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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

          Friday, April 15, 2022, Vol. 25, No. 70

                           Headlines



A U S T R A L I A

ROMAN PLANT: Second Creditors' Meeting Set for April 26
SCGC OPERATIONS: First Creditors' Meeting Set for April 26
THINK TANK 2022-1: S&P Assigns B Rating on Class F Notes


C H I N A

GUO WENGUI: Offers 'Lady May' Yacht to Creditors in Bankruptcy
SUNAC CHINA: Misses First Payment on Dollar Bond
YINCHUAN TONGLIAN: Fitch Lowers LT IDRs to 'BB+', Outlook Neg.
ZOOMLION HEAVY: S&P Affirms 'BB-' ICR & Alters Outlook to Stable


H O N G   K O N G

CHINA CITIC: Moody's Assigns Ba2(hyb) Rating to New AT1 Securities


I N D I A

AAI KRUPA: ICRA Keeps D Debt Ratings in Not Cooperating Category
BHARAT IRON: ICRA Keeps B+ Debt Ratings in Not Cooperating
DAVINDER EXPORTS: CARE Lowers Rating on INR16.50cr Loan to B
DHAMMANAGI DEVELOPERSS: Insolvency Resolution Process Case Summary
ECOTECH ENTERPRISE: Insolvency Resolution Process Case Summary

ESSEL GREEN: CARE Keeps D Debt Rating in Not Cooperating
GOUR NITYE: ICRA Withdraws B+ Rating on INR3.30cr Cash Loan
GURJANGJHORA TEA: ICRA Withdraws B Rating on INR3.50cr Cash Loan
JAGDAMBA POULTRY: CARE Keeps D Debt Rating in Not Cooperating
MAA VAISHNO: ICRA Keeps B Debt Ratings in Not Cooperating

MADHUSUDAN DEVELOPERS: CARE Withdraws D Rating on LT Bank Loan
MENOKA TEA: ICRA Withdraws B Rating on INR4.98cr LT Loan
PHF LEASING: ICRA Withdraws MB+ Rating on INR4.65cr Debt
PRASHANTH EDUCATIONAL: ICRA Keeps B+ Ratings in Not Cooperating
RELIANCE CAPITAL: Bankruptcy Process to be Delayed

SANGA BUILDERS: CARE Keeps D Debt Ratings in Not Cooperating
SUDARSHAN BEOPAR: CARE Cuts Rating on INR16cr LT Loan to B
SWASTIK PIPE: CARE Withdraws B Long Term Bank Rating
VIVAAN SOLAR: CARE Lowers Rating on INR47.54cr LT Loan to B+


I N D O N E S I A

SAWIT SUMBERMAS: S&P Cuts ICR to 'CCC' on Rising Refinancing Risk


M A L A Y S I A

NAM CHEONG: Auditor Issues Disclaimer of Opinion on FY2021 Reports


N E W   Z E A L A N D

M & J BIHARY: Court to Hear Wind-Up Petition on May 6
PLANT ZERO: Court to Hear Wind-Up Petition on April 29
SUPERSCAPES LANDSCAPE: Creditors' Proofs of Debt Due on May 15


S I N G A P O R E

SUPERNOVA ENTERPRISES: Commences Wind-Up Proceedings
TAKE SOLUTIONS: Placed Under Judicial Management
THORIUM DC: Creditors' Proofs of Debt Due on May 13


S R I   L A N K A

SRI LANKA: Fitch Cuts LongTerm Foreign Currency IDR to 'C'
SRI LANKA: S&P Cuts Foreign Curr. Sovereign Credit Rating to 'CC'
SRI LANKA: Unilaterally Suspends External Debt Payments

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A U S T R A L I A
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ROMAN PLANT: Second Creditors' Meeting Set for April 26
-------------------------------------------------------
A second meeting of creditors in the proceedings of Roman Plant
Hire Pty Ltd has been set for April 26, 2022, at 11:00 a.m. via
Teleconference.

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

Creditors wishing to attend are advised proofs and proxies should
be submitted to the Administrator by April 22, 2022, at 4:00 p.m.

Dane Skinner of BCR Advisory was appointed as administrator of  
Roman Plant on March 21, 2022.


SCGC OPERATIONS: First Creditors' Meeting Set for April 26
----------------------------------------------------------
A first meeting of the creditors in the proceedings of SCGC
Operations Pty Ltd will be held on April 26, 2022, at 11:00 a.m.
via Zoom teleconference facilities only.

Domenico Alessandro Calabretta and Mitchell Ball of Mackay Goodwin
were appointed as administrators of SCGC Operations on April 11,
2022.


THINK TANK 2022-1: S&P Assigns B Rating on Class F Notes
--------------------------------------------------------
S&P Global Ratings assigned its ratings to eight of the nine
classes of residential mortgage-backed, floating rate, pass-through
notes issued by BNY Trust Co. of Australia Ltd. as trustee of Think
Tank Residential Series 2022-1 Trust.

Think Tank Residential Series 2022-1 Trust is a securitization of
loans to residential borrowers, secured by first-registered
mortgages over Australian residential properties originated by
Think Tank Group Pty Ltd. (Think Tank).

The ratings reflect:

-- S&P's view of the credit risk of the underlying collateral
portfolio, including the fact that this is a closed portfolio,
which means no further loans will be assigned to the trust after
the closing date.

-- S&P's view that the credit support is sufficient to withstand
the stresses it applies. This credit support comprises note
subordination for each class of rated note.

-- That the transaction's cash flows can meet timely payment of
interest and ultimate payment of principal to the noteholders under
the rating stresses. Key factors are the level of subordination
provided, the condition that a minimum margin will be maintained on
the assets, an amortizing liquidity facility sized at 1.5% of the
outstanding balance of the rated notes, and the principal draw
function.

-- The extraordinary expense reserve of A$150,000, funded from day
one by Think Tank, available to meet extraordinary expenses. The
reserve will be topped up via excess spread if drawn.

-- The legal structure of the trust, which has been established as
a special-purpose entity and meets our criteria for insolvency
remoteness.

-- The counterparty exposure to Commonwealth Bank of Australia as
bank account provider and liquidity facility provider. The
transaction documents for the bank account and liquidity facility
include downgrade language consistent with our counterparty
criteria.

  Ratings Assigned

  Think Tank Residential Series 2022-1 Trust

  Class A1-S, A$100.00 million: AAA (sf)

  Class A1-L, A$300.00 million: AAA (sf)

  Class A2, A$52.50 million: AAA (sf)

  Class B, A$23.50 million: AA (sf)

  Class C, A$9.50 million: A (sf)

  Class D, A$5.50 million: BBB (sf)

  Class E, A$4.00 million: BB (sf)

  Class F, A$2.50 million: B (sf)

  Class G, A$2.50 million: Not rated




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C H I N A
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GUO WENGUI: Offers 'Lady May' Yacht to Creditors in Bankruptcy
--------------------------------------------------------------
Bloomberg News reports that exiled Chinese businessman Guo Wengui
is offering to repay the more than $100 million he owes creditors
in part by offering up the yacht that drove him to bankruptcy,
court papers show.

The businessman's debt stems from a $30 million loan he got from a
fund in 2008, which according to the lender Guo failed to repay.
Bloomberg says Guo arranged for the yacht to leave U.S. waters
sometime after October 2020, putting it out of the reach of debt
collectors. That prompted a New York judge to hold the Chinese
exile in contempt and levy a fine of $134 million, leading Guo to
file for bankruptcy in February just before that payment was due.

Now Guo is proposing to give the yacht to a trust that would at
least partly repay his creditors, including the fund that has been
suing him for years over unpaid debts, the report relates. But the
move is unlikely to fully satisfy to these debtholders, as the
watercraft, known as the Lady May, was originally purchased in 2015
for 28 million British pounds, which at current exchange rates is
about $36.5 million.

According to the report, the Lady May made headlines in 2020 when
Steve Bannon, a former Trump political strategist and associate of
Guo, was arrested aboard the vessel on unrelated federal charges.
Guo said the boat belongs to his daughter, not himself, but Judge
Barry Ostrager of New York state court in February said the exiled
businessman controlled it.

An entity linked to Guo originally bought the Lady May. The boat is
currently docked off the southern coast of France, where it is
undergoing maintenance, Bloomberg relays citing court papers.  

Pacific Alliance Asia Opportunity Fund, Guo's biggest creditor, has
been suing the businessman for years over a $30 million loan from
2008 that has ballooned to more than $100 million with accrued
interest, according to Bloomberg. Guo's proposed plan would let
Pacific Alliance either collect 10 cents on the dollar in cash for
its claims or accept a proportional share of the assets contributed
to the creditor trust.

Bloomberg relates that Pacific Alliance has asked Guo's bankruptcy
judge to dismiss the case, calling it a "strident gambit" to
"delay, deceive, and defraud his creditors." Guo's insolvency
filing at least temporarily halted the civil contempt ordered
earlier entered by a New York judge.

Guo doesn't have the money to pay the $134 million fine, he said in
a sworn declaration dated March 20, Bloomberg relays. Without the
protection of bankruptcy court, he might be imprisoned in New York
for violating the contempt order, according to the declaration. Guo
filed for political asylum in the U.S. in 2017, fearing retribution
from the Chinese Communist Party over his criticism of the regime,
he said.

In his declaration, Guo said the loan from Pacific Alliance was
repaid years ago and that he believes the contempt order against
him is wrongful, adds Bloomberg.


SUNAC CHINA: Misses First Payment on Dollar Bond
------------------------------------------------
Bloomberg News reports that Sunac China Holdings Ltd. has missed
its first payment on a dollar bond since worries about the firm's
financial health emerged late last year.  

Bondholders hadn't received payment for a coupon initially due
April 13, according to people familiar with the matter who asked
not to be identified because they're not authorized to speak about
it, Bloomberg relates.  Sunac has a 30-day grace period to make
payment and avoid triggering an event of default, according to the
bond's offering circular.  The note on which payment hasn't
occurred fell 5.1 cents on the dollar to 26.1 cents on April 12, on
pace for the biggest drop in four weeks, according to data compiled
by Bloomberg.

Once viewed as one of the survivors of Beijing's sweeping clampdown
on the embattled real estate sector, Sunac is at a debt-payment
crossroads. China's fourth-largest developer by sales in the first
quarter of this year faces $1.6 billion of other offshore and local
bond payments due through June, according to Bloomberg-compiled
data.  That includes three more interest payments due this month on
dollar notes.

