---

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

                     A S I A   P A C I F I C

          Thursday, April 21, 2022, Vol. 25, No. 74

                           Headlines



A U S T R A L I A

BRONX INTERNATIONAL: Second Creditors' Meeting Set for April 27
FREEMAN MCMASTER: First Creditors' Meeting Set for April 29
JAYFIELD PTY: First Creditors' Meeting Set for April 29
MESOBLAST LTD: M&G Investment Reports 8.89% Equity Stake
RENDERSPEC PTY: First Creditors' Meeting Set for April 29

SPI ENERGY: Issues $2.1 Million Unsecured Note to Streeterville


C H I N A

E-HOUSE ENTERPRISE: Defaults on US Dollar Bond
GUANGZHOU R&F: Fitch Affirms 'CC' LT Foreign Currency IDR
LOGAN GROUP: Fitch Withdraws 'CCC' Issuer Default Ratings
NANYANG COMMERCIAL: Moody's Gives Ba2(hyb) Rating to New AT1 Debt
SHIMAO GROUP: Fitch Withdraws 'CCC' Issuer Default Rating

TSINGHUA UNIVERSITY: To Cut Off Debt-Laden Investment Arm


I N D I A

AGGARWAL INDUSTRIES: CRISIL Keeps B Rating in Not Cooperating
ATAHRAVA METALS: Insolvency Resolution Process Case Summary
BHUSHAN POWER: Judge Rues Bureaucracy Bogging Down Bankruptcy Deal
CKDPACK PACKAGING: Insolvency Resolution Process Case Summary
COSMO GRANITES: CRISIL Keeps B Debt Ratings in Not Cooperating

DANCO ENTERPRISES: CRISIL Keeps D Debt Ratings in Not Cooperating
DASMESH MECHANICAL: CRISIL Keeps B+ Ratings in Not Cooperating
DAVEY PHARMA: CRISIL Keeps B Debt Rating in Not Cooperating
DEESAN GINNING: CRISIL Keeps C Debt Ratings in Not Cooperating
DHARTI DREDGING: Insolvency Resolution Process Case Summary

DHIR GLOBAL: CRISIL Keeps D Debt Ratings in Not Cooperating
DIVEEL COTTON: CRISIL Keeps B Debt Rating in Not Cooperating
DOLPHIN FOOTWEAR: CRISIL Keeps B+ Debt Ratings in Not Cooperating
DOWN TOWN: CRISIL Keeps B Debt Ratings in Not Cooperating
E-INFRASTRUCTURE AND ENTERTAINMENT: Liquidation Case Summary

EBRAHIM ESSA DEVELOPERS: Insolvency Resolution Case Summary
ELROY MOTORS: CRISIL Keeps B+ Debt Ratings in Not Cooperating
FPC PETRO: CRISIL Keeps D Debt Ratings in Not Cooperating
G.A.V. AGRO: CRISIL Keeps D Debt Ratings in Not Cooperating
GLOBSYN KNOWLEDGE: CRISIL Keeps D Debt Ratings in Not Cooperating

INSPIRIT IOT TECHNOLOGIES: Voluntary Liquidation Case Summary
MAGNEWIN ENERGY: CRISIL Keeps D Debt Ratings in Not Cooperating
MAIMOON IMPEX: CRISIL Keeps B Debt Rating in Not Cooperating
MATHURA DEVELOPER: CRISIL Keeps D Debt Ratings in Not Cooperating
PAVANA KEERTI: Insolvency Resolution Process Case Summary

R. KANTILAL: CRISIL Keeps D Debt Ratings in Not Cooperating
R.K. PULSES: CRISIL Keeps B Debt Rating in Not Cooperating
RAGHAV INDUSTRIES: CRISIL Keeps D Debt Ratings in Not Cooperating
RAINBOW DENIM: Liquidation Process Case Summary
RAM NATH: CRISIL Keeps D Debt Ratings in Not Cooperating Category

RDC AUTOMOBILE: CRISIL Keeps D Debt Ratings in Not Cooperating
REDHU FARMS: CRISIL Keeps D Debt Ratings in Not Cooperating
ROBOMATIC PRECON: CRISIL Keeps B+ Debt Ratings in Not Cooperating
ROYAL PRESSING: CRISIL Keeps D Debt Ratings in Not Cooperating
ROYALE EDIBLE: CRISIL Keeps B Debt Ratings in Not Cooperating

SADHNA MEDIA: Insolvency Resolution Process Case Summary
SMASHER COMMUNICATIONS: Voluntary Liquidation Process Case Summary
VANTAGE SPINNERS: Insolvency Resolution Process Case Summary
VATSALYA BUILDERS: Insolvency Resolution Process Case Summary


J A P A N

TOSHIBA CORP: Bain Pledges 'No Breakup' of Company in Buyout Offer


N E W   Z E A L A N D

J J RESIDENTIAL: Creditors' Proofs of Debt Due on May 6
KAPITENIUTI BUILDING: Court to Hear Wind-Up Petition on April 29
NEW HOME: Court to Hear Wind-Up Petition on April 29
NZHC LIMITED: Commences Wind-Up Proceedings
ONE.TEL LIMITED: Court to Hear Wind-Up Petition on April 29

REMARKABLE EXQUISITE: Shareholders' Dispute Led to Liquidation


S I N G A P O R E

AN JU SHIPPING: Commences Wind-Up Proceedings
ASBURY HOLDINGS: Creditors' Proofs of Debt Due on May 18
AURUME VENTURES: Court to Hear Wind-Up Petition on April 29
GSK GLOBAL: Court to Hear Wind-Up Petition on May 6
MULHACEN PTE LTD: S&P Withdraws 'CCC+/C' Issuer Credit Ratings



S O U T H   K O R E A

MG NON-LIFE: Insolvency to Hamper JC Partners' KDB Life Deal


S R I   L A N K A

SRI LANKA: Moody's Cuts Foreign Currency Issuer Rating to Ca


V I E T N A M

HOME CREDIT: Fitch Affirms 'B' IDRs, Outlook Stable

                           - - - - -


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

BRONX INTERNATIONAL: Second Creditors' Meeting Set for April 27
---------------------------------------------------------------
A second meeting of creditors in the proceedings of Bronx
International Pty Ltd has been set for April 27, 2022, at 4:00 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 26, 2022, at 12:00 p.m.


Michael Brereton and Sean Wengel of William Buck were appointed as
administrators of Bronx International on March 13, 2022.


FREEMAN MCMASTER: First Creditors' Meeting Set for April 29
-----------------------------------------------------------
A first meeting of the creditors in the proceedings of Freeman
McMaster Group Pty Ltd will be held on April 29, 2022, at 10:00
a.m. via virtual meeting technology.

Geoffrey Trent Hancock of Hamilton Murphy was appointed as
administrator of Freeman McMaster on April 14, 2022.


JAYFIELD PTY: First Creditors' Meeting Set for April 29
-------------------------------------------------------
A first meeting of the creditors in the proceedings of Jayfield
Pty. Limited ATF The Trustee for Spencer Trust, will be held on
April 29, 2022, at 10:00 a.m. via teleconference only.

Richard Lawrence and Richard Albarran of Hall Chadwick were
appointed as administrators of Jayfield Pty on April 14, 2022.


MESOBLAST LTD: M&G Investment Reports 8.89% Equity Stake
--------------------------------------------------------
In a Schedule 13G/A filed with the Securities and Exchange
Commission, MGM Investment Management Limited and M&G Invest Funds
reported beneficial ownership of shares of common stock/American
Depositary Receipt of Mesoblast Limited as of Dec. 31, 2021:

                                          Shares      Percent
                                       Beneficially     of
  Reporting Person                         Owned       Class
  ----------------                     ------------   -------
  M&G Investment Management Limited    57,606,043      8.89%
  M&G Investment Funds                 56,459,597      8.71%

All the securities covered by this report are legally owned by
MAGIMs Investment advisory clients, and none are directly owned by
MAGIM.  M&G Investment Funds is an open-ended investment company
with variable capital, incorporated in England and Wales and
authorized by the Financial Conduct Authority.  It is not
registered with the Securities Exchange Commission under the
Investment Company Act of 1940.

A full-text copy of the regulatory filing is available for free
at:

https://www.sec.gov/Archives/edgar/data/0001345099/000119312522100063/d349138dsc13ga.htm

                            About Mesoblast

Headquartered in Melbourne, Australia, Mesoblast --
www.mesoblast.com -- is a developer of allogeneic (off-the-shelf)
cellular medicines for the treatment of severe and life-threatening
inflammatory conditions.  The Company has leveraged its proprietary
mesenchymal lineage cell therapy technology platform to establish a
broad portfolio of late-stage product candidates which respond to
severe inflammation by releasing anti-inflammatory factors that
counter and modulate multiple effector arms of the immune system,
resulting in significant reduction of the damaging inflammatory
process.  Mesoblast has locations in Australia, the United States
and Singapore and is listed on the Australian Securities Exchange
(MSB) and on the Nasdaq (MESO).

Mesoblast reported a net loss of US$98.81 million for the year
ended June 30, 2021, a net loss of US$77.94 million for the year
ended June 30, 2020, and a net loss of US$89.80 million for the
year ended June 30, 2019.  As of Sept. 30, 2021, the Company had
US$721.82 million in total assets, US$162.07 million in total
liabilities, and US$559.75 million in total equity.


RENDERSPEC PTY: First Creditors' Meeting Set for April 29
---------------------------------------------------------
A first meeting of the creditors in the proceedings of Renderspec
Pty Ltd will be held on April 29, 2022, at 10:00 a.m. via Zoom
videoconferenceing facility.

Domenic Calabretta and Grahame Ward of Mackay Goodwin were
appointed as administrators of Renderspec Pty on April 14, 2022.


SPI ENERGY: Issues $2.1 Million Unsecured Note to Streeterville
---------------------------------------------------------------
SPI Energy Co., Ltd. entered into a securities purchase agreement
pursuant to which the Company issued an unsecured convertible
promissory note with a one-year maturity to an institutional
accredited investor Streeterville Capital, LLC.  The Note has the
original principal amount of $2,110,000 and Investor gave
consideration of $2,000,000, reflecting original issue discount of
$100,000 and Investor's legal fee of $10,000.

Interest accrues on the outstanding balance of the Note at 10% per
annum.  Upon the occurrence of an Event of Default (as defined in
the Note), interest accrues at the lesser of 15% per annum or the
maximum rate permitted by applicable law.  Certain Major Defaults
(as defined in the Note) will result in an additional 15% of the
aggregate principal amount of the Note outstanding at such time
being added to the total outstanding amount of such note.

Pursuant to the terms of the Agreement and the Note, the Company
must obtain Investor's consent for certain fundamental transactions
such as consolidation, merger, disposition of substantial assets,
change of control, reorganization or recapitalization.  Any
occurrence of a fundamental transaction without Investor's prior
written consent will be deemed an Event of Default.

Investor may redeem all or any part of the outstanding balance of
the Note, subject to maximum monthly redemption amount of $350,000,
at any time after six months from the Note issue date, in cash or
converting into the Company's ordinary shares at a conversion price
of $20.00 per share, subject to certain adjustments and ownership
limitations specified in the Note.  The number of ordinary shares
that may be issued upon conversion of the Note shall not exceed the
requirement of Nasdaq Listing Rule 5635(d).  The Note provides for
liquidated damages upon failure to comply with any of the terms or
provisions of the Note.  The Company may prepay the outstanding
balance of the Note in cash equal to 115% multiplied by the portion
of the outstanding balance the Company elects to prepay.

                       About SPI Energy Co.

SPI Energy Co., Ltd. (SPI) is a global renewable energy company and
provider of solar storage and electric vehicle (EV) solutions for
business, residential, government, logistics and utility customers
and investors.  The Company provides a full spectrum of EPC
services to third-party project developers, as well as develops,
owns and operates solar projects that sell electricity to the grid
in multiple countries, including the U.S., the U.K., Greece, Japan
and Italy.  The Company has its US headquarters in Santa Clara,
California and maintains global operations in Asia, Europe, North
America and Australia.  SPI is also targeting strategic investment
opportunities in green industries such as battery storage and
charging stations, leveraging the Company's expertise and growing
base of cash flow from solar projects and funding development of
projects in agriculture and other markets with significant growth
potential.

