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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

          Monday, April 18, 2022, Vol. 25, No. 71

                           Headlines



A U S T R A L I A

ANERGY AUSTRALIA: Second Creditors' Meeting Set for April 26
AUSECON DEVELOPMENTS: First Creditors' Meeting Set for April 29
FAST: Will Cease Operations, Just a Year After Raising AUD131MM
PAY IT LATER: Co-Owner Seeks Company Wind-Up
SODA SHADES: First Creditors' Meeting Set for April 27

SONETA PTY: Second Creditors' Meeting Set for April 26
WEEJAH PTY: First Creditors' Meeting Set for April 27


C H I N A

CENTRAL CHINA REAL ESTATE: S&P Lowers ICR to 'B', Outlook Neg.
CIFI HOLDINGS: Fitch Alters Outlook on 'BB' LT IDRs to Negative
CIFI HOLDINGS: Moody's Affirms Ba2 CFR & Alters Outlook to Negative
ROAD KING: Moody's Affirms 'Ba3' CFR, Outlook Remains Stable
RONSHINE CHINA: Fitch Withdraws Ratings

SEAZEN GROUP: S&P Affirms 'BB+' ICR & Alters Outlook to Negative
SKYFAME REALTY: Fitch Withdraws Ratings


I N D I A

ALL SAINTS: Voluntary Liquidation Process Case Summary
AQUA WORLD: CRISIL Reaffirms B+ Rating on INR19.8cr Loan
BHAGAVAN VENKAIAH: CRISIL Lowers Rating on INR20cr Loan to D
BHATIA COKE: ICRA Keeps D Ratings in Not Cooperating Category
BIG LOYALTY: Voluntary Liquidation Process Case Summary

CLASSIC NETWORK: CRISIL Withdraws B Rating on INR20cr Cash Loan
D. D. INDUSTRIES: CRISIL Lowers Rating on INR50cr Loans to D
EPLANET ADVISORS: Voluntary Liquidation Process Case Summary
EVERGREEN DOOARS: ICRA Keeps B+ Debt Ratings in Not Cooperating
FUJIKURA AUTOMOTIVE: Voluntary Liquidation Process Case Summary

FUTURE RETAIL: Bank of India Files Insolvency Bid vs. Retailer
GANESH EDUCATION: CRISIL Assigns B- Rating to INR2.75cr Loan
HARIKRUSHNA COTTON: ICRA Keeps B Debt Ratings in Not Cooperating
HEMANG RESOURCES: ICRA Keeps D Debt Ratings in Not Cooperating
ICEWEAR CREATION: ICRA Keeps B+ Debt Ratings in Not Cooperating

INFO-DRIVE SOFTWARE: Liquidation Process Case Summary
LIMTEX INDIA: ICRA Keeps D Debt Ratings in Not Cooperating
LOCK & LOCK: Voluntary Liquidation Process Case Summary
NATIONAL STEEL: ICRA Keeps D Debt Ratings in Not Cooperating
PRECISION ENGINEERING: ICRA Keeps D Ratings in Not Cooperating

PRIUS COMMERCIAL: ICRA Withdraws D Rating on INR424cr Term Loans
RAJGANGPUR ISPAT: ICRA Keeps B- Debt Ratings in Not Cooperating
RAJMANGAL MILK: Insolvency Resolution Process Case Summary
RAMESHWAR INDUSTRIES: ICRA Keeps D Ratings in Not Cooperating
RAMESHWAR TEXTILE: ICRA Moves B+ Debt Rating to Not Cooperating

ROBOTICS INFRATECH: Insolvency Resolution Process Case Summary
SARVESHWARI EXPORTS: ICRA Keeps B+ Ratings in Not Cooperating
SD PHARMACY P LTD: Insolvency Resolution Process Case Summary
SINDHU CARGO: ICRA Keeps B+ Debt Ratings in Not Cooperating
SNG REALESTATE PRIVATE: Insolvency Resolution Process Case Summary

SOMATHEERAM AYURVEDIC: ICRA Keeps B+ Ratings in Not Cooperating
SOWBHAGYALAKSHMI PADDY: CRISIL Cuts Rating on INR21cr Loans to D
SRK CHEMICALS LTD: Liquidation Process Case Summary
SUBADRA TEXTILE: ICRA Keeps D Debt Ratings in Not Cooperating
TEKNIK PLANT: Insolvency Resolution Process Case Summary

TRINA SOLAR: Voluntary Liquidation Process Case Summary
VENKATACHALAPATHY TEXTILES: ICRA Keeps B+ in Not Cooperating
WEGL SERVICES INDIA: Voluntary Liquidation Process Case Summary


I N D O N E S I A

BAYAN RESOURCES: S&P Raises LongTerm ICR to 'BB-', Outlook Stable


M A L A Y S I A

PARKSON HOLDINGS: Auditor Raises Going Concern Doubt


N E W   Z E A L A N D

BRIGHTWATER LIMITED: Creditors' Proofs of Debt Due on May 17
HEARO LIMITED: Creditors' Proofs of Debt Due on June 3
LANDSCAPE PROPERTY: Court to Hear Wind-Up Petition on May 6
NZDMG LIMITED: Court to Hear Wind-Up Petition on May 6


S I N G A P O R E

A3 SG EPSILON: Creditors' Proofs of Debt Due on May 13
G.T.H. ENGINEERING: Commences Wind-Up Proceedings
KHL MARKETING: Court Enters Wind-Up Order
PITCHMASTIC PMB: Creditors' Proofs of Debt Due on May 13
SOWBHAGYALAKSHMI RAW: CRISIL Cuts Rating on INR23cr Loan to D

SUPERNOVA ENTERPRISES: Placed Under Provisional Liquidation


S R I   L A N K A

SRILANKAN AIRLINES: Fitch Lowers USD175MM Unsec. Bonds to 'C'

                           - - - - -


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

ANERGY AUSTRALIA: Second Creditors' Meeting Set for April 26
------------------------------------------------------------
A second meeting of creditors in the proceedings of Anergy
Australia Pty Ltd has been set for April 26, 2022, at 2:30 p.m. via
virtual meeting technology.

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

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

Daniel Bredenkamp of Pitcher Partners was appointed as
administrator of Anergy Australia on March 14, 2022.


AUSECON DEVELOPMENTS: First Creditors' Meeting Set for April 29
---------------------------------------------------------------
A first meeting of the creditors in the proceedings of Ausecon
Developments Pty LtD will be held on April 29, 2022, at 11:00 a.m.
via a Zoom video conferenceing facility.

Domenico Alessandro Calabretta of Mackay Goodwin was appointed as
administrator of Ausecon Developments on April 14, 2022.


FAST: Will Cease Operations, Just a Year After Raising AUD131MM
---------------------------------------------------------------
SmartCompany reports that Australian-founded startup Fast has
announced it will cease operations, ending a one-touch payment
system which once hoped to challenge Amazon for global e-commerce
supremacy.

In a statement posted on the company's Twitter account on April 6,
Fast founder Dominic 'Domm' Holland confirmed the "difficult
decision to close our doors".

"I will be forever grateful to the Fast team, our investors and the
sellers who shared our vision for improving the system of buying
online," Mr. Holland added, SmartCompany relays.

In a separate Twitter post, Mr. Holland said he took
"responsibility" for the "decisions made that lead to this
outcome," while encouraging other Silicon Valley-based startups to
hire staff impacted by the closure.

Founded by Mr. Holland and Allison Barr Allen in 2019, Fast
promised to provide online shoppers with a single payment profile
which could be used, instantly, across participating e-commerce
retailers.  The product mirrored Amazon's one-click ordering
process, which Fast aimed to deliver for retailers across the
market.

The "incredibly pervasive" and "streamlined checkout experience"
helped Amazon attain its US market share, Mr. Holland told
SmartCompany in 2020.

That declaration came three months after Fast secured $30 million
in Series A funding to expand its operations.

A subsequent AUD131 million Series B funding round arrived in 2021,
SmartCompany notes. Featuring heavyweight investors like payments
fintech Stripe and Addition, Holland said those funds would empower
Fast to "aggressively go after every major online seller in
Australia, the US and the planet."

PitchBook recently valued Fast at US$584 million, NPR reports.

The sudden end of Fast comes amid a broader tech-sell off, which
has pummelled the share price of other online payment systems like
Square and Shopify since last year's highs, according to
SmartCompany.


PAY IT LATER: Co-Owner Seeks Company Wind-Up
--------------------------------------------
SmartCompany reports that a group of small business owners have
accused Australian buy now, pay later firm Pay It Later of
withholding hundreds of thousands of dollars in sales revenue,
drawing attention to the practices of smaller operators in the
booming fintech sector.

Speaking to Nine's A Current Affair, Vasile Opris, proprietor of
X-Force Tactical, alleged his company had processed more than
AUD850,000 in sales through Pay It Later, SmartCompany relates.

However, Opris claimed the firm is yet to pay his gel blaster
business a dollar of that revenue. Colin Corcoran, owner of Command
Elite Hobbies, told a similar story, alleging his firm is owed
AUD170,000.

Those claims of non-payment come amid reports of a legal battle
over the direction of Pay It Later, SmartCompany relays.

According to SmartCompany, A Current Affair reported that co-owners
Donald Graham and Thomas Hegarty are engaged in a legal dispute
over the company's future, with Mr. Hegarty petitioning the Federal
Court to dissolve the firm.

ASIC records show Mr. Hegarty filed a request to wind up the
company in early April. Mr. Hegarty turned down requests for
comment from Nine reporters, saying the matter was before the
courts, SmartCompany relays.

Founded in 2018, Pay It Later claims to have hundreds of retailers
signed up to its service. The vast majority listed on its website
are small businesses, with no major chains signed up to the
service.

Details listed on the company website suggest it operates similarly
to other BNPL providers, including homegrown giants Afterpay and
Zip.

Further details of the company's operations may be made public from
May 4, when the wind-up request will be considered in Federal
Court, the report notes.


SODA SHADES: First Creditors' Meeting Set for April 27
------------------------------------------------------
A first meeting of the creditors in the proceedings of Soda Shades
Pty Ltd will be held on April 27, 2022, at 2:30 p.m. via online
conference facilities.

Rahul Goyal and Catherine Conneely of KordaMentha were appointed as
administrators of Soda Shades on April 12, 2022.


SONETA PTY: Second Creditors' Meeting Set for April 26
------------------------------------------------------
A second meeting of creditors in the proceedings of Soneta Pty Ltd,
formerly t/as Soneta Plumbing & Civil, has been set for April 26,
2022, at 11:00 a.m. via telephone facilities.

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

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

Liam Bailey of O'Brien Palmer was appointed as administrator of
Soneta Pty on March 11, 2022.


WEEJAH PTY: First Creditors' Meeting Set for April 27
-----------------------------------------------------
A first meeting of the creditors in the proceedings of Weejah Pty
Ltd will be held on April 27, 2022, at 4:00 p.m. via teleconference
only.

David Kennedy and Adam Nikitins of Ernst & Young were appointed as
administrators of Weejah Pty on April 12, 2022.




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

CENTRAL CHINA REAL ESTATE: S&P Lowers ICR to 'B', Outlook Neg.
--------------------------------------------------------------
S&P Global Ratings lowered its long-term issuer credit rating on
Central China Real Estate Ltd. (CCRE) to 'B' from 'B+'.

The negative outlook reflects the risk that CCRE's liquidity may
not recover sufficiently over the next 12 months given low
visibility on the company's property sales and high repayment needs
when the offshore capital market remains shut.

S&P lowered the rating to reflect CCRE's diminishing business
strength amid the downcycle in China's property development
industry. The decline in the company's sales scale and margin will
likely continue over the next 12-24 months. Weaker local demand and
volatility in Henan's property market will continue to weigh on
CCRE's business standing, offsetting the company's market
leadership position, which we previously viewed as a comparative
advantage.

Henan province's positive policy may help revive housing demand,
but won't stem the decline in CCRE's sales. Under its conservative
project launching plan, the company now targets contracted sales of
Chinese renminbi (RMB) 53 billion in 2022, representing a 12% drop
from 2021. CCRE recorded RMB6.2 billion of sales in the first three
months, a year-on-year drop of 41.8%. Given this, the company is
under greater pressure to generate sufficient sales from the second
quarter onward to meet its annual target.

S&P said, "We expect CCRE's profit margin to stay low in the next
two years. The company may offer discount or incentives to bolster
property sales as customers may be sensitive to pricing. The
average selling price of CCRE's contracted sales declined to
RMB7,360 per square meter in 2021, from RMB7,811 in 2019. We
forecast the company's recognized gross margin will be 14%-16% in
2022-2023, as projects sold with promotions during 2020-2021 turn
into bookings."

CCRE's liquidity buffer has narrowed. The company has always had a
high reliance on the offshore capital market to raise funds.
Because the market was closed for most Chinese property developers
due to the industry downturn, CCRE had to pay down its debt using
its cash on hand in 2021. The company's unrestricted cash dropped
to RMB5.9 billion at end-2021, from RMB22.6 billion at end-2020.
Its total debt also dropped by 30%. The ratio of unrestricted cash
to short-term debt was 0.9x at the end of 2021, compared with 1.5x
at the beginning of the year. CCRE has high repayment needs in the
next one to two years, including US$500 million due in August 2022,
and US$900 million due in 2023. S&P revised its assessment of
CCRE's liquidity to less than adequate, from adequate, for the
above reasons.

The company's refinancing risk is tempered by its relationship with
local banks and a well spread maturity profile. The repayment of
US$1.1 billion of offshore senior notes in 2021 amid the capital
market shutdown shows CCRE's proactive financial management. S&P
believes the company will mobilize internal resources, including
free cash on hand and operating cash flows, to repay its US$500
million senior notes due in early August.

Asset sales will help ease the liquidity pressure. CCRE signed a
strategic cooperation with Wanda Group on April 1, 2022, to
monetize the lease and management of nine commercial properties. In
addition, CCRE's adequate land bank with salable resources of about
RMB200 billion can support sales for four to five years. This could
offer an additional layer of buffer to preserve cash while sales
recover.

The negative outlook reflects S&P's view that CCRE's liquidity may
not recover sufficiently in the next six to 12 months. That's
because the policy relaxation in Henan to support the property
industry may take time to materialize, and the visibility for the
company to achieve its 2022 sales target is low. At the same time,
because the offshore capital market remains shut for most Chinese
property developers, paying down maturities with cash on hand could
further weigh on CCRE's liquidity position.

S&P could downgrade the company if:

-- CCRE's liquidity further deteriorates. Indicators could be a
further drop in CCRE's cash level, the company's inability to
refinance its onshore bank loans, and its failure to act on
refinancing or repayment plans to settle debt maturities;

-- The company's sales proceeds drop significantly, indicated by
contracted sales and cash inflow from sales materially below its
annual target; or

-- CCRE's financial leverage, as measured by a consolidated or
proportionately consolidated ratio of debt to EBITDA, rises above
7x, due to slippage in profit margin and revenue booking.

S&P may revise the outlook to stable if:

-- CCRE can generate sufficient liquidity to cover repayment needs
and its ratio of unrestricted cash to short-term-debt improves;

-- The company can maintain its stable capital structure and
ongoing access to onshore bank borrowings; and

-- Its financial leverage stays below 7x on a sustained basis.

ESG credit indicators: To E-3, S-2, G-4; From E-3, S-2, G-3

S&P said, "Governance factors are now a negative consideration in
our credit rating analysis of CCRE because we believe the
management turnover in the past year was excessive and could
negatively affect the consistent strategy implementation of the
company. The governance factor also considers the strong influence
of CCRE's controlling shareholder. The company was founded by Mr.
Wu Po Sum in 1992, and he owns 70.11% of its shares as of Dec. 31,
2021."


CIFI HOLDINGS: Fitch Alters Outlook on 'BB' LT IDRs to Negative
---------------------------------------------------------------
Fitch Ratings has revised the Outlook on China-based property
developer CIFI Holdings (Group) Co. Ltd.'s Long-Term Foreign- and
Local-Currency Issuer Default Ratings to Negative, from Stable, and
affirmed the ratings at 'BB'. Fitch has also affirmed CIFI's senior
unsecured rating and the ratings on its outstanding notes at 'BB'.

The Negative Outlook is driven by CIFI's higher-than-expected
leverage, continued sales pressure due to a Covid-19 resurgence and
the associated social restrictions in China, and increasing risks
at CIFI's joint-venture (JV) projects as some of its JV partners
have delayed the publication of their audited financial reports.

CIFI's ratings are supported by sufficient liquidity, its ability
to maintain access to the capital market and a quality land bank
focusing on higher-tier cities.

KEY RATING DRIVERS

Higher-than-Expected Leverage: Fitch estimates CIFI's leverage rose
to above 50%, its negative sensitivity, in 2021 due to
higher-than-expected land acquisition cash outflow. CIFI spent 46%
of its attributable sales proceeds and other revenue on land
acquisitions in 2021, which Fitch expects to drop to 30% in 2022.
Fitch also believes a continued ramp-up of CIFI's
investment-property portfolio will help the company's leverage fall
to below 50% by end-2022.

Weaker Sales May Persist: Fitch believes the resurgence of Covid-19
and the imposition of social restrictions in China could affect
CIFI's near-term sales and leverage outlook. CIFI's 1Q22 sales fell
49% yoy, largely in line with peer performance, while its average
selling price dropped 6% to CNY15,600/sq m, with 39% of its sales
from the Yangtze River Delta area. CIFI's attributable sales
amounted to CNY128 billion in 2021, higher than the mid-point of
CNY75 billion for 'BB' category developers.

Higher JV Risks: Fitch thinks some of its JV partners' delays in
publishing their audited reports may affect the partners' ability
to fund their JV projects. This could lead to an increase in CIFI's
capital commitment, affecting its deleveraging effort. Nonetheless,
Fitch thinks CIFI's JV risks are largely manageable as most of
these projects are in the later stages of development and CIFI has
kept strong control over the projects' cash flow.

CIFI's attributable JV debt amounted to CNY20 billion at end-2021
with related guarantees of CNY15.8 billion. CIFI's JV exposure
dropped in 2021, as its JV net assets fell to 17% of total net
assets by end-2021 from 39% in 2020.

Manageable Refinancing Needs: CIFI issued USD325 million in
convertible bonds in April 2022 and CNY1 billion in medium-term
notes in March after tapping a USD150 million bond due 2026 in
January. CIFI has two remaining offshore bonds due 2022; it has
announced a tender offer for the CNY1.6 billion bond due April and
is considering repaying the USD300 million in perpetual securities
due August. Fitch believes CIFI's holding-company cash is
sufficient to cover the maturities.

Land Bank in Higher-Tier Cities: Fitch believes CIFI's quality land
bank, with more than 85% in Tier 1-2 cities, will make it more
resilient in a downturn. CIFI continued to acquire land in 1Q22
after spending an attributable CNY3.4 billion, or more than 20% of
sales proceeds, on new land, even as some other large developers
halted acquisitions to preserve cash. Fitch believes CIFI's land
bank can sustain two-three years of development and total
contracted sales above CNY200 billion in 2022-2023.

DERIVATION SUMMARY

CIFI's attributable sales of CNY128 billion in 2021 were lower than
Seazen Group Limited's (BB+/Rating Watch Negative) CNY150 billion.
CIFI's leverage of above 50% in 2021 was higher than Seazen's 42%.
However, CIFI's financial flexibility is better than that of Seazen
and lower-rated peers, which justifies its 'BB' rating.

CIFI has high available cash/short-term debt of 1.5x-2.0x,
continued access to both onshore and offshore capital market
funding, and a well-laddered debt-maturity profile with short-term
debt accounting for less than 20% of total debt compared with
peers' 30%-35%.

KEY ASSUMPTIONS

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

-- Attributable contracted sales to drop by 10% in 2022 (2021: 7%
    increase);

-- Attributable land purchases and construction cash costs at 30%
    and 35% of implied sales cash collection in 2022 (2021: 46%
    and 28%, respectively);

-- Property-management fee revenue to increase to CNY5 billion in
    2022 (2021: CNY4 billion);

-- Rental income to increase to CNY1.3 billion 2022 (2021: CNY1
    billion);

-- Property-development revenue reported gross profit margin at
    16%-18% in 2022 (2021: 17.5%).

RATING SENSITIVITIES

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

-- The Outlook may be revised to Stable if the negative
    guidelines are not met.

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

-- Leverage, measured by net debt/net property assets, sustained
    at above 50%;

-- Deterioration in liquidity or weakening in bond market access;

-- Substantial decrease in sales or cash collection.

BEST/WORST CASE RATING SCENARIO

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

LIQUIDITY AND DEBT STRUCTURE

Adequate Liquidity: CIFI's available cash/short-term debt was still
around 1.5x at end-2021, stronger than that of other 'BB' peers and
in line with that of investment-grade developers. Fitch believes
CIFI has adequate liquidity to manage its short-term maturities.
Fitch expects CIFI to refinance part of the maturities with new
issuance as it still enjoys access to both onshore and offshore
capital markets.

Well-Laddered Debt Maturities: CIFI's short-term debt accounted for
15% of its total debt at end-2021, with the remainder evenly spread
across several years. CIFI's average debt duration was 4.5 years as
of end-2021. CIFI's capital-market maturities are about CNY10
billion per year in 2022-2024, which gives the company sufficient
financial flexibility amid the market volatility since October
2021.

ISSUER PROFILE

CIFI is one of the top-20 property developers based in Shanghai. It
focuses on four regions - the Yangtze River Delta, Pan Bohai Rim
and central-western and southern China. CIFI started consolidating
its property-management listed subsidiary, Ever Sunshine Lifestyle,
from 2020 and it owned a 24% stake at end-2021.

SUMMARY OF FINANCIAL ADJUSTMENTS

CIFI's CNY30 billion in available cash in 2021 was calculated by
adding 40% of CNY638 million liquid stock investment to CNY46.5
billion in reported available cash less CNY16.8 billion in
regulated pre-sale funds. Fitch includes the regulated pre-sale
funds in the calculation of net assets.

ESG CONSIDERATIONS

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


CIFI HOLDINGS: Moody's Affirms Ba2 CFR & Alters Outlook to Negative
-------------------------------------------------------------------
Moody's Investors Service has affirmed CIFI Holdings (Group) Co.
Ltd.'s Ba2 corporate family rating and Ba3 senior unsecured
ratings.

At the same time, Moody's has revised the rating outlook of CIFI to
negative from stable.

"The negative outlook reflects our expectation that CIFI's property
sales will decline over the next 12-18 months amid difficult
operating conditions, which will weaken the company's operating
cash flow and credit metrics," says Cedric Lai, a Moody's Vice
President and Senior Analyst.

"The rating affirmation reflects our expectation that CIFI will
maintain good liquidity and a disciplined approach to its business
and financial management," adds Lai.

RATINGS RATIONALE

Moody's expects CIFI's contracted sales will decline to around
RMB185 billion in 2022 and 2023 amid difficult operating and
funding conditions. The company's contracted sales fell 49% and 29%
in the first quarter of 2022 and fourth quarter of 2021 compared
with the same periods in the prior year, respectively.

The company will also likely offer price discounts to support its
contracted sales, thereby pressuring its profit margins.

Consequently, Moody's expects the company's credit metrics to
deteriorate. Specifically, its debt leverage, as measured by
revenue/adjust debt, will reduce to 70%-75% from 82% in 2021 driven
by the expected revenue decline during the period. In addition, its
EBIT/interest coverage, will fall to 3.0x over the next 12-18
months from 3.6x in 2021 because of an expected decrease in profit
margins and revenue over the period. These ratios will position the
company at the weaker end of its Ba2 CFR.

However, Moody's expects CIFI to maintain good liquidity. The
company will have sufficient resources, including unrestricted cash
and operating cash flow, to cover its maturing debt over the next
12 months. As of the end of 2021, its unrestricted cash/short-term
debt coverage remained good at 1.9x.

CIFI's Ba2 CFR reflects the company's ability to execute its
property development strategy, which is focused on catering to
mass-market housing demand in key tier 1 and tier 2 cities. This
focus helps the company achieve a rapid asset turnover.

The rating also takes into account the company's good liquidity,
expanding scale and diversified geographic coverage. At the same
time, CIFI's credit profile is constrained by its moderate debt
leverage and material exposure to its joint venture (JV)
businesses, which hinders the transparency of its credit metrics,
although this is mitigated by the good reputation of its JV
partners.

The Ba3 senior unsecured debt rating is one notch lower than the
CFR due to structural subordination risk. The majority of CIFI's
claims are at its operating subsidiaries and have priority over
claims at the holding company in a liquidation scenario. In
addition, the holding company lacks significant mitigating factors
for structural subordination. Consequently, the expected recovery
rate for claims at the holding company will be lower.

In terms of environmental, social and governance (ESG) factors,
Moody's has taken into account CIFI's concentrated ownership. Its
controlling shareholders, Lin Zhong and his family members,
collectively held a 55.5% stake in the company as of March 31,
2022. Moody's has also considered (1) the fact that the company's
audit and remuneration committees comprise independent
non-executive directors who maintain oversight of the company; (2)
the application of the Listing Rules of the Hong Kong Stock
Exchange and the Securities and Futures Ordinance in Hong Kong SAR,
China to oversee related-party transactions.

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

An upgrade of CIFI's ratings is unlikely over the next 12 months,
given the negative outlook.

However, the outlook could be revised to stable if CIFI improves
its contracted sales, credit metrics and liquidity.

Credit metrics that could indicate a stable rating outlook include
EBIT/interest coverage above 3.5x and revenue/adjusted debt above
70%-75% on a sustained basis.

Moody's could downgrade CIFI's ratings if the company's contracted
sales, profitability, credit metrics or liquidity weaken or the
company pursues aggressive expansion.

Credit metrics indicating a downgrade include EBIT/interest
coverage falling below 3.0x-3.5x, revenue/adjusted debt decreasing
below 65%; or its liquidity weakens, as reflected by unrestricted
cash/short-term debt declining below 100%.

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

CIFI Holdings (Group) Co. Ltd. (CIFI) was founded in 2000 and
incorporated in the Cayman Islands in May 2011. It listed on the
Hong Kong Stock Exchange in November 2012. As of March 31, 2022, it
was 55.5% owned by the Lin family.


ROAD KING: Moody's Affirms 'Ba3' CFR, Outlook Remains Stable
------------------------------------------------------------
Moody's Investors Service has affirmed Road King Infrastructure
Limited's Ba3 corporate family rating and the Ba3 backed senior
unsecured ratings of the company's wholly-owned financing
vehicles.

The financing vehicles are RKI Overseas Finance 2017 (A) Limited,
RKP Overseas Finance 2016 (A) Limited, RKPF Overseas 2019 (A)
Limited, RKPF Overseas 2019 (E) Limited, and RKPF Overseas 2020 (A)
Limited.

The outlook remains stable.

"The rating affirmation reflects our expectation that Road King's
good liquidity profile and stable dividend income from its toll
road business will provide the company with a financial buffer to
withstand the impact of declining property sales amid difficult
market conditions over the next 12-18 months," says Cedric Lai, a
Moody's Vice President and Senior Analyst.

"The stable outlook reflects our expectation that Road King will
maintain its good liquidity and disciplined financial management,"
adds Lai.

RATINGS RATIONALE

Road King's Ba3 CFR reflects the company's track record in property
development and its conservative approach to land acquisitions and
financial management. The rating also takes into account the
company's track record of maintaining good liquidity throughout
business cycles and the stable cash flow from its toll road
investments.

However, the CFR is constrained by the geographic concentration of
the company's land bank, the execution risk associated with new
toll road acquisitions, and its moderate credit metrics.

Moody's believes the company's toll road business will mitigate
business volatility arising from its property development business.
Specifically, Road King's recurring income to interest coverage
will improve to 30%-35% over the next 12-18 months from 26% for
2021, supported by expected growth in toll traffic and toll revenue
during the period.

In addition, Moody's expects Road King to maintain good liquidity.
The company will have sufficient resources, including unrestricted
cash and operating cash flow, to cover its maturing debt over the
next 12 months. Road King's unrestricted cash/short-term debt
coverage remained good at 1.4x as of the end of 2021.

Moody's expects Road King's contracted sales will decline to around
RMB40 billion in 2022 and 2023 from RMB49.6 billion in 2021 amid
difficult operating and funding conditions. In the fourth quarter
of 2021, the company's contracted sales fell 35% to RMB7.3 billion
compared with the prior year.

Despite Road King's weakening contracted sales, Moody's expects the
company's credit metrics to improve over the next 12-18 months.
Specifically, its debt leverage, measured by revenue/adjust debt,
will improve to 60%-62% from 50% in 2021, while its EBIT/interest
coverage, will increase to 2.5x-2.7x from 2.0x in 2021. These
forecasts incorporate Moody's expectation of the company's higher
revenue booking and lower debt during the period, which will more
than offset the expected decline in gross profit margins. These
ratios will position the company appropriately at the Ba3 CFR.

Road King's wholly-owned financing vehicles' backed senior
unsecured rating is unaffected by subordination to claims at the
operating company level, because the company's creditors benefit
from its diversified business profile, including in particular, the
cash flow generated from the company's toll road business.

In terms of environmental, social and governance (ESG) factors,
Moody's has considered the concentration of the company's ownership
in its controlling shareholder, Wai Kee Holdings Limited, which
held a 44% stake in the company as of June 30, 2021. Moody's has
also considered the presence of other internal governance
structures and standards as required by the Hong Kong Stock
Exchange.

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

Moody's could upgrade the rating if Road King (1) expands without
sacrificing profit margins; (2) grows its toll road dividends and
improves its interest coverage from recurring income to above
60%-70% on a sustained basis; (3) improves credit metrics, with its
homebuilding EBIT/interest strengthening above 3.5x-4.0x and
revenue/debt rising above 70%-75%; and (4) maintains good
liquidity.

On the other hand, Moody's could downgrade the rating if (1) Road
King's liquidity deteriorates because of weaker sales or aggressive
land or other acquisitions; or (2) the operating performance of the
company's property segment worsens. Credit metrics indicative of a
downgrade include its homebuilding EBIT/interest staying below 2.5x
or revenue/debt staying below 60%, all on a sustained basis.

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

Listed in Hong Kong SAR, China, Road King Infrastructure Limited
invests in toll road projects on seven expressways across four
provinces in China -- Anhui, Hebei, Hunan and Shanxi -- and
Indonesia. As of December 31, 2021, the company had a property
development portfolio with a land bank of 6.5 million square meters
across the Bohai Rim, Yangtze River Delta, Greater Bay Area
(including Hong Kong), Henan and Hubei Province.

Wai Kee Holdings Limited and Shenzhen Investment Limited are the
largest shareholders of the company, with 45% and 27% stakes,
respectively, as of December 31, 2021.


RONSHINE CHINA: Fitch Withdraws Ratings
---------------------------------------
Fitch Ratings has withdrawn China-based homebuilder Ronshine China
Holdings Limited's Long-Term Foreign-Currency Issuer Default Rating
(IDR) of 'CCC' and the senior unsecured rating on Ronshine's
outstanding US dollar senior notes of 'CCC' with a Recovery Rating
of 'RR4'.

Fitch is withdrawing the ratings as Ronshine has chosen to stop
participating in the rating process. Therefore, Fitch will no
longer have sufficient information to maintain the ratings.
Accordingly, Fitch will no longer provide ratings or analytical
coverage for Ronshine.

KEY RATING DRIVERS

No longer relevant, as the ratings have been withdrawn.

RATING SENSITIVITIES

No longer relevant, as the ratings have been withdrawn.

BEST/WORST CASE RATING SCENARIO

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

ISSUER PROFILE

Hong Kong-listed Ronshine is a multi-regional property developer in
China. The company had unsold attributable land bank of 11.2
million sqm in saleable gross floor area across China as of
end-1H21, sufficient to support around three years of sales.

ESG CONSIDERATIONS

Ronshine China Holdings Limited has an ESG Relevance Score of '4'
for Financial Transparency due to the resignation of its auditor
and the delay in the publication of audited financial statements,
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.

Following the withdrawal of ratings for Ronshine, Fitch will no
longer be providing the associated ESG Relevance Scores.


SEAZEN GROUP: S&P Affirms 'BB+' ICR & Alters Outlook to Negative
----------------------------------------------------------------
S&P Global Ratings, on April 14, 2022, revised its rating outlook
on Seazen Group and its subsidiary Seazen Holdings to negative from
stable. At the same time, S&P affirmed its 'BB+' long-term issuer
credit ratings on the companies. S&P also affirmed its 'BB'
long-term issue rating on Seazen Holdings' outstanding senior
unsecured notes.

The negative outlook on Seazen reflects the risk that the company's
sales and liquidity sources may continue to decline over the next
12-18 months.

S&P said, "We changed the outlook from stable to negative because
we expect Seazen's slower contracted sales and revenue to push up
its leverage toward 5.0x in 2022-2023. This is largely due to the
company's weakening sales outlook as well as ongoing margin
pressure. For the three months ended March 31, 2022, Seazen
recorded contracted sales of Chinese renminbi (RMB) 31 billion --
equivalent to a decrease of 37% year on year. We continue to see
Seazen Holdings as a core subsidiary of the group because it holds
all the group's development projects and investment properties. As
such, our ratings on the two entities should move in tandem.

"We affirmed the rating because we believe Seazen's stable rental
and management income could partially offset its weakening sales
outlook and the resulting lower liquidity buffer.We forecast that
Seazen's rental income and bundled management fees will rise to
RMB8.7 billion-RMB9.3 billion in 2022 from RMB7.7 billion in 2021,
mainly due to its 25 scheduled mall openings in 2022.

"Seazen's contracted sales will continue to decline in 2022 due to
reduced saleable resources, in our view. We forecast Seazen's 2022
contracted sales at RMB163 billion-RMB168 billion, about 30% lower
than RMB234 billion in 2021. Seazen's saleable resources available
to the market in 2022 fell to RMB280 billion from RMB360 billion in
2021 because the company suspended most land acquisition in the
second half of 2021.

"We estimate that 50%-60% of the company's saleable resources are
located in lower-tier cities, where demand is usually more
volatile. Although recent policies signal loosening of regulations
in lower-tier cities, a recovery in homebuyer sentiment is still
uncertain. Meanwhile, pandemic-related restrictions due to recent
COVID-19 cases in the Yangtze River Delta (YRD) could also disrupt
the company's sales, given YRD typically accounts for more than 50%
of its contracted sales."

Seazen's margin erosion will likely deepen in the next 12-18 months
following its sales promotions since the second half of 2021. The
company's average selling price fell to RMB9,928 per square meter
in 2021, versus RMB10,685 per square meter in 2020. These sales
will be recognized around 2023. S&P therefore expects its EBITDA
margin to further dip toward 13.0% in 2022 and 2023 from 14.6% in
2021. As a result, its leverage in terms of debt to EBITDA should
weaken toward 4.5x in the next 12-18 months from about 4.2x in 2021
despite the prospects of lower debt.

Weakened access to capital markets amid recent market turmoil could
weigh on Seazen's growth and reduce its liquidity buffer. The
company has maturities (maturing or puttable) totaling RMB11.8
billion during the last three quarters of 2022. Although the
company may be able to refinance them partly, given recent signs
pointing to a market revival (especially for the domestic capital
market), S&P believes it is unlikely that the company will be able
to refinance a majority of these debts. Seazen might have to repay
the remaining maturities with internal resources. This will divert
resources from its development activities, causing a depletion in
saleable resources and further weighing on its contracted sales in
the future. Seazen's liquidity profile may deteriorate more if its
cash balance continues to diminish due to the need to fund
repayments mostly via internally generated cash flow.

S&P said, "In our view, recurring income of rental and management
fees from malls under Seazen's Wuyue Plaza brand will continue to
support its debt servicing ability. By our estimate, the company's
rental income interest coverage should improve from 126% in 2021,
and we expect the ratio to stay above 100% in 2023 and 2024,
despite our forecast of tempered rental growth during the period.

"We believe Seazen's rental and management income could also help
to bolster liquidity at the holding company level, because this
income is subject to lighter regulation and could be readily
available for debt servicing. We continue to reflect its stable
rental income and its meaningful coverage of interest expenses with
a one-notch rating uplift based on positive comparable rating
analysis.

"Seazen's portfolio of Wuyue Plaza malls could provide some funding
flexibility. As of March 31, 2022, we estimate that there were
about 80 Wuyue Plaza malls that had not taken on any financings.
Although we believe a majority of them are still in ramp-up stage,
these assets continue to provide a basis for Seazen to get
potential fundings such as working capital loans or commercial
mortgage-backed securities (CMBS) from financial institutions and
investors. In the first quarter of 2022, Seazen has already drawn
down some working capital loans from its Wuyue Plaza.

"The negative outlook on Seazen reflects our view of the potential
for the company's sales and liquidity sources declining more than
we anticipated. That, along with margin compression, may lead to
its leverage weakening more than our base case, and to a narrowing
of its liquidity buffer. The company will continue to grow its
rental income and provide support for liquidity management to
partly mitigate these risks and address maturities coming due
within 2022, in our assessment."

The ratings and outlook on Seazen Holdings should move in tandem
with that on Seazen Group.

S&P said, "We could lower the rating on Seazen if its revenue
slippage is materially higher than we expect, with sales declining
more than our projection, or if its margin drops well below our
forecast. A debt-to-EBITDA ratio staying well above 5.0x over a
sustained period could trigger a downgrade.

"We could also downgrade the company if the rental growth from its
investment property portfolio falls short of our expectations such
that its rental income, including the contracted rental management
fee, is insufficient to cover its interest expenses. In that case,
our tolerance for weaker sales and lower margins would narrow. The
company's ratio of debt to EBITDA staying higher than 4.5x over a
sustained period would point to such a deterioration."

A downgrade is also possible if Seazen's liquidity significantly
weakens from the current level with continuous debt repayment using
its own cash, without any further new financings such as through
pledges of existing malls over the next six to 12 months.

S&P said, "We may revise the outlook back to stable if Seazen's
sales and margins are better than we forecast, such that it
maintains leverage below 5.0x, with rental income growth remaining
on track. At the same time, its liquidity remains at the current
adequate level, through satisfactory cash inflow from contracted
sales and stable rental income, as well as new financing through
pledges of existing malls."

  Seazen Group Ltd.:

  ESG credit indicators: E-3, S-2, G-3

  Seazen Holdings Co. Ltd.:

  ESG credit indicators: E-3, S-2, G-3


SKYFAME REALTY: Fitch Withdraws Ratings
---------------------------------------
Fitch Ratings has withdrawn China-based homebuilder Skyfame Realty
(Holdings) Limited's Long-Term Foreign-Currency Issuer Default
Rating (IDR) of 'B-' with Negative Outlook. The agency has also
withdrawn Skyfame's senior unsecured rating and the ratings on its
outstanding bonds of 'B-', with a Recovery Rating of 'RR4'.

Fitch has withdrawn the ratings as Skyfame has chosen to stop
participating in the rating process. Therefore, Fitch will no
longer have sufficient information to maintain the ratings.
Accordingly, Fitch will no longer provide ratings or analytical
coverage for Skyfame.

KEY RATING DRIVERS

No longer relevant, as the ratings have been withdrawn.

RATING SENSITIVITIES

No longer relevant, as the ratings have been withdrawn.

BEST/WORST CASE RATING SCENARIO

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

ISSUER PROFILE

Skyfame is a small property developer with total contracted sales
of CNY11 billion in 2021. The company focuses mainly on
redevelopment projects in Guangzhou, as well as "youth community
projects" in Tier 2 cities, such as Nanning, Xuzhou and Chongqing.

ESG CONSIDERATIONS

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

Following the withdrawal of ratings for Skyfame, Fitch will no
longer be providing the associated ESG Relevance Scores.




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

ALL SAINTS: Voluntary Liquidation Process Case Summary
------------------------------------------------------
Debtor: All Saints India Private Limited
        Regus Business Centre
        Elegance Tower
        Jasola, New Delhi
        South Delhi, Delhi 110025
        India

Liquidation Commencement Date: March 30, 2022

Court: National Company Law Tribunal, Pune Bench

Insolvency professional: Shashikant Shravan Dhamne

Interim Resolution
Professional:            Shashikant Shravan Dhamne
                         10, Shreeban
                         Opp. Police Ground
                         F.C. Road, Shivajinagar
                         Pune 411016
                         Maharashtra
                         E-mail: ssdhamne@yahoo.co.in
                         Tel: 020-25665551

Last date for
submission of claims:    April 29, 2022


AQUA WORLD: CRISIL Reaffirms B+ Rating on INR19.8cr Loan
--------------------------------------------------------
CRISIL Ratings has reaffirmed its 'CRISIL B+/Stable' rating on the
long-term bank facility of Aqua World Exports Pvt Ltd (AWEPL).

                       Amount
   Facilities       (INR Crore)     Ratings
   ----------       -----------     -------
   Export Packing
   Credit               19.8        CRISIL B+/Stable (Reaffirmed)

   Proposed Long Term
   Bank Loan Facility    0.2        CRISIL B+/Stable (Reaffirmed)

The rating continues to reflect the company's exposure to customer
concentration risk and its below-average financial risk profile.
These weaknesses are partially offset by the extensive experience
of promoters in the seafood export business.

Key Rating Drivers & Detailed Description

Weakness:

* Exposure to customer concentration risk: AWEPL derives more than
40% of its revenue from a single client, Lulu International group,
rendering the business vulnerable to customer concentration. Any
vendor rationalization effort by the client could weaken the
company's business.

* Below-average financial risk profile: Financial risk profile will
likely remain below average due to a leveraged capital structure,
resulting from large payables and working capital debt. Total
outside liabilities to tangible networth (TOLTNW) ratio was high
estimated at 14.07 times as on March 31, 2022. Debt protection
metrics were moderate, as indicated by interest coverage and net
cash accruals to total debt estimated at 2.44 times and 0.04 times
in fiscal 2022.

Strengths:

* Extensive experience of the promoters: Key promoter, Mr. S
Haridas, has been associated with the seafood export business for
more than three decades, and has established healthy relationships
with customers and suppliers.

Liquidity-Stretched

Bank limit utilisation is high at around 94.23 percent for the past
twelve months ended January 2022. Cash accruals are expected to be
at around INR1.50–1.80 crores  which are sufficient against term
debt obligation of about INR1 crore over the medium term. Further
the promoters are likely to extend support in the form of unsecured
loans to meet its working capital requirements and repayment
obligations.

Outlook Stable

CRISIL Ratings believes AWEPL will continue to benefit from the
experience of the promoters.

Rating Sensitivity factors

Upward factors

* Improvement in capital structure marked by decline in TOLTNW
ratio to below 5 times
* Increase in revenue with stable operating margin, leading to
better accruals

Downward factors

* Decline in revenues or in operating profitability leading to cash
accrual of less than INR1 crore
* Weakening of financial risk profile because of debt contracted
for working capital or capital expenditure

Established in 2003 and based in Chennai, AWEPL exports marine
products such as shrimp, squid, octopus, groupers, and various
varieties of fish. The company has capacity to process 40 tonne of
marine products per day. Mr. S Haridas and Ms Anupama Haridas are
the promoters.


BHAGAVAN VENKAIAH: CRISIL Lowers Rating on INR20cr Loan to D
------------------------------------------------------------
CRISIL Ratings has downgraded the rating on the bank facilities of
Sri Bhagavan Venkaiah Swamy Rice Mill (SBV; part of the Sowbhagya
group) to 'CRISIL D Issuer Not Cooperating' from 'CRISIL B/Stable
Issuer Not Cooperating' due to delays in servicing debt
obligations.

                       Amount
   Facilities       (INR Crore)     Ratings
   ----------       -----------     -------
   Cash Credit            20        CRISIL D (ISSUER NOT
                                    COOPERATING; Downgraded from
                                    'CRISIL B/Stable ISSUER NOT  
                                    COOPERATING)

   Cash Credit             2        CRISIL D (ISSUER NOT
                                    COOPERATING; Downgraded from
                                    'CRISIL B/Stable ISSUER NOT  
                                    COOPERATING)

   Term Loan               1        CRISIL D (ISSUER NOT
                                    COOPERATING; Downgraded from
                                    'CRISIL B/Stable ISSUER NOT  
                                    COOPERATING)

CRISIL Ratings has been consistently following up with SBV for
obtaining information through letters and emails dated January 22,
2022, and March 12, 2022, apart from telephonic communication.
However, the issuer has remained non cooperative.  

Investors, lenders and all other market participants should
exercise due caution with reference to the rating assigned/reviewed
with the suffix 'issuer not cooperating' as the rating is arrived
at without any management interaction and is based on
best-available or limited or dated information on the entity. Such
non-cooperation by a rated entity may be a result of deterioration
in its credit risk profile. This rating with a 'issuer not
cooperating' suffix lacks a forward-looking component.  

Detailed Rationale

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

Based on latest available information, CRISIL Ratings has
downgraded the rating on the bank facilities of SBV to 'CRISIL D
Issuer Not Cooperating' from 'CRISIL B/Stable Issuer Not
Cooperating' due to delays in servicing debt obligations.

Analytical Approach

For arriving at the rating, CRISIL Ratings has combined the
business and financial risk profiles of SBV, Sowbhagyalakshmi Raw &
Boiled Rice Mill (SRB), and Sri Sowbhagya Lakshmi Paddy Boiling
Industries (SLPB). That's because these entities, together referred
to as the Sowbhagya group, have common promoters, are in the same
line of business, and have operational linkages and fungible cash
flows.

The Sowbhagya group's first firm, SRB, was set up in 1988 by Mr. V
Gopal Naidu and his family. In 1997, SLPB was set up and in 2000,
SBV. All these entities mill and process paddy into rice; they also
generate by-products such as broken rice, bran, and husk. Their
rice mills are in Nellore, Andhra Pradesh.

Status of non cooperation with previous CRA:

SBV has not cooperated with Acuite Ratings and Research Limited,
which has classified the company as non-cooperative through a
release dated January 18, 2021. The reason provided is
non-furnishing of information for monitoring the ratings.

BHATIA COKE: ICRA Keeps D Ratings in Not Cooperating Category
-------------------------------------------------------------
ICRA has retained the ratings for the bank facilities of Bhatia
Coke & Energy Limited. in the 'Issuer Not Cooperating' category.
The rating is denoted as [ICRA]D/[ICRA]D; ISSUER NOT COOPERATING".

                    Amount
   Facilities     (INR crore)    Ratings
   ----------     -----------    -------
   Fund Based-       24.00       [ICRA]D; ISSUER NOT COOPERATING;
   Cash Credit                   Rating Continues to remain under
                                 'Issuer Not Cooperating'
                                 Category

   Fund Based-      110.83       [ICRA]D; ISSUER NOT COOPERATING;
   Term Loan                     Rating Continues to remain under
                                 'Issuer Not Cooperating'
                                 Category

   Non Fund based    75.50       [ICRA]D;ISSUER NOT COOPERATING;
                                 Rating continues to remain under
                                 the 'Issuer Not Cooperating'
                                 category

   Unallocated       75.67       [ICRA]D;ISSUER NOT COOPERATING;
                                 Rating continues to remain under
                                 the 'Issuer Not Cooperating'
                                 category

ICRA has been trying to seek information from the entity so as to
monitor its 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.

A part of Bhatia Group of Indore, Bhatia Coke & Energy Limited
(BCEL) is a manufacturer of coke with an installed capacity of
340,000 MTPA. In addition, the company also has 22.5MW capacity for
power generation using waste heat recovered from coke oven plant.

BCEL was incorporated in June 2008; however, it didn't undertake
any operations till business transfer agreement was signed with
erstwhile flagship company of the group i.e. Bhatia International
Limited, which has been renamed to Asian Natural Resources (India)
Limited (ANRIL). As a part of Bhatia Group's restructuring plans,
coke manufacturing unit having capacity of 168,000 MTPA and 10MW
power plant based on waste heat recovered from coke oven plant were
transferred to BCEL. The effective date of transfer of business to
BCEL was October 2009; however, actual transfer happened in
February 2011 after appraisal and approval of bankers. Subsequently
in FY2013, BCEL completed brownfield capacity expansion program at
its unit in Gummidipoondi, Tamil Nadu, whereby coke manufacturing
capacity was doubled to about 340,000 MTPA and power generation
capacity was increased to about 22.5 MW.


BIG LOYALTY: Voluntary Liquidation Process Case Summary
-------------------------------------------------------
Debtor: Big Loyalty India Private Limited
        Flat No. C-120, Fifth Floor
        National Apartments
        Plot No. 4, Sector-3
        Dwarka, New Delhi
        South West Delhi
        Delhi 110075
        India

Liquidation Commencement Date: March 21, 2022

Court: National Company Law Tribunal, Pune Bench

Insolvency professional: Shashikant Shravan Dhamne

Interim Resolution
Professional:            Shashikant Shravan Dhamne
                         10, Shreeban
                         Opp. Police Ground
                         F.C. Road, Shivajinagar
                         Pune 411016
                         Maharashtra
                         E-mail: ssdhamne@yahoo.co.in
                         Tel: 020-25665551

Last date for
submission of claims:    April 20, 2022


CLASSIC NETWORK: CRISIL Withdraws B Rating on INR20cr Cash Loan
---------------------------------------------------------------
CRISIL Ratings has withdrawn its ratings on the bank facilities of
Classic Network Private Limited (CNPL) on the request of the
company and receipt of a no objection certificate from its bank.
The rating action is in line with CRISIL Ratings' policy on
withdrawal of its ratings on bank loans.

                       Amount
   Facilities       (INR Crore)     Ratings
   ----------       -----------     -------
   Bank Guarantee         63        CRISIL A4/Issuer Not
                                    Cooperating (Withdrawn)

   Bank Guarantee          5        CRISIL A4/Issuer Not
                                    Cooperating (Withdrawn)

   Bank Guarantee         55        CRISIL A4/Issuer Not
                                    Cooperating (Withdrawn)

   Bank Guarantee          5        CRISIL A4/Issuer Not
                                    Cooperating (Withdrawn)

   Bank Guarantee         20        CRISIL A4/Issuer Not
                                    Cooperating (Withdrawn)

   Cash Credit            12        CRISIL B/Stable/Issuer Not
                                    Cooperating (Withdrawn)

   Cash Credit            10        CRISIL B/Stable/Issuer Not
                                    Cooperating (Withdrawn)

   Cash Credit            20        CRISIL B/Stable/Issuer Not
                                    Cooperating (Withdrawn)

   Proposed Long Term     10        CRISIL B/Stable/Issuer Not
   Bank Loan Facility               Cooperating (Withdrawn)

CRISIL Ratings has been consistently following up with CNPL for
obtaining information through letters and emails dated September
15, 2021 and November 12, 2021, among others, apart from telephonic
communication. However, the issuer has remained non cooperative.

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

Detailed Rationale

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

Incorporated in 2002 and owned and managed by Mr. Rameshkumar
Kaneria and Mr. Smitkumar Kaneria, CNPL constructs roads and water
supply pipelines for various government departments in Gujarat.


D. D. INDUSTRIES: CRISIL Lowers Rating on INR50cr Loans to D
------------------------------------------------------------
CRISIL Ratings has downgraded the rating of D. D. Industries Ltd
(DDIL) to 'CRISIL D; Issuer not cooperating' from 'CRISIL B/Stable;
Issuer not cooperating', as company has delayed servicing its debt
obligation.

                       Amount
   Facilities       (INR Crore)     Ratings
   ----------       -----------     -------
   Cash Credit           30         CRISIL D (ISSUER NOT
                                    COOPERATING; Downgraded from
                                    'CRISIL B/Stable ISSUER NOT
                                    COOPERATING)

   Term Loan             20         CRISIL D (ISSUER NOT
                                    COOPERATING; Downgraded from
                                    'CRISIL B/Stable ISSUER NOT
                                    COOPERATING)

CRISIL Ratings has been consistently following up with DDIL for
obtaining information through emails dated January 22, 2022, March
12, 2022 and April 11, 2022, apart from telephonic communication.
However, the issuer has remained non-cooperative.

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

Detailed rationale

Despite repeated attempts to engage with the management, CRISIL
Ratings failed to receive any information on either the financial
performance or strategic intent of the entity, which restricts its
ability to take a forward-looking view on the entity's credit
quality.

CRISIL Ratings believes the rating action on DDIL is consistent
with 'Assessing Information Adequacy Risk'. Based on the best
available information and feedback from the banker, CRISIL Ratings
has downgraded the rating to 'CRISIL D; Issuer not cooperating'
from 'CRISIL B/Stable; Issuer not cooperating', as company has
delayed servicing its debt obligation.

Incorporated in 1957, DDIL is a closely held public limited company
and has been an authorised dealer for Maruti Suzuki India Ltd since
1995. The company operates 12 showrooms, 9 workshops, 6 body shops
and 3 True Value showrooms in Uttarakhand, Haryana and Delhi NCR.
The company is promoted by Mr. Rajeev Gambhir and his family
members.


EPLANET ADVISORS: Voluntary Liquidation Process Case Summary
------------------------------------------------------------
Debtor: Eplanet Advisors Private Limited
        957 ResCowork 04, L-9 East Wing
        Raheja Towers, MG Road
        Bangalore 560001

Liquidation Commencement Date: April 11, 2022

Court: National Company Law Tribunal, Bangalore Bench

Insolvency professional: Shivaganga Muralidhar Pramod

Interim Resolution
Professional:            Shivaganga Muralidhar Pramod
                         #4272, 2nd Floor, Saptagiri
                         Vivekananda Park Road
                         Near Seetha Circle
                         Girinagar, Bangalore 560085
                         E-mail: pramod@advanta.co.in
                         Tel: 9845657072

Last date for
submission of claims:    May 11, 2022


EVERGREEN DOOARS: ICRA Keeps B+ Debt Ratings in Not Cooperating
---------------------------------------------------------------
ICRA has retained the ratings for the bank facilities of Evergreen
Dooars Tea Pvt. Ltd. in the 'Issuer Not Cooperating' category. The
rating is denoted as [ICRA]B+(Stable)/[ICRA]A4; ISSUER NOT
COOPERATING".

                     Amount
   Facilities      (INR crore)     Ratings
   ----------      -----------     -------
   Fund based-         4.00        [ICRA]B+ (Stable) ISSUER NOT
   Cash Credit                     COOPERATING; Rating continues
                                   to remain under 'Issuer Not
                                   Cooperating' category

   Fund based-         3.16        [ICRA]B+ (Stable) ISSUER NOT
   Term Loan                       COOPERATING; Rating continues
                                   to remain under 'Issuer Not
                                   Cooperating' category

   Non fund based–     0.30        [ICRA] A4; ISSUER NOT
   Bank Guarantee                  COOPERATING; Rating Continues
                                   to remain under issuer not
                                   cooperating category

   Unallocated        12.54        [ICRA]B+(Stable)/[ICRA]A4
   Limit                           ISSUER NOT COOPERATING;
                                   Rating continues to remain
                                   under the 'Issuer Not
                                   Cooperating' category

ICRA has been trying to seek information from the entity so as to
monitor its 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.

Evergreen Dooars Tea Pvt. Ltd. was incorporated in the year 1998 to
set up a bought leaf plant for manufacturing Crush Tear Curl (CTC)
variety of tea. However, there were no operations within the
company. In 2011, the current management, Mr. Rajeev Baid and Mr.
RajKaran Pincha, took over the company to establish a tea
processing plant. The manufacturing facility of the company is
located in Jalpaiguri, West Bengal with an installed annual tea
manufacturing capacity of 25 lakh kgs. Commercial production at the
manufacturing facility commenced from September 2013 and the
company produced 22.26 lakh kgs of tea during FY15.


FUJIKURA AUTOMOTIVE: Voluntary Liquidation Process Case Summary
---------------------------------------------------------------
Debtor: Fujikura Automotive India Private Limited
        Rama Equator, Office No. 902
        Morwadi, Pimpri
        Pune MH 411018
        IN

Liquidation Commencement Date: March 25, 2022

Court: National Company Law Tribunal, Mumbai Bench

Insolvency professional: FCS & IP Ketan S Dand

Interim Resolution
Professional:            FCS & IP Ketan S Dand
                         Flat No. D-1, 3rd Floor
                         Rikhav Building, Plot No. 21/1
                         Near Wadala Bus Depot
                         Wadala West, Mumbai 400031
                         E-mail: ketan@sldco.in
                         Mobile: +919820666557

Last date for
submission of claims:    April 24, 2022


FUTURE RETAIL: Bank of India Files Insolvency Bid vs. Retailer
--------------------------------------------------------------
The Economic Times of India reports that Bank of India has filed an
insolvency petition against Future Retail Ltd (FRL) at the
bankruptcy court for non-payment of dues, the retailer said in a
notice issued to stock exchanges on April 15.

ET relates that the company said it defaulted on payment of monies
due in terms of framework agreement it entered with the bank. The
decision of lenders to file an application with National Company
Law Tribunal (NCLT) will have a bearing on the INR24,713-crore
offer that Reliance Industries-linked entities made to acquire
Future Group companies in August 2020.

ET had reported on March 29 that lenders have decided to refer FRL
to NCLT for insolvency proceedings. Bank of India has initiated
recovery action against Future Retail following the INR3,495-crore
default on the onetime restructuring scheme aimed at supporting
companies that suffered due to Covid-19.

The bank has filed a petition with Mumbai bench on NCLT after the
company failed to pay the dues or come up with a debt restructuring
plan, people aware of the matter told ET.

Lenders have jointly decided to recommend Vijaykumar Iyer, backed
by Deloitte India, as the interim resolution professional.
Meanwhile, Future Enterprises has informed the stock exchanges on
April 14 that it has defaulted on a INR1.2 crore payment on
non-convertible debentures while Future Lifestyle said its
independent director Sharada Sunder has resigned, ET relays.

Lenders have claimed dues of over INR17,500 crore from Future
Group, which include INR3,700-crore offshore bonds and
INR13,800-crore borrowing from local banks. They have filed an
application a week ahead of a creditors' meeting scheduled on April
21 to vote on the scheme of arrangement proposed by Reliance
Industries and Future Group on the multistage sale of Future
assets.

The key factor that influenced their decision was the uncertainty
of recovery, after Reliance took control of more than 800 of Future
Retail's 1,500 store sites over a month ago, citing non-payment of
rentals, sources said, according to ET. It takes a minimum of six
months to admit a company into insolvency proceedings, despite the
14-day ceiling prescribed by the law.

If Future Retail does get admitted by NCLT, it will allow other
potential buyers, such as Amazon, to bid for the company. The
Future-Reliance deal is stuck due to legal challenges posed by
Amazon, adds ET.

                        About Future Group

Future Group operates multi-branded retail outlets. The company's
retail chains include department stores, outlet stores, sportswear,
home improvement and consumer durables, supermarket, and
convenience stores as well as food parks.

Cash-strapped Future Group owes around INR19,000 crore to banks and
INR6,000 crore to the vendors. Future Retail Limited owes INR6,278
crore debt with 28 banks, including SBI, Union Bank, Bank of India,
Bank of Baroda, Axis Bank, and IDBI Bank, among others.

Future, India's second-largest retailer, has sought to complete its
$3.4 billion retail asset sale to Reliance Retail since 2020.  The
Indian Supreme Court has upheld the Singapore Emergency
Arbitrator's award against Reliance Retail's takeover of Future
group companies.


GANESH EDUCATION: CRISIL Assigns B- Rating to INR2.75cr Loan
------------------------------------------------------------
CRISIL Ratings has assigned its 'CRISIL B-/Stable' rating to the
bank facilities of Shree Ganesh Education and Welfare Society
(SGEW).

                         Amount
   Facilities         (INR Crore)     Ratings
   ----------         -----------     -------
   Overdraft
   Facility               2.75        CRISIL B-/Stable (Assigned)

   Proposed Long Term
   Bank Loan Facility     0.26        CRISIL B-/Stable (Assigned)

   Proposed Long Term
   Bank Loan Facility     0.10        CRISIL B-/Stable (Assigned)

   Term Loan              0.93        CRISIL B-/Stable (Assigned)

   Term Loan              0.97        CRISIL B-/Stable (Assigned)

   Term Loan              2.44        CRISIL B-/Stable (Assigned)

   Term Loan              6.12        CRISIL B-/Stable (Assigned)

   Working Capital
   Term Loan              0.17        CRISIL B-/Stable (Assigned)

The rating reflects SGEW's vulnerability to stringent regulations,
scale of operations, weak financial profile and extensive exposure
to group companies. These weaknesses are partially offset by its
healthy demand prospects for education industry.

Key Rating Drivers & Detailed Description

Weakness:

* Healthy demand prospects for education industry: Over the years,
there has been a thrust on education by both the state and central
governments. The institutes of the society are affiliated to Dr A P
J Abdul Kalam Technical University (Formerly Uttar Pradesh
Technical University) and approved by All India Council for
Technical Education. The private sector is playing a significant
role in the education sector, especially professional education, in
the country. With popularisation of private self-financing colleges
and deemed universities, the role of the private sector in
education has been accepted and recognised.

Strengths:

* Vulnerability to stringent regulations: Establishment and
operations of educational institutions are regulated by various
governmental and quasi-governmental agencies, such as the
University Grants Commission (UGC), MCI, AICTE, CBSE, universities,
state governments etc., Each body has detailed procedures for
granting permission to set up institutions, and approvals need to
be renewed every three or five years. Any non-compliance will
result in cancellation of affiliation, license etc. leading to loss
of reputation for the college and revenue for the trust.

* Modest scale of operation: SGEWs business profile is constrained
by its scale of operations in the intensely competitive Education
Services industry.  SGEWs scale of operations will continue limit
its operating flexibility.

* Weak financial profile:  SGEW has average financial profile
marked by gearing of 4.92 times and total outside liabilities to
adj tangible net worth (TOL/ANW) of 4.94 times for year ending on
31st March 2021. SGEW's debt protection measures have also been at
weak level in past due to high gearing and low accruals from the
operations. The interest coverage and net cash accrual to total
debt (NCATD) ratio are at 1.12 times and 0.01 times for fiscal
2021. SGEW debt protection measures are expected to remain at
similar level with high debt levels.

Liquidity: Stretched

Bank limit utilisation is high at around 101.44 percent for the
past twelve months ended Dec-2021.Cash accrual are expected to be
over INR70 lakhs which are sufficient against estimated term debt
obligation of INR60 lakhs over the medium term. In addition, it
will be act as cushion to the liquidity of the company. Current
ratio is low at 0.23 times on March 31,2021.    

Outlook Stable

CRISIL Ratings believes that SGEW will continue to benefit over the
medium term from its established position & management extensive
experience in the sector.   

Rating Sensitivity factors

Upward Factors
* Sustained growth in the revenues and operating profitability
leading to higher cash accruals of more than 1.5 crores
* Improvement in the financial metrics of the company

Downward factor
* Reduction in the cash flows leading to lower net cash accruals
below 40 lakhs
* Debt funded capex leading to deterioration in the financial and
liquidity profile of the company

SGEW, set up in 2011 at Saharanpur (Uttar Pradesh), provides
educational services through its Dev Rishi Institute and Dev Rishi
International College. Mr. Dinesh Kumar (president), Ms Soniya
(secretary), Mr. Om Singh (treasurer) are the promoters.


HARIKRUSHNA COTTON: ICRA Keeps B Debt Ratings in Not Cooperating
----------------------------------------------------------------
ICRA has retained the ratings for the bank facilities of Shree
Harikrushna Cotton Industries in the 'Issuer Not Cooperating'
category. The rating is denoted as [ICRA]B(Stable); ISSUER NOT
COOPERATING".

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

   Term Loan           1.76        [ICRA]B (Stable) ISSUER NOT
                                   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 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.

Shree Harikrushna Cotton Industries (SHCI) is a partnership firm
engaged in cotton ginning and pressing activity at its facility
located at Kadi, Mehsana in Gujarat. The commercial operations
started in May 2013 and the plant is equipped with 30 ginning
machines, 1 pressing machine and 6 crushing machines with
production capacity of 182 bales per day and 36 MT Oil per day. The
promoters of the firm have an experience of 5-7 years in the cotton
industry.


HEMANG RESOURCES: ICRA Keeps D Debt Ratings in Not Cooperating
--------------------------------------------------------------
ICRA has retained the ratings for the bank facilities of Hemang
Resources Limited in the 'Issuer Not Cooperating' category. The
rating is denoted as [ICRA]D/[ICRA]D; ISSUER NOT COOPERATING".

                     Amount
   Facilities     (INR crore)    Ratings
   ----------     -----------    -------
   Fund Based–        12.00      [ICRA]D ISSUER NOT COOPERATING;
   Cash Credit                   Rating continues to remain under
                                 'Issuer Not Cooperating'
                                 Category

   Non-fund            6.28      [ICRA]D ISSUER NOT COOPERATING;
   Based                         Rating continues to remain under
                                 'Issuer Not Cooperating'
                                 Category

   Unallocated       104.72      [ICRA]D;ISSUER NOT COOPERATING;
                                 Rating continues to remain under
                                 the 'Issuer Not Cooperating'
                                 category

   Non Fund based     77.00      [ICRA]D;ISSUER NOT COOPERATING;
                                 Rating continues to remain under
                                 the 'Issuer Not Cooperating'
                                 category

ICRA has been trying to seek information from the entity so as to
monitor its 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.

Hemang Resources Limited (erstwhile Bhatia Industries and
Infrastructure Limited) is promoted by the Bhatia Group of Indore,
and is involved in coal trading, wherein coal is imported from
coalfields in Indonesia and South Africa and is sold to domestic
companies. It was initially incorporated as BCC Finance Limited and
was involved in asset financing business. Subsequently in the year
FY2007, it surrendered its NBFC certificate and changed the name to
Bhatia Industries and Infrastructure Limited before being renamed
HRL from March 2015 onwards. Since then, the company has been
trading in coal as the main commodity, apart from commodities such
as sand and soybean (which is now discontinued). Within the Bhatia
Group, HRL is vested with the 'stock and sale' business with focus
on catering to small corporate entities and dealers.


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

                     Amount
   Facilities      (INR crore)     Ratings
   ----------      -----------     -------
   Fund based-         1.32        [ICRA]B+ (Stable) ISSUER NOT
   Term Loan                       COOPERATING; Rating continues
                                   to remain under 'Issuer Not
                                   Cooperating' category

   Fund Based         26.50        [ICRA]A4; ISSUER NOT
                                   COOPERATING; Rating continues
                                   to remain under the 'Issuer
                                   Not Cooperating' category

   Unallocated         1.85        [ICRA]B+(Stable)/[ICRA]A4;
                                   ISSUER NOT COOPERATING;
                                   Rating continues to remain
                                   under the 'Issuer Not
                                   Cooperating' category

ICRA has been trying to seek information from the entity so as to
monitor its 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.

Icewear Creation was established in 2004 as a partnership firm and
is involved in manufacturing of knitted garments, primarily kids
wear and ladies wear. The promoter, Mr Chandrasamy and his wife
Mrs. C. Periyanayaki are the partners in the firm. It has three
manufacturing units in Tirupur and has a combined production
capacity of 100 lakh pieces annually. It has been designated as a
one star export house by the Ministry of Commerce and Industry.

As per the provisional financials, the firm reported a net profit
of INR4.4 crore on an operating income (OI) of INR112.4 crore in
FY2019, as compared to a net profit of INR4.7 crore on an OI of
INR138.2 crore in FY2018.


INFO-DRIVE SOFTWARE: Liquidation Process Case Summary
-----------------------------------------------------
Debtor: M/s. Info-Drive Software Limited
        Crown Court, Sixth Floor
        Office No. 3 No. 128
        Cathedral Road
        Chennai 600086

Liquidation Commencement Date: April 6, 2022

Court: National Company Law Tribunal, Chennai Bench

Date of closure of
insolvency resolution process: April 5, 2022

Insolvency professional: CA Mahalingam Suresh Kumar

Interim Resolution
Professional:            CA Mahalingam Suresh Kumar
                         SPP & Co., Chartered Accountants
                         No. 27/9, Nivedh Vikas
                         Pankaja Mill Road
                         Puliyakulam, Coimbatore 641045
                         Mobile: +917373052341
                         E-mail: msureshkumar@icai.org

Last date for
submission of claims:    May 6, 2022


LIMTEX INDIA: ICRA Keeps D Debt Ratings in Not Cooperating
----------------------------------------------------------
ICRA has retained the ratings for the bank facilities of Limtex
India Limited in the 'Issuer Not Cooperating' category. The rating
is denoted as [ICRA]D)/[ICRA]D; ISSUER NOT COOPERATING".

                     Amount
   Facilities     (INR crore)    Ratings
   ----------     -----------    -------
   Fund Based–        13.00      [ICRA]D ISSUER NOT COOPERATING;
   Cash Credit                   Rating continues to remain under
                                 'Issuer Not Cooperating'
                                 Category

   Fund Based–        12.00      [ICRA]D ISSUER NOT COOPERATING;
   Standby Line                  Rating continues to remain under
   of Credit                     'Issuer Not Cooperating'
                                 Category

   Fund Based–         0.92      [ICRA]D ISSUER NOT COOPERATING;
   Term Loan                     Rating continues to remain under
                                 'Issuer Not Cooperating'
                                 Category

   Fund Based–        43.00      [ICRA]D ISSUER NOT COOPERATING;
   Limit                         Rating continues to remain under
                                 'Issuer Not Cooperating'
                                 Category

   Non Fund Based     19.84      [ICRA]D ISSUER NOT 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 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.

Mr. Gopal Poddar, founder of the Limtex group, started a
proprietorship company in the name of Limtex India in 1977 and the
same was converted into a private limited company, Limtex India
Limited (LIL) in 1992. The company is primarily engaged in blending
and trading of tea in the domestic and export markets. The company
is also engaged in tea processing. This apart, the company is also
engaged in trading of agri-products in the domestic as well as
exports market.


LOCK & LOCK: Voluntary Liquidation Process Case Summary
-------------------------------------------------------
Debtor: Lock & Lock India Trading Private Limited
        4 Hanief CHS, Shreenagar
        Aslam Compound
        Opp. Chaya Printing
        Nr. Universal Business Park
        Sakinaka, Mumbai 400072

Liquidation Commencement Date: April 7, 2022

Court: National Company Law Tribunal, Mumbai Bench

Insolvency professional: Mr. Girish Krishna Hingorani

Interim Resolution
Professional:            Mr. Girish Krishna Hingorani
                         5 C Mehta Sadan
                         S H Parelkar Marg
                         Dadar, Mumbai 400028
                         Maharashtra, India
                         E-mail: girish2207@rediffmail.com
                         Mobile: 9820099783

Last date for
submission of claims:    May 7, 2022


NATIONAL STEEL: ICRA Keeps D Debt Ratings in Not Cooperating
------------------------------------------------------------
ICRA has retained the ratings for the bank facilities of National
Steel and Agro Industries Limited in the 'Issuer Not Cooperating'
category. The rating is denoted as [ICRA]D/[ICRA]D; ISSUER NOT
COOPERATING".

                    Amount
   Facilities     (INR crore)    Ratings
   ----------     -----------    -------
   Fund Based-      200.55       [ICRA]D; ISSUER NOT COOPERATING;
   Cash Credit                   Rating Continues to remain under
                                 'Issuer Not Cooperating'
                                 Category

   Fund Based-       17.95       [ICRA]D; ISSUER NOT COOPERATING;
   Term Loan                     Rating Continues to remain under
                                 'Issuer Not Cooperating'
                                 Category

   Unallocated      215.30       [ICRA]D;ISSUER NOT COOPERATING;
                                 Rating continues to remain under
                                 the 'Issuer Not Cooperating'
                                 category

   Non Fund        1199.52       [ICRA]D;ISSUER NOT COOPERATING;
   based                         Rating continues to remain under
                                 the 'Issuer Not Cooperating'
                                 category

ICRA has been trying to seek information from the entity so as to
monitor its 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.

