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

                     A S I A   P A C I F I C

          Wednesday, May 4, 2022, Vol. 25, No. 83

                           Headlines



A U S T R A L I A

FIRSTMAC MORTGAGE 2022-3: S&P Assigns (P)BB Rating on Cl. E Notes
FIVE RINGS: Second Creditors' Meeting Set for May 10
GA MAHAJAN: Second Creditors' Meeting Set for May 11
LAKES GROUP: Commences Wind-Up Proceedings
PEPPER NC MORTGAGE 1: Moody's Gives B2 Rating to Class F Notes

PEPPER SPARKZ 5: Fitch Assigns 'B(EXP)sf' Rating on Class F Debt
PERENTI GLOBAL: Fitch Raises LongTerm IDR to 'BB+', Outlook Stable
RINGERS EMPLOYMENT: Commences Wind-Up Proceedings
THUMING PTY: Second Creditors' Meeting Set for May 11
[*] AUSTRALIA: Insolvencies Climb as ATO Ups Pressure on Directors



C H I N A

CHINA LOGISTICS: Fitch Hikes Foreign Currency IDR to 'B+'
[*] CHINA: Top Airlines Post Heavy Q1 Losses on COVID Curbs


I N D I A

A C STRIPS: CARE Lowers Rating on INR8.25cr LT Loan to B
AATULYA LIFECARE: CARE Keeps D Debt Rating in Not Cooperating
ABA INFRATECH: CARE Lowers Rating on INR30cr LT Loan to B-
ANNAPURNA INDUSTRIES: CARE Lowers Rating on INR8cr LT Loan to B-
ASHTVINAYAK LEISURE: CARE Lowers Rating on INR10.58cr LT Loan to C

BALAJI MOTORS: CARE Lowers Rating on INR12.19cr LT Loan to B
CASTINGS INDIA: CARE Keeps B- Debt Rating in Not Cooperating
CONTINENTAL CORRUGATORS: CARE Cuts Rating on INR10.34cr Loan to B+
DANEM HEAVY: CARE Lowers Rating on INR30.00cr LT Loan to B-
DIVYA SIMANDHAR: CARE Keeps D Debt Ratings in Not Cooperating

ELEGANCE FOOD: CARE Keeps D Debt Ratings in Not Cooperating
GOWTHAM CEMENTS: CARE Keeps B- Debt Rating in Not Cooperating
HOTEL DEEPALI: CARE Lowers Rating on INR7.26cr LT Loan to B+
IL&FS ENERGY: CARE Keeps D Debt Ratings in Not Cooperating
JABALPUR MSW: CARE Keeps D Debt Rating in Not Cooperating

JIVA PLYWOODS: CARE Keeps D Debt Ratings in Not Cooperating
KNIT PRIME: CARE Lowers Rating on INR8.30cr LT Loan to B-
KRISHNENDU BHAKTA: CARE Keeps B- Debt Rating in Not Cooperating
LOGIX CITY: Appellate Tribunal Stays NCLT Order
NEERAJ PAPER: CARE Keeps B Debt Rating in Not Cooperating

PARANJAPE SCHEMES: CARE Keeps D Debt Ratings in Not Cooperating
PATEL JIVA: CARE Lowers Rating on INR6.85cr LT Loan to B-
PATIL AND COMPANY: CARE Lowers Rating on INR10cr LT Loan to D
RATNA ENGINEERING: CARE Keeps D Debt Ratings in Not Cooperating
SAASTHA MEGA: CARE Lowers Rating on INR120cr LT Loan to B+

SKD RICE: CARE Lowers Rating on INR3.48cr LT Loan to B-
SONI SOYA: CARE Keeps D Debt Rating in Not Cooperating Category
T M SUBRAMANIAM: CARE Keeps B- Debt Rating in Not Cooperating
TEJ COKE: CARE Lowers Rating on INR15.00cr LT Loan to B+
VARSHINI INDUSTRIES: CARE Assigns B Rating to INR5cr LT Loan



N E W   Z E A L A N D

ARMSTRONG DOWNES: Creditors' Proofs of Debt Due on May 23
COX INDUSTRIES: Creditors' Proofs of Debt Due on May 22
ECOLIBRIUM BIOLOGICALS: Court to Hear Wind-Up Petition on May 13
EPCM LIMITED: Commences Wind-Up Proceedings
MERCURY NZ: S&P Assigns 'BB+' Rating on New Sub. Capital Bonds

RUSSEL ROAD: Court to Hear Wind-Up Petition on May 13
[*] S&P Takes Actions as NZ Jurisdiction Ranking Assessed as Grp. A


S I N G A P O R E

CRUISEGLOBAL PTE: Creditors' Meetings Set for May 10
KIM WEE: Creditors' Proofs of Debt Due on May 30
KRISENERGY LTD: Valeura Energy Buys Thai Oil Assets
NAN SHAN: Commences Wind-Up Proceedings
RDV REALTY: Commences Wind-Up Proceedings

STAR CRUISE: Creditors' Meetings Set for May 11


S R I   L A N K A

SRI LANKA INSURANCE: Fitch Cuts Insurer Fin. Strenth Rating to CC
SRI LANKA: China Backs Decision to Work with IMF to Revamp Debt

                           - - - - -


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A U S T R A L I A
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FIRSTMAC MORTGAGE 2022-3: S&P Assigns (P)BB Rating on Cl. E Notes
-----------------------------------------------------------------
S&P Global Ratings assigned its preliminary ratings to six of the
seven classes of prime residential mortgage-backed securities
(RMBS) to be issued by Firstmac Fiduciary Services Pty Ltd. as
trustee for Firstmac Mortgage Funding Trust No.4 Series 2022-3.

The preliminary ratings assigned to the prime floating-rate RMBS
reflect the following factors.

The credit risk of the underlying collateral portfolio and the
credit support provided to each class of notes are commensurate
with the ratings assigned. Credit support for the rated notes is
provided by subordination, excess spread, and lenders' mortgage
insurance (LMI). The credit support provided to the rated notes is
sufficient to cover the assumed losses at the applicable rating
stress. Our assessment of credit risk considers Firstmac Ltd.'s
(Firstmac's) underwriting standards and approval processes, which
are consistent with industry-wide practices, and the strong
servicing quality of Firstmac, and the support provided by the LMI
policies on 13.4% of the loan portfolio.

The rated notes can meet timely payment of interest--excluding the
residual interest due on the class B, class C, class D and class E
notes--and ultimate payment of principal under the rating stresses.
Key rating factors are the level of subordination provided, the LMI
cover, the liquidity reserve, the principal draw function, the
interest-rate swap, and the provision of an extraordinary expense
reserve. S&P's analysis is on the basis that the notes are fully
redeemed by their legal final maturity date, and S&P does not
assume the notes are called at or beyond the call date.

S&P said, "Our ratings also take into account the counterparty
exposure to Westpac Banking Corp. as bank account provider. An
interest-rate swap to hedge the interest-rate risk between any
fixed-rate mortgage loans and the floating-rate obligations on the
notes will be provided. We expect the transaction documents for the
swap and bank account to include downgrade language consistent with
S&P Global Ratings' counterparty criteria.

"We also have factored into our ratings the legal structure of the
trust, which is established as a special-purpose entity and meets
our criteria for insolvency remoteness."

  Preliminary Ratings Assigned

  Firstmac Mortgage Funding Trust No.4 Series 2022-3

  Class A-1, A$765.00 million: AAA (sf)
  Class A-2, A$81.00 million: AAA (sf)
  Class B, A$28.35 million: AA (sf)
  Class C, A$10.80 million: A (sf)
  Class D, A$6.30 million: BBB (sf)
  Class E, A$4.05 million: BB (sf)
  Class F, A$4.50 million: Not rated


FIVE RINGS: Second Creditors' Meeting Set for May 10
----------------------------------------------------
A second meeting of creditors in the proceedings of Five Rings
Consulting Australia Pty Ltd has been set for May 10, 2022, at
11:00 a.m. via virtual 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 9, 2022, at 4:00 p.m.

David Coyne of BRI Ferrier was appointed as administrator of Five
Rings on April 8, 2022.


GA MAHAJAN: Second Creditors' Meeting Set for May 11
----------------------------------------------------
A second meeting of creditors in the proceedings of GA Mahajan Pty
Ltd has been set for May 11, 2022, at 10:00 a.m. via teleconference
only.

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 10, 2022, at 5:00 p.m.

Kathleen Vouris and Richard Albarran of Hall Chadwick were
appointed as administrators of GA Mahajan on March 25, 2022.


LAKES GROUP: Commences Wind-Up Proceedings
------------------------------------------
Members of The Lakes Group (WA) Pty Ltd, on May 2, 2022, passed a
resolution to voluntarily wind up the company's operations.

The company's liquidator is:

         Christopher Richard Cook
         Worrells Accountants
         310 Edward St
         Brisbane, Qld 4000


PEPPER NC MORTGAGE 1: Moody's Gives B2 Rating to Class F Notes
--------------------------------------------------------------
Moody's Investors Service has assigned the following definitive
ratings to mezzanine notes issued by Permanent Custodians Limited
as trustee of Pepper NC Mortgage Revolver Trust No.1.

Issuer: Pepper NC Mortgage Revolver Trust No.1

AUD61.0 million Class B Notes, Assigned Aa2 (sf)

AUD12.9 million Class C Notes, Assigned A2 (sf)

AUD16.5 million Class D Notes, Assigned Baa2 (sf)

AUD12.0 million Class E Notes, Assigned Ba2 (sf)

AUD800,000 Class F Notes, Assigned B2 (sf)

The AUD750.0 million Class A Notes and the AUD7.9 million Class G
Notes are not rated by Moody's.

The transaction is a securitisation backed by a revolving warehouse
facility sponsored by Pepper Money Limited (Pepper, unrated). The
underlying portfolio is a portfolio of non-conforming and prime
Australian residential mortgage loans originated by Pepper
Homeloans Pty Limited (Pepper Homeloans, unrated) and serviced by
Pepper. At issuance the portfolio includes loans extended to
borrowers with prior adverse credit history (18.0%) and loans
underwritten on an alternative documentation basis (51.4%).

RATINGS RATIONALE

The definitive ratings take into account, among other factors:

-- the revolving nature of the transaction, including the initial
revolving period of 36 months and the possibility of further
extension at the end of each 12 month period

-- pool parameters, eligibility criteria and performance triggers
that protect against adverse changes in portfolio characteristics
during the revolving period;

-- the evaluation of the underlying receivables and their expected
performance;

-- the evaluation of the capital structure and credit enhancement
provided to the notes;

-- the availability of excess spread over the life of the
transaction;

-- the mezzanine liquidity reserve which covers three months of
mezzanine notes interest payments, with a floor of AUD250,000;

-- the experience of Pepper as the servicer; and

-- the experience of BNY Trust Company of Australia Limited (BNY,
unrated) as a back-up servicer available in this transaction .

In respect of the initial securitised pool, Moody's Aaa MILAN
credit enhancement — representing the loss that Moody's expects
the portfolio to suffer in the event of a severe recession scenario
— is 12.9%. Moody's expected loss for this transaction is 1.6%.

The required credit enhancement for Class B, C, D, E and F Notes is
5.81%, 4.31%, 2.40%, 1.01% and 0.91% respectively.

The key transactional features are as follows:

- The revolving period continues till a stop funding event (if
subsisting) or an amortisation event is triggered. All or some of
the principal collections are used for the acquisition of new
receivables during the revolving period. The initial revolving
period is 36 months, to be extended by 12 months every year
thereafter. Moody's have accounted for this risk by incorporating
stressed portfolio migration assumptions in analysis. Compared to a
closed pool transaction, a revolving transaction could suffer
greater absolute levels of portfolio losses as the additional
receivables purchased could suffer losses in addition to losses
suffered on the original receivables.

- During amortisation, the notes are paid sequentially

At issuance, the portfolio features are as follows:

The portfolio has 21.7% of loans with a scheduled loan-to-value
(LTV) ratio above 80%.

Around 18.0% of the mortgage loans in the portfolio were granted
to borrowers with prior adverse credit history.

Around 51.4% of the loans were extended on an alternative
documentation basis.

The portfolio has a weighted-average seasoning of 10.0 months,
with 74.0% of loans originated in the last six months.

Around 56.6% of borrowers are self-employed

Some of the key portfolio parameters, to be maintained for the pool
as a whole, include:

Credit impaired loans must not exceed 20% of the aggregate
outstanding balance;

Credit impaired loans (2 or more events) must not exceed 7.5% of
the aggregate outstanding balance;

Alt doc loans must not exceed 70% of the aggregate outstanding
balance;

The weighted average current LVR must not exceed 75% of the
aggregate outstanding balance;

Receivables with inner city postcode must not exceed 5% of the
aggregate outstanding balance;

Receivables within the same postcode must not exceed 5% of the
aggregate outstanding balance;

Receivables with an LTV ratio greater than 80% must not exceed 35%
of the aggregate outstanding balance;

Receivables with an LTV ratio greater than 90% must not exceed 7%
of the aggregate outstanding balance;

Receivables with an LTV ratio greater than 95% must not exceed 5%
of the aggregate outstanding balance;

Fixed rate of interest receivables must not exceed 50% of the
aggregate outstanding balance;

Interest only loans must not exceed 50% of the aggregate
outstanding balance;

Investment loans must not exceed 60% of the aggregate outstanding
balance;

Non-metro regions receivables must not exceed 35% of the aggregate
outstanding balance.

The principal methodology used in these ratings was "Moody's
Approach to Rating RMBS Using the MILAN Framework" published in
February 2022.

Factors that would lead to an upgrade or downgrade of the ratings:

Factors that could lead to an upgrade of the ratings include: (1)
performance of the underlying collateral that is better than
Moody's expectations, and (2) an increase in credit enhancement
available for the notes.

Factors that could lead to a downgrade of the ratings include: (1)
performance of the underlying collateral that is worse than Moody's
expectations, (2) a decrease in credit enhancement available for
the notes, and (3) a deterioration in the credit quality of the
transaction counterparties.


PEPPER SPARKZ 5: Fitch Assigns 'B(EXP)sf' Rating on Class F Debt
----------------------------------------------------------------
Fitch Ratings has assigned expected ratings to Pepper SPARKZ Trust
No.5's pass-through floating-rate notes. The notes are backed by a
pool of first-ranking Australian automotive and equipment lease and
loan receivables originated by Pepper Asset Finance Pty Limited, a
subsidiary of Pepper Money Limited (Pepper). The notes will be
issued by BNY Trust Company of Australia Limited as trustee for
Pepper SPARKZ Trust No.5.

   DEBT      RATING
   ----      ------

Pepper SPARKZ Trust No.5

A1-a     LT AAA(EXP)sf    Expected Rating
A1-x     LT AAA(EXP)sf    Expected Rating
B        LT AA(EXP)sf     Expected Rating
C        LT A(EXP)sf      Expected Rating
D        LT BBB(EXP)sf    Expected Rating
E        LT BB(EXP)sf     Expected Rating
F        LT B(EXP)sf      Expected Rating
G        LT NR(EXP)sf     Expected Rating

TRANSACTION SUMMARY

The total collateral pool at the March 31, 2022 pool cut date was
sized at AUD600 million and consisted of 16,281 receivables with a
weighted-average (WA) remaining maturity of 60.4 months.

KEY RATING DRIVERS

Stress Commensurate with Ratings (Positive): Fitch has assigned
base-case default expectations and 'AAAsf' default multiples for
each risk tier classification. Fitch's base-case gross-loss
expectations are 2.5%, 5.5% and 11.0% for tier A, B and C,
respectively. The 'AAAsf' default multiples are 6.00x, 5.25x and
4.50x. The recovery base case is 30.0%, with a 'AAAsf' recovery
haircut of 50.0% across all risk grades. The WA base-case default
assumption was 4.1% and the 'AAAsf' default multiple was 5.6x.

The Stable Outlook is supported by Australia's management of the
Covid-19 pandemic and the recovery after the removal of related
lockdown restrictions. Fitch forecasts GDP growth to expand by 4.2%
in 2022, with an unemployment rate of 4.0%. GDP growth should
normalise to 2.3% in 2023, with an unemployment rate of 4.3%.

Excess Spread Supports A1-x Note Repayment (Positive): The
transaction includes a class A1-x note to fund the purchase-price
component related to the unamortised commission paid to introducers
for the origination of the receivables. The note will not be
collateralised, but will amortise in line with an amortisation
schedule. The note's repayment limits the availability of excess
spread to cover losses, as it ranks senior in the interest
waterfall; above the class B to F notes. However, the rated
subordinated notes still pass at their respective stress rating
levels.

Structural Risks Addressed (Neutral): Counterparty risk is
mitigated by documented structural mechanisms that ensure remedial
action takes place should the ratings of the swap providers or
transaction account bank fall below a certain level. Class A1-a to
F notes will receive principal repayments pro rata upon
satisfaction of pro rata conditions. The percentage of credit
enhancement (CE) provided by the G note will thus increase as the
A1-a to F notes amortise.

Fitch's cash flow analysis incorporates the transaction's
structural features and tests each note's robustness by stressing
default and recovery rates, prepayments, interest-rate movements
and default timing.

Low Operational and Servicing Risk (Positive): All receivables were
originated by Pepper Asset Finance, which demonstrated adequate
capability as originator, underwriter and servicer. Pepper is not
rated by Fitch. Servicer disruption risk is mitigated by back-up
servicing arrangements. The nominated back-up servicer is BNY Trust
Company of Australia. Fitch undertook an operational and file
review and found that the operations of the originator and servicer
were comparable with those of other auto and equipment lenders.

No Residual Value Risk (Positive): There is no residual value
exposure in this transaction. However, there is a small exposure to
balloon-payment loans.

RATING SENSITIVITIES

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

A longer pandemic than Fitch expects that leads to deterioration in
macroeconomic fundamentals and consumers' financial positions in
Australia beyond Fitch's baseline scenario could lead to a
downgrade.

Unanticipated increases in the frequency of defaults and loss
severity on defaulted receivables could produce loss levels higher
than Fitch's base case, and are likely to result in a decline in CE
and remaining loss-coverage levels available to the notes.
Decreased CE may make certain note ratings susceptible to negative
rating action, depending on the extent of the coverage decline.
Hence, Fitch conducts sensitivity analysis by stressing a
transaction's initial base-case assumptions.

Downgrade Sensitivity

Rating Sensitivity to Increased Default Rates

Note: A1-a / A1-x / B / C / D / E / F

Expected Rating: AAAsf / AAAsf / AAsf / Asf / BBBsf / BBsf / Bsf

Defaults increase 10%: AAAsf / AAAsf / AA-sf / A-sf / BBB-sf /
BB-sf / Bsf

Defaults increase 25%: AA+sf / AAAsf / Asf / BBB+sf / BB+sf / B+sf
/ below Bsf

Defaults increase 50%: AAAsf / AAAsf / A-sf / BBB-sf / BBsf / B-sf
/ below Bsf

Rating Sensitivity to Decreased Recovery Rates

Note: A1-a / A1-x / B / C / D / E / F

Expected Rating: AAAsf / AAAsf / AAsf / Asf / BBBsf / BBsf / Bsf

Recoveries decrease 10%: AAAsf / AAAsf / AA-sf / A-sf / BBB-sf /
BBsf / Bsf

Recoveries decrease 25%: AAAsf / AAAsf / AA-sf / A-sf / BBB-sf /
BB-sf / Bsf

Recoveries decrease 50%: AAAsf / AAAsf / A+sf / BBB+sf / BB+sf /
BB-sf / Bsf

Rating Sensitivity to Combined Stresses

Note: A1-a / A1-x / B / C / D / E / F

Expected Rating: AAAsf / AAAsf / AAsf / Asf / BBBsf / BBsf / Bsf

Defaults increase 10% and recoveries decrease 10%: AAAsf / AAAsf /
A+sf / BBB+sf / BB+sf / BB-sf / Bsf

Defaults increase 25% and recoveries decrease 25%: AA+sf / AAAsf /
Asf / BBBsf / BBsf / Bsf / below Bsf

Defaults increase 50% and recoveries decrease 50%: AA-sf / AAsf /
BBB+sf / BB+sf / B+sf / below Bsf / below Bsf

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

An upgrade could result from macroeconomic conditions, loan
performance and credit losses that are better than Fitch's baseline
scenario or sufficient build-up of CE that would fully compensate
for credit losses and cash flow stresses commensurate with higher
rating scenarios, all else being equal.

Upgrade Sensitivity

The class A1-a and A1-x notes are at 'AAA(EXP)sf', which is the
highest level on Fitch's scale. The ratings cannot be upgraded and
upgrade sensitivity stresses are not relevant. Sensitivity stress
results for the remaining rated notes are as follows:

Expected Rating Sensitivity to Reduced Defaults and Increased
Recoveries

Note: B / C / D / E / F

Expected Rating: AAsf / Asf / BBBsf / BBsf / Bsf

Defaults decrease 10%/recoveries increase 10%: AAsf / Asf / BBBsf /
BBsf / BB-sf


PERENTI GLOBAL: Fitch Raises LongTerm IDR to 'BB+', Outlook Stable
------------------------------------------------------------------
Fitch Ratings has upgraded Perenti Global Limited's Long-Term
Issuer Default Rating (IDR) to 'BB+', from 'BB'. The Outlook is
Stable.

The upgrade reflects Fitch's expectation that the company will
derive more than 60% of its revenue and work-in-hand (WIH) from
stable mining jurisdictions, while maintaining a financial profile
that is in line with its 'BB+' rating. Fitch also forecasts stable
operating performance over the medium term, which underscores the
Stable Outlook, amid improved commodity diversification, as the
company expects to win new work for commodities that are essential
for a green-energy transition, including copper, nickel, lithium
and zinc.

KEY RATING DRIVERS

Improving Jurisdictional Risk Profile: Fitch expects Perenti to
generate more than 60% of revenue from investment-grade
jurisdictions, as it has recently won several contracts from lower
risk countries. The company's strategy is to limit exposure to
frontier markets and bring its operating risk profile in line with
peers. Perenti reported that around 70% of its WIH and around 60%
of its revenue was generated in Australia (AAA/Stable), United
States of America (AAA/Negative), Canada (AA+/Stable) and Botswana
in the first-half of the financial year ended December 2021
(FY22).

Stable Cash Flow from Underground Mining: Perenti's underground
mining division makes the largest contribution to EBITDA, at around
75% (before group functions cost) in 1HFY22, and allows stable cash
flow through the cycle. This is evident from the division's steady
EBITDA contribution over the last decade when compared with the
company's surface mining and investment divisions as well as
against competitors.

The division's stability provides a buffer against cyclical
commodity prices, and is underpinned by the low-cost position of
the mines that Perenti serves, a focus on production-related
services and the higher barriers to entry and lower capital
intensity than surface mining.

Conservative Financial Policy: Perenti has revised its target
leverage metric, which it defines as net debt/EBITDA, to less than
1x, which it has publicly articulated, and will not declare a
dividend in FY22. Fitch believes successful implementation would
better position the company to withstand commodity-price downturns
whilst maintaining conservative credit metrics.

In addition, its business model permits the company to reduce
growth capex during commodity-price downturns, allowing it to
generate positive cash flow after capex. Perenti maintains
conservative leverage metrics through capital-management
initiatives, such as limiting capex, suspending dividends and
divesting of non-core assets. Fitch expects leverage to improve to
1.0x in FY25, from 1.3x in FY21, on higher EBITDA.

DERIVATION SUMMARY

Perenti's rating reflects stable cash flow from diversified
underground-mining services contracts and a competitive cost
position at the mines it serves. This compares favourably against
peer, Indonesia-based PT Bukit Makmur Mandiri Utama (BB-/Stable),
which has a less diversified business model due to concentrated and
lower-quality counterparties. Perenti has better scale, as
Australia's second-largest mining contractor, as well as superior
credit metrics and diversified commodity exposure and customer
base. These factors underscore the two-notch rating differential
between the two entities.

Thiess Group Holdings Pty Ltd (BBB-/Stable) is the world's largest
mining services company and has better scale, a wider profit margin
and no exposure to countries with high sovereign risks when
compared with Perenti. However, this is countered by Thiess's more
volatile cash flow profile due to its exposure to mines with weak
cost positions. Both companies have conservative leverage profiles.
These factors underscore the one-notch rating differential between
the two entities.

KEY ASSUMPTIONS

-- Steady revenue growth due to new contract wins and the
    extension of existing contracts.

-- Fitch adjusted group EBITDA margin of around 17% over the next

    four years.

-- Net capex of around 12% of revenue over the next four years

RATING SENSITIVITIES

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

-- Improved scale to be in line with higher-rated peers

-- Fitch adjusted EBITDA margin rising above 20% for a sustained
    period (2021: 16.9%)

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

--  Net debt/EBITDA rising above 1.7x for a sustained period
    (2021: 1.3x)

-- Decline in revenue and WIH from stable mining jurisdiction to
    below 60% for a sustained period

Fitch changed the leverage ratio in the sensitivity guidance to
EBITDA, from funds from operations (FFO), and adjusted the
threshold to account for the historical difference between EBITDA
and the FFO-based metric of around 0.3x.

Fitch's definition of debt excludes lease liabilities and Fitch
adjusts EBITDA to remove lease interest and right-of-use
depreciation.

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

Strong Liquidity: Perenti had cash and equivalents of around AUD260
million at FYE21, against interest-bearing liabilities of around
AUD730 million. This results in an interest-bearing net debt
position of AUD470 million, excluding leases. The company's overall
liquidity position was around AUD540 million in cash and undrawn
facilities, positioning it for growth and allowing it to meet any
funding requirements. The company is working on refinancing its
AUD400 million revolving credit facilities, which mature in July
2023.

ISSUER PROFILE

Perenti is a leading global provider of contract and other mining
services. In operation since 1987, Perenti is one of the largest
mining services companies listed on the Australian Securities
Exchange.

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
   ----         ------          -----
Perenti Global Limited

    LT IDR       BB+    Upgrade    BB


RINGERS EMPLOYMENT: Commences Wind-Up Proceedings
-------------------------------------------------
Members of Ringers Employment Pty Ltd, on April 27, 2022, passed a
resolution to voluntarily wind up the company's operations.

The company's liquidator is:

         Dane Hammond
         63 The Esplanade
         Maroochydore, QLD 4558


THUMING PTY: Second Creditors' Meeting Set for May 11
-----------------------------------------------------
A second meeting of creditors in the proceedings of Thuming Pty
Ltd, trustee for the AGR Family Trust - Trading as 'Moose
Industries', has been set for May 11, 2022, at 10:00 a.m. via Zoom
meeting 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 10, 2022, at 5:00 p.m.

Nicholas David Cooper and Dominic Charles Cantone of Oracle
Insolvency Services were appointed as administrators of Thuming Pty
on March 25, 2022.


[*] AUSTRALIA: Insolvencies Climb as ATO Ups Pressure on Directors
------------------------------------------------------------------
SmartCompany reports that a sharp jump in insolvencies has
confirmed concerns that the long-delayed wave of pandemic collapses
has finally started to break, just weeks after the Australian Tax
Office issued thousands of warning letters to companies in debt.

SmartCompany, citing new figures released this week, discloses that
the number of companies entering external administration in March
climbed to 463, a 30% jump on February and nearly 80% higher than
January.

It is the worst result since March 2020 and shows the patience of
Australia's biggest creditor has finally run out, SmartCompany
says.

But businesses now sweating on an ATO warning letter need to get on
the front foot with the tax authority, rather than hope
long-standing pandemic debts will be ignored or forgiven,
SmartCompany relays.

According to SmartCompany, the letter was merely the first shot
across the bow from the ATO, but companies that don't act can then
be served with a Director Penalty Notice (DPN). This gives
directors 21 days to pay the debt or put the company into
liquidation.

If the March figures are bad, April and May are likely to be worse,
the report notes.

Understanding what is about to happen means looking both at the
current challenges facing business, from inflation to labour
shortages and in many cases reduced sales, as well as the
cumulative impact of fighting on through the pandemic.

A business under pressure will often defer tax payments first, but
this approach can rapidly snowball, SmartCompany notes.

In March, many thousands of directors would have received a letter
stating the amount of tax owed and warning that action will likely
follow, SmartCompany notes.

While it is not known how many companies are on the receiving end
of these letters - estimates range from the tens of thousands to
the hundreds of thousands - the ATO has a perennial problem with
businesses not paying tax.

The tax office has previously described about 4% of the SMEs it
randomly checks out of the cohort of 4.2 million small businesses
as deliberately engaging in 'shadow economy behaviour'.

If that proportion holds true, it translates to nearly 170,000
businesses across the country.

Then there is a much bigger percentage that wants, and tries, to
comply with their tax obligations but cannot.

What this boils down to is an outstanding tax debt of $34 billion
as of June 2021 - before Melbourne's 77-day Delta lockdown and the
months-long Omicron wave.

It took more than a decade for the ATO to claw back or write off
the debts of the 2008 Global Financial Crisis and it simply can't
wait that long this time, so it is moving, and moving faster than
many businesses would like.

SmartCompany says the latest set of figures show an uptick in
insolvencies that has long been expected, given the number of
companies entering external administration has been about half of
long-term averages for the past 2.5 years.

The suppression of insolvencies was a deliberate strategy by
government, with both limits on action by creditors and the
underpinning support offered by JobKeeper helping to keep collapses
at bay.

But the insolvency system plays a critical part in the economy, the
report states.

As much as failed business owners might hate to admit it, you can't
simply have businesses operating while insolvent or unable to
manage and pay debts, according to SmartCompany.

Keeping a failing business alive without any real hope of recovery
simply amplifies the risk, as suppliers and creditors find
themselves unwittingly propping up a business that might never pay.


For those who have a genuine chance of recovery, though, there is
no time to waste, SmartCompany adds.




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

CHINA LOGISTICS: Fitch Hikes Foreign Currency IDR to 'B+'
---------------------------------------------------------
Fitch Ratings has upgraded China-based warehouse developer China
Logistics Property Holdings Co., Ltd's (CNLP) Long-Term
Foreign-Currency Issuer Default Rating (IDR) to 'B+' from 'B-'. The
Outlook is Stable. Fitch has also upgraded CNLP's senior unsecured
rating to 'B+' from 'B-' with the Recovery Rating maintained at
'RR4'.

The rating upgrade reflects Fitch's expectation CNLP will have a
stronger financial profile after its acquisition by JD.com, Inc.
(JD group). The company's US dollar notes due 2022 and convertible
bonds (CBs) puttable in 2022 and 2023 were redeemed as part of the
acquisition, which reduced its total debt and short-term
maturities. In addition, Fitch expects CNLP to enjoy lower funding
costs and broader bank relationships as a subsidiary of JD group.
Fitch estimates CNLP will have interest coverage and
cash-to-short-term debt ratio of 1.2x and 1.25x, respectively, by
end-2022, commensurate with a Standalone Credit Profile (SCP) of
'b', which Fitch raised from 'b-'.

CNLP's IDR is now rated one notch above the SCP with JD group as
the new owner as it will follow the 'stronger parent' path under
Fitch's Parent and Subsidiary Linkage Rating Criteria.

KEY RATING DRIVERS

JD Group Acquisition: JD group, previously a minority shareholder,
made the cash offer to acquire all of CNLP's remaining shares and
outstanding CBs in January 2022 through its logistic
property-management subsidiary, JD Property Group Corporation (JD
Property). JD group obtained 80.17% of CNLP by 25 March 2022, with
both CBs fully tendered. The cash share offer is valid until 22
April. It will be able to trigger the compulsory purchase of the
remaining shares and delist CNLP if more than 90% share acceptance
is reached.

Parent Supports Rating: CNLP's IDR is one notch above its SCP as
Fitch rates the company based on the 'Strong Parent, Weak
Subsidiary' approach under Fitch's Parent and Subsidiary Linkage
Rating Criteria. Fitch assesses that JD group has 'Low' legal and
operational incentive, and 'Medium' strategic incentive to support
CNLP.

Fitch believes strategic incentives are 'Medium' as CNLP's
well-located and modern logistic property assets will enhance JD
group's logistic asset network and provide meaningful competitive
advantages to the parent. Fitch believes operational incentives are
'Low' as CNLP's operations will continue to be largely independent
from that of the parent. Fitch also estimate the synergy cost
savings to be insignificant to the parent due to JD group's much
larger scale.

Improving Interest Coverage, Liquidity: Fitch forecasts CNLP's
interest coverage will rise towards 1.5x by 2024 from 0.94x in 2021
due to a meaningful reduction in total debt and interest expense.
The redemption of capital market instruments that are due or
puttable in the next two years will also improve its maturity
profile. Fitch expects the cash-to-short-term debt ratio to be
sustained above 1.1x in 2023-2024 after rising to 1.25x by
end-2022. CNLP should also enjoy lower funding costs and better
banking relationships as JD group's subsidiary.

Asset-Light Strategy to Accelerate: CNLP has adopted an asset-light
strategy since end-2018, although its scale and progress lag behind
that of some industry leaders. The new owner's logistic
infrastructure management arm, JD property, has a stronger record
in monetising its logistic property assets. It completed CNY19
billion in deals with large sovereign funds, receiving CNY12.7
billion in net monetisation proceeds in 2019-2020.

Fitch believes JD property's strong fund-raising and management
ability, and its established relationships with large international
sovereign funds, will accelerate CNLP's asset-light strategy.
However, Fitch thinks the company may face execution risk on the
implementation and uncertainty over the scale and timing of the
asset monetisation.

Deleveraging Progress: CNLP previously relied on debt-funded
expansion, but the ramp-up of its logistic parks has been slower
than the expansion, leading to sustained high leverage, defined as
net debt to recurring EBITDA, of above 17x since 2013. Fitch
believes the acceleration of CNLP's asset-light monetisation will
provide funds to finance its expansion capex and reduce its
reliance on debt funding. Fitch forecasts the monetisation and
Fitch's expectations of profitability improvement from acquisition
synergies will lower leverage to 12.4x by 2022 and 10.9x by 2025.

Robust Business Profile: CNLP's business profile remains
commensurate with a 'B+' or 'BB-' rating. It had CNY20 billion of
completed investment-property (IP) assets at end-2021, which have a
stable occupancy rate of 90% and a high retention rate of above
80%. CNLP has quality assets in terms of clients and geographical
diversification in core Tier 1 and 2 cities in China. About 40% of
its logistic parks by gross floor area (GFA) is in the Yangtze
River Delta, where the economy is more vigorous and demand for
logistic facilities is stronger.

DERIVATION SUMMARY

CNLP's asset-light business model is similar to that of industry
leader GLP Pte. Ltd. (BBB/Negative). Fitch expects the progress to
accelerate under its new ownership.

CNLP and Lai Fung Holdings Limited (B+/Negative; SCP: b-) have a
similar asset scale and both have an IP value of more than USD2.5
billion that generated EBITDA of above USD50 million before the
impact of the Covid-19 pandemic. CNLP's EBITDA interest coverage of
around 0.9x in 2021 was higher than Lai Fung's 0.6x.

KEY ASSUMPTIONS

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

-- Total rental and management fee income to increase by 15% in
    2022 and 5%-8% in 2023-2025;

-- EBITDA margin to improve to 62% by 2025;

-- Annual capex of CNY1.5 billion-1.8 billion during 2022-2025;

-- Annual asset-light disposal proceeds of CNY1.1 billion-1.4
    billion during 2022-2025; and

-- Average borrowing cost at 5.2%-5.5% during 2022-2025.

KEY RECOVERY RATING ASSUMPTIONS

The recovery analysis assumes that CNLP would be liquidated in a
bankruptcy.

Fitch has assumed a 10% administrative claim.

Liquidation Approach

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

Advance rate of 0% applied to excess cash after netting of payables
for construction costs.

Advance rate of 50% applied to net property, plant and equipment,
which consist mainly of buildings with insignificant value.

Advance rate of 50% applied to IPs, supported by CNLP's
good-quality logistic parks, which generate rental yields of above
3%.

Advance rate of 80%, raised from 75%, applied to account
receivables, in line with Fitch's criteria.

The allocation of value in the liability waterfall results in
recovery corresponding to 'RR1' recovery for onshore and offshore
senior debt. However, the Recovery Rating for senior debt is capped
at 'RR4' because under Fitch's Country-Specific Treatment of
Recovery Ratings Criteria, China falls into Group D of creditor
friendliness, and instrument ratings of issuers with assets in this
group are subject to a cap of 'RR4'.

RATING SENSITIVITIES

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

--  Recurring EBITDA/interest coverage sustained above 1.2x;

-- Net debt/recurring EBITDA sustained below 12x;

-- Stronger track record for its asset-light strategy;

-- Evidence of stronger linkage between CNLP and JD group.

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

-- Recurring EBITDA/interest coverage sustained below 1x;

-- Net debt/recurring EBITDA sustained above 14x;

-- Evidence of weakening linkage between CNLP and JD group.

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

Improving Liquidity: CNLP had CNY611 million in unrestricted cash
on hand, and CNY268 million in unused bank facilities at end-2021,
almost covering CNY883 million in short-term debt. The company
obtained bank facility approvals to refinance CNY450 million in
asset-backed notes that will be puttable in 2022. Fitch expects
CNLP's cash/short-term debt ratio to improve to 1.25x by end-2022,
supported by the redemption of the CBs and US dollar notes due or
puttable in 2022 and 2023 during the acquisition by JD group.

ISSUER PROFILE

CNLP is one of the biggest high-standard warehouse owners in China.
It has an asset-heavy model, as it buys the industrial land on
which it builds the warehouses and rents the space to customers.
CNLP had 3.5 million sq m in completed GFA in 18 Chinese provinces
as of end-2021. JD group has begun to consolidate CNLP's financial
results since 1 March 2022.

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.

                          RATING          RECOVERY PRIOR
                          ------          -------- -----
China Logistics
Property Holdings
Co., Ltd

                    LT IDR   B+ Upgrade             B-

  senior unsecured  LT       B+ Upgrade    RR4      B-


[*] CHINA: Top Airlines Post Heavy Q1 Losses on COVID Curbs
-----------------------------------------------------------
Reuters reports that China's three biggest airlines have reported
heavy first-quarter losses as prolonged COVID curbs weighed on
travel demand and a weakening Chinese currency and rising fuel
prices inflated costs, trends which persist in the current
quarter.

Analysts expect another year in the red for Chinese airlines as
Beijing sticks with its zero-COVID policy to stop the spread of the
virus, Reuters relates.

According to Reuters, China Eastern Airlines on April 29 reported a
first-quarter net loss of CNY7.8 billion ($1.18 billion) versus
CNY3.8 billion a year earlier. The Shanghai-based carrier lost
CNY4.05 billion in the fourth quarter of last year.

Shanghai in late March started ordering its 25 million residents to
stay at home as authorities raced to contain record COVID-19 case
numbers, leading to the cancellations of almost all domestic
flights from the city's two airports throughout April, Reuters
says.

Beijing-based Air China, the country's flag carrier, late on
April 28 reported a quarterly net loss of CNY8.9 billion, its
largest since records began in 2008.

A year earlier, it reported a loss of CNY6.2 billion, Reuters
discloses.

Reuters says the capital city, which had put in place a strict
entry policy ahead of the Olympic Games in February, is also
grappling with fresh coronavirus outbreaks. Flight cancellation
rates at Beijing's two airports have reached around 80%, according
to data from Flight Master.

China Southern Airlines posted a first-quarter net loss of CNY4.5
billion, up from CNY4.0 billion a year earlier.

According to the report, the outlook for China's domestic summer
travel season is looking bleak at a time when international travel
remains effectively closed.

Air passenger traffic over the upcoming five-day Labour Day
holiday, typically a high travel period, is set to fall 77% from a
year earlier, China's aviation regulator has forecast.

Slack demand has delayed the return of the Boeing 737 MAX to
Chinese skies, even though China's aviation regulator lifted a
grounding order late last year, Reuters states.

"The COVID environment has put a really tough situation in play
because our customers are not flying. They're down 70% in their
domestic travel, and this is significant for them," Reuters quotes
Boeing CEO David Calhoun as saying on an earnings call on April
27.




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

A C STRIPS: CARE Lowers Rating on INR8.25cr LT Loan to B
--------------------------------------------------------
CARE Ratings has revised the ratings on certain bank facilities of
A C Strips Private Limited (ACSPL), as:

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank       8.25       CARE B; Stable; ISSUER NOT
   Facilities                      COOPERATING; Rating continues
                                   To remain under ISSUER NOT
                                   COOPERATING category and
                                   Revised from CARE B+; Stable

Detailed Rationale & Key Rating Drivers

CARE Ratings Ltd. had, vide its press release dated February 9,
2021, placed the rating(s) of ACSPL under the 'issuer
non-cooperating' category as ACSPL had failed to provide
information for monitoring of the rating and had not paid the
surveillance fees for the rating exercise as agreed to in its
Rating Agreement. ACSPL continues to be noncooperative despite
repeated requests for submission of information through e-mails,
phone calls and a letter/email dated December 26, 2021, January 6,
2022, January 15, 2022.

In line with the extant SEBI guidelines, CARE Ratings Ltd. has
reviewed the rating on the basis of the best available information
which however, in CARE Ratings Ltd.'s opinion is not sufficient to
arrive at a fair rating.

Users of this rating (including investors, lenders and the public
at large) are hence requested to exercise caution while using the
above rating(s).

The ratings assigned to the bank facilities of ACSPL have been
revised on account of non-availability of requisite information.

The ratings also factored in significant decline in scale of
operations, operating profitability, deteriorated capital structure
and debt coverage indicators during FY21.

A C Strips Private Limited (ACSPL) was incorporated during August
1995 to initiate an iron and steel products manufacturing unit. The
company installed a TMT bar manufacturing unit at Urla Industrial
Complex in Raipur with an installed capacity of 30,000 MTPA. ACSPL
sells its product under the brand name of "Swadeshi 500 TMT". The
day-to-day affairs of the company are looked after by Mr. Dhiraj
Surana, Director, along with other directors and team of
experienced personnel.


AATULYA LIFECARE: CARE Keeps D Debt Rating in Not Cooperating
-------------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Aatulya
Lifecare Private Limited (ALPL) continues to remain in the 'Issuer
Not Cooperating' category.

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank        4.64      CARE D; ISSUER NOT COOPERATING
   Facilities                      Rating continues to remain
                                   under ISSUER NOT COOPERATING
                                   category

Detailed Rationale & Key Rating Drivers

CARE Ratings Ltd. had, vide its press release dated February 9,
2021, placed the rating(s) of ALPL under the'issuer
non-cooperating' category as ALPL had failed to provide information
for monitoring of the rating and had not paid the surveillance fees
for the rating exercise as agreed to in its Rating Agreement. ALPL
continues to be noncooperative despite repeated requests for
submission of information through e-mails, phone calls and a
letter/email dated December 26, 2021, January 5, 2022, January 15,
2022.

In line with the extant SEBI guidelines, CARE Ratings Ltd. has
reviewed the rating on the basis of the best available information
which however, in CARE Ratings Ltd.'s opinion is not sufficient to
arrive at a fair rating.

Users of this rating (including investors, lenders and the public
at large) are hence requested to exercise caution while using the
above rating(s).

Aatulya Lifecare Private Limited (ALPL) was incorporated in 2014
and started it operations from September 2016. ALPL has been
promoted by Dr Hirenkumar Patel, Dr Mehul Shah, Dr Manish Patel and
Dr Chirag Rathod. The company operates a hospital by the name
Aastha Multi Speciality Hospital, providing quality services and
patient care to the people in the vicinity of Vadodara (Gujarat).
The hospital has specialized departments in Gynaecology,
Orthopaedic, General surgery, Paediatric, Physiotherapy, Ears, Nose
and Throat (ENT), Critical Care and Pharmacy for its patients and
visitors. The hospital has capacity of 100 beds and 1 in-house
ambulance.


ABA INFRATECH: CARE Lowers Rating on INR30cr LT Loan to B-
----------------------------------------------------------
CARE Ratings has revised the ratings on certain bank facilities of
ABA Infratech Private Limited (AIPL), as:

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank      30.00       CARE B-; Stable; ISSUER NOT
   Facilities                      COOPERATING; Rating continues
                                   To remain under ISSUER NOT
                                   COOPERATING category and
                                   Revised from CARE B+; Stable

Detailed Rationale & Key Rating Drivers

CARE Ratings Ltd. had, vide its press release dated February 8,
2021, placed the rating(s) of AIPL under the 'issuer
non-cooperating' category as AIPL had failed to provide information
for monitoring of the rating and had not paid the surveillance fees
for the rating exercise as agreed to in its Rating Agreement. AIPL
continues to be noncooperative despite repeated requests for
submission of information through e-mails, phone calls and a
letter/email dated December 25, 2021, January 4, 2022, January 14,
2022.

In line with the extant SEBI guidelines, CARE Ratings Ltd. has
reviewed the rating on the basis of the best available information
which however, in CARE Ratings Ltd.'s opinion is not sufficient to
arrive at a fair rating.

Users of this rating (including investors, lenders and the public
at large) are hence requested to exercise caution while using the
above rating(s).

The ratings assigned to the bank facilities of AIPL have been
revised on account of non-availability of requisite information.
The ratings also considered decline in scale of operations,
incurring of losses, leveraged capital structure and weak debt
coverage indicators.

ABA Infratech Private Limited established in March 30, 2015, is a
private limited company, engaged in the business of real estate
development. The company is promoted by Mr. Ankit Pandey and Mr.
Syed Azhar Ali. The company is in process of developing an
industrial park project namely Rail Park located in Fatehpur. The
total land area amounting to 252 acres which consists of 72 plots
out of which 61.41 acres (12 plots) has already been booked by
various vendors. Also, the company has an associate concern namely
ABA Infra Promoters Private Limited incorporated in 2017 which is
engaged in real estate business.


ANNAPURNA INDUSTRIES: CARE Lowers Rating on INR8cr LT Loan to B-
----------------------------------------------------------------
CARE Ratings has revised the ratings on certain bank facilities of
Annapurna Industries (AI), as:

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank       8.00       CARE B-; Stable; ISSUER NOT
   Facilities                      COOPERATING; Rating continues
                                   To remain under ISSUER NOT
                                   COOPERATING category and
                                   Revised from CARE B; Stable

   Short Term Bank     12.00       CARE A4; ISSUER NOT
   Facilities                      COOPERATING; Rating continues
                                   to remain under ISSUER NOT
                                   COOPERATING category
  
Detailed Rationale & Key Rating Drivers

CARE Ratings Ltd. had, vide its press release dated February 5,
2021, placed the rating(s) of AI under the 'issuer non-cooperating'
category as AI had failed to provide information for monitoring of
the rating and had not paid the surveillance fees for the rating
exercise as agreed to in its Rating Agreement. AI continues to be
non-cooperative despite repeated requests for submission of
information through e-mails, phone calls and a letter/e-mail dated
December 22, 2021, January 1, 2022, January 11, 2022.

In line with the extant SEBI guidelines, CARE Ratings Ltd. has
reviewed the rating on the basis of the best available information
which however, in CARE Ratings Ltd.'s opinion is not sufficient to
arrive at a fair rating.

Users of this rating (including investors, lenders and the public
at large) are hence requested to exercise caution while using the
above rating(s).

The rating assigned to the bank facilities of AI have been revised
on account of non-availability of requisite information.

Annapurna Industries (AI) was established as a partnership firm in
2006 by Shri Ashish Khandelwal, Shri Pratik Khandelwal, Smt Neha
Khandelwal, Shri Navin Khandelwal and Smt. Sheetal Khandelwal for
setting up a rice milling and processing unit. The firm has been
engaged in rice milling activities at its plant located at
Rajnandgaon, Chhattisgarh with aggregate installed capacity of
46080 MTPA. The firm has started commercial operations from
February, 2006 onwards. Further, AI undertakes job work for Govt.
of Chhattisgarh whereby the entity processes rice against paddy
supplied by the government.


ASHTVINAYAK LEISURE: CARE Lowers Rating on INR10.58cr LT Loan to C
------------------------------------------------------------------
CARE Ratings has revised the ratings on certain bank facilities of
Ashtvinayak Leisure Private Limited (ALPL), as:

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank      10.58       CARE C; Stable; ISSUER NOT
   Facilities                      COOPERATING; Rating continues
                                   To remain under ISSUER NOT
                                   COOPERATING category and
                                   Revised from CARE B-; Stable

Detailed Rationale & Key Rating Drivers

CARE Ratings Ltd. had, vide its press release dated February 03,
2021, placed the rating(s) of ALPL under the 'issuer
non-cooperating' category as ALPL had failed to provide information
for monitoring of the rating and had not paid the surveillance fees
for the rating exercise as agreed to in its Rating Agreement. ALPL
continues to be non-cooperative despite repeated requests for
submission of information through e-mails, phone calls and a
letter/email dated December 20, 2021, December 30, 2021, January 9,
2022.

In line with the extant SEBI guidelines, CARE Ratings Ltd. has
reviewed the rating on the basis of the best available information
which however, in CARE Ratings Ltd.'s opinion is not sufficient to
arrive at a fair rating.

Users of this rating (including investors, lenders and the public
at large) are hence requested to exercise caution while using the
above rating(s).

The ratings assigned to the bank facilities of ALPL have been
revised on account of non- availability of requisite information.

The ratings also factioned in small scale of operations and
leveraged capital structure during FY21.

Indore (Madhya Pradesh) based Ashtvinayak Leisure Private Limited
(ALPL) was incorporated in 2010 by Mr. Anand Goyal along with other
family members with an objective to establish a hotel. The hotel
facility will be constructed at 4,147.24 sq. meter having total 102
rooms which includes standard, deluxe and suite. Further, the hotel
property will have a cafeteria, restaurants and three banquet halls
each with capacity of 1000, 800 and 300 persons each. ALPL
undertook the project in May, 2015 and envisaged total project cost
of INR50.90 crore towards the project to be funded through term
loan of INR20.00 crore, promoter's capital of INR25.00 crore and
remaining through unsecured loans from promoters and relatives. The
company was expected to start its operations from December, 2019.

BALAJI MOTORS: CARE Lowers Rating on INR12.19cr LT Loan to B
------------------------------------------------------------
CARE Ratings has revised the ratings on certain bank facilities of
Balaji Motors (BM), as:

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank      12.19       CARE B; Stable; ISSUER NOT
   Facilities                      COOPERATING; Rating continues
                                   To remain under ISSUER NOT
                                   COOPERATING category and
                                   Revised from CARE B+; Stable

Detailed Rationale & Key Rating Drivers

CARE Ratings Ltd. had, vide its press release dated February 05,
2021, placed the rating(s) of BM under the 'issuer non-cooperating'
category as BM had failed to provide information for monitoring of
the rating and had not paid the surveillance fees for the rating
exercise as agreed to in its Rating Agreement. BM continues to be
non-cooperative despite repeated requests for submission of
information through e-mails, phone calls and a letter/email dated
December 22, 2021, January 1, 2022, January 11, 2022.

In line with the extant SEBI guidelines, CARE Ratings Ltd. has
reviewed the rating on the basis of the best available information
which however, in CARE Ratings Ltd.'s opinion is not sufficient to
arrive at a fair rating.

Users of this rating (including investors, lenders and the public
at large) are hence requested to exercise caution while using the
above rating(s).

The rating assigned to the bank facilities of BM have been revised
on account of non-availability of requisite information.

Jagdalpur, Chhattisgarh based, Balaji Motors (BM) was established
as a partnership firm in February 01, 2015. The firm is an
authorised dealer of Mahindra and Mahindra Limited (M&M) for its
passenger cars, commercial vehicles and spares & accessories. The
showroom of the firm is located at five different places in the
state of Chhattisgarh [i.e. 1) Jagdalpur, 2) NH-16 Geedam Road, 3)
Near C.W.S NMDC Nandraj petrol pump, 4) Samrtanagar, 5) Vandana
Complex] and workshop location at Jagdalpur, Bacheli and near CRPF
Batalion where it also provides repair and refurbishment services
for its all range of vehicles. Moreover, the firm has availed
moratorium on interest repayment of cash credit as well as EMI's
repayment of term loan from  March 2020 to August 2020 from its
lender as per the RBI circular.


CASTINGS INDIA: CARE Keeps B- Debt Rating in Not Cooperating
------------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Castings
India Private Limited (CIPL) continues to remain in the 'Issuer Not
Cooperating' category.

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank       7.76       CARE B-; Stable; ISSUER NOT
   Facilities                      COOPERATING; Rating continues
                                   To remain under ISSUER NOT
                                   COOPERATING category  

Detailed Rationale & Key Rating Drivers

CARE Ratings Ltd. had, vide its press release dated February 1,
2021, placed the rating(s) of CIPL under the 'issuer
non-cooperating' category as CIPL had failed to provide information
for monitoring of the rating and had not paid the surveillance fees
for the rating exercise as agreed to in its Rating Agreement. CIPL
continues to be noncooperative despite repeated requests for
submission of information through e-mails, phone calls and a
letter/email dated December 18, 2021, December 28, 2021, January 7,
2022.

In line with the extant SEBI guidelines, CARE Ratings Ltd. has
reviewed the rating on the basis of the best available information
which however, in CARE Ratings Ltd.'s opinion is not sufficient to
arrive at a fair rating.

Users of this rating (including investors, lenders and the public
at large) are hence requested to exercise caution while using the
above rating(s).

Castings India Private Limited (CIPL) was initially set up as a
partnership firm in 1974 by the Sharoff family based out of
Jharkhand and the same was converted into private limited company
in March 1996. Currently, the company is managed by Mr. Surendra
Kumar Shroff and Ms. Mina Shroff. Since its inception the company
has been engaged in manufacturing rolled iron, MS flat angles, MS
sections, TMT bars, rods, Hot rolled sheets, guide channels etc.
The manufacturing facility of the company is located at industrial
area, Saraikela, Kharanwan, Jharkhand with an aggregate installed
capacity of 12000 metric ton per annum.


CONTINENTAL CORRUGATORS: CARE Cuts Rating on INR10.34cr Loan to B+
------------------------------------------------------------------
CARE Ratings has revised the ratings on certain bank facilities of
Continental Corrugators Private Limited (CCPL), as:

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank      10.34       CARE B+; Stable; ISSUER NOT
   Facilities                      COOPERATING; Rating continues
                                   To remain under ISSUER NOT
                                   COOPERATING category and
                                   Revised from CARE BB-; Stable

Detailed Rationale & Key Rating Drivers

CARE Ratings Ltd. had, vide its press release dated February 23,
2021, placed the rating(s) of CCPL under the 'issuer
non-cooperating' category as CCPL had failed to provide information
for monitoring of the rating and had not paid the surveillance fees
for the rating exercise as agreed to in its Rating Agreement. CCPL
continues to be non-cooperative despite repeated requests for
submission of information through e-mails, phone calls and a
letter/email dated January 9, 2022, January 19, 2022, January 29,
2022.

In line with the extant SEBI guidelines, CARE Ratings Ltd. has
reviewed the rating on the basis of the best available information
which however, in CARE Ratings Ltd.'s opinion is not sufficient to
arrive at a fair rating.

Users of this rating (including investors, lenders and the public
at large) are hence requested to exercise caution while using the
above rating(s).

The ratings assigned to the bank facilities of CCPL have been
revised on account of non-availability of requisite information.
The ratings also factored in decline in profitability, increase of
debt levels and deterioration in capital structure during FY21.

Faridabad (Haryana) based Continental Corrugators Private Limited
(CCPL) was established in 1997 and is promoted by Mr. Vinod
Sachdeva, Mrs. Neena Sachdeva, Mr. Nalin Sachdeva and Mr. Shrey
Sachdeva. The company is engaged into manufacturing of different
varieties of corrugated boxes. The company has its manufacturing
unit at Faridabad, Haryana with the installed capacity of 3000
tonnes per month as on February 12, 2020. The products of CCPL find
its application in the packaging industry and the company sells its
products pan India. The raw material i.e. waste paper, dyes, kraft
paper etc. is procured from companies located in Faridabad and
nearby regions.


DANEM HEAVY: CARE Lowers Rating on INR30.00cr LT Loan to B-
-----------------------------------------------------------
CARE Ratings has revised the ratings on certain bank facilities of
Danem Heavy Industries Private Limited (DHIPL), as:

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank      30.00       CARE B-; Stable; ISSUER NOT
   Facilities                      COOPERATING; Rating continues
                                   To remain under ISSUER NOT
                                   COOPERATING category and
                                   Revised from CARE B; Stable

Detailed Rationale & Key Rating Drivers

CARE Ratings Ltd. had, vide its press release dated February 4,
2021, placed the rating(s) of DHIPL under the 'issuer
non-cooperating' category as DHIPL had failed to provide
information for monitoring of the rating and had not paid the
surveillance fees for the rating exercise as agreed to in its
Rating Agreement. DHIPL continues to be non-cooperative despite
repeated requests for submission of information through e-mails,
phone calls and a letter/email dated April 1, 2022, April 4, 2022,
April 6, 2022.

In line with the extant SEBI guidelines, CARE Ratings Ltd. has
reviewed the rating on the basis of the best available information
which however, in CARE Ratings Ltd.'s opinion is not sufficient to
arrive at a fair rating.

Users of this rating (including investors, lenders and the public
at large) are hence requested to exercise caution while using the
above rating(s).

The ratings assigned to the bank facilities of DHIPL have been
revised on account of non-availability of requisite information.
The ratings also factored accumulating of net losses as well as
weak debt coverage indicators and leveraged capital structure
during FY21.

M/s. Danem Heavy Industries Private Limited (DHIPL) was
incorporated on 1st March 2016, registered under companies' act
2013. The company is having its registered office at Ernakulum,
Kerala. The company proposes to engage in fabrication of Windmill
Tower, Pressure Vessels & Tanks, Structural Steel, Material
Handling equipments, Gas Turbine Auxiliaries and Supply Auto
Auxiliaries. DHIPL belongs to Danem Group, headquartered in UAE.
The promoters are Mr. Parayil Daniel Mathew and Ms. Susan Mathew,
who are also the directors of other associate companies under Danem
Group. The current project is yet to be executed.


DIVYA SIMANDHAR: CARE Keeps D Debt Ratings in Not Cooperating
-------------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Divya
Simandhar Construction Private Limited (DSCPL) continues to remain
in the 'Issuer Not Cooperating' category.

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank       15.00      CARE D; ISSUER NOT COOPERATING
   Facilities                      Rating continues to remain
                                   under ISSUER NOT COOPERATING
                                   category

   Long Term/           34.75      CARE D; ISSUER NOT COOPERATING
   Short Term                      Rating continues to remain
   Bank Facilities                 under ISSUER NOT COOPERATING
                                   category

   Short Term Bank       5.00      CARE D; ISSUER NOT COOPERATING
   Facilities                      Rating continues to remain
                                   under ISSUER NOT COOPERATING
                                   category
  
Detailed Rationale & Key Rating Drivers

CARE Ratings Ltd. had, vide its press release dated February 4,
2021, placed the rating(s) of DSCPL under the 'issuer
non-cooperating' category as DSCPL had failed to provide
information for monitoring of the rating and had not paid the
surveillance fees for the rating exercise as agreed to in its
Rating Agreement. DSCPL continues to be non-cooperative despite
repeated requests for submission of information through e-mails,
phone calls and a letter/email dated January 18, 2022, February 02,
2022, April 08, 2022.

In line with the extant SEBI guidelines, CARE Ratings Ltd. has
reviewed the rating on the basis of the best available information
which however, in CARE Ratings Ltd.'s opinion is not sufficient to
arrive at a fair rating.

Users of this rating (including investors, lenders and the public
at large) are hence requested to exercise caution while using the
above rating(s).

DSCPL was established during April 2007 as a partnership firm
'Simandhar Construction' by Mr. Tushar Shah and Ms. Sheetal Shah.
In December 2012, the firm was converted into a private limited
company and renamed as DSCPL. DSCPL is engaged in the construction
and infrastructure related activities (mainly road work) on
Engineering Procurement and Construction (EPC) basis in Gujarat.


ELEGANCE FOOD: CARE Keeps D Debt Ratings in Not Cooperating
-----------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Elegance
Food Processing and Impex Private Limited (EFPIPL) continues to
remain in the 'Issuer Not Cooperating' category.

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank       11.48      CARE D; ISSUER NOT COOPERATING
   Facilities                      Rating continues to remain
                                   under ISSUER NOT COOPERATING
                                   category

   Short Term Bank       0.25      CARE D; ISSUER NOT COOPERATING
   Facilities                      Rating continues to remain
                                   under ISSUER NOT COOPERATING
                                   category
  
Detailed Rationale & Key Rating Drivers

CARE Ratings Ltd. had, vide its press release dated February 19,
2021, placed the rating(s) of EFPIPL under the 'issuer
non-cooperating' category as EFPIPL had failed to provide
information for monitoring of the rating and had not paid the
surveillance fees for the rating exercise as agreed to in its
Rating Agreement. EFPIPL continues to be non-cooperative despite
repeated requests for submission of information through e-mails,
phone calls and a letter/email dated January 5, 2022, January 15,
2022, January 25, 2022.

In line with the extant SEBI guidelines, CARE Ratings Ltd. has
reviewed the rating on the basis of the best available information
which however, in CARE Ratings Ltd.'s opinion is not sufficient to
arrive at a fair rating.

Users of this rating (including investors, lenders and the public
at large) are hence requested to exercise caution while using the
above rating(s).

Morbi (Gujarat) based EFPL was established in September 2015 as a
private limited company by five promoters namely Mr. Hasmukhbhai
Patel, Mr. Kishan Vidja, Mr. Jitendra Patel, Mr. Becharbhai Patel,
Mr. Bharatbhai Raiyani and Mr. Anil Patel for processing and
manufacturing of agro commodities. EFPL has set up a plant for
processing of groundnut seeds and manufacturing of mainda and other
flour with an installed capacity of 7420 MTPA and 12600 MTPA
(Metric Tonnes Per Annum) respectively as on March 31, 2019.
Commercial operations commenced from September 2017 for groundnut
processing and for Flour from April 2018.

GOWTHAM CEMENTS: CARE Keeps B- Debt Rating in Not Cooperating
-------------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Gowtham
Cements Private Limited (GCPL) continues to remain in the 'Issuer
Not Cooperating ' category.

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank       1.98       CARE B-; Stable; ISSUER NOT
   Facilities                      COOPERATING; Rating continues
                                   To remain under ISSUER NOT
                                   COOPERATING category  

Detailed Rationale & Key Rating Drivers

CARE Ratings Ltd. had, vide its press release dated February 1,
2021, placed the rating(s) of GCPL under the 'issuer
non-cooperating' category as GCPL had failed to provide information
for monitoring of the rating and had not paid the surveillance fees
for the rating exercise as agreed to in its Rating Agreement. GCPL
continues to be non-cooperative despite repeated requests for
submission of information through e-mails, phone calls and a
letter/email dated December 18, 2021, December 28, 2021, January 7,
2022.

In line with the extant SEBI guidelines, CARE Ratings Ltd. has
reviewed the rating on the basis of the best available information
which however, in CARE Ratings Ltd.'s opinion is not sufficient to
arrive at a fair rating.

Users of this rating (including investors, lenders and the public
at large) are hence requested to exercise caution while using the
above rating(s).

Gowtham Cements Private Limited (GCPL) was incorporated in
September'2009, by Mr. C.N. Murthy (Managing Director), Ms. Kavitha
(Director) and other family member, for manufacturing of cement.
The promoters of the company are qualified and have more than two
decades of experience in civil construction and other business. The
manufacturing unit of the company is IN 7.5 acres and is located at
Pachanapalle Village, Chittoor Mandal, Chittoor, Andhra Pradesh.
The Company sells its products 75% in Tamil Nadu and remaining 25%
in Andhra Pradesh. The company has an installed capacity of 500
tons per day. The company purchases clinker, fly ash, gypsum and
other raw materials required in manufacturing in cements from
Andhra Pradesh (75%) and remaining from Tamil Nadu region.


HOTEL DEEPALI: CARE Lowers Rating on INR7.26cr LT Loan to B+
------------------------------------------------------------
CARE Ratings has revised the ratings on certain bank facilities of
Hotel Deepali (HD), as:

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank       7.26       CARE B+; Stable; ISSUER NOT
   Facilities                      COOPERATING; Rating continues
                                   To remain under ISSUER NOT
                                   COOPERATING category and
                                   Revised from CARE BB-; Stable

Detailed Rationale & Key Rating Drivers

CARE Ratings Ltd. had, vide its press release dated February 09,
2021, placed the rating(s) of HD under the 'issuer non-cooperating'
category as HD had failed to provide information for monitoring of
the rating and had not paid the surveillance fees for the rating
exercise as agreed to in its Rating Agreement. HD continues to be
non-cooperative despite repeated requests for submission of
information through e-mails, phone calls and a letter/email dated
December 26, 2021, January 5, 2022, January 15, 2022.

In line with the extant SEBI guidelines, CARE Ratings Ltd. has
reviewed the rating on the basis of the best available information
which however, in CARE Ratings Ltd.'s opinion is not sufficient to
arrive at a fair rating.

Users of this rating (including investors, lenders and the public
at large) are hence requested to exercise caution while using the
above rating(s).

The ratings assigned to the bank facilities of HD have been revised
on account of non-availability of requisite information.

Sagar (Madhya Pradesh) based Hotel Deepali (HD) was formed as a
proprietorship concern in 2002 by Mrs. Saroj Singh Thakur. HD is
engaged in the hotel business and presently owns and operates a
Hotel namely Hotel Deepali at village Bamora, Jabalpur Road, Sagar
(Madhya Pradesh) which is on Sagar- Jabalpur Highway and 6 KMs away
from Sagar main Bus stand. The hotel had 66 rooms along with
marriage garden, 6 banquets hall, restaurant, game zone and other
recreation centres.


IL&FS ENERGY: CARE Keeps D Debt Ratings in Not Cooperating
----------------------------------------------------------
CARE Ratings said the rating for the bank facilities of IL&FS
Energy Development Company Limited (IEDCL) continues to remain in
the 'Issuer Not Cooperating' category.

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank     1,137.85     CARE D; ISSUER NOT COOPERATING
   Facilities                      Rating continues to remain
                                   under ISSUER NOT COOPERATING
                                   category

   Long Term            100.00     CARE D; ISSUER NOT COOPERATING
   Instruments                     Rating continues to remain
                                   under ISSUER NOT COOPERATING
                                   category

   Non Convertible      300.00     CARE D; ISSUER NOT COOPERATING
   Debentures                      Rating continues to remain
                                   under ISSUER NOT COOPERATING
                                   category

   Non Convertible      200.00     CARE D; ISSUER NOT COOPERATING
   Debentures                      Rating continues to remain
                                   under ISSUER NOT COOPERATING
                                   category

   Non Convertible      205.00     CARE D; ISSUER NOT COOPERATING
   Debentures                      Rating continues to remain
                                   under ISSUER NOT COOPERATING
                                   category

   Non Convertible      195.00     CARE D; ISSUER NOT COOPERATING
   Debentures                      Rating continues to remain
                                   under ISSUER NOT COOPERATING
                                   category

   Non Convertible      100.00     CARE D; ISSUER NOT COOPERATING
   Debentures                      Rating continues to remain
                                   under ISSUER NOT COOPERATING
                                   category

Detailed Rationale & Key Rating Drivers

IEDCL has not paid the surveillance fees for the rating exercise as
agreed to in its Rating Agreement. In line with the extant SEBI
guidelines, CARE's ratings on IEDCL's Long-Term and Short-Term bank
facilities, Non-Convertible Debentures and ICDs continue to be
denoted as CARE D; ISSUER NOT COOPERATING.

Users of this rating (including investors, lenders and the public
at large) are hence requested to exercise caution while using the
above rating(s).

Detailed description of the key rating drivers

At the time of last rating on May 4, 2021 the following were the
rating strengths and weaknesses:

Key Rating Weaknesses

* Delay in debt-servicing obligations: Ongoing delays and defaults
in servicing debt obligations. The same has been confirmed by
lender to CARE, as part of the due diligence exercise. CARE has
also not received NDS since September 2018.

IEDCL is a subsidiary of Infrastructure Leasing & Financial
Services Limited (IL&FS, rated CARE D; holds 91.42% stake) is into
power generation business through conventional and non-conventional
energy sources. At consolidated level, as of June 30, 2018 the
operational capacity of the company is around 2,803.50 MW.


JABALPUR MSW: CARE Keeps D Debt Rating in Not Cooperating
---------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Jabalpur
MSW Private Limited (JMPL) continues to remain in the 'Issuer Not
Cooperating' category.

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank      117.36      CARE D; ISSUER NOT COOPERATING
   Facilities                      Rating continues to remain
                                   under ISSUER NOT COOPERATING
                                   category

Detailed Rationale & Key Rating Drivers

CARE Ratings Ltd. had, vide its press release dated February 5,
2021, placed the rating(s) of JMPL under the 'issuer
non-cooperating' category as JMPL had failed to provide information
for monitoring of the rating and had not paid the surveillance fees
for the rating exercise as agreed to in its Rating Agreement. JMPL
continues to be noncooperative despite repeated requests for
submission of information through e-mails, phone calls and a
letter/email dated December 22, 2021, January 1, 2022, January 11,
2022.

In line with the extant SEBI guidelines, CARE Ratings Ltd. has
reviewed the rating on the basis of the best available information
which however, in CARE Ratings Ltd.'s opinion is not sufficient to
arrive at a fair rating.

Users of this rating (including investors, lenders and the public
at large) are hence requested to exercise caution
while using the above rating(s).

Jabalpur MSW Private Limited (JMPL) is a special purpose vehicle
(SPV) promoted by Essel Infraprojects Limited (EIL) and Arrow
Ecology & Engineering Overseas (1999) Ltd. JMPL was incorporated on
January 23, 2013 for development of a processing plant for
conversion of municipal solid waste (MSW) into energy. The company
is a direct subsidiary of EIL which holds 90% stake in the company.
JMPL has set up a waste-to-energy plant of 580 TPD capacity, using
incineration-based technology of Hitachi Zosen Group at village
Kathonda, Jabalpur on Design, Build, Own, Operate and Transfer
(DBOOT) basis. Pursuant to competitive bidding conducted by
Jabalpur Municipal Corporation (JMC), the MSW project was awarded
to consortium of EIL and Arrow Ecology & Engineering Overseas
(1999) Ltd on Nov 30, 2012. The concession agreement was executed
between JMC and JMPL on February 5, 2013. As per the Concession
Agreement, JMC shall provide 450 TPD of MSW, progressively
increasing to 580 TPD of MSW for a period of 20 years, in
accordance with the Concession Agreement. Further, as per the terms
of the Concession Agreement, JMC shall supply the unsegregated
municipal solid waste free-of-cost to the Company at the plant site
for a period of 20 years from the commercial operation date. The
construction of the plant was completed on May 11, 2016 as against
scheduled COD which was fixed at 24 months from the appointed Date
i.e. February 20, 2016. The total project cost is INR177 crore and
funded in debt to equity ratio of 2.05:1. The debt repayment is for
a tenor of 10.5 years, starting in May 31, 2017 and ending in
August 31, 2027, which gives the project a tail period of 9.5
years. On September 18, 2014, The JMPL has signed a Power Purchase
Agreement (PPA) with M.P Power Management Co. Ltd (MPPMCL) at a
fixed tariff of INR6.39 per KWh for a period of 20 years.


JIVA PLYWOODS: CARE Keeps D Debt Ratings in Not Cooperating
-----------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Jiva
Plywoods Private Limited (JPPL) continues to remain in the 'Issuer
Not Cooperating' category.

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank        3.46      CARE D; ISSUER NOT COOPERATING
   Facilities                      Rating continues to remain
                                   under ISSUER NOT COOPERATING
                                   category

   Short Term Bank       2.50      CARE D; ISSUER NOT COOPERATING
   Facilities                      Rating continues to remain
                                   under ISSUER NOT COOPERATING
                                   category

Detailed Rationale & Key Rating Drivers

CARE Ratings Ltd. had, vide its press release dated February 22,
2021, placed the rating(s) of JPPL under the 'issuer
non-cooperating' category as JPPL had failed to provide information
for monitoring of the rating and had not paid the surveillance fees
for the rating exercise as agreed to in its Rating Agreement. JPPL
continues to be noncooperative despite repeated requests for
submission of information through email dated January 08, 2022,
January 18, 2022, January 28, 2022.

In line with the extant SEBI guidelines, CARE Ratings Ltd. has
reviewed the rating on the basis of the best available information
which however, in CARE Ratings Ltd.'s opinion is not sufficient to
arrive at a fair rating.

Users of this rating (including investors, lenders and the public
at large) are hence requested to exercise caution while using the
above rating(s).

Kutch, Gujarat based Jiva Plywoods Private Limited (JPPL) was
incorporated in December 2015 by Mr. Moolji Patel and his sons Mr.
Govind Patel but started its commercial operations from September,
2016. The company is currently being managed by Mr. Jagdish Patel,
Mr. Moolji Bhai Patel and Mr. Jigna Patel. The company is engaged
into trading and processing of wooden log into Plywood, doors and
boards. JPS imports the raw material mainly wooden logs like Teak,
Pine, Hardwood (backed by L/C) from Malaysia, China, Vietnam and
Myanmar which are subsequently sized at its saw mill unit in
Gandhidham into various commercial sizes as per the requirement of
its customers. Plywoods are sold in domestic market to traders,
wholesalers, civil engineering and construction companies to PAN
India.


KNIT PRIME: CARE Lowers Rating on INR8.30cr LT Loan to B-
---------------------------------------------------------
CARE Ratings has revised the ratings on certain bank facilities of
Knit Prime (KP), as:

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank       8.30       CARE B-; Stable; ISSUER NOT
   Facilities                      COOPERATING; Rating continues
                                   To remain under ISSUER NOT
                                   COOPERATING category and
                                   Revised from CARE B; Stable

   Short Term Bank      3.80       CARE A4; ISSUER NOT
   Facilities                      COOPERATING; Rating continues
                                   to remain under ISSUER NOT
                                   COOPERATING category

Detailed Rationale & Key Rating Drivers

CARE Ratings Ltd. had, vide its press release dated February 5,
2021, placed the rating(s) of KP under the 'issuer non-cooperating'
category as KP had failed to provide information for monitoring of
the rating and had not paid the surveillance fees for the rating
exercise as agreed to in its Rating Agreement. KP continues to be
non-cooperative despite repeated requests for submission of
information through e-mails, phone calls and a letter/email dated
December 22, 2021, January 1, 2022 and January 11, 2022.

In line with the extant SEBI guidelines, CARE Ratings Ltd. has
reviewed the rating on the basis of the best available information
which however, in CARE Ratings Ltd.'s opinion is not sufficient to
arrive at a fair rating.

Users of this rating (including investors, lenders and the public
at large) are hence requested to exercise caution while using the
above rating(s).

The ratings assigned to the bank facilities of KP have been revised
on account of non-availability of requisite information.

Knit Prime (KP) was established on August 13, 1997 as a partnership
concern by Mr. P.N. Kumaresan and Mr. P.N. Padmanaban in Tirupur,
Tamil Nadu. The firm is engaged in sewing hosiery garments like
T-shirts and Polo Shirts for women.


KRISHNENDU BHAKTA: CARE Keeps B- Debt Rating in Not Cooperating
---------------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Krishnendu
Bhakta (KB) continues to remain in the 'Issuer Not Cooperating'
category.
                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank       7.15       CARE B-; Stable; ISSUER NOT
   Facilities                      COOPERATING; Rating continues
                                   To remain under ISSUER NOT
                                   COOPERATING category  

   Short Term Bank      4.85       CARE A4; ISSUER NOT
   Facilities                      COOPERATING; Rating continues
                                   to remain under ISSUER NOT
                                   COOPERATING category

Detailed Rationale & Key Rating Drivers

CARE Ratings Ltd. had, vide its press release dated February 05,
2021, placed the rating(s) of KB under the 'issuer non-cooperating'
category as KB had failed to provide information for monitoring of
the rating and had not paid the surveillance fees for the rating
exercise as agreed to in its Rating Agreement. KB continues to be
non-cooperative despite repeated requests for submission of
information through e-mails, phone calls and a letter/email dated
December 22, 2021, January 1, 2022, January 11, 2022.

In line with the extant SEBI guidelines, CARE Ratings Ltd. has
reviewed the rating on the basis of the best available information
which however, in CARE Ratings Ltd.'s opinion is not sufficient to
arrive at a fair rating.

Users of this rating (including investors, lenders and the public
at large) are hence requested to exercise caution while using the
above rating(s).

Krishnendu Bhakta (KB) was established as a proprietorship entity
in 1992 by Mr. Krishnendu Bhakta based out of West Bengal. Since
its inception, the entity has been engaged in civil construction
activities in the segment like construction of roads, canals,
buildings etc. KB participates in tenders and executes orders for
PWD West Bengal, Digha Development Authority, Haldia Development
Authority etc.


LOGIX CITY: Appellate Tribunal Stays NCLT Order
-----------------------------------------------
Moneycontrol reports that the National Company Law Appellate
Tribunal on May 2 stayed the order of the National Company Law
Tribunal (NCLT) by which insolvency proceedings had been initiated
against Logix City Developers Private Limited.

The appeal against the NCLT order was filed by homebuyers of Logix
Blossom Zest, a project located in Noida.

After hearing the arguments, NCLAT stayed the NCLT order, the
report says.

"Learned Counsel for the Appellant submits that Application under
Section 9 of the I&B Code, 2016 filed by the Operational Creditor
was both barred by Section 10A of the Code as well as barred due to
non-compliance of threshold of INR1 crore. He further submits that
initially by email dated 04th March, 2020 an Amount of
INR88,90,740/- was claimed and thereafter two Invoