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

                     A S I A   P A C I F I C

          Wednesday, April 27, 2022, Vol. 25, No. 78

                           Headlines



A U S T R A L I A

EMPOWERED SOLAR: Second Creditors' Meeting Set for May 4
JRW TRADING: Commences Wind-Up Proceedings
NATIONWIDE CONCRETE: Second Creditors' Meeting Set for May 4
PEPPER I-PRIME 2019-1: S&P Raises Class F Notes Rating to BB+
SIGNAGE ONE: Commences Wind-Up Proceedings



C H I N A

CHINA: Restructuring Firms Staff Up for Record Wave of Defaults
KWG GROUP: Moody's Cuts CFR to Caa2 & Alters Outlook to Negative


H O N G   K O N G

GENTING HONG KONG: Auctioning Off Crystal Cruises' Assets


I N D I A

A V ANJANEYA: CRISIL Keeps B+ Debt Rating in Not Cooperating
AAYAN MULTITRADE: CRISIL Keeps B Debt Rating in Not Cooperating
ABBELINE IMPEX: CRISIL Keeps D Debt Rating in Not Cooperating
ADITYA AUTOMOTIVE: CRISIL Keeps B Debt Ratings in Not Cooperating
AKAR CREATIONS: CRISIL Keeps D Debt Ratings in Not Cooperating

AKASH RICE: CRISIL Keeps B+ Debt Ratings in Not Cooperating
ANNUR APA: CRISIL Keeps D Debt Rating in Not Cooperating Category
ARNAV TECHNOSOFT: CRISIL Keeps D Debt Ratings in Not Cooperating
ASSAM BENGAL: CRISIL Lowers Rating on INR6.3cr Term Loan to B
ASTHA BEEJ: CRISIL Keeps B+ Debt Ratings in Not Cooperating

ATHARV TECHNOLOGIE: CRISIL Keeps B Ratings in Not Cooperating
BAJPAI REFRIGERATION: CRISIL Keeps B+ Ratings in Not Cooperating
BASUDEB ENGINEERING: CRISIL Keeps B Rating in Not Cooperating
BEEHIVE EDUCATIONAL: CRISIL Keeps B- Ratings in Not Cooperating
BHAGABAN MOHAPATRA: CRISIL Keeps D Ratings in Not Cooperating

BHARGAV FOODS: CRISIL Keeps D Debt Rating in Not Cooperating
BHAVIN IMPEX: CRISIL Keeps D Debt Ratings in Not Cooperating
BLUE NILE: CRISIL Lowers Rating on INR15cr New LT Loan to B
BURGUNDY LIFESTYLE: CRISIL Keeps D Ratings in Not Cooperating
CHHEDA SPECIALITIES: CRISIL Keeps B Ratings in Not Cooperating

CISCONS PROJECTS: CRISIL Keeps D Debt Ratings in Not Cooperating
CORAL COVE: CRISIL Keeps B Debt Ratings in Not Cooperating
FUTURE RETAIL: To Focus on Saving, Rebuilding Firms
G. N. PET: CRISIL Keeps D Debt Ratings in Not Cooperating
GINGER PROPERTIES: CRISIL Keeps B+ Debt Rating in Not Cooperating

GLOBAL IMPEX: CRISIL Keeps B+ Debt Rating in Not Cooperating
GNB MOTORS: CRISIL Keeps B Debt Ratings in Not Cooperating
GUJRAL AND SONS: CRISIL Keeps D Debt Rating in Not Cooperating
INTOUCH TRADING: CRISIL Keeps D Debt Rating in Not Cooperating
ISHWAR CABLES: ICRA Keeps D Debt Ratings in Not Cooperating

SURYATEJA POWER: CRISIL Keeps B+ Debt Ratings in Not Cooperating
VINAY POULTRY: CRISIL Moves B- Debt Rating to Not Cooperating
ZEE LEARN: Yes Bank files insolvency case against Pre-school Chain


M A L A Y S I A

SAPURA PROJECTS: Holding Company and 14 others Seek Liquidation


N E W   Z E A L A N D

ARG CONTRACTING: Creditors' Proofs of Debt Due on May 25
BEAUTIFUL REAL ESTATE: Court to Hear Wind-Up Petition on May 6
R J DAIRIES: Court to Hear Wind-Up Petition on May 5
SOUTH CANTERBURY PROPERTY: Amount Owed Yet to be Determined
SOUTH CANTERBURY PROPERTY: Creditors' Proofs of Debt Due on May 13



S I N G A P O R E

AGV GROUP: Court to Hear Wind-Up Petition on May 4
AN XING: Commences Wind-Up Proceedings
KIM GUAN: Creditors' Proofs of Debt Due on May 20
SCANMICRON PRIVATE: Creditors' Proofs of Debt Due on May 26
XIN GUANG: Commences Wind-Up Proceedings



S R I   L A N K A

SRI LANKA: S&P Lowers Foreign Currency Sovereign Ratings to SD/SD


V I E T N A M

SEABANK: Moody's Affirms B1 Deposit & Issuer Ratings

                           - - - - -


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

EMPOWERED SOLAR: Second Creditors' Meeting Set for May 4
--------------------------------------------------------
A second meeting of creditors in the proceedings of Empowered Solar
Solutions Pty Ltd has been set for May 4, 2022, at 10:00 a.m. via
virtual meeting technology.

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

Creditors wishing to attend are advised proofs and proxies should
be submitted to the Administrator by May 3, 2022, at 4:00 p.m.

Bill Cotter of Robson Cotter Insolvency Group was appointed as
administrator of Empowered Solar on March 28, 2022.


JRW TRADING: Commences Wind-Up Proceedings
------------------------------------------
Members of JRW Trading Pty Ltd (Trading as Jaydub Electrical
Services), on April 22, 2022, passed a resolution to voluntarily
wind up the company's operations.

The company's liquidator is:

          Daniel Frisken
          O'Brien Palmer
          Level 9, 66 Clarence Street
          Sydney, NSW 2000


NATIONWIDE CONCRETE: Second Creditors' Meeting Set for May 4
------------------------------------------------------------
A second meeting of creditors in the proceedings of Nationwide
Concrete Pumping (QLD) Pty Ltd has been set for May 4, 2022, at
3:00 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 May 3, 2022, at 4:00 p.m.

Stephen Dixon and Geoffrey Trent Hancock of Hamilton Murphy
Advisory were appointed as administrators of Nationwide Concrete on
March 18, 2022.


PEPPER I-PRIME 2019-1: S&P Raises Class F Notes Rating to BB+
-------------------------------------------------------------
S&P Global Ratings raised its ratings on three classes of notes
issued by Perpetual Custodians Ltd. as trustee for Pepper I-Prime
2019-1 Trust. At the same time, S&P affirmed its ratings on five
classes of notes. The transaction is a securitization of prime
residential mortgages originated by Pepper Homeloans Pty Ltd.
(Pepper).

S&P said, "The rating actions reflect our view of the credit risk
of the pool, which has been amortizing in line with our
expectation. Credit support provided in percentage terms has
increased as the pool paid down. This credit support comprises note
subordination for all rated notes and excess spread to the extent
available. Current loan-to-value ratios across the pool have been
declining, lowering our expectation of loss for the pool.

"Our expectation is that the various mechanisms to support
liquidity within the transaction, including an amortizing liquidity
facility, and principal draws, are sufficient under our cash flow
stress assumptions to ensure timely payment of interest.

"We expect the availability of a yield-enhancement reserve,
amortization reserve, and overcollateralization amount, which will
all be funded by excess spread, to cover potential yield shortfalls
and loss reimbursements and to repay principal on the notes at
various stages of the transaction's term."

As of Dec. 31, 2021, the pool has a balance of about A$275 million
and a pool factor of about 36.7%. The pool's weighted-average
loan-to-value ratio is 69.7% and weighted-average seasoning is 39.5
months.

Given the relatively high percentage of investment loans, S&P
applies an adjustment to reflect the relative risk associated with
these loans. As of Dec. 31, 2021, investment loans represent 58.3%
of the pool.

Over the last 24 months, the arrears performance generally has been
higher relative to the Standard & Poor's Performance Index
(SPIN)for prime loans. As of Dec. 31, 2021, loans greater than 30
days in arrears make up 1.9% of the pool, of which those more than
90 days in arrears represent 0.5%. However, losses to date have
been minimal and all have been covered by excess spread. There have
been no charge-offs to any of the notes and there are no loans
under COVID-19 hardship arrangements in the pool.

For the class F notes, constraining factors on the rating include
the higher level of delinquency relative to Prime SPIN and the
various characteristics in the portfolio, including loans to the
self-employed, low documentation loans, investment loans,
relatively higher loan-to-value ratios and a proportion of higher
than average loans sizes that are susceptible to volatility and may
be more sensitive to changes in the economic environment.

  Ratings Raised

  Pepper I-Prime 2019-1 Trust

  Class D: to A+ (sf) from A (sf)
  Class E: to BBB+ (sf) from BBB- (sf)
  Class F: to BB+ (sf) from B+ (sf)

  Ratings Affirmed

  Pepper I-Prime 2019-1 Trust

  Class AR-u: AAA (sf)
  Class A1-a: AAA (sf)
  Class A2: AAA (sf)
  Class B: AAA (sf)
  Class C: AA (sf)


SIGNAGE ONE: Commences Wind-Up Proceedings
------------------------------------------
Members of Signage One Pty Ltd, on April 26, 2022, passed a
resolution to voluntarily wind up the company's operations.