Incorporated in 1985, National Steel and Agro Industries Limited
(NSAIL) manufactures cold-rolled (CR) coils, galvanized plain
(GP)/galvanized corrugated (GC) coils and sheets, and color coated
coils and sheets. The company started as a CR coil manufacturer and
undertook forward integration by expanding into GP/GC coils/ sheets
and color coated coils/ sheets divisions over the years. At
present, the company has an installed capacity of 300,000 TPA in
the CR coils division, 330,000 TPA in the GP/GC unit and 170,000
TPA in the colour coated coils division. In addition, it also has a
captive power plant with an installed capacity of 6 MW.

PRECISION ENGINEERING: ICRA Keeps D Ratings in Not Cooperating
--------------------------------------------------------------
ICRA has retained the ratings for the bank facilities of Precision
Engineering Corporation in the 'Issuer Not Cooperating' category.
The rating is denoted as [ICRA]D/[ICRA]D; ISSUER NOT COOPERATING".

                     Amount
   Facilities     (INR crore)    Ratings
   ----------     -----------    -------
   Fund Based–         9.00      [ICRA]D ISSUER NOT COOPERATING;
   Cash Credit                   Rating continues to remain under
                                 'Issuer Not Cooperating'
                                 Category

   Fund Based–         1.08      [ICRA]D ISSUER NOT COOPERATING;
   Working Capital               Rating continues to remain under
   Term Loan                     'Issuer Not Cooperating'
                                 Category

   Non-Fund based–     0.80      [ICRA]D; ISSUER NOT
COOPERATING;
   Letter of Credit              Rating continue to remain under
                                 the 'Issuer Not Cooperating'
                                 category

   Non-Fund based–     1.12      [ICRA]D; ISSUER NOT
COOPERATING;
   Bank Guarantee                Rating continue to remain under
                                 the 'Issuer Not Cooperating'
                                 category

ICRA has been trying to seek information from the entity. 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.

Set up in 1982 as a proprietorship firm, PEC was converted into a
partnership firm in 2009. The firm is involved in the manufacturing
of tubular pressure parts, steam pipe lines, bridges and structures
for the Indian Railways and other engineering products as well as
execution of construction projects for thermal and cogeneration
power plants. PEC has manufacturing facility in Bhilai,
Chhattisgarh.

PRIUS COMMERCIAL: ICRA Withdraws D Rating on INR424cr Term Loans
----------------------------------------------------------------
ICRA has withdrawn the ratings assigned to the bank facilities of
Prius Commercial Projects Private Limited at the request of the
company and based on the No Objection Certificate 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
   ----------     -----------    -------
   Term Loans        424.00      [ICRA]D; ISSUER NOT COOPERATING;
                                 Withdrawn

Prius Commercial Projects Private Limited (previously known as GYS
Real Estates Private Limited) was incorporated on December 8, 2006.
84% stake in the company is held by Ms. Shabnam Dhillon and 16%
stake is held by Mr. Yuvraj NarainGorwaney. The company is based
out of New Delhi and it owns and manages a commercial property in
Saket in New Delhi. The commercial building is operational since
2009 and has total leasable area of 2,56,641 sq ft. GYS has five
subsidiaries, each of which owns and manages commercial properties
in various locations. Total saleable area across the six companies
(GYS and its five subsidiaries) is 1.15 million sq ft.


RAJGANGPUR ISPAT: ICRA Keeps B- Debt Ratings in Not Cooperating
---------------------------------------------------------------
ICRA has retained the ratings for the bank facilities of Rajgangpur
Ispat Udyog in the 'Issuer Not Cooperating' category. The rating is
denoted as [ICRA]B-(Stable)/[ICRA]A4; ISSUER NOT COOPERATING".

                     Amount
   Facilities      (INR crore)     Ratings
   ----------      -----------     -------
   Fund based-         3.00        [ICRA]B- (Stable) ISSUER NOT
   Cash Credit                     COOPERATING; Rating continues
                                   to remain under 'Issuer Not
                                   Cooperating' category

   Fund based-         1.34        [ICRA]B (Stable) ISSUER NOT
   Term Loan                       COOPERATING; Rating continues
                                   to remain under 'Issuer Not
                                   Cooperating' category

   Fund based–
   Bill Discounting    5.00        [ICRA]A4; ISSUER NOT
                                   COOPERATING; Rating continues
                                   To remain under the 'Issuer
                                   Not Cooperating' category

ICRA has been trying to seek information from the entity so as to
monitor its 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.

Rajgangpur Ispat Udyog, promoted in the year 1982, is a partnership
concern promoted by the Agarwal family based out of Odisha. The
firm has an installed annual crushing capacity of 90000MT for iron
ore lumps and 30000MT for iron ore fines.


RAJMANGAL MILK: Insolvency Resolution Process Case Summary
----------------------------------------------------------
Debtor: Rajmangal Milk & Agro Foods Private Limited
        A/P Hingangaon, Tal-Indapur
        Pune MH 413106
        IN

Insolvency Commencement Date: April 7, 2022

Court: National Company Law Tribunal, Mumbai Bench

Estimated date of closure of
insolvency resolution process: September 24, 2022

Insolvency professional: Mr. Indrajit Mukherjee

Interim Resolution
Professional:            Mr. Indrajit Mukherjee
                         Flat No. B 405, Siddhivinayak Twins
                         Plot No. 9, Sector 17
                         Roadpali, Kalamboli
                         Navi Mumbai, Raigad
                         Maharashtra 410218
                         E-mail: indrajitmukherjee15@yahoo.com

                            - and -

                         Kanchansobha Debt Resolution Advisors
                         Pvt Ltd
                         1507-Wing, One BKC
                         Plot No. C-66, G Block
                         Bandra Kurla Complex
                         Bandra East, Mumbai 400051
                         E-mail: rajmangal@kanchansobha.com

Last date for
submission of claims:    Aprl 21, 2022


RAMESHWAR INDUSTRIES: ICRA Keeps D Ratings in Not Cooperating
-------------------------------------------------------------
ICRA has retained the ratings for the bank facilities of Rameshwar
Industries in the 'Issuer Not Cooperating' category. The rating is
denoted as [ICRA]D; ISSUER NOT COOPERATING".

                     Amount
   Facilities     (INR crore)    Ratings
   ----------     -----------    -------
   Fund Based–         7.00      [ICRA]D ISSUER NOT COOPERATING;
   Cash Credit                   Rating continues to remain under
                                 'Issuer Not Cooperating'
                                 Category

   Fund Based–         0.67      [ICRA]D ISSUER NOT COOPERATING;
   Term Loan                     Rating continues to remain under
                                 'Issuer Not Cooperating'
                                 Category

   Unallocated  
   Limits              1.08      [ICRA]D; ISSUER NOT COOPERATING;
                                 Rating continues to remain under
                                 the 'Issuer Not Cooperating'
                                 category

ICRA has been trying to seek information from the entity so as to
monitor its 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 May 2013 as a partnership firm, Rameshwar Industries
(RI) is in the business of ginning and pressing of raw cotton and
cottonseed crushing. The firm commenced its commercial operations
in January 2014. Its manufacturing facility is located at Tankara
in Rajkot, Gujarat and is equipped with 24 ginning machines, 1
pressing machine and 5 crushing machines with processing capacity
of ~17,740 Metric Tonnes Per Annum (MTPA) of cotton bales and
~13,140 MTPA of cottonseed oil. The promoters of the firm have
extensive experience in the cotton industry.


RAMESHWAR TEXTILE: ICRA Moves B+ Debt Rating to Not Cooperating
---------------------------------------------------------------
ICRA has moved the ratings for the bank facilities of Rameshwar
Textile Mills Ltd. (RTML) to the 'Issuer Not Cooperating' category.
The rating is denoted as “[ICRA]B+ (Stable) ISSUER NOT
COOPERATING".

                     Amount
   Facilities     (INR crore)    Ratings
   ----------     -----------    -------
   Long-term          10.75      [ICRA]B+ (Stable) ISSUER NOT
   Fund-based/                   COOPERATING; Rating moved to
   Cash Credit                   'Issuer Not Cooperating'
                                 Category

As part of its process and in accordance with its rating agreement
with RTML, ICRA has been sending repeated reminders to the entity
for payment of surveillance fee that became due. Despite multiple
requests by ICRA, the entity's management has remained
non-cooperative. In the absence of requisite information and in
line with the aforesaid policy of ICRA, a rating view has been
taken on the entity based on the best available information.

Established in 1988, RTML manufactures dyed and printed grey
fabric. It also undertakes job work for the same. The dyeing and
printing unit has an installed processing capacity of ~2.0 lakh
metres of fabric per day. The company is also involved in garment
manufacturing and trading of yarn, although the same accounts for a
negligible share of its total revenues. Its manufacturing plant is
in Surat, Gujarat.

RTML is associated with various other group companies such as Aakar
Land Developers Private Limited (real estate development in Surat
city), RJ Energy Private Limited, Biyani Impex Private Limited and
KS Glass Industries Private Limited (manufacturing glass bottles).


ROBOTICS INFRATECH: Insolvency Resolution Process Case Summary
--------------------------------------------------------------
Debtor: Robotics Infratech Private Limited
        6A, Lala Lajpathraj Sarani
        3rd Floor
        Kolkata, WB 700020
        IN

Insolvency Commencement Date: April 8, 2022

Court: National Company Law Tribunal, Kolkata Bench

Estimated date of closure of
insolvency resolution process: October 5, 2022

Insolvency professional: Mr. Ashish Goyal

Interim Resolution
Professional:            Mr. Ashish Goyal
                         Shrachi Lakewoods
                         Flat 1E 106D
                         Narkeldanga North Road
                         Kolkata, West Bengal 700011
                         E-mail: ashish.goyal@outlook.in

                            - and -

                         AAA Insolvency Professionals LLP
                         Mousumi Co.Op. Housing Society
                         15B, Ballygunge Circular Road
                         Kolkata 700019
                         E-mail: robotics.infra@aaainsolvency.com

Last date for
submission of claims:    April 22, 2022


SARVESHWARI EXPORTS: ICRA Keeps B+ Ratings in Not Cooperating
-------------------------------------------------------------
ICRA has retained the ratings for the bank facilities of
Sarveshwari Exports 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
   ----------      -----------     -------
   Fund based-         5.50        [ICRA]B+ (Stable) ISSUER NOT
   Export Packing                  COOPERATING; Rating continues
   Credit                          to remain under 'Issuer Not
                                   Cooperating' category

   Fund based–         1.00        [ICRA]B+(Stable); ISSUER NOT
   Foreign Bill                    COOPERATING; Rating continues
   Discounting                     to remain under the 'Issuer
                                   Not Cooperating' category

   Fund based–         0.95        [ICRA]B+(Stable); ISSUER NOT
   Standby Line                    COOPERATING; Rating continues
   of Credit                       to remain under the 'Issuer
                                   Not Cooperating' category

   Non-Fund based–     0.38        [ICRA]A4; ISSUER NOT
   Forward Contract                COOPERATING; Rating continues
                                   To remain under the 'Issuer
                                   Not Cooperating' category

   Unallocated Limit   0.17        [ICRA]B+(Stable)/[ICRA]A4;
                                   ISSUER NOT COOPERATING;
                                   Rating continues to remain
                                   under the 'Issuer Not
                                   Cooperating' category

ICRA has been trying to seek information from the entity so as to
monitor its 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.

Incorporated in March 2011, SEPL is involved in processing and
export of shrimps. In December 2012, the company took over the
entire business of the partnership firm, M/s Sarveshwari Exports
which was also engaged in the same line of business since 2002. The
company exports the shrimps under the registered brand names of
'Mizu Fresh', 'Udori Ebi' and 'Max Ultra'.


SD PHARMACY P LTD: Insolvency Resolution Process Case Summary
-------------------------------------------------------------
Debtor: M/s S D Pharmacy P Ltd
        26/1176, Dhanwanthari Bhavan
        Balhavan Road, Alleppey
        Alapuzha, Kerala 688011
        India

Insolvency Commencement Date: April 2, 2022

Court: National Company Law Tribunal, Aluva Bench

Estimated date of closure of
insolvency resolution process: September 29, 2022

Insolvency professional: CA Jasin Jose

Interim Resolution
Professional:            CA Jasin Jose
                         Ponmattam Madaserry
                         Mookannoor PO 683577
                         Angamaly, Kerala
                         India
                         E-mail: jasinjoseponmattam@gmail.com

                            - and -

                         5D, Skyline Riverscape
                         Thottumugham, Aluva
                         Kerala 683101
                         E-mail: cajasinjose@gmail.com

Last date for
submission of claims:    April 16, 2022


SINDHU CARGO: ICRA Keeps B+ Debt Ratings in Not Cooperating
-----------------------------------------------------------
ICRA has retained the ratings for the bank facilities of Sindhu
Cargo Services 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-          36.00       [ICRA]B+ (Stable) ISSUER NOT
   Fund Based/CC                   COOPERATING; Rating continues
                                   to remain under 'Issuer Not
                                   Cooperating' category

   Long Term-          15.21       [ICRA]B+ (Stable) ISSUER NOT
   Term Loan                       COOPERATING; Rating continues
                                   to remain under 'Issuer Not
                                   Cooperating' category

   Long Term-          21.79       [ICRA]B+ (Stable) ISSUER NOT
   Unallocated                     COOPERATING; Rating ontinues
   Facilities                      to remain under 'Issuer Not
                                   Cooperating' category

   Short Term–          2.00       [ICRA]A4 ISSUER NOT
   Non-fund based                  COOPERATING; Rating continues
   Facilities                      To remain under 'Issuer Not
                                   Cooperating' category

ICRA has been trying to seek information from the entity so as to
monitor its 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.

Incorporated in October 1991, Sindhu Cargo Services Private Limited
(SCSPL) is an integrated logistics service provider. The company
has its origins in customs clearance business started by Mr. G
Balaraju in 1987 which was later incorporated as a private limited
company in October 1991. Over the years, the company has
diversified into freight 2 forwarding, transportation, warehousing
and supply chain management starting from customs clearing
operations. Presently, SCSPL has offices across the country located
at metros and other major cities.

SNG REALESTATE PRIVATE: Insolvency Resolution Process Case Summary
------------------------------------------------------------------
Debtor: SNG RealEstate Private Limited
        707, Paris Point Bani Park
        Jaipur, Rajasthan 302016

Insolvency Commencement Date: April 6, 2022

Court: National Company Law Tribunal, Kolkata Bench

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

Insolvency professional: Ajay Kumar Agarwal

Interim Resolution
Professional:            Ajay Kumar Agarwal
                         Plot no. IID/31/1, Street No. 1111
                         PS Qube, Unit Number 1015A, 10th Floor
                         Beside City Centre 2
                         Kolkata 700161 WB
                         E-mail: cs.aaa2014@gmail.com
                                 cirp.sngrpl@gmail.com

Classes of creditors:    Homebuyers

Insolvency
Professionals
Representative of
Creditors in a class:    Vishnu Upadhyay
                         Vikram Singh Rathore
                         Babu Lal Gurjar

Last date for
submission of claims:    April 20, 2022


SOMATHEERAM AYURVEDIC: ICRA Keeps B+ Ratings in Not Cooperating
---------------------------------------------------------------
ICRA has retained the ratings for the bank facilities of
Somatheeram Ayurvedic Hospital and Yoga Centre Private Limited. In
the 'Issuer Not Cooperating' category. The rating is denoted as
[ICRA]B+(Stable); ISSUER NOT COOPERATING".

                     Amount
   Facilities      (INR crore)     Ratings
   ----------      -----------     -------
   Long Term-          2.25        [ICRA]B+ (Stable) ISSUER NOT
   Fund Based-                     COOPERATING; Rating continues
   Cash Credit                     to remain under 'Issuer Not
                                   Cooperating' category

   Long Term-          4.80        [ICRA]B+ (Stable) ISSUER NOT
   Fund Based-                     COOPERATING; Rating continues
   Term Loan                       to remain under 'Issuer Not
                                   Cooperating' category

   Long Term-          7.95        [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 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.

Incorporated in 1994, Somatheeram is a strong brand in the
Ayurvedic tourism segment and runs an Ayurvedic resort in Chowara,
South of Kovalam, Trivandrum. The resort has 80 cottages, including
10 rooms in the nearby property, Samana, and has other amenities
like a private beach, swimming pool, yoga centres etc in its
property. The company offers several Ayurvedic treatment packages
such as those for slimming, rejuvenation, anti-ageing, skin
diseases and body purification to name a few. It has 16 doctors for
Ayurvedic treatments, 51 therapists and three yoga masters, apart
from 200 administrative staff. Bookings are made online on the
company's website and through the marketing arm in Germany or
through its agents. Almost the entire clientele is from overseas,
with over 60% of them from Germany, primarily from the high-income
category. Apart from Somatheeram, the promoters have interest in
four other entities – two private limited companies and two
partnership firms. Two of these entities are shell entities without
any operations – one operates an Ayurvedic shop inside the
Somatheeram campus, and the other owns cardamom plantations in
Munnar.


SOWBHAGYALAKSHMI PADDY: CRISIL Cuts Rating on INR21cr Loans to D
----------------------------------------------------------------
CRISIL Ratings has downgraded the rating on the bank facilities of
Sri Sowbhagyalakshmi Paddy Boiling Industries (SLPB; part of the
Sowbhagya group) to 'CRISIL D Issuer Not Cooperating' from 'CRISIL
B/Stable Issuer Not Cooperating' due to delays in servicing debt
obligations.

                       Amount
   Facilities       (INR Crore)     Ratings
   ----------       -----------     -------
   Cash Credit           17         CRISIL D (ISSUER NOT
                                    COOPERATING; Downgraded from
                                    'CRISIL B/Stable ISSUER NOT
                                    COOPERATING)

   Cash Credit            3         CRISIL D (ISSUER NOT
                                    COOPERATING; Downgraded from
                                    'CRISIL B/Stable ISSUER NOT
                                    COOPERATING)

   Long Term Loan         1         CRISIL D (ISSUER NOT
                                    COOPERATING; Downgraded from
                                    'CRISIL B/Stable ISSUER NOT
                                    COOPERATING)

CRISIL Ratings has been consistently following up with SLPB for
obtaining information through letters and emails dated January 22,
2022, and March 12, 2022, apart from telephonic communication.
However, the issuer has remained non cooperative.  

Investors, lenders and all other market participants should
exercise due caution with reference to the rating assigned/reviewed
with the suffix 'issuer not cooperating' as the rating is arrived
at without any management interaction and is based on
best-available or limited or dated information on the entity. Such
non-cooperation by a rated entity may be a result of deterioration
in its credit risk profile. This rating with a 'issuer not
cooperating' suffix lacks a forward-looking component.  

Detailed Rationale

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

Based on latest available information, CRISIL Ratings has
downgraded the rating on the bank facilities of SLPB to 'CRISIL D
Issuer Not Cooperating' from 'CRISIL B/Stable Issuer Not
Cooperating' due to delays in servicing debt obligations.

Analytical Approach

For arriving at the rating, CRISIL has combined the business and
financial risk profiles of SLPB, Sri Bhagavan Venkaiah Swamy Rice
Mill (SBV), and Sowbhagyalakshmi Raw & Boiled Rice Mill (SRB).
That's because these entities, together referred to as the
Sowbhagya group, have common promoters, are in the same line of
business, and have operational linkages and fungible cash flows.

The Sowbhagya group's first firm, SRB, was set up in 1988 by Mr. V
Gopal Naidu and his family. In 1997, SLPB was set up and in 2000,
SBV. All these entities mill and process paddy into rice; they also
generate by-products such as broken rice, bran, and husk. Their
rice mills are in Nellore, Andhra Pradesh.

Status of non cooperation with previous CRA:

SLPB has not cooperated with Acuite Ratings and Research Limited,
which has classified the company as non-cooperative through a
release dated January 18, 2021. The reason provided is
non-furnishing of information for monitoring the ratings.


SRK CHEMICALS LTD: Liquidation Process Case Summary
---------------------------------------------------
Debtor: M/s S.R.K. Chemicals Ltd.
        Neelkanth B B Z S 60
        Zandachowk Gandhidham 470201
        Neelkanth B B Z S 60
        Zanda Gujarat

Liquidation Commencement Date: December 10, 2021

Court: National Company Law Tribunal, Ahmedabad Bench

Date of closure of
insolvency resolution process: November 28, 2021

Insolvency professional: Mr. Rajendra Sanghi

Interim Resolution
Professional:            Mr. Rajendra Sanghi
                         B/2D Siddh Chhakra Apartment
                         Near Sargam Shopping Center
                         Parle Point, Surat
                         Gujarat 395007

                            - and -

                         AAA Insolvency Profesionals LLP
                         E-10A, Kailash Colony
                         Greater Kailash-1
                         New Delhi 110048
                         E-mail: rajendra.sanghi@aaainsolvency.com
                                 srk.chemicals@aaainsolvency.com

Last date for
submission of claims:    January 9, 2022


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

                    Amount
   Facilities     (INR crore)    Ratings
   ----------     -----------    -------
   Long-term–         4.00       [ICRA]D; ISSUER NOT
COOPERATING;
   Fund based                    Rating Continues to remain under
                                 'Issuer Not Cooperating'
                                 Category

   Short-term         3.50       [ICRA]D; ISSUER NOT COOPERATING;
   fund based                    Continues to remain under the
                                 'Issuer Not Cooperating'
                                 Category

   Long Term/         1.50       [ICRA]D/[ICRA]D; ISSUER NOT
   Short Term-                   COOPERATING; Continues to remain
   Unallocated                   in the 'Issuer Not Cooperating'
                                 category

ICRA has been trying to seek information from the entity so as to
monitor its 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.

Incorporated in 1972, Subadra Textile Private Limited (erstwhile
Bhadra Spinning Mills Private Limited (1963-1971)) has been
functioning under the directorship of Mr. V.S. Rajagopal since
1975. It is engaged in the business of manufacturing cotton yarn of
counts ranging from 27s–100s for domestic as well as
international markets. The company operates from Bangalore, with
its manufacturing unit spread over 4.7 acres on Magadi Main Road,
which has an installed capacity of 18,720 spindles with combed and
auto-coned capacity. It also outsources manufacturing of polyester
yarn on job-work basis to its subsidiary, Subadra Spinning Mills
Private Limited, which was taken over by the company in December
2014. It has also diversified into the merchant exports business
during.


TEKNIK PLANT: Insolvency Resolution Process Case Summary
--------------------------------------------------------
Debtor: Teknik Plant and Machinery MFG Co Pvt Ltd
        W 132 S Block Bhosari Industrial Estate
        Pune, Maharashtra 411026

Insolvency Commencement Date: April 4, 2022

Court: National Company Law Tribunal, Mumbai Bench

Estimated date of closure of
insolvency resolution process: October 1, 2022
                               (180 days from commencement)

Insolvency professional: Modilal Dharnraj Pamecha

Interim Resolution
Professional:            Modilal Dharnraj Pamecha
                         C-802 Padmarag, J.B. Nagar
                         Andheri (E), Mumbai 400059
                         Maharashtra
                         E-mail: camodilalpamecha@gmail.com

Last date for
submission of claims:    April 18, 2022


TRINA SOLAR: Voluntary Liquidation Process Case Summary
-------------------------------------------------------
Debtor: Trina Solar (India) Private Limited
        Level 4, Naga Chambers
        D/No. 12-1-16, Plot No. 49
        Opp. HDFC Bank, Ram Nagar
        Walter Main Road
        Vishakapatnam
        Andhra Pradesh 530002
        India

Liquidation Commencement Date: March 29, 2022

Court: National Company Law Tribunal, Pune Bench

Insolvency professional: Shashikant Shravan Dhamne

Interim Resolution
Professional:            Shashikant Shravan Dhamne
                         10, Shreeban
                         Opp. Police Ground
                         F.C. Road, Shivajinagar
                         Pune 411016
                         Maharashtra
                         E-mail: ssdhamne@yahoo.co.in
                         Tel: 020-25665551

Last date for
submission of claims:    April 28, 2022


VENKATACHALAPATHY TEXTILES: ICRA Keeps B+ in Not Cooperating
------------------------------------------------------------
ICRA has retained the ratings for the bank facilities of Sre
Venkatachalapathy Textiles in the 'Issuer Not Cooperating'
category. The rating is denoted as[ICRA]B+(Stable)/[ICRA]A4; ISSUER
NOT COOPERATING".

                     Amount
   Facilities      (INR crore)     Ratings
   ----------      -----------     -------
   Fund based-         4.00        [ICRA]B+ (Stable) ISSUER NOT
   Cash Credit                     COOPERATING; Rating continues
                                   to remain under 'Issuer Not
                                   Cooperating' category

   Fund based-         0.42        [ICRA]B+ (Stable) ISSUER NOT
   Term Loan                       COOPERATING; Rating continues
                                   to remain under 'Issuer Not
                                   Cooperating' category

   Unallocated         5.08        [ICRA]B+(Stable); ISSUER NOT
                                   COOPERATING; Rating continue
                                   to remain under the 'Issuer
                                   Not Cooperating' category

   Non Fund Based      2.50        [ICRA]A4; ISSUER NOT
                                   COOPERATING; Rating continue
                                   to remain under the 'Issuer
                                   Not Cooperating' category

ICRA has been trying to seek information from the entity so as to
monitor its 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.

SVT was started by the late Mr. Venkataswamy Naidu in 1988 as a
sole proprietorship and was converted into a partnership firm in
1999. The firm started its operations as a manufacturer of cotton
yarn in 40s count and has expanded its operations to the sale of
grey fabric and dyed fabric in the recent past. At present, it
operates with 16,500 spindles. While the firm utilises its in-house
capacity for yarn manufacturing, it outsources weaving and dyeing
activities.


WEGL SERVICES INDIA: Voluntary Liquidation Process Case Summary
---------------------------------------------------------------
Debtor: WEGL Services India Private Limited
        7/5, LGGS Colony
        25th Street, 7th Avenue
        Ashok Nagar, Chennai 600083
        Tamil Nadu, India

Liquidation Commencement Date: March 25, 2022

Court: National Company Law Tribunal, Mumbai Bench

Insolvency professional: FCS & IP Ketan S Dand

Interim Resolution
Professional:            FCS & IP Ketan S Dand
                         Flat No. D-1, 3rd Floor
                         Rikhav Building, Plot No. 21/1
                         Near Wadala Bus Depot
                         Wadala West, Mumbai 400031
                         E-mail: ketan@sldco.in
                         Mobile: +919820666557

Last date for
submission of claims:    April 24, 2022




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

BAYAN RESOURCES: S&P Raises LongTerm ICR to 'BB-', Outlook Stable
-----------------------------------------------------------------
S&P Global Ratings, on April 14, 2022, raised the long-term issuer
credit rating on Indonesian coal miner, PT Bayan Resources Tbk to
'BB-' from 'B+'.

The stable outlook reflects our expectation that Bayan will
continue to preserve its strong debt-servicing capability and
balance sheet, minimizing downside risks from coal-price
volatility, and potential for operational disruptions and adverse
regulations.

An elevated pricing environment for thermal coal will result in
Bayan generating substantial free cash flow greater than US$1
billion annually in 2022 and 2023. S&P said, "In our view, this
strengthens an already healthy financial profile, given that Bayan
managed to reduce its debt entirely in 2021 after the company fully
redeemed its US$400 million bond with surplus cash. We believe
Bayan's sizable cash position will provide greater financial
resilience to withstand unforeseen operational disruptions, which
could arise from weather-related risks, or volatility in coal
prices."

Supply disruptions have driven Newcastle 6,300 kcal/kg prices above
US$150 per metric ton (MT) since July 2021, reaching a peak of over
US$400 per MT in March 2022, compared with about US$100 per MT a
year ago. Pricing momentum has increased because of mounting
concerns over global energy supplies due to the Russia-Ukraine
conflict and the escalating sanctions imposed on Russia. This comes
amid already tight supply conditions stemming from factors
including inclement weather patterns and Indonesia's month-long
export ban earlier this year. These macroeconomic trends have led
S&P's to lift its 2022 thermal coal price forecast to US$180 per MT
from US$120 per MT.

S&P said, "We believe Bayan will continue to manage its surplus
cash prudently. We project a step-up in capital spending for the
construction of its haul road and supporting facilities of about
US$250 million in 2022, compared to US$177 million in 2021. We also
anticipate the company will distribute approximately US$700 million
to US$800 million in dividends, in line with its existing policy of
60% of the prior year's net profit after tax. The company might use
the remaining cash for any midsize acquisition to enhance its
reserve base or diversify into other commodities.

"By our estimates, Bayan's current cash position should be adequate
to finance its investments, or otherwise, require minimal
incremental debt. However, in our view, the current strength in
coal prices would render any near-term acquisitions unlikely and
the company could preserve its cash and reinvest into the
business."

Greater visibility on haul road and supporting infrastructure
facilities with completion expected by mid-2023 will expand Bayan's
scale and operations. As of Dec. 31, 2021, Bayan's haul road was
52% completed while that of the supporting facilities were at 34%.
Even though the company is facing delays on construction due to
current heavy rains at Kalimantan, S&P views execution risks to
have diminished. This is because the company has obtained the
relevant land permits necessary for the construction process, and
the overarching improvement in Bayan's financial profile will
likely outweigh residual project risks such as delays or cost
overruns.

Since 2019, the company has been constructing the 100-kilometer
(km) haul road to connect the Tabang mine to the Mahakam River.
This route will reduce Bayan's reliance on seasonal rivers served
by the Senyiur and Gunung Sari jetties, where weather often
disrupts coal-barging. In S&P's view, this will also improve
Bayan's working capital, which tends to deteriorate during the dry
season when inventory is being built up.

Once Bayan completes the road and new barge loading facility, S&P
anticipates production capacity will expand to 55 million metric
tons (MMT)-60 MMT over the next three years, from about 35 MMT-40
MMT currently.

Regulatory risks on Indonesia's mining sector are captured under
Bayan's business risks.
Recurring coal export bans have underscored inherent uncertainties
and weaknesses in Indonesia's coal-procurement mechanism. As a
result of the ban in January 2022, Bayan's sales volumes reduced
30% that month, and the company lost about US$260 million in
revenue. While this risk will continue to weigh on the industry,
S&P believes Bayan's healthy cash and zero debt position will
minimize significant impact.

The government is working on revising the framework to a
market-based pricing mechanism, whereby the price gap between
market and domestic cap would be bridged by government cash levies.
However, S&P believes any changes will take time to implement and
have a low likelihood of hindering Bayan in the near term.

Meanwhile, Bayan is conducting a lawsuit against the Indonesian
ministry of energy and mineral resources to regain part of an area
of more than 2,000 hectares on which five of its coal concessions
overlap with PT Senyiur Sukses Pratama. Nonetheless, S&P does not
expect this to have any material impact on Bayan's operations as
the concessions only carry 1 MMT of resources.

S&P expects demand for Bayan's low-average-calorific thermal coal
to hold steady over the next five to 10 years. While 2030
represents the coal phase-out date for many OECD countries, it is a
peak demand date for many nations within Asia as the shift in
thermal coal demand from advanced economies to Asia accelerates.
Efficiency and price competitiveness in coal-fired generation and
planned construction of new plants in the region are expected to
keep thermal coal demand firm.

New plants should remain in operation for at least 40 years,
ensuring that coal remains a significant part of the energy mix in
Asia. China, for instance, which represents about half of global
coal demand, has 92.3 gigawatts (GW) of coal-fired generation under
construction, according to the Global Energy Monitor. Indonesia and
India, both with large domestic coal-mining sectors, are also
building 15.4 GW and 31.3 GW of capacity, respectively. Low ash and
sulfur levels in Bayan's coal make it suitable for thermal power
plants across Asia and S&P believes that the company's relatively
diversified geographical coverage will continue to ensure stable
sales. As of Dec. 30, 2021, the company had commitments to sell 274
MMT of coal through 2054.

The stable outlook reflects S&P's expectation that Bayan will
continue to preserve its strong debt-servicing capability and
balance sheet as it progresses toward the completion of its haul
road in 2023. It also reflects S&P's expectation that there will be
no material adverse change in Indonesia's coal mining regulations.

S&P could lower the rating if Bayan departs from its policy of
maintaining low leverage, its business prospects were to
deteriorate or if liquidity weakens materially.  Rating pressure
could arise if Bayan's adjusted debt-to-EBITDA ratio stays above
2.5x. This could occur because of:

-- Significant operational performance issues such as
    a severe disruption at the Tabang mine, material
    project delays and cost overruns;

-- Persistent weak thermal coal prices, or

-- Capital deployment that is more aggressive than
    S&P forecasts such as higher capital expenditure
    (capex), large dividend distributions, or
    meaningful debt-funded acquisitions.

S&P considers an upgrade to be unlikely over the next 12 months.
Still, further rating upside could occur if Bayan is able to
diversify its operations as well as expand its scale significantly,
while maintaining the current financial profile and liquidity
position. A higher rating would also depend on our assurance that
the Indonesian regulatory mining risks have not increased.

ESG credit indicators: E-4, S-3, G-3




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

PARKSON HOLDINGS: Auditor Raises Going Concern Doubt
----------------------------------------------------
theedgemarkets.com reports that Parkson Holdings Bhd said its
external auditor has reported a material uncertainty that may cast
significant doubt on the group's ability to continue as a going
concern.

This is in respect of the retailer's audited financial statements
for the 18-month period ended Dec. 31, 2021 (FY21), Parkson said in
a filing with Bursa Malaysia.

According to theedgemarkets.com, the group said the auditor, Grant
Thornton Malaysia PLT, referred to a note in the financial
statements which indicated that Parkson reported a net loss of
MYR129.93 million for FY21, and that its current liabilities
exceeded its current assets by MYR1.49 billion.

"These events or conditions, along with other matters as set forth
in [the note] indicate that a material uncertainty exists that may
cast significant doubt on the group's ability to continue as a
going concern.

"The ability of the group to continue as going concern is dependent
on attaining future profitable operations and conditions," the
auditor was quoted as saying in its report, theedgemarkets.com
relays.

In a separate filing, Parkson said it has reassessed its condition
and concluded that it does not trigger any Practice Note 17 (PN17)
prescribed criteria based on its results for FY21,
theedgemarkets.com reports.

"Hence, the company is not an affected listed issuer pursuant to
PN17 of [Bursa's Main Market Listing Requirements]," the retailer
said.

Parkson triggered PN17 criteria in October 2020 after its auditor
issued an audit opinion on material uncertainty related to a going
concern, the report recalls.  

This came as the group's shareholders' equity, on a consolidated
basis as at June 30, 2020, of MYR1.59 billion was less than 50% of
its issued share capital of MYR4.15 billion.

However, pursuant to the PN17 relief measures granted to affected
listed issuers by Bursa Securities, Parkson was not classified as a
PN17 listed issuer, and was not required to comply with the PN17
obligations for a period of 12 months from Oct. 15, 2020.

"Subsequently, Bursa Securities via its letter dated Feb. 17, 2021
extended the 12-month period to 18 months for the affected listed
issuer to reassess its condition and make the announcement [on]
whether it continues to trigger any of the prescribed criteria
under PN17 of the Main LR (Main Market Listing Requirements)," the
group, as cited by theedgemarkets.com, said.

Parkson Holdings Berhad is a Malaysia-based investment holding
company. The Company is engaged in the operation of the Parkson and
Centro brands department stores. The Company's segments include
Retailing and Others.




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

BRIGHTWATER LIMITED: Creditors' Proofs of Debt Due on May 17
------------------------------------------------------------
Creditors of Brightwater Limited (trading as Brightwater Motor Inn)
and B6 Limited (both in liquidation) are required to file their
proofs of debt by May 17, 2022, to be included in the company's
dividend distribution.

The company commenced wind-up proceedings on April 10, 2022.

The company's liquidator is:

          Geoff Falloon
          Biz Rescue Limited
          PO Box 27, Nelson 7040


HEARO LIMITED: Creditors' Proofs of Debt Due on June 3
------------------------------------------------------
Creditors of Hearo Limited and Pezz Holdings Limited are required
to file their proofs of debt by June 3, 2022, to be included in the
company's dividend distribution.

Hearo Limited commenced wind-up proceedings on April 7, 2022. Pezz
Holdings Limited commenced wind-up proceedings on April 13, 2022.

The company's liquidator is:

          Paul Vlasic
          Rodgers Reidy (NZ) Limited
          PO Box 45220
          Te Atatu Peninsula, Auckland 0651


LANDSCAPE PROPERTY: Court to Hear Wind-Up Petition on May 6
-----------------------------------------------------------
A petition to wind up the operations of Landscape Property 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 July 8, 2021.

The Petitioner's solicitor is:

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


NZDMG LIMITED: Court to Hear Wind-Up Petition on May 6
------------------------------------------------------
A petition to wind up the operations of NZDMG Limited will be heard
before the High Court at Auckland on May 6, 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




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

A3 SG EPSILON: Creditors' Proofs of Debt Due on May 13
------------------------------------------------------
Creditors of A3 SG Epsilon 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 4, 2022.

The company's liquidator can be reached at:

          Ong Kok Yeong David
          c/o 80 Robinson Road #02-00
          Singapore 068898


G.T.H. ENGINEERING: Commences Wind-Up Proceedings
-------------------------------------------------
Members of G.T.H. Engineering & Construction Pte Ltd, on April 7,
2022, passed a resolution to voluntarily wind up the company's
operations.

The company's liquidators are:

          Ms. Oon Su Sun
          Mr. Lin Yueh Hung
          8 Wilkie Road
          #03-08 Wilkie Edge
          Singapore 228095


KHL MARKETING: Court Enters Wind-Up Order
-----------------------------------------
The High Court of Singapore entered an order on April 5, 2022, to
wind up the operations of KHL Marketing Asia-Pacific Pte Ltd.

Kim Hup Lee & Co (Pte) Ltd filed the petition against the company.

The company's liquidators are:

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


PITCHMASTIC PMB: Creditors' Proofs of Debt Due on May 13
--------------------------------------------------------
Creditors of Pitchmastic PMB International 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 6, 2022.

The company's liquidator can be reached at:

          David Chew Hock Lin
          80 Raffles Place
          #43-01 UOB Plaza 1
          Singapore 048624


SOWBHAGYALAKSHMI RAW: CRISIL Cuts Rating on INR23cr Loan to D
-------------------------------------------------------------
CRISIL Ratings has downgraded the rating on the bank facilities of
Sowbhagyalakshmi Raw and Boiled Rice Mill (SRBRM) to 'CRISIL D
Issuer Not Cooperating' from 'CRISIL B/Stable Issuer Not
Cooperating' due to delays in servicing debt obligations

                       Amount
   Facilities       (INR Crore)     Ratings
   ----------       -----------     -------
   Cash Credit           23         CRISIL D (ISSUER NOT
                                    COOPERATING; Downgraded from
                                    'CRISIL B/Stable ISSUER NOT
                                    COOPERATING)

   Cash Credit            3         CRISIL D (ISSUER NOT
                                    COOPERATING; Downgraded from
                                    'CRISIL B/Stable ISSUER NOT
                                    COOPERATING)

   Proposed Long Term     1         CRISIL D (ISSUER NOT
   Bank Loan Facility               COOPERATING; Downgraded from
                                    'CRISIL B/Stable ISSUER NOT
                                    COOPERATING)

CRISIL Ratings has been consistently following up with for
obtaining information through letters and emails dated 22-Jan-2022
and 12-Mar-2022, apart from telephonic communication. However, the
issuer has remained non cooperative.

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

Detailed Rationale

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

Based on available information, CRISIL Ratings has downgraded the
rating on the bank facilities of SRBRM to 'CRISIL D Issuer Not
Cooperating' from 'CRISIL B/Stable Issuer Not Cooperating' due to
delays in servicing debt obligations

Analytical Approach

For arriving at the rating, CRISIL Ratings has combined the
business and financial risk profiles of SRB, Sri Bhagavan Venkaiah
Swamy Rice Mill (SBV), and Sri Sowbhagya Lakshmi Paddy Boiling
Industries (SLPB). That's because these entities, together referred
to as the Sowbhagya group, have common promoters, are in the same
line of business, and have operational linkages and fungible cash
flows.

The Sowbhagya group's first firm, SRB, was set up in 1988 by Mr. V
Gopal Naidu and his family. In 1997, SLPB was set up and in 2000,
SBV. All these entities mill and process paddy into rice; they also
generate by-products such as broken rice, bran, and husk. Their
rice mills are in Nellore, Andhra Pradesh.


SUPERNOVA ENTERPRISES: Placed Under Provisional Liquidation
-----------------------------------------------------------
Mr. Lau Chin Huat and Mr. Yeo Boon Keong of Technic Inter-Asia on
April 5, 2022, were appointed as provisional liquidators of
Supernova Enterprises Pte Ltd.

The provisional liquidators may be reached at:

          Technic Inter-Asia Pte Ltd
          50 Havelock Road #02-767
          Singapore 160050




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

SRILANKAN AIRLINES: Fitch Lowers USD175MM Unsec. Bonds to 'C'
-------------------------------------------------------------
Fitch Ratings has downgraded the rating on SriLankan Airlines
Limited's (SLA) USD175 million government-guaranteed 7% unsecured
bonds due June 25, 2024 to 'C' from 'CC'.

KEY RATING DRIVERS

Action Follows Sovereign Downgrade: The rating action on SLA's
bonds follows the downgrade of Sri Lanka's Long-Term
Foreign-Currency Issuer Default Rating to 'C' from 'CC', and the
downgrade of its foreign-currency bonds issued on international
markets to 'C' from 'CC'.

The national carrier's bonds are rated at the same level as its
parent, the state of Sri Lanka, due to the unconditional and
irrevocable guarantee provided by the state.

DERIVATION SUMMARY

Fitch has rated SLA's US dollar bonds at the same level as the
sovereign due to the unconditional and irrevocable guarantee
provided by the government. The rating is not derived from the
issuer's Standalone Credit Profile and thus is not comparable with
that of industry peers.

RATING SENSITIVITIES

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

-- An upgrade of the sovereign rating.

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

-- A downgrade of the sovereign rating.

For the sovereign rating of Sri Lanka, the following sensitivities
were outlined by Fitch in its Rating Action Commentary of 13 April
2022.

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.

BEST/WORST CASE RATING SCENARIO

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

ISSUER PROFILE

SriLankan Airlines is the country's national airline and the
government has full control over the company. The company largely
operates as a regional airline with a few long-haul flights. As of
December 2021, the company has a fleet consisting of wide- and
narrow-bodied aircraft in the A330 and A320 family respectively.

Criteria Variation

The rating on SLA's bonds is derived from the rating of an entity
covered by a group that does not assign Recovery Ratings. As a
result, no Recovery Rating was assigned to SLA's bond

PUBLIC RATINGS WITH CREDIT LINKAGE TO OTHER RATINGS

The ratings of SLA bonds are directly linked to the IDR of Sri
Lanka, the guarantee provider. A change in Fitch's assessment of
the IDR of Sri Lanka would automatically result in a change in the
rating on SLA's bonds. In addition, any change in Fitch's view on
the contract of guarantee may result in a downgrade to the
guaranteed securities.


                           *********


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

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

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

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

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



                *** End of Transmission ***