---

       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

          Thursday, April 14, 2022, Vol. 25, No. 69

                           Headlines



A U S T R A L I A

ALBERT MEMORIAL: Court Appoints Cor Cordis as Liquidators
ARROW & CO: First Creditors' Meeting Set for April 26
AUSTRALIAN CARPARK: First Creditors' Meeting Set for April 27
LIBERTY FUNDING 2022-1: Moody's Assigns Ba2 Rating to Cl. F Notes


C H I N A

CHINA GRAND: Fitch Affirms 'B-' Foreign Currency IDR, Outlook Neg.
SEAZEN GROUP: Fitch Puts 'BB+' LongTerm IDRs on Watch Neg.
SUNRISE REAL: Delays Filing of 2021 Annual Report
WEST CHINA CEMENT: Fitch Alters Outlook on 'BB' IDR to Stable


I N D I A

DEVRISHI FOODS: CRISIL Cuts Long Term and Short Term Rating to D
EURO VISTAA: CRISIL Withdraws B Rating on INR28.48cr LT Loan
FANIDHAR AGROTECH: CRISIL Assigns B- Rating to INR21cr Cash Loan
JAI INDUSTRIES: CRISIL Withdraws B Rating on INR10cr Loans
SANTHIGIRI AYURVEDA: CRISIL Cuts Rating on INR9.0cr Loan to D

SEVEN STAR: CRISIL Lowers Rating on INR22cr Cash Loan to D
SILON GRANITO: CRISIL Reaffirms B- Rating on INR18.19cr Loan
SUPER HI-TECH: CRISIL Keeps B Debt Rating in Not Cooperating
SURYA BUILDCON: CRISIL Withdraws B Rating on INR28.5cr Term Loan
[*] INDIA: Government Speeds Up Voluntary Liquidation



I N D O N E S I A

REASURANSI INDONESIA: Fitch Cuts Insurer Fin Strength Rating to BB+


M A L A Y S I A

BRAHIM'S HOLDINGS: Trading of Shares to be Suspended on April 20


N E W   Z E A L A N D

FORDS RESTAURANT: Creditors' Proofs of Debt Due on May 15
FORESTLANDS: No Money for Shareholders from Sale of Founder's Home
KRUA GAEW: Commences Wind-Up Proceedings
WAITOHU ESTATE: Court to Hear Wind-Up Petition on June 3


S I N G A P O R E

GALLANT VENTURE: Records Three Straight Years of Losses
PACIFIC RADIANCE: Records Three Consecutive Years of Losses


S R I   L A N K A

BANK OF CEYLON: Fitch Puts 'CC' Foreign Currency IDR on Watch Neg.
SRI LANKA: Economic Crisis Threatens Hold of Most Powerful Family

                           - - - - -


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

ALBERT MEMORIAL: Court Appoints Cor Cordis as Liquidators
---------------------------------------------------------
The Supreme at Western Australia on April 12, 2022, appointed
Clifford Stuart Rocke and Jeremy Joseph Nipps of Cor Cordis as
liquidators of The Albert Memorial Clinic Pty Ltd.

The company's liquidators can be reached at:

          Cor Cordis
          Mezzanine Level
          28 The Esplanade
          Perth, WA 6000


ARROW & CO: First Creditors' Meeting Set for April 26
-----------------------------------------------------
A first meeting of the creditors in the proceedings of Arrow & Co
Pty Ltd will be held on April 26, 2022, at 10:00 a.m. via Microsoft
Teams.

Joseph Hayes and Rajiv Goyal of Wexted Advisors were appointed as
administrators of Arrow & Co on April 11, 2022.


AUSTRALIAN CARPARK: First Creditors' Meeting Set for April 27
-------------------------------------------------------------
A first meeting of the creditors in the proceedings of Australian
Carpark Systems Pty Ltd will be held on April 27, 2022, at 11:00
a.m. via virtual meeting technology.

Adam Shepard of Setter Shepard was appointed as administrator of
Australian Carpark on April 12, 2022.


LIBERTY FUNDING 2022-1: Moody's Assigns Ba2 Rating to Cl. F Notes
-----------------------------------------------------------------
Moody's Investors Service has assigned the following definitive
ratings to the notes issued by Liberty Funding Pty Ltd in respect
of Liberty Series 2022-1.

Issuer: Liberty Series 2022-1

AUD350.00 million Class A1a Notes, Assigned Aaa (sf)

AUD150.00 million Class A1b Notes, Assigned Aaa (sf)

AUD76.50 million Class A2 Notes, Assigned Aaa (sf)

AUD14.00 million Class B Notes, Assigned Aa1 (sf)

AUD9.00 million Class C Notes, Assigned Aa3 (sf)

AUD6.00 million Class D Notes, Assigned A2 (sf)

AUD8.00 million Class E Notes, Assigned Baa3 (sf)

AUD5.50 million Class F Notes, Assigned Ba2 (sf)

The AUD6.00 million Class G Notes are not rated by Moody's.

The transaction is a securitisation of Australian residential
mortgages loans originated and serviced by Liberty Financial Pty
Ltd (Liberty, unrated). The transaction features a one-year
substitution period, whereby additional loans can be sold into the
portfolio on a monthly basis, subject to substitution parameters
and portfolio performance triggers being met.

RATINGS RATIONALE

The 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 liquidity facility in the amount of 2.0% of the notes balance
subject to a floor of AUD600,000;

The experience of Liberty as the servicer;

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

Moody's MILAN credit enhancement (MILAN CE) for the collateral pool
is 6.3%, while the expected loss is 0.80%.

MILAN CE represents the loss Moody's expect the portfolio to suffer
in a severe recessionary scenario, and does not take into account
structural features of the transaction. The expected loss
represents a stressed, through-the-cycle loss relative to
Australian historical data.

The one-year substitution period in this deal could lead to a
deterioration in the pool quality over time. The risk of
deterioration arises mainly because there is no minimum seasoning
requirement among the substitution parameters applicable to the
substitution portfolio. In other respects, substitution parameters
are closely aligned with the parameters of the pool as of the
closing date. Substitution parameters limit, among others,
proportions of loans with adverse credit, alt-doc verification, and
LVRs above 80% and 90%. Moody's has considered the risk posed by
the substitution, and in particular lack of minimum seasoning
requirement, at the MILAN CE and expected loss levels.

The key transactional features are as follows:

Class A1 and Class A2 notes benefit from 20.0% and 7.8% note
subordination respectively.

The notes benefit from an excess spread reserve available to cover
losses arising from the portfolio and shortfalls in interest
payments on the notes. Unfunded at closing, the reserve will build
up through the trapping of excess spread up to a maximum of 0.30%
of the initial invested amount of the notes (AUD1,875,000).

Following the end of the substitution period, the notes will
initially be repaid sequentially. Once stepdown conditions are met,
all notes, including Class G notes, will receive a pro-rata share
of principal payments. The stepdown conditions which include, among
others, the payment date falling at least one year after the most
recent monthly substitution and absence of charge offs.

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

The portfolio has a weighted-average seasoning of 48.4 months.

The portfolio has a scheduled LTV ratio of 63.4%, with a
relatively high proportion of loans with a scheduled LTV ratio
above 80.0% (15.1%) and above 90% (10.2%).

Around 21.9% of the loans in the portfolio were extended to
self-employed borrowers.

5.6% of the loans in the portfolio were extended on an alternative
documentation basis.

The portfolio contains 5.0% exposure with respect to borrowers
with prior credit impairment (default, judgment or bankruptcy).
Moody's assesses these borrowers as having a significantly higher
default probability.

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:

Up

Levels of credit protection that are greater than necessary to
protect investors against current expectations of loss could lead
to an upgrade of the ratings. Moody's current expectations of loss
could be better than its original expectations because of fewer
defaults by underlying obligors or higher recoveries on defaulted
loans. The Australian job market and the housing market are primary
drivers of performance.

Down

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




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

CHINA GRAND: Fitch Affirms 'B-' Foreign Currency IDR, Outlook Neg.
------------------------------------------------------------------
Fitch Ratings has affirmed China-based auto dealer China Grand
Automotive Services Group Co., Ltd.'s (CGA) Long-Term
Foreign-Currency Issuer Default Rating (IDR) at 'B-'. The Outlook
is Negative. Fitch has also affirmed the senior unsecured rating at
'B-' with a Recovery Rating of 'RR4'. All ratings have been removed
from Rating Watch Negative (RWN), on which they were placed on 9
February 2022.

The RWN was removed because CGA has repaid a series of concentrated
capital market maturities in recent months, particularly its US
dollar notes due on 8 April.

The rating affirmation reflects CGA's tight liquidity after
substantial debt maturities. A high reliance on short-term debt
continues with limited access to incremental long-term funding, and
there are further maturities in 2022. The Negative Outlook reflects
the potential for CGA's operations to be negatively affected if
further cash is used to repay long-term debt and could limit its
ability to replenish additional inventory when new vehicle supply
normalises.