SPI Energy reported a net loss of $44.83 million for the year ended
Dec. 31, 2021, compared to a net loss of $6.27 million for the year
ended Dec. 31, 2020.  As of Dec. 31, 2021, the Company had $228.08
million in total assets, $202.13 million in total liabilities, and
$25.95 million in total equity.

New York, New York-based Marcum Bernstein & Pinchuk LLP, the
Company's auditor since 2018, issued a "going concern"
qualification in its report dated April 1, 2022, citing that the
Company has a significant working capital deficiency, has incurred
significant losses and needs to raise additional funds to sustain
its operations.  These conditions raise substantial doubt about the
Company's ability to continue as a going concern.




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

E-HOUSE ENTERPRISE: Defaults on US Dollar Bond
----------------------------------------------
Yicai Global reports that E-House Enterprise Holdings has defaulted
on a US dollar bond worth USD300 million, China's largest real
estate service provider said, adding that so far creditors are not
chasing advance payment of its 2023 notes.

E-House, which counts e-commerce giant Alibaba Group Holding as its
second largest shareholder, has failed to repay a US dollar bond
due this month with a balance of USD300 million, the firm said on
April 18, Yicai Global relates. The bond was issued in October 2019
at a coupon rate of 7.625 percent.

No reason was given for the missed payment but the Shanghai-based
company is encountering some setbacks, according to the report.
Last year its losses outstripped revenue at CNY8.89 billion (USD14
billion) compared to CNY8.84 billion, according to its latest
earnings report. E-House is assessing the impact of the default and
has suspended trading of notes for next year, it said.

Yicai Global says there has been a string of defaults in the real
estate sector in the past year because of the impact of tighter
regulation, financing difficulties and a cooling real estate
market. Yango Group warned in February that it is in danger of
defaulting on debt, Kaisa Group was unable to repay CNY300 million
(USD46.9 million) of wealth management products in November last
year, China Evergrande Group missed a bond payment last December,
to name a few.

In February, US credit rating agency S&P Global downgraded
E-House's long-term issuer credit rating and long-term issuer of
senior unsecured notes rating to CCC from B amid concerns that the
firm's working capital is likely to remain tight amid current
market conditions, the report recalls. E-House has another foreign
bond worth USD300 million due in the first half next year.

As reported in the Troubled Company Reporter-Asia Pacific in March
2022, S&P Global Ratings withdrew its 'CCC' long-term issuer credit
ratings on E-House (China) Enterprise Holdings Ltd. and its 'CCC'
long-term issue ratings on the company's senior unsecured notes at
E-House's request. The outlook was negative at the time of
withdrawal.

E-House is a China-based real estate transaction service provider.


GUANGZHOU R&F: Fitch Affirms 'CC' LT Foreign Currency IDR
---------------------------------------------------------
Fitch Ratings has affirmed the Long-Term Foreign-Currency Issuer
Default Ratings (IDR) on China-based Guangzhou R&F Properties Co.
Ltd. and its subsidiary, R&F Properties (HK) Company Limited (RFHK)
at 'CC'. Guangzhou R&F's and RFHK's senior unsecured ratings have
been downgraded to 'C' with a Recovery Rating of 'RR6', from 'CC'
with a Recovery Rating of 'RR4'.

The affirmation of the IDR reflects Guangzhou R&F's current capital
structure with significant capital market obligations due in July
2022. Fitch believes the company continues to face liquidity
challenges as a large amount of short-term debt is maturing in
2022, while its access to funding could remain limited.

The company is planning to continue asset sales to repay the
upcoming maturities, but Fitch believes there is high execution
risk due to the challenging macroeconomic environment. A persistent
drop in contracted sales in 2022 will weaken the company's ability
to repay debt, as cash collected from contracted sales is a key
source of Guangzhou R&F's liquidity.

The downgrade of senior unsecured ratings and the ratings on the
two entities' outstanding US dollar notes reflects the
subordination of their offshore bonds to onshore debt. Offshore
debt recovery fell to 0% by end-2021 from 56% in 1H21, driven by
lower unrestricted cash and weaker gross profit margin leading to
higher margin-adjusted customer deposits at end-2021, according to
unaudited numbers. The outstanding US dollar notes, which Fitch
considers to be the lowest-ranking debt, are too far down in
priority to receive any significant payment during liquidation.

KEY RATING DRIVERS

Significant Capital-Market Obligations: Guangzhou R&F's
unrestricted cash balance is not enough to cover its capital-market
maturities in 2022. The company had an unrestricted cash balance of
around CNY6.3 billion at end-2021 (excluding CNY14.8 billion of
restricted cash), while its capital-market maturities in 2022,
after an offshore bond exchange, onshore bond extension and
including puttable bonds, amount to about CNY16.1 billion in 2022.
Its ability to access its project companies' cash balance for bond
repayment is also uncertain.

Declining Contracted Sales: Fitch believes a sustained decline in
contracted sales will continue to worsen its ability to repay
maturing debt. Guangzhou R&F's contracted sales fell by 56% yoy in
1Q22. Total contracted sales fell by 13% to CNY120 billion in 2021
from CNY139 billion in 2020. The recent bond extensions for the
company could further weaken the confidence of homebuyers and
reduce Guangzhou R&F's contracted sales and liquidity.

Limited Capital-Market Access: Guangzhou R&F's access to onshore
and offshore bond markets continues to be limited. Fitch believes
the company will continue to find it challenging to access the
offshore bond market. Guangzhou R&F may face difficulty extending
puttable onshore bonds and repaying offshore bonds under current
market conditions. The company is still able to refinance
development loans.

Low Gross Profit Margin: Fitch expects the company's gross profit
margin to remain low in 2022 as Guangzhou R&F continues to try to
boost sales for increased cashflow. Guangzhou R&F's overall gross
profit margin fell to around 8% in 2021 from 24% in 2020. This is
driven by recognition of low-margin projects that are also sold at
a discount to boost sales for additional cashflow.

Uncertainty over Asset Disposals: There has been slow progress on
the sale of Guangzhou R&F's investment properties and hotel
operations. Fitch thinks its asset disposals are subject to
execution risk, increasing the uncertainty of cash inflow from
these sales.

RFHK Equalised with Guangzhou R&F: RFHK's ratings are equalised
with Guangzhou R&F's mainly due to medium legal linkage, medium
strategic linkage and high operational linkage between Guangzhou
R&F and RFHK. RFHK is fully controlled and managed by Guangzhou
R&F, as it does not have its own management team. RFHK is an
integral part of Guangzhou R&F and has substantial development
property and investment-property operations. It holds all of GZRF's
offshore projects.

ESG - Governance: Guangzhou R&F has an ESG Relevance Score of '4'
for Financial Transparency. The delay in the publication of audited
financial statements, close to the regulatory deadline of 31 March
2022, highlights weaknesses in Guangzhou R&F's corporate
governance. This has a negative impact on the credit profile, and
is relevant to the ratings in conjunction with other factors.

DERIVATION SUMMARY

Guangzhou R&F's ratings reflect its tight liquidity and a default
of some kind appears probable.

KEY ASSUMPTIONS

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

-- Attributable contracted sales to drop by 25% and 10% in 2022
    and 2023, respectively;

-- EBITDA margin to remain low at around 1% in 2022-2023;

-- CNY3 billion- 4 billion a year for land acquisitions in 2022-
    2023;

-- 55%-60% of sales proceeds will be used for construction in
    2022-2023;

-- 9%-10% of revenue for selling, general and administrative
    costs in 2022-2023.

KEY RECOVERY RATING ASSUMPTIONS

The recovery analysis assumes that Guangzhou R&F would be
liquidated in a bankruptcy as it is an asset-trading company. The
nature of homebuilding means the liquidation-value approach will
always result in a much higher value than the going-concern
approach.

Fitch has assumed a 10% administrative claim

Liquidation Approach

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

-- 80% advance rate to accounts receivable, which was raised from

    70%. This treatment is in line with Fitch's recovery rating
    criteria.

-- 60% advance rate to investment properties, which was raised
    from 54%. Guangzhou R&F's investment-property portfolio mainly

    consists of commercial buildings in the Guangzhou area with an

    implied yield of 7%-8% based on Fitch's assumed liquidation
    value, which is consistent with industry transaction
    valuation.

-- 50% advance rate to property, plant and equipment, which was
    lowered from 60%, mainly consisting of hotel operations.

-- 61% advance rate to net inventory, which was lowered from 65%.

    Guangzhou R&F's inventory mainly consists of completed
    properties held for sale, properties under development (PUD)
    and deposits or prepayments for land acquisitions. Different
    advance rates were applied to these different inventory
    categories to derive the blended advance rate for net
    inventory.

-- 70% advance rate to completed properties held for sale.
    Completed commodity housing units are closer to readily
    marketable inventory. Guangzhou R&F has been similar to peers
    in recent years in terms of a gross margin at 22%-25%. As
    such, the advance rate of 70% was applied, which is higher
    than the typical 50% mentioned in the criteria.

-- 50% advance rate to PUDs. Unlike completed projects, PUDs are
    more difficult to sell. These assets are also in various
    stages of completion. The PUD balance - prior to applying the
    advance rate - is net of margin-adjusted customer deposits.
    The 50% advance rate is in line with recovery rating criteria.

-- 90% advance rate to deposits or prepayments for land
    acquisitions. Around 51% of Guangzhou R&F's land is located in

    Tier 1 and Tier 2 cities in China and an additional 17% of the

    land is located in Tier 1 cities overseas. As such, a higher
    advance rate than the typical 50% mentioned in the criteria
    was considered.

-- 50% advance rate to joint-venture net assets, which typically
    include a combination of completed units, PUDs and land bank.
    The 50% advance rate was applied in line with the baseline
    advance rate for inventories.

-- 0% advance rate to excess cash after netting the amount of
    note payables and trade payables (construction fee and
    retention payables).

The allocation of value in the liability waterfall results in
recovery corresponding to 'RR6' for the senior unsecured offshore
bonds.

RATING SENSITIVITIES

For Guangzhou R&F

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

-- Clarity on plans to address the debt maturities in 2022;

-- Business operations remain intact and timely publication of
    audited financial results.

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

  -- Any announcement of a default or default-like process.

For RFHK

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

-- Upgrade of Guangzhou R&F's IDR.

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

-- A downgrade of Guangzhou R&F's IDR;

-- Weakened linkage with Guangzhou R&F.

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

Shortfall in Liquidity: Guangzhou R&F had an unrestricted cash
balance of around CNY6.3 billion at end-2021, while its
capital-market bond maturities in 2022, after the offshore bond
exchange, onshore bond extension and including puttable bonds,
amount to about CNY16.1 billion in 2022.

ISSUER PROFILE

Guangzhou R&F, founded in 1994, is a developer focusing on medium-
and high-end properties. The company also engages in hotel
development, commercial operations, property management and
architectural and engineering design.

ESG CONSIDERATIONS

Guangzhou R&F Properties Co. Ltd. has an ESG Relevance Score of '4'
for Financial Transparency due to a 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.

                               Rating        Recovery   Prior
                               ------        --------   -----
Guangzhou R&F
Properties Co. Ltd.    LT IDR   CC  Affirmed           CC

senior unsecured      LT       C   Downgrade   RR6    CC

R&F Properties (HK)
Company Limited        LT IDR   CC  Affirmed           CC

senior unsecured      LT       C   Downgrade   RR6    CC

Easy Tactic Limited

  senior unsecured    LT        C   Downgrade   RR6    CC


LOGAN GROUP: Fitch Withdraws 'CCC' Issuer Default Ratings
---------------------------------------------------------
Fitch Ratings has withdrawn China-based homebuilder Logan Group
Company Limited's Long-Term Foreign- and Local-Currency Issuer
Default Ratings (IDRs) of 'CCC'. Fitch has also withdrawn the
senior unsecured rating and the rating on Logan's outstanding US
dollar senior notes of 'CCC', with a Recovery Rating of 'RR4'. The
'CC' rating, with a Recovery Rating of 'RR6', on Logan's
subordinated perpetual capital securities has also been withdrawn.

