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

                     A S I A   P A C I F I C

          Monday, May 2, 2022, Vol. 25, No. 81

                           Headlines



A U S T R A L I A

C88 PROJECTS: Placed in Administration
LORD OF THE FRIES: Second Creditors' Meeting Set for May 6
NEXT CONSTRUCTIONS: In Administration; Owes AUD15 Million
PETCH PROJECTS: Second Creditors' Meeting Set for May 9
UTU TECHNOLOGY: Second Creditors' Meeting Set for May 5



C H I N A

CHINA: Banks, Bad-Debt Managers Urged to Help Real Estate Industry
KWG GROUP: S&P Affirms 'B-' ICR on Unqualified Audited Results
SEAZEN GROUP Fitch Lowers IDRs to 'BB', Outlook Negative
ZHONGLIANG HOLDINGS: Moody's Lowers CFR to Caa2, Outlook Negative


H O N G   K O N G

NOBLE GROUP: Singapore Seeks to Finish Probe by Third Quarter


I N D I A

ADORA PRODUCTS: CRISIL Keeps B Debt Ratings in Not Cooperating
ANUBANDANA INFRATECH: CRISIL Keeps D Ratings in Not Cooperating
ARCHEESH HEALTH: CRISIL Keeps B Debt Ratings in Not Cooperating
ARIHANT GEMS: CRISIL Keeps B+ Debt Ratings in Not Cooperating
ASHA ENTERPRISES: CRISIL Cuts Rating on INR8cr Term Loan to D

BALAJI ENTERPRISES: CRISIL Keeps B Ratings in Not Cooperating
BARGARH RICE: CRISIL Lowers Rating on INR7cr Loans to B
BHAGATJEE STEELS: CRISIL Keeps B+ Debt Rating in Not Cooperating
CHANDRA AUTOMOBILE: CRISIL Hikes Rating on INR7.15cr Loan to B+
CPS STEEL INDIA: Insolvency Resolution Process Case Summary

DELHI INTERNATIONAL AIRPORT: S&P Hikes ICR to 'B', Outlook Stable
EMERGENT TRADERS: Insolvency Resolution Process Case Summary
EUROLIFE HEALTHCARE: CRISIL Keeps D Ratings in Not Cooperating
FORTUNE SPIRIT: Insolvency Resolution Process Case Summary
FUTURE RETAIL: NCLT to Hear Insolvency Plea vs. Firm on May 12

GBJ HOTELS PRIVATE: Insolvency Resolution Process Case Summary
GMR HYDERABAD: S&P Affirms 'BB-' ICR & Alters Outlook to Stable
GREETA MUSICAL: Insolvency Resolution Process Case Summary
GVK INDUSTRIES LIMITED: Insolvency Resolution Process Case Summary
HINDUSTAN MAGNESIUM: Insolvency Resolution Process Case Summary

HOTEL MILESTONNEX: Insolvency Resolution Process Case Summary
IVRCL CHENGAPALLI TOLLWAYS: Insolvency Resolution Case Summary
JAGAT JAGDAMBA: CRISIL Keeps D Debt Rating in Not Cooperating
JAMNADAS AND COMPANY: CRISIL Keeps D Rating in Not Cooperating
JAYAWANTI BABU: CRISIL Keeps D Debt Rating in Not Cooperating

JEEVAN POLYMERS: Insolvency Resolution Process Case Summary
K .S. IMPEX: CRISIL Keeps D Debt Ratings in Not Cooperating
K. P. M. TRADING: CRISIL Keeps B Debt Rating in Not Cooperating
KAMAKSHI COTTON: CRISIL Keeps D Debt Ratings in Not Cooperating
KAMESHWAR INDUSTRIES: CRISIL Keeps D Ratings in Not Cooperating

KGEPL ENGINEERING: CRISIL Keeps D Debt Ratings in Not Cooperating
KHAIRWALA INT'L: CRISIL Keeps D Debt Ratings in Not Cooperating
KRIPA ANAND: CRISIL Keeps B Debt Ratings in Not Cooperating
M.S.R. IRON: CRISIL Lowers Rating on INR30cr Cash Loan to B
NILKANTH COTTON: CRISIL Lowers Rating on INR7cr Loans to D

RAJESH BUSINESS: Insolvency Resolution Process Case Summary
RAJSURAJ FINCAP: Voluntary Liquidation Process Case Summary
S PLUS: CRISIL Withdraws B- Rating on INR5.28cr Term Loan
SASI POWER: Liquidation Process Case Summary
SUASHISH CAPITAL: Insolvency Resolution Process Case Summary

WELLDONE EXIM: CRISIL Keeps D Debt Ratings in Not Cooperating
YUNCHENG INDIA: Voluntary Liquidation Process Case Summary


M A L A Y S I A

CAPITAL A: PN17 Status May Affect Group's Turnaround


N E W   Z E A L A N D

GICL LIMITED: Creditors' Proofs of Debt Due on May 26
HESLIP HATCHERIES: Court to Hear Wind Up Application on May 9
MAINTAIN TO PROFIT: Creditors' Proofs of Debt Due on May 30
MDO KITCHENS: Creditors' Proofs of Debt Due on May 28
NO LIMITS: Court to Hear Wind-Up Petition on May 9

SCOTT & SONS: Court to Hear Wind-Up Petition on May 27


S I N G A P O R E

ENTIRE ENGINEERING: BDO Appointed as Provisional Liquidators
JAKARTA SG: Creditors' Proofs of Debt Due on May 31
MAJ AVIATION: Court Enters Wind-Up Order
SUWA SG: Creditors' Proofs of Debt Due on May 30
ZHONG HAO: Court to Hear Wind-Up Petition on May 13



V I E T N A M

VIET CAPITAL: Moody's Assigns First Time 'B3' Issuer Rating

                           - - - - -


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

C88 PROJECTS: Placed in Administration
--------------------------------------
Steven B Kugel of The Insolvency Experts on April 29, 2022, was
appointed as administrator of C88 Projects Pty Ltd.

The administrator can be reached at:

          Steven B Kugel
          The Insolvency Experts
          Suite 101, 788A Pacific Highway
          Gordon, NSW, 2072


LORD OF THE FRIES: Second Creditors' Meeting Set for May 6
----------------------------------------------------------
A second meeting of creditors in the proceedings of Lord of the
Fries Property Pty. Ltd. has been set for May 6, 2022, at 10:00
a.m. via teleconference facilities.  

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

Creditors wishing to attend are advised proofs and proxies should
be submitted to the Administrator by May 5, 2022, at 4:00 p.m.

Stephen Dixon of Hamilton Murphy Advisory was appointed as
administrator of Lord of the Fries Property on March 22, 2022.


NEXT CONSTRUCTIONS: In Administration; Owes AUD15 Million
---------------------------------------------------------
Matt Ogg at Business News Australia reports that an aged care
facility in Emu Plains and a student accommodation project are
among the developments under construction that hang in the balance
after Sydney builder Next Constructions entered voluntary
administration on April 27, with its founder and director Joseph Di
Girolamo hoping to salvage a deal with creditors.

The company - founded in 2007 and responsible for such projects as
Edge Ultimo, Bay Central in Neutral Bay, and The Hensley in Potts
Point - has debts of AUD15 million, Business News Australia
discloses.

Hard on the heels of high-profile development collapses this year
such as Probuild and Condev, Mr. Di Girolamo has appointed John
Vouris and Sule Arnautovic from Hall Chadwick as administrators.

"Quite a lot of building companies are facing a few issues. Next is
not immune from those issues," Mr. Arnautovic told Business News
Australia.

"Some of their projects have been extensively impacted by a
combination of COVID delays, inclement weather delays, and then
downstream arguments about what constitutes delay in terms of
liquidated damages.

"They've also been susceptible to material price increases, labour
shortages."

According to the report, Mr. Arnautovic said Next had two major
projects when he was appointed - a 100 bed residential aged care
facility (RACF) at the Uniting Edinglassie site in Emu Plains, and
a AUD35 million purpose-built student accommodation located at 4-18
Doncaster Avenue, Kensington, nearby UNSW.

"All the other projects for the company have actually reached
practical completion stage. So the only aspects on that are
defects, liability and rectification costs," the administrator
said.

He confirmed the 105-bed Embrace Aged Care in Warrawee for Mark
Moran Group and a Storage King in Pymble were among the projects at
the practical completion stage, Business News Australia relays.

On its website, Next describes itself as the managing contractor
for the AUD100 million NH Hotel Wollongong project, which has
previously been slated for opening in the second quarter of 2023,
but Mr. Arnautovic said he was not aware of such a project under
the Next Group.

"As to what the director's (Di Girolamo) trying to achieve, he's
actually trying to put forward a deed of company arrangement (DOCA)
proposal to the creditors to see him regain control of the company
in four to six weeks," the administrator, as cited by Business News
Australia, said.

"What that essentially will mean will be the staff will be paid,
and if his proposal is accepted by creditors he will be assisting
the various company customers to fix up defects and rectifications,
to procure payment of monies and or release of bank guarantees and
securities.

"Current customers may terminate the company's involvement in the
contracts, but they may contemplate engaging him in a project
management role to help them complete the project, or with the view
of trying to minimise the cashing of bank guarantees and securities
for the company."

Business News Australia relates that Mr. Arnautovic said it was
still too early to know if the company founder would succeed.

"If they don't, of course, it'll go into liquidation and that'll be
the end of the company as we know it," he said.

"But the director has indicated a willingness to do a compromise
with his creditors and then pick and choose his work a little bit
more wisely on the other side.

"He's a well respected builder from what I can gather and the
actual quality of the work is very good, but a few things have gone
against him, and he's trying to do the honourable thing in terms of
paying back as many of his creditors as he can. But his future is
now subject to creditors agreeing to what his proposal is."

                      About Next Constructions

Sydney-based Next Constructions privately owned commercial building
company.

Sule Arnautovic and John Vouris of Hall Chadwick were appointed as
administrators of Next Constructions Pty Ltd, Next Contracting Pty
Ltd, and Next Contracting Group Pty Ltd on April 22, 2022.


PETCH PROJECTS: Second Creditors' Meeting Set for May 9
-------------------------------------------------------
A second meeting of creditors in the proceedings of Petch Projects
Pty Ltd, formerly known as CGA Projects Pty Ltd, has been set for
May 9, 2022, at 9:00 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 6, 2022, at 4:00 p.m.

William Roland Robson of Robson Cotter Insolvency Group was
appointed as administrator of Petch Projects on March 23, 2022.


UTU TECHNOLOGY: Second Creditors' Meeting Set for May 5
-------------------------------------------------------
A second meeting of creditors in the proceedings of UTU Technology
Pty Ltd has been set for May 5, 2022, at 12:00 p.m. via virtual
meeting.

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 4, 2022, at 12:00 p.m.

Matthew James Byrnes and Andrew Stewart Reed Hewitt of Grant
Thornton were appointed as administrators of UTU Technology on
March 21, 2022.




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

CHINA: Banks, Bad-Debt Managers Urged to Help Real Estate Industry
------------------------------------------------------------------
Caixin Global reports that China's financial regulators have
instructed the country's state-owned asset management companies
(AMC) and nearly 20 banks to help out a dozen Chinese real estate
developers that are having trouble paying their bills, including by
purchasing their liabilities, market insiders told Caixin.

Caixin relates that the instructions came as the real estate
industry's liquidity situation has deteriorated, with many builders
struggling to refinance debt and pay creditors as homebuyers and
investors stand on the sidelines of a slumping property market.


KWG GROUP: S&P Affirms 'B-' ICR on Unqualified Audited Results
--------------------------------------------------------------
S&P Global Ratings affirmed its long-term issuer credit rating on
China-based property developer KWG Group Holdings Ltd. at 'B-'. S&P
also affirmed its long-term issue rating on the U.S.
dollar-denominated notes that the company guarantees at 'CCC+'. At
the same time, S&P removed all the ratings from CreditWatch, where
it had placed them with negative implications on April 1, 2022.

S&P said, "We assigned a negative outlook given KWG has a
significant amount of debt maturities over the next six to 12
months. The negative outlook also reflects our view that KWG's
already weak liquidity will be under further pressure due to slower
cash generation from sales, narrow funding access.