The company's liquidator is:

          Stephen John Hundy
          Worrells Solvency & Forensic Accountants
          Level 2, AMP Building 1 Hobart Place
          Canberra, ACT 2601




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

CHINA: Restructuring Firms Staff Up for Record Wave of Defaults
---------------------------------------------------------------
Bloomberg News reports that China's property crisis has triggered
an unprecedented wave of defaults in the world's second-largest
debt market. That means for some companies hired to clean up the
fallout, business couldn't be better.

According to Bloomberg, restructuring and financial advisers
ranging from Alvarez & Marsal Inc. to boutique firms such as
Admiralty Harbour Capital Ltd. have been expanding their Asia teams
faster than ever to keep pace with the demand. They are now vying
for growing opportunities as some of the biggest names in Chinese
real estate including China Evergrande Group and Kaisa Group
Holdings Ltd. undergo a historic revamp after failing to pay
creditors.

Bloomberg says the arrival of these experts is a pivotal moment, as
well as a sign of maturity, for China's relatively young credit
market. As authorities push for a durable fix to reduce financial
risks without triggering a systemic collapse, troubled companies
long used to being rescued by the state are realizing Beijing will
no longer stop them from going bust. The message is clear: Defaults
are crucial to curb moral hazard and reprice risk despite the
short-term pain.

"For a very long period of time, there was almost a myth that the
government just won't let anyone fall over," Bloomberg quotes
William Liu, regional managing partner for Asia at Linklaters LLP
in Hong Kong, as saying. "Now that has changed. The government is
now much more open about self-help and letting those companies go
through restructurings. If you have a problem, then you sort it
out."

Bloomberg News spoke to some of the experts helping oversee China's
high-profile debt restructurings to find out how they are
approaching the challenges and opportunities in this crucial
phase.

A constraint on resources is the biggest challenge facing all
players in the industry, according to Liu.

"There's a limited pool of talent, but suddenly the demand has
increased in a way that no one really anticipated even six months
ago," he said. "There were only a few firms that focus on
cross-border restructuring, and I don't think anyone has been
preparing for such pick-up of cases from China."

The movement of staff and teams between different firms,
particularly in the past half-year or so, is very reflective of the
industry's hunger for people, said Cosimo Borrelli, managing
director and head of Asia Pacific and the Caribbean for
restructuring at Kroll Inc., Bloomberg relays.  "There aren't
enough people to go around, and the subsequent impact on waging
cost inflation is telling."

China's real-estate industry is by far the biggest bucket for
distress, according to Ron Thompson, managing director and head of
the Asia restructuring practice at Alvarez & Marsal. The executive,
who joined a team of three in April 2018 when hired by the New-York
based company, has since expanded his crew to more than 30 in Asia,
with about 25 focused on Hong Kong and China, Bloomberg notes.

"Having folks who understand what the banks are going to do and how
they look at it and do more of a holistic plan to include your
whole balance sheet rather than just your bonds is beneficial,"
Bloomberg quotes Mr. Thompson as saying. That's important because
if banks aren't happy they can freeze accounts and call default, he
said.

Some clients are surprised when one of the first questions his firm
asks is about involvement of banks, and while property sector
stress is "more of a bond story than a bank story, some of the
better names are getting impacted and it's impacting the banks," he
said.    

Bloomberg relates that the defaults and distress are being
"carefully managed," said Kroll's Borrelli.  The firm, which has a
team of 40 to 50 people in Beijing and Shanghai, is involved in
around eight ongoing construction projects in China.  "At the
moment, all of those projects are up and running, back on track,"
he said.  "Government and regulatory assistance across China has
played a big part in that."


KWG GROUP: Moody's Cuts CFR to Caa2 & Alters Outlook to Negative
----------------------------------------------------------------
Moody's Investors Service has downgraded KWG Group Holdings
Limited's corporate family rating to Caa1 from B2.

At the same time, Moody's has changed the outlook to negative from
ratings under review.

This concludes the rating review initiated on April 1, 2022.

"The downgrade reflects KWG's heightened liquidity risks, driven by
a reduced cash position and weak operating cash flow against
sizable debt maturities over the next 12-18 months," says Celine
Yang, a Moody's Vice President and Senior Analyst.

"The negative outlook reflects the uncertainties over the company's
ability to address its refinancing needs amid a tight funding
environment," adds Yang.

RATINGS RATIONALE

Moody's expects KWG's liquidity will weaken over the next 12-18
months. The company's contracted sales will likely decline over the
next 6-12 months, considering COVID-related social distancing
measures in some of its key markets and weak consumer sentiment.
KWG's total cash also weakened notably to RMB29 billion as of the
end of 2021, from RMB45 billion as of the end of 2020, while its
gross reported debt remained largely unchanged at around RMB77
billion from RMB78 billion during the same period. In addition, the
company's contracted sales fell by around 40% year-on-year in 1Q
2022.

KWG has USD900 million of offshore bonds coming due in September
2022, USD700 million due in January 2023, and another RMB5.0
billion of onshore corporate bonds becoming due or puttable before
the end of September 2023. Moody's expects the company will use
internal resources to repay its maturing debt, due to its
constrained refinancing options amid challenging funding
conditions, which in turn will weaken its balance sheet liquidity.
Moody's expects the company will scale down its land acquisitions
and developments, as well as control expenses to preserve liquidity
for debt servicing.

KWG's auditor, Ernst & Young, indicated in its financial result
announcement for 2021 material uncertainty around the company's
ability to continue as a going concern. Moody's expects this
statement to weaken investors' confidence and the company's access
to funding.

Moody's forecasts KWG's revenue/adjusted debt and adjusted
EBIT/interest will remain weak at around 22%-23% and 1.5x-1.6x in
the coming 12-18 months, compared to 24% and 1.6x in 2021 due to
the company's expected sluggish revenue recognition and profit
margin.

KWG's Caa1 CFR continues to reflect the company's strong brand name
in its main operating regions and good operating track record, as
well as its quality land bank primarily in tier 1 and tier 2
cities. The rating is constrained by the company's high leverage
and sizable exposure to joint ventures.

In terms of environmental, social and governance (ESG) factors,
Moody's has considered the concentration of KWG's ownership in its
controlling shareholders, Kong Jianmin and his family, who held a
stake of 63% in the company as of June 30, 2021. Moody's has also
considered the company's adherence to internal governance
structures and disclosure standards under the Corporate Governance
Code for companies listed on the Hong Kong Stock Exchange, along
with the presence of audit, remuneration and nomination committees,
with the first two chaired by independent nonexecutive directors
(INEDs) and the audit committee comprising solely of INEDs.

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

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

However, Moody's could change the outlook to stable if KWG improves
its liquidity and access to funding on a sustained basis.

On the other hand, Moody's could downgrade KWG's ratings if its
liquidity deteriorates further.

The principal methodology used in this rating was Homebuilding And
Property Development Industry published in January 2018.

KWG Group Holdings Limited is a Chinese property developer that was
founded in 1995. As of December 31, 2021, the company had a total
attributable land bank of 25.5 million square meters in gross floor
area (GFA) across 44 cities in China, which can support around
three years of development. KWG mainly develops medium- to high-end
residential properties, office buildings, shopping malls and
hotels.

KWG listed on the Hong Kong Stock Exchange in July 2007. Its
chairman, Kong Jianmin, and his family owned about 63% of the
company as of June 30, 2021.



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

GENTING HONG KONG: Auctioning Off Crystal Cruises' Assets
---------------------------------------------------------
Travel Weekly reports that casino machines, pallets of playing
cards, artwork and others from Crystal Cruises ships will go to
auction in May, according to court filings.

Other items up for auction also include more than 70 chairs, more
than two dozen assorted end tables of various sizes, computer
monitors and accessories, promotional gift items and miscellaneous
items.

According to Travel Weekly, the items are the first to go to
auction as Crystal's assets are liquidated following the collapse
of the cruise line and parent company, Genting Hong Kong. Tens of
thousands of claims have been filed by customers, agents, vendors
and others.

Details have yet to be released on when Crystal's ships will go to
auction, the report notes.

Travel Weekly says the auction for casino equipment and artwork
will open online in early May once a catalog of the items is posted
at MoeckerAuctions.com. The items will be available for bid at
Proxibid.com.

The items will be available for inspection on May 23 in Pompano
Beach, Fla., by appointment only.  Sales will close on May 24.

                      About Genting Hong Kong

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

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

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

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




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

A V ANJANEYA: CRISIL Keeps B+ Debt Rating in Not Cooperating
------------------------------------------------------------
CRISIL Ratings said the rating on bank facilities of A V Anjaneya
Prasad (AVAP) continues to be 'CRISIL B+/Stable Issuer Not
Cooperating'.

                       Amount
   Facilities       (INR Crore)     Ratings
   ----------       -----------     -------
   Long Term Loan         5         CRISIL B+/Stable (Issuer Not
                                    Cooperating)

CRISIL Ratings has been consistently following up with AVAP 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 AVAP, which restricts CRISIL
Ratings' ability to take a forward-looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on AVAP
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the ratings on bank facilities of
AVAP continue to be 'CRISIL B+/Stable Issuer Not Cooperating'.

Incorporated in 2014 as a proprietary concern, (AVAP) operates a 1
MW solar power plant in Honnkatti Village, Bagalkot district of
Karnataka State. The firm is promoted and managed by Mr. A V
Anjaneya Prasad. AVAP has started commercial operations in December
2016.