KEY RATING DRIVERS

US Dollar Bond Repaid: CGA repaid its USD253 million 8.625% notes
due April 2022. It still has capital market maturities due within
one year, including CNY1.75 billion of onshore bonds. Two CNY1
billion bonds due in the next two years will become puttable by
investors in November 2022 and March 2023, respectively. CGA also
has a CNY1.88 billion onshore syndicated loan due in June 2022.

CGA has made progress in the past few months in refinancing part of
its debt, but liquidity is weaker than Fitch expected because CGA
used a larger amount of readily available cash than Fitch
anticipated to make debt payments. Fitch assumes there is
sufficient bank credit facilities to meet working-capital
requirements, but any additional use of cash to repay debt will
further reduce liquidity buffers.

Operational Challenges: Fitch expects the company to face
difficulties in rebuilding incremental inventory if liquidity
tightens further, as prepayments and cash pledged against bank
acceptance bills are required for inventory purchases when vehicle
purchase demand resumes. Lower liquidity may hinder CGA's ability
to take advantage of any industry recovery compared with
better-capitalised peers in a competitive market.

Fitch expects the recent Covid-19 control measures in China to have
some impact on CGA's profitability and liquidity. However, this
could be partially offset by the company's wide distribution
network and a substantial revenue contribution from after-sales
services, which are less cyclical and have higher margins. The
company also has some temporary support from banks and auto
original equipment manufacturers (OEMs), which give it some
flexibility in working-capital funding.

Reliant on Short-Term Financing: CGA has become increasingly
reliant on short-term debt since 2020. The proportion of short-term
debt in CGA's capital structure increased after excluding the
current portion of long-term debt and loans from auto OEMs
associated with inventory financing. Its reliance on short-term
financing may persist if it cannot secure additional long-term
refinancing and is a constraint on the rating. An improvement in
the debt maturity profile would be evidence of more diversified
funding access.

DERIVATION SUMMARY

CGA's ratings are supported by its leading market position and
large operating scale, but are constrained by high leverage and
concentrated debt maturity. Peers include Zhongsheng Group Holdings
Limited (BBB-/Positive), China's second-largest auto dealership,
and AutoNation, Inc. (BBB-/Stable), the largest automotive retailer
in the US. CGA's scale is similar to that of both peers, but it has
weaker profitability, higher leverage as well as lower financial
flexibility and other metrics.

CGA and eHi Car Services Limited (B+/Stable) are both leading
companies in their sectors - eHi is China's second-largest
car-rental company - but both are constrained by their financial
structures. CGA has a larger operating scale, but its financial
flexibility is limited compared with that of eHi.

KEY ASSUMPTIONS

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

-- Revenue to decline by low single digits in 2022 (2020: -7%)
    and recover from 2023;

-- CGA's EBITDA margin to recover slowly, averaging 5.4% in 2023-
    2024 (2020: 4.2%);

-- Capex (inclusive of M&A) to slow in 2022 and average CNY2.2
    billion a year in 2023-2024 (2020: CNY2.6 billion)

-- No dividend payout in the medium term.

Recovery Rating Assumptions:

-- Apply the going-concern value, as it is higher than
    liquidation value;

-- A 25% discount for the 2023 rating-case EBITDA;

-- EBITDA multiple of 5x to going-concern EBITDA;

-- An administrative claim of 10%.

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

RATING SENSITIVITIES

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

-- The Outlook may be revised to Stable if there is an
    improvement in liquidity and debt maturity profile with
    moderate recovery in business operation.

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

-- Deterioration in liquidity due to a lack of refinancing for
    upcoming maturing long-term debt;

-- Weakened operating cash flow due to deterioration in business
    operations;

-- Operating EBITDAR/interest paid plus rental (adjusted for
    leasing) below 1.5x 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 Maturities: CGA had unrestricted cash of CNY13.7 billion at
end-June 2021, against CNY44.3 billion in short-term borrowings.
The short-term borrowings include perpetual securities that are
callable every six months, in line with Fitch's criteria. However,
the exercise of the call option is at CGA's discretion, and Fitch
does not assume the securities will be called in Fitch's liquidity
analysis. The company redeemed part of the perpetual securities in
July 2021 and USD261 million remains outstanding.

CGA had unused bank credit facilities of CNY36.5 billion at
end-December 2021, and it issued a CNY500 million onshore corporate
bond in December 2021 and drew down on a USD130 million new
syndicated loan in March 2022.

ISSUER PROFILE

CGA is the largest auto dealership in China, with more than 795
outlets across China covering more than 50 brands as of June 2021.
CGA is listed on the Shanghai Stock Exchange.

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.


SEAZEN GROUP: Fitch Puts 'BB+' LongTerm IDRs on Watch Neg.
----------------------------------------------------------
Fitch Ratings has placed China-based homebuilder Seazen Group
Limited's (SGL) Long-Term Foreign- and Local-Currency Issuer
Default Ratings (IDRs) of 'BB+' and SGL's 67%-owned subsidiary
Seazen Holdings Co., Ltd.'s (SHCL) Long-Term Foreign-Currency IDR
of 'BB+', and their outstanding bonds and senior unsecured ratings,
on Rating Watch Negative (RWN). A full list of rating actions is
below.

The RWN reflects Fitch's view that capital market access for SGL
and SHCL (collectively Seazen) may deteriorate if they are
unsuccessful in raising funds through the capital market in the
short-term.

Seazen's ratings are supported by the large scale of CNY150 billion
attributable sales, sufficient land bank and moderate leverage of
42% in 2021. Fitch believes Seazen's liquidity remains adequate. It
has continued strong access to bank loans and an investment
property portfolio that can generate CNY10 billion in recurring
income, providing it with alternative funding options including
secured loans.

Fitch rates SGL and SHCL based on Fitch's Parent and Subsidiary
Linkage Rating Criteria. The companies' IDRs are the same, as Fitch
assesses their Standalone Credit Profiles (SCPs) as being equal.
Fitch assesses SGL's SCP by taking into account its consolidated
profile, including its subsidiary, SHCL. SGL's 67% holding of SHCL
represents the group's entire exposure to the Chinese homebuilding
business.

KEY RATING DRIVERS

Capital Market Access Critical: Seazen's access to capital market
funding has come in below Fitch's expectation. Seazen is planning
an offshore issuance in the near term and it may also draw on a
CNY5.2 billion onshore medium-term notes quota. However, Fitch
thinks that Seazen's market access may weaken further if it fails
to issue new capital market instruments in the near term, and such
deterioration may have negative rating impact.

Sales Pressure May Persist: Fitch believes Seazen has been reliant
on cash generation from sales for debt repayment. Seazen's 1Q22
sales fell by 37% yoy, largely in line with peers' performance.
However, Fitch believes the resurgence of Covid-19 in China and the
associated social restrictions could affect Seazen's near-term
sales, as the land bank is concentrated in lower-tier cities in the
Yangtze River Delta region.

Recurring Income Supports Liquidity: Seazen added 32 Wuyue Plazas
in 2021 and will add, on average, 25-30 malls a year in 2022-2023,
of which 30%-40% will operate under an asset-light model. Fitch
expects Seazen's rental and management fee income to rise to CNY10
billion in 2022 (2021: CNY7.7 billion). Moreover, recurring income
will rise to 9%-12% of total revenue in 2023-2024 (2021: 5%). Fitch
believes Seazen's shopping-mall portfolio is supportive of the
credit metrics and may offer alternative funding access to the
group.

Stable Leverage: SGL's leverage - measured by net debt +
guarantees/net property assets + guarantees - was 42% in 2021,
within Fitch's negative trigger of 45%. Fitch expects SGL's
leverage to fall back to below 40% in 2022, as the company slows
down land acquisitions in 2022. Fitch also estimates attributable
construction costs to account for 45% of cash collection in 2022
(2021: 40%).

DERIVATION SUMMARY

Seazen's attributable sales of CNY150 billion in 2021 are larger
than that of CIFI Holdings (Group) Co. Ltd.'s (BB/Stable) CNY128
billion. SGL's and SHCL's leverage of 42% and 40% in 2021 is
commensurate with a 'BB+' rating. The leverage is similar to
Country Garden Holdings Company Limited's (BBB-/Negative) 43% in
2021 and lower than CIFI's around 50%. CIFI has stronger liquidity
and a longer record of business stability than Seazen. However,
Seazen has larger investment property operations than CIFI, and the
investment properties generated around CNY8 billion in recurring
income in 2021.

KEY ASSUMPTIONS

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

-- Total contracted sales to drop by 15% in 2022;

-- Land premium to make up 15% of implied cash collection in
    2022;

-- Property development and Wuyue Plaza construction costs to
    account for 45% of cash collection in 2022;

-- Investment property revenue to reach CNY10 billion in 2022,
    with a stable gross profit margin of 71%;

-- Overall EBITDA margin of around 12% in 2022.