"We affirmed the ratings on KWG and removed them from CreditWatch
negative. This is because the company managed to publish its
audited results with an unqualified opinion within the communicated
timeframe. The risk of debt acceleration due to trading suspension
is now lessened. However, the paragraph regarding going concern by
the auditor in its result announcement highlights the company's
potential liquidity risk.

"We now assess KWG's liquidity as weak due to its diminishing cash
balance and weaker cash inflow from sales. In 2021, KWG used its
cash to increase its stake and repay debt at joint venture projects
with weaker partners. This could reduce the impact if a partner
goes into distress; and it prevents the hindering of project
operations. However, it also caused the company's cash balance to
drop from Chinese renminbi (RMB) 45 billion as of year-end 2020 to
RMB29 billion as of year-end 2021. KWG has started to reduce its
exposure to joint venture projects, but the exposure remains
significant, with a low consolidation ratio of about 60%. Joint
venture partnership leads to additional risks, such as lower
financial transparency and cash mobility or even cash leakage to
the projects.

"The slowdown of contracted sales will weaken cash flow generation.
For the first three months of 2022, KWG had contracted sales of
RMB13 billion; this represents a year-on-year drop of 40%. We
believe sales will remain under pressure given the surge in
COVID-19 cases and city lockdowns in China. As a result, it will be
difficult for the company to achieve its 2022 sales target of RMB90
billion-RMB95 billion. We forecast contracted sales to drop by 20%
to RMB80 billion-RMB85 billion in 2022.

"Given slower revenue recognition and worsening margins, we expect
KWG's leverage ratio, as measured by debt to EBITDA, will remain
elevated over 2022-2023. In 2021, its look-through leverage
increased to 9.4x from 6.8x in 2020."

KWG faces mounting maturities over the next six to 12 months.

Remaining debt due in 2022 is sizeable at RMB14 billion, of which
about RMB6 billion are offshore bonds, RMB3 billion are onshore
bonds, and RMB1 billion are offshore syndicated loans. These
maturities include the US$650 million and US$250 million US dollar
bond due in September 2022.

"That said, we believe the company can meet these debt obligations
as it has maintained a steady cash level in recent months, largely
thanks to new bank loan drawdowns. We estimate its cash level is
similar to year-end 2021, of which 25%-35% of it is accessible for
repaying debt at holding company level." Furthermore, the company
may also dispose of some of its assets or obtain refinancing over
its Hong Kong assets over the next few months to beef up its
liquidity.

KWG's offshore projects should help generate some liquidity to
tackle its debt maturity. The company is in talks with financial
institutions to refinance and top up the loan-to-value ratio of one
of its offshore projects in Hong Kong with attributable saleable
resources of HK$14 billion-HK$16 billion. Should the refinancing be
successful, KWG will receive a considerable amount of funding.
However, such a material refinancing may be difficult under the
current market sentiment and will test the company's financing
execution. The company's other project in Hong Kong with about HK$3
billion-HK$3.5 billion of attributable saleable resources will also
continue to generate cash inflow each month.

S&P said, "The negative outlook reflects our view that KWG's
already weak liquidity will be under further pressure over the next
six to 12 months due to slower cash generation from sales and
narrow funding channels. The company's refinancing over its Hong
Kong assets will need to be material and timely enough to meet any
liquidity shortfall.

"We may lower the rating if KWG's liquidity weakens further or if
the company fails to execute its plans to tackle its short-term
maturities. This could arise from slower cash collection from
sales, weaker funding access, or more cash being trapped at project
level. Failure to promptly act on refinancing or repayment plans
over the next three months may also lead to weaker liquidity.

"We may revise the outlook to stable if KWG can restore its
liquidity buffer and funding access, such that the company
increases its ability to weather the industry downturn and manage
debt repayments with ease. This could be indicated by a resilient
accessible cash balance due to strong sales and successful
refinancing of its maturities."

KWG will also have to maintain a see-through debt-to-EBITDA ratio
of below 10x on a sustainable basis.

KWG is a Hong Kong-listed midsize property developer based in
Guangzhou, China. The company was founded in 1995 and focuses on
the development and sale of residential and commercial properties
in China, including Hong Kong. KWG also operates commercial and
hotel properties in higher-tier cities.

As of end-December 2021, KWG owned 178 projects in 44 cities across
China and Hong Kong. These had a total gross land bank of 22
million square meters (sq. m.), which could support contracted
sales over the next three years. The company also has a sizable
pipeline of more than 30 urban redevelopment projects, mainly in
Guangdong province. These could contribute more than 20 million of
sq. m. of land resources.


SEAZEN GROUP Fitch Lowers IDRs to 'BB', Outlook Negative
--------------------------------------------------------
Fitch Ratings has downgraded China-based homebuilder Seazen Group
Limited's (SGL) Long-Term Foreign- and Local-Currency Issuer
Default Ratings (IDRs) to 'BB' from 'BB+' and the Long-Term
Foreign-Currency IDR on SGL's 67%-owned subsidiary Seazen Holdings
Co., Ltd. (SHCL) to 'BB' from 'BB+'. The Outlooks are Negative.
Fitch has also downgraded their outstanding bonds and senior
unsecured ratings to 'BB' from 'BB+'. Fitch has removed the Rating
Watch Negative on all the ratings.

The downgrade reflects Fitch's view that the financial flexibility
for SGL and SHCL (collectively Seazen) has deteriorated amid
concentrated debt maturities. The companies collectively have CNY11
billion of bonds and offshore syndicated loans due in 2022. The
company also did not issue a previously expected capital-market
instrument.

The Negative Outlook reflects the pressure on Seazen's sales from
Covid-19-related social restrictions in China, which may persist
and could further undermine its liquidity.

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

KEY RATING DRIVERS

Concentrated Capital-Market Maturities: Seazen has CNY11 billion of
bonds and syndicated loans that will mature between May and October
2022. Seazen has not refinanced via the debt capital market since
September 2021 and has been relying on internal cash and cash
generated from sales for debt repayment. Fitch previously expected
the group to issue offshore capital-market instruments in early
2022 and believes healthy funding access would support to the
group's financial flexibility and ratings.

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

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

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

Recurring Income Supports Liquidity: Fitch believes Seazen's total
rental and management fee income is on track to increase by more
than 30% to CNY10 billion in 2022 as 1Q22 revenue rose by 22% to
CNY2.2 billion. Seazen adds most of its new malls in the fourth
quarter each year and will add 25-30 malls in 2022. Seazen is also
exploring a new business model as 30%-40% of the new malls will
operate under an asset-light model. Fitch believes Seazen's
shopping-mall portfolio supports its credit metrics and may offer
alternative funding access to the group.

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

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

DERIVATION SUMMARY

Seazen's attributable sales of CNY150 billion in 2021 are larger
than that of CIFI Holdings (Group) Co. Ltd.'s (BB/Negative) CNY128
billion. SGL's and SHCL's leverage of 42% and 40%, respectively, in
2021 are commensurate with a 'BB+' rating, and lower than CIFI's
around 50%.

However, SGL's available cash/short-term debt of 1.0x and SHCL's of
1.2x in 2021 are lower than CIFI's 1.5x. SGL's and SHCL's
short-term debt as a proportion of total debt of 35%-40% is also
higher than CIFI's 15% in 2021.

KEY ASSUMPTIONS

Fitch's Key Assumptions Within Fitch's Rating Case for the Issuer

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

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

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

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

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

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

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

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

-- Sustained deterioration in contracted sales and cash
    collection;

-- Evidence of increasing challenges in addressing debt
    maturities.

BEST/WORST CASE RATING SCENARIO

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

LIQUIDITY AND DEBT STRUCTURE

Near-Term Offshore Maturities: SHCL has USD300 million of bonds due
in May 2022 and USD200 million of bonds due in August 2022. SGL,
excluding SHCL, has USD100 million of syndicated offshore loans
maturing in May, USD400 million of bonds due in June, and USD200
million of bonds due in September.

ISSUER PROFILE

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

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

SUMMARY OF FINANCIAL ADJUSTMENTS

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

ESG CONSIDERATIONS

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

   DEBT              RATING                  PRIOR
   ----              ------                  -----
Seazen Group       LT IDR    BB    Downgrade    BB+
Limited
                   LC LT IDR BB    Downgrade    BB+

senior unsecured  LT        BB    Downgrade BB+

Seazen Holdings    LT IDR    BB    Downgrade    BB+
Co., Ltd.

senior unsecured  LT        BB    Downgrade    BB+

New Metro Global Limited

senior unsecured  LT        BB    Downgrade    BB+


ZHONGLIANG HOLDINGS: Moody's Lowers CFR to Caa2, Outlook Negative
-----------------------------------------------------------------
Moody's Investors Service has downgraded Zhongliang Holdings Group
Company Limited's corporate family rating to Caa2 from B3.

The outlook remains negative.

"The rating downgrades reflect Zhongliang's heightened liquidity
risk following its proposed exchange offer and consent solicitation
to its noteholders," says Cedric Lai, a Moody's Vice President and
Senior Analyst.

"The negative outlook reflects the uncertainty over the company's
ability to address its near-term debt maturities amid challenging
funding conditions," adds Lai.

RATINGS RATIONALE

On April 28, 2022, Zhongliang announced an exchange offer and
consent solicitation to its bondholders for the company's USD
senior notes due in May 2022 and July 2022[1]. The company said
that it may not be able to fully redeem the notes upon maturity if
either the exchange offer and consent solicitation is not
successfully completed.

The proposed exchange offer indicates Zhongliang's liquidity stress
amid a difficult operating environment, tight funding condition and
the company's large offshore bonds maturity of about USD900 million
before the end of December 2022.

Zhongliang had unrestricted cash of RMB20.3 billion as of the end
of December 2021, but Moody's estimates that a significant portion
of such cash resides at the operating project levels, which could
not be used to repay its debt at the holding company level,
particularly the offshore bonds. In addition, the company has a
high exposure to joint ventures, which could limit its ability to
control its cash flow.

Moody's expects Zhongliang's contracted sales to decline notably
over the next 6-12 months, driven by EUR ak homebuyer confidence
and tight funding conditions. Specifically, the company's
contracted sales declined 55% in the first quarter of 2022 from the
same period last year. This will, in turn, reduce the company's
operating cash flow for debt repayment.

Zhongliang's Caa2 CFR reflects the company's weak liquidity over
the next 12-18 months, and Moody's expectation that the company
will face difficulties in raising new funds from onshore and
offshore channels to address its refinancing needs amid tight
funding conditions.

In terms of environmental, social and governance (ESG)
considerations, Moody's has considered the risk associated with the
ownership concentration in Zhongliang's controlling shareholders,
Mr. Yang Jian and his spouse, who together held an 80.5% stake as
of December 31, 2021. Moody's has also considered the presence of
three independent non-executive directors on a board of seven
directors, and two independent non-executive directors who chair
the audit and remuneration committees, respectively, and the
application of the listing rules of the Hong Kong Stock Exchange
and the Securities and Futures Ordinance in Hong Kong.

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

An upgrade is unlikely given the negative outlook.

However, the outlook could return to stable if Zhongliang improves
its funding access and materially reduces its refinancing risks.

On the other hand, Moody's could downgrade the rating if the
company's liquidity and refinancing risks heighten, or if the
recovery prospects for its creditors deteriorate.

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

Zhongliang Holdings Group Company Limited is a Shanghai-based
residential property developer. The company engages in real estate
development in China. The Yangtze River Delta region contributed
52.2% of the company's contracted sales in 2021.

As of December 31, 2021, Zhongliang was 80.5% owned by its
chairman, Mr. Yang Jian and his spouse, who were acting in
concert.




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

NOBLE GROUP: Singapore Seeks to Finish Probe by Third Quarter
-------------------------------------------------------------
Bloomberg News reports that Singapore authorities aim to conclude
their probe of commodity trader Noble Group Ltd. and its subsidiary
for potential breaches by the third quarter, with investigations
now at an advanced stage.