AAYAN MULTITRADE: CRISIL Keeps B Debt Rating in Not Cooperating
---------------------------------------------------------------
CRISIL Ratings said the rating on bank facilities of Aayan
Multitrade LLP (AML) continues to be 'CRISIL B/Stable Issuer Not
Cooperating'.

                         Amount
   Facilities         (INR Crore)     Ratings
   ----------         -----------     -------
   Proposed Long Term       50        CRISIL B/Stable (Issuer Not
   Bank Loan Facility                 Cooperating)

CRISIL Ratings has been consistently following up with AML 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 AML, which restricts CRISIL
Ratings' ability to take a forward-looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on AML
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the ratings on bank facilities of
AML continue to be 'CRISIL B/Stable Issuer Not Cooperating'.

AML was set up in 2015 at Pune as a partnership between Mr. Atul
Kshirsagar and Mr. Sachin The firm trades in molasses and plans to
start sugar factories in Nandurbar and Osmanabad (both in
Maharashtra).


ABBELINE IMPEX: CRISIL Keeps D Debt Rating in Not Cooperating
-------------------------------------------------------------
CRISIL Ratings said the rating on bank facilities of Abbeline Impex
Private Limited (AIPL) continues to be 'CRISIL D Issuer Not
Cooperating'.

                       Amount
   Facilities       (INR Crore)     Ratings
   ----------       -----------     -------
   Buyer Credit Limit    7.5        CRISIL D (Issuer Not
                                    Cooperating)

CRISIL Ratings has been consistently following up with AIPL 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 AIPL, which restricts CRISIL
Ratings' ability to take a forward-looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on AIPL
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the ratings on bank facilities of
AIPL continue to be 'CRISIL D Issuer Not Cooperating'.

AIPL, incorporated in November 2009, is promoted by Mr. Manish
Gupta and his wife Mrs. Poorvi Gupta. It imports heavy metal and
copper scrap in which it trades in the domestic market. Mr. Gupta
and his father-in-law, Mr. Anil Garg, manage business operations.
The registered office of the company is in Mumbai.


ADITYA AUTOMOTIVE: CRISIL Keeps B Debt Ratings in Not Cooperating
-----------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Aditya
Automotive continue to be 'CRISIL B/Stable Issuer Not
Cooperating'.

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

   Channel Financing     2.5        CRISIL B/Stable (Issuer Not
                                    Cooperating)

CRISIL Ratings has been consistently following up with Aditya 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 Aditya, which restricts CRISIL
Ratings' ability to take a forward-looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on
Aditya is consistent with 'Assessing Information Adequacy Risk'.
Based on the last available information, the ratings on bank
facilities of Aditya continue to be 'CRISIL B/Stable Issuer Not
Cooperating'.

Set up in December 2013 as a proprietorship firm by Mr. Dinesh
Agarwal, Aditya is an authorized dealer for two-wheelers of Honda
Motorcycles & Scooter India Pvt Ltd for the Pune-Baner area.


AKAR CREATIONS: CRISIL Keeps D Debt Ratings in Not Cooperating
--------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Akar
Creations Private Limited (ACPL) continue to be 'CRISIL D Issuer
Not Cooperating'.

                       Amount
   Facilities       (INR Crore)     Ratings
   ----------       -----------     -------
   Drop Line              25        CRISIL D (Issuer Not
   Overdraft                        Cooperating)
   Facility               
                                    
   Loan Against            3.5      CRISIL D (Issuer Not
   Property                         Cooperating)

   Mortgage Loan          10        CRISIL D (Issuer Not
   Facility                         Cooperating)

   Overdraft              20        CRISIL D (Issuer Not
   Facility                         Cooperating)

   Proposed Long Term      4.2      CRISIL D (Issuer Not
   Bank Loan Facility               Cooperating)

   Term Loan               2.3      CRISIL D (Issuer Not
                                    Cooperating)

CRISIL Ratings has been consistently following up with ACPL 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 ACPL, which restricts CRISIL
Ratings' ability to take a forward-looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on ACPL
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the ratings on bank facilities of
ACPL continue to be 'CRISIL D Issuer Not Cooperating'.

ACPL, incorporated in 1993 by the Borkar family, develops real
estate projects in Goa and Mumbai. The company's key promoters are
Mr. Avinash Borkar and Mr. Chinmai Borkar.


AKASH RICE: CRISIL Keeps B+ Debt Ratings in Not Cooperating
-----------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Akash Rice
And Agro Industries Private Limited (ARAIPL) continue to be 'CRISIL
B+/Stable Issuer Not Cooperating'.

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

   Term Loan              5.68      CRISIL B+/Stable (Issuer Not
                                    Cooperating)

CRISIL Ratings has been consistently following up with ARAIPL 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 ARAIPL, which restricts CRISIL
Ratings' ability to take a forward-looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on
ARAIPL is consistent with 'Assessing Information Adequacy Risk'.
Based on the last available information, the ratings on bank
facilities of ARAIPL continue to be 'CRISIL B+/Stable Issuer Not
Cooperating'.

ARAIPL, incorporated in 2013, is setting up a parboiled rice mill
unit for manufacturing of raw rice and parboiled rice in East
Champaran district, Bihar with capacity of 6 tonnes per hour. The
company is promoted by Mr. Panna Lal Sah and Mr. Bhupendra Sah.


ANNUR APA: CRISIL Keeps D Debt Rating in Not Cooperating Category
-----------------------------------------------------------------
CRISIL Ratings said the rating on bank facilities of Annur A P A
Spinners Private Limited (ASPL) continues to be 'CRISIL D Issuer
Not Cooperating'.

                       Amount
   Facilities       (INR Crore)     Ratings
   ----------       -----------     -------
   Long Term Loan        8.6        CRISIL D (Issuer Not
                                    Cooperating)

CRISIL Ratings has been consistently following up with ASPL 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 ASPL, which restricts CRISIL
Ratings' ability to take a forward looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on ASPL
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the ratings on bank facilities of
ASPL continue to be 'CRISIL D Issuer Not Cooperating'.

Incorporated in 2014, Annur A P A Spinners Private Limited (ASPL)
is engaged in the manufacturing of cotton yarn. The manufacturing
unit is located in Tamil Nadu. The company is promoted by Mr. A P
Annamalai, and his wife Mrs. A Kokila.


ARNAV TECHNOSOFT: CRISIL Keeps D Debt Ratings in Not Cooperating
----------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Arnav
Technosoft Private Limited (ATPL) continue to be 'CRISIL D Issuer
Not Cooperating'.

                         Amount
   Facilities         (INR Crore)     Ratings
   ----------         -----------     -------
   Proposed Long Term      2.47       CRISIL D (Issuer Not
   Bank Loan Facility                 Cooperating)

   Term Loan              11.03       CRISIL D (Issuer Not
                                      Cooperating)

CRISIL Ratings has been consistently following up with ATPL 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 ATPL, which restricts CRISIL
Ratings' ability to take a forward-looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on ATPL
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the ratings on bank facilities of
ATPL continue to be 'CRISIL D Issuer Not Cooperating'.

Incorporated in 2007, ATPL is a real estate developer and is
executing its maiden project in Noida (Uttar Pradesh). The project
involves construction and leasing of a corporate office building.
ATPL is part of the SDS group which is engaged into real estate
construction spanning group housing projects, integrated townships,
commercial space, and information technology park in Noida and
Greater Noida regions of Uttar Pradesh. The group is headed by Mr.
Deepak Bansal and Mrs Anshul Bansal.


ASSAM BENGAL: CRISIL Lowers Rating on INR6.3cr Term Loan to B
-------------------------------------------------------------
CRISIL Ratings has revised the ratings on bank facilities of Assam
Bengal Navigation Company Private Limited (ABNCPL) to 'CRISIL
B/Stable Issuer Not Cooperating' from 'CRISIL BB/Stable Issuer Not
Cooperating'.

                         Amount
   Facilities         (INR Crore)    Ratings
   ----------         -----------    -------
   Proposed Long Term      1.2       CRISIL B/Stable (ISSUER NOT
   Bank Loan Facility                COOPERATING; Revised from
                                     'CRISIL BB/Stable ISSUER NOT
                                     COOPERATING')

   Term Loan               6.3       CRISIL B/Stable (ISSUER NOT
                                     COOPERATING; Revised from
                                     'CRISIL BB/Stable ISSUER NOT
                                     COOPERATING')

   Term Loan               3.8       CRISIL B/Stable (ISSUER NOT
                                     COOPERATING; Revised from
                                     'CRISIL BB/Stable ISSUER NOT
                                     COOPERATING')

CRISIL Ratings has been consistently following up with ABNCPL 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 ABNCPL, which restricts CRISIL
Ratings' ability to take a forward-looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on
ABNCPL is consistent with 'Assessing Information Adequacy Risk'.
Based on the last available information, the ratings on bank
facilities of ABNCPL Revised to 'CRISIL B/Stable Issuer Not
Cooperating' from 'CRISIL BB/Stable Issuer Not Cooperating'.

ABNCPL started operations by leasing of a vessel named MV
Charaidew, from the government of Assam for 20 years, in 2002. This
vessel was renovated into a luxury boat with 14 rooms, and a cruise
service was offered from November 2003, on the Guwahati to Jorhat
route via Kaziranga. The company has also leased a building from
the government of Assam, near the Manas National Park, and has
converted it into a lodge of 16 rooms, presently known as Bansbari
Lodge. The company now operates four cruises, ABN Rajmahal, ABN
Sukapha, ABN Charaidew and ABN Charaidew 2.