Fitch is withdrawing the ratings as Logan 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 Logan.

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

Logan is a mid-sized Chinese property developer with a strong base
in the Greater Bay Area. The majority of Logan's near-term land
bank in 2021 was in the area.

ESG CONSIDERATIONS

Logan has an ESG Relevance Score of '4' for Financial Transparency.
Logan previously did not disclose the existence of an
off-balance-sheet private debt arrangement with an unrelated third
party, which has a negative impact on the credit profile. This 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 Logan, Fitch will no longer
be providing the associated ESG Relevance Scores.


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

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

RATINGS RATIONALE

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

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

Moody's could upgrade the rating on Nanyang Commercial Bank's AT1
securities if Moody's upgrades the bank's BCA and Adjusted BCA.

Nanyang's BCA could be upgraded if operating conditions in Hong
Kong SAR, China (Aa3 stable) and mainland China (A1 stable)
improve; the bank maintains good asset quality, effective risk
controls and sound underwriting in its mainland lending; and it
maintains strong capitalization, with its tangible common equity
(TCE)/risk-weighted assets (RWA) above 15% on a sustained basis.

Moody's could downgrade the bank's AT1 securities rating if Moody's
downgrades Nanyang Commercial Bank's BCA and Adjusted BCA.

Moody's could downgrade the bank's BCA if the bank's asset quality
deteriorates, with impaired loans exceeding 3.5% of gross loans;
capital adequacy weakens, with its TCE/RWA falling below 10% on a
sustained basis; profitability deteriorates significantly, with its
net income/tangible assets below 0.5%; or operating conditions in
Hong Kong and mainland China deteriorate significantly.

PRINCIPAL METHODOLOGY

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

Nanyang Commercial Bank, Ltd., headquartered in Hong Kong SAR,
China, reported total assets of HKD536.3 billion as of the end of
December 2021.


SHIMAO GROUP: Fitch Withdraws 'CCC' Issuer Default Rating
---------------------------------------------------------
Fitch Ratings has withdrawn China-based property developer Shimao
Group Holdings Limited's Issuer Default Rating of 'CCC' and the
senior unsecured rating on Shimao's outstanding US dollar senior
notes of 'CCC' with a Recovery Rating of 'RR4'.

Fitch is withdrawing the ratings as Shimao 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 Shimao.

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

Shimao is one of China's largest property developers, with a focus
on residential property development. It is also active in office
and mall rental, property management as well as hotel and
theme-park operations.

ESG CONSIDERATIONS

Shimao has an ESG Relevance Score of '4' for Group Structure. The
company has not fully addressed market concerns on debt maturities
amid limited access to capital, which has a negative impact on the
credit profile, and is relevant to the ratings in conjunction with
other factors.

Shimao has an ESG Relevance Score of '4' for Financial
Transparency. It has significant exposure to joint ventures and
associates, and there are some related-party transactions within
Shimao entities, 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 Shimao, Fitch will no
longer be providing the associated ESG Relevance Scores.


TSINGHUA UNIVERSITY: To Cut Off Debt-Laden Investment Arm
---------------------------------------------------------
South China Morning Post reports that China's top-ranking Tsinghua
University will hand over its investment conglomerate to a
state-owned asset watchdog in southwestern Sichuan province,
according to a corporate filing from one of its publicly listed
subsidiaries, after an aggressive expansion in the semiconductor
industry overburdened the company with debt.

Tsinghua Holdings, which is 100 per cent owned by President Xi
Jinping's alma mater, will be transferred to the Sichuan
State-owned Assets Supervision and Administration Commission for
free, its subsidiary Unisplendour said in a stock filing to the
Shenzhen Stock Exchange on April 12, the Post relays. The
provincial government agency will then transfer the assets to
Sichuan Energy Industry Investment Group (SCEI), a state-owned
enterprise under its control.

The Post relates that the disclosure is a slight deviation from a
plan announced at the end of 2021 that said SCEI would directly
take over Tsinghua Holdings.

"The transfer to SCEI marks a major part of the government's
shake-up of university-related enterprises after years of
debt-fuelled expansion," the report quotes Liu Guohong, chairman at
Shenzhen Fuwei Funds, as saying. Sichuan's state asset watchdog
would have to shoulder Tsinghua's bad debts, Liu added.

Sichuan state-backed funds have been aggressive bidders for hi-tech
assets among provincial-level state funds such as those in Anhui,
Shenzhen and Beijing, according to Liu. Sichuan's funds carry a
mandate to support the development of local hi-tech industries.
"It's possible for Sichuan to relocate some of the projects to
Sichuan afterwards," he said.

The Post says the deal, which is awaiting regulatory approval, is
part of China's ongoing campaign to get the country's universities
to divest their investment arms after suffering a slew of problems
from poor internal governance to a lack of sufficient supervision.
Chinese universities are exclusively state owned and follow
Communist Party directives.

In a government policy paper published in 2018, these entities are
blamed for creating significant risks for "university asset
security and the sustainable operation of universities," according
to the report.

Tsinghua Holdings, which was incorporated in 2003 by pooling
together 29 commercial operations owned by Tsinghua University, is
one of the most powerful school-affiliated enterprises in China,
with one of the more extraordinary corporate expansion stories.

From the end of 2011 through 2018, the group's total assets
ballooned from CNY59 billion (US$9.3 billion) to CNY517 billion
amid a surge of debt-financed acquisitions by subsidiaries, the
Post discloses citing the company's corporate bond statements filed
with the Shanghai Stock Exchange. This included the semiconductor
subsidiary Tsinghua Unigroup.

The group's asset size started to shrink as Beijing moved to curb
the power of murky financial conglomerates. As with private
financial empires, including Tomorrow Group under Xiao Jianhua and
Anbang Group controlled by Wu Xiaohui, the business groups of
China's top schools also proved to be rampant with corruption and
money-power deals. Founder Group, affiliated with Peking
University, entered restructuring last year after a slew of
controversies and corruption cases.

By the end of June 2021, Tsinghua Holdings' assets had shrunk to
CNY61 billion, according to a bond report with the Shanghai
exchange, relays the Post. Tsinghua Unigroup – considered the
jewel in the conglomerate's crown, which was known for snatching up
chip assets and once flirted with buying Taiwan Semiconductor
Manufacturing Co – filed for bankruptcy last year, the Post
recalls.

In a restructuring plan of Unigroup approved by a Beijing court,
Tsinghua Holdings and Beijing Jiankun Investment Group will give up
ownership to a consortium led by private buyout fund Wise Road
Capital and its sister fund JAC Capital at a price of CNY60 billion
in cash.

The transfer of Tsinghua Holdings will not affect Unigroup's debt
restructuring plan, according to Unisplendour's filing, the Post
adds.

There is currently no public information on when the Sichuan
State-owned Assets Supervision and Administration Commission will
take control of Tsinghua Holdings, whose portfolio still includes
the school's publishing house, according to the company's website.




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

AGGARWAL INDUSTRIES: CRISIL Keeps B Rating in Not Cooperating
-------------------------------------------------------------
CRISIL Ratings said the rating on bank facilities of Aggarwal
Industries (AI) continues to be 'CRISIL B/Stable Issuer Not
Cooperating'.

                       Amount
   Facilities       (INR Crore)     Ratings
   ----------       -----------     -------
   Cash Credit            7.5       CRISIL B/Stable (Issuer Not
                                    Cooperating)

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

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

Detailed Rationale

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

AI, a partnership firm set up in 1977, by Mr. Suresh Jain and Mr.
Sudesh Jain, trades in writing and printing paper.


ATAHRAVA METALS: Insolvency Resolution Process Case Summary
-----------------------------------------------------------
Debtor: M/s. Atahrava Metals Private Limited
        102, A-Wing, Bonzer Avenue CHS
        Katrap Road, Near Hatti Bungalow &
        Old Petrol Pump
        Badlapur East Thane 421503

Insolvency Commencement Date: April 13, 2022

Court: National Company Law Tribunal, Pune Bench

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

Insolvency professional: Uday Shreeram Sakrikar

Interim Resolution
Professional:            Uday Shreeram Sakrikar
                         303 Rahul Vihar A
                         Lane Nos. 8
                         Dahanukar Colony
                         Kothrud Pune 411038
                         Mobile: 7028023182
                         E-mail: ipudaysakrikar@gmail.com

Last date for
submission of claims:    April 28, 2022


BHUSHAN POWER: Judge Rues Bureaucracy Bogging Down Bankruptcy Deal
------------------------------------------------------------------
BloombergQuint reports that differing views between two departments
of the Indian government have turned one of the biggest sales of
steel mills under the reformed bankruptcy law into a litigation
worth USD6.3 billion and delayed the entire process.

"You purchased a litigation that costs 480 billion rupees," India's
Chief Justice N.V. Ramana told the lawyer for tycoon Sajjan
Jindal-led JSW Steel Ltd, BloombergQuint relays. The top court gave
another week to government's lawyer to sort out the differences
between the country's anti-money laundering agency Enforcement
Directorate and corporate affairs ministry, the report says.

According to BloombergQuint, Jindal has been waiting for nearly two
years to assume full control of Bhushan Power & Steel Ltd.'s
assets. JSW has paid USD2.58 billion to settle the bankrupt firm's
about USD6.3 billion debt but its plans are held up as the
Enforcement Directorate has petitioned the top court against the
sale.  

It refuses to let go of Bhushan Power's assets seized in a probe
against the bankrupt firm's former owners even after the corporate
affairs ministry approved the deal.

"What the left hand is doing the right hand doesn't know," Ramana
said during April 13 hearing.

Representing the government, India's Solicitor General Tushar Mehta
has assured the court to sort out the differences and come with a
clear stand on the issue, adds BloombergQuint.

                        About Bhushan Power

Bhushan Power and Steel Limited manufactures and markets steel
products. It offers flat products, such as coated products,
galvanized/galvalume, color coated products, cable tapes, and cold
rolled products; and long products, including iron making and
sponge iron products. The company also provides steel pipes, hollow
steel sections, grooved pipes, and carbon steel tubes.

Mahendra Kumar Khandelwal was appointed as the IRP in the case
under an order passed by the National Company Law Tribunal (NCLT)
on July 26, 2017.

Bhushan Power, which owes over INR37,000 crore to a consortium of
lenders led by Punjab National Bank, was among 12 large companies
identified by the Reserve Bank of India against which banks were
directed to initiate insolvency proceedings. Barring Era Infra
Engineering Ltd, petitions have been admitted in all other cases.

As reported in the Troubled Company Reporter-Asia Pacific on March
29, 2021, JSW Steel group on March 26 closed the INR19,350-crore
transaction with lenders to acquire Bhushan Power, bringing down
the curtain on a corporate insolvency resolution process (CIRP)
that has stretched over three-and-a-half years.

Business Standard said the transaction was funded through a mix of
equity and debt. As part of the payment, a sum of INR8,614 crore in
Piombino Steel (PSL) was arranged through a mix of equity,
optionally convertible instruments and debt. Of this, INR8,550
crore was invested in a special purpose vehicle (SPV), Makler, the
bidding company. The remaining INR10,800 crore was funded through
debt.

JSW informed the stock exchanges that following the implementation
of the resolution plan, which included payment of INR19,350 crore
to financial creditors of BPSL and the merger of the SPV, PSL holds
100 per cent equity shares in BPSL.  Seshagiri Rao, joint managing
director and chief financial officer, JSW Steel, said the company
took charge of the asset on March 26, according to Business
Standard.


CKDPACK PACKAGING: Insolvency Resolution Process Case Summary
-------------------------------------------------------------
Debtor: CKDPack Packaging Private Limited
        Flat No. 16, Building No. D
        Kumar Classic, Aundh Pune
        Maharashtra, MH 411007

Insolvency Commencement Date: March 24, 2022

Court: National Company Law Tribunal, Aurangabad Bench

Estimated date of closure of
insolvency resolution process: September 19, 2022

Insolvency professional: Mr. Balaji Prithviraj Singh

Interim Resolution
Professional:            Mr. Balaji Prithviraj Singh
                         Office No. 102, Kalptaru
                         Plot no. 51, 52, Aditya Nagar
                         Sut Girni Chowk, Aurangabad
                         E-mail: bpsinghandco@gmail.com
                                 cirp.ckdpack@gmail.com

Last date for
submission of claims:    April 7, 2022


COSMO GRANITES: CRISIL Keeps B Debt Ratings in Not Cooperating
--------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Cosmo
Granites Private Limited (CGPL) continue to be 'CRISIL B/Stable
Issuer Not Cooperating'.