RATING SENSITIVITIES

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

-- The RWN will be resolved if Seazen raises funds via the
    capital market within a short period, which will demonstrate
    access to the capital market.

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

-- The ratings may be downgraded if Seazen is unable to raise
    funds via the capital market, as indicated in the positive
    sensitivity;

-- Deterioration in sales proceeds continues to 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

Adequate but Declining Liquidity: SGL's total cash dropped to
CNY55.7 billion in 2021, from CNY63.4 billion in 2020 and CNY57
billion in 1H21. Fitch estimates SGL's available cash at around
CNY39 billion, excluding pre-sale funds and CNY1.7 billion liquid
financial assets, is roughly able to cover SGL's total short-term
debt obligations.

However, both SGL and SHCL's holdco level cash balance has dropped
after the repayment of all capital market maturities in 1Q22. Fitch
believe both entities' liquidity remains adequate as they continue
to have healthy banking access. The group has a portfolio of more
than 70 unpledged Wuyue Plazas at end-March 2022, which provides
additional funding options.

Near-Term Offshore Maturities: SHCL has USD300 million bonds due in
May and USD200 million bonds due in August. SGL, excluding SHCL,
has USD100 million syndicated offshore loans in May, USD400 million
bonds due in June, and USD200 million bonds due in September. Fitch
believes failure to issue new capital market instruments in the
near term may negatively affect liquidity and market access, and
may lead to negative rating action.

ISSUER PROFILE

SGL, a property developer focused on China's Yangtze River Delta
region, is listed on the Hong Kong stock exchange. It ranked among
the top-20 property developers by sales value in China in 2021.

SHCL is the 67%-owned subsidiary of SGL that operates all of the
parent's property-development and investment-property businesses in
China. SHCL is listed on the Shanghai stock exchange.

SUMMARY OF FINANCIAL ADJUSTMENTS

SGL's CNY39 billion available cash in 2021 was calculated from
CNY46.6 billion reported available cash less CNY7.7 billion
regulated pre-sale funds.

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.

SUNRISE REAL: Delays Filing of 2021 Annual Report
-------------------------------------------------
Sunrise Real Estate Group, Inc. filed a Form 12b-25 with the
Securities and Exchange Commission notifying it will be delayed in
the filing of its Form 10-K for the year ended Dec. 31, 2021, due
to a delay in the preparation of its financial statements.

The company's net revenue for fiscal year 2021 is expected to
increase from approximately $5.9 million in fiscal year 2020 to
approximately $54.1 million in fiscal year 2021.  Its cost of
revenue for fiscal year 2021 is expected to increase to
approximately $41 million from approximately $5.3 million in fiscal
year 2020.  Net income is expected to increase from a loss of
approximately $4.2 million to net income of approximately $46.3
million in fiscal 2021.

                          About Sunrise Real

The principal activities of Sunrise Real Estate Group, Inc. and its
subsidiaries are real estate development and property brokerage
services, including real estate marketing services, property
leasing services; and property management services in the People's
Republic of China.

The Company reported a net loss of $4.24 million for the year ended
Dec. 31, 2020, and a net loss of $4.52 million for the year ended
Dec. 31, 2019.  As of Sept. 30, 2021, the Company had $401.45
million in total assets, $239.77 million in total liabilities and
$161.68 million in total shareholders' equity.


WEST CHINA CEMENT: Fitch Alters Outlook on 'BB' IDR to Stable
-------------------------------------------------------------
Fitch Ratings has revised the rating Outlook on West China Cement
Limited (WCC) to Stable from Positive, and affirmed the Long-Term
Issuer Default Rating (IDR) and senior unsecured rating at 'BB'.

The Outlook revision reflects Fitch's expectation that WCC's
leverage will stay at 2.0x- 2.5x in the next one to two years due
to higher capex for overseas projects. The ratings are supported by
WCC's strong position in the domestic market and the company's
healthy financial metrics.

KEY RATING DRIVERS

Overseas Capex Delays Deleveraging: WCC is undertaking new projects
in the Democratic Republic of Congo (DRC) and Ethiopia, with
respective designed capacity of 1.5 million tonnes per year and 5
million tonnes per year. Operations are due to start in late 2022
and 2H23, respectively. Fitch expects the capex for these projects
to be CNY2 billion-3 billion a year in 2022-2023, resulting in
leverage of around 2.5x over the same period. Fitch expects WCC's
free cash flow to turn to positive from 2024, with leverage coming
down to around 2.0x, when most of its projects are completed.

Stable Domestic Operations: WCC's core cement operation in China
has remained stable with per tonne profit staying at CNY105 in
2021, similar to CNY100 in 2020, despite a 62% increase in coal
prices in 2021. This demonstrates WCC's ability to pass on
incremental raw-material costs to customers, stemming from high
market share in its home market of Shaanxi.

WCC is the largest cement producer in Shaanxi Province, with 25%
market share. It has a dominant 75% market share in southern
Shaanxi, and 30%-40% market share in central Shaanxi. Fitch expects
construction demand to recover in 2Q22 on strong infrastructure
investments, after a weaker property market and Covid-19 related
lockdowns in 1Q22. As a result, Fitch expects the company's per
tonne profit to stay at around CNY100 in the next one to two years,
and EBITDA margin to be stable at 36%-37%.

Increasing Overseas Diversification: WCC has been investing
overseas to boost geographical diversification. The Mozambique
plant began production in 2021 with annual capacity of 2 million
tonnes, accounting for 65% of the local market's usage. WCC has
invested in countries like DRC and Ethiopia, where there are large
shortfalls of cement supply due to increasing infrastructure
projects.

However, the overseas operations remain a small part of its
business, accounting for 6% of total revenue in 2021. Fitch expects
WCC's overseas business to account for 28% of total revenue by
end-2025, should all overseas projects start production as
planned.

Conch Shareholding Beneficial: Fitch expects the continued
collaboration between WCC and Anhui Conch Cement Company Limited
(Conch, A/Stable) to help WCC in terms of corporate governance and
improving operational efficiency. The combined market share of WCC
and Conch in Shaanxi is over 40% by cement and clinker production
capacity, which supports WCC's market position in the province.
Conch raised its stake in WCC to 29.14% as of March 2022, from
21.97% as of June 2021, by buying shares in the open market. Conch
also has two non-executive directors on WCC's board.

DERIVATION SUMMARY

WCC has smaller scale and less geographic diversification than
CEMEX, S.A.B. de C.V. (BB/Positive), a leading cement producer in
Mexico and one of the top producers in the US, but WCC has a
stronger financial profile with higher margin and lower leverage.

WCC is smaller than UltraTech Cement Limited (UltraTech,
BBB-/Negative), a leading cement producer in India. UltraTech's
EBITDA margin is weaker than WCC's, but its financial profile is
stronger as of 2021.

KEY ASSUMPTIONS

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

-- Revenue to increase by 7% in 2022, 15% in 2023 and 10% in 2024
    (2021: 12%);

-- EBITDA margin of 36%-37% for 2022-2024 (2021: 36%);

-- Capex of CNY3.0 billion in 2022, CNY2.4 billion in 202 and
    CNY1.3 billion in 2024;

-- No major M&A or further investment in overseas markets before
    the currently planned projects are completed.

RATING SENSITIVITIES

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

-- Increasing geographical diversification without deterioration
    in the financial profile;

-- Net debt to EBITDA below 1.5x for a sustained period.

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

-- Sustained negative free cash flow;

-- Net debt to EBITDA above 2.5x 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

Adequate Liquidity: WCC had total available cash of CNY3.5 million
and unused banking facilities of CNY457 million, adequate to cover
its short-term debt of CNY3.2 billion. WCC has three bonds
outstanding, including a three-year medium-term note with principal
of CNY500 million due in May 2022, a three-year medium-term note
with principal of CNY700 million due in Sep 2023 and USD600 million
offshore notes due July 2026.

ISSUER PROFILE

WCC manufactures and sells cement and cement products. The products
are primarily used in the construction of infrastructure projects
such as highways, bridges, railways and residential buildings. The
company has total production capacity of 29.0 million tonnes at
end-2021, with 75% of its capacity in Shaanxi, with remaining
capacity in Xinjiang and Guizhou in China and Mozambique in East
Africa.

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.




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

DEVRISHI FOODS: CRISIL Cuts Long Term and Short Term Rating to D
----------------------------------------------------------------
CRISIL Ratings has downgraded the ratings of Devrishi Foods Private
Limited (DFPL) to 'CRISIL D/CRISIL D Issuer Not Cooperating' from
'CRISIL B+/Stable/CRISIL A4 Issuer Not Cooperating', as company has
delayed in servicing of term debt-obligation

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

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

CRISIL Ratings has been consistently following up with DFPL for
obtaining information through letters and emails dated September
28, 2020, March 17, 2021 and March 14, 2022 among others, apart
from telephonic communication. However, the issuer has remained
noncooperative.