ASTHA BEEJ: CRISIL Keeps B+ Debt Ratings in Not Cooperating
-----------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Astha Beej
Company Private Limited (ABC) continue to be 'CRISIL B+/Stable
Issuer Not Cooperating'.

                       Amount
   Facilities       (INR Crore)     Ratings
   ----------       -----------     -------
   Cash Credit           2.5        CRISIL B+/Stable (Issuer Not
                                    Cooperating)

   Proposed Long Term    1.81       CRISIL B+/Stable (Issuer Not
   Bank Loan Facility               Cooperating)

   Standby Line          0.35       CRISIL B+/Stable (Issuer Not
   of Credit                        Cooperating)

   Term Loan             1.34       CRISIL B+/Stable (Issuer Not
                                    Cooperating)

CRISIL Ratings has been consistently following up with ABC 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 ABC, which restricts CRISIL
Ratings' ability to take a forward-looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on ABC
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the ratings on bank facilities of
ABC continue to be 'CRISIL B+/Stable Issuer Not Cooperating'.

Established on July 26, 1999, (production began from 2005) by Mr. D
K Goel, ABC supplies certified, foundation, and research wheat and
paddy seeds. Operations are managed by Mr. D K Goel, Mr. S K Goel,
and Ms. Ruchin Goel.


ATHARV TECHNOLOGIE: CRISIL Keeps B Ratings in Not Cooperating
-------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Atharv
Technologies (AT) continue to be 'CRISIL B/Stable Issuer Not
Cooperating'.

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

   Term Loan             4          CRISIL B/Stable (Issuer Not
                                    Cooperating)

CRISIL Ratings has been consistently following up with AT 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 AT, which restricts CRISIL
Ratings' ability to take a forward-looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on AT is
consistent with 'Assessing Information Adequacy Risk'. Based on the
last available information, the ratings on bank facilities of AT
continue to be 'CRISIL B/Stable Issuer Not Cooperating'.

For arriving at the rating, CRISIL Ratings has combined the
business and financial risk profiles of AT, Pam Tech (PT) and Appu
International (AI), collectively referred to as the Appu group.
This is because all three entities have common
management/promoters, and are in the same business.

AT, set up in 2015 at Ludhiana (Punjab), manufactures bicycle parts
such as welded frame, welded fork, braised frame and braised fork.
The facility has installed capacity of manufacturing 3,000 frames
and 2,000 forks per day. Mr. Padam Kumar Aul, Ms Meenu Aul, and Mr.
Abhay Aul are the promoters.

PT, formed in 2015 at Ludhiana (Punjab), manufactures bicycle parts
such as welded frame, welded fork, braised frame and braised fork.
The facility has installed capacity of manufacturing 5,000 frames
and 5000 forks per day. Mr. Abhay Aul is the promoter.

AI started in 1992 at Ludhiana (Punjab), manufactures bicycle parts
such as welded frame, welded fork, braised frame and braised fork.
Ms Meenu Aul is the promoter.


BAJPAI REFRIGERATION: CRISIL Keeps B+ Ratings in Not Cooperating
----------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Bajpai
Refrigeration and Bakers Company (BRBC) continue to be 'CRISIL
B+/Stable Issuer Not Cooperating'.

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

   Proposed Long Term     2         CRISIL B+/Stable (Issuer Not
   Bank Loan Facility               Cooperating)

   Term Loan              3.75      CRISIL B+/Stable (Issuer Not
                                    Cooperating)

CRISIL Ratings has been consistently following up with BRBC 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 BRBC, which restricts CRISIL
Ratings' ability to take a forward-looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on BRBC
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the ratings on bank facilities of
BRBC continue to be 'CRISIL B+/Stable Issuer Not Cooperating'.

BRBC, a partnership firm set up by Mr. M C Bajpai, Mrs Sandhya
Bajpai, and Mr. Ashok Lakhan, has an integrated cold chain facility
in Kashipur, Uttarakhand, to supply fresh and chilled food produce,
mainly green peas. Commercial operations commenced in January
2015.


BASUDEB ENGINEERING: CRISIL Keeps B Rating in Not Cooperating
-------------------------------------------------------------
CRISIL Ratings said the rating on bank facilities of Basudeb
Engineering Enterprises Limited (BEEL) continues to be 'CRISIL
B/Stable Issuer Not Cooperating'.

                       Amount
   Facilities       (INR Crore)     Ratings
   ----------       -----------     -------
   Cash Credit           10         CRISIL B/Stable (Issuer Not
                                    Cooperating)

CRISIL Ratings has been consistently following up with BEEL 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 BEEL, which restricts CRISIL
Ratings' ability to take a forward-looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on BEEL
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the ratings on bank facilities of
BEEL continue to be 'CRISIL B/Stable Issuer Not Cooperating'.

BEEL, incorporated in 1996 and promoted by members of the
Ranchi-based Kataruka family, commenced operations in February
2013. It is an authorized dealer of HCIL's passenger vehicles in
Ranchi, where it has a showroom and workshop.


BEEHIVE EDUCATIONAL: CRISIL Keeps B- Ratings in Not Cooperating
---------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Beehive
Educational Society (BES) continue to be 'CRISIL B-/Stable Issuer
Not Cooperating'.

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

   Proposed Long Term     3         CRISIL B-/Stable (Issuer Not
   Bank Loan Facility               Cooperating)

   Term Loan              6.5       CRISIL B-/Stable (Issuer Not
                                    Cooperating)

CRISIL Ratings has been consistently following up with BES 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 BES, which restricts CRISIL
Ratings' ability to take a forward-looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on BES
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the ratings on bank facilities of
BES continue to be 'CRISIL B-/Stable Issuer Not Cooperating'.

BES, set up in April 2002, offers education in the fields of
engineering, management, science, commerce, and physiotherapy. It
currently runs three institutes: Beehive College of Advance
Studies, Beehive College of Management & Technology, and Beehive
College of Engineering & Technology. All three institutes are
located on a single campus in Dehradun.

BHAGABAN MOHAPATRA: CRISIL Keeps D Ratings in Not Cooperating
-------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Bhagaban
Mohapatra Constructions and Engineers Private Limited (BMCEPL)
continue to be 'CRISIL D/CRISIL D Issuer Not Cooperating'.

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

   Letter Of Guarantee   30         CRISIL D (Issuer Not
                                    Cooperating)

   Long Term Loan         0.47      CRISIL D (Issuer Not
                                    Cooperating)

   Proposed Cash          0.13      CRISIL D (Issuer Not
   Credit Limit                     Cooperating)

CRISIL Ratings has been consistently following up with BMCEPL 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 BMCEPL, which restricts CRISIL
Ratings' ability to take a forward-looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on
BMCEPL is consistent with 'Assessing Information Adequacy Risk'.
Based on the last available information, the ratings on bank
facilities of BMCEPL continue to be 'CRISIL D/CRISIL D Issuer Not
Cooperating'.

Incorporated in 2001, BMCEPL is promoted by Paradeep, Orissa-based
Mr. Bhagaban Mohapatra. The company undertakes execution of civil
and mechanical construction projects, with a primary focus on
piling activities. The company also undertakes construction of
industrial, commercial and institutional buildings.


BHARGAV FOODS: CRISIL Keeps D Debt Rating in Not Cooperating
------------------------------------------------------------
CRISIL Ratings said the rating on bank facilities of Bhargav Foods
(BGF) continues to be 'CRISIL D Issuer Not Cooperating'.

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

CRISIL Ratings has been consistently following up with BGF 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 BGF, which restricts CRISIL
Ratings' ability to take a forward-looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on BGF
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the ratings on bank facilities of
BGF continue to be 'CRISIL D Issuer Not Cooperating'.

BGF is a proprietorship firm set up in April, 2017. The firm is
based out of Delhi and is promoted and managed by Mr. Nitin Gaur.
The firm has a manufacturing plant in Mayapuri with a processing
capacity of 5 tons per hour for wheat processing. Currently the
firm is operating for 16 hours daily. The company sells the wheat
under its brand 'Pavitra Aahar'. The operations of the company
started in April, 2017.


BHAVIN IMPEX: CRISIL Keeps D Debt Ratings in Not Cooperating
------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Bhavin Impex
Private Limited (BIPL) continue to be 'CRISIL D Issuer Not
Cooperating'.

                       Amount
   Facilities       (INR Crore)     Ratings
   ----------       -----------     -------
   Export Packing        9.5        CRISIL D (Issuer Not
   Credit                           Cooperating)

   Proposed Cash         9.5        CRISIL D (Issuer Not
   Credit Limit                     Cooperating)

CRISIL Ratings has been consistently following up with BIPL 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 BIPL, which restricts CRISIL
Ratings' ability to take a forward-looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on BIPL
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the ratings on bank facilities of
BIPL continues to be 'CRISIL D Issuer Not Cooperating'.

Incorporated in 2001, BIPL is promoted by the Sayani group, which
has been involved in the manufacturing and export of copper alloys
and brass fittings since more than a decade. BIPL manufactures,
exports, and trades in brass ingots, billets, brass extrusion,
brass fasteners and fittings.


BLUE NILE: CRISIL Lowers Rating on INR15cr New LT Loan to B
-----------------------------------------------------------
CRISIL Ratings has revised the ratings on bank facilities of Blue
Nile Developers Private Limited (BNPL) to 'CRISIL B/Stable Issuer
Not Cooperating' from 'CRISIL BB-/Stable Issuer Not Cooperating'.

