-3-883/F1, 2nd Floor
        Pothula Towers Annex
        Somajigunda, Hyderabad
        TG 500082
        India

Insolvency Commencement Date: February 10, 2022

Court: National Company Law Tribunal, Hyderabad Bench

Estimated date of closure of
insolvency resolution process: July 4, 2022

Insolvency professional: Dantu Indu Sekhar

Interim Resolution
Professional:            Dantu Indu Sekhar
                         29-1401/6/1 Plot No. 253
                         Road No. 2 (West)
                         Deen Dayal Nagar
                         Neredmet, Hyderabad
                         Telangana 500056
                         E-mail: indu.sekhar3@gmail.com

                            - and -

                         Flat No. 104, Kavuri Supreme Enclave
                         Kavuri Hills, Madhapur
                         Hyderabad 500033
                         Telangana
                         E-mail: cirp.ykmhotels@gmail.com

Last date for
submission of claims:    February 24, 2022




=========
M A C A U
=========

SJM HOLDINGS: Fitch Lowers LT FC IDR to 'BB', Still on Watch Neg.
-----------------------------------------------------------------
Fitch Ratings has downgraded SJM Holdings Limited's (SJMH)
Long-Term Foreign-Currency Issuer Default Rating and its senior
unsecured rating to 'BB' from 'BB+'. The rating on the outstanding
notes issued by subsidiary Champion Path Holdings Limited has also
been downgraded to 'BB' from 'BB+'. All ratings remain on Rating
Watch Negative (RWN).

The downgrade is because the company has been slower than Fitch
expected in obtaining a new HKD19 billion long-term syndicated loan
facility to repay existing loans due 28 February 2022, although
most banks have agreed to extend the existing loans by a year.
Material regulatory uncertainty also remains over SJMH's gaming
concession in Macau as its 20-year term is set to expire on 26 June
2022.

The RWN reflects the potential for further negative rating action
if SJMH cannot fully refinance its maturities with long-term
capital, if it fails to secure a new gaming concession or more
onerous economic licensing conditions are imposed on SJMH as part
of new licensing conditions, or if the recovery in gaming revenue
does not materialise as Fitch expects.

KEY RATING DRIVERS

Slow Execution on New Loan: SJMH is seeking the new HKD19 billion
long-term syndicated loan facility to repay its existing HKD14
billion syndicated bank loans, which will mature on 28 February
2022. However, there have been delays in obtaining the necessary
regulatory approvals for the new loan facility.

SJMH has concurrently asked for a one-year extension on the
maturity of the existing loans in the event that regulatory
approvals are not obtained in time, which most banks have agreed
to. Fitch believes SJMH will be able to extend most of the existing
loans, but the delays in obtaining regulatory approvals to
refinance the existing debt with long-term capital highlights the
higher execution risks than Fitch had previously envisaged. It also
indicates that the company's liquidity management is weaker than
Fitch expected.

Macau Regulatory Uncertainty: The Macau government is currently
drafting new legislation to update the existing gaming law, with an
initial draft sent to the legislature. However, there is no
assurance the law will be completed before SJMH's June 2022
concession expiration. The process has resulted in greater clarity
over licence renewals, but there is still little visibility into
SJMH's licence re-bidding procedure and the impact of the
regulatory and operating environment on its cash flows and
leverage.

Travel Restrictions Hindering Recovery: Fitch expects 2022 to be
another challenging year for Macau's gaming revenue due to China's
pursuit of a "dynamic zero Covid" policy. Fitch forecasts industry
gaming revenue will be more than 40% below 2019 levels in 2022
before recovering to 10% below 2019 revenue by 2023. Easing the
quarantine requirements between mainland China, Macau and Hong Kong
would boost visitors, although the recent surge in Covid-19 cases
in Hong Kong has disrupted the plan.

Deleveraging Progress: Fitch analyses gaming companies through the
cycle, taking into account temporarily weaker metrics across major
development cycles, such as SJMH's development of the HKD39 billion
Grand Lisboa Palace (GLP) that opened in July 2021, or operational
disruptions, such as the current pandemic. Fitch forecasts SJMH's
adjusted net debt/EBITDAR (excluding working-capital cash) will
improve to 3.1x by 2023 and 1.6x - back below Fitch's negative
rating sensitivity of 2.0x - by 2024, from negative EBITDAR in
2020, subject to GLP's successful ramp-up.

DERIVATION SUMMARY

SJMH has high geographical concentration and a weaker market
position than Las Vegas Sands Corp. (LVS, BBB-/RWN), which has a
portfolio of quality assets in attractive regulatory regimes.