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

Detailed Rationale

Despite repeated attempts to engage with the management, CRISIL
Ratings failed to receive any information on either the financial
performance or strategic intent of DFPL, which restricts CRISIL's
ability to take a forward-looking view on the entity's credit
quality. CRISIL Ratings believes that rating action on DFPL is
consistent with 'Assessing Information Adequacy Risk'. Based on the
last available information, CRISIL Ratings has downgraded the
ratings to 'CRISIL D/CRISIL D Issuer Not Cooperating' from 'CRISIL
B+/Stable/CRISIL A4 Issuer Not Cooperating', as company has delayed
in servicing of term debt-obligation

Incorporated in 2005 and promoted by Mr. Vipin Jain, Mr. Nikhil
Jain, and Mr. Rajiv Jain, DFPL trades in rice, wheat flour, besan,
and various grams such as moong dal, urad dal, rajma, chick peas,
and chana dal.


EURO VISTAA: CRISIL Withdraws B Rating on INR28.48cr LT Loan
------------------------------------------------------------
CRISIL Ratings has reaffirmed its ratings on the bank facilities of
Euro Vistaa India Limited (EVIL) and subsequently withdrawn the
ratings at the company's request and on receipt of a no-objection
certificate from the bankers. The withdrawal is in line with CRISIL
Ratings' policy on withdrawal of bank loan ratings.

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

   Bill Discounting      30         CRISIL A4 (Rating Reaffirmed
                                    and Withdrawn)

   Letter of Credit       3         CRISIL A4 (Rating Reaffirmed
                                    and Withdrawn)

   Packing Credit         8.5       CRISIL A4 (Rating Reaffirmed
                                    and Withdrawn)

   Proposed Long Term    28.48      CRISIL B/Stable (Rating
   Bank Loan Facility               Reaffirmed and Withdrawn)

   Term Loan              1.2       CRISIL B/Stable (Rating
                                    Reaffirmed and Withdrawn)

Key Rating Drivers & Detailed Description

Strength:

* Extensive experience of promoters in yarn industry: Over
three-decade-long experience of the promoters in the yarn industry,
and their longstanding relationships with customers and suppliers,
have helped the company sustain through the business cycles over
the years

Weaknesses:

* Exposure to intense competition in the yarn trading industry
along with fluctuation in forex rates and geopolitical issues or
regulatory challenges in export country: The industry is highly
regulated in terms of cotton prices, export/import policies etc.
Along with presence of multiple small and large players which
affects the operating performance of the company. Moreover, most of
the revenue is generated from exports thus business remains
vulnerable to fluctuations in forex rates and geopolitical issues
or regulatory challenges in the customer's country that could
result in delay payments from customers.

* Average financial risk profile: Financial risk profile is average
represented average net worth base of INR9.76 crore with moderately
high total outside liabilities to tangible net worth ratio of 2.07
times as on March 31, 2021. Debt protection metrics were weak with
Net Cash Accruals to Adjusted Debt ratio of around 0.02 times in
FY21.

Liquidity: Poor

Liquidity is poor with high bank limit utilization at around 98
percent for the past twelve months ended Aug 21, along with
instances of full utilization. However, cash accruals are expected
to be around INR1.3-1.8 crores over the medium term, which should
be able to meet term debt repayment obligation of INR0.4-1.35
crores over the same period. Current ratio is moderate at 1.06
times on March 31, 2021.

Outlook: Stable

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

Rating Sensitivity Factors

Upward factors:

* Improvement in revenues by 20% along with sustenance of operating
margins above 2%
* Improvement in financial risk profile especially TOLANW ratio

Downward factors:

* Decline in revenue or dip in operating margin leading to net cash
accruals of below INR0.5 crores
* Deterioration in financial risk profile marked by stretch in
working capital cycle or large debt funded capex.

EVIL, established in 1987 at Mumbai, is a government-recognized
two-star export house and a merchant exporter of textile yarn. Mr.
Punkajj Lath and family are the promoters.


FANIDHAR AGROTECH: CRISIL Assigns B- Rating to INR21cr Cash Loan
----------------------------------------------------------------
CRISIL Ratings has assigned its 'CRISIL B-/Stable' rating to the
long-term bank facility of Fanidhar Agrotech Pvt Ltd (FAPL).

                       Amount
   Facilities       (INR Crore)     Ratings
   ----------       -----------     -------
   Cash Credit            21        CRISIL B-/Stable (Assigned)

The rating reflects the moderate scale of operations, highly
leveraged capital structure and large working capital requirement
of FAPL. These weaknesses are partially offset by the extensive
experience of the promoters in the agro commodity industry.

Analytical Approach

CRISIL Ratings has considered the standalone business and financial
risk profiles of FAPL.

Key Rating Drivers & Detailed Description

Weakness:

* Moderate scale of operations: Intense competition in the
agro-trading industry limits scalability and operating flexibility.
Small initial investment and low complexity of operations have
attracted several small entities, leading to significant
fragmentation and muted profitability.

* Highly leveraged capital structure: Financial risk profile is
marked by a modest networth of INR1.65 crore as on March 31, 2021.
Gearing and total outside liabilities to adjusted networth ratio
were high at 12.90 times and 37.04 times, respectively, as on the
same date. Debt protection metrics have also been weak in the past
due to high gearing and low accrual from operations. Interest
coverage and net cash accrual to total debt ratios stood at 1.10
times and 0.01 time, respectively, for fiscal 2021, and may remain
constrained by the high debt levels.

* Working capital-intensive operations: Gross current assets were
high at 185 days as on March 31, 2021, led by the large receivables
and inventory.

Strength:

* Extensive experience of the promoters: The decade-long experience
of the promoters in the agro commodity trading business, their
strong understanding of market dynamics and established
relationships with suppliers and customers, will continue to
support the business risk profile.

Liquidity: Stretched

Liquidity remains stretched marked by fully utilisation of the bank
limit in the 10 months ended December 31, 2021. Cash accrual of
over INR0.50 crore expected over the medium term, should aid
liquidity in the absence of debt. Current ratio was low at 0.73
time as on March 31, 2021.

Outlook Stable

FAPL will continue to benefit from the extensive experience of its
promoters in the agro commodity trading business.

Rating Sensitivity factors

Upward factors

* Sustained growth in revenue by 20% and operating margin, leading
to higher cash accrual
* Efficient working capital management, with no further increase in
gross current assets and lower reliance on bank debt

Downward factors

* Sustained decline in revenue by 20% and operating margin, leading
to lower cash accrual
* Stretch in working capital cycle or any large, debt-funded
capital expenditure, weakening the financial risk profile

Incorporated in 2010, FAPL is engaged in wholesaling and trading of
agro commodities and pulses such as castor seeds, guar seeds, wheat
grains and cluster beans. It is part of the Ahmedabad-based
Fanidhar group, promoted by Mr. Krunal Patel and Mr. Rushab Patel.


JAI INDUSTRIES: CRISIL Withdraws B Rating on INR10cr Loans
----------------------------------------------------------
CRISIL Ratings has withdrawn its ratings on the bank facilities of
Jai Industries (JI) on the request of the company and receipt of a
no objection certificate from its bank. The rating action is in
line with CRISIL Ratings' policy on withdrawal of its ratings on
bank loans.

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

   Proposed Long Term     4         CRISIL B/Stable/Issuer Not
   Bank Loan Facility               Cooperating (Withdrawn)

CRISIL Ratings has been consistently following up with JI for
obtaining information through letters and emails dated November 13,
2021 and January 12, 2022, among others, apart from telephonic
communication. However, the issuer has remained non cooperative.

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

Detailed Rationale

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

Established in 1965 in Ahmedabad, JI manufactures wood-working
machinery primarily used by furniture manufacturers. The firm is
managed by its partners, Mr. Nikhil Shah and Mr. Nirav Shah.


SANTHIGIRI AYURVEDA: CRISIL Cuts Rating on INR9.0cr Loan to D
-------------------------------------------------------------
CRISIL Ratings has downgraded its ratings on the bank facilities of
Santhigiri Ayurveda Siddha Vaidyasala (SASV) to 'CRISIL D' from
'CRISIL BB-/Stable'. The downgrade in the ratings is due to delays
in debt servicing obligation as highlighted by banker feedback.

                       Amount
   Facilities       (INR Crore)     Ratings
   ----------       -----------     -------
   Cash Credit           6.7        CRISIL D (Downgraded from
                                    'CRISIL BB-/Stable')

   Proposed Long Term    2.3        CRISIL D (Downgraded from
   Bank Loan Facility               'CRISIL BB-/Stable')

SASV has a weak financial risk profile, modest scale of operations
and limited geographical diversity. These weaknesses are offset by
the established distribution network.