                          Amount
   Facilities          (INR Crore)    Ratings
   ----------          -----------    -------
   Proposed Long Term        15       CRISIL B/Stable (ISSUER NOT
   Bank Loan Facility                 COOPERATING; Revised from
                                      'CRISIL BB-/Stable ISSUER
                                      NOT COOPERATING*')

CRISIL Ratings has been consistently following up with BNPL 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 BNPL, which restricts CRISIL
Ratings' ability to take a forward-looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on BNPL
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the ratings on bank facilities of
BNPL Revised to 'CRISIL B/Stable Issuer Not Cooperating' from
'CRISIL BB-/Stable Issuer Not Cooperating'.

Incorporated in 2007, BNPL undertakes real estate development in
Vishakhapatnam, Andhra Pradesh. Promoters of the company are Mr.
Vasant Makineni and Mr. Venkat Subba Rao. Currently, it is
developing a project under the name Pebble beach towers which has
28 flats.


BURGUNDY LIFESTYLE: CRISIL Keeps D Ratings in Not Cooperating
-------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Burgundy
Lifestyle Private Limited continue to be 'CRISIL D/CRISIL D Issuer
Not Cooperating'.

                       Amount
   Facilities       (INR Crore)     Ratings
   ----------       -----------     -------
   Cash Credit            5.2       CRISIL D (Issuer Not
                                    Cooperating)

   Letter of Credit       6.25      CRISIL D (Issuer Not
                                    Cooperating)
   
   Packing Credit         3.45      CRISIL D (Issuer Not
                                    Cooperating)

CRISIL Ratings has been consistently following up with Burgundy 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 Burgundy, which restricts CRISIL
Ratings' ability to take a forward-looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on
Burgundy is consistent with 'Assessing Information Adequacy Risk'.
Based on the last available information, the ratings on bank
facilities of Burgundy continues to be 'CRISIL D/CRISIL D Issuer
Not Cooperating'.

Burgundy's production facilities were initially set up by Prime
Textiles Ltd in Tiruppur (Tamil Nadu). In 2008, the entire
production facility was acquired by the Kolkata-based Jhawar group.
Burgundy manufactures high-end T-shirts and innerwear under various
brands, including Burgundy.


CHHEDA SPECIALITIES: CRISIL Keeps B Ratings in Not Cooperating
--------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Chheda
Specialities Foods Private Limited continue to be 'CRISIL B/Stable
Issuer Not Cooperating'.

                       Amount
   Facilities       (INR Crore)     Ratings
   ----------       -----------     -------
   Cash Credit           6.0        CRISIL B/Stable (Issuer Not
                                    Cooperating)

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

   Proposed Term Loan    4          CRISIL B/Stable (Issuer Not
                                    Cooperating)

   Term Loan            14          CRISIL B/Stable (Issuer Not
                                    Cooperating)

CRISIL Ratings has been consistently following up with Chheda 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 Chheda, which restricts CRISIL
Ratings' ability to take a forward-looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on
Chheda is consistent with 'Assessing Information Adequacy Risk'.
Based on the last available information, the ratings on bank
facilities of Chheda continue to be 'CRISIL B/Stable Issuer Not
Cooperating'.

Incorporated by Mr. Ashok Chheda and Mr. Kishor Chheda in 2005 at
Mumbai, Chheda manufactures snacks like potato and banana chips,
sev, chaklis, chikki. The company has over 40 brands.


CISCONS PROJECTS: CRISIL Keeps D Debt Ratings in Not Cooperating
----------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Ciscons
Projects Private Limited (Ciscons) continue to be 'CRISIL D/CRISIL
D Issuer Not Cooperating'.

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

   Overdraft Facility     2.75      CRISIL D (Issuer Not
                                    Cooperating)

   Proposed Long Term    13.25      CRISIL D (Issuer Not
   Bank Loan Facility               Cooperating)

   Term Loan              1         CRISIL D (Issuer Not
                                    Cooperating)

CRISIL Ratings has been consistently following up with Ciscons 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 Ciscons, which restricts CRISIL
Ratings' ability to take a forward-looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on
Ciscons is consistent with 'Assessing Information Adequacy Risk'.
Based on the last available information, the ratings on bank
facilities of Ciscons continue to be 'CRISIL D/CRISIL D Issuer Not
Cooperating'.

Ciscons was set up in 2008 by Mr. N Rama Krishna and his family
members. The company undertakes civil construction, and mainly
caters to power generation companies. It is based in Hyderabad
(Telangana).


CORAL COVE: CRISIL Keeps B Debt Ratings in Not Cooperating
----------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Coral Cove
Hotels and Resorts Private Limited (CCHRPL) continue to be 'CRISIL
B/Stable Issuer Not Cooperating'.

                        Amount
   Facilities        (INR Crore)     Ratings
   ----------        -----------     -------
   Proposed Term Loan      2.4       CRISIL B/Stable (Issuer Not
                                     Cooperating)

   Term Loan               4.1       CRISIL B/Stable (Issuer Not
                                     Cooperating)

CRISIL Ratings has been consistently following up with CCHRPL 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 CCHRPL, which restricts CRISIL
Ratings' ability to take a forward-looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on
CCHRPL is consistent with 'Assessing Information Adequacy Risk'.
Based on the last available information, the ratings on bank
facilities of CCHRPL continue to be 'CRISIL B/Stable Issuer Not
Cooperating'.

CCHRPL, incorporated in 2014, is engaged in the hospitality
business. The company is promoted by Andaman and Nicobar
Islands-based Mr. Ameet J Arora and Mrs. Nupur Arora, who are
setting up a 3-star resort at Mini Bay, Port Blair.


FUTURE RETAIL: To Focus on Saving, Rebuilding Firms
---------------------------------------------------
Business Standard reports that debt-ridden Future Group is now
focusing on saving and rebuilding firms such as -- Future Lifestyle
Fashions, Future Supply Chain Solutions, Future Consumer and Future
Enterprises, after the INR24,713-crore deal with Reliance Retail
was rejected by secured creditors, according to industry sources.

However, Future Group's flagship firm Future Retail Ltd (FRL),
which has nearly INR18,000 crore debt, is bound to face the
corporate insolvency resolution process before the National Company
Law Tribunal (NCLT), Business Standard relates.

Other companies like Future Enterprises Ltd (FEL), Future Lifestyle
Fashions Ltd (FLFL), Future Supply Chain Solutions Ltd (FSCSL),
Future Consumer Ltd (FCL) can sustain on their own and can be
rebuilt by restructuring their liabilities with the help of current
lenders and investors, said an industry source close to the Future
Group.

"FEL has over INR5,000 crore loans and since the company is selling
its stake in Future Generali India Insurance business. Now it is
getting around INR3,000 crore from it. The deal is almost complete.
So that will leave a small amount of debt and that can be managed
by FEL," a source, as cited by Business Standard, said.

FMCG company FCL has assets such as a 110-acre food park at Tumkur,
Karnataka, which can be leveraged to rebuild the company, he added,
the report notes.

FSCSL has warehouses across India. In Nagpur, FSCSL has one of the
largest and the most highly-automated distribution centres in
India. "That is why the investors would be more keen to support and
rebuild these companies," he added.

Business Standard notes that billionaire Mukesh Ambani-led Reliance
Industries Ltd on April 23 called off its INR24,713-crore deal to
acquire Future Group's retail, wholesale, logistics and warehousing
assets, after the secured creditors of the Kishore Biyani-led
companies voted against it.

Future Lifestyle Fashions Ltd (FLFL), which handles the flagship
fashion business of Future Group, has not defaulted on any loan
repayments so far and here the group would raise money after
divesting some of the few key brands under its portfolio, the
report says.

FLFL has in-house retail chains Central and Brand Factory,
exclusive brand outlets (EBOs) and other multi-brand outlets (MBOs
of nearly a dozen apparel labels including -- Lee Cooper, Champion,
aLL, Indigo Nation, Giovani, John Miller, Scullers, Converse and
Urbana in its portfolio.

Moreover, FLFL has also shown very good recovery in business post
COVID and and cost of operation of its remaining stores has come
down by over 20 per cent, source added, Business Standard relays.

According to the report Bank of India, a financial creditor of FRL
has already filed a petition before the Mumbai bench of the NCLT
requesting to initiate insolvency proceedings against the company.
The public sector lender has also suggested the name of a
resolution professional and put the company under a moratorium.

The insolvency tribunal is yet to start hearing against FRL, which
operates retail chains under the brand name of Big Bazaar, fbb,
Foodhall, Easyday and Nilgiris.

Besides, FRL is also facing an insolvency petition by some of its
operational creditors such as Hindustan Coca-Cola Beverages Ltd
(HCCBL), Business Standard says.

HCCBL, the bottling arm of Coca-Cola in India, an operational
creditor of FRL, has filed a plea under the section 9 of the
Insolvency & Bankruptcy Code (IBC).

HCCBL's petition is listed on May 2, before the Mumbai bench for
the next hearing, Business Standard notes.

Lenders of FEL have also plans to take on FEL, which had last week,
defaulted on repayment of INR2,911.51 crore loan repayments to its
lenders, to the insolvency tribunal, he added, according to
Business Standard.

The due date for payment of INR2,835.65 crore was March 31, 2022.
FEL had a review period of 30 days as per the scheme of One Time
Restructuring (OTR) for COVID-hit companies with its consortium of
banks and missed it, the report discloses.