Bloomberg relates that the investigations -- which have been
ongoing since November 2018 -- involve suspected disclosure-related
offenses, according to the Monetary Authority of Singapore's
enforcement report published on April 27.  As part of the probe
into the company, whose collapse destroyed many investors' savings,
the MAS said it asked foreign regulators for help to get
information from relevant individuals, it said.

According to Bloomberg, Singapore has tightened oversight and
pushed for more disclosure in recent years following a spate of
corporate scandals that have rocked the city-state. At stake is its
role as a global wealth hub, which has lured more investors --
companies and uber-rich individuals -- amid the pandemic due in
part to its stable leadership and rule of law.

The MAS's latest report, which covers the period from July 2020 to
December 2021, introduced a new section that provides updates on
high-profile cases to give greater transparency on probes into
financial breaches, Bloomberg says.

Bloomberg adds that in other disclosures, the MAS report stated:

   * MAS is looking into two firms that invested in alleged nickel
scammer Ng Yu Zhi's Envy Asset Management and Envy Global Trading
-- Envysion Wealth Management Pte., now known as Hui Xun Asset
Management Pte., and Vickers Venture Partners (Singapore) Pte. The
regulator is reviewing documents obtained from the two firms to see
if there had been governance or risk management failures in their
conduct of business, and investigations are ongoing.

   * Investigations into former market darling Hyflux Ltd. are
still ongoing, with authorities having to review announcements and
financial statements by the water and power company between 2011
and 2018. MAS said it's working closely with the Attorney-General's
Chambers to review the evidence.

   * The probe into Eagle Hospitality Trust, which sought Chapter
11 bankruptcy protection not long after its initial share sale in
2019, is also ongoing, with interviews conducted and help sought
from relevant foreign authorities, the report said.

"MAS has continued to take robust enforcement actions against
errant firms and individuals so as to safeguard the integrity of
our financial sector," Peggy Pao, executive director of
enforcement, said in the report, Bloomberg relays.

Bloomberg relates that the regulator said its priorities ahead
include stepping up its focus on corporate finance advisory firms
and fund management companies that fail to comply with
requirements, as well as holding senior managers accountable for
breaches by their subordinates or firms. It is also studying
options for enhancing investors' recourse for losses due to
securities market misconduct.

Bloomberg says that other key findings from the enforcement report
are:

   * The average time taken by MAS to complete its reviews and
investigations is nine months for criminal prosecutions and
regulatory actions. In the previous reporting period from January
2019 to June 2020, the time taken to complete such investigations
was 24 months.

   * There were 20 prohibition orders issued against unfit
financial representatives, banning them from re-entering the
industry.

Noble Group Limited was a manager of global supply chains for
physical commodities. The company's activities across these chains
included the sourcing, storage, processing, transportation, and
distribution of various commodity products.

Noble's financial restructuring was completed on December 20, 2018.
Following the restructuring, all the assets and business of Old
Noble were transferred to Noble Holdings.




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

ADORA PRODUCTS: CRISIL Keeps B Debt Ratings in Not Cooperating
--------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Adora
Products Private Limited (APPL) continue to be 'CRISIL B/Stable
Issuer Not Cooperating'.

                       Amount
   Facilities       (INR Crore)     Ratings
   ----------       -----------     -------
   Cash Credit            5.5       CRISIL B/Stable (Issuer Not
                                    Cooperating)

   Long Term Loan         8.25      CRISIL B/Stable (Issuer Not
                                    Cooperating)

   Proposed Working       1.25      CRISIL B/Stable (Issuer Not
   Capital Facility                 Cooperating)

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

APPL is Aurangabad based company engaged in contract manufacturing
of anti-biotic, in different forms mainly tablets, capsules and
syrups. APPL is promoted by Mr. Mukesh Jain, Mr. Sunil Patni, Mr.
Pritamkumar Patni, and Mr. Anand Nagapurkar along with their family
members.

ANUBANDANA INFRATECH: CRISIL Keeps D Ratings in Not Cooperating
---------------------------------------------------------------
CRISIL Ratings said the rating on bank facilities of Anubandana
Infratech Private Limited (AIPL) continues to be 'CRISIL D Issuer
Not Cooperating'.

                       Amount
   Facilities       (INR Crore)     Ratings
   ----------       -----------     -------
   Long Term Loan         7         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 continues to be 'CRISIL D Issuer Not Cooperating'.

Incorporated in 2010 and promoted by Mr. K Sridhar, AIPL constructs
and sells residential apartments in Karnataka and Andhra Pradesh.


ARCHEESH HEALTH: CRISIL Keeps B Debt Ratings in Not Cooperating
---------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Archeesh
Health Care Private Limited (AHCPL) continue to be 'CRISIL B/Stable
Issuer Not Cooperating'.

                       Amount
   Facilities       (INR Crore)     Ratings
   ----------       -----------     -------
   Long Term Loan        10         CRISIL B/Stable (Issuer Not
                                    Cooperating)

   Proposed Fund-         1         CRISIL B/Stable (Issuer Not
   Based Bank Limits                Cooperating)

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

Incorporated in October 2015 as a private limited company, AHCPL is
setting up a manufacturing unit for cosmetic and Ayurveda product.
Based in Hyderabad, Telangana it is a manufacturer of Herbal Skin
Care, Personal Care Products and Baby Care products, and permanent
supplier of 'The Himalaya Drug Company'. The company is promoted by
Mr. Santosh Kumar Kokku who has 10 years of extensive industry
experience.


ARIHANT GEMS: CRISIL Keeps B+ Debt Ratings in Not Cooperating
-------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Arihant Gems
and Jewelleries Private Limited (AGJPL) continue to be 'CRISIL
B+/Stable Issuer Not Cooperating'.

                       Amount
   Facilities       (INR Crore)     Ratings
   ----------       -----------     -------
   Cash Credit          15.35       CRISIL B+/Stable (Issuer Not
                                    Cooperating)

   Proposed Long Term    0.15       CRISIL B+/Stable (Issuer Not
   Bank Loan Facility               Cooperating)

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

Incorporated in September 2005 and promoted by Mr. Tejpal Shah, Mr.
Kanahayalal Shah, and Mr. Mahavir Shah (joined in 2009), AGJPL
manufactures gold and diamond-studded ornaments under the MOH
brand. It has two retail showrooms and a manufacturing facility in
Surat.


ASHA ENTERPRISES: CRISIL Cuts Rating on INR8cr Term Loan to D
-------------------------------------------------------------
CRISIL Ratings has downgraded its rating on the bank facilities of
Asha Enterprises (AE) to 'CRISIL D Issuer Not Cooperating' from
'CRISIL B-/Stable Issuer Not Cooperating' based on publicly
available information.

                       Amount
   Facilities       (INR Crore)     Ratings
   ----------       -----------     -------
   Term Loan              8         CRISIL D (ISSUER NOT   
                                    COOPERATING; Downgraded from
                                    'CRISIL B-/Stable ISSUER NOT
                                    COOPERATING')

CRISIL Ratings has been consistently following up with AE for
obtaining information through letters and emails dated November 21,
2020 and May 19, 2021 among others, apart from telephonic
communication. However, the issuer has remained non cooperative.

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

Detailed Rationale

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

Asha, incorporated in 2015 by Mr. Bineet Somani is setting-up a
40-key three-star hotel at Sevoke Road, Bhaktinagar in Siliguri,
West Bengal. The firm is proposing to start its commercial
operations by April 2017. Mr. Kedar Somani (father), Mrs. Asha
Somani (mother) and Mr. Amit Somani (brother) are the other
partners of the firm.


BALAJI ENTERPRISES: CRISIL Keeps B Ratings in Not Cooperating
-------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Balaji
Enterprises (Pondy) Private Limited (BEPPL) continue to be 'CRISIL
B/Stable Issuer Not Cooperating'.

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

   Long Term Loan         0.5       CRISIL B/Stable (Issuer Not
                                    Cooperating)

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

Incorporated in 1997 and based in Puducherry, BEPPL is an exclusive
distributor of IMFL and beer manufactured by the UB group. The
company has also started manufacturing IMFL brands of the UB group
in FY2018. The company is promoted by Mrs. A Sumalini Reddy and its
day-to-day operations are managed by Mr. Kasinathan and Mr. Chandra
Mohan.


BARGARH RICE: CRISIL Lowers Rating on INR7cr Loans to B
-------------------------------------------------------
CRISIL Ratings has downgraded the ratings on bank facilities of
Bargarh Rice Millers Consortium Private Limited (BRMCPL) to 'CRISIL
B/Stable Issuer Not Cooperating' from 'CRISIL BB-/Stable Issuer Not
Cooperating'.

                       Amount
   Facilities       (INR Crore)     Ratings
   ----------       -----------     -------
   Cash Credit             5        CRISIL B/Stable (ISSUER NOT
                                    COOPERATING; Revised from
                                    'CRISIL BB-/Stable ISSUER NOT
                                    COOPERATING')

   Proposed Long Term      2        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 BRMCPL 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 BRMCPL, which restricts CRISIL
Ratings' ability to take a forward-looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on
BRMCPL is consistent with 'Assessing Information Adequacy Risk'.
Based on the last available information, the ratings on bank
facilities of BRMCPL Revised to 'CRISIL B/Stable Issuer Not
Cooperating' from 'CRISIL BB-/Stable Issuer Not Cooperating'.

Incorporated in 2006, Orissa-based BRMCPL, promoted by Mr. Anand
Sharma and Mr. Rohit Kumar Singhal, is engaged in the pressing &
processing of rice bran oil.

BHAGATJEE STEELS: CRISIL Keeps B+ Debt Rating in Not Cooperating
----------------------------------------------------------------
CRISIL Ratings said the rating on bank facilities of Bhagatjee
Steels Private Limited (BSPL) continues to be 'CRISIL B+/Stable
Issuer Not Cooperating'.

                       Amount
   Facilities       (INR Crore)     Ratings
   ----------       -----------     -------
   Cash Credit            16        CRISIL B+/Stable (Issuer Not
                                    Cooperating)

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

Incorporated in 2010, BSPL manufactures mild steel (MS) ingots,
angles, flats, channels, rounds, and squares. The manufacturing
facility in Durgapur, West Bengal, has installed capacity of 24,000
tonne per annum (TPA) for structural steel and 50,000 TPA for MS
ingots. Mr Rakesh Kumar Agarwal and his family members are the
promoters.


CHANDRA AUTOMOBILE: CRISIL Hikes Rating on INR7.15cr Loan to B+
---------------------------------------------------------------
CRISIL Ratings has upgraded its rating on the bank facilities of
Chandra Automobile India Private Limited (CAIPL) to 'CRISIL
B+/Stable' from 'CRISIL B-/Stable'

                        Amount
   Facilities        (INR Crore)     Ratings
   ----------        -----------     -------
   Inventory Funding      7.15       CRISIL B+/Stable (Upgraded
   Facility                          from 'CRISIL B-/Stable')

The rating upgrade reflects improved liquidity marked by moderate
bank limit utilization of less than 70%. Estimated Net cash
accruals of around INR1.7 crore is expected to remain sufficient
against repayment obligations of less than INR1.2 crore in FY22.
Business risk has remained steady backed by moderate operating
margin of around 3% in FY21. Operating margin is expected to
continue at around 3% for FY22. Further, in the absence of any
major debt funded capex plans and consistent accretion to reserves,
capital structure is expected to improve over the medium term.

The rating continues to reflect CAIPL's modest financial risk
profile and its exposure to intense competition in automobile
dealership industry. These weaknesses are partially offset by the
promoter's extensive experiences in the industry.

Key Rating Drivers & Detailed Description

Weaknesses:

* Modest financial risk profile: The company's financial risk
profile is marked by modest net worth and high gearing and total
outside liabilities to tangible net worth (TOLTNW) ratio. The
company had modest net worth of about INR5.14 crore as on March 31,
2021. Its net worth is likely to remain modest over the medium term
on account of low accretions to reserves because of low
profitability on account of the trading nature of its operations.
TOL TNW continues to remain modest at around 4.72 times in FY21.

* Exposure to intense competition in automobile dealership
industry: The passenger cars automotive sector is intensely
competitive with a large number of players present in the mini,
compact, mid-size, executive, premium and luxury passenger car
segments. Also two wheeler automotive sector is intensely
competitive with a large number of players present in the 100cc,
150cc and premium categories.

Strength:

* Promoters' extensive experience: The promoters have extensive
experience in operating various auto dealerships. The promoters
have initially set CAIPL in 1992 as a dealer of two wheelers for
Hero Honda Motors Pvt Ltd. Later in 2005 they have taken up the
dealership of HMSI. After the split of Hero and Honda, the company
has taken the dealership of HMIL.

Liquidity: Stretched

Average month end bank limit utilization for the last 12 months
period ended November 2021 remained low at less than 70%. Further,
net cash accruals of over INR1.6 crores is expected to remain
sufficient against repayment obligations of less than INR1.1 crore
in FY22. Current ratio was modest at 0.96 times, as on 31st March
2021.

Outlook: Stable

CRISIL Rating believes that CAIPL will continue to benefit over the
medium term from its promoters' extensive industry experience.

Rating Sensitivity Factors

Upward Factors:

* Strong revenue growth rate while maintaining operating margin of
more than 3.5%
* Efficient working capital management and improved capital
structure with gearing of less than 4 times

Downward Factors:

* Decline in revenue growth rate or fall in operating margin at
less than 2%
* Larger than expected working capital requirement or significant
debt funded capex

Set up in 1992, CAIPL is an authorized dealer for passenger cars of
Hyundai Motor India Ltd and two-wheelers of Honda Motorcycle &
Scooter India Pvt Ltd in Coimbatore (Tamil Nadu). The company is
promoted by Mrs. R Nandini and her family members.


CPS STEEL INDIA: Insolvency Resolution Process Case Summary
-----------------------------------------------------------
Debtor: C P S Steel India Private Limited
        No. 102 P N Palayam Road
        K R Puram Ganapathy
        Coimbatore 641006
        Tamil Nadu, India

Insolvency Commencement Date: April 25, 2022

Court: National Company Law Tribunal, Coimbatore Bench

Estimated date of closure of
insolvency resolution process: October 21, 2022

Insolvency professional: Mr. P. Eswaramoorthy

Interim Resolution
Professional:            Mr. P. Eswaramoorthy
                         No. 44, 5th Street
                         Ramalingajothi Nagar
                         Near Corporation Office
                         Nanjundapuram Road
                         Ramanathapuram
                         Coimbatore 641045
                         Tamil Nadu, India
                         E-mail: eswarfcs@gmail.com
                         Tel: 0422-2322333, 3500466

Last date for
submission of claims:    May 8, 2022


DELHI INTERNATIONAL AIRPORT: S&P Hikes ICR to 'B', Outlook Stable
-----------------------------------------------------------------
S&P Global Ratings, on April 28, 2022, raised its long-term issuer
credit rating on Delhi International Airport Ltd. (DIAL) and the
issue rating on its senior secured notes to 'B' from 'B-'.

The stable outlook on DIAL reflects S&P's view that its FFO cash
interest coverage will improve sustainably to above 1.0x following
the stabilizing of operating conditions. S&P also expects DIAL to
appropriately manage its liquidity without significant funding
needs over the next 12 months.

DIAL funds from operations (FFO) cash interest coverage will likely
recover to above 1.0x sustainably following strong passenger
traffic recovery, backed by easing restrictions and resilient
passenger demand.

Completion of the company's commercial property development (CPD)
transaction with Bharti Realty Ltd. also supports cash flow
visibility for DIAL.

A rebound in passenger traffic will support an improvement in
DIAL's interest servicing ratio. S&P believes passenger traffic
volumes in India will recover strongly as omicron cases stabilize,
and as restrictions ease for both travel and capacity on domestic
airlines. DIAL's domestic passenger volume in March 2022 surpassed
4 million, rebounding strongly to 105% of that in the same period
in 2019 and about 95% of that in 2020 (adjusted for the impact of
the lockdown). This reflects a strong recovery from a dip in
traffic volumes over January-February 2022 due to the peak of the
omicron-led infection wave. S&P said, "In our view, the pace of
domestic traffic recovery is faster than previously envisioned, and
we expect a full recovery to pre-COVID-19 levels in fiscal 2023
(ending March 31, 2023), compared with our previous expectation of
fiscal 2024. We estimate domestic traffic will increase to about 49
million passengers in fiscal 2023, from 32.8 million passengers in
fiscal 2021."

In addition, the steady opening of international routes and
resilient passenger demand should drive the recovery in
international passenger volume. India's Directorate General of
Civil Aviation has allowed the resumption of scheduled
international flights from March 27, 2022, onward, following a
two-year long ban. S&P said, "With easing international travel
restrictions, we expect the volume of international passengers to
recover to about 60% of pre-COVID-19 levels in fiscal 2023 and to
make a full recovery in fiscal 2024. This is faster than our
previous expectation of a full return in fiscal 2025."

In S&P's opinion, the robust traffic recovery will support DIAL's
interest-servicing ability, with FFO cash interest coverage
recovering to 0.9x-1.1x over fiscal years 2023 and 2024.
Nonetheless, downside risk to the company's cash flow could arise
if traffic volumes are lower than its base-case assumptions.

Completion of the CPD transaction will provide greater cash flow
visibility. DIAL's long-delayed CPD transaction with Bharti Realty
Ltd. concluded in September 2021, with no changes to the total cash
receipts. In S&P's view, the CPD income will provide additional
cash flow to support DIAL's interest-servicing ability. DIAL will
receive an upfront security deposit and advance development cost
totaling about Indian rupee (INR) 14.4 billion, which is in line
with its estimates. However, the payment schedule has been revised
and DIAL will receive the receipts in tranches over the next three
years (the company already received INR10.54 billion in September
2021). Upfront receipts and lease rentals will be staggered, based
on leasing of commercial space, with 2.73 million square feet (sq.
ft.) of commercial space in effect over fiscal years 2022 and 2023,
and the balance area of 2.16 million sq. ft. from fiscal 2024
onward.

DIAL will likely resume high revenue share payments to Airport
Authority of India (AAI) from fiscal 2023 onward. This is due to
stronger earnings backed by a strong recovery in traffic volumes --
with domestic traffic volumes returning to pre-pandemic level in
fiscal 2023. As such, DIAL will no longer benefit from an interim
stay on high revenue share payments (45.99% of total revenue) to
AAI. The company has previously invoked a force majeure clause
owing to the pandemic, and the stay on concession fees has provided
liquidity buffer and cash flow relief amid weak operating
conditions.

S&P said, "We continue to expect clarity on the deferral of a
concession fee payable to AAI by June 2022. This follows a final
decision by the arbitration tribunal. Our base case assumes that
the total deferred fee amount of about INR13 billion could be
payable in equal tranches over two years. Payments will likely be
staggered to help ease the company's liquidity even as traffic
volumes steadily recover.

"Equipment lease financing should provide some cash flow relief to
DIAL.In our view, the company's adoption of equipment lease
financing as part of its expansion plan will manage its cash flow
and liquidity over fiscal years 2023 and 2024. DIAL has updated its
lease financing arrangement (for equipment costs valued at about
INR17 billion) in January 2022 and expects completion in September
2023. As per the terms, DIAL will pay interest costs till September
2023 and annual lease rentals of about INR3.6 billion over a
seven-year period thereafter. Our financial ratios remain largely
the same because we will treat the arrangement as finance leases in
our analysis, which is similar to debt obligation. However, the
company will face lower capital expenditure (capex) requirements of
about INR16.5 billion in fiscal 2023 and INR11.5 billion in fiscal
2024, compared with our previous estimates of INR26.5 billion and
INR15.5 billion over the same period. This will help ease liquidity
and funding pressures for the company over the next two years, with
manageable funding needs of about INR7 billion in fiscal 2024 in
our base case."

The stable outlook on DIAL reflects its FFO cash interest coverage
recovering to about 1.0x in fiscal 2023 following the stabilization
of operating conditions. A full recovery of domestic passenger
traffic volumes to pre-pandemic levels in fiscal 2023 and receipt
of CPD income will support higher cash flow.

S&P also expecst DIAL to appropriately manage its liquidity without
significant funding needs over the next 12 months.

S&P could lower the rating on DIAL if the company's
interest-servicing ability deteriorates, with FFO cash interest
coverage falling sustainably below 1.0x, or if the company faces
significant liquidity pressure. This could happen if the operating
environment and passenger traffic volumes are materially weaker
than our estimates, leading to lower operational cash flow.

S&P could raise the rating if DIAL's operating efficiency and
profitability improve sustainably to about 30%, which is in line
with historical levels. This could be driven by timely receipt of
CPD income from continuing land monetization, which would offset
the company's high fixed cost base.

An upgrade would also require the company to maintain FFO cash
interest coverage of above 1.0x sustainably.

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

Social factors are now a moderately negative consideration in S&P's
credit rating analysis of DIAL because S&P sees a more meaningful
positive cash flow impact over the next few years due to strong
traffic rebound for both domestic and international traffic. This
is driven by stabilization of Omicron cases, easing of travel
restrictions and resilient passenger demand.

The pandemic-related drop in passenger traffic has strained the
airport's financials and profitability. However, the easing of
travel restrictions, removal of caps on domestic flights and
resumption of international flights will support steady cash flow
recovery. S&P expects DIAL's total passengers to be about 60
million in fiscal 2023, about 90% of pre-COVID levels. Domestic
traffic, which contributes about 70% of the traffic mix, is likely
to recover to pre-COVID levels by fiscal 2023. Also, the airport is
near the National Capital Region's central business and residential
districts, which can result in operating restrictions to reduce
noise and congestion. Governance factors are also a moderately
negative consideration. This reflects challenges in DIAL's
strategic planning, given past delays in formulating strategies.


EMERGENT TRADERS: Insolvency Resolution Process Case Summary
------------------------------------------------------------
Debtor: Emergent Traders Private Limited
        113, First floor
        Hemkunt Chember 89
        Nehru Place, New Delhi
        South Delhi 110019

Insolvency Commencement Date: April 21, 2022

Court: National Company Law Tribunal, Principal Bench, New Delhi

Estimated date of closure of
insolvency resolution process: October 3, 2022
                               (180 days from commencement)

Insolvency professional: Mr. Akhil Ahuja

Interim Resolution
Professional:            Mr. Akhil Ahuja
                         D-65, Ground Floor
                         Defence Colony, South
                         National Capital Territory of Delhi
                         110024
                         E-mail: caakhilahuja@gmail.com

                            - and -

                         Immaculate Resolution Professionals
                         Private Limited
                         Unit No. 112, First Floor, Tower-A
                         Spazedge Commercial Complex
                         Sector-47, Sohna Road
                         Gurgaon 122018
                         E-mail: cirp.emergenttraders@gmail.com

Last date for
submission of claims:    May 5, 2022


EUROLIFE HEALTHCARE: CRISIL Keeps D Ratings in Not Cooperating
--------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Eurolife
Healthcare Private Limited (EHPL) continue to be 'CRISIL D/CRISIL D
Issuer Not Cooperating'.

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

   Cash Credit            8.5       CRISIL D (Issuer Not
                                    Cooperating)

   Cash Credit            5         CRISIL D (Issuer Not
                                    Cooperating)

   External Commercial   16.6       CRISIL D (Issuer Not
   Borrowings                       Cooperating)

   External Commercial   15         CRISIL D (Issuer Not
   Borrowings                       Cooperating)

   Letter of Credit       1.5       CRISIL D (Issuer Not
                                    Cooperating)

   Letter of Credit       2.5       CRISIL D (Issuer Not
                                    Cooperating)

   Packing Credit         3.5       CRISIL D (Issuer Not
                                    Cooperating)

   Proposed Long Term     3.4       CRISIL D (Issuer Not
   Bank Loan Facility               Cooperating)

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

EHPL, incorporated in 1987 by Mr S S Toshniwal and Mr Mahendra
Singhi, manufactures pharmaceutical formulations. The company
started operations in 2001 and has its manufacturing facilities at
Roorkee in Uttarakhand and at Waluj in Maharashtra.

FORTUNE SPIRIT: Insolvency Resolution Process Case Summary
----------------------------------------------------------
Debtor: Fortune Spirit Limited
        Plot No. 31, Kharavela Nagar Unit-III
        Bhubaneswar, Khordha
        Odisha 751001

Insolvency Commencement Date: April 25, 2022

Court: National Company Law Tribunal, Cuttack Bench

Estimated date of closure of
insolvency resolution process: October 22, 2022

Insolvency professional: Saroja Kumar Prusty

Interim Resolution
Professional:            Saroja Kumar Prusty
                         Plot No. 33/7, Gada Mahavir Vihar
                         Old Town, Bhubaneswar-2, Khorda
                         Odisha 751002
                         E-mail: sarojprutsy.adv13@gmail.com
                                 fortunespirit.cirp@gmail.com

Last date for
submission of claims:    May 9, 2022


FUTURE RETAIL: NCLT to Hear Insolvency Plea vs. Firm on May 12
--------------------------------------------------------------
Livemint.com reports that the Mumbai bench of the National Company
Law Tribunal (NCLT) on April 28 gave crisis-hit Future Retail Ltd
(FRL) time until May 12 to submit its reply to the insolvency
petition filed against the firm by Bank of India.

During the hearing, the counsel for FRL told NCLT that the firm
needs more time to file a reply to the Bank of India's petition,
the report relays.

The bench, headed by Pradeep Narhari Deshmukh and Shyam Babu
Gautam, postponed the matter for further hearing to May 12.

According to Livemint.com, Bank of India had recently moved the
tribunal seeking to initiate insolvency resolution proceedings
against FRL, which has defaulted on loan repayments.

Livemint.com relates that the NCLT hearing on April 28 also came
against the backdrop of Reliance calling off its proposed INR24,713
crore-deal with Future Group after secured creditors voted against
it.

Under the deal, which was announced in August 2020, Future Group
was to sell 19 companies operating in retail, wholesale, logistics
and warehousing segments to Reliance Retail Ventures (RRVL).

FRL has defaulted on payment of INR5,322.32 crore to its lenders on
account of the ongoing litigations with e-commerce major Amazon and
other related issues, the report discloses.

Bank of India, which has filed the insolvency petition, is the lead
banker in the consortium of lenders of FRL, the report notes. Last
month, the lender through a public notice claimed its charge over
the assets of FRL and warned the public against dealing with assets
of the Kishore Biyani-led Future group firm.

Several Future Group companies, including FRL, had entered into
agreements with their respective lenders in terms of the RBI
circular dated August 6, 2020, in which a resolution framework for
COVID-related stress was announced.

Future Group's deal with Reliance was opposed by Amazon and
litigation is going on at various forums, the report says.

                         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
AUD3.4 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.


GBJ HOTELS PRIVATE: Insolvency Resolution Process Case Summary
--------------------------------------------------------------
Debtor: M/s. G B J Hotels Private Limited
        164 & 165, Avinashi Road
        Peelamedu, Coimbatore 641004

Insolvency Commencement Date: April 20, 2022

Court: National Company Law Tribunal, Coimbatore Bench

Estimated date of closure of
insolvency resolution process: October 16, 2022
                               (180 days from commencement)

Insolvency professional: CA Mahalingam Suresh Kumar

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

Last date for
submission of claims:    May 4, 2022


GMR HYDERABAD: S&P Affirms 'BB-' ICR & Alters Outlook to Stable
---------------------------------------------------------------
S&P Global Ratings, on April 28, 2022, revised its outlook on GMR
Hyderabad International Airport Ltd. (GHIAL) to stable from
negative. At the same time, S&P affirmed its 'BB-' long-term issuer
credit rating on GHIAL and the 'BB-' long-term issue rating on the
company's senior secured notes.

S&P said, "The stable outlook on GHIAL reflects our view that the
company's OCF-to-debt ratio will improve to more than 5% on a
sustainable basis following the recovery in passenger traffic
volumes.

"A rebound in passenger traffic will support a recovery in GHIAL's
financial performance. We believe passenger traffic volumes in
India will recover strongly as omicron cases stabilize, and as
restrictions ease for both travel and capacity on domestic
airlines. GHIAL's domestic passenger volume in March 2022 surpassed
1.4 million, rebounding strongly to 93% of that in the same period
in 2019 and about 95% of that in 2020 (adjusted for the impact of
the lockdown). This reflects a strong recovery from a dip in
traffic volumes over January-February 2022 due to the peak of the
omicron-led infection wave. The pace of domestic traffic recovery
is faster than we previously envisioned. We now expect a full
recovery to pre-COVID-19 levels in fiscal 2023 (ending March 31,
2023), compared with our previous expectation of fiscal 2024. We
estimate domestic traffic will increase to about 17 million
passengers in fiscal 2023, from 11 million passengers in fiscal
2021. Given that about 80% of the destinations that GHIAL directly
serves are domestic, we believe the company is well positioned to
benefit from a strong rebound."

In addition, the steady opening of international routes and
resilient passenger demand should drive the recovery in
international passenger volume. India's Directorate General of
Civil Aviation has allowed the resumption of scheduled
international flights from March 27, 2022, onward, following a
two-year long ban. With easing international travel restrictions,
S&P expects the volume of international passengers to recover to
about 60% of pre-COVID-19 levels in fiscal 2023 and to make a full
recovery in fiscal 2024. This is faster than its previous
expectation of a full return in fiscal 2025.

S&P said, "In our opinion, the robust traffic recovery will support
an improvement in GHIAL's leverage. We forecast the company's
OCF-to-debt ratio will recover to about 5.5% in fiscal 2024 and
improve to about 8.0% over subsequent years." Nonetheless, downside
risk to the company's cash flows could arise if traffic volumes are
lower than our base-case assumptions.

S&P said, "GHIAL's financial ratios will remain resilient over the
current control period 3 (CP3; April 1, 2021 to March 31, 2026),
despite lower CP3 tariffs than we envisioned. CP3 tariff
implementation, which we view to be relatively timely, provides
cash flow visibility over the next three years. Despite a one-year
delay in GHIAL's leverage recovery to fiscal 2024, we believe the
company's financial ratios will remain supportive over its
five-year tariff block. We also expect its funds from operations
(FFO) cash interest coverage to recover to above 1.5x from fiscal
2024 onward."

The final tariff order incorporates the bulk of GHIAL's spending
plans and lower passenger traffic volumes stemming from travel
restrictions related to the pandemic. This is in line with S&P's
expectations for the tariff mechanism. However, the airport
regulator in India has provided for revenue deferral of about
Indian rupee (INR) 8 billion for recovery in the next control
period, resulting in some cash flow lag. Varying tariff levels are
also set to help manage the traffic recovery. The tariff (yield per
pax excluding cargo, ground handling and fuel farm) hike is set to
start in April 2022 at about INR300 per passenger (higher than
INR200 in fiscal 2022) and increase steadily over the next three
years. Overall, tariff levels over the five-year tariff block are
about 20% lower (on average) than our previous expectation.

The stable outlook on GHIAL reflects the company's OCF-to-debt
ratio recovering to more than 5% on a sustainable basis, driven by
a full recovery in domestic passenger traffic volumes to
pre-pandemic levels in fiscal 2023.

S&P said, "We could lower the rating on GHIAL if the company's
OCF-to-debt ratio falls sustainably below 4.5% over its current
five-year tariff block. This could happen if passenger traffic is
materially weaker than we expect, leading to lower operational cash
flow.
"We could raise the rating on GHIAL if passenger traffic volumes
are significantly stronger than we expect, supporting an
OCF-to-debt ratio of more than 6.5% on a sustainable basis."

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

Social factors are now a moderately negative consideration in S&P's
credit rating analysis of GHIAL. That's because it sees a more
meaningful positive cash flow impact over the next few years due to
a strong rebound in both domestic and international traffic. This
is driven by stabilization of omicron cases, easing of travel
restrictions, and resilient passenger demand.

The pandemic-related drop in passenger traffic has strained the
airport's financials. However, the easing of travel restrictions,
removal of caps on domestic flights, and resumption of
international flights will support steady cash flow recovery. S&P
expects GHIAL's total passengers to be about 19 million in fiscal
2023, about 89% of pre-COVID levels. Domestic traffic, which
contributes about 80% of the traffic mix, is likely to recover to
pre-COVID levels by fiscal 2023. That said, the company is less
exposed to potential operating restrictions to reduce noise and
congestion than peers, given it is further away from central
business and residential districts.


GREETA MUSICAL: Insolvency Resolution Process Case Summary
----------------------------------------------------------
Debtor: Greeta Musical Instruments Manufacturing and
        Exporters Private Limited
        54 Village Square
        Valluvarkottam High Road
        Nungambakkam TN 600034
        IN

Insolvency Commencement Date: April 19, 2022

Court: National Company Law Tribunal, Chennai Bench

Estimated date of closure of
insolvency resolution process: October 16, 2022
                               (180 days from commencement)

Insolvency professional: L V Shyam Sundar

Interim Resolution
Professional:            L V Shyam Sundar
                         3rd Floor, No. 17, Gandhi Road
                         Alwarthirunagar
                         Opp to Vinayagar Temple &
                         Above Samyuktha Scans
                         Chennai, Tamil Nadu 600087
                         E-mail: shyam.ascend@gmail.com
                                 cirp.greetamusical@gmail.com
                         Tel: 044-43535657
                         Mobie: 9884882326

Last date for
submission of claims:    May 3, 2022


GVK INDUSTRIES LIMITED: Insolvency Resolution Process Case Summary
------------------------------------------------------------------
Debtor: GVK Industries Limited
        Plot # 10, Paigah Colony Phase-I
        Sardar Patel Road
        Secunderabad, Hyderabad
        Telangana 500003

Insolvency Commencement Date: April 25, 2022

Court: National Company Law Tribunal, Mumbai Bench

Estimated date of closure of
insolvency resolution process: October 18, 2022

Insolvency professional: Mukesh Verma

Interim Resolution
Professional:            Mukesh Verma
                         B-1506, Sunteck City
                         Avenue 2, Goregaon West
                         Mumbai Suburban
                         Maharashtra 400104
                         E-mail: ip.mukeshverma@gmail.com

                            - and -

                         AVM Resolution Professionals LLP
                         8/28, 3rd Floor, W.E.A.
                         Abdul Aziz Road, Karol Bagh
                         New Delhi 110005
                         E-mail: cirp.gvk@avmresolution.com

Last date for
submission of claims:    May 9, 2022


HINDUSTAN MAGNESIUM: Insolvency Resolution Process Case Summary
---------------------------------------------------------------
Debtor: M/s. Hindustan Magnesium Products Private Limited
        Plot No. 98/1, Phase II
        IDA, Cherlapalli
        Hyderabad, Telangana 500051

Insolvency Commencement Date: April 22, 2022

Court: National Company Law Tribunal, Hyderabad Bench

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

Insolvency professional: V. Shankar

Interim Resolution
Professional:            V. Shankar
                         303, Block-A
                         Legend Commercial Complex
                         3-4-770 & 136
                         Above Keshav Medicals
                         Barkatpura, Hyderabad
                         Telangana 500027
                         Tel: 9912257415
                         E-mail: 1981shanky@gmail.com

Last date for
submission of claims:    May 6, 2022


HOTEL MILESTONNEX: Insolvency Resolution Process Case Summary
-------------------------------------------------------------
Debtor: Hotel Milestonnex India Private Limited
        34, Santha Velur
        Sugavarchatram PO
        Sriperumbudur
        Kanchipuram 602106

Insolvency Commencement Date: April 20, 2022

Court: National Company Law Tribunal, Chennai Bench

Estimated date of closure of
insolvency resolution process: October 17, 2022

Insolvency professional: Amier Hamsa Ali Abbas Rawther

Interim Resolution
Professional:            Amier Hamsa Ali Abbas Rawther
                         R094, SBIOA Unity Enclave
                         Mambakkam P O
                         Chennai 600127, TN
                         E-mail: amierhamsa@gmail.com

Last date for
submission of claims:    May 4, 2022


IVRCL CHENGAPALLI TOLLWAYS: Insolvency Resolution Case Summary
--------------------------------------------------------------
Debtor: IVRCL Chengapalli Tollways Limited
        MIHIR, #8-2-350/5/A/24/1B & 2
        Panchavati Colony Road No. 2
        Banjara Hills, Hyderabad
        Telangana 500034

Insolvency Commencement Date: April 25, 2022

Court: National Company Law Tribunal, Hyderabad Bench

Estimated date of closure of
insolvency resolution process: October 22, 2022

Insolvency professional: Sutanu Sinha

Interim Resolution
Professional:            Sutanu Sinha
                         Floor 4, Duckback House 41
                         Shakespeare Sarani
                         Kolkata, West Bengal 700017
                         India
                         E-mail: sutanusinha@bdo.in

                            - and -

                         MIHIR, #8-2-350/5/A/24/1B & 2
                         Panchavati Colony Road No. 2
                         Banjara Hills, Hyderabad
                         Telangana 500034
                         E-mail: ictl@bdo.in

Last date for
submission of claims:    May 9, 2022


JAGAT JAGDAMBA: CRISIL Keeps D Debt Rating in Not Cooperating
-------------------------------------------------------------
CRISIL Ratings said the rating on bank facilities of Jagat Jagdamba
Flour Private Limited (JJRFPL) continues to be 'CRISIL D Issuer Not
Cooperating'.

                       Amount
   Facilities       (INR Crore)     Ratings
   ----------       -----------     -------
   Cash Credit           14         CRISIL D (Issuer Not
                                    Cooperating)

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

JJRFPL, incorporated in 2009, is part of the Jagdamba group, headed
by Mr. Krishna Murari Choudhary. The group has been trading in
rice, pulses, and flour since 1988, and has been processing food
grains since 2003. JJFPL manufactures wheat-based products at its
unit in Hazipur, Bihar; the unit has a capacity to process 300
tonnes per day of wheat.


JAMNADAS AND COMPANY: CRISIL Keeps D Rating in Not Cooperating
--------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Jamnadas and
Company (JNC) continue to be 'CRISIL D Issuer Not Cooperating'.

                    Amount
   Facilities    (INR Crore)     Ratings
   ----------    -----------     -------
   Cash Credit         14        CRISIL D (Issuer Not
                                 Cooperating)

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

Set up in 1969 in Nagpur as a partnership firm by Mr Jamnadas
Udeshi and his family, JNC trades in structural steel products such
as mild steel angles, beams, channels, flat, and round and square
bars.


JAYAWANTI BABU: CRISIL Keeps D Debt Rating in Not Cooperating
-------------------------------------------------------------
CRISIL Ratings said the rating on bank facilities of Jayawanti Babu
Foundation (JBF) continues to be 'CRISIL D Issuer Not
Cooperating'.

                       Amount
   Facilities       (INR Crore)     Ratings
   ----------       -----------     -------
   Term Loan             11.8       CRISIL D (Issuer Not
                                    Cooperating)

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

Jayawanti Babu Foundation (JBF) was established in 2007 by Mr
Santosh Pal situated in Oras, Sindhudurg. There are two
institutions under this trust namely Metropolitan Institute of
Technology and Management (MITM) and Aarna Institute of Maritime
Studies (AIMS).


JEEVAN POLYMERS: Insolvency Resolution Process Case Summary
-----------------------------------------------------------
Debtor: Jeevans Polymers Pvt Ltd
        Plot No. 12/C, C.I.E.
        Gandhinagar, Balanagar
        Hyderabad 500037
        Telangana

Insolvency Commencement Date: April 22, 2022

Court: National Company Law Tribunal, Hyderabad Bench

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

Insolvency professional: Mr. Gullapalli Kishore Babu

Interim Resolution
Professional:            Mr. Gullapalli Kishore Babu
                         11-11-169, Sowbhagyapuram
                         Road No. 1, Kothapet
                         Near Venkateswara Swamy Temple
                         Opposite Srinivasa Kalyana Mandapam
                         Hyderabad, Telangana 500035
                         E-mail: gkishorebabu@gmail.com

                            - and -

                         Plot No. 16 (11-20-18)
                         Shop-cum-Flat, Huda Complex
                         Hyderabad, Telangana 500035

Last date for
submission of claims:    May 6, 2022


K .S. IMPEX: CRISIL Keeps D Debt Ratings in Not Cooperating
-----------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of K .S. Impex
Limited (KSIL; part of the Metalore group)  continues to be 'CRISIL
D Issuer Not Cooperating'.

                       Amount
   Facilities       (INR Crore)     Ratings
   ----------       -----------     -------
   Foreign Bill           32        CRISIL D (Issuer Not
   Discounting                      Cooperating)

   Proposed Long Term      6        CRISIL D (Issuer Not  
   Bank Loan Facility               Cooperating)

CRISIL Ratings has been consistently following up with KSIL for
obtaining information through letters and emails dated January 22,
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 KSIL, which restricts CRISIL
Ratings' ability to take a forward-looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on KSIL
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the ratings on bank facilities of
KSIL continue to be 'CRISIL D Issuer Not Cooperating'.

For arriving at the ratings, CRISIL Ratings has combined the
business and financial risk profiles of KSIL, Metalore Overseas
Private Limited (MOPL), and Shree Kripa Agro (SKA). This is because
the three entities, together referred to as the Metalore group, are
in the same line of business, have operational and financial
linkages, and are under the same promoter group and management.

The Metalore group, set up in 2001, exports steel utensils,
polyester yarn, cosmetics and standard toiletries, and agricultural
commodities, mainly to the UAE. The group also trades in these
commodities in the domestic market. Recently, it started processing
and selling edible oil (mustard and soya bean) in the domestic
market.


K. P. M. TRADING: CRISIL Keeps B Debt Rating in Not Cooperating
---------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of K. P. M.
Trading Company (KPMTC) continue to be 'CRISIL B/Stable Issuer Not
Cooperating'.

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

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

Established in the year 1987, of K. P. M Trading Company (KPMTC) is
a partnership firm engaged in trading of paddy and rice. The
day-to-day operations of the firm are managed by K P Soudha, K P
Mohammed haji, K P Mohammed Musthafa.


KAMAKSHI COTTON: CRISIL Keeps D Debt Ratings in Not Cooperating
---------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Kamakshi
Cotton Industries Ginning and Pressing Unit (KCI) continues to be
'CRISIL D Issuer Not Cooperating'.

                       Amount
   Facilities       (INR Crore)     Ratings
   ----------       -----------     -------
   Cash Credit           8.25       CRISIL D (Issuer Not
                                    Cooperating)

   Proposed Long Term    3.25       CRISIL D (Issuer Not
   Bank Loan Facility               Cooperating)

   Term Loan             1          CRISIL D (Issuer Not
                                    Cooperating)

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

Established in 2008 as a partnership concern, KCI gins and presses
raw cotton, and sells cotton lint and cotton seeds. The firm also
undertakes extraction of cottonseed oil. It is promoted by J.
Bhaskar Rao and his family members and is based in Karimnagar
(Telangana).


KAMESHWAR INDUSTRIES: CRISIL Keeps D Ratings in Not Cooperating
---------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Kameshwar
Industries (KI) continue to be 'CRISIL D Issuer Not Cooperating'.

                       Amount
   Facilities       (INR Crore)     Ratings
   ----------       -----------     -------
   Cash Credit            8         CRISIL D (Issuer Not
                                    Cooperating)

   Proposed Long Term     3.78      CRISIL D (Issuer Not
   Bank Loan Facility               Cooperating)

   Term Loan              1.22      CRISIL D (Issuer Not
                                    Cooperating)

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


Set up in 2013, KI is a partnership firm located in Kadi (Gujarat).
Mr Parshottam Shantilal Patel manages operations on behalf of the
six other partners. The firm has a facility for cotton ginning and
pressing. It also sells cotton seeds. Operations commenced in
December 2013.

KGEPL ENGINEERING: CRISIL Keeps D Debt Ratings in Not Cooperating
-----------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of KGEPL
Engineering Solutions Private Limited (KIPL) continue to be 'CRISIL
D/CRISIL D Issuer Not Cooperating'.

                       Amount
   Facilities       (INR Crore)     Ratings
   ----------       -----------     -------
   Bank Guarantee        100        CRISIL D (Issuer Not
                                    Cooperating)

   Bank Guarantee         20        CRISIL D (Issuer Not
                                    Cooperating)

   Bank Guarantee         60        CRISIL D (Issuer Not
                                    Cooperating)

   Cash Credit            75        CRISIL D (Issuer Not
                                    Cooperating)

   Cash Credit            52.5      CRISIL D (Issuer Not
                                    Cooperating)

   Cash Credit            10        CRISIL D (Issuer Not
                                    Cooperating)

   Corporate Loan         20.5      CRISIL D (Issuer Not
                                    Cooperating)

   Proposed Long Term      5        CRISIL D (Issuer Not
   Bank Loan Facility               Cooperating)

CRISIL Ratings has been consistently following up with KIPL for
obtaining information through letters and emails dated January 31,
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 KIPL, which restricts CRISIL
Ratings' ability to take a forward-looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on KIPL
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the ratings on bank facilities of
KIPL continue to be 'CRISIL D/CRISIL D Issuer Not Cooperating'.

Incorporated on October 20, 2007, and promoted by the Kalyani
group, KIPL manufactures, assembles, erects, and installs wind
turbine generators, and also develops wind farms. The company
focuses on multi-megawatt onshore turbines. It has two platforms, K
82- 2.0 megawatt (MW) and K110- 2.4 MW, in India. KIPL has a
full-scale assembling facility in Baramati, Maharashtra, with
annual capacity of 220 MW.


KHAIRWALA INT'L: CRISIL Keeps D Debt Ratings in Not Cooperating
---------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Khairwala
International Limited (KIL) continue to be 'CRISIL D Issuer Not
Cooperating'.

                       Amount
   Facilities       (INR Crore)     Ratings
   ----------       -----------     -------
   Cash Credit           22.5       CRISIL D (Issuer Not
                                    Cooperating)

   Term Loan             16.5       CRISIL D (Issuer Not
                                    Cooperating)

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

KIL, is an Uttar Pradesh based company, established in 1993. The
company started operations in 2015 and was taken over by Mr. Pankaj
Jain, Mr.Mahavir Prasad Jain and Ms. Kailash Jain in October 2016.
The company is engaged in manufacturing and supplying of Indian
rice, both basmati and non- basmati rice to the local customer
base.


KRIPA ANAND: CRISIL Keeps B Debt Ratings in Not Cooperating
-----------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Kripa Anand
Rishi Cellular Private Limited (Kripa) continue to be 'CRISIL
B/Stable Issuer Not Cooperating'.

                       Amount
   Facilities       (INR Crore)     Ratings
   ----------       -----------     -------
   Cash Credit           9.5        CRISIL B/Stable (Issuer Not
                                    Cooperating)
   Proposed Long Term
   Bank Loan Facility    0.5        CRISIL B/Stable (Issuer Not
                                    Cooperating)

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

Kripa, incorporated in 2006 and promoted by Pune
(Maharashtra)-based Dudhedia family, distributes Samsung mobile
handsets, accessories, and tablets in Pune.


M.S.R. IRON: CRISIL Lowers Rating on INR30cr Cash Loan to B
-----------------------------------------------------------
CRISIL Ratings has revised the rating on bank facilities of
M.S.R.Iron and Steel Industries India Private Limited (MSR) to
'CRISIL B/Stable Issuer Not Cooperating' from 'CRISIL BB-/Stable
Issuer Not Cooperating'.

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

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

MSR was incorporated in 2009, based in Coimbatore- Tamil-Nadu.
Ramesh Iron and Steel Company India Private Limited (RISCIPL) was
also incorporated in 2009. Group is engaged in trading and
distribution of iron and steel products such as TMT bars, Cold
Rolled, Hot Rolled Steel, structural and colored sheets, etc of
SAIL and RINL. Group is promoted by Mr. Balasubramanian and family
and is based in Coimbatore (Tamilnadu).


NILKANTH COTTON: CRISIL Lowers Rating on INR7cr Loans to D
----------------------------------------------------------
CRISIL Ratings has downgraded the rating of Nilkanth Cotton
Industries (NCI) to 'CRISIL D; Issuer not cooperating' from 'CRISIL
B+/Stable; Issuer not cooperating', as firm has delayed servicing
its debt obligation.