SJMH used to have a more conservative balance sheet than LVS, but
its leverage has increased as a result of the GLP development,
while the deleveraging progress is subject to uncertainty over the
ramp-up of GLP and the recovery from the pandemic. SJMH's rating
also reflects its execution risks in obtaining long-term capital to
refinance its maturing debt, which highlights its
weaker-than-expected liquidity management.

KEY ASSUMPTIONS

Fitch's key assumptions within the rating case for the issuer
include:

For the existing properties:

-- Net revenue: baseline assumption of -70% from 2019 level in
    2021, -45% in 2022, -10% in 2023 and 0% in 2024. In addition,
    Fitch applied a -10% adjustment from 2022 to account for
    cannibalisation and table reallocation as a result of the
    opening of GLP, as well as incremental market-share losses for
    Macau Peninsula properties;

-- EBITDA margin to gradually recover to 2019 levels (i.e. 24%
    for the Grand Lisboa casino, 20% for other self-promoted
    casinos and 4% for satellite casinos) by 2024, as efficiency
    improvement from the reallocation of staff is offset by lower
    revenue.

For GLP:

-- Adjusted property EBITDA of HKD0 billion in 2022, HKD2.0
    billion in 2023 and HKD3.5 billion 2024, based on margin of
    0%, 20% and 24%, respectively.

Other Assumptions:

-- Annual capex of HKD3.0 billion in 2021 and HKD500 million
    thereafter;

-- Resumption of dividend payout in 2023 when Fitch forecasts the
    company will generate a net profit.

RATING SENSITIVITIES

Factors that could, individually or collectively, lead to positive
rating action/upgrade:

-- Fitch expects to resolve the RWN when SJMH refinances its debt
    maturity with long-term capital, and there is greater clarity
    around Macau's gaming concession re-bidding process and the
    new regulatory structure's impact on SJMH's balance sheet and
    cash flows.

-- The RWN may also be resolved if the Macau government uses its
    option to extend existing operators' concessions by five
    years. Greater certainty will also be a function of regulatory
    communication, which could happen outside the RWN's six-month
    horizon. In addition, a stronger degree of confidence in
    Macau's recovery will be required to resolve the RWN.

Factors that could, individually or collectively, lead to negative
rating action/downgrade:

-- Failure to fully refinance its maturing debt with long-term
    financing;

-- Failure to secure a new gaming concession or the imposition of
    more onerous economic licensing conditions that have a
    significant negative impact on SJMH's business or financial
    profile;

-- Adjusted net debt/EBITDAR remaining above 2.0x for a sustained
    period;

-- Weaker-than-expected ramp-up of GLP.

BEST/WORST CASE RATING SCENARIO

International scale credit ratings of Non-Financial Corporate
issuers have a best-case rating upgrade scenario (defined as the
99th percentile of rating transitions, measured in a positive
direction) of three notches over a three-year rating horizon; and a
worst-case rating downgrade scenario (defined as the 99th
percentile of rating transitions, measured in a negative direction)
of four notches over three years. The complete span of best- and
worst-case scenario credit ratings for all rating categories ranges
from 'AAA' to 'D'. Best- and worst-case scenario credit ratings are
based on historical performance.

LIQUIDITY AND DEBT STRUCTURE

Adequate Liquidity: Fitch believes most of SJMH's HKD14 billion in
outstanding syndicated secured bank loans due February 2022 will be
extended by a year. However, regulatory approval on the proposed
new HKD19 billion syndicated loan facility to refinance the
existing loans has taken longer than Fitch expected.

SJMH reported a cash balance of HKD2.8 billion and a committed
undrawn credit facility of HKD4.9 billion as of 30 September 2021.

ISSUER PROFILE

Hong Kong-listed SJMH is the holding company of SJM, one of six
casino operators in Macau. SJM operated 19 casinos in Macau as of
June 2021, including five self-promoted and 14 satellite casinos,
mostly on the Macau Peninsula. SJM opened the first phase of GLP,
an integrated resort in Cotai, on 30 July 2021.

ESG CONSIDERATIONS

Unless otherwise disclosed in this section, the highest level of
ESG credit relevance is a score of '3'. This means ESG issues are
credit-neutral or have only a minimal credit impact on the entity,
either due to their nature or the way in which they are being
managed by the entity.



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

ARAZ HOLDING: Creditors' Proofs of Debt Due March 24
----------------------------------------------------
Creditors of Araz Holding Limited, which is in voluntary
liquidation, are required to file their proofs of debt by March 24,
2022, to be included in the company's dividend distribution.

The company commenced wind-up proceedings on Feb. 15, 2022.

The company's liquidators can be reached at:

          Benjamin Francis
          Simon Dalton
          Gerry Rea Partners
          PO Box 3015, Auckland


LEOPARD COACHLINES: Creditors' Proofs of Debt Due April 21
----------------------------------------------------------
Creditors of Leopard Coachlines Limited and Go Touring Limited are
required to file their proofs of debt by April 21, 2022, to be
included in the company's dividend distribution.

The company commenced wind-up proceedings on Feb. 17, 2022.

The company's liquidators can be reached at:

          Malcolm Hollis
          John Fisk
          c/o PwC
          PO Box 13244
          City East, Christchurch 8141


MSM PITA: Court to Hear Wind-Up Petition on March 11
----------------------------------------------------
A petition to wind up the operations of MSM Pita Bread Limited will
be heard before the High Court at Auckland on March 11, 2022, at
10:00 a.m.

Combustion Control Limited filed the petition against the company
on Nov. 30, 2021.

The Petitioner's solicitor is:

          David John Graeme Cox
          Rennie Cox
          Level 15, 126 Vincent Street
          Auckland


MSUT TRUSTEE: Creditors' Proofs of Debt Due on April 15
-------------------------------------------------------
Creditors of MSUT Trustee Limited, which is in voluntary
liquidation, are required to file their proofs of debt by April 15,
2022, to be included in the company's dividend distribution.

The company commenced wind-up proceedings on Feb. 15, 2022.

The company's liquidators can be reached at:

          Thomas Lee Rodewald
          c/o Rodewald Consulting Limited
          Level 1, The Hub
          525 Cameron Road (PO Box 15543)
          Tauranga 3144


SMITH & CO: Court to Hear Wind-Up Petition on March 3
-----------------------------------------------------
A petition to wind up the operations of Smith & Co Building Limited
will be heard before the High Court at Dunedin on March 3, 2022, at
10:00 a.m.

Top Notch Roofing Otago Limited filed the petition against the
company on Jan. 11, 2022.

The Petitioner's solicitor is:

          William Rasburn
          Level 2, 241 Hardy Street
          Nelson 7010


VOYAGE DIGITAL: S&P Assigns Preliminary 'B+' ICR, Outlook Stable
----------------------------------------------------------------
On Feb. 21, 2022, S&P Global Rating assigned its preliminary 'B+'
long-term issuer credit rating to Voyage Digital (NZ) Ltd. At the
same time, S&P assigned its preliminary 'B+' long-term issue rating
to the company's proposed senior secured term loan B.

S&P said, "The stable outlook reflects our view that Voyage Digital
will increase its market share and cash flow, while committing to
deleveraging. We expect its debt-to-EBITDA ratio to be above 5.0x
on an annualized basis when the company is established, before
declining below 5.0x from fiscal 2023 (ending June 30)."

Voyage Digital (NZ) Ltd. is well-positioned to become the
third-largest integrated telecommunications company (telco) in New
Zealand, subject to a successful integration of Two Degrees Group
Ltd. (2degrees) and Orcon Holdings Ltd.

Weighing on the company's credit quality is its smaller scale than
local and global peers, its moderate market share, and a leveraged
capital structure.

Voyage Digital's successful acquisition of 2degrees and the planned
integration of 2degrees with Orcon underpin our assessment of the
telco's business. S&P's preliminary ratings assume the company will
complete the transaction in its current form, with Voyage Digital
formed by a merger of 2degrees and Orcon. Supporting the merger
will be equity injections from Voyage Digital's ultimate joint
shareholders: funds and clients managed by Macquarie Asset
Management (MAM) and Aware Super (Aware). The company expects to
complete the acquisition of 2degrees during the first half of 2022,
assuming regulatory approvals.

The combination of two complementary businesses will form a
stronger integrated telco, enhancing earnings resilience and
improving its attractiveness to consumers. Voyage Digital's
earnings will be diversified across mobile, fixed-line, and energy
services. 2degrees is a mobile-focused telecommunications business
while Orcon is focused on fixed-line services. Excluding mobile
equipment sales, we project fixed-line services will contribute
45%-50% to Voyage Digital's revenue, mobile 40%-45%, and energy
about 10%.

The combined company is likely to offer bundled services across the
product offerings. Given that bundled offerings are typically
discounted, this could increase their attractiveness to
price-conscious consumers and promote subscriber stickiness. Voyage
Digital can gain some market share this way, albeit to a limited
extent, in S&P's view.

Voyage Digital's limited scale and third-market position constrain
the ratings. Voyage Digital is likely to have about a 20% share in
each of the mobile and fixed broadband markets. This compares with
the 40% share of market leader, Spark New Zealand Ltd. Such market
share would place the company in third position in both segments.
S&P said, "Our base case projects Voyage Digital's EBITDA to be
NZ$290 million-NZ$310 million in fiscal 2023, which is about 30%
that of Spark. We do not think Voyage Digital's market share will
change materially over the next few years." This is because the
main incumbents have mature businesses with sizeable market shares.
Market pricing among the players is also tight, such that
price-driven growth is unlikely.

Nevertheless, market consolidation with the integration of 2degrees
and Orcon will create a third strong incumbent. In S&P's opinion,
this will reduce the event risk of a fourth operator aggressively
entering the market.

S&P said, "The company's single-country operations in a relatively
small and mature market limits its long-term growth prospects, in
our view. We expect Voyage Digital's operations to remain New
Zealand-based. The country's 6.2 million mobile connections with a
population of 5.1 million speaks to the market's maturity and
saturation. On an annualized basis, we project higher revenue
growth of 6%-8% for fiscal 2023 and 4%-6% for fiscal 2024. Our
forecasts assume the country will ease its strict border
restrictions and the consumer base will expand. We also assume
demand for faster and reliable connectivity will spur more spending
on telco services and upgrades, and some revenue synergies being
realized from the integration of 2degrees and Orcon.

"However, we expect New Zealand's mature market structure to
constrain long-term growth potential. We thus expect annual revenue
growth to normalize at 2%-4% from fiscal 2025, with market dynamics
and competition stifling pricing power."

Execution risks associated with the integration of 2degrees and
Orcon could temper synergistic benefits and deleveraging. While
2degrees and Orcon have their separate track records of operations,
Voyage Digital is a new entity. The telco's value proposition will
ultimately hinge on a successful integration of the two
businesses.

S&P said, "Revenue growth, alongside synergistic benefits, will be
key to improving EBITDA earnings, which deleveraging depends on.
This is because we expect Voyage Digital to invest its operating
cash flow in the business rather than amortize debt materially. The
proposed term loan B will amortize at just 1% per year. We project
a debt-to-EBITDA ratio of above 5.0x (on an annualized basis) for
Voyage Digital post-merger; and for this to ease to the high 4x
level from fiscal 2023. Integration challenges, including the
timing of synergistic benefits, could hinder deleveraging; a risk
we have incorporated in our 'B+' ratings.

"We assume that the company will hedge the currency and
interest-rate risks on the proposed U.S. dollar-denominated term
loan B. Our ratings on Voyage Digital assume currency hedges will
be in place for the next several years. That being said, the hedges
will likely be shorter than the issuance's seven-year life."

The ratings assume the company will manage an inherent currency
mismatch between Voyage Digital's New Zealand dollar earnings and
its U.S. dollar term loan B. The ratings also factor in a level of
interest-rate stability through the use of interest-rate hedging.

S&P said, "In our view, MAM and Aware are long-term investors who
will prioritize Voyage Digital's deleveraging. We consider the two
groups of shareholders to be long-term investors focused on
investing in the business and consolidating the telco's capital
structure through deleveraging. Accordingly, our base case assumes
the telco will not pay dividends through fiscal 2023 at least, as
deleveraging takes precedence.

"While operating in the same group under the same shareholders MAM
and Aware, we view that extraordinary support from the group will
only apply in limited circumstances. We expect Voyage Digital to
function stably and separately from its sister company, Voyage
Australia Pty Ltd. (BB-/Stable/--), with two distinct boards and
management teams. Although both companies operate in the telco
industry, we anticipate little business interactions between them.
This is owing to their different geographies. Nonetheless, with the
entities sharing parents that have a long-term investment horizon,
we expect a moderate level of extraordinary support, if
circumstances require.

"The stable outlook reflects our expectation that Voyage Digital
will complete the transaction in its current form and integrate the
Orcon and 2degrees businesses. Furthermore, we expect the company
to deleverage and its debt-to-EBITDA ratio to improve to below 5.0x
by fiscal 2023.

"We could lower the ratings if we expect Voyage Digital's
debt-to-EBITDA ratio to increase and sustain above 6.0x. This could
be a result of integration hurdles or competitive pressures that
lead to weaker profitability than we expect.

"We could also lower the ratings if we expect Voyage Digital's
debt-to-EBITDA ratio to sustain above 5.0x and: (1) our assessment
of the group credit profile of Voyage Australia Holdings Pty Ltd.
weakens from 'bb-'; or (2) we no longer view Voyage Digital as a
moderately strategic subsidiary of the group. The latter could
include a scenario where Voyage Digital's leverage tolerance
deviates materially from our expectations, indicating a lesser
commitment to creditworthiness.

"We may raise the ratings if Voyage Digital successfully integrates
Orcon and 2degrees, thereby consolidating its profitability and
concurrently deleveraging with a debt-to-EBITDA ratio trending
toward 4x."

ESG credit indicators: E-2, S-2, G-2

ESG factors have no material influence on S&P's credit rating
analysis of Voyage Digital.




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

DONG SHENG: Commences Wind-Up Proceedings
-----------------------------------------
Members of Dong Sheng Tankers (Pte) Ltd on Feb. 11, 2022, passed a
resolution to voluntarily wind up the company's operations.

The company's liquidators are:

          Paresh Tribhovan Jotangia
          Ho May Kee
          Grant Thornton Singapore
          c/o 8 Marina View
          #40-04/05 Asia Square Tower 1
          Singapore 018960


HASHMICRO PTE: Court Enters Wind-Up Order
-----------------------------------------
The High Court of Singapore entered an order on Feb. 4, 2022, to
wind up the operations of Hashmicro Pte. Ltd.

The company's liquidator is:

         Dr. Zahabar Ali
         Messrs Allisun Asahi LLP
         3 Shenton Way, #03-09 Shenton House
         Singapore 068805


HENG LEE: Court to Hear Wind-Up Petition on March 4
---------------------------------------------------
A petition to wind up the operations of Heng Lee Engineering
Private Limited will be heard before the High Court of Singapore on
March 4, 2022, at 10:00 a.m.

The Hongkong and Shanghai Banking Corporation Limited filed the
petition against the company on Feb. 8, 2022.

The Petitioner's solicitors are:

          Allen & Gledhill LLP
          1 Marina Boulevard
          #28-00, One Marina Boulevard
          Singapore 018989


KML MANUFACTURING: Court to Hear Wind-Up Petition on March 4
------------------------------------------------------------
A petition to wind up the operations of KML Manufacturing Pte Ltd
will be heard before the High Court of Singapore on March 4, 2022,
at 10:00 a.m.

The Hongkong and Shanghai Banking Corporation Limited filed the
petition against the company on Feb. 8, 2022.

The Petitioner's solicitors are:

          Allen & Gledhill LLP
          1 Marina Boulevard
          #28-00, One Marina Boulevard
          Singapore 018989


TEE INTERNATIONAL: Yangzijiang Director Assisting With CAD Probe
----------------------------------------------------------------
The Business Times reports that Yangzijiang Shipbuilding announced
in a bourse filing on Feb. 21 that its independent director Teo
Yi-Dar is assisting with investigations by the Commercial Affairs
Department (CAD) in relation to potential offences by Tee
International under the Securities and Futures Act.

Teo is currently a non-executive non-independent director of Tee
International, the report says.

In an earlier announcement by Tee International, the company said
that it has been ordered to provide CAD access to information and
documents concerning the company and its subsidiaries, BT relates.

This came just a day after the Singapore Exchange said it reported
the mainboard-listed engineering group to relevant authorities for
potential offences under the SFA. The bourse operator is also
investigating the company for potential listing rule breaches.

All of Tee International's independent directors, its non-executive
director and the managing director of its engineering and
construction business were also asked to assist with CAD's
investigations, the company said in a bourse filing. They have been
interviewed by the CAD on Feb. 17 and Feb. 18, according to BT.

None of the current directors or management personnel had been
asked to surrender their passports, according to Tee International
on Feb. 18.

                      About Tee International

TEE International Limited (SGX:M1Z) -- http://www.teeintl.com/--
an investment holding company, engages in engineering, real estate,
and infrastructure businesses. TEE International Limited has
operations in Singapore, Malaysia, Thailand, Vietnam, Hong Kong,
Australia, and New Zealand. The company was founded in 1980 and is
headquartered in Singapore.

TEE International reported net losses of SGD7.60 million, SGD18.17
million and SGD59.55 million for years ended May 31, 2018, 2019,
and 2020, respectively.

VERTIGO.COM PTE: Creditors' Meeting Set for March 2
---------------------------------------------------
Vertigo.Com Pte. Ltd. will hold a meeting for its creditors on
March 2, 2022, at 10:00 a.m., by video conferencing via zoom.

Agenda of the meeting includes:

   a. to lay before the creditors a full statement of the affairs
      of the Company, showing the assets and liabilities of the
      Company;

   b. to consider the appointment of a Committee of Inspection if
      deemed necessary; and

   c. to consider any other matters which may properly be brought
      before the meeting.

The liquidator can be reached at:

         Farooq Ahmad Mann
         M/s Mann & Associates PAC
         3 Shenton Way, #03-06C Shenton House
         Singapore 068805




=====================
S O U T H   K O R E A
=====================

ASIANA AIRLINES: FTC Gives Conditional Nod to Korean Air Merger
---------------------------------------------------------------
Yonhap News Agency reports that South Korea's antitrust regulator
said on Feb. 22 it has decided to conditionally approve a deal by
Korean Air Lines Co., the country's biggest carrier, to buy the
debt-ridden Asiana Airlines Inc.

According to Yonhap, the Fair Trade Commission (FTC)'s decision
does not complete Korean Air's proposed takeover of the country's
No. 2 carrier as antitrust regulators in major countries, including
the United States, are still reviewing the deal.

Since January last year, the FTC has been reviewing Korean Air's
deal to buy a 63.88 percent stake in Asiana Airlines. The deal,
valued at some KRW1.8 trillion (US$1.5 billion), was inked in
November 2020.

Yonhap relates that the regulator said it has decided to give
conditional approval to the deal as it determined the combination
of the two airlines could hamper competition on a significant
number of flight routes.

The FTC said the two carriers' merger could hurt competition on 26
international and 14 domestic routes among the 87 overlapping
routes that they've been operating, Yonhap relays.

As conditions for the approval designed to ease monopoly concerns,
the FTC requested the two full-service carriers return some
take-off or landing slots at airports and readjust flight licenses
in certain routes over the next 10 years if other airlines seek to
operate on those routes.

The regulator also said the two airlines will be restricted from
hiking flight fares and banned from reducing the number of flight
seats or the supply of services until they implement the corrective
measures, Yonhap relays.

They should not also change their mileage systems so as to make
them more disadvantageous to their customers than those that were
implemented in the pre-pandemic year of 2019.

"The decision will help ease business uncertainty in the airline
industry and prevent consumers from suffering damage due to the
combination. It is expected to set the tone for competition to be
maintained or spurred in the airline sector," FTC chief Joh
Sung-wook told a press briefing.

Yonhap notes that the approval is expected to help reshape the
country's airline sector that has been reeling from the fallout of
the COVID-19 pandemic.

But critics said the conditions put forward by the FTC still appear
insufficient to address monopoly concerns in the country's airline
industry.

In January last year, Korean Air asked antitrust regulators of 14
other countries, including the U.S., the European Union and China,
for the review of its combination with Asiana, Yonhap recalls.

The company has received approval from eight countries so far,
including Singapore, Turkey and Vietnam.

According to the report, the FTC said it plans to hold a
deliberation session to potentially add more measures that the two
carriers may have to take, depending on the results of reviews by
foreign regulators.

If the takeover is completed, Korean Air, currently the world's
18th-largest carrier by fleet, is expected to become the world's
10th-biggest airline.

Korean Air earlier said it aims to launch a combined entity with
Asiana in 2024 after completing a takeover process by next year,
Yonhap adds.

                       About Asiana Airlines

Headquartered in Osoe-Dong Kangseo-Gu, South Korea, Asiana Airlines
Incorporated is engaged in air transportation, engineering,
construction, facilities, electricity, ground handling, catering,
communication, logo products and e-business.  Asiana Airlines is a
unit of the Kumho Asiana Group, a South Korean conglomerate whose
business portfolio includes tire manufacturing and chemical
production.

State lenders Korea Development Bank and the Export-Import Bank of
Korea planned to inject a combined KRW1.7 trillion into Asiana to
help the airline stay afloat.  In self-help measures, Asiana has
had all of its 10,500 employees take unpaid leave for 15 days a
month since April 2020 until business circumstances normalize,
Yonhap noted.  Asiana's executives have also agreed to forgo 60% of
their wages, though no specific time frame was given for how long
the pay cuts will remain in effect.

In November 2020, Korean Air said it will acquire Asiana Airlines
in a deal valued at KRW1.8 trillion that could create the world's
10th-biggest airline by fleets, Yonhap said.


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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-
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