Sunac previously showed a willingness to repay its debt with share
placements in recent months and a loan from its founder, according
to Bloomberg Intelligence analyst Daniel Fan. Still, a potential
default "could lead to dimmer prospects for Chinese developers as
sentiment has already been weakened by the Shanghai lockdown and
China's widespread Covid outbreak," he said.

Bloomberg says the company recently won bondholder approval for an
18-month repayment extension involving a unit's CNY4 billion ($628
million) note. Chinese developers have been rushing to delay
payments and avoid imminent default, as offshore refinancing
channels effectively remain shut for many firms and home sales
continue to decline sharply, Bloomberg notes.

                         About Sunac China

Sunac China Holdings Limited (SEHK:1918) --
http://www.sunac.com.cn/-- is principally engaged in the sales of
properties in the People's Republic of China. The Company operates
its business through two segments: Property Development and
Property Management and Others. The Company's subsidiaries include
Sunac Real Estate Investment Holdings Ltd., Qiwei Real Estate
Investment Holdings Ltd. and Yingzi Real Estate Investment Holdings
Ltd.

As reported in the Troubled Company Reporter-Asia Pacific on March
28, 2022, Fitch Ratings has downgraded China-based
property-developer Sunac China Holdings Limited's Issuer Default
Rating (IDR) to 'CC', from 'B-', and the senior unsecured rating
and outstanding senior unsecured notes to 'CC', from 'B-', with a
Recovery Rating remaining at 'RR4'. All ratings have been removed
from Rating Watch Negative, on which they were placed in March 2022
amid poor capital-market access and worsening market confidence.

The downgrade reflects Sunac's narrowing margin of safety for
refinancing capital-market maturities. Fitch believes Sunac has to
address around CNY17 billion in maturities by the end of 2022 and
also faces mounting offshore debt repayments due to the
acceleration of principal repayments . Debt repayments hinge on
large asset disposals and the successful refinancing or extension
of bank and trust loans. The downgrade also reflects Sunac's
deteriorating financial transparency, as the company says it will
not publish its audited 2021 results by the deadline at end-March
2022.

As reported in Troubled Company Reporter-Asia Pacific in January
2022, S&P Global Ratings lowered its long-term sovereign credit
rating on Sri Lanka to 'CCC', from 'CCC+' previously. The outlook
is negative. At the same time, S&P affirmed its 'C' short-term
credit rating.

The negative outlook reflects S&P's expectation that Sri Lanka's
external financial position will deteriorate further over the
coming quarters. This would affect Sri Lanka's ability to service
its debt over the next 12 months.


YINCHUAN TONGLIAN: Fitch Lowers LT IDRs to 'BB+', Outlook Neg.
--------------------------------------------------------------
Fitch Ratings has downgraded China-based Yinchuan Tonglian Capital
Investment Operation Co., Ltd.'s (YCTL) Long-Term Foreign- and
Local-Currency Issuer Default Ratings (IDRs) to 'BB+' from 'BBB-'.
The Outlook is Negative. Fitch has also downgraded YCTL's USD300
million 4.45% senior unsecured bonds due 2023 to 'BB+' from
'BBB-'.

The downgrade follows a revision in Fitch's assessment of YCTL's
financial implications of default to 'Strong' from 'Very Strong'
under Fitch's Government-Related Entities Rating Criteria, leading
to a lower government-related entity (GRE) score. This reflects
YCTL's decreasing flexibility in refinancing debt and tight funding
conditions in the region.

The government may continue to have a high incentive to provide
extraordinary support in the event of distress, considering YCTL's
policy role as the largest integrated city operator in Yinchuan and
the contagion risk for the refinancing of similar policy-driven
GREs. The Negative Outlook reflects Fitch's expectations YCTL will
continue to operate in a tightened funding environment in the next
six-12 months, which may lead to a further reassessment of its key
rating drivers.

KEY RATING DRIVERS

'Strong' Financial Implications of Default: Fitch's assessment of
this attribute was lowered to 'Strong' from 'Very Strong' as YCTL's
access to market funding appears to be weakened by the tighter
funding environment in China's less-developed regions, notably the
north-west. This is reflected in the higher funding cost of its
recent onshore bond issuance and price volatility in its publicly
traded bonds. It may have to turn to government-arranged funding to
repay part of its CNY4.2 billion debt maturing in April to December
2022.

YCTL remains a key municipal GRE tasked with raising funds and
implementing government policies and mandates, which underpins the
'Strong' assessment, although continued challenges in its capital
market access may indicate that the market perception of the
implications of a default has worsened.

'Strong' Status, Ownership and Control: YCTL is a major GRE wholly
owned by the Yinchuan State-owned Assets Supervision and
Administration Commission. The municipal government appoints the
board of directors, YCTL's highest decision-making body. The
government maintains control and oversight of YCTL's management
appointments and operations. Major company events, including M&A,
disposals, strategic developments and major capex, require
government approval.

The disciplinary warning from China's National Association of
Financial Market Institutional Investors for regulatory disclosure
breaches in March 2021 reveals weaknesses in YCTL's corporate
governance and the government's control and supervision of its
senior management and operational compliance.

'Moderate' Support Record: YCTL said it received CNY1.3 billion in
fiscal subsidies in 2021 to support its policy business. The
Yinchuan government indicated it has strong incentive to ensure the
timely repayment of YCTL's debt as it is a core policy GRE, with
plans to set up a bailout fund of up to CNY5 billion to provide
liquidity support to its GREs; CNY500 million is already in place.
Fitch believes the government's move shows strong support
incentive, but it faces execution risk in mobilising fiscal and
financial resources.

The government is planning further asset restructuring and
injections, including land use rights, and concession rights for
public utility and infrastructure development. Fitch thinks these
measures may enhance YCTL's asset quality and cash-generating
ability in the long term, but the extent to which they may improve
its refinancing ability in the short term remains unclear. Fitch
did not assess the support record as higher than 'Moderate' because
the size of the support is insufficient relative to its weakened
liquidity profile.

'Moderate' Socio-Political Implications of Default: YCTL
consolidates and manages policy businesses essential to public
welfare, including utilities, public transportation and urban
development. Its businesses are of high political priority for the
local government and part of an established service infrastructure,
which means it is likely to be mandated to continue offering the
services even after a default. The government can appoint other
public or private companies in the region to provide some of the
services if necessary; therefore, any disruption may be temporary
and have only a moderate effect.

Standalone Credit Profile Revision: YCTL has a negative liquidity
cushion due to the weakened market access and limited liquidity
sources for its short-term debt repayment. Fitch therefore lowered
the Standalone Credit Profile to 'b-' from 'b'. Its SCP is
predominantly driven by Fitch's 'Weaker' assessment of the
financial profile, as Fitch forecast its net debt/EBITDA will stay
at around 22x in 2021-2025, in line with that of 'b+' peers.
However, the SCP is lower due to Fitch's negative assessment of its
management, governance and information quality, which was reflected
in the previous 'b' SCP.

Revenue defensibility is assessed as 'Weaker' to reflect YCTL's
limited pricing autonomy on its public-welfare businesses and
geographical concentration risk, despite steady user demand because
of Yinchuan's urbanisation and stable population base. Its
operating risk is assessed as 'Midrange' due to well-identified
cost drivers, and an adequate supply of resources and labor.

DERIVATION SUMMARY

YCTL's total GRE score declined to 22.5 from 32.5 under Fitch's GRE
criteria, based on 'Strong' status, ownership and control,
'Moderate' support record, 'Moderate' socio-political implications
of default and a revision in the financial implications of default
from 'Very Strong' to 'Strong'.

YCTL's ratings also take into consideration the SCP, with revenue
defensibility assessed at 'Weaker', operating risk assessed at
'Midrange' and the financial profile assessed at 'Weaker'. Fitch's
negative assessment of the company's management and governance and
information quality factor in the asymmetric risk consideration and
its negative liquidity cushion result in the two-notch lowering of
the SCP.

RATING SENSITIVITIES

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

-- Improvement in Fitch's perception of the Yinchuan government's
    ability to provide subsidies, grants or other legitimate
    resources allowed under China's policies and regulations;

-- Improved capital market access may result in a revision of its
    Outlook back to Stable;

-- Substantial improvement in the SCP, although this is less
    likely.

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

-- Deterioration in Fitch's perception of the Yinchuan
    government's ability to provide subsidies, grants or other
    legitimate resources allowed under China's policies and
    regulations;

-- Further weakening in its capital market access, leading to a
    lower assessment of the financial implications of a default,
    may result in a bottom-up rating approach;

-- Deterioration in YCTL's SCP or the liquidity position.

-- Any change in YCTL's IDRs will result in a similar change in
    the rating of the bond.

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.

ISSUER PROFILE

YCTL is mandated to carry out urban development and capital
operations in Yinchuan. Its core policy business is in
infrastructure construction, liquefied natural gas sales and public
transportation. YCTL, as a capital operator, also has property
developments, and book and commodity sales.

ESG CONSIDERATIONS

YCTL has an ESG Relevance Score of '4' for Financial Transparency
due to weakness in its disclosure process, which 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.

ZOOMLION HEAVY: S&P Affirms 'BB-' ICR & Alters Outlook to Stable
----------------------------------------------------------------
S&P Global Ratings, on April 13, 2022, revised its rating outlook
on Zoomlion Heavy Industry Science and Technology Co. Ltd. to
stable from positive and affirmed the 'BB-' long-term issuer credit
rating on the company. S&P also affirmed its 'BB-' long-term issue
rating on the senior unsecured notes the company guarantees.

S&P said, "The stable outlook reflects our expectation that
Zoomlion could remain among the top-three in China's construction
machinery industry over the next 12-24 months. The company will
maintain a broadly stable adjusted debt (including off-balance
sheet debt-like obligations) and adequate liquidity, in our view.

"We expect Zoomlion's top-line to drop by 5%-10% annually over the
next 24 months. The sales downcycle for the China construction
machinery sector will likely continue in 2022-2023 as a multi-year
upcycle absorbed demand. The sector saw a boom from the second half
of 2016 to early 2021. Zoomlion tripled its revenue to more than
RMB60 billion in 2020 and 2021 when compared with the previous
trough. The sector benefitted from rising replacement need,
emission upgrade, fleet-size expansion on government's overloading
and oversize controls, as well as supportive construction demand.
Industry sales started to drop in mid-2021, and further plunged by
40%-50% in the first quarter of 2022 exacerbated by the resurgence
in the COVID-19 pandemic in the country.