                       Amount
   Facilities       (INR Crore)     Ratings
   ----------       -----------     -------
   Cash Credit            4         CRISIL D (ISSUER NOT
                                    COOPERATING; Downgraded from
                                    'CRISIL B+/Stable ISSUER NOT
                                    COOPERATING)

   Proposed Long Term     3         CRISIL D (ISSUER NOT
   Bank Loan Facility               COOPERATING; Downgraded from
                                    'CRISIL B+/Stable ISSUER NOT
                                    COOPERATING)

CRISIL Ratings has been consistently following up with NCI for
obtaining information through emails dated April 20, 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 firm. 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 the entity, which restricts its
ability to take a forward-looking view on the entity's credit
quality.

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

Set up in 2007 NCI is a partnership between Mr. Prahladbhai Patel,
Mr. Jethabhai Padhariya, Mr. Pragjibhai Padhariya, and Mr.
Vallabhbhai Padhariya. The firm has a cotton ginning unit at Dhasa
in Bhavnagar (Gujarat), with capacity of 200 bales per day. It also
has a cotton-seed oil crushing unit.


RAJESH BUSINESS: Insolvency Resolution Process Case Summary
-----------------------------------------------------------
Debtor: Rajesh Business and Leisure Hotels Private Limited

        Registered and Principal office:
        139, Seksaria Chambers, 2nd Floor
        N.M. Road, Fort
        Mumbai, Maharashtra 400023
        India

        Site address:
        Gandhi Nagar, Junction
        Jogeshwari-Vikhroli Link Road
        Kanjurmarg West, Bhandup West
        Mumbai, Maharashtra 400078

Insolvency Commencement Date: April 26, 2022

Court: National Company Law Tribunal, Mumbai Bench

Estimated date of closure of
insolvency resolution process: October 17, 2022
                               (180 days from commencement)

Insolvency professional: Rohit Mehra

Interim Resolution
Professional:            Rohit Mehra
                         Tower A 3403, Oberoi Woods
                         Oberoi Garden City
                         Goregaon East, Mumbai City
                         Maharashtra 400063
                         E-mail: rohitmehra@hotmail.com

                            - and -

                         Ernst & Young LLP India
                         3rd & 6th floor, Worldmark-1
                         IGI Airport Hospitality District
                         Aerocity, New Delhi 110037
                         E-mail: ip.rblh@in.ey.com
                                 ip.rblhpl@gmail.com

Last date for
submission of claims:    May 4, 2022


RAJSURAJ FINCAP: Voluntary Liquidation Process Case Summary
-----------------------------------------------------------
Debtor: Rajsuraj Fincap Private Limited
        C-216, Basement
        Nirman Vihar
        Delhi 110092

Liquidation Commencement Date: April 21, 2022

Court: National Company Law Tribunal, New Delhi Bench

Insolvency professional: Saurabh Agrawal

Interim Resolution
Professional:            Saurabh Agrawal
                         403, Nirmal Tower
                         26 Barakhamba Road
                         Connaught Place
                         New Delhi 110001
                         E-mail: saurabhfcs@gmail.com
                         Tel: +919811365004

Last date for
submission of claims:    May 21, 2022


S PLUS: CRISIL Withdraws B- Rating on INR5.28cr Term Loan
---------------------------------------------------------
CRISIL Ratings has withdrawn its rating on the bank facilities of S
Plus Tube Tech (SPTT) on the request of the company and after
receiving no objection certificate from the bank. The rating action
is in-line with CRISIL Rating's policy on withdrawal of its rating
on bank loan facilities.

                       Amount
   Facilities       (INR Crore)     Ratings
   ----------       -----------     -------
   Bank Guarantee       0.48        CRISIL A4/Issuer Not
                                    Cooperating (Withdrawn)

   Cash Credit          3.55        CRISIL B-/Stable/Issuer Not
                                    Cooperating (Withdrawn)

   Term Loan            5.28        CRISIL B-/Stable/Issuer Not
                                    Cooperating (Withdrawn)

CRISIL Ratings has been consistently following up with SPTT for
obtaining information through letters and emails dated November 21,
2020 and May 19, 2021 among others, apart from telephonic
communication. However, the issuer has remained non cooperative.

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

Detailed Rationale

Despite repeated attempts to engage with the management, CRISIL
Ratings failed to receive any information on either the financial
performance or strategic intent of SPTT. This restricts CRISIL
Ratings' ability to take a forward-looking view on the credit
quality of the entity. CRISIL Ratings believes that rating action
on SPTT is consistent with 'Assessing Information Adequacy Risk'.
CRISIL Ratings has Continues the ratings on the bank facilities of
SPTT to 'CRISIL B-/Stable/CRISIL A4 Issuer not cooperating'.

CRISIL Ratings has withdrawn its rating on the bank facilities of
SPTT on the request of the company and after receiving no objection
certificate from the bank. The rating action is in-line with CRISIL
Rating's policy on withdrawal of its rating on bank loan
facilities.

SPTT was formed as a partnership firm in 2016. The firm
manufactures cold-drawn stainless steel seamless and welded
straight and U tubes and pipes. Mr Harshad Ambalal Patel, Mr
Rohitkumar Ambalal Patel, Prakashkumar Ramanlal Patel and Mr
Hirenkumar Dashrathlal Patel are the partners.


SASI POWER: Liquidation Process Case Summary
--------------------------------------------
Debtor: SASI Power Private Limited
        A-60, Okhla Industrial Area
        Ph-II, New Delhi 110020
        India

Liquidation Commencement Date: April 18, 2022

Court: National Company Law Tribunal, Court V, New Delhi Bench

Date of closure of
insolvency resolution process: April 13, 2022

Insolvency professional: Tarun Jain

Interim Resolution
Professional:            Tarun Jain
                         805, Padma Tower-1
                         Rajendra Place
                         New Delhi 110008
                         E-mail: info@jainandpartners.com

                            - and -

                         1001, Vikrant Tower
                         Rajendra Place
                         New Delhi 110008
                         E-mail: sasipower.liquidator@gmail.com

Last date for
submission of claims:    May 13, 2022


SUASHISH CAPITAL: Insolvency Resolution Process Case Summary
------------------------------------------------------------
Debtor: Suashish Capital Private Limited
        235/2A, A.J.C. Bose Road
        3rd Floor
        Kolkata 700020

Insolvency Commencement Date: April 20, 2022

Court: National Company Law Tribunal, Kolkata Bench

Estimated date of closure of
insolvency resolution process: October 17, 2022
                               (180 days from commencement)

Insolvency professional: Sudipta Ghosh

Interim Resolution
Professional:            Sudipta Ghosh
                         8, N.N. Mukherjee
                         3rd Lane, Uttarpara
                         Hooghly 712258
                         E-mail: sudipta_ghosh08@yahoo.com

                            - and -

                         29C, Bentick Street
                         2nd Floor
                         Kolkata 700001
                         E-mail: cirp.suashish@gmail.com

Last date for
submission of claims:    May 4, 2022


WELLDONE EXIM: CRISIL Keeps D Debt Ratings in Not Cooperating
-------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Welldone Exim
Private Limited (WEPL; part of the RBD group) continue to be
'CRISIL D Issuer Not Cooperating'.

                       Amount
   Facilities       (INR Crore)     Ratings
   ----------       -----------     -------
   Foreign Bill           15        CRISIL D (Issuer Not
   Purchase                         Cooperating)

   Foreign Bill           25        CRISIL D (Issuer Not
   Purchase                         Cooperating)

   Packing Credit          5        CRISIL D (Issuer Not
                                    Cooperating)

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

For arriving at the rating, CRISIL Ratings has combined the
business and financial risk profiles of WEPL, High Value Exim Pvt
Ltd, Attire Designers Pvt Ltd, RBD International, and Goodone
Traders Pvt Ltd. This is because all these entities, together
referred to as the RBD group, have the same board of directors and
senior management team with common procurement, marketing, and
finance functions.

The RBD group started trading in 1993. All the entities in the
group were trading in readymade garments (more than 80 percent of
revenue), hosiery, handicrafts, fabrics, leather goods, and
miscellaneous products. They have common customers and suppliers,
and also the same banker, Punjab National Bank, and auditors.


YUNCHENG INDIA: Voluntary Liquidation Process Case Summary
----------------------------------------------------------
Debtor: Yuncheng (India) Gravures Private Limited
        Plot No. 151, House No. 5-28/3
        Kishanguda Village
        Shamshabad Mandal
        Rangareddy Shamshabad
        TG 501218

Liquidation Commencement Date: April 21, 2022

Court: National Company Law Tribunal, New Delhi Bench

Insolvency professional: Gunjan Mittal

Interim Resolution
Professional:            Gunjan Mittal
                         A-25A, LGF, Lajpat Nagar-II
                         New Delhi 110024
                         Tel: 011-45552681
                         Mobile: 9868476717
                         E-mail: ip.gunjanmittal@gmail.com
                                 yunchengliquidator@gmail.com

Last date for
submission of claims:    May 21, 2022




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

CAPITAL A: PN17 Status May Affect Group's Turnaround
----------------------------------------------------
The Malaysian Reserve reports that Capital A Bhd's PN17 status may
pose a challenge for the group to turn around its financial
position this year.

According to the report, PublicInvest Research noted that the group
recorded improved demand with increasing passenger volume for the
first quarter of 2022 (1Q22).

The group's operating statistics showed continued recoveries with
passenger volume for the consolidated aircraft operating
certificate (AOC) operations in Malaysia, Indonesia and Philippines
rose by 37.6% quarter-on-quarter (QoQ) to 3.7 million, the report
discloses.

The Malaysian Reserve says the company's passenger load for AOC
remained healthy at 76% but fell four percentage points (ppts) as
the group introduced additional capacity to support the surge in
demand.

"Meanwhile, Thailand (TAA) operations reported a load factor of 73%
with capacity increasing by 31.2% QoQ.

"While demand is expected to continue to improve, we remain wary
over the Group's PN17 status and its ability to turn around its
financial position within the next 12 months," said the firm in a
note recently.

PublicInvest Research maintained its earnings estimates and Neutral
call on Capital A, with an unchanged target price of 69 sen, The
Malaysian Reserve discloses.

Capital A's consolidated operations reported an increase in
passenger carried in 1Q22 to 3.75 million, up by 284% year-on-year
(YoY) and 37.6% QoQ, in line with its increase in available seat
per kilometre (ASK), adds The Malaysian Reserve.

"The improvement is attributable to strong domestic travel rebound
and further easing of travel restrictions in the region.

"Philippines (PAA) continued to record the Group's highest
quarterly load factor at 86%, increasing by 1.1ppts QoQ. Passenger
volume and ASK increased by 57.9% and 55.1% respectively, supported
by the huge summer demand following the Philippines government's
confirmation of further relaxed travel protocols," said the firm.

For the group's Indonesian (IAA) unit, it posted a load factor of
76% for the quarter with passenger volume and ASK growing by 126%
and 141%, the report relays.

The Malaysian Reserve says the improvement is due to additional
frequency added for domestic flights, particularly Jakarta to
Denpasar and between Jakarta and Medan, to meet huge pent-up
demand.

TAA reported a load factor of 73% on the back of passenger volume
and ASK grew by 26.4% YoYand 34.7% QoQ respectively.

The improvement was supported by strong recovery in travel demand
and the easing of the entry rules as well as the reopening of the
Thailand Pass (Test & Go), The Malaysian Reserve adds.

                          About Capital A

Capital A Bhd, formerly known as AirAsia Group Bhd, provides
low-cost air carrier service. The company provides services on
short-haul, point-to-point domestic and international routes.

AirAsia, headquartered in Malaysia, operates from hubs in Malaysia,
Thailand, Indonesia, Philippines and India. The airline's Malaysia
and Thailand operations are undertaken via AirAsia Bhd and Thai
AirAsia Co Ltd while AirAsia Group's Indonesia and Philippines
operations are managed under PT Indonesia AirAsia and Philippines
AirAsia Inc.

As reported in the Troubled Company Reporter-Asia Pacific on Jan.
18, 2022, AirAsia Group Bhd (AAGB) is in the midst of formulating a
plan to regularize its financial condition to address its Practice
Note 17 (PN17) status.  According to The Star, Bursa Malaysia on
Jan. 13 dismissed AAGB's appeal seeking to extend an 18-month
relief period from being classified as a PN17 company that ended on
Jan. 7, 2022.

AirAsia triggered the PN17 suspended criteria in July 2020 after
its external auditors, Ernst & Young PLT, issued an unqualified
audit opinion with material uncertainty relating to going concern
in respect of its audited financial statements for the financial
year ended Dec. 31, 2019 (FY19) and its shareholders' equity on a
consolidated basis was 50% or less of its share capital.

AirAsia also triggered the prescribed criteria pursuant to
Paragraph 8.04 and Paragraph 2.1(a) of PN17 of Bursa's Main Market
Listing Requirements (Main LR), where AirAsia's shareholders'
equity on a consolidated basis was 25% or less of its share capital
and the shareholders' equity is less than MYR40 million based on
the audited financial statements for FY20.

Following relief measures introduced by Bursa and the Securities
Commission Malaysia, AirAsia was not classified as a PN17 listed
issuer and was not required to comply with the obligations under
Paragraph 8.04 and PN17 of the Main LR for a period of 18 months
from the date of the first relief announcement, theedgemarkets.com
said.  The date of the first relief announcement was July 8, 2020,
and the 18-month period ended on Jan. 7, 2022.  Under the relief
measures, companies that triggered any of the suspended criteria
between April 17, 2020 and June 30, 2021, would not be classified
as a PN17 and Guidance Note 3 (GN3) company for 12 months.




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

GICL LIMITED: Creditors' Proofs of Debt Due on May 26
-----------------------------------------------------
Creditors of GICL Limited 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 27, 2022.

The company's liquidator can be reached at:

          Victoria Toon
          Corporate Restructuring Limited
          PO Box 10100, Dominion Road
          Auckland 1446


HESLIP HATCHERIES: Court to Hear Wind Up Application on May 9
-------------------------------------------------------------
The Timaru Herald reports that an application has been made to the
High Court in Timaru to place Heslip Hatcheries, a Fairlie chicken
farm business, into liquidation.

MainFeeds Ltd filed the application to put Heslip Hatcheries into
liquidation on March 25, advertisements in The Timaru Herald and on
the gazette.govt.nz website said.

The advertisements said the application is to be heard by the High
Court in Timaru on May 9.

MainFeeds is a division of Mainland Poultry, a Dunedin-based
company which, in addition to the feed business, also markets eggs
under Zeagold Foods, its website said.

Heslip Hatcheries, has one director, Glen Heslip, and in April
2020, he told The Timaru Herald the business had lost most of its
regular customers with the closure of hospitality businesses across
the country, because of Covid-19, but said an increased demand for
laying hens had helped.

MainFeeds has three directors Michael Guthrie, Murray Valentine,
and Jeffery Winmill, with Indus Valley Ltd its ultimate holding
company, The Timaru Herald discloses citing the Companies Office.


MAINTAIN TO PROFIT: Creditors' Proofs of Debt Due on May 30
-----------------------------------------------------------
Creditors of Maintain To Profit Auckland Central Limited are
required to file their proofs of debt by May 30, 2022, to be
included in the company's dividend distribution.

The company commenced wind-up proceedings on April 27, 2022.

The company's liquidator can be reached at:

          R. Mason-Thomas
          Meltzer Mason, Chartered Accountants
          PO Box 6302, Victoria Street West
          Auckland 1141


MDO KITCHENS: Creditors' Proofs of Debt Due on May 28
-----------------------------------------------------
Creditors of MDO Kitchens Limited are required to file their proofs
of debt by May 28, 2022, to be included in the company's dividend
distribution.

The company commenced wind-up proceedings on April 27, 2022.

The company's liquidators can be reached at:

       Damien Grant
       Adam Botterill
       Waterstone Insolvency
       PO Box 52, Auckland 1140


NO LIMITS: Court to Hear Wind-Up Petition on May 9
--------------------------------------------------
A petition to wind up the operations of No Limits Building
Solutions Limited will be heard before the High Court at Timaru on
May 9, 2022, at 10:00 a.m.

Nexus Services Limited filed the petition against the company on
March 21, 2022.

The Petitioner's solicitor is:

          Sara Joy Jamieson
          Tavendale and Partners
          Level 3, Tavendale and Partners House
          329 Durham Street
          Christchurch


SCOTT & SONS: Court to Hear Wind-Up Petition on May 27
------------------------------------------------------
A petition to wind up the operations of Scott & Sons Earthmoving
Limited will be heard before the High Court at Nelson on May 27,
2022, at 10:00 a.m.

Farmlands Co-operative Society Limited filed the petition against
the company on March 2, 2022.

The Petitioner's solicitors are:

          Charlotte Louise Houghton
          Anderson Lloyd
          Anderson Lloyd House, Level 3
          70 Gloucester Street
          Christchurch 8013




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

ENTIRE ENGINEERING: BDO Appointed as Provisional Liquidators
------------------------------------------------------------
Leow Quek Shiong, Gary Loh Weng Fatt, and Seah Roh Lin of BDO
Advisory Pte Ltd on April 20, 2022, were appointed as liquidators
of Entire Engineering Pte Ltd.

The liquidators may be reached at:

         Leow Quek Shiong
         Gary Loh Weng Fatt
         Seah Roh Lin
         c/o BDO Advisory Pte Ltd
         600 North Bridge Road
         #23-01 Parkview Square
         Singapore 188778


JAKARTA SG: Creditors' Proofs of Debt Due on May 31
---------------------------------------------------
Creditors of Jakarta SG Pte Ltd, which is in voluntary liquidation,
are required to file their proofs of debt by May 31, 2022, to be
included in the company's dividend distribution.

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

The company's liquidators can be reached at:

         Low Sok Lee Mona
         Teo Chai Choo
         c/o Low, Yap & Associates
         4 Shenton Way
         #04-01 SGX Centre 2
         Singapore 068807


MAJ AVIATION: Court Enters Wind-Up Order
----------------------------------------
The High Court of Singapore entered an order on April 22, 2022, to
wind up the operations of Maj Aviation Pte. Ltd.

DBS Bank Ltd filed the petition against the company.

The company's liquidators are:

          Mr. Tan Wei Cheong
          c/o Deloitte & Touche LLP
          6 Shenton Way #33-00
          OUE Downtown Two
          Singapore 068809


SUWA SG: Creditors' Proofs of Debt Due on May 30
------------------------------------------------
Creditors of SUWA SG Pte Ltd, which is in voluntary liquidation,
are required to file their proofs of debt by May 30, 2022, to be
included in the company's dividend distribution.

The company commenced wind-up proceedings on Feb. 2, 2022.

The company's liquidators can be reached at:

         Low Sok Lee Mona
         Teo Chai Choo
         c/o Low, Yap & Associates
         4 Shenton Way
         #04-01 SGX Centre 2
         Singapore 068807


ZHONG HAO: Court to Hear Wind-Up Petition on May 13
---------------------------------------------------
A petition to wind up the operations of Zhong Hao Agriculture
Development International Pte Ltd will be heard before the High
Court of Singapore on May 13, 2022, at 10:00 a.m.

Mardec Processing Sendirian Berhad filed the petition against the
company on April 20, 2022.

The Petitioner's solicitors are:

         PDLegal LLC
         1 Coleman St
         #08-02, The Adelphi
         Singapore 179803




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

VIET CAPITAL: Moody's Assigns First Time 'B3' Issuer Rating
-----------------------------------------------------------
Moody's Investors Service has assigned first-time B3 long-term
local and foreign currency bank deposit and issuer ratings to Viet
Capital Bank, a bank based in Vietnam (Ba3 positive). Moody's has
also assigned a b3 Baseline Credit Assessment (BCA) and Adjusted
BCA to the bank.

The rating outlook is stable.

RATINGS RATIONALE

Viet Capital Bank's credit ratings reflect the bank's elevated
asset risks; weak capital; low profitability, constrained by a high
cost of funds; modest funding structure, reflective of its small
deposit franchise; and average liquidity. The B3 long-term ratings
are at the same level as the bank's b3 BCA, reflecting Moody's
assumption of a low level of support from the Government of
Vietnam, taking into consideration the bank's small market share of
0.4% in system loans and deposits as of the end of 2021.

Viet Capital Bank's asset risk is elevated because of the bank's
significant exposure to loans that Moody's views as riskier, such
as loans for real estate, construction and hospitality, which
accounted for 20% of gross loans as of the end of 2021. Moreover,
retail loans for consumption and business activities, that are
typically more vulnerable during economic downturns, accounted for
51% of gross loans as of the same date. While the bank's problem
loan ratio declined to 2.5% as of the end of 2021, from 3.6% as of
the end of 2019 due to the recoveries and writebacks of legacy
problem assets, the future performance of the loan book could show
credit weaknesses.

Profitability will remain low over the next 12 to 18 months, as
increased asset yields from the bank's strategy to grow its
higher-yielding retail and small and medium enterprise (SME)
segments will be offset by the bank's high cost of funds relative
to peers'. The bank's return on tangible assets stood at a low 0.3%
in 2021, unchanged compared with that in 2020.

The bank's capital is weak with a tangible common equity to
adjusted risk weighted assets (TCE/RWA) ratio of 5.4% as of the end
of 2021. The ratio will likely hover at the 5% to 6% range over the
next 12 to 18 months.

Viet Capital Bank has a modest funding structure, reflective of its
small deposit franchise in Vietnam. Its share of market funds
accounted for 33% of its tangible banking assets as of end of 2021
and will likely remain high in 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 36% as of the end of
2021.

Viet Capital Bank's Counterparty Risk Ratings (CRR) are positioned
at B2/Not Prime, and the bank's Counterparty Risk (CR) Assessments
are positioned at B2(cr)/Not Prime(cr). Moody's considers Vietnam
to be a jurisdiction with a nonoperational resolution regime, and
the starting points for the CRR and CR Assessment are one notch
above the bank's Adjusted BCA, to which Moody's then adds
government support uplift, if any.

Moody's regards Viet Capital Bank's concentrated ownership by a
group of private shareholders with significant business interests
outside of the bank, a trait common in the Vietnamese banking
system, as a governance risk under the rating agency's
environmental, social and governance (ESG) framework, given its
implications for the bank's organization structure, financial
strategy and risk management.

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

Moody's could upgrade Viet Capital Bank's long-term ratings if the
bank meaningfully diversifies its loan portfolio while maintaining
a stable problem loan ratio; improves its TCE/RWA ratio to above
9.3%; and increases its return on assets to above 0.5%.

Moody's could downgrade Viet Capital Bank's long-term ratings if
the bank's asset quality, liquidity, or funding structure
deteriorates significantly.

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

Viet Capital Bank is a privately-owned commercial bank
headquartered in Ho Chi Minh. As of the end of 2021, the bank
operated through a network of 31 branches and 56 transaction
offices with total reported assets of VND76.5 trillion.

LIST OF AFFECTED RATINGS

Assignments:

Issuer: Viet Capital Bank

Adjusted Baseline Credit Assessment, Assigned b3

Baseline Credit Assessment, Assigned b3

Long-term Counterparty Risk Assessment, Assigned B2(cr)

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

Long-term Counterparty Risk Rating (Foreign and Local Currency),
Assigned B2

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

Long-term Issuer Rating (Foreign and Local Currency), Assigned B3,
outlook stable

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

Long-term Bank Deposit Rating (Foreign and Local Currency),
Assigned B3, outlook stable

Short-term Bank Deposit Rating (Foreign and Local Currency),
Assigned NP

Outlook Actions:

Issuer: Viet Capital Bank

Outlook, Assigned Stable



                           *********


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

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

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

This material is copyrighted and any commercial use, resale or
publication in any form (including e-mail forwarding,
electronic re-mailing and photocopying) is strictly prohibited
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Information contained herein is obtained from sources believed
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thereof are US$25 each.  For subscription information, contact
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