Key Rating Drivers & Detailed Description

Weaknesses:

* Delay in servicing of debt: SASV has delayed servicing its term
loan obligation due to increase in operating expenses and stretched
liquidity, which resulted in lower net cash accruals

* Modest scale of operations: Revenue was modest at Rs 40.97 crore
in fiscal 2021, and expected to be around Rs. 41-42 crores in
fiscal 2022. Intense competition, from other local players offering
Ayurvedic formulations and treatments, may continue to constrain
scalability, pricing power and profitability.

* Limited geographical diversity: The society derives almost 80% of
its revenue from Kerala, and thus, faces high geographical
concentration risk. Hence, revenue growth will continue to get
constrained due to limited presence in other geographies and any
change in preference of customers.

Strength:

* Established distribution network: Association with the Santhigiri
Asharam helped the society build a vast distribution network,
comprising 90 centers and nearly 600 medical representatives. The
established distribution network has resulted in steady demand for
its product. It has a diversified product profile with around 400
ayurveda hereditary medicines and 80 patented medicines.

Liquidity: Poor

Liquidity is likely to remain under pressure over the medium term.
Bank limit was fully utilized for the 12 months through January
2022.

Rating Sensitivity Factors

Upward Factors:

* Timely repayment of debt obligations for 90 days
* Improvement in working capital cycle and liquidity profile

SASV was set up in 1978 by Navajyothisree Karunakara Guru, founder
of Santhigiri Ashram. The society manufactures ayurvedic medicines
at its facility in Thiruvananthapuram; it also provides ayurvedic
treatments through 90 centers.

SEVEN STAR: CRISIL Lowers Rating on INR22cr Cash Loan to D
----------------------------------------------------------
CRISIL Ratings has downgraded the rating of Seven Star Grains
Private Limited (SGPL)to 'CRISIL D Issuer Not Cooperating' from
'CRISIL B/Stable Issuer Not Cooperating' as company has faced
stretched liquidity position and has delayed in servicing of term
debt-obligations as per best available information.

                    Amount
   Facilities    (INR Crore)    Ratings
   ----------    -----------    -------
   Cash Credit        22        CRISIL D (ISSUER NOT COOPERATING;

                                Downgraded from 'CRISIL B/Stable
                                ISSUER NOT COOPERATING')

CRISIL Ratings has been consistently following up with SGPL for
obtaining information through letters and emails dated July 25,
2020, January 19, 2021, January 22, 2022 and March 12, 2022 among
others, apart from telephonic communication. However, the issuer
has remained non cooperative.

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

Detailed Rationale

Despite repeated attempts to engage with the management, CRISIL
Ratings failed to receive any information on either the financial
performance or strategic intent of SGPL which restricts CRISIL
Ratings' ability to take a forward looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on SGPL
is consistent with 'Assessing Information Adequacy Risk'.

CRISIL Ratings has downgraded the rating to 'CRISIL D Issuer Not
Cooperating' from 'CRISIL B/Stable Issuer Not Cooperating' as
company has faced stretched liquidity position and has delayed in
servicing of term debt-obligations as per best available
information.

SGPL was incorporated in December 2013, promoted by Ms Esha Mahajan
and Mr Gorav Mahajan, who are also the directors. The company mills
and markets varieties of rice. It started operations in May 2015 at
its facility in Jammu.


SILON GRANITO: CRISIL Reaffirms B- Rating on INR18.19cr Loan
------------------------------------------------------------
CRISIL Ratings has reaffirmed its 'CRISIL B-/Stable/CRISIL A4'
ratings on the bank facilities of Silon Granito LLP (SGL).

                       Amount
   Facilities       (INR Crore)     Ratings
   ----------       -----------     -------
   Bank Guarantee       2.81        CRISIL A4 (Reaffirmed)
   Cash Credit          6           CRISIL B-/Stable (Reaffirmed)
   Term Loan           18.19        CRISIL B-/Stable (Reaffirmed)

The ratings continue to reflect the firm's large working capital
requirement and modest financial risk profile. These weaknesses are
partially offset by the extensive experience of the partners in the
ceramic tiles industry and their funding support, and the strategic
location of the plant.

Key Rating Drivers & Detailed Description

Weaknesses:

* Average financial risk profile: Total outside liabilities to
adjusted net worth ratio was 78.61 times as on March 31, 2021. That
was due to high debt. Debt protection metrics were subdued,
reflected in interest coverage and net cash accrual to adjusted
debt ratios of 1.36 times and 0.04 time, respectively, in fiscal
2021.

* Large working capital requirement: Operations will remain working
capital intensive over the medium term. Gross current assets stood
at 174 days as of March 31, 2021, driven by receivables and
inventory of over 83 and 60 days, respectively. However, the
working capital requirement was partly supported by payables of 113
days. In the near term, receivables and inventory are expected to
improve to 73-75 days and 45-50 days, respectively.

Strengths:

* Extensive experience of the partners and their funding support:
The partners have experience of over 10 years in the ceramic tiles
industry. This has enabled them to develop strong understanding of
local and overseas market dynamics, and healthy relationships with
suppliers and customers. The partners provide funding support,
reflected in unsecured loan of Rs 10.53 crore as on March 31,
2021.

* Strategic location of the plant: The firm's manufacturing
facilities are in Morbi, Gujarat, which is India's ceramic hub
accounting for 70-80% of overall ceramic tile production. The
location of the unit facilitates easy access to clay (key raw
material), contractors, skilled labor and critical infrastructure
such as gas and power. Also, transportation cost is low as Morbi is
near the major ports of Kandla and Mundra.

Liquidity: Stretched

Bank limit utilization was high at 96.88% on average for the 12
months through January 2022. Cash accrual, expected over INR4.94
crore per annum, will sufficiently cover yearly term debt
obligation of INR3.9 crore over the medium term and cushion the
liquidity. Current ratio was moderate at 1.14 times as on March 31,
2021. The partners will likely extend funding support in the form
of equity to meet working capital requirement and debt obligation.

Outlook: Stable

CRISIL Ratings believes SGL will continue to benefit from the
extensive experience of the partners and their funding support

Rating Sensitivity factors

Upside Factors:

* Increase in revenue by 30% and rise in operating margin leading
to higher cash accrual
* Significant improvement in the financial risk profile

Downside Factors:

* Decline in revenue and/or fall of 200-300 basis points in
operating margin
* Further stretch in the working capital cycle

Incorporated in 2017, SGL manufactures ceramic vitrified tiles. The
firm is promoted by Mr Vinodkumar Nakrani and Mr Vasantlal
Dethariya


SUPER HI-TECH: CRISIL Keeps B Debt Rating in Not Cooperating
------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Super Hi-Tech
Engineers and Contractors (SHEC) continue to be 'CRISIL
B/Stable/CRISIL A4 Issuer Not Cooperating'.

                       Amount
   Facilities       (INR Crore)     Ratings
   ----------       -----------     -------
   Bank Guarantee        6.5        CRISIL A4 (Issuer Not
                                    Cooperating)

   Cash Credit           6.0        CRISIL B/Stable (Issuer Not
                                    Cooperating)

CRISIL Ratings has been consistently following up with SHEC for
obtaining information through letters and emails dated January 22,
2022 and February 7, 2022 among others, apart from telephonic
communication. However, the issuer has remained non cooperative.

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

Detailed Rationale

Despite repeated attempts to engage with the management, CRISIL
Ratings failed to receive any information on either the financial
performance or strategic intent of SHEC, which restricts CRISIL
Ratings' ability to take a forward-looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on SHEC
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the ratings on bank facilities of
SHEC continue to be 'CRISIL B/Stable/CRISIL A4 Issuer Not
Cooperating'.

SHEC was set up in 1997 as a partnership firm by Mr Mohammed
Nazeeruddin and his sons, Mr Mohammed Zaheeruddin, Mr K M
Salahuddin, and Mr Mohammed Naheemuddin. The firm, based in
Hyderabad, constructs roads, primarily for government
undertakings.


SURYA BUILDCON: CRISIL Withdraws B Rating on INR28.5cr Term Loan
----------------------------------------------------------------
Due to inadequate information, CRISIL Ratings, in line with SEBI
guidelines, had migrated the rating of Surya Buildcon (SB) to
'CRISIL B/Stable/Issuer not cooperating'. CRISIL Ratings has
Withdrawn its rating on bank facility of SB following a request
from the company and on receipt of a 'no dues certificate' from the
banker. Consequently, CRISIL Ratings is migrating the ratings on
bank facilities of SB from 'CRISIL B/Stable/Issuer Not Cooperating
to 'CRISIL B/Stable'. The rating action is in line with CRISIL
Ratings' policy on withdrawal of bank loan ratings.

                      Amount
   Facilities      (INR Crore)     Ratings
   ----------      -----------     -------
   Term Loan            28.5       CRISIL B/Stable (Migrated from
                                   'CRISIL B/Stable ISSUER NOT
                                   COOPERATING; Rating Withdrawn)

SB incorporated in the year 2015, is setting up a residential
scheme with four blocks each containing seven floors, in the name
of Surya Emerald Apartments. The partners of the firm are Mr.
Suresh D Patel, Mr. Dushyant R Patel and their family members.