"The structural negatives for the construction sector will likely
continue for several years considering the macroeconomic
challenges. However, we believe the government will likely
stimulate infrastructure construction to help stabilize growth this
year, and modestly ease property controls. These steps should help
the year-on-year (YoY) trend in sector sales improve sequentially
from the second quarter of 2022, with the YoY decline narrowing to
an estimated 10%-20% for the full year.

"Zoomlion's volume loss will likely be more modest than the
industry, given its competitive products, expanding portfolio, and
large scale. We estimate its revenue could reach RMB55
billion-RMB62 billion in 2022-2023, compared with RMB65
billion-RMB67 billion in 2020-2021.

"Macroeconomic headwinds would continue to weigh on Zoomlion's
profitability. The company will need to navigate waning demand,
supply chain woes, and pandemic-related uncertainties. We forecast
its adjusted EBITDA margin will edge down to 10%-11% in 2022,
compared with 11.4% in 2021 and 12.5%-13.5% in 2018-2020. Surging
commodity prices, an unfavorable change in the product mix, and
rising logistics costs resulted in a 5 percentage-point erosion in
Zoomlion's gross margin in 2021. The company's stringent control
over selling, and administrative expenses, lower net receivables
provision, and higher subsidy moderated the drop in operating
margin.

"We expect the price of steel, a key input for manufacturing of
construction machinery, to stabilize in 2022, with the average
price 10%-20% below 2021 levels. This, coupled with higher import
substitution of component, will likely help Zoomlion absorb
pressure from volume and other supply-chain headwinds. Its gross
margin should therefore stabilize, albeit at the relatively low
level.

"Meanwhile, tough macroeconomic conditions will likely squeeze the
financial capability of some customers, leading to moderately
higher overdue risks for Zoomlion. We believe the company may need
higher provisioning; we factor in a RMB1.7 billion-RMB2.0 billion
receivables and inventory provision in 2022, compared with RMB1.8
billion in 2020 and RMB0.7 billion in 2021. With pandemic
disruptions and supply chain challenges likely to gradually
subside, Zoomlion's EBITDA margin may recover moderately to 11%-12%
in 2023.

"Zoomlion's adjusted debt will likely remain broadly stable in
2022-2023. We forecast the company's debt-to-EBITDA ratio will
increase to 3.7x-4.0x in the next 12-24 months, from 3.5x in 2021,
with adjusted debt largely stable at about RMB25 billion and a
modest contraction in EBITDA. Operating cash flow will likely
improve slightly to RMB3 billion-RMB4 billion in 2022, still lower
than 2018-2020 levels. While Zoomlion's operating cash collection
rose by RMB10 billion in 2021, net operating cash inflow weakened
by more than RMB4 billion, mainly due to accelerated cash
settlement with suppliers. We anticipate the working capital
outflow will reduce moderately on lower credit sales and
normalizing payment.

"We also anticipate that Zoomlion's capital expenditure (capex)
will remain high at RMB3 billion-RMB4 billion in 2022-2023,
compared with RMB2.9 billion in 2021, as the company continues to
construct relocated plants and upgrade capacity for some new
products. Government relocation subsidy and proceeds from equity
placement in 2021 could help fund the spending.

"We continue to view Zoomlion's external guarantee for credit sales
and receivables financing as borrowings in lieu of debts. With
lower sales, the guarantees should stabilize at RMB11 billion.
Considering the volatility in interest rates, we have factored in
RMB7 billion-RMB8 billion receivables financing annually in
2022-2023, largely on par with the 2020 level and below 2021's peak
of RMB11 billion. Still, with RMB7 billion bonds maturing this
year, the company's liquidity buffer will likely be moderately
lower than last year.

"Zoomlion's could tolerate small-scale acquisitions while
maintaining the current rating. We have assumed RMB2 billion of
such investments during 2022-2023. That said, we see no notable
short-term synergy between the company and its recently announced
acquisition target Shenzhen Roadrover Technology Co. Ltd.

"The stable outlook reflects our expectation that Zoomlion could
remain among the top-three in China's construction machinery
industry over the next 12-24 months despite industry headwinds and
macroeconomic uncertainties. We anticipate the company could keep
its adjusted debt broadly stable, with the debt-to-EBITDA ratio
below 4x in 2022-2023. Zoomlion will continue to maintain effective
risk management on credit sales and have adequate liquidity, in our
view."

S&P may lower the rating on Zoomlion if the company's
debt-to-EBITDA ratio exceeds 4x for an extended period. This could
happen due to:

-- Sales or margin that are weaker than S&P expects because of
deteriorating demand or exacerbating cost pressure;

-- Worsening customer creditworthiness, causing significant delays
in receivables collection or much higher provision than S&P factors
in; or

-- Large debt-funded acquisitions or capex that are much higher
than our base-case assumptions.

S&P may raise the rating if Zoomlion maintains a prudent financial
policy and reduces its debt-to-EBITDA ratio to below 3x in a
sustainable manner. This could happen if:

-- The company manages to generate healthy free cash flows by
further strengthening its market position, with substantial growth
in revenue and profit; and

-- It implements effective risk management without significantly
relaxing its commercial terms for credit sales.

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

S&P said, "ESG factors have no material influence on our credit
rating analysis of Zoomlion. As a construction machinery producer,
Zoomlion faces increasingly stringent regulations on greenhouse gas
emissions and fuel efficiency. We believe Zoomlion is well
positioned to meet these requirements owing to its solid technology
capability and rising spending on research and development. The
company has also launched pure electric prototypes of key
products."




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CHINA CITIC: Moody's Assigns Ba2(hyb) Rating to New AT1 Securities
------------------------------------------------------------------
Moody's Investors Service has assigned a Ba2 (hyb) preferred stock
rating to China CITIC Bank International Limited's proposed
USD-denominated, undated, non-cumulative and subordinated
Additional Tier 1 (AT1) capital securities with non-viability loss
absorption features. Distributions may be cancelled in full or in
part on a non-cumulative basis at the issuer's discretion or
mandatorily in the case of 1) insufficient distributable reserves
or 2) the Monetary Authority's direction.

The AT1 capital securities will be drawn down under the USD3
billion Medium Term Note program of China CITIC Bank International
Limited.

The rating is subject to the receipt of final documentation, the
terms and conditions of which are not expected to change in any
material way from the draft documents that Moody's has reviewed.

RATINGS RATIONALE

The assigned Ba2 (hyb) rating is in line with China CITIC Bank
International Limited's foreign currency pref.stock non-cumulative
rating, and reflects the structure of the issuance. The AT1 capital
securities constitute direct, unsecured and subordinated
obligations of the bank and will at all times rank pari passu and
without any preference among themselves. China CITIC Bank
International Limited's pref.stock non-cumulative rating reflects:
(1) the bank's Baseline Credit Assessment (BCA) and Adjusted BCA of
baa2; (2) Moody's Advanced Loss Given Failure (LGF) analysis,
resulting in a position that is three notches below the bank's
Adjusted BCA; and (3) Moody's assumption of a low probability of
government support for loss-absorbing instruments, resulting in no
uplift.

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

Moody's could upgrade the rating on China CITIC Bank International
Limited's AT1 securities if Moody's upgrades the bank's BCA and
Adjusted BCA.

Given that China CITIC Bank International Limited's BCA is already
three notches above that of its parent, China CITIC Bank
Corporation Limited (Baa2 stable, ba2), an upgrade of the bank's
BCA is unlikely unless the parent's BCA is upgraded.

Moody's could downgrade the bank's AT1 securities rating if Moody's
downgrades China CITIC Bank International Limited's BCA and
Adjusted BCA.

Moody's could downgrade the bank's BCA if the bank's asset-quality
metrics deteriorate significantly, with its impaired loan ratio
rising above 4.0%; its capitalization falls significantly, with its
tangible common equity (TCE)/risk-weighted assets (RWA) falling
below 11.0%; or the operating environment in Hong Kong SAR, China
(Aa3 stable) and mainland China (A1 stable) weakens significantly
because of the ongoing impact of the pandemic.

PRINCIPAL METHODOLOGY

The principal methodology used in this rating was Banks Methodology
published in July 2021.

China CITIC Bank International Limited is headquartered in Hong
Kong SAR, China and reported total assets of HKD417.5 billion as of
the end of 2021.




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

AAI KRUPA: ICRA Keeps D Debt Ratings in Not Cooperating Category
----------------------------------------------------------------
ICRA has retained the ratings for the bank facilities of Aai Krupa
Cotton Industries in the 'Issuer Not Cooperating' category. The
rating is denoted as "[ICRA]D; ISSUER NOT COOPERATING".

                    Amount
   Facilities     (INR crore)    Ratings
   ----------     -----------    -------
   Long-term–         1.70       [ICRA]D; ISSUER NOT
COOPERATING;
   Fund based                    Rating Continues to remain under
   Term Loan                    'Issuer Not Cooperating'
                                 Category

   Long-term–         5.00       [ICRA]D; ISSUER NOT
COOPERATING;
   Fund based                    Rating Continues to remain under
   Cash Credit                   '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 but 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 as a partnership firm in 2013, Aai Krupa Cotton
Industries (AKCI) is engaged in cotton ginning and pressing
operations. The promoters of the firm have moderate experience in
cotton ginning and pressing industry by virtue of their earlier
association with other firms as partners or as key operating
personnel in past. The firm commenced its commercial operations
from November 2013 at its manufacturing unit at Tankara, Dist.
Rajkot with 20 ginning machines and 1 pressing machine. It has an
installed processing capacity of ~37 MT raw cotton daily (assuming
24 hours of operation per day).


BHARAT IRON: ICRA Keeps B+ Debt Ratings in Not Cooperating
----------------------------------------------------------
ICRA has retained the ratings for the bank facilities of Bharat
Iron Syndicate in the 'Issuer Not Cooperating' category. The rating
is denoted as "[ICRA]B+(Stable)/[ICRA]A4; ISSUER NOT COOPERATING".

                     Amount
   Facilities      (INR crore)     Ratings
   ----------      -----------     -------
   Long Term-          9.00        [ICRA]B+ (Stable) ISSUER NOT
   Fund Based-                     COOPERATING; Rating continues
   Cash Credit                     to remain under 'Issuer Not
                                   Cooperating' category

   Long Term-          2.00        [ICRA]B+ (Stable) ISSUER NOT
   Fund Based-                     COOPERATING; Rating continues
   Term Loan                       to remain under 'Issuer Not
                                   Cooperating' category

   Short Term-         5.00        [ICRA]A4; ISSUER NOT
   Non-Fund Based                  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 but 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 1975 by Mr. Nanakchand Mediratta, BIS is engaged in
trading of mild steel products. Currently the firm is managed by
Mr. Vinay Mediratta (Son of Mr. Nanakchand Mediratta). Products
supplied by BIS include CR and HR sheets and coils, TMT bars, HR
plats, MS flats, MS angles and, MS channels, etc. BIS is the
authorised distributor of JSW Steels Limited for western region of
Maharashtra for CR & HR Sheets and coils, TMT bars and galvanized
products. The firm supplies to over 100 customers currently who are
vendors of automobile OEMs like Tata Motors Limited, Bajaj Auto
Limited and Mahindra & Mahindra Limited. The firm also caters to
needs of other industries like construction equipments,
construction, general engineering, power etc.


DAVINDER EXPORTS: CARE Lowers Rating on INR16.50cr Loan to B
------------------------------------------------------------
CARE Ratings has revised the ratings on certain bank facilities of
Davinder Exports (DE), as:

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank       16.50      CARE B; ISSUER NOT COOPERATING
   Facilities                      Rating continues to remain
                                   under ISSUER NOT COOPERATING
                                   category and Revised from
                                   CARE BB-; Stable

   Short Term           2.00       CARE A4; ISSUER NOT
   Bank 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 18,
2021, placed the rating(s) of DE under the 'issuer non-cooperating'
category as DE 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. DE continues to be
non-cooperative despite repeated requests for submission of
information through e-mails, phone calls and a letter/email dated
January 4, 2022, January 14, 2022, January 24, 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 DE have been revised
on account of non-availability of requisite information.

Davinder Exports (DE) is a partnership firm established in the year
1997 and engaged in the manufacturing and export of collared and
polo neck T-shirts. The firm has its manufacturing facilities at
Ludhiana, Punjab, and is promoted by Mr. Baldev Singh and Mr.
Davinder Singh who have been associated with DE for about 15 years.
DE is an export-oriented firm with majority of its income being
derived from exports to various Middle East countries including
Kuwait, UAE, etc., under the brand name, 'Sandhu'.


DHAMMANAGI DEVELOPERSS: Insolvency Resolution Process Case Summary
------------------------------------------------------------------
Debtor: Dhammanagi Developerss Private Limited

        Registered office:
        No. 137, Railway Parallel Road
        Kumara Park West, Bengaluru
        Karnataka 560020

        Corporate office:
        5th Floor, 29/4, Trade Centre
        Racecourse Road, Bengaluru
        Karnataka 560001

Insolvency Commencement Date: April 6, 2022

Court: National Company Law Tribunal, Bengaluru Bench

Estimated date of closure of
insolvency resolution process: October 2, 2022
                               (180 days from commencement)

Insolvency professional: Vinay Mruthyunjaya

Interim Resolution
Professional:            Vinay Mruthyunjaya
                         # 8, VK Commerce, 3rd Floor
                         3rd Main Road, KSSIDC
                         Rajajinagar Industrial Estate
                         Bengaluru, Karnataka 560010
                         E-mail: vinay@vkca.com
                                 cirp.dhammanagi@gmail.com

Classes of creditors:    Home Buyers

Insolvency
Professionals
Representative of
Creditors in a class:    T Narayana Swamy
                         G.S. Narasimha Prasad
                         Nagendra Bhat Katapadi

Last date for
submission of claims:    April 19, 2022


ECOTECH ENTERPRISE: Insolvency Resolution Process Case Summary
--------------------------------------------------------------
Debtor: Ecotech Enterprise Private Limited
        Sugandha Polba
        Kolkata Hooghly
        WB 712102
        India

           - and –

        5A, Robinson Street
        Kolkata 700017
        West Bengal

Insolvency Commencement Date: April 1, 2022

Court: National Company Law Tribunal, Kolkata Bench

Estimated date of closure of
insolvency resolution process: September 28, 2022

Insolvency professional: Chhedi Rajbhar

Interim Resolution
Professional:            Chhedi Rajbhar
                         40, Strand Road
                         Model House
                         2nd Floor, Room No. 49
                         Kolkata 700001
                         E-mail: crajbharco.ca@gmail.com
                                 ecotech.cirp@gmail.com

Last date for
submission of claims:    April 15, 2022


ESSEL GREEN: CARE Keeps D Debt Rating in Not Cooperating
--------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Essel Green
Energy Private Limited (EGEPL) continues to remain in the 'Issuer
Not Cooperating ' category.

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank      100.00      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 22,
2021, placed the rating(s) of EGEPL under the 'issuer
non-cooperating' category as EGEPL 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. EGEPL continues to be noncooperative despite
repeated requests for submission of information through e-mails,
phone calls and a letter/email dated December 8, 2021, December 18,
2021, December 28, 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).

Incorporated in September 2013, EGEPL is promoted by Essel
Infraprojects Limited (EIL, holds 100%, rated CARE D; Issuer Not
Cooperating). EGEPL is the holding company for the solar portfolio
of the Essel Group. The company provides Operation & Maintenance
(O&M) services to the projects of the Essel Group.


GOUR NITYE: ICRA Withdraws B+ Rating on INR3.30cr Cash Loan
-----------------------------------------------------------
ICRA has withdrawn the ratings assigned earlier to the bank
facilities of Gour Nitye Tea & Industries Limited (GNTIL) based on
the company's request and the no-objection certificate received
from the banker in accordance with ICRA's policy on withdrawal of
credit ratings. However, ICRA does not have information to suggest
that the credit risk has changed since the time the rating was last
reviewed. The key rating drivers, liquidity position, rating
sensitivities, key financial indicators have not been captured as
the rated instruments are being withdrawn.  

                    Amount
   Facilities     (INR crore)    Ratings
   ----------     -----------    -------
   Fund Based–  
   Term Loans         2.92       [ICRA]B+ (Stable); Withdrawn

   Fund Based–
   Cash Credit        3.30       [ICRA]B+ (Stable); Withdrawn

   Unallocated
   Limit              1.28       [ICRA]B+ (Stable)/[ICRA]A4;
                                 Withdrawn

GNTIL was incorporated in 1912 and has a tea garden in Darrang
district, Assam. The company produces both crush-tear-curl (CTC)
and green tea, which are sold in the domestic market through a mix
of auction and private sales depending upon market conditions.
GNTIL is a part of the Kalyani Group based in West Bengal. The
Group operates four tea estates in Assam and West Bengal under four
different companies, namely GNTIL, Gurjangjhora Tea And Industries
Limited, SRK Tea Processing Industries Limited and Saraswatipur Tea
& Industries Limited.

GURJANGJHORA TEA: ICRA Withdraws B Rating on INR3.50cr Cash Loan
----------------------------------------------------------------
ICRA has withdrawn the ratings assigned earlier to the bank
facilities of Gurjangjhora Tea And Industries Limited based on the
company's request and the no-objection certificate received from
the banker in accordance with ICRA's policy on withdrawal of credit
ratings. However, ICRA does not have information to suggest that
the credit risk has changed since the time the rating was last
reviewed. The key rating drivers, liquidity position, rating
sensitivities, key financial indicators have not been captured as
the rated instruments are being withdrawn.  

                    Amount
   Facilities     (INR crore)    Ratings
   ----------     -----------    -------
   Fund Based–        2.98       [ICRA]B (Stable); Withdrawn
   Term Loans         

   Fund Based–        3.50       [ICRA]B (Stable); Withdrawn
   Cash Credit        

   Unallocated        3.52       [ICRA]B (Stable)/[ICRA]A4;
   Limit                         Withdrawn

The company's tea estate was earlier under Gurjangjhora Tea Company
Limited (incorporated in 1882), which was renamed and incorporated
as Gurjangjhora Tea And Industries Limited (GTIL) in 1980. Its tea
garden is located in Jalpaiguri, West Bengal. The company produces
both crush-tear-curl (CTC) variety of tea and green tea, which are
sold in the domestic market through a mix of auction and private
sales. GTIL is a part of the Kalyani Group based in West Bengal.
The Group operates four tea estates in West Bengal and Assam under
four different companies namely GTIL, Saraswatipur Tea & Industries
Limited, Gour Nitye Tea & Industries Limited and SRK Tea Processing
Industries Limited.

JAGDAMBA POULTRY: CARE Keeps D Debt Rating in Not Cooperating
-------------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Shree
Jagdamba Poultry Private Limited (SJPPL) continues to remain in the
'Issuer Not Cooperating' category.

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank       11.50      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 February 5,
2021, placed the rating(s) of SJPPL under the 'issuer
non-cooperating' category as SJPPL 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. SJPPL continues to be non-cooperative despite
repeated requests for submission of information through e-mails,
phone calls and a letter/email dated December 22, 2021, January 1,
2022, January 11, 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).

Nagpur, Maharashtra based, SJPPL was incorporated in 2001 as a
private limited company by Mr. Rakesh Singh and Ms. Nutan Rakesh
Singh, and is engaged in poultry farming business and trading of
agro products like paddy, maize, wheat, rice, soyabean, animal and
poultry feed amongst others.

MAA VAISHNO: ICRA Keeps B Debt Ratings in Not Cooperating
---------------------------------------------------------
ICRA has retained the ratings for the bank facilities of Maa
Vaishno Edibles Private Limited in the 'Issuer Not Cooperating'
category. The rating is denoted as "[ICRA]B (Stable)/[ICRA]A4;
ISSUER NOT COOPERATING".


                     Amount
   Facilities      (INR crore)     Ratings
   ----------      -----------     -------
   Long Term-          1.95        [ICRA]B (Stable) ISSUER NOT
   Fund Based-                     COOPERATING; Rating continues
   Term Loan                       to remain under 'Issuer Not
                                   Cooperating' category

   Long Term-          4.00        [ICRA]B (Stable) ISSUER NOT
   Fund Based-                     COOPERATING; Rating continues
   Cash Credit                     to remain under 'Issuer Not
                                   Cooperating' category

   Long Term/          1.27        [ICRA]B (Stable)/[ICRA]A4;  
   Short Term-                     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 but 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.

MVEPL is engaged in the business of milling and sorting of
Non-Basmati Rice. The company was incorporated in FY2013. The
installed capacity of the unit is 8 tons/hour which is located at
Bhagaura District Gorakhpur (U.P.). The Company mainly exports to
Nepal. The company sells under its brand 'Siddhibhog'.


MADHUSUDAN DEVELOPERS: CARE Withdraws D Rating on LT Bank Loan
--------------------------------------------------------------
CARE Ratings Ltd has reaffirmed and withdrawn the outstanding
rating of 'CARE D' assigned to the bank facilities of Madhusudan
Developers (MSD), with immediate effect. The above action has been
taken at the request of MSD and 'No Objection Certificate' received
from the bank that have extended the facilities rated by CARE
Ratings Ltd.

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank        -         Reaffirmed at CARE D and
   Facilities                      Withdrawn

Detailed description of the key rating drivers

Key Rating Weaknesses

* Irregularity in debt servicing obligations: There were delays in
debt servicing obligations in the term loan account for more than
14 days as on February 15, 2022.

Surat (Gujarat) based, Madhusudan Developers (MSD) was established
as a partnership firm in March 2015 by partners Mr. Vikram Jilaria,
Mr. Ramdev Kandoria, Mr. Mahendra Jilaria, Mr. Bharat Maru, Mr.
Rajiv Jain. MSD is presently undertaking project of construction of
Residential Project named "Mahavir Greens" at Surat. Initially
project comprises plan for construction of 42 residential flats
with a project cost of INR22.47 crore. However, MSD's revised plan
consists of construction of 52 flats (26 4BHK flats and 26 3BHK)
involving total saleable area of 74066 Square feet. Mahavir Greens,
a residential project comprises of 2 multistoried building with 'A'
wing of 13 floors and 'B' wing of 13 floors. The project
implementation commenced in September 2017 and completed during May
2021 with total project cost of INR32 crore which is funded through
partners' capital of INR5.23 crore, INR9.85 crore of term loan,
INR2.62 crore of unsecured loans and remaining INR14.30 crore
through advances from customers. Till February 03, 2022 MSD has
received booking advances of INR25.50 crore for 45 units booked.


MENOKA TEA: ICRA Withdraws B Rating on INR4.98cr LT Loan
--------------------------------------------------------
ICRA has withdrawn the ratings assigned to the bank facilities of
Menoka Tea Estate Private Limited at the request of the company and
based on the No Objection Certificate (NOC) received from its
banker. However, ICRA does not have information to suggest that the
credit risk has changed since the time the rating was last
reviewed. The Key Rating Drivers, Liquidity Position, Rating
Sensitivities, Key financial indicators have not been captured as
the rated instruments are being withdrawn.

                     Amount
   Facilities      (INR crore)     Ratings
   ----------      -----------     -------
   Long Term-          4.98        [ICRA]B (Stable) ISSUER NOT
   Fund Based-                     COOPERATING; Withdrawn
   Working Capital                 

   Long Term-          1.60        [ICRA]B (Stable); ISSUER NOT
   Fund Based                      COOPERATING; Withdrawn
   Overdraft Limit     
                                   
   Long Term/          5.63        [ICRA]B (Stable)/[ICRA]A4;
   Short Term                      ISSUER NOT COOPERATING;
   Unallocated                     Withdrawn

Incorporated in 1958, Menoka Tea Estate (MTEPL) has a long track
record of operations in tea business and is currently led by Mr.
Roy and his family members. The company has one garden, Menoka tea
estate, located in Baksa district in Assam with a processing
capacity of 0.60 million kg of tea. MTEPL primarily produces
orthodox variety of tea.

PHF LEASING: ICRA Withdraws MB+ Rating on INR4.65cr Debt
--------------------------------------------------------
ICRA has withdrawn the ratings on certain bank facilities of PHF
Leasing Limited (PHFL), as:

                    Amount
   Facilities     (INR crore)    Ratings
   ----------     -----------    -------
   Fixed Deposit
   Programme          4.65       MB+ (Stable); withdrawn

Rationale

The rating outstanding of MB+ (Stable) for the fixed deposit
programme of PHFL has been withdrawn at the company's request as
there is no amount outstanding against the rated public deposits.
This is in accordance with ICRA's policy on the withdrawal of
credit ratings. ICRA does not have information to suggest that the
credit risk has changed since the time the rating was last
reviewed. The key rating drivers, liquidity position, and rating
sensitivities have not been captured as the rated instrument is
being withdrawn.  

PHFL is a public limited company based out of Jalandhar, Punjab. It
was incorporated on July 20, 1992 under the Companies Act, 1956.
Its shares are listed on Metropolitan Stock Exchange of India
Limited. As on March 31, 2021, the company had operating branches
in Jalandhar, Batala, Amritsar, Kapurthala, Ferozpur, Tarn Taran
and Ludhiana in Punjab. PHFL is primarily engaged in the financing
of all types of two-and-three wheelers and commercial vehicles and
it started providing loan against property (LAP), micro, small and
medium enterprise (MSME) loans, etc, recently.

In FY2021, the company reported a net loss of INR0.5 crore on an
asset base of INR33.3 crore as on March 31, 2021 compared to a net
loss of INR0.08 crore in FY2020 on an asset base of INR13.1 crore
as on March 31, 2020. For 9M FY2022, the company reported a net
profit of 0.75 crore on an asset base of INR48.67 crore as on
December 31, 2021.


PRASHANTH EDUCATIONAL: ICRA Keeps B+ Ratings in Not Cooperating
---------------------------------------------------------------
ICRA has retained the ratings for the bank facilities of Prashanth
Educational Society in the 'Issuer Not Cooperating' category. The
rating is denoted as "[ICRA]B+(Stable); ISSUER NOT COOPERATING".

                     Amount
   Facilities      (INR crore)     Ratings
   ----------      -----------     -------
   Long Term-          4.60        [ICRA]B+ (Stable) ISSUER NOT
   Fund Based-                     COOPERATING; Rating continues
   Term Loan                       to remain under 'Issuer Not
                                   Cooperating' category

   Long Term-          2.40        [ICRA]B+ (Stable) ISSUER NOT
   Unallocated                     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 but 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.

Registered in 2007, Prashanth Educational Society has three English
medium Schools, an international School and a business school under
its auspice. The institutions are located in Tirupati in Andhra
Pradesh. The society is promoted by Mr, V. Chandra Sekhar Reddy who
has more than three decades of experience in the education sector.


RELIANCE CAPITAL: Bankruptcy Process to be Delayed
--------------------------------------------------
Financial Express reports that the bankruptcy process of Reliance
Capital is likely to be delayed further over a confusion of
finalising resolution plans for its subsidiaries, which are
profit-making entities.

Apart from being profitable, these subsidiaries are
"well-capitalised" and have proper management teams running their
operations, FE says. As per the Insolvency and Bankruptcy Code
(IBC), resolution plans cannot be submitted for companies that are
not under financial stress, a source close to the development
said.

Under Reliance Capital's bankruptcy process, the bidders had two
options - either to bid for the entire assets of the company or one
or more of its clusters (subsidiaries). The subsidiaries are
Reliance General Insurance, Reliance Nippon Life Insurance,
Reliance Asset Reconstruction Company, Reliance Securities,
Reliance Commercial Finance and Reliance Home Finance.

Earlier this month, the RBI-appointed administrator received 55
bids as part of the ongoing insolvency proceedings, of which about
33 Expressions of Interest (EoIs) were for the clusters, FE notes.
The applicants included a consortium led by Piramal Group, Yes
Bank, Zurich Insurance Company, IndusInd International Holdings,
Jindal Power and Darwin Platform Group of Companies chairman Ajay
Harinath Singh, among others.

According to the report, the administrator, Committee of Creditors
(CoC) and their legal advisors have different opinions on inviting
bids for these profit-making entities, even though it is legally
tenable to accept financial bids for the entire assets of Reliance
Capital.

A suggestion by the lenders was that the bidders should form a
consortium and bid for Reliance Capital's entire assets, rather
than subsidiaries, FE says.

On his part, the administrator raised concerns on the methodology
for setting up a consortium and which company will be responsible
for implementing the scheme.

This confusion is leading to a delay in the finalisation of the
Request for Resolution Plan (RFRP) document, the source said,
adding, the CoC and administrator are yet to finalise the RFRP
document, FE relays. As per the original timeline, the RFRP was to
be issued by April 5.

FE relates that the administrator and CoC will now have to find a
solution to let companies place bids, which are compliant with IBC
rules, for individual clusters.

According to FE, Reliance Capital's resolution plan is already
delayed with the CoC planning to seek a 90-day extension to the
June 3 deadline. The lenders were planning to seek an extension as
the remaining nearly two months' time is not enough to complete the
entire insolvency process, that includes checking the books,
conducting due diligence, inviting financial bids and shortlisting
candidates, among others.

If approved, the lenders will get time until September 3 to close
the process, FE says.

                       About Reliance Capital

Headquartered in Mumbai, India, Reliance Capital Limited --
https://www.reliancecapital.co.in/ -- a non-banking financial
company, primarily engages in lending and investing activities in
India, Singapore, and Mauritius. The company operates through
Finance & Investment, General Insurance, Life Insurance, Commercial
Finance, Home Finance, and Others segments. It offers life, health,
and general insurance products; brokerage and distribution
services, including stock broking, wealth management, and third
party distribution; and commercial and home finance services, such
SME, retail, microfinance, renewable, affordable housing, and home
loans, as well as loans against property and construction finance.
The company also provides asset reconstruction, institutional
broking, and proprietary investments services, as well as other
financial and allied services. The company was formerly known as
Reliance Capital & Finance Trust Limited and changed its name to
Reliance Capital Limited in January 1995.

On Nov. 29, 2021, the Reserve Bank of India superseded Reliance
Capital's board following payment defaults and governance issues,
and appointed Nageswara Rao Y as the administrator for the
bankruptcy process, Financial Express said. The regulator also
filed an application for initiation of Corporate Insolvency
Resolution Process (CIRP) against the company before the National
Company Law Tribunal's (NCLT) Mumbai bench.

In an order dated Dec. 6, 2021 of the National Company Law
Tribunal, Mumbai (NCLT), corporate insolvency resolution process
has been initiated against Reliance Capital as per the provisions
of the Insolvency and Bankruptcy Code (IBC), 2016.

Reliance Capital owes its creditors over INR19,805 crore, majority
of the amount through bonds under the trustee Vistra ITCL India,
The Economic Times of India said.

In February this year, RBI appointed administrator invited EoIs for
sale of Reliance Capital assets and subsidiaries.


SANGA BUILDERS: CARE Keeps D Debt Ratings in Not Cooperating
------------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Sanga
Builders Private Limited (SBPL) continues to remain in the 'Issuer
Not Cooperating ' category.

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

   Short Term Bank      20.00      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 February 15,
2021, placed the rating(s) of SBPL under the 'issuer
non-cooperating' category as SBPL 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. SBPL
continues to be noncooperative despite repeated requests for
submission of information through e-mails, phone calls and a
letter/email dated January 1, 2022, January 11, 2022, January 21,
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).

Sanga Builders Private Limited (SBPL) was incorporated in 2007 by
Mr. Moinuddin Kagzi and Mr. Alimuddin Kagzi. The company is engaged
development of land and construction activity and generally
executes contracts for private players. SBPL also executes contract
of housing projects for Army Welfare Housing Organisation (AWHO).


SUDARSHAN BEOPAR: CARE Cuts Rating on INR16cr LT Loan to B
----------------------------------------------------------
CARE Ratings has revised the ratings on certain bank facilities of
Sudarshan Beopar Company Limited (SBCL), as:

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank      16.00       CARE B; Stable; ISSUER NOT
   Facilities                      COOPERATING; Rating continues
                                   To remain under ISSUER NOT
                                   COOPERATING category and
                                   Revised from CARE B+; Stable

Detailed Rationale & Key Rating Drivers

CARE Ratings Ltd. had, vide its press release dated January 22,
2021, placed the rating(s) of SBCL under the 'issuer
non-cooperating' category as SBCL 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. SBCL
continues to be non-cooperative despite repeated requests for
submission of information through e-mails, phone calls and a
letter/email dated December 8, 2021, December 18, 2021 and December
28, 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 SBCL have been
revised on account of non-availability of requisite information.
The ratings further consider decline in profitability margins as
well as leveraged capital structure during FY21.

West Bengal based Sudarshan Beopar Company Limited (SBCL)
incorporated in October 1979, was owned and controlled jointly by
Jain and Agarwal Family. Initially the company was promoted by Shri
Kashi Prasad Saraogi, Sudarshan Saraogi and Hazarimal Fatehpuria
and later in the year 2008, the management was changed to Mr.
Surendra Kumar Agarwal, Mr. Arun Kumar Maheshwari and Mr. Ankit
Jain. SBCL is engaged in flour milling activities with its
manufacturing facility located at Chandauli, Uttar Pradesh. The
company manufactures atta, maida, sooji and bran sells through
wholesalers and dealers with a processing capacity of 225 ton per
day (TPD). The company is under process of modernization of
existing manufacturing facilities along with expansion of capacity
of roller mill from existing 225 TPD to 350 TPD.

SWASTIK PIPE: CARE Withdraws B Long Term Bank Rating
----------------------------------------------------
CARE has reaffirmed and withdrawn the outstanding rating of 'CARE
B; Stable; Issuer not cooperating/CARE A4; Issuer not cooperating'
assigned to the bank facilities of Swastik Pipe Limited (SPL) 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;

                                   Stable; 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

Rating assigned to the bank facilities of SPL was constrained due
to the company's moderate scale of operation, leveraged capital
structure, weak debt coverage indicators and working capital
intensive nature of operations in FY21 (refers to period from April
1 to March 31). The ratings are further constrained on account of
the company's presence in the cyclical steel industry.

The ratings however draw comfort from the experience of the
promoters as well as improvement in its profitability in FY21. The
rating withdrawal is at the request of SPL and 'No Objection
Certificate' received from the banks that has extended the
facilities rated by CARE. Further SPL has also stated that it has
not availed the proposed facilities rated by CARE and hence also
requested the withdraw the rating for the same.

Detailed description of the key rating drivers

At the time of last rating of May 4, 2021 the following were the
rating weaknesses and strengths (updated based on information
available from client):

Key Rating Weaknesses

* Moderate scale of operation, Leveraged capital structure and weak
debt coverage: The scale of operation of SPL decreased over
previous year and remained moderate marked by total operating
income of INR523.84 crore in FY21 against INR658.07 crore in FY20.
With higher reliance on working capital borrowing, SPL's capital
structure remained leveraged marked by an overall gearing of 2.68x
as of March 31, 2021 as against 2.75x as of March 31, 2020. Whereas
debt coverage indicators improved marginally on the back of an
increase in absolute profitability and stable interest costs but
remained weak marked by interest coverage ratio of 1.29x in FY21 as
against 0.42x in FY20, whereas TD/GCA remained weak at 32 years on
the back of high overall debt vis-à-vis low cash accruals.

* Working capital intensive nature of business operations: SPL has
a working capital-intensive nature of business operations as
exhibited by operating cycle of 120 days. SPL has to maintain
adequate inventory levels led to elongation inventory holding days.
Further SPL has extending higher credit period to its customers led
to elongation in collation days. Hence, elongation in inventory
days with collection days led to elongation operating cycle in
FY21.

* Cyclicality associated with the steel industry: The steel
industry is sensitive to the shifting business cycles, including
changes in the general economy, interest rates and seasonal changes
in the demand and supply conditions in the market. Furthermore, the
value addition in the steel products like pipes and sheets is also
low, resulting into low product differentiation in the market. The
steel producers are essentially pricetakers in the market, which
directly expose their cash flows and profitability to volatility in
the steel prices.

Key Rating Strengths

* Experienced promoters and long track record of operations: The
company incorporated in 1973 and is promoted by Mr. D N Bansal,
Managing Director, who has an experience of more than 40 years in
the ERW pipes and CR sheet coil manufacturing business. The company
has marketing arrangement through dealer network of majorly in
northern India. SPL has two main divisions which is into
manufacturing of ERW pipes and CR Coil/strips. SPL has a reputed
client base spanning across India and abroad.

* Improvement in profitability: Despite a decline in TOI during
FY21, profitability of SPL improved with decrease in overall cost
during the year, marked by PBILDT margins of 5.62% improved from
1.84% in FY20. Resultantly with lower financial charges reported
during the year, SPL is able to report net profit in FY21 as
against net loss reported in FY20.

Swastik Pipe Limited (SPL) promoted by Mr. D N Bansal, was
incorporated in 1973 and is primarily engaged in the production of
ERW (Electric Resistance Wielded) pipes and CR Sheets & coils for
automobiles, infrastructure and water transportation purposes. SPL
has two manufacturing plants, each located in Bahadurgarh (Haryana)
and Kotwan (Uttar Pradesh) with installed capacity of 1, 25, 000
pipes and 2, 00, 000 MT of CR coils/ strips. The company
manufactures and sells its pipes in the domestic and export market
under the banner of T.T Swastik Brand. The company's product
portfolio includes black and galvanized steel tubes and pipes, CR
Coils, CR Sheets, HRPO coils, HRPO sheets.


VIVAAN SOLAR: CARE Lowers Rating on INR47.54cr LT Loan to B+
------------------------------------------------------------
CARE Ratings has revised the ratings on certain bank facilities of
Vivaan Solar Private Limited (VSPL), as:

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank      47.54       CARE B+; Stable; ISSUER NOT
   Facilities                      COOPERATING; Rating continues
                                   To remain under ISSUER NOT
                                   COOPERATING category and
                                   Revised from CARE BB-; Stable

   Long Term/          35.96       CARE B+; Stable/CARE A4;
   Short Term                      ISSUER NOT COOPERATING;
   Bank Facilities                 Rating continues to remain
                                   Under ISSUER NOT COOPERATING
                                   Category and Revised from
                                   CARE BB-; Stable/CARE A4

   Short Term          16.50       CARE A4; ISSUER NOT
   Bank 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 4,
2021, placed the rating(s) of VSPL under the 'issuer
non-cooperating' category as VSPL 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. VSPL
continues to be noncooperative despite repeated requests for
submission of information through e-mails, phone calls and a
letter/email dated January 18, 2021, February 2, 2022, March 28,
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 VSPL have been
revised on account of non-availability of requisite information.
The ratings also consider significant decline in scale of
operations and profitability.

Vivaan Solar Private Limited (VSPL) is a Gwalior based solar
engineering procurement and construction (EPC) company incorporated
in July 2010 by Mr. Prem Narayan Bansal, Mr. Deepak Bansal and Mr.
Amit Bansal. VSPL is a part of the Banco Group of MP which holds
51% equity in VSPL through its flagship company viz. Banco
Construction Pvt. Ltd. (BCPL). VSPL is also engaged in solar power
generation as an Independent Power Producer (IPP) and has a total
operational solar power generation capacity of 14.50 MW as of
October 2018.



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

SAWIT SUMBERMAS: S&P Cuts ICR to 'CCC' on Rising Refinancing Risk
-----------------------------------------------------------------
S&P Global Ratings, on April 13, 2022, lowered its issuer credit
rating on the Indonesia palm oil plantation PT Sawit Sumbermas
Sarana Tbk. (SSMS) to 'CCC' from 'CCC+'.

The negative outlook on S&P's rating on SSMS reflects the growing
refinancing risk and limited time to maturity of less than 12
months on SSMS' U.S. dollar-denominated bond.

The downgrade reflects that SSMS has yet to refinance its US$300
million bond, which matures in about nine months. S&P said, "This
is despite our understanding that the company has made significant
progress in discussions with major banks in Indonesia. However, we
believe the timing as to the execution and completion remains
uncertain."

Absent any external funding, SSMS is likely to face a material
deficit in liquidity despite elevated palm oil prices. S&P said,
"In our opinion, SSMS will not generate sufficient cash flows to
repay its upcoming US$300 million bond maturity in full. The
company reported a cash balance of Indonesia rupiah (IDR) 1.8
trillion as of Dec. 31, 2021. Meanwhile, we expect negative cash
flow generation to persist in 2022 due to continued financial
support to the parent, PT Citra Borneo Indah (CBI) and the
prospects of shareholder distributions."

S&P said, "We believe SSMS has been unable to reap the full
benefits of strong crude palm oil (CPO) prices because it sells the
bulk of its product to palm oil refining sister company PT Citra
Borneo Utama (CBU) rather than exporting it. As a result, the
company's realization of CPO has lagged benchmark CPO prices, which
in turn constrains SSMS' profitability. We also view this to be a
form of support SSMS provides to CBU. Supplying cheaper CPO results
in cheaper feedstock and higher spreads for CBU's refining
operations."

While internal transfer pricing is common among integrated palm oil
producers, CBU's operations are not consolidated under SSMS'
financial statements. This results in cash leakage for the rated
entity. As of Dec. 31, 2021, SSMS owns 32% of CBU, while parent
company CBI owns the remaining 68%.

S&P said, "We expect SSMS to depend on bank funding to refinance
its upcoming maturity because of its poor standing in debt capital
markets. While we believe that management has made significant
progress in the refinancing of its U.S. dollar-denominated bond,
the company has yet to execute on these plans. This comes after the
company announced plans in early 2021 to proactively refinance its
2023 bond maturity. This included obtaining shareholder approval in
May 2021 to pledge its assets to secure fresh bank facilities. With
less than 12 months to maturity, this creates significant
uncertainty for bondholders, in our view."

As of Dec. 31, 2021, the U.S. dollar bonds represent 66% of SMSS'
capital structure and currently trade at a steep discount to par.
Bank loans, with key lenders being PT Bank Rakyat Indonesia and PT
Bank Negara Indonesia, make up the remainder.

S&P said, "We believe there is increasing risk for SSMS to
undertake capital market transactions as bond prices trade at steep
discount levels close to maturity. Although the company has not
stated such intentions, we believe the economic incentive to
conduct open market purchases or a bond tender will only increase
while bond prices continue to trend lower. SSMS' U.S. dollar bond
price has been trading at a discount of about 40% since March 2022.
At the 'CCC' rating level, we would generally view a debt
restructuring and cash tender at below par to be distressed and
tantamount to a default should bondholders receive less than the
original promise.

"In our view, governance issues and poor risk management practices
continue to weigh on SSMS' creditworthiness. We have always held
the view that SSMS' creditworthiness is heavily influenced by that
of its parent and the wider group. The presence of cross-default
clauses across the wider group's debt structure provides SSMS with
great incentive to provide financial support to its parent and
sister companies. Moreover, there is limited transparency on the
financial health of these related entities."

This underscores SSMS' governance issues and poor risk management
practices. The company has provided financial support to related
entities at the expense of its own financial viability. This has
persisted, despite CBU's refining operations being profitable since
the first half of 2021.

In S&P's view, the company's track record of persistent cash
leakage to related parties has disadvantaged SSMS' lenders,
including the U.S. dollar bondholders. Loans to related parties
amounted to IDR528 billion in 2021, with the same measure amounting
to about IDR4.7 trillion between 2015 and 2021. Moreover, the risk
of an accelerated deterioration in SSMS' liquidity could occur
because of the financing needs of the parent, CBI. These financing
needs can be unpredictable given the limited transparency of CBI's
financial performance.

The negative outlook on S&P's rating on SSMS over the next six to
12 months reflects the looming refinancing risk on the company's
U.S. dollar-denominated bond and the increasing likelihood that the
company could undertake debt capital market transactions that S&P
may consider as distressed.

S&P would lower its rating on SSMS if the company were to face a
payment default on its financial obligations or undertook an
exchange offer or similar debt restructuring that it considers as
distressed.

Any rating upside would likely come from a refinancing of SSMS'
U.S. dollar denominated bond maturities and sufficient liquidity
buffer within the group over the subsequent 12 months. Upward
rating momentum will also depend on increased transparency over the
financial and operational health of the wider group.

ESG credit indicators: E-5, S-2, G-5

Environmental, social, and governance (ESG) credit factors for this
change in credit rating/outlook and/or CreditWatch status:

-- Risk management, culture, and oversight
-- Transparency and reporting




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

NAM CHEONG: Auditor Issues Disclaimer of Opinion on FY2021 Reports
------------------------------------------------------------------
The Business Times reports that NAM Cheong said that its auditor
has issued a disclaimer of opinion on the offshore support vessel
builder's use of the "going-concern" basis of accounting for its
FY2021 financial statements.

According to the report, the company said in its regulatory filing
on April 13 that auditor Foo Kon Tan has been unable to obtain
enough appropriate audit evidence to form an audit opinion on the
financial statements.

Net current liabilities, flagged by the auditor, of the
Malaysia-based group stood at about MYR1.1 billion (US$350
million); its net liabilities amounted to MYR675.8 million as at
end-December 2021, BT discloses.

BT relates that the statements were prepared by the management on a
going-concern basis, the validity of which was premised on a
cash-flows forecast of the group prepared for at least the next 12
months from the end of the reporting period, added Foo Kon Tan.

But it was assumed by the management that the group was not exposed
to additional liabilities arising from its suspension of the
remaining 10 shipbuilding contracts awarded to a group of
shipyards, and that its restructuring exercise was to be completed
in FY2022, BT relays.

Nam Cheong's management told its auditor that an understanding
without a written agreement has been reached with the shipyards in
question to suspend construction or delivery of the vessels, with a
view to extending the delivery period or terminating the contracts
to minimise financial exposure.

But this information was not furnished to the auditor in the form
of independently verifiable supporting evidence to convince the
auditor that the balance sum of the contracts had not been incurred
and all liabilities related to the contracts had been accounted for
as at end-December 2021.

BT adds that Nam Cheong's outstanding exposure under these orders
to the shipyards is approximately US$104.8 million; US$24.7 million
has been recorded in liabilities under trade and other payables.

Foo Kon Tan noted: "Any adjustment that would be required may have
a consequential significant effect on the cash flows forecast, net
liabilities of the group as at Dec 31, 2021, and the profit or loss
attributable to the owners for the year then ended and the related
disclosures thereof in the financial statements."

Trading on the counter has been suspended since April 2018, BT
notes.

Malaysia-based Nam Cheong Limited operates as a global offshore
marine group. The Company specializes in providing Offshore Support
Vessels(OSVs), as well as owns and operates ship building yards for
OSVs in Malaysia for use in the offshore oil and gas exploration
and production and oil services industries.




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

M & J BIHARY: Court to Hear Wind-Up Petition on May 6
-----------------------------------------------------
A petition to wind up the operations of M & J Bihary Limited will
be heard before the High Court at Auckland on May 6, 2022, at 10:45
a.m.

The Commissioner of Inland Revenue filed the petition against the
company on June 2, 2022.

The Petitioner's solicitor is:

          Cloete Van Der Merwe
          Inland Revenue, Legal Services
          5 Osterley Way
          Manukau City, Auckland 2104


PLANT ZERO: Court to Hear Wind-Up Petition on April 29
------------------------------------------------------
A petition to wind up the operations of Plant Zero Limited will be
heard before the High Court at Auckland on April 29, 2022, at 10:00
a.m.

The Commissioner of Inland Revenue filed the petition against the
company on Aug. 11, 2021.

The Petitioner's solicitor is:

          Cloete Van Der Merwe
          Inland Revenue, Legal Services
          5 Osterley Way
          Manukau City, Auckland 2104


SUPERSCAPES LANDSCAPE: Creditors' Proofs of Debt Due on May 15
--------------------------------------------------------------
Creditors of Superscapes Landscape Supplies 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 8, 2022.

The company's liquidator is:

          Damien Grant
          Waterstone Insolvency
          PO Box 52, Auckland 1140




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

SUPERNOVA ENTERPRISES: Commences Wind-Up Proceedings
----------------------------------------------------
Members of Supernova Enterprises Pte Ltd, on April 11, 2022, passed
a resolution to voluntarily wind up the company's operations.

The company's liquidator is:

          Liew Khee Soon
          60 Paya Lebar Road
          #04-51, Paya Lebar Square
          Singapore 409051


TAKE SOLUTIONS: Placed Under Judicial Management
------------------------------------------------
The High Court of Singapore entered an order on April 7, 2022, to
place of Take Solutions Pte. Ltd. under Judicial Management.

The Judicial Management application was filed on Oct. 12, 2021.

The company's Judicial Manager is:

          Patrick Bance
          c/o Kroll Pte. Limited
          One Raffles Place
          #10-62 Tower 2
          Singapore 048616


THORIUM DC: Creditors' Proofs of Debt Due on May 13
---------------------------------------------------
Creditors of Thorium DC Pte Ltd are required to file their proofs
of debt by May 13, 2022, to be included in the company's dividend
distribution.

The company commenced wind-up proceedings on April 11, 2022.

The company's liquidator is:

          Liew Khee Soon
          60 Paya Lebar Road
          #04-51, Paya Lebar Square
          Singapore 409051




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

SRI LANKA: Fitch Cuts LongTerm Foreign Currency IDR to 'C'
----------------------------------------------------------
Fitch Ratings has downgraded Sri Lanka's Long-Term Foreign-Currency
Issuer Default Rating (IDR) to 'C' from 'CC'. The issue ratings on
foreign-currency bonds issued on international markets have also
been downgraded to 'C' from 'CC'. The Long-Term Local-Currency IDR
has been affirmed at 'CCC' and the Country Ceiling at 'B-'.

Fitch typically does not assign modifiers for sovereigns with a
rating of 'CCC', or below.

KEY RATING DRIVERS

Default-like Process Has Begun: The downgrade of Sri Lanka's
Long-Term Foreign-Currency IDR reflects Fitch's view that a
sovereign default process has begun. This reflects the announcement
by the Ministry of Finance on 12 April 2022 that it has suspended
normal debt servicing of several categories of its external debts,
including bonds issued in the international capital markets and
foreign currency-denominated loan agreements or credit facilities
with commercial banks or institutional lenders. Fitch will
downgrade the LT FC IDR to 'RD' once a payment on an issuance is
missed and the grace period has expired.

Local Currency Debt Not Affected: The statement applies only to the
government's external debt obligations. Fitch understands from the
announcement that locally issued government debt, whether in local
or foreign currency, is not affected and assumes service on this
will continue.

Since the last review, certain local-currency issuances' ratings
have been corrected to 'CCC' and now affirmed.

ESG - Governance: Sri Lanka has an ESG Relevance Score of '5' for
Political Stability and Rights as well as for the Rule of Law,
Institutional and Regulatory Quality and Control of Corruption, as
is the case for all sovereigns. These scores reflect the high
weight that the World Bank Governance Indicators have in Fitch's
proprietary Sovereign Rating Model. Sri Lanka has a medium World
Bank Governance Indicator ranking in the 46th percentile,
reflecting a recent record of peaceful political transitions, a
moderate level of rights for participation in the political
process, moderate institutional capacity, established rule of law
and a moderate level of corruption.

ESG - Creditor Rights: Sri Lanka has an ESG Relevance Score (RS) of
5 for Creditor Rights as willingness to service and repay debt is
highly relevant to the rating and is a key rating driver with a
high weight. The downgrade of Sri Lanka's rating to 'C' reflects
Fitch's view that a default-like process has begun.