                       Amount
   Facilities       (INR Crore)     Ratings
   ----------       -----------     -------
   Cash Credit           15         CRISIL B/Stable (Issuer Not
                                    Cooperating)

   Term Loan             18         CRISIL B/Stable (Issuer Not
                                    Cooperating)

   Term Loan             12         CRISIL B/Stable (Issuer Not
                                    Cooperating)

   Working Capital        5         CRISIL B/Stable (Issuer Not
   Facility                         Cooperating)

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

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

Detailed Rationale

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

Incorporated in 1992, CGPL imports and retails flooring materials
such as marble, granite, wood, and ceramic tiles.


DANCO ENTERPRISES: CRISIL Keeps D Debt Ratings in Not Cooperating
-----------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Danco
Enterprises India Private Limited (DEIPL) continue to be 'CRISIL
D/CRISIL D Issuer Not Cooperating'.

                       Amount
   Facilities       (INR Crore)     Ratings
   ----------       -----------     -------
   Bank Guarantee         3         CRISIL D (Issuer Not
                                    Cooperating)

   Cash Credit            3.5       CRISIL D (Issuer Not
                                    Cooperating)

   Corporate Loan         0.72      CRISIL D (Issuer Not
                                    Cooperating)

   Letter of Credit       1.5       CRISIL D (Issuer Not
                                    Cooperating)

CRISIL Ratings has been consistently following up with DEIPL for
obtaining information through letters and emails dated January 31,
2022 and March 28, 2022 among others, apart from telephonic
communication. However, the issuer has remained non cooperative.

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

Detailed Rationale

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

DEIPL was incorporated in 2012 to takeover the business of Danco
Enterprises, which was setup in 1975. The company is engaged in
undertaking turnkey project for electrical work. The company is
based out of Mumbai and is promoted by Mr. Kuulin Danani and Mr.
Niraj Danani.


DASMESH MECHANICAL: CRISIL Keeps B+ Ratings in Not Cooperating
--------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Dasmesh
Mechanical Works (DMW) continue to be 'CRISIL B+/Stable Issuer Not
Cooperating'.

                       Amount
   Facilities       (INR Crore)     Ratings
   ----------       -----------     -------
   Cash Credit            5         CRISIL B+/Stable (Issuer Not
                                    Cooperating)

   Long Term Loan         3.5       CRISIL B+/Stable (Issuer Not
                                    Cooperating)

   Term Loan             13         CRISIL B+/Stable (Issuer Not
                                    Cooperating)

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

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

Detailed Rationale

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

DMW was set up in 1972 as a proprietorship firm by Mr Sawaranjit
Singh. The firm manufactures tractor-mounted agricultural
implements such as seed drills, rotary tillers, double-notched
coulters, and straw reapers. Its manufacturing facility is in
Amargarh, Punjab.


DAVEY PHARMA: CRISIL Keeps B Debt Rating in Not Cooperating
-----------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Davey Pharma
And Surgicals (DPS) continue to be 'CRISIL B/Stable/CRISIL A4
Issuer Not Cooperating'.

                       Amount
   Facilities       (INR Crore)     Ratings
   ----------       -----------     -------
   Bank Guarantee        5.5        CRISIL A4 (Issuer Not
                                    Cooperating)

   Cash Credit           1.5        CRISIL B/Stable (Issuer Not
                                    Cooperating)

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

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

Detailed Rationale

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

DPS was set up in 1983 as a partnership between Mr. Kirit Amrutlal
Davey and his family members. The firm is an authorized distributor
for Abbott, St Jude Medicals and Medinet in Tamil Nadu.


DEESAN GINNING: CRISIL Keeps C Debt Ratings in Not Cooperating
--------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Deesan
Ginning and Pressing Private Limited (DGPPL) continue to be 'CRISIL
C Issuer Not Cooperating'.

                       Amount
   Facilities       (INR Crore)     Ratings
   ----------       -----------     -------
   Cash Credit            15        CRISIL C (Issuer Not
                                    Cooperating)

   Term Loan               1.8      CRISIL C (Issuer Not
                                    Cooperating)

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

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

Detailed Rationale

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

DGPPL was incorporated in 1995 by Mr. Bhupesh Rasiklal Patel, Mr.
Chintan Amarish Patel, and Mr. Tapan Mukesh Patel. The company
processes raw cotton into lint at its manufacturing facility at
Dhule, Maharashtra.


DHARTI DREDGING: Insolvency Resolution Process Case Summary
-----------------------------------------------------------
Debtor: Dharti Dredging and Infrastructure Limited
        Point of View, 1st Floor
        BS Makhta, Begumpet
        Hyderabad, Telangana 500016
        India

Insolvency Commencement Date: April 11, 2022

Court: National Company Law Tribunal, Hyderabad Bench

Estimated date of closure of
insolvency resolution process: October 1, 2022

Insolvency professional: Madhusudhan Rao Gonugunta

Interim Resolution
Professional:            Madhusudhan Rao Gonugunta
                         7-1-285, Flat No. 103
                         Sri Sai Swapna Sampada Apartments
                         Balkampet, Sanjeev Reddy Nagar
                         Hyderabad, Telangana 500038
                         E-mail: madhucs1@gmail.com
                                 ddailirp@gmail.com

Last date for
submission of claims:    April 24, 2022


DHIR GLOBAL: CRISIL Keeps D Debt Ratings in Not Cooperating
-----------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Dhir Global
Industria Private Limited (DGIPL) continue to be 'CRISIL D/CRISIL D
Issuer Not Cooperating'.

                       Amount
   Facilities       (INR Crore)     Ratings
   ----------       -----------     -------
   Cash Credit           8.5        CRISIL D (Issuer Not
                                    Cooperating)

   Foreign Bill          6          CRISIL D (Issuer Not
   Purchase                         Cooperating)

   Letter of Credit      9          CRISIL D (Issuer Not
                                    Cooperating)

   Long Term Loan        0.6        CRISIL D (Issuer Not
                                    Cooperating)

   Packing Credit        9          CRISIL D (Issuer Not
                                    Cooperating)

   Proposed Long Term    1.9        CRISIL D (Issuer Not
   Bank Loan Facility               Cooperating)

CRISIL Ratings has been consistently following up with DGIPL for
obtaining information through letters and emails dated January 31,
2022 and March 28, 2022 among others, apart from telephonic
communication. However, the issuer has remained non cooperative.

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

Detailed Rationale

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

Gurgaon (Haryana)-based DGIPL was promoted by Mr. M K Dhir and his
family in 1999. It manufactures readymade garments sold in domestic
and export markets Its manufacturing facility is in Gurgaon.


DIVEEL COTTON: CRISIL Keeps B Debt Rating in Not Cooperating
------------------------------------------------------------
CRISIL Ratings said the rating on bank facilities of Diveel Cotton
Industries (DCI) continues to be 'CRISIL B/Stable Issuer Not
Cooperating'.

                       Amount
   Facilities       (INR Crore)     Ratings
   ----------       -----------     -------
   Cash Credit            7         CRISIL B/Stable (Issuer Not
                                    Cooperating)

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

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

Detailed Rationale

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

DCI was set up in 2014 as a partnership firm by Mr. Pankaj Agarwal,
Mr. Manoj Agarwal, Mr. Sanjay Agarwal, and Mr. Pappu Agarwal. It
gins and presses raw cotton, and sells lint cotton and cotton
seeds. The manufacturing unit is at Sendhwa in Barwani, Madhya
Pradesh. Operations commenced in November 2014.

DOLPHIN FOOTWEAR: CRISIL Keeps B+ Debt Ratings in Not Cooperating
-----------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Dolphin
Footwear (DF) continue to be 'CRISIL B+/Stable Issuer Not
Cooperating'.

                       Amount
   Facilities       (INR Crore)     Ratings
   ----------       -----------     -------
   Cash Credit           4.5        CRISIL B+/Stable (Issuer Not
                                    Cooperating)

   Proposed Long Term    3.5        CRISIL B+/Stable(Issuer Not
   Bank Loan Facility               Cooperating)

CRISIL Ratings has been consistently following up with DF for
obtaining information through letters and emails dated January 22,
2022 and March 30, 2022 among others, apart from telephonic
communication. However, the issuer has remained non cooperative.

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

Detailed Rationale

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

DF is engaged in retailing of textiles, apparel, footwear, l eather
goods etc. DF has 17 showrooms in Haryana and Punjab. DF is owned &
managed by Mr. Rajesh Kumar Ghai.


DOWN TOWN: CRISIL Keeps B Debt Ratings in Not Cooperating
---------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Down Town
Charity Trust (DTCT) continue to be 'CRISIL B/Stable Issuer Not
Cooperating'.

                       Amount
   Facilities       (INR Crore)     Ratings
   ----------       -----------     -------
   Cash Credit           5.15       CRISIL B/Stable (Issuer Not
                                    Cooperating)

   Proposed Term         8.4        CRISIL B/Stable (Issuer Not
   Loan                             Cooperating)

   Term Loan             5.1        CRISIL B/Stable (Issuer Not
                                    Cooperating)

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

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

Detailed Rationale

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

Set up in 1999, Guwahati (Assam)-based DTCT began operations in
2010. The trust, promoted by Mr.Dutta and family, operates the
Assam Downtown University. DTCT, affiliated to Assam University and
approved by All India Council for Technical Education, offers
courses in management, engineering, and health care services.


E-INFRASTRUCTURE AND ENTERTAINMENT: Liquidation Case Summary
------------------------------------------------------------
Debtor: E-Infrastructure and Entertainment (India)
        Private Limited
        22/24, Someshwara Nilaya
        Jakkur Main Road
        Amruthahalli
        Bengaluru 560092
        Karnataka

Liquidation Commencement Date: April 7, 2022

Court: National Company Law Tribunal, Bengaluru Bench

Date of closure of
insolvency resolution process: April 7, 2022

Insolvency professional: Shri Ravindra Beleyur

Interim Resolution
Professional:            Shri Ravindra Beleyur
                         "Shreevathsa", 428
                         19th B Cross, 3rd Block
                         Jayanagar, Bengaluru 560011
                         Telephone: +918026540193
                         E-mail: ravi@beleyur.com
                                 e-infrastructure@beleyur.com

Last date for
submission of claims:    May 7, 2022


EBRAHIM ESSA DEVELOPERS: Insolvency Resolution Case Summary
-----------------------------------------------------------
Debtor: Ebrahim Essa Developers Private Limited
        115, Dataawalla Estate
        Essa Aziz Compound
        S.V. Road, Jogeshwari (W)
        Mumbai 400102

Insolvency Commencement Date: April 14, 2022

Court: National Company Law Tribunal, Mumbai Bench

Estimated date of closure of
insolvency resolution process: October 8, 2022

Insolvency professional: Mr. Arvind Kumar Pilla

Interim Resolution
Professional:            Mr. Arvind Kumar Pilla
                         404, 4th Floor, Imperial Plaza
                         Opp. Anand Talkies
                         Somwar Bazar Road
                         Sitabuldi, Nagpur 12
                         E-mail: caip.arvindpilla@gmail.com

                            - and -

                         AAA Insolvency Professionals LLP
                         A301, Bsel Tech Park, Sector 30a
                         Opp. Vashi Railway Station
                         Vashi, Navi Mumbai 400705
                         E-mail: ebrahimessadevelopers@
                                 aaainsolvency.com
                         Tel: 02242667394

Last date for
submission of claims:    April 25, 2022


ELROY MOTORS: CRISIL Keeps B+ Debt Ratings in Not Cooperating
-------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Elroy Motors
Private Limited (EMPL) continue to be 'CRISIL B+/Stable Issuer Not
Cooperating'.