                         About Future Group

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

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

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


G. N. PET: CRISIL Keeps D Debt Ratings in Not Cooperating
---------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of G. N. Pet
(GNP; part of the GN group) continue to be 'CRISIL D Issuer Not
Cooperating'.

                       Amount
   Facilities       (INR Crore)     Ratings
   ----------       -----------     -------
   Cash Credit           2.5        CRISIL D (Issuer Not
                                    Cooperating)

   Funded Interest       1.37       CRISIL D (Issuer Not
   Term Loan                        Cooperating)

   Proposed Long Term    0.02       CRISIL D (Issuer Not
   Bank Loan Facility               Cooperating)

   Term Loan             3.55       CRISIL D (Issuer Not
                                    Cooperating)

   Working Capital       2.56       CRISIL D (Issuer Not
   Term Loan                        Cooperating)

CRISIL Ratings has been consistently following up with GNP 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 GNP, which restricts CRISIL
Ratings' ability to take a forward-looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on GNP
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the ratings on bank facilities of
GNP continue to be 'CRISIL D Issuer Not Cooperating'.

For arriving at its rating, CRISIL Ratings has combined the
business and financial risk profiles of GNP and Garib Nawaz
Polymers Private Limited (GNPPL). This is because the two entities,
together referred to as the GN group, are in the same line of
business, have close operational and financial linkages, and are
under a common management.

                          About the Group

GNPPL, set up in 2007 by Mr. Sunil Bansal, manufactures
polyethylene terephthalate bottles for consumers in the
pharmaceuticals industry. It commenced commercial operations in
2008. In 2009, Mr. Bansal set up proprietorship concern GNP, which
is in the same line of business and commenced commercial operations
in 2011. Both entities' manufacturing facilities are in Baddi.


GINGER PROPERTIES: CRISIL Keeps B+ Debt Rating in Not Cooperating
-----------------------------------------------------------------
CRISIL Ratings said the rating on bank facilities of Ginger
Properties Private Limited (GPPL) continues to be 'CRISIL B/Stable
Issuer Not Cooperating'.

                       Amount
   Facilities       (INR Crore)     Ratings
   ----------       -----------     -------
   Term Loan             9          CRISIL B+/Stable (Issuer Not
                                    Cooperating)

CRISIL Ratings has been consistently following up with Ginger
Properties Private Limited (GPPL) 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 GPPL, which restricts CRISIL
Ratings' ability to take a forward-looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on GPPL
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the ratings on bank facilities of
GPPL continue to be 'CRISIL B/Stable Issuer Not Cooperating'.

Set up in 2007, GPPL develops residential real estate in Ahmedabad.
Mr. Robin Goenka, Ms Dimple Goenka, and Mr. Parav Shah are the
promoters. The ongoing project, Sankalp Grace II, D Block, is
expected to be completed by December 2019.


GLOBAL IMPEX: CRISIL Keeps B+ Debt Rating in Not Cooperating
------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Global Impex
Trading (GIT) continue to be 'CRISIL B+/Stable/CRISIL A4 Issuer Not
Cooperating'.

                       Amount
   Facilities       (INR Crore)     Ratings
   ----------       -----------     -------
   Foreign Bill
   Discounting           2          CRISIL B+/Stable (Issuer Not
                                    Cooperating)

   Packing Credit        2          CRISIL A4 (Issuer Not
                                    Cooperating)

CRISIL Ratings has been consistently following up with GIT 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 GIT, which restricts CRISIL
Ratings' ability to take a forward-looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on GIT
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the ratings on bank facilities of
GIT continue to be 'CRISIL B+/Stable/CRISIL A4 Issuer Not
Cooperating'.

GIT is a proprietorship firm, set up in 2005 in Mumbai, by Mr.
Sarafathali Mohammed Lebbai. The firm trades in dried fish mass.


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

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

   Channel Financing      7.5       CRISIL B/Stable (Issuer Not
                                    Cooperating)

   Proposed Fund-         2.1       CRISIL B/Stable (Issuer Not
   Based Bank Limits                Cooperating)

CRISIL Ratings has been consistently following up with GNB 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 GNB, which restricts CRISIL
Ratings' ability to take a forward-looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on GNB
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the ratings on bank facilities of
GNB continue to be 'CRISIL B/Stable Issuer Not Cooperating'.

GNB was incorporated in Kolkata (West Bengal) in 1980. The company
is an authorized dealer for CVs of Ashok Leyland Ltd and
three-wheelers of Piaggio Ltd in the state. In 2010, GNB commenced
sales and servicing of Doosan India (P) Ltd's heavy earth moving
machines and inter-solvent compressors. Promoter Mr. Pawan Kumar
Todi manages GNB's operations.


GUJRAL AND SONS: CRISIL Keeps D Debt Rating in Not Cooperating
--------------------------------------------------------------
CRISIL Ratings said the rating on bank facilities of Gujral and
Sons (G&S) continues to be 'CRISIL D Issuer Not Cooperating'.

                       Amount
   Facilities       (INR Crore)     Ratings
   ----------       -----------     -------
   Cash Credit           6.5        CRISIL D (Issuer Not
                                    Cooperating)

CRISIL Ratings has been consistently following up with G&S 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 G&S, which restricts CRISIL
Ratings' ability to take a forward-looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on G&S
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the ratings on bank facilities of
G&S continue to be 'CRISIL D Issuer Not Cooperating'.

Set up in 1971 by Mr. Vinod Gujral, as a partnership firm, G&S
retails garments from its showroom in Karol Bagh, Delhi. The firm
sells casual wear (T-shirts and shirts), formal wear, wedding
suits, Jodhpuri kurtas, and other designer wear. It also sells
unstitched fabric for menswear.


INTOUCH TRADING: CRISIL Keeps D Debt Rating in Not Cooperating
--------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Intouch
Trading Private Limited (ITPL) continue to be 'CRISIL D Issuer Not
Cooperating'.

                       Amount
   Facilities       (INR Crore)     Ratings
   ----------       -----------     -------
   Term Loan             9.5        CRISIL D (Issuer Not
                                    Cooperating)

CRISIL Ratings has been consistently following up with ITPL 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 ITPL, which restricts CRISIL
Ratings' ability to take a forward-looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on ITPL
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the ratings on bank facilities of
ITPL continue to be 'CRISIL D Issuer Not Cooperating'.

ITPL, incorporated in 2001, is a part of the City group established
by Mr. R R Modi and his associates. The company is developing an
information technology park in Noida (Uttar Pradesh).


ISHWAR CABLES: ICRA Keeps D Debt Ratings in Not Cooperating
-----------------------------------------------------------
ICRA has retained the Long term and short-term ratings of Ishwar
Cables Private Limited in the 'Issuer Not Cooperating' category.
The rating is denoted as "[ICRA]D/[ICRA]D; ISSUER NOT
COOPERATING".

                    Amount
   Facilities     (INR crore)    Ratings
   ----------     -----------    -------
   Long-term–         6.00       [ICRA]D; ISSUER NOT
COOPERATING;
   Fund based                    Rating Continues to remain under
   Cash Credit                   'Issuer Not Cooperating'
                                 Category

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

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

ICPL was established on February 10, 2006 by Mr. Rahul Chaudhary
and his family as a private limited company to cater to the cables
and wires requirements of its group company IMI. However, in
FY2014, the shareholding was transferred to Mr. Arpit Chaudhary and
Ms. Sunita Matoria. The firm manufactures high and low voltage
wires and cables, mostly used by state power utilities. The
manufacturing unit of the firm is located in Jaipur Industrial
Area, Rajasthan.

SURYATEJA POWER: CRISIL Keeps B+ Debt Ratings in Not Cooperating
----------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Suryateja
Power Projects Private Limited (SPPPL) 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    1.0        CRISIL B+/Stable (Issuer Not
   Bank Loan Facility               Cooperating)

CRISIL Ratings has been consistently following up with SPPPL 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 SPPPL, which restricts CRISIL
Ratings' ability to take a forward-looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on SPPPL
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the ratings on bank facilities of
SPPPL continue to be 'CRISIL B+/Stable Issuer Not Cooperating'.

SPPPL formerly known as (Venkataraya Fibres Private Limited) was
incorporated in the year 2002 and operates a Biomass power plant
with an installed capacity of 6 MW located at Beechpally Village,
Itikyal Mandal, Mahboobnagar District, Telangana (AP), India. The
plant started commercial operations on April 13, 2007 where in it
supplies power to APTRANSCO as per a 20-year power purchase
agreement (PPA).


VINAY POULTRY: CRISIL Moves B- Debt Rating to Not Cooperating
-------------------------------------------------------------
CRISIL Ratings has migrated the rating on bank facilities of Vinay
Poultry Farm Private Limited (VPFPL) to 'CRISIL B-/Stable Issuer
not cooperating'.

                       Amount
   Facilities       (INR Crore)     Ratings
   ----------       -----------     -------
   Long Term Loan         8         CRISIL B-/Stable (ISSUER NOT
                                    COOPERATING; Rating Migrated)

CRISIL Ratings has been consistently following up with VPFPL for
obtaining information through letters and emails dated February 26,
2022 and March 25, 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 VPFPL, which restricts CRISIL
Ratings' ability to take a forward-looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on VPFPL
is consistent with 'Assessing Information Adequacy Risk'.
Therefore, on account of inadequate information and lack of
management cooperation, CRISIL Ratings has migrated the rating on
bank facilities of VPFPL to 'CRISIL B-/Stable Issuer not
cooperating'.

VPFPL, which commenced operations in July 2018, is involved in
hatching of eggs through layering farm with 5 sheds of 75,000 birds
each. Mr. V Palanisamy and Mr. P Thilagam manage the operations.


ZEE LEARN: Yes Bank files insolvency case against Pre-school Chain
------------------------------------------------------------------
Livemint.com reports that Yes Bank Ltd on April 25 filed an
application before the National Company Law Tribunal to initiate
corporate insolvency resolution process (CIRP) against Zee Learn
Ltd. The bank claimed the total amount in default with respect to a
financial facility is INR468 crore.

Zee Learn, said however, that it is compiling information to verify
claims in the said petition, according to a regulatory filing by
the company, Livemint.com relays.

Since 2003, Zee Learn has run Asia's largest pre-school chain
Kidzee comprising about 1,900 schools in 750 cities across India
and neighbouring countries, as well as the Mount Litera Zee School
chain of KG to class XII schools comprising over 120 schools across
110 locations. HDFC and Rattan India Finance hold 4.85% and 6.42%
stakes, respectively, in the company.

New York-based hedge fund Moon Capital Management, the
single-largest foreign shareholder in Zee Learn with a 6.43% stake,
had earlier initiated a move for a new management in the company,
the report notes. The fund had asked promoter Subhash Chandra to
step down from Zee Learn in February 2020, citing mounting debt,
poor corporate governance, and a lack of a clear growth strategy,
Livemint.com says.




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

SAPURA PROJECTS: Holding Company and 14 others Seek Liquidation
---------------------------------------------------------------
Free Malaysia Today reports that ahead of the hearing of a
winding-up petition filed against it by a non-related creditor,
Sapura Projects Services Sdn Bhd has been slapped with a
liquidation notice by its holding company Sapura Energy Bhd and 14
sister companies for debts totalling MYR308 million.

In what appears to be a move to avoid the Insolvency Department
from becoming the receiver if it loses the winding up petition by
DTEC Engineering Sdn Bhd, the firms have filed a summons in
chambers asking the High Court to appoint a liquidator of their
choice to manage the company, the report relates.

According to Free Malaysia Today, the summons was filed on April
21, four days ahead of the hearing of the winding up petition by
DTEC Engineering which is owed MYR13 million Sapura Projects.

The report relates that lawyers said it is understood that the move
by the 15 firms is to avoid Sapura Projects from being wound up as
many of its contracts are still ongoing.

The summons in chambers stated that Sapura Projects owed DTEC and
its sister firms a total of MYR308 million, the report relays.

In the affidavit, the firms are seeking the court's order to
appoint one Lim San Peen as the private liquidator to manage the
affairs of Sapura Projects if it is wound up.

In the event it fails and DTEC succeeds, which will result in the
Insolvency Department becoming the receiver, the firms want the
court to direct this receiver to call for the meeting of all
creditors who shall vote on the appointment of its suggested
private liquidator within 21 days, according to the report.

It said Lim's appointment would be in the best interest of all the
creditors based on his experience in corporate insolvency as he
would be able to efficiently administer the affairs of Sapura
Projects.

In its petition filed at the Shah Alam High Court on Jan. 28, DTEC
said Sapura Projects owed the firm MYR19 million but after
negotiations both agreed for a full settlement of MYR15 million in
December 2020, with an instalment of MYR1 million to be paid
monthly.

"However, it only made two payments and still owes us MYR13 million
to date. All reminders and requests for payment have been ignored,"
it said.

Free Malaysia Today adds that DTEC said Sapura Projects is deemed
unable to pay its debts and therefore insolvent; the company should
be wound up and an official receiver be appointed.

DTEC's counsel Mohamad Sofian Shamsudin confirmed the petition and
the summons in chambers and said the company would oppose the
application by the 15 Sapura-linked firms.




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

ARG CONTRACTING: Creditors' Proofs of Debt Due on May 25
--------------------------------------------------------
Creditors of ARG Contracting Limited and ARG Forestry Services
Limited are required to file their proofs of debt by May 25, 2022,
to be included in the company's dividend distribution.

The company commenced wind-up proceedings on April 26, 2022.

The company's liquidator is:

          Hamish Pryde
          CS Insolvency
          Coombe Smith (PN) Limited
          168 Broadway Avenue (PO Box 788)
          Palmerston North


BEAUTIFUL REAL ESTATE: Court to Hear Wind-Up Petition on May 6
--------------------------------------------------------------
A petition to wind up the operations of Beautiful Real Estate
Investment Limited will be heard before the High Court at Auckland
on May 6, 2022, at 10:00 a.m.

Roefix NZ Limited filed the petition against the company on Jan.
20, 2022.

The Petitioner's solicitor is:

          Zaid Mohammed
          Wynyard Wood
          Level 1, LG House
          60 Highbrook Drive
          Highbrook, Auckland 2161


R J DAIRIES: Court to Hear Wind-Up Petition on May 5
----------------------------------------------------
A petition to wind up the operations of R J Dairies Limited will be
heard before the High Court at Invercargill on May 5, 2022, at
11:45 a.m.

Power Farming New Zealand Limited filed the petition against the
company on Feb. 16, 2022.

The Petitioner's solicitor is:

          Gregory Trainor
          Aorangi Debt Collection
          Unit 4-31 Tyne Street
          Addington, Christchurch 8011


SOUTH CANTERBURY PROPERTY: Amount Owed Yet to be Determined
-----------------------------------------------------------
Maddison Gourlay at Stuff.co.nz reports that the sole director and
shareholder of a troubled South Canterbury property management
company has advised liquidators she was unable to continue with her
business due to difficulty collecting money owed by tenants.

South Canterbury Property Management Limited, which was solely
owned by Amanda Gray, was placed into liquidation on April 11, with
the first liquidators report filed to the companies office on April
20, according to Stuff.

Stuff relates that liquidator Emma Laing, of Dunedin-Based Trevor
Laing & Associated Limited, said they had only recently been
appointed and were still in the process of gathering information on
April 21.

It is not yet known how much money the company owes, but the first
liquidators report shows there are no secured creditors listed, and
they are not aware of any unsecured creditors other than a "portion
of Inland Revenue debt" which is not preferential.

According to Stuff, the company does have IRD liabilities, but the
liquidator is still in the process of confirming the exact amount.

"Due to the level of preferential debt and the limited assets it is
not expected that a dividend will become available to any
creditors," the liquidators report says.

The liquidators report says the company, which made headlines last
year after Gray failed to lodge bonds and return money to tenants
and property owners, ceased trading around mid- 2021.

". . . the director advises that she was unable to continue with
the business due to the difficulty collecting amounts owed from
some of the tenant clients, along with issues due to non-compliance
in regards to property management obligations.

"These factors have contributed to the company's current financial
situation."

Ms. Gray was the sole employee of the company, operated from a home
office and used her personal vehicle, it says.

"The financial accounts provided to the liquidators do not show any
significant assets owned by the company."

The client list of the property management company was purchased
when the company was incorporated, but the report says it is "now
of little to no value".

"There may be some amounts still owed by tenant clients, the
liquidators will investigate the collectability of these amounts."

Any creditors wishing to lodge a claim must contact the liquidators
by May 6.

The liquidators expect to complete the liquidation within 12
months, Stuff notes.

In May 2021, property owners, tenants and former tenants of Ms.
Gray spoke out about their dealings with her and her property
management company - raising concerns about bond payments not being
lodged with Tenancy Services and bonds not being returned when
tenants moved out, recalls Stuff.

Stuff adds that South Canterbury Property Management was also taken
to the tenancy tribunal in 2019 for failing to comply with the
insulation regulations and failing to lodge the bond within the
statutory time frame.


SOUTH CANTERBURY PROPERTY: Creditors' Proofs of Debt Due on May 13
------------------------------------------------------------------
Creditors of South Canterbury Property Management Limited are
required to file their proofs of debt by May 13, 2022, to be
included in the company's dividend distribution.

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

The company's liquidators are:

          Trevor Edwin Laing
          Emma Margaret Laing
          Trevor Laing & Associates Limited
          PO Box 2468, Dunedin 9044




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

AGV GROUP: Court to Hear Wind-Up Petition on May 4
--------------------------------------------------
A petition to place AGV Group Limited under the judicial management
will be heard before the High Court of Singapore on May 4, 2022, at
2:30 p.m.

Mr. Leow Quek Siong and Mr. Gary Loh Weng Fatt of BDO Advisory Pte
Ltd have been nominated as the company's judicial managers.

Alvin Poh Hsien Yang filed the petition against the company on Jan.
19, 2022.

The Petitioner's solicitors are:

          Havelock Law Corporation
          60 Tras Street, #03-01
          Singapore 078999


AN XING: Commences Wind-Up Proceedings
--------------------------------------
Members of An Xing Shipping Pte Ltd, on April 13, 2022, passed a
resolution to voluntarily wind up the company's operations.

The company's liquidators are:

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


KIM GUAN: Creditors' Proofs of Debt Due on May 20
-------------------------------------------------
Creditors of Kim Guan Huat Hardware Co Pte Ltd, which is in
voluntary liquidation, are required to file their proofs of debt by
May 20, 2022, to be included in the company's dividend
distribution.

The company commenced wind-up proceedings on April 21, 2022.

The company's liquidator can be reached at:

          Sim Hang Khiang
          9 Kelantan Lane #06-01
          Singapore 208628


SCANMICRON PRIVATE: Creditors' Proofs of Debt Due on May 26
-----------------------------------------------------------
Creditors of Scanmicron Private Limited, which is in voluntary
liquidation, are required to file their proofs of debt by May 26,
2022, to be included in the company's dividend distribution.

The company commenced wind-up proceedings on April 19, 2022.

The company's liquidators can be reached at:

          Mr. Don M Ho
          Mr. David Ho Chjuen Meng
          M/s Avery Corporate Advisory
          63 Market Street
          #05-01A Bank of Singapore Centre
          Singapore 048942


XIN GUANG: Commences Wind-Up Proceedings
----------------------------------------
Members of Xin Guang Shipping Pte Ltd, on April 13, 2022, passed a
resolution to voluntarily wind up the company's operations.

The company's liquidators are:

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




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

SRI LANKA: S&P Lowers Foreign Currency Sovereign Ratings to SD/SD
-----------------------------------------------------------------
S&P Global Ratings lowered its long-term and short-term foreign
currency sovereign ratings on Sri Lanka to 'SD/SD' from 'CC/C'. At
the same time, S&P affirmed its 'CCC-' long-term and 'C' short-term
local currency sovereign ratings. The outlook on the local currency
ratings remains negative.

S&P's transfer and convertibility assessment at 'CC' is unchanged.

S&P's foreign currency rating on Sri Lanka is 'SD' (selective
default). It does not assign outlooks to 'SD' ratings because they
express a condition and not a forward-looking opinion of default
probability.

The negative outlook on the local currency ratings reflects the
high risk to commercial debt repayment in the context of Sri
Lanka's economic, external, and fiscal pressures.

S&P could lower the local currency ratings if there are indications
of nonpayment or restructuring of Sri Lankan rupee-denominated
obligations.

S&P could revise the outlook to stable or raise the local currency
ratings if it perceives that the likelihood of the government's
local currency debt being excluded from any debt restructuring has
increased. This could be the case if, for example, the government
receives significant donor funding which gives it some time to
implement immediate and transformative reforms.

S&P said, "We would raise our long-term foreign currency sovereign
issuer credit rating upon completion of the government's bond
restructuring. The rating would reflect Sri Lanka's
post-restructuring creditworthiness. Our post-restructuring ratings
tend to be in the 'CCC' or low 'B' categories, depending on the
sovereign's new debt structure and capacity to support that debt."

Amid steeply rising external funding pressures and increasingly
widespread social and political protests, the Sri Lankan government
announced on April 12, 2022, that it will suspend debt servicing on
its foreign-currency obligations. This includes coupon payments due
on April 18, 2022, for its 2023 and 2028 International Sovereign
Bonds.

While the grace period for these bonds is 30 days, the government
has announced that it will aim to restructure such external
obligations and S&P believes that its moratorium will prevent
payment during that period.

Sri Lanka reportedly held meetings with IMF officials during the
week of April 18, 2022, to negotiate an economic recovery program
and for emergency financial assistance. Until the government can
formulate a comprehensive debt restructuring plan, it will suspend
servicing foreign-currency-denominated debts to conserve limited
foreign-exchange resources for the purchase of essential imports.

The affected debt includes international bonds, bilateral
government-to-government credit facilities (excluding swap lines
with the Central Bank of Sri Lanka), credit facilities with
commercial banks and institutional lenders, and amounts payable by
the government or public-sector entities on called guarantees.
Obligations governed by Sri Lankan law may not be affected.

S&P said, "We would lower Sri Lanka's other international sovereign
bond ratings to 'D' upon confirmation of nonpayment of interest or
principal on those obligations.

"The government has publicly expressed its intention to continue
paying its local currency debt obligations for now and its
moratorium affects only obligations denominated in currencies other
than the Sri Lankan rupee. Our 'CCC-/C' local currency long-term
and short-term sovereign ratings on Sri Lanka reflect the ongoing
severe economic and monetary pressures."

Although the central bank can technically create Sri Lankan rupees
to meet upcoming obligations, doing so could have significant
inflationary implications. Consumer prices already grew at a rapid
17.5% year on year in February. In S&P's view, achieving a more
sustainable fiscal position will require restructuring the
government's local currency debt. Sri Lanka's local currency debt
constitutes more than 50% of its overall indebtedness, and a
considerable proportion of its very high interest burden relative
to revenues.

Sri Lanka's debt restructuring process is likely to be complicated
and may take an extended period of time to complete. Negotiations
with the IMF to establish a reform and funding program are in the
early stages. The country has also experienced considerable
political uncertainty in recent weeks and it remains unclear if the
current government can retain a majority in parliament. Failure to
establish a sustainable government could further complicate and
hinder progress in the discussions with the IMF. This could
ultimately delay a comprehensive reform program.

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

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

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

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

  Ratings List

  DOWNGRADED  
                          TO           FROM
  SRI LANKA

  Senior Unsecured        D             CC

  Sovereign Credit Rating
   Foreign Currency     SD/SD      CC/Negative/C

  RATINGS AFFIRMED  

  SRI LANKA

  Sovereign Credit Rating
   Local Currency             CCC-/Negative/C

Transfer & Convertibility Assessment
  Local Currency              CC

  SRI LANKA

  Senior Unsecured            CC
  Senior Unsecured            CCC-

  SRILANKAN AIRLINES LTD.

  Senior Unsecured            CC




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

SEABANK: Moody's Affirms B1 Deposit & Issuer Ratings
----------------------------------------------------
Moody's Investors Service has affirmed Southeast Asia Commercial
Joint Stock Bank's (SeABank) B1 long-term deposit and issuer
ratings, and upgraded the bank's Baseline Credit Assessment (BCA)
to b1 from b2.

The outlook on SeABank's ratings remains positive, reflecting the
potentially higher capacity of the Government of Vietnam (Ba3
positive) to provide extraordinary support to domestic banks, which
could lead to a widening of government support uplift to SeABank's
B1 long-term deposit and issuer ratings if and when the sovereign
rating is upgraded.

RATINGS RATIONALE

The upgrade of SeABank's BCA to b1 reflects the bank's improved
asset quality, profitability and capital.

Asset quality has improved with the bank's problem loans ratio
declining to 1.6% as of the end of 2021 from 1.9% as of the end of
2020, despite disruptions caused by the pandemic. Nevertheless, the
bank's credit concentration in real estate and construction-
related loans remains a weakness for its asset quality.

Profitability has improved, although to a still-modest level
compared with its peers in Vietnam. Moody's expects SeABank's
return on assets (ROA) to remain stable at around 1.0% in the next
12 to 18 months, as its growing portfolio of higher-yielding SME
and retail loans offsets the impact of the rising cost of funds as
liquidity tightens with the recovery of credit demand in Vietnam
post-pandemic.

SeABank's capital has risen to an adequate level -- its tangible
common equity (TCE) to adjusted risk weighted assets (RWA) ratio
improved to 9.9% as of the end of 2021 from 8.3% as of the end of
2020, and will likely hover at around 10% in the next 12 to 18
months.

SeABank has increased its reliance on wholesale funding, reflective
of its small deposit franchise in Vietnam and somewhat aggressive
funding strategy. Its share of market funds accounted for 38% of
its tangible banking assets as of the end of 2021 and will likely
remain high over the next 12 to 18 months as the bank grows its
loan book. The bank has adequate liquidity, with a liquid assets to
tangible banking assets ratio of 37% as of the end of 2021.

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

Moody's could upgrade SeABank's long-term ratings if the bank
sustainably improves its ROA to above 1.5% and its TCE/RWA ratio to
above 10.5%; if and its market funds to tangible banking assets
ratio declines to below 35%; or if Vietnam's sovereign rating is
upgraded.

Moody's could downgrade SeABank's long-term ratings if the bank's
solvency and liquidity deteriorate significantly.

The principal methodology used in these ratings was Banks
Methodology published in July 2021.

SeABank is a privately-owned commercial bank headquartered in
Hanoi. As of the end of 2021, the bank operated through a network
of 44 branches and 129 transaction offices with total reported
assets of VND211.7 trillion.

LIST OF AFFECTED RATINGS

Upgrades:

Issuer: Southeast Asia Commercial Joint Stock Bank

Adjusted Baseline Credit Assessment, Upgraded to b1 from b2

Baseline Credit Assessment, Upgraded to b1 from b2

Long-term Counterparty Risk Assessment, Upgraded to Ba3(cr) from
B1(cr)

Long-term Counterparty Risk Rating (Foreign and Local Currency),
Upgraded to Ba3 from B1

Outlook Actions:

Issuer: Southeast Asia Commercial Joint Stock Bank

Outlook, Remains Positive

Affirmations:

Issuer: Southeast Asia Commercial Joint Stock Bank

Short-term Counterparty Risk Assessment, Affirmed NP(cr)

Short-term Counterparty Risk Rating (Foreign and Local Currency),
Affirmed NP

Short-term Issuer Rating (Foreign and Local Currency), Affirmed
NP

Long-term Issuer Rating (Foreign and Local Currency), Affirmed B1,
outlook positive

Short-term Bank Deposits Rating (Foreign and Local Currency),
Affirmed NP

Long-term Bank Deposits Rating (Foreign and Local Currency),
Affirmed B1, outlook positive



                           *********


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

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

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

This material is copyrighted and any commercial use, resale or
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Information contained herein is obtained from sources believed
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