[*] INDIA: Government Speeds Up Voluntary Liquidation
-----------------------------------------------------
The Times of India reports that the Indian government on April 8
said that it has amended the insolvency laws pertaining to
voluntary liquidation to speed up the process.  The laws on
voluntary liquidation are part of the ones aimed at improving
ease-of-doing business by allowing a smooth exit for firms.

A statement from the government said that the Insolvency and
Bankruptcy Board of India (Voluntary Liquidation Process)
(Amendment) Regulations, 2022 were notified on April 5, 2022. The
law was introduced to provide a mechanism for voluntary liquidation
of a solvent corporate person, TOI relates.

"There has been substantial delay in completion of voluntary
liquidation process, though the process, in general, involve
negligible claims of creditors, fewer assets, if any, to be
realised and few litigations," the statement, as cited by TOI,
said.  Under the amended laws, the liquidator must prepare the list
of stakeholders within 15 days as against 45 days from the last
date for receipt of claims. This will apply in cases where no claim
from creditors has been received.

Also the liquidator shall distribute the proceeds from realisation
within 30 days (against the previously stipulated six months) from
the receipt of the amount to the stakeholders, the report relates.
TOI says the new norms prescribe a 270-day limit for completion of
corporate liquidation and 90-day from the liquidation commencement
date in all other cases.




=================
I N D O N E S I A
=================

REASURANSI INDONESIA: Fitch Cuts Insurer Fin Strength Rating to BB+
-------------------------------------------------------------------
Fitch Ratings Indonesia has downgraded PT Reasuransi Indonesia
Utama (Persero)'s (Indonesia Re) Insurer Financial Strength (IFS)
Rating to 'BB+' (Moderately Weak) from 'BBB-' (Good). At the same
time, Fitch has downgraded the National IFS Rating to 'AA-(idn)'
from 'AA(idn)'. The Outlooks are Negative.

'AA' National IFS Ratings denote a very strong capacity to meet
policyholder obligations relative to all other obligations or
issuers in the same country, across all industries and obligation
types.

KEY RATING DRIVERS

The rating downgrade reflects significant deterioration in the
company's solvency position and financial performance due to
loss-related reserves caused by the Covid-19 pandemic and expenses
associated with a tax dispute based on 2021 unaudited financials.

The Negative Outlook incorporates heightened risks to Indonesia
Re's capital position and financial performance, and weakening
debt-servicing ability due to the financial volatility caused by
the pandemic, which may lead to high claims from the life business,
including health and credit life, and the credit insurance business
in its non-life segment. It also faces reserve volatility from its
current business portfolio, which limits its ability to generate
profit and support its capital.

Fitch assesses the company's capitalisation as 'Moderately Weak'.
Indonesia Re's regulatory risk-based capital (RBC) ratio declined
to 125% by end-2021 unaudited (end-2020 audited: 215%) due to the
higher reserves and a net loss. The score on Fitch's Prism Model
score dropped to 'Somewhat Weak' from 'Adequate' based on the
unaudited 2021 financials. The company's absolute amount of capital
is small compared with that of some major international reinsurers.
Its financial leverage remained low at 12% at end-2021 unaudited
(2020 audited: 9%). Fitch believes the volatility in the company's
claims due to the pandemic could depress its capitalisation
further.

Fitch sees Indonesia Re's financial performance as 'Moderately
Weak'. Indonesia Re's non-life combined ratio increased to 107.5%
in 2021 unaudited (2020 audited: 104%) due to higher claims from
its fire, health, credit life and credit insurance businesses and a
reserve top-up, while premiums declined. In addition, the company
booked higher expense of IDR361 billion from 2015-2016 taxes in
2021 unaudited. This led to the net loss of IDR781 billion,
resulting in return on equity of -26% by end-2021 unaudited (2020
audited: 3%), or a three-year average of -5% during 2019-2021.

Potential volatility in claims from the life business, particularly
during the pandemic, coupled with its existing exposure in credit
insurance, could disrupt the company's operating performance
further. The life business accounted for 38% of total gross
premiums written in 2021, while 62% was contributed by the non-life
segment, which is dominated by fire insurance.

The company's rating reflects strong ties with the Indonesian
government (BBB/Stable). Fitch assesses Indonesia Re's company
profile as 'Favourable' based on a 'Favourable' business profile
and 'Moderate/Favourable' corporate governance, compared with that
of all other reinsurers in Indonesia. The 'Favourable' business
profile reflects its leading business franchise within the sector,
risk appetite that is on a par with the sector and a somewhat
diversified business mix. Indonesia Re's market share by total
gross premiums in the industry has declined in the past five years
to around 27% in 2021 due to tougher competition. The company
writes more treaty reinsurance, with around 60% in its business
portfolio, than facultative. Therefore, Fitch has scored Indonesia
Re's business profile at 'bb+' under the agency's credit-factor
scoring guidelines in line with the ranking.

Indonesia Re has IDR900 billion in outstanding debt in the form of
mandatory convertible bonds issued in 2014 whose maturity has been
extended to 2024. Three strategic investors hold IDR300 billion
each. In addition, the company has an investment fund loan from the
government with an outstanding amount of IDR338 billion, which will
mature in 2036. Its fixed charged-coverage ratio declined to -11.9x
by end-2021 unaudited (2020 audited: 2.1x) due to the net loss.
Fitch thinks the company faces challenges in servicing the debt in
light of the deterioration in its financial results and capital
position.

Indonesia Re's risky-asset ratio increased to 101% by end-2021
unaudited (2020: 70% audited) due to a low capital base. Around 69%
of its invested assets were placed in cash and equivalents and
fixed-income securities at end-2021. The remaining investment
portfolio consisted of various instruments, including stocks and
mutual funds.

Indonesia Re retrocedes a portion of its business through
excess-of-loss and proportional treaties. The company assesses
catastrophe risk by relying on internal and external modelling
tools. Its retrocession is adequate to cover an aggregate probable
maximum loss for a return period of 250 years.

RATING SENSITIVITIES

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

-- Decline in the company's RBC ratio to persistently below 180%.

-- Significant deterioration in the company's operating
    performance, with a non-life combined ratio persistently above
    115% and return on equity lower than -2%.

-- A weakening company profile in terms of market franchise and
    operating scale.

-- Weakening of the company's importance to the state.

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

-- Sustainable improvement in capitalisation, with the RBC ratio
    consistently above 250%.

-- Improvement in profitability, with a non-life combined ratio
    consistently below 110% and return on equity above 3%.

-- Improved company profile in terms of market franchise and
    operating scale.

BEST/WORST CASE RATING SCENARIO

International scale credit ratings of Financial Institutions and
Covered Bond 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.

ESG CONSIDERATIONS

Indonesia Re has an ESG Relevance Score of '4' for Exposure to
Environmental Impacts as most of its premium income is from the
domestic market, which faces multiple hazards, including flooding,
earthquakes, landslides, tsunamis and volcanic eruptions. 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.



===============
M A L A Y S I A
===============

BRAHIM'S HOLDINGS: Trading of Shares to be Suspended on April 20
----------------------------------------------------------------
The Star reports that trading in securities of Brahim's Holdings
Bhd will be suspended on April 15 as its appeal for an extension of
time to submit its regularisation plan has been rejected by Bursa
Securities.

According to the Star, the Practice Note 17 (PN17) company also
risks being delisted on April 20 unless an appeal against the
delisting is submitted to Bursa Securities on or before April 14.

In a statement, Bursa Securities said any appeal submitted after
the appeal timeframe will not be considered by Bursa Securities,
the report relays.

"In the event, the company submits an appeal to Bursa Securities
within the appeal timeframe, the delisting of the securities of the
company from the official list of Bursa Securities on April 20 will
be deferred pending the decision on the company's appeal.

"However, Bursa Securities shall proceed to suspend the trading of
the company's securities on April 15 even though the decision on
the company's appeal is still pending," it said.

Upon its delisting, the company will continue to exist but as an
unlisted entity, The Star notes.

For the financial year ended Dec. 31, Brahim's posted a net loss of
MYR12.48 million on revenue of MYR33.54 million, the report
discloses.

                      About Brahim's Holdings

Brahim's Holdings Berhad is a holding company. The Company's core
business is airport-centric, focusing on the provision of in-flight
catering and restaurant operations. Brahim through its subsidiary
holds a concession with Malaysia Airlines System Berhad (MAS) for
the provision of in-flight catering and related services.

Brahim's Holdings Berhad slipped into PN17 (Practice Note 17)
status in February 2019 as it has triggered the Prescribed Criteria
under Paragraph 2.1 (a) of PN17. Based on the unaudited interim
financial results of BHB for the fourth quarter ended December 31,
2018, the shareholders' equity of BHB on a consolidated basis of
less than MYR40.0 million represented 25% or less of its issued
capital.




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

FORDS RESTAURANT: Creditors' Proofs of Debt Due on May 15
---------------------------------------------------------
Creditors of Fords Restaurant and Bar Limited are required to file
their proofs of debt by May 15, 2022, to be included in the
company's dividend distribution.

The company commenced wind-up proceedings on April 4, 2022.

The company's liquidator is:

         Geoff Falloon
         Biz Rescue Limited
         PO Box 27, Nelson 7040


FORESTLANDS: No Money for Shareholders from Sale of Founder's Home
------------------------------------------------------------------
Stuff.co.nz reports that shareholders left out of pocket after
investing in Forestlands will receive nothing from the sale of the
large Ngatimoti home of the company's founder, Rowan Kearns.

Stuff relates that the French-style 1144-square-metre chateau home
and sprawling rural estate, in Thorpe-Orinoco Rd near Motueka, sold
after being placed for sale by receivers of the Kearns Family
Trust. The receivers were appointed by the first mortgagee of the
property - Bridgewest Finance NZ Ltd.

Bayleys Nelson marketed the property and tenders closed in late
March, Stuff says.

According to Stuff, Forestlands joint liquidator Neale Jackson said
in his latest report that the home had not sold for enough to repay
the first mortgagee in full, so no funds would be available to the
Forestlands Group of shareholders from the property's sale.

"This is a very disappointing outcome as it means additional funds
are not available for distribution to shareholders," Stuff quotes
Mr. Jackson as saying.  "Shareholders will undoubtedly be
disappointed by this result, as we are."

Mr. Jackson stated he could not disclose how much the property sold
for but it would eventually become public, Stuff relays.

He said while the sale value was considerably lower than had
previously been determined in a registered valuation, the price
achieved was from an open market mortgagee sale campaign, run by a
reputable, experienced real estate agency, and there were multiple
bids.

He said liquidators were now considering whether any further
recovery action was warranted. The Kearns Family Trust had no other
assets of material value, so the most obvious avenue for potential
recovery of money was to pursue personal claims against Kearns, and
potentially associated parties, pursuant to a settlement agreement,
Mr. Jackson, as cited by Stuff, said.

He said Kearns and the Kearns Family Trust had not complied with
the terms of the settlement agreement that required them to pay the
Forestlands Group NZD2.05 million.

Stuff relates that Mr. Jackson said liquidators would update
shareholders by mid-May on the next steps in the liquidation.

"Our intention will be to finalise distributions of each
Forestlands company's remaining funds to shareholders, whilst
progressing any alternative recovery action if that is warranted."

                          About Forestlands

Forestlands claimed to have owned 1,934 hectares of forest land on
the east coast of the North Island and in the south-west of the
South Island.

After the Forestlands group ran into financial difficulty, a sale
process was commenced in mid-2015, but investors were not notified
or consulted.

Investors began to raise concerns about the lack of financial
information and rumors around the sale of the forestry assets and
the associated treatment of investor funds. In October 2016, the
forestry assets were sold for approximately NZD23.5 million and in
early 2017, at the direction of the FMA, NZD18 million was placed
in trust to secure the interests of investors.

In September 2018, the FMA successfully applied for the 18 numbered
Forestlands companies (which raised money from the public) to be
placed into liquidation after determining that insufficient
progress had been made towards completing the shareholder
distribution process. The liquidation process is ongoing and the
FMA has not sought costs.

Investor updates can be found on the liquidators' (Calibre
Partners) website.

Forestlands New Zealand Ltd was liquidated separately as it was not
a financial markets participant.


KRUA GAEW: Commences Wind-Up Proceedings
----------------------------------------
Members of Krua Gaew Jai Limited, on April 13, 2022, passed a
resolution to voluntarily wind up the company's operations.

The company's liquidator is:

         Grant Bruce Reynolds
         Reynolds & Associates Limited
         PO Box 259059
         Botany, Auckland 2163


WAITOHU ESTATE: Court to Hear Wind-Up Petition on June 3
--------------------------------------------------------
Creditors of Waitohu Estate Limited And On-Vision Limited are
required to file their proofs of debt by June 3, 2022, to be
included in the company's dividend distribution.

The High Court of New Zealand at Wellington appointed Heath Gair of
Palliser Insolvency as liquidator of the above-named companies on
April 12, 2022, upon the petition of Christina Goodwin.

The company's liquidators can be reached at:

          Heath Gair
          c/o Palliser Insolvency
          PO Box 57124
          Mana, Porirua 5247




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

GALLANT VENTURE: Records Three Straight Years of Losses
-------------------------------------------------------
The Business Times reports that Gallant Venture Ltd has given
notice that the company recorded 3 consecutive years of pre-tax
losses based on its audited full-year consolidated accounts.

In a bourse filing on April 13, Gallant Venture said its 6-month
average daily market capitalisation is SGD701 million as at April
12, 2022. This means the company still meet the financial entry
criteria to avoid being placed on the Singapore Exchange's (SGX)
watch list, BT says.

Companies are placed on the SGX watch list if they record losses
for the 3 latest financial years and have an average daily market
cap of under SGD40 million over the last 6 months, according to
BT.

Gallant Venture, a developer, master planner and manager for
industrial parks and resorts in Batam and Bintan, on Feb. 25 posted
a net loss of SGD32.3 million for the 6 months ended Dec. 31, 2021,
narrowing from a loss of SGD34.3 million in the year-ago period, BT
discloses.

For the full year, Gallant Venture's net loss narrowed to SGD57.5
million, from the SGD687 million recorded in FY2020. Revenue, on a
continuing operations basis, stood at SGD145.1 million for the
full-year period, up 5 per cent from the SGD138.2 million recorded
the previous year.

Singapore-based Gallant Venture Ltd owns and operates industrial
parks, supplies telecommunications services, electricity and water
and wastewater management services, operates resorts and hotels,
and develops real estate.


PACIFIC RADIANCE: Records Three Consecutive Years of Losses
-----------------------------------------------------------
The Business Times reports that Pacific Radiance has given notice
that the company recorded three consecutive years of pre-tax losses
based on its audited full-year consolidated accounts.

Companies are placed on the SGX watch list if they record losses
for the 3 latest financial years and have an average daily market
cap of under SGD40 million over the last 6 months, according to
BT.

For the six months to its suspension, in February 2018, Pacific
Radiance had an average daily market capitalisation of SGD74.3
million, as at Feb. 22, 2018, BT relays.

The offshore marine-services provider had voluntarily suspended the
trading of its shares on Feb. 28, 2018, and said it would continue
to pursue completing its debt restructuring after noteholders voted
down a plan, the report recalls.

On Feb. 24, 2022, Pacific Radiance posted a Q4 2021 net loss of
US$3.5 million on a continuing operations basis, narrowing from a
loss of US$5.2 million in Q4 2020, BT discloses.  Revenue from
continuing operations was US$2.1 million, 22.2 per cent lower than
the SGD2.7 million recorded in the year before.

                       About Pacific Radiance

Headquartered in Singapore, Pacific Radiance Ltd. --
http://www.pacificradiance.com/-- an investment holding company,
owns, manages, and operates offshore vessels in Asia, Africa,
Australia, and South America. It operates through three divisions:
Offshore Support Services, Subsea Business, and Complementary
Businesses. The company operates a fleet of 139 offshore vessels
comprising subsea vessels, anchor handling tugs, platform supply
vessels, ocean tugs and supply vessels, offshore barges,
accommodation and maintenance support vessels, and other
specialized vessels for the offshore oil and gas industry.

Pacific Radiance applied for debt restructuring with a Singaporean
court in May 2018 and has been granted several moratorium.  The
company has been undergoing restructuring talks and is carrying
debt of more than SGD500 million.




=================
S R I   L A N K A
=================

BANK OF CEYLON: Fitch Puts 'CC' Foreign Currency IDR on Watch Neg.
------------------------------------------------------------------
Fitch Ratings has placed Bank of Ceylon's (BOC) Long-Term
Foreign-Currency Issuer Default Rating (IDR) of 'CC', Long-Term
Local-Currency IDR of 'CCC' and Viability Rating (VR) of 'cc' on
Rating Watch Negative (RWN). BOC's Government Support Rating of 'No
Support' has been affirmed.

Fitch has also placed BOC's National Long-Term Rating of 'AA-(lka)
on RWN.

KEY RATING DRIVERS

IDRS AND VIABILITY RATING

The RWN on BOC's VR and IDRs has been driven by heightened
near-term downside risks to Sri Lankan banks, including BOC, from
constrained access to foreign currency funding and indications of
stress experienced by banks in the system as result. This risk is
exacerbated through the sovereign's credit profile (Sri Lanka:
Long-Term Foreign-Currency IDR of 'CC' and Long-Term Local-Currency
IDR of 'CCC') and ensuing risks to the stability of the financial
system.