                       Amount
   Facilities       (INR Crore)     Ratings
   ----------       -----------     -------
   Cash Credit            1         CRISIL B+/Stable (Issuer Not
                                    Cooperating)

   Electronic Dealer     16         CRISIL B+/Stable (Issuer Not
   Financing Scheme                 Cooperating)
  (e-DFS)                
                                    
   Proposed Inventory    12         CRISIL B+/Stable (Issuer Not
   Funding                          Cooperating)

CRISIL Ratings has been consistently following up with EMPL for
obtaining information through letters and emails dated January 31,
2022 and March 12, 2022 among others, apart from telephonic
communication. However, the issuer has remained non cooperative.

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

Detailed Rationale

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

EMPL was incorporated in 2014 by the promoter, Mr. Ankit Yadav. The
company is an authorised dealer of passenger cars manufactured by
Hyundai Motors India Ltd. Operations commenced from November 2014,
from a showroom in Defence Colony, and a service centre in Okhla
(both in New Delhi).


FPC PETRO: CRISIL Keeps D Debt Ratings in Not Cooperating
---------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of FPC Petro
Energy Private Limited continue to be 'CRISIL D/CRISIL D Issuer Not
Cooperating'.

                       Amount
   Facilities       (INR Crore)     Ratings
   ----------       -----------     -------
   Cash Credit           1.5        CRISIL D (Issuer Not
                                    Cooperating)

   Letter of Credit     12.0        CRISIL D (Issuer Not
                                    Cooperating)

   Proposed Cash         6.5        CRISIL D (Issuer Not
   Credit Limit                     Cooperating)

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

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

Detailed Rationale

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

FPC (formerly, Fortrec Petrochem Pvt Ltd) was promoted in 2002 by
Mr. Surya Kumar Shikha. The company trades in petrochemical
products, mainly heavy aromatics and toluene, and is based in
Hyderabad.


G.A.V. AGRO: CRISIL Keeps D Debt Ratings in Not Cooperating
-----------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of G.A.V. Agro
Private Limited (GAVPL) continue to be 'CRISIL D Issuer Not
Cooperating'.

                       Amount
   Facilities       (INR Crore)     Ratings
   ----------       -----------     -------
   Cash Credit            9         CRISIL D (Issuer Not
                                    Cooperating)

   Long Term Loan        10         CRISIL D (Issuer Not
                                    Cooperating)

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

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

Detailed Rationale

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

GAVPL was set up in 2013, by the promoter, Mr Pradeep Kumar and Mr
Om Prakash. The company processes non-basmati rice for customers in
the domestic and overseas markets. Processing facilities are
located at Lucknow.


GLOBSYN KNOWLEDGE: CRISIL Keeps D Debt Ratings in Not Cooperating
-----------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Globsyn
Knowledge Foundation (GKF) continue to be 'CRISIL D Issuer Not
Cooperating'.

                       Amount
   Facilities       (INR Crore)     Ratings
   ----------       -----------     -------
   Cash Credit            1         CRISIL D (Issuer Not
                                    Cooperating)

   Proposed Long Term     3.55      CRISIL D (Issuer Not
   Bank Loan Facility               Cooperating)

   Term Loan             12.70      CRISIL D (Issuer Not
                                    Cooperating)

CRISIL Ratings has been consistently following up with GKF for
obtaining information through letters and emails dated January 31,
2022 and March 28, 2022 among others, apart from telephonic
communication. However, the issuer has remained non cooperative.

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

Detailed Rationale

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

GKF was founded in December 2004 in Kolkata by Mr. Bikram Dasgupta.
The trust is managed by parent Globsyn Technologies Ltd
(incorporated in 1997; engaged in the software and education
industries). GKF offers Post Graduate Diploma in Management (PGDM)
and Bachelor of Business Administration (BBA) courses through its
institute, Globsyn Business School, in Bishnupur (West Bengal).


INSPIRIT IOT TECHNOLOGIES: Voluntary Liquidation Case Summary
-------------------------------------------------------------
Debtor: Inspirit IOT Technologies Private Limited
        No. 1, V.G. Nair Street
        Devaraja Nagar
        Saligramam
        Chennai 600093

Liquidation Commencement Date: April 7, 2022

Court: National Company Law Tribunal, Chennai Bench

Insolvency professional: Mr. Ananthachari Mahesh

Interim Resolution
Professional:            Mr. Ananthachari Mahesh
                         No. 5/5, Iswaryas Essodammai Apartments
                         No. 5, Madhava Mani Avenue
                         Velachery, Chennai 600042
                         E-mail: inspiritclaims@gmail.com
                         Tel: +919566124770

Last date for
submission of claims:    May 7, 2022


MAGNEWIN ENERGY: CRISIL Keeps D Debt Ratings in Not Cooperating
---------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Magnewin
Energy Private Limited (MEPL) continue to be 'CRISIL D/CRISIL D
Issuer Not Cooperating'.

                       Amount
   Facilities       (INR Crore)     Ratings
   ----------       -----------     -------
   Bank Guarantee        0.25       CRISIL D (Issuer Not
                                    Cooperating)

   Cash Credit           1.5        CRISIL D (Issuer Not
                                    Cooperating)

   Letter of Credit      1.5        CRISIL D (Issuer Not
                                    Cooperating)

   Long Term Loan        1.68       CRISIL D (Issuer Not
                                    Cooperating)

   Standby Line          0.20       CRISIL D (Issuer Not
   of Credit                        Cooperating)

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

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

Detailed Rationale

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

Incorporated in 1991, MEPL manufactures electrical
capacitors'special-purpose capacitors, and high- and low-tension
capacitors'used for compensating transmission line losses and power
factor improvement. These capacitors are primarily used by utility
companies and the defence sector; the capacitors also find
application in industries such as textiles, coal, chemicals, and
sugar. Set up as Magnewin Magnetics, the company was reconstituted
as a private limited company in September 2009.


MAIMOON IMPEX: CRISIL Keeps B Debt Rating in Not Cooperating
------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Maimoon Impex
L.L.P (Maimoon) continue to be 'CRISIL B/Stable/CRISIL A4 Issuer
Not Cooperating'.

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

   Letter of Credit       1         CRISIL A4 (Issuer Not
                                    Cooperating)

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

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

Detailed Rationale

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

Established in 2009, Maimoon trades and processes industrial paper,
primarily kraft paper. The firm has a processing unit in Bhiwandi
(Maharashtra) and is promoted by Mr. Saifee Jani's sons, Mr. Abiali
Jani and Mr. Abifazal Jani.


MATHURA DEVELOPER: CRISIL Keeps D Debt Ratings in Not Cooperating
-----------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Mathura
Developer (MD) continue to be 'CRISIL D Issuer Not Cooperating'.

                        Amount
   Facilities        (INR Crore)    Ratings
   ----------        -----------    -------
   Proposed Term Loan     1.14      CRISIL D (Issuer Not
                                    Cooperating)

   Term Loan              3.86      CRISIL D (Issuer Not
                                    Cooperating)

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

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

Detailed Rationale

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

MD was established in October 2012 by Dr. Laxmikant Bajaj in Nanded
(Maharashtra). The firm is undertaking a commercial real estate
development project in Nanded. Its operations are managed by Dr.
Laxmikant Bajaj's younger brother, Mr. Sanjay Bajaj.


PAVANA KEERTI: Insolvency Resolution Process Case Summary
---------------------------------------------------------
Debtor: Sri Pavana Keerti Hotels India Private Limited
        M.No. 3-6-552 to 558 & 558/1
        Main Road Level 5,6,7
        Himayathnagar Hyderabad
        Telangana 500029
        India

Insolvency Commencement Date: April 14, 2022

Court: National Company Law Tribunal, Hyderabad Bench

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

Insolvency professional: Raghu Babu Gunturu

Interim Resolution
Professional:            Raghu Babu Gunturu
                         EZResolve LLP
                         402B, 4th Floor
                         Technopolis
                         Chikoti Gardens
                         Begumpet, Hyderabad 500016
                         E-mail: raghu@ezresolve.in
                                 sripavanakeerthihotels@
                                 ezresolve.in

Last date for
submission of claims:    April 28, 2022


R. KANTILAL: CRISIL Keeps D Debt Ratings in Not Cooperating
-----------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of R. Kantilal
and Company (RKC) continue to be 'CRISIL D/CRISIL D Issuer Not
Cooperating'.

                       Amount
   Facilities       (INR Crore)     Ratings
   ----------       -----------     -------
   Post Shipment        16.80       CRISIL D (Issuer Not
   Credit                           Cooperating)

   Post Shipment        34.24       CRISIL D (Issuer Not
   Credit                           Cooperating)

   Post Shipment        54.25       CRISIL D (Issuer Not
   Credit                           Cooperating)

   Post Shipment         6.65       CRISIL D (Issuer Not
   Credit                           Cooperating)

   Pre Shipment         14.76       CRISIL D (Issuer Not
   Facility                         Cooperating)

   Pre Shipment         15.19       CRISIL D (Issuer Not
   Facility                         Cooperating)

   Pre Shipment          7.20       CRISIL D (Issuer Not
   Facility                         Cooperating)

   Pre Shipment          2.85       CRISIL D (Issuer Not
   Facility                         Cooperating)

   Pre Shipment          8.06       CRISIL D (Issuer Not
   Facility                         Cooperating)

   Proposed Long Term    20         CRISIL D (Issuer Not
   Bank Loan Facility               Cooperating)

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

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

Detailed Rationale

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

RKC, a partnership firm set up in 1965, manufactures cut and
polished diamonds at its manufacturing facilities in Mumbai and
Surat (Gujarat). Mr Pratik Kothari, Mr Parag Kothari, and Mr Ankit
Kothari are partners in the firm.


R.K. PULSES: CRISIL Keeps B Debt Rating in Not Cooperating
----------------------------------------------------------
CRISIL Ratings said the rating on bank facilities of R.K. Pulses
Private Limited (RKPL) continues to be 'CRISIL B/Stable Issuer Not
Cooperating'.

                       Amount
   Facilities       (INR Crore)     Ratings
   ----------       -----------     -------
   Cash Credit            8         CRISIL B/Stable (Issuer Not
                                    Cooperating)

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

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

Detailed Rationale

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

Incorporated in 2000 by Mr Rajiv Kumar Agarwal, RKPL processes
pulses such as split and whole urad dal, masoor, soyabean and
soyameal, and also trades in other pulses and sugar. The
manufacturing unit is located at Bareilly, Uttar Pradesh.


RAGHAV INDUSTRIES: CRISIL Keeps D Debt Ratings in Not Cooperating
-----------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Raghav
Industries Limited (RIL) continue to be 'CRISIL D Issuer Not
Cooperating'.

                       Amount
   Facilities       (INR Crore)     Ratings
   ----------       -----------     -------
   Cash Credit            3         CRISIL D (Issuer Not
                                    Cooperating)

   Cash Credit           15.93      CRISIL D (Issuer Not
                                    Cooperating)

   Cash Credit           10         CRISIL D (Issuer Not
                                    Cooperating)

   Long Term Loan         2.57      CRISIL D (Issuer Not
                                    Cooperating)

   Proposed Long Term    16.87      CRISIL D (Issuer Not
   Bank Loan Facility               Cooperating)

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

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

Detailed Rationale

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

RIL was set up in 1987 in Coimbatore, by the promoter, Mr Rajendra
Kumar Kanodia. The company manufactures textile yarn in polyester,
viscose, cotton, and various blends, and trades in polyester staple
fibre (PSF) and viscose staple fibre.