RATING SENSITIVITIES

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

-- Failure to fulfil commercial debt payment within stipulated
    grace periods.

-- Completion of a distressed debt exchange (DDE).

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

-- Payment on upcoming commercial debt obligations and/or signs
    of improved capacity and willingness to continue to do so.

SOVEREIGN RATING MODEL (SRM) AND QUALITATIVE OVERLAY (QO)

In accordance with the rating criteria for ratings in the 'CCC'
range and below, Fitch's sovereign rating committee has not used
the SRM and QO to explain the ratings, which are instead guided by
the rating definitions.

Fitch's SRM is the agency's proprietary multiple regression rating
model that employs 18 variables based on three-year centred
averages, including one year of forecasts, to produce a score
equivalent to a LT FC IDR. Fitch's QO is a forward-looking
qualitative framework designed to allow for adjustment to the SRM
output to assign the final rating, reflecting factors within
Fitch's criteria that are not fully quantifiable and/or not fully
reflected in the SRM.

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.

ESG CONSIDERATIONS

Sri Lanka has an ESG Relevance Score of '5' for Political Stability
and Rights as World Bank Governance Indicators have the highest
weight in Fitch's SRM and are highly relevant to the rating and a
key rating driver with a high weight.

Sri Lanka has an ESG Relevance Score of '5' for Rule of Law,
Institutional & Regulatory Quality and Control of Corruption as
World Bank Governance Indicators have the highest weight in Fitch's
SRM and are therefore highly relevant to the rating and are a key
rating driver with a high weight. As Sri Lanka has a percentile
rank below 50 for the respective Governance Indicators, this has a
negative impact on the credit profile.

Sri Lanka has an ESG Relevance Score of '4' for Human Rights and
Political Freedoms, as the Voice and Accountability pillar of the
WBGI is relevant to the rating and a rating driver. As Sri Lanka
has a percentile rank below 50 for the respective governance
indicator, this has a negative impact on the credit profile.

Sri Lanka has an ESG Relevance Score (RS) of '5' for Creditor
Rights as willingness to service and repay debt is highly relevant
to the rating and is a key rating driver with a high weight. The
downgrade of Sri Lanka's rating to 'C' reflects Fitch's view that a
default-like process has begun.

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.


SRI LANKA: S&P Cuts Foreign Curr. Sovereign Credit Rating to 'CC'
-----------------------------------------------------------------
S&P Global Ratings lowered its long-term foreign currency sovereign
rating on Sri Lanka to 'CC' from 'CCC'. At the same time, S&P
lowered its long-term local currency sovereign rating to 'CCC-'
from 'CCC'. The outlook on the long-term ratings is negative.

In addition, S&P affirmed its 'C' short-term foreign and local
currency sovereign ratings. S&P also revised down its transfer and
convertibility assessment to 'CC' from 'CCC',

Outlook

S&P said, "The negative outlook on the ratings reflects the high
risk to commercial debt repayment in the context of Sri Lanka's
economic, external, and fiscal pressures.

"We could lower the foreign currency rating to 'SD' (Selective
Default) upon confirmation that the government has missed a coupon
or principal payment on commercial foreign currency debt, including
its upcoming April 18 coupon payment on international sovereign
bonds, or upon confirmation of debt restructuring terms.

"We could lower the local currency ratings if there are indications
of nonpayment or restructuring of rupee-denominated obligations.

"There are limited upside scenarios to the ratings currently. Upon
completion of any bond restructuring, we will assign new foreign
and local currency sovereign credit ratings that reflect Sri
Lanka's post-exchange creditworthiness."

Rationale

Amid steeply rising external funding pressures, and alongside
increasingly widespread social and political protests, the Sri
Lankan government announced on April 12 that it will suspend debt
servicing on its foreign currency obligations. Sri Lanka has coupon
payments due on April 18 for its 2023 and 2028 International
Sovereign Bonds. S&P expects the government to miss paying these
coupons, and therefore lowered our foreign currency sovereign
ratings on Sri Lanka to 'CC'.

The Sri Lankan government said it has approached the IMF for
assistance in establishing an economic recovery program and for
emergency financial assistance. Until a comprehensive debt
restructuring plan is formulated, servicing of
foreign-currency-denominated debts will be suspended. Affected debt
includes international bonds, bilateral government-to-government
credit facilities excluding swap lines with the Central Bank of Sri
Lanka (CBSL), credit facilities with commercial banks and
institutional lenders, and amounts payable by the government or
public sector entities on called guarantees. Obligations governed
by Sri Lankan law may not be affected.

S&P is likely to lower Sri Lanka's foreign currency ratings to 'SD'
upon confirmation of nonpayment of interest or principal on any of
its commercial foreign currency obligations, including coupon
payments on its International Sovereign Bonds due April 18.

According to published reports, the government intends to continue
paying its local currency debt obligations for now. S&P's 'CCC-/C'
local currency sovereign ratings on Sri Lanka reflect ongoing
severe economic and monetary pressures. Although the central bank
can technically create Sri Lankan rupees to meet upcoming
obligations, doing so could have significant inflationary
implications, with consumer prices already growing at a rapid 17.5%
year on year in February. Sri Lanka's local currency debt also
constitutes a considerable proportion of its overall indebtedness,
and thus, its very high interest burden relative to revenues.

Sri Lanka's debt restructuring process is likely to be complicated
and may take months to complete. Negotiations with the IMF to
establish a reform and funding program are in the early stages. Sri
Lanka has also experienced considerable political uncertainty in
recent weeks, marked by the resignation of the entire government
cabinet, in addition to the governor of the CBSL, in early April,
and the ruling coalition's apparent loss of majority representation
in parliament. Failure to establish a sustainable government could
further complicate and hinder progress in discussions with the IMF,
and, ultimately, delay a debt restructuring plan.


In accordance with S&P's relevant policies and procedures, the
Rating Committee was composed of analysts that are qualified to
vote in the committee, with sufficient experience to convey the
appropriate level of knowledge and understanding of the methodology
applicable. At the onset of the committee, the chair confirmed that
the information provided to the Rating Committee by the primary
analyst had been distributed in a timely manner and was sufficient
for Committee members to make an informed decision.

After the primary analyst gave opening remarks and explained the
recommendation, the Committee discussed key rating factors and
critical issues in accordance with the relevant criteria.
Qualitative and quantitative risk factors were considered and
discussed, looking at track-record and forecasts.

The committee's assessment of the key rating factors is reflected
in the Ratings Score Snapshot above.

The chair ensured every voting member was given the opportunity to
articulate his/her opinion. The chair or designee reviewed the
draft report to ensure consistency with the Committee decision. The
views and the decision of the rating committee are summarized in
the above rationale and outlook. The weighting of all rating
factors is described in the methodology used in this rating
action.

  Ratings List

  DOWNGRADED; RATINGS AFFIRMED  
                                    TO             FROM
  SRI LANKA

  Sovereign Credit Rating   
   Foreign Currency           CC/Negative/C     CCC/Negative/C
   Local Currency             CCC-/Negative/C   CCC/Negative/C

  DOWNGRADED  
                                    TO             FROM
  SRI LANKA

  Transfer & Convertibility Assessment
   Local Currency                   CC             CCC

  SRI LANKA

  Senior Unsecured                  CC             CCC
  Senior Unsecured                 CCC-            CCC

  SRILANKAN AIRLINES LTD.

  Senior Unsecured                  CC             CCC


SRI LANKA: Unilaterally Suspends External Debt Payments
-------------------------------------------------------
Reuters reports that Sri Lanka's central bank said on April 13 it
had become "challenging and impossible" to repay external debt, as
it tries to use its dwindling foreign exchange reserves to import
essentials like fuel.

According to Reuters, the island nation's reserves have slumped
more than two-thirds in the past two years, as tax cuts and the
COVID-19 pandemic badly hurt its tourism-dependent economy and
exposed the government's debt-fuelled spending.

Street protests against shortages of fuel, power, food and medicine
have gone on for more than a month.

"We need to focus on essential imports and not have to worry about
servicing external debt," Central Bank of Sri Lanka's governor, P.
Nandalal Weerasinghe, told reporters.

"It has come to a point that making debt payments are challenging
and impossible."

Reuters relates that Weerasinghe said the suspension of payment
would be until the country came to an agreement with creditors and
with the support of a loan programme with the International
Monetary Fund (IMF). Sri Lanka starts formal talks with the global
lender on April 18 for emergency loans, Reuters relays.

The country has foreign debt payments of around $4 billion due this
year, including a $1 billion international sovereign bond maturing
in July, Reuters discloses.  A coupon payment of $78 million is due
across two of its bonds maturing in 2023 and 2028 on Monday, though
there is a 30-day grace period.

"It is a default. This was inevitable," Reuters quotes Murtaza
Jafferjee, the chief executive of brokerage J.B Securities, as
saying.

"This is a positive for the economy because we were using scarce
foreign exchange resources to service our debt when we could not
afford to. This will release funds for our own citizens. It was
displaced vanity at the cost of our population."

He said Sri Lanka's decision covers about $25 billion in bilateral
and commercial debt, which includes about $12 billion of
international sovereign bonds, Reuters relays.

"The memorandum today should pave the way to an IMF program, in our
view," said Milo Gunasinghe at JPMorgan in a note to clients,
though warned that political uncertainty remained high.

With the government only having begun the process of selecting
advisers for debt talks over the weekend, formal negotiations with
creditors might only start once appointments have been made,
Gunasinghe added.

According to Reuters, BlueBay Asset Management's senior emerging
markets sovereign strategist, Timothy Ash, said the "only surprise
is that it took the administration in Colombo so long to come to
terms with the reality on the ground".

"It's logical to declare a payment moratorium until they work out a
programme with the IMF and agree terms with bondholders," he said.

Sri Lanka's sovereign dollar-denominated bonds enjoyed healthy
gains on April 13, with many issues up nearly 2 cents in the
dollar, Reuters discloses citing Tradeweb data.

Its hard currency bonds mostly trade at deeply distressed levels of
just under 40 cents in the dollar while the bond maturing on July
25 last traded at just over 50 cents, according to Refinitiv data.

Governor Weerasinghe said the call on repayment was being taken in
good faith, emphasising that the country of 22 million people had
never defaulted on its debt payments, adds Reuters.



                           *********


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
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