Fitch believes mounting currency stress is increasing the
likelihood of restrictions being imposed on BOC's ability to
service obligations in foreign currency and local currency in the
event of a sovereign default, or if confidence erodes before that
default event.

BOC's Long-Term Local-Currency IDR takes into consideration that
the risk of local-currency restrictions being imposed is lower than
that of foreign-currency restrictions should the sovereign move
towards default.

Fitch aims to resolve the RWN in the next six months depending how
the bank's funding and liquidity position evolves.

Fitch sees the foreign-currency funding and liquidity positions of
domestic banks as prone to sudden changes in already weak creditor
sentiment. Loan and deposit dollarisation for the sector remained
at 18% of total loans and 17% of total deposits at end-2021. The
operating environment (OE) score was maintained at 'ccc'/negative
as it factors the incremental deterioration in Sri Lanka's economy
stemming from the sovereign profile, which may constrain the bank's
operating flexibility.

Sri Lanka's operating environment continues to be challenging and
the negative outlook reflects the significant near-to-medium term
downside risk presented by the sovereign's weak credit profile, as
spillover effects could impact economic performance.

Fitch has also revised the banking sector outlook for 2022 to
deteriorating from neutral. Economic challenges are likely to be
larger than Fitch initially anticipated. This could result in sharp
asset-quality deterioration and significantly impair profitability,
which could expose banks to capital deficiencies.

Fitch has lowered BOC's business profile score to 'ccc'/negative,
from 'b-'/negative, given the bank's vulnerability to increased
risks in the Sri Lankan market that would hurt its ability to
generate and defend business volume. The score also takes into
account BOC's dominant domestic market position as Sri Lanka's
largest bank, accounting for around 20% of sector assets. The
negative outlook captures the pressure on BOC's business profile
stemming from the OE and, ultimately, the sovereign.

Fitch lowered BOC's risk profile to 'cc'/negative, from
'ccc'/negative, to reflect the bank's exposure to the sovereign and
broader public sector - in particular those denominated in foreign
currency - which elevates its risk profile. This includes its
significant exposure via loans, off-balance-sheet transactions and
securities, exposing the bank to the sovereign's repayment capacity
and liquidity position. The negative outlook reflects downside risk
to BOC's risk profile from the OE and the sovereign.

BOC's asset-quality score has been lowered to 'cc'/negative, from
'ccc'/negative, to reflect the likely deterioration of corporate
and household balance sheets in increasingly challenging
macroeconomic conditions, and the significant exposure to the
sovereign and broader public sector. The negative outlook reflects
Fitch's view of downside risk to the asset-quality score from its
exposure to the sovereign and the OE.

BOC's earnings and profitability score has been revised down to
'ccc+'/negative from 'b-'/negative. This captures the higher risks
to earnings and profitability, and the increased possibility of the
bank becoming structurally unprofitable for a sustained period. The
negative outlook on the score is due to the downside risk from
potential economic fallout.

Fitch has maintained BOC's capitalisation and leverage score of
'ccc'/negative and funding and liquidity score at 'cc'/negative
(see "Fitch Downgrades Bank of Ceylon to 'CC' on Sovereign
Downgrade; Affirms Local-Currency IDR").

The VR is below the implied score of 'ccc', as Fitch believes BOC's
funding and liquidity profile has a greater influence on the VR
than the weighting would suggest. This reflects Fitch's view of
heightened risks to the stability of BOC's foreign-currency funding
and liquidity stemming from the deterioration in the sovereign's
foreign-currency credit profile.

GOVERNMENT SUPPORT RATING

The Government Support Rating reflects Fitch's assessment that
there is no reasonable assumption of government support being
forthcoming (see link to 24 December 2021 rating action commentary
above).

NATIONAL LONG-TERM RATING

The RWN on BOC's National-Long Term Rating reflects the RWN on its
Long-Term Local-Currency LT IDR and also the potential for the
bank's creditworthiness relative to other Sri Lankan national scale
ratings to deteriorate, given the potential stress on banks'
funding and liquidity, and also for BOC, its significant exposure
to the sovereign and broader public sector that raises its risk
profile.

SUBORDINATED DEBT

The RWN on the subordinated debt stems from the RWN on the National
Long-Term Rating. The Basel II Sri Lankan rupee-denominated
subordinated debt of BOC is rated two notches below its National
Long-Term Rating, in line with Fitch's baseline notching for loss
severity for this type of debt and Fitch's expectations of poor
recovery.

RATING SENSITIVITIES

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

IDRS , VIABILITY RATING AND NATIONAL RATINGS

-- The RWN on the VR, IDRs and National Ratings reflects the
    rising risks from funding stresses in Sri Lanka. Fitch expects
    to resolve the RWN in the next six months, when the impact on
    the bank's credit profile becomes more apparent. Potential
    downgrade triggers include: a temporary negotiated waiver or
    standstill agreement following a payment default by BOC on a
    large financial obligation; where Fitch believes BOC has
    entered into a grace or cure period following non-payment of a
    material financial obligation; further funding stress impeding
    BOC's repayment ability; and material intervention in the
    banking sector by the authorities that could constrain BOC's
    ability to service its obligations.

-- A further downgrade of the sovereign rating stemming from a
    default event could also lead to a downgrade of BOC's ratings.

GOVERNMENT SUPPORT RATING

-- The rating is already at its lowest level and thus has no
    downside risk.

SUBORDINATED DEBT

-- BOC's subordinated debt rating will move in tandem with the
    National-Long Term Rating.

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

IDRs, VIABILITY RATING and NATIONAL RATINGS

-- There is limited scope for upward rating action on the
    National Ratings and also the VRs and IDRs of BOC given the
    RWN, and the negative outlook Fitch has on all rating factors.

GOVERNMENT SUPPORT RATING

-- The Government Support Rating is constrained by the sovereign
    rating. An upward revision is possible, provided the
    sovereign's ability to provide support significantly improves.
    However, this appears unlikely in the near to medium term.

SUBORDINATED DEBT

-- BOC's subordinated debt rating will move in tandem with the
    National-Long Term Rating.

VR ADJUSTMENTS

The assigned VR is below the implied VR, reflecting a negative
adjustment from the weakest link of BOC's funding and liquidity,
which has a greater impact on the VR than what the weighting
suggests.

BOC has a 1.78% equity stake in Fitch Ratings Lanka Ltd. No
shareholder other than Fitch, Inc. is involved in the day-to-day
rating operations of, or credit reviews undertaken by, Fitch
Ratings Lanka Ltd.

BEST/WORST CASE RATING SCENARIO

International scale credit ratings of Financial Institutions and
Covered Bond 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.

ESG CONSIDERATIONS

Bank of Ceylon has an ESG Relevance Score of '4' for Governance
Structure due to ownership concentration, with a 100% state
shareholding and several related-party transactions with the state
and state-owned entities, which has a negative impact on the credit
profile, and is relevant to the rating 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.

DEBT                RATING                         PRIOR
----                ------                         -----
Bank of Ceylon

               LT IDR CC Rating Watch On           CC
               ST IDR C Affirmed                   C
               LC LT IDR CCC Rating Watch On       CCC
               Natl LT AA-(lka) Rating Watch On    AA-(lka)
               Viability cc Rating Watch On        cc
               Government Support ns Affirmed      ns
subordinated   Natl LT A(lka) Rating Watch On      A(lka)


SRI LANKA: Economic Crisis Threatens Hold of Most Powerful Family
-----------------------------------------------------------------
The Wall Street Journal reports that Sri Lanka's politics have been
dominated for much of the past two decades by a single family.  Now
a deepening economic crisis is threatening the Rajapaksa clan's
grip on power.

The Journal says public dissent has been growing in the island
nation of 22 million as energy shortages have led the country to
resort to rolling blackouts and Sri Lankans have waited for hours
in lines to obtain basic goods such as cooking gas and medicine.
Dwindling foreign-currency reserves have left the country
struggling to pay for imports and on the verge of a sovereign-debt
default, the report relates. The central bank on April 8 nearly
doubled interest rates to 14.5% from 7.5% to curb inflation, which
reached 18.7% last month.

On April 9, thousands of protesters lined a main street in central
Colombo, in one of the country's largest demonstrations yet, the
Journal notes. Protesters displayed banners and chanted slogans,
calling on President Gotabaya Rajapaksa to step down.

According to the Journal, Mr. Rajapaksa, who was once widely
revered among Sri Lanka's Sinhalese Buddhist majority as a war
hero, is now battling to stay in power. His entire cabinet and the
central bank governor resigned earlier this week, and his ruling
coalition has lost its parliamentary majority after a series of
defections. The resignations included two of Mr. Rajapaksa's
brothers, Basil and Chamal, who were finance and irrigation
ministers respectively. His nephew, Namal, also quit as youth and
sports minister, the report discloses.



                           *********


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

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

Copyright 2022.  All rights reserved.  ISSN: 1520-9482.

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

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



                *** End of Transmission ***