RAINBOW DENIM: Liquidation Process Case Summary
-----------------------------------------------
Debtor: Rainbow Denim Limited

        Registered office:
        Village Chaundheri
        PO Dappar
        Chandigarh-Ambala National Highway
        Teh. Derabassi, Distt. Mohali
        Punjab 140506

        Corproate office:
        51/52, Free Press House
        Free Press Journal Marg
        Nariman Point
        Mumbai 400021

Liquidation Commencement Date: April 12, 2022

Court: National Company Law Tribunal, Chandigarh Bench

Date of closure of
insolvency resolution process: April 12, 2022

Insolvency professional: Dharmendra Kumar Bhasin

Interim Resolution
Professional:            Dharmendra Kumar Bhasin
                         191, Mamta Enclave
                         Behind Nimantran Banquet Hall
                         Dhakoli, Zirakpur
                         SAS Nagar, Punjab 140603
                         E-mail: ipdkbhasin@gmail.com
                                 liquidator.rainbowdenim@gmail.com

Last date for
submission of claims:    May 12, 2022


RAM NATH: CRISIL Keeps D Debt Ratings in Not Cooperating Category
-----------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Ram Nath
Memorial Trust Society (RNMTS) continue to be 'CRISIL D Issuer Not
Cooperating'.

                       Amount
   Facilities       (INR Crore)     Ratings
   ----------       -----------     -------
   Funded Interest       3.55       CRISIL D (Issuer Not
   Term Loan                        Cooperating)

   Term Loan            16.30       CRISIL D (Issuer Not
                                    Cooperating)

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

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

Detailed Rationale

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

RNMTS, established in 1998 and managed by the Singhal family
operates an institute in Meerut, Uttar Pradesh, and offering
Bachelor of Education, Master of Education, and Bachelor of
Physical Education courses.


RDC AUTOMOBILE: CRISIL Keeps D Debt Ratings in Not Cooperating
--------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of RDC
Automobile Private Limited (RDC) continue to be 'CRISIL D Issuer
Not Cooperating'.

                       Amount
   Facilities       (INR Crore)     Ratings
   ----------       -----------     -------
   Drop Line              3.6       CRISIL D (Issuer Not
   Overdraft Facility               Cooperating)

   Electronic Dealer     15.0       CRISIL D (Issuer Not
   Financing Scheme                 Cooperating)
   (e-DFS)               
                                    
CRISIL Ratings has been consistently following up with RDC for
obtaining information through letters and emails dated January 31,
2022 and March 28, 2022 among others, apart from telephonic
communication. However, the issuer has remained non cooperative.

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

Detailed Rationale

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

RDC, incorporated in 2015, is an authorised dealer for cars of Jeep
India. Jeep is a brand of American automobiles that is a division
of FCA US LLC (formerly Chrysler Group, LLC), a wholly owned
subsidiary of Fiat Chrysler Automobiles. The promoters also own RDC
Motors Pvt Ltd (an authorised dealer for cars of Fiat India
Automobiles Ltd) in Chennai and Vellore (both in Tamil Nadu). The
operations are managed by Mr Chandrasekar.


REDHU FARMS: CRISIL Keeps D Debt Ratings in Not Cooperating
-----------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Redhu Farms
Private Limited (RFPL) continue to be 'CRISIL D Issuer Not
Cooperating'.

                       Amount
   Facilities       (INR Crore)     Ratings
   ----------       -----------     -------
   Cash Credit          6.32        CRISIL D (Issuer Not
                                    Cooperating)

   Funded Interest      1.01        CRISIL D (Issuer Not
   Term Loan                        Cooperating)

   Working Capital     16.67        CRISIL D (Issuer Not
   Term Loan                        Cooperating)

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

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

Detailed Rationale

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

RFPL, which was set up in 2002, is engaged in the poultry and
hatchery business, and sells day-old chicks and eggs. The hatchery
units and broiler farms are located at Jind (Haryana) and Chirawa
(Rajasthan). RFPL is owned and managed by Mr Mohinder Singh &
family.


ROBOMATIC PRECON: CRISIL Keeps B+ Debt Ratings in Not Cooperating
-----------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Robomatic
Precon Private Limited (RPPL) continue to be 'CRISIL B+/Stable
Issuer Not Cooperating'.

                       Amount
   Facilities       (INR Crore)     Ratings
   ----------       -----------     -------
   Cash Credit            2         CRISIL B+/Stable (Issuer Not
                                    Cooperating)

   Long Term Loan        11         CRISIL B+/Stable (Issuer Not
                                    Cooperating)

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

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

Detailed Rationale

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

Established in August 2016 in Hyderabad, RPPL is promoted by Mr.
Vijay K Kosaraju and Mr. Anand Kumar Yerra.  The company has set up
a facility to manufacture Concrete Hollow Core Wall Panels.
Commercial operations have commenced recently.


ROYAL PRESSING: CRISIL Keeps D Debt Ratings in Not Cooperating
--------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Royal
Pressing and Components - Kashipur (RPC) continue to be 'CRISIL
D/CRISIL D Issuer Not Cooperating'.

                       Amount
   Facilities       (INR Crore)     Ratings
   ----------       -----------     -------
   Cash Credit            5         CRISIL D (Issuer Not
                                    Cooperating)

   Letter of Credit       1.5       CRISIL D (Issuer Not
                                    Cooperating)

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

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

Detailed Rationale

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

Set up in 2010, RPC, a proprietorship concern of Mr Surendra Pal
Singh Tomar, manufactures sheet metal and molding components for
automotive companies.


ROYALE EDIBLE: CRISIL Keeps B Debt Ratings in Not Cooperating
-------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Royale Edible
Company (REC) continue to be 'CRISIL B/Stable Issuer Not
Cooperating'.

                       Amount
   Facilities       (INR Crore)     Ratings
   ----------       -----------     -------
   Cash Credit            7         CRISIL B/Stable (Issuer Not
                                    Cooperating)

   Long Term Loan         3         CRISIL B/Stable (Issuer Not
                                    Cooperating)

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

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

Detailed Rationale

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

Established as a partnership firm in 2014, REC manufactures coconut
oil of premium quality and trades in edible oil such as sunflower
oil, palmolien oil, and rice bran oil. Based in Thrissur, Kerala,
the firm is promoted and managed by Mr. E N Gopakumar and his wife,
Ms. Anju Gopakumar.


SADHNA MEDIA: Insolvency Resolution Process Case Summary
--------------------------------------------------------
Debtor: Sadhna Media Private Limited
        38 Rani Jhansi Road
        Jhandewalan, New Delhi
        DL 110055
        IN

Insolvency Commencement Date: April 12, 2022

Court: National Company Law Tribunal, New Delhi Bench

Estimated date of closure of
insolvency resolution process: October 8, 2022

Insolvency professional: Mr. Pradeep Kumar Ray

Interim Resolution
Professional:            Mr. Pradeep Kumar Ray
                         WZ-108, Shadipur Main Bazar
                         New Delhi 110008
                         E-mail: pkrayip@gmail.com
                                 irpsmpl22@ggmail.com

Last date for
submission of claims:    April 26, 2022


SMASHER COMMUNICATIONS: Voluntary Liquidation Process Case Summary
------------------------------------------------------------------
Debtor: Smasher Communications Private Limited
        No. 12, Ground Floor
        Govindappa Road
        Basavanagudi, Bangalore
        KA 560004
        IN

Liquidation Commencement Date: March 19, 2022

Court: National Company Law Tribunal, Bengaluru Bench

Insolvency professional: M. Thimmarayaswamy

Interim Resolution
Professional:            M. Thimmarayaswamy
                         228 5th Main 5th Cross Sivakrupa
                         K.G. Niagara Bengaluru 560019
                         E-mail: swamymotappa@gmail.com

Last date for
submission of claims:    April 18, 2022


VANTAGE SPINNERS: Insolvency Resolution Process Case Summary
------------------------------------------------------------
Debtor: M/s. Vantage Spinners Private Limited
        D.No. 895, R.S. No. 50 and 53/2
        Hanuman Junction Road
        Gollapalli, Nuzividu
        AP 521111

Insolvency Commencement Date: April 5, 2022

Court: National Company Law Tribunal, Nuzividu Bench

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

Insolvency professional: Srinivas Gudla Rao

Interim Resolution
Professional:            Srinivas Gudla Rao
                         Flat No. 201, Aqua Towers
                         East Point Colony
                         Visakhapatnam 530017
                         Andhra Pradesh
                         E-mail: gudlasrinivasrao@gmail.com

                            - and -

                         Flat No. A-1, BR's Princeton Apartment
                         CBM Compound, VIP Road
                         Visakhapatnam 530003
                         Andhra Pradesh
                         E-mail: vantagecirp@gmail.com

Last date for
submission of claims:    April 21, 2022


VATSALYA BUILDERS: Insolvency Resolution Process Case Summary
-------------------------------------------------------------
Debtor: Vatsalya Builders and Developers Private Limited
        201/202, Ganesh Chambers
        2nd Floor, Nehadia Squire
        Opp. Yashwani Stadium
        Dhantoli, Nagpur
        MH 440012
        IN

Insolvency Commencement Date: April 14, 2022

Court: National Company Law Tribunal, Mumbai Bench

Estimated date of closure of
insolvency resolution process: October 11, 2022
                               (180 days from commencement)

Insolvency professional: Mr. Navin Khandelwal

Interim Resolution
Professional:            Mr. Navin Khandelwal
                         206, Navneet Plaza
                         5/2 Old Palasia
                         Indore 452018
                         E-mail: navink25@yahoo.com
                                 cirpvatsalya@gmail.com

Classes of creditors:    Financial Creditors in class
                         (Real Estate Allottees)

Insolvency
Professionals
Representative of
Creditors in a class:    Mrs. Neeraja Kartik
                         202, Padmasani Apartments
                         58/2, Near Shivaji Park
                         Nagpur, Maharashtra 440010
                         E-mail: neerajakartikip@gmail.com

                         Mr. Saurabh Dhoot
                         91 Radha Nagar Colony
                         Indore, Madhya Pradesh
                         E-mail: casaurabhdhoot@gmail.com

                         Mr. Pramod Kumar Dokania
                         Tower 54, Flat No. 1101
                         Future Towers
                         Amanora Park Town
                         Hadapsar, Pune 411028
                         E-mail: ippramod.dokania@gmail.com

Last date for
submission of claims:    April 28, 2022




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

TOSHIBA CORP: Bain Pledges 'No Breakup' of Company in Buyout Offer
------------------------------------------------------------------
Nikkei Asia reports that Bain Capital is promising it would keep
Toshiba Corp. whole, instead of breaking up the Japanese
conglomerate, and retain the current management team in a buyout
proposal aimed at winning over skeptics of the U.S. company's
offer.

Nikkei Asia relates that the takeover, if it goes through, would be
the largest cross-border private equity deal in Japan, according to
analytics company Preqin, and could set the stage for more
corporate buyouts in a country where private equity companies have
often been viewed warily.

"We would keep Toshiba's businesses together and refrain from any
divestiture," Yuji Sugimoto, co-head of Bain Capital's private
equity business in Asia, in an interview with Nikkei Asia. "There
would be no break-up."

Bain Capital, which first broached the idea of a takeover in March,
would focus on expanding Toshiba's business rather than
cost-cutting, he stressed. It has yet to make a formal offer.

Toshiba last month installed a new CEO, Taro Shimada, in the second
reshuffle in less than a year amid a continued standoff with
activist shareholders who own some 20% of the company, the report
recalls. Sugimoto said that Bain Capital would be prepared to work
with the current management team led by Shimada. "We'd like to keep
the management team in place and carry out reforms together," he
said.

Until last month, Toshiba was intending to carry out a sweeping
restructuring on its own, breaking itself up into two public
companies -- one for infrastructure and the other for
semiconductors -- and divesting all remaining assets. But
shareholders, skeptical of the management's ability to execute such
an overhaul, blocked the move, forcing the company to seek an
alternative, including selling itself to a buyout company, the
report notes.

According to Nikkei Asia, Bain Capital said it needs to win over
Toshiba's management and employees for its buyout to succeed.
Toshiba refused to consider a buyout offer from CVC Capital
Partners a year ago, saying it lacked sufficient details.

"The most important thing is for Toshiba's management and employees
to become convinced that a buyout is the best strategic option for
the company and to come up with the resolve to carry it through,"
the report quotes Sugimoto as saying.

Sugimoto declined to elaborate on how much Bain Capital is prepared
to offer for Toshiba, though he said the cost of the takeover would
likely top JPY2 trillion (USD16 billion), the report relays. The
company has strong businesses like semiconductors, but has also
been rocked by revelations of accounting irregularities, repeated
course changes by management, the second resignation of a CEO in a
year in March, and a loss of shareholder trust.

In addition to securing support from management and employees, as
well as obtaining funds for the takeover, there are other hurdles
Bain Capital must clear, Nikkei Asia notes. One is crafting a
long-term growth strategy and another is obtaining regulatory
approval in Japan, Sugimoto said.

Bain Capital could be challenged by other buyout companies making
their own offers, but the company believes its track record in
Japan will help its bid, the report relates.

                        About Toshiba Corp.

Toshiba Corporation (TYO:6502) -- http://www.toshiba.co.jp/--
manufactures and markets electrical and electronic products. The
Company's products include digital products such as PCs and
televisions, NAND flash memories, and system LSIs (large-scale
integrated), as well as social infrastructures such as power
generators, medical equipment, and home appliances.

As reported in the Troubled Company Reporter-Asia Pacific in
November 2021, S&P Global Ratings has placed its 'BB+' long-term
issuer credit rating on Toshiba Corp. on CreditWatch with negative
implications.  At the same time, S&P affirmed its 'B' short-term
issuer credit and commercial paper program ratings.




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

J J RESIDENTIAL: Creditors' Proofs of Debt Due on May 6
-------------------------------------------------------
Creditors of J J Residential Limited are required to file their
proofs of debt by May 6, 2022, to be included in the company's
dividend distribution.

The company commenced wind-up proceedings on April 6, 2022.

The company's liquidator is Kelera Nayacakalou.


KAPITENIUTI BUILDING: Court to Hear Wind-Up Petition on April 29
----------------------------------------------------------------
A petition to wind up the operations of Kapiteniuti Building
Construction Limited will be heard before the High Court at
Auckland on April 29, 2022, at 10:45 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


NEW HOME: Court to Hear Wind-Up Petition on April 29
----------------------------------------------------
A petition to wind up the operations of New Home Property And
Building Limited will be heard before the High Court at Auckland on
April 29, 2022, at 10:00 a.m.

The Commissioner of Inland Revenue filed the petition against the
company on May 19, 2021.

The Petitioner's solicitor is:

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


NZHC LIMITED: Commences Wind-Up Proceedings
-------------------------------------------
Members of NZHC Limited, on April 19, 2022, passed a resolution to
voluntarily wind up the company's operations.

The company's liquidator is:

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


ONE.TEL LIMITED: Court to Hear Wind-Up Petition on April 29
-----------------------------------------------------------
A petition to wind up the operations of One.Tel Limited will be
heard before the High Court at Auckland on April 29, 2022, at 10:45
a.m.

The Commissioner of Inland Revenue filed the petition against the
company on May 19, 2021.

The Petitioner's solicitor is:

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


REMARKABLE EXQUISITE: Shareholders' Dispute Led to Liquidation
--------------------------------------------------------------
Riley Kennedy at Otago Daily Times reports that a falling-out
between shareholders has forced a Queenstown property company into
liquidation owing more than NZD500,000 to unsecured creditors.

Remarkable Exquisite Design Ltd was placed into liquidation on
March 31 in the High Court at Invercargill. Insolvency practitioner
Dennis Parsons of D. C. Parsons was appointed liquidator.

His first report, released this week, said a "protracted dispute"
between shareholders over the firm's operations caused it to fall,
ODT relays.

The company is owned by Waikato shareholders Geoffrey Short,
Katrina Wardill and Maria Young.  The Companies Office website
lists Mr. Short as majority shareholder, owning 51% of the firm.

It also lists the trio as shareholders of two other Queenstown
property investment companies, Takitimu Pounamu Ltd and Short Kat
Mouse Ltd, which are not in liquidation.

According to ODT, the report said the company bought a high-end
residential property in Queenstown which was rented to tourists
"from time to time".

The firm's statement of financial position estimated the house was
worth nearly NZD2 million. Its address was not disclosed.

The company's only secured creditor was the Bank of New Zealand,
owed NZD1.5 million for the property's mortgage, ODT discloses.

About NZD538,000 was owed to unsecured creditors, which included
the three shareholders as well as their two other investment
companies, and Inland Revenue, Queenstown's Todd & Walker Law and
Nickal Holdings Ltd.

ODT adds that the financial statement listed an estimated deficit
of about NZD74,800.

It was likely creditors would receive a dividend once the property
was sold, the report said.

It was estimated the liquidation would be completed within the next
six months, ODT notes.




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

AN JU SHIPPING: Commences Wind-Up Proceedings
---------------------------------------------
Members of An Ju Shipping Pte Ltd, on April 14, 2022, passed a
resolution to voluntarily wind up the company's operations.

The company's liquidator is:

          Mr. Chee Chong Tam
          4 Third Avenue
          Singapore 266576


ASBURY HOLDINGS: Creditors' Proofs of Debt Due on May 18
--------------------------------------------------------
Creditors of Asbury Holdings Pte Ltd and related entities are
required to file their proofs of debt by May 18, 2022, to be
included in the company's dividend distribution.

Related entities:

     - Elishan Investments Pte Ltd
     - Fairsteps Properties Pte. Ltd.
     - Grande-Terre Properties Pte. Ltd.
     - Grand Isle Holdings Pte. Ltd.
     - Verspring Properties Pte. Ltd.
     - White Haven Properties Pte. Ltd.

The company's liquidators can be reached at:

          Don M Ho
          David Ho Chjuen Meng
          C/o DHA+ pac
          63 Market Street
          #05-01A Bank of Singapore Centre
          Singapore 048942


AURUME VENTURES: Court to Hear Wind-Up Petition on April 29
-----------------------------------------------------------
A petition to wind up the operations of Aurume Ventures Pte Ltd
will be heard before the High Court of Singapore on April 29, 2022,
at 10:00 a.m.

Allied Moving Services (S) filed the petition against the company
on March 22, 2022.

The Petitioner's solicitors are:

          Drew & Napier LLC
          10 Collyer Quay
          #10-01 Ocean Financial Centre
          Singapore 049315


GSK GLOBAL: Court to Hear Wind-Up Petition on May 6
---------------------------------------------------
A petition to wind up the operations of GSK Global Pte Ltd will be
heard before the High Court of Singapore on May 6, 2022, at 10:00
a.m.

Skyline Properties Pte Ltd filed the petition against the company
on April 11, 2022.

The Petitioner's solicitors are:

          Aquinas Law Alliance LLP
          24 Raffles Place, #20-03,
          Clifford Centre
          Singapore 048621


MULHACEN PTE LTD: S&P Withdraws 'CCC+/C' Issuer Credit Ratings
--------------------------------------------------------------
S&P Global Ratings has withdrawn its 'CCC+/C' long- and short-term
issuer credit ratings on Mulhacen Pte. Ltd., a Singapore-based
non-operating holding company, at the company's request. The
outlook was stable at the time of the withdrawal.




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

MG NON-LIFE: Insolvency to Hamper JC Partners' KDB Life Deal
------------------------------------------------------------
The Korea Times reports that as MG Non-Life Insurance was declared
insolvent this week, its ripple effects could now adversely
influence the pre-arranged sale of KDB Life to JC Partners, a major
shareholder of MG Non-Life.

During its regular meeting on April 20, the Financial Services
Commission (FSC) decided to designate MG Non-Life as an insolvent
financial institution, given that its debt exceeded its capital by
KRW113.9 billion (USD92.9 million), the report says. This severe
level of the debt-to-capital ratio meets the criteria for
designation as an insolvent financial institution, as stated in the
Act on the Structural Improvement of the Financial Industry.

It is the first time in eight years that the financial authority
has labeled a financial company as insolvent, the report notes. The
last such case was the 2014 insolvency of Golden Bridge Savings
Bank.

With this designation, the insurance company now must find a new
owner. Green Non-Life Insurance - the previous name of the company
- was also declared insolvent by the FSC and was acquired by MG
Community Credit Cooperative in 2013.

Woori Financial Group is said to have shown interest in purchasing
the company, according to sources in the investment banking
industry, the report relates.

So far, the financial regulator has been asking the firm to execute
various measures to normalize its management. Yet, considering the
firm's failure to follow through with the measures, the financial
regulator viewed the insolvency designation as unavoidable,
according to The Korea Times.

While the financial regulator and the company are seeking a new
owner via the selling process, MG Non-Life said its customers can
continue their normal operations with the company regarding their
insurance plans, as a move to minimize customer anxiety.

With MG Non-Life's insolvency status, JC Partners' acquisition plan
for KDB Life is likely to be gravely hurt, market watchers said,
The Korea Times relays. The local private equity firm signed a deal
with Korea Development Bank (KDB) in late 2020 to purchase the
state-owned lender's life insurance subsidiary as the only
preferred bidder for the deal.

However, the private equity firm hasn't still passed the FSC's
assessment process that aims to evaluate whether it is qualified to
take over KDB Life, the report notes. The failure on the part of JC
Partners to follow through on its announced plans to secure the
necessary capital to take over KDB Life was one of the main reasons
behind the prolonged evaluation regarding its qualification for the
takeover.

Given that being the major shareholder of an insolvent financial
company is one of the major disqualifying grounds for such
assessments, JC Partners might not be viewed as qualified to take
over the insurance firm.

JC Partners, meanwhile, is strongly defiant of the FSC's
designation, vowing to seek an injunction on the FSC decision,
reports The Korea Times. Market watchers view that the completion
of the deal is now impossible, although KDB officials said it's
still too early to reach any conclusions, the report adds.




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

SRI LANKA: Moody's Cuts Foreign Currency Issuer Rating to Ca
------------------------------------------------------------
Moody's Investors Service has downgraded the Government of Sri
Lanka's long-term foreign currency issuer and senior unsecured debt
ratings to Ca from Caa2. The outlook is stable.

The decision to downgrade the ratings is driven by the authorities'
announcement of debt servicing suspension [1] on external public
debt repayments, which will lead to a series of defaults with the
first coupon payments for the government's international bonds
coming due April 18, 2022. Given the low level of foreign exchange
reserves, compounded by the rise in balance of payment pressures
with higher fuel and food prices and the slow recovery in tourism
and foreign direct investment inflows, Moody's assesses that
private sector creditor losses stemming from the eventual debt
restructuring is likely to be material and exceed the limited
levels of loss consistent with the previous Caa2 rating.

This assessment further reflects governance weaknesses in the
ability of the country's institutions to take measures that
decisively address the very low adequacy of foreign exchange
reserves and very weak debt affordability, thereby contributing to
loss given default, at least in line with precedents by other
defaulting sovereigns.

Although credit pressures remain significant, the stable outlook
reflects Moody's view that the scale of losses that private sector
creditors would face in a debt restructuring would likely be
consistent with levels associated with the Ca rating. A status quo
scenario without the implementation of fiscal reforms and presence
of a large external financing envelope may result in deeper losses
than implied by the Ca rating. However, the government is seeking
financial support from the International Monetary Fund (IMF), which
would likely be accompanied by reforms and a gradual recovery of
foreign investor confidence. A quicker recovery of foreign exchange
inflows, including non-debt generating flows, would in turn limit
losses to private sector creditors.

Sri Lanka's local and foreign currency country ceiling have been
lowered to Caa1 and Ca from B2 and Caa2, respectively. The
three-notch gap between the local currency ceiling and the
sovereign rating balances a contained government footprint, against
the very low foreign exchange reserves adequacy that raises
macroeconomic risks as well as the challenging domestic political
environment that weighs on policymaking. The three-notch gap
between the foreign currency ceiling and local currency ceiling
takes into consideration the high level of external indebtedness
and the risk of transfer and convertibility restrictions being
imposed given low foreign exchange reserves adequacy, with some
capital flow management measures already imposed.

RATINGS RATIONALE

RATIONALE FOR DOWNGRADING THE RATINGS TO Ca

The announcement of the interim policy to suspend the servicing of
external public debt after 5pm Colombo time on April 12, 2022 will
lead to a series of default on Sri Lanka's international bonds with
coupon payments due as soon as today. The default is unlikely to be
cured during the grace period, given the stated intent of the
authorities to undertake comprehensive external public debt
restructuring in coordination with a potential IMF programme, for
which an agreement will take time. While the manner of the debt
restructuring and extent of losses for private sector creditors are
yet to be determined, Moody's assesses that the losses are likely
to exceed levels consistent with the previous Caa2 rating because
of Sri Lanka's very low foreign exchange reserves adequacy and
significant debt sustainability challenges. A Ca rating is
consistent with losses between 35% and 65%, in line with – a
relatively wide range of – precedents by defaulting sovereigns.

Sri Lanka's foreign exchange reserves adequacy has continued to
decline despite continued financing support from bilateral
development partners including India and China. Foreign exchange
reserves excluding gold and special drawing rights stood at $1.7
billion at the end of March 2022, sufficient to cover only around 1
month of imports, with the Central Bank of Sri Lanka having fully
drawn down its $1.5 billion swap with the People's Bank of China.
This compares to foreign exchange reserves of $2.1 billion as of
the end of September 2021 and with the swap still a backup
facility.

Higher global energy and food prices will intensify the external
challenge by increasing Sri Lanka's import bill and need for
external financing for the wider economy. The country's current
account deficit widened to 3.9% of GDP in 2021 from 1.5% in 2020,
and Moody's expects the deficit to widen further to an average of
6-7% in 2022-23, with the larger deficit in dollar terms magnified
by a decline in nominal GDP due to currency depreciation.

Until a large external financing envelope becomes available,
Moody's expects foreign exchange inflows into Sri Lanka to remain
subdued. The tourism recovery had been hampered by the emergence of
the omicron variant of the coronavirus when Sri Lanka's
international borders reopened, while lengthy power cuts and food
shortages amid import restrictions to preserve foreign exchange,
coupled with street protests, are likely to deter tourists. Tourist
arrivals from January to March 2022 were only around a third of the
pre-pandemic level over the corresponding period in 2019. Likewise,
the same factors deterring tourists are also likely to weigh on
foreign investor confidence and foreign direct investment. Both
tourism and foreign direct investment were key parts of the
authorities' strategy to shore up foreign exchange reserves.

The authorities have recently approached the IMF for financial
support, which may unlock further external funding from
multilateral development partners and lead to a credible and secure
external financing envelope. However, an agreement will take time,
and Moody's believes that private sector creditors of Sri Lanka's
external commercial debt are nonetheless likely to incur losses
that exceed the limited loss levels consistent with the previous
Caa2 rating.

Besides the very low adequacy of foreign exchange reserves, Sri
Lanka faces significant debt sustainability challenges. Its debt
burden is high and rising because of its narrow government revenue
base and wide fiscal deficits, while debt affordability is weakest
across sovereigns that Moody's rates, by some distance. Moody's
estimates that the government's debt burden was 104% of GDP as of
the end of 2021 and interest payments absorbed more than 70% of
revenue, with revenue amounting to less than 9% of GDP.

RATIONALE FOR THE STABLE OUTLOOK

The stable outlook reflects Moody's view that private sector
creditor losses in the eventual debt restructuring will likely be
consistent with levels associated with the Ca rating.

On the downside, extensive delays to the implementation of fiscal
adjustments and reforms, and the inability to secure a large,
credible and secure external financing envelope from multilateral
development partners may result in even larger losses than implied
by the Ca rating. In a status quo scenario, Moody's projects that
Sri Lanka's debt burden would rise to more than 125% of GDP by the
end of 2022, in part exacerbated by the depreciation of the Sri
Lankan rupee this year, while interest payments will continue to
absorb around 70% of revenue even with the suspension of external
public debt servicing, since domestic debt accounts for around 70%
of interest payments.

On the upside, any agreement with multilateral development partners
that unlocks significant external financing may gradually restore
foreign investor confidence and crowd in private sector investment.
Combined with Sri Lanka's tourism potential, a rapid recovery of
foreign exchange inflows may limit the losses to private sector
creditors.

ENVIRONMENTAL, SOCIAL, GOVERNANCE CONSIDERATIONS

Sri Lanka's ESG Credit Impact Score is very highly negative
(CIS-5), reflecting its very weak governance that significantly
constrains the government's capacity to address its highly negative
exposure to environmental and social risks.

The exposure to environment risk is highly negative (E-4 issuer
profile score). Variations in the seasonal monsoon can have marked
effects on rural household incomes and real GDP growth: while the
agricultural sector comprises only around 8% of the total economy,
it employs almost 30% of Sri Lanka's total labour force. Natural
disasters including droughts, flash floods and tropical cyclones
that the country is exposed to also contribute to higher food
inflation and import demand. Moreover, ongoing development projects
to improve urban connectivity have increased the rate of
deforestation, although the country continues to engage development
partners to preserve its natural capital, such as its mangroves.

The exposure to social risk is highly negative (S-4 issuer profile
score). Balanced against Sri Lanka's relatively good access to
basic education, which has continued to improve throughout the
country in the post-civil war period, are weaknesses in the
provision of some basic services in more remote and rural areas,
such as water, sanitation and housing. As the country's population
continues to grow, the government will face greater constraints in
delivering high-quality social services and developing critical
infrastructure amid ongoing fiscal pressures.

The influence of governance is very highly negative (G-5 issuer
profile score). While international surveys point to stronger
governance in Sri Lanka relative to rating peers, including in
judicial independence and control of corruption, persistent delays
to the implementation of credit-positive reforms indicate
significant institutional challenges. These challenges have
resulted in the crystallisation of external vulnerability and
government liquidity risks and the sovereign's debt default.
Domestic political developments also tend to weigh on fiscal and
economic policymaking.

GDP per capita (PPP basis, US$): 14,123 (2021 Estimate) (also known
as Per Capita Income)

Real GDP growth (% change): 3.7% (2021 Estimate) (also known as GDP
Growth)

Inflation Rate (CPI, % change Dec/Dec): 14.0% (2021 Estimate)

Gen. Gov. Financial Balance/GDP: -11.3% (2021 Estimate) (also known
as Fiscal Balance)

Current Account Balance/GDP: -3.9% (2021 Estimate) (also known as
External Balance)

External debt/GDP: 60.0% (2021 Estimate)

Economic resiliency: b1

Default history: No default events (on bonds or loans) have been
recorded since 1983.

On April 13, 2022, a rating committee was called to discuss the
rating of the Sri Lanka, Government of. The main points raised
during the discussion were: The issuer's economic fundamentals,
including its economic strength, have materially decreased. The
issuer's institutions and governance strength has materially
decreased. The issuer's fiscal or financial strength, including its
debt profile, has not materially changed. The issuer has become
more susceptible to event risks.

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

Sri Lanka's credit fundamentals will likely remain very weak for
the foreseeable future. Prospects of smaller losses for private
sector creditors than currently implied by the Ca rating as part of
the government's eventual debt restructuring would likely lead to a
higher rating.

Conversely, the rating would be downgraded if losses for private
sector creditors were likely to exceed levels associated with the
Ca rating, as part of the government's debt restructuring plan.

The principal methodology used in these ratings was Sovereign
Ratings Methodology published in November 2019.



=============
V I E T N A M
=============

HOME CREDIT: Fitch Affirms 'B' IDRs, Outlook Stable
---------------------------------------------------
Fitch Ratings has affirmed Home Credit Vietnam Finance Company
Limited's (HCV) Long-Term Issuer Default Rating (IDR) at 'B' with a
Stable Outlook. The Short-Term IDR has also been affirmed at 'B'.

KEY RATING DRIVERS

Top-Three Consumer Financier: HCV's ratings reflect its niche
franchise as one of Vietnam's leading non-bank consumer finance
companies, as well as the benefits from being part of the
international Home Credit group of consumer financing companies.
This is balanced by its high-risk exposure to unsecured, cyclically
sensitive consumer loans to non-prime borrowers within Vietnam's
developing, but competitive, market. Fitch believes HCV's operating
environment and business model will result in more volatile asset
quality and earnings through a credit cycle relative to
higher-rated entities.

Projected Economic Recovery: Vietnam's (BB/Positive) GDP growth
fell short of Fitch's expectations in 2021 due to a Covid-19
pandemic induced 6.0% yoy contraction in 3Q21. Nonetheless, Fitch
believes the country's economic fundamentals will remain sound in
the medium-term and project GDP growth of around 6.0% in 2022 and
2023, from 2.6% in 2021. This should be led by a recovery in
domestic demand, strong exports and high foreign direct investment
inflows, notwithstanding ongoing risks from the pandemic, high
commodity prices and global geopolitical risk.

Fitch's GDP growth forecast incorporates Fitch's global growth
estimate of 3.5% in 2022, which Fitch revised down from 4.2% in
March 2022.

Asset Quality to Recover: Movement restrictions to combat a
Covid-19 outbreak in 3Q21 weakened asset quality among many major
non-bank finance companies, including HCV. The impaired loan ratio
climbed to 5.8% in 2021, from 2.5% in 2020, while credit costs,
including fraud impairment costs, rose to 12.9%, from 7.5%.
However, Fitch expects improving economic growth and active loan
collection efforts to strengthen asset quality metrics in 2022.
Concurrent indicators, such as collection ratios and recovery
rates, show a meaningful improvement to close to pre-pandemic
levels, after the 3Q21 dip.

Profitability Below Pre-Pandemic Levels: A jump in credit
impairment expenses consumed much of HCV's pre-tax profitability in
2021, mirroring the decline in net profitability across Vietnam's
entire finance and leasing sector during the year. Fitch expects
credit costs and profitability to improve in the coming year, but
project pre-tax profitability to remain at around 3%-4% of average
assets in the near term. This is below pre-pandemic levels, which
Fitch views as super-normal due to the relative immaturity of the
market and less-intense competitive dynamics at the time.

Higher Growth Pressures Leverage: Leverage, as measured by
Fitch-calculated debt/tangible equity, reached 5.0x in 2021, from
4.2x in 2020, amid faster loan growth in the mid to high teens. The
rise in leverage was compounded by weakened capital generation as
pandemic-driven credit costs weighed on profitability. The
debt/tangible equity ratio remains within Fitch's tolerance limit
for the current rating of 6x. However, headroom has reduced and the
rating may be pressured by further increases in the ratio, perhaps
due to high balance-sheet growth relative to capital generation.

Wholesale-Funded Book: HCV's rating reflects its wholesale-oriented
funding profile in a jurisdiction where funding and capital markets
are still developing. These characteristics weigh on HCV's credit
profile, although funding relationships are reasonably diversified
among local and offshore banks, domestic insurance companies and
other investment funds. Liquidity risk is mitigated by consistently
positive asset-liability maturity gaps, a 30-day liquidity coverage
policy and an acceptable funding and liquidity risk management
framework in line with Home Credit group's norms.

RATING SENSITIVITIES

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

Fitch may take negative rating action in the event of a combination
of the following:

-- A significant deterioration in the operating environment, such

    as a deep or prolonged economic downturn that weakens asset
    quality and profitability prospects for consumer finance
    companies;

-- Weakening underwriting standards or aggressive business growth

    that exceeds peer averages and internal capital generation,
    without commensurate strengthening in risk controls and
    profitability;

-- The impaired loan ratio and credit impairment costs remaining
    at above 5% and 10%, respectively, without a commensurate
    increase in pre-tax profitability buffers;

-- Debt/tangible equity heading close to 6x without a viable plan

    for deleveraging;

-- Weakened funding conditions or liquidity metrics, such that
    cash and expected loan repayments are no longer sufficient to
    meet debt repayments over the next 12 months.

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

HCV's Long-Term IDR may be upgraded if the company is able to
achieve a more stable and diversified product mix with sustained
market leadership in one or more product segments, together with a
longer record of operating metrics being commensurate with a higher
rating, including a combination of:

-- Pre-tax profit/average assets at above 5% on average through a

    credit cycle, while maintaining a low-single-digit impaired
    loan ratio and moderate credit costs;

-- Debt/tangible equity closer to or below 4.0x.

This assumes no material change in Fitch's operating environment
score for Vietnamese consumer finance companies of 'b+', no major
shift in HCV's business model or risk appetite, and a broadly
steady funding and liquidity profile.

BEST/WORST CASE RATING SCENARIO

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

ESG CONSIDERATIONS

The highest level of ESG credit relevance, if present, 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.



                           *********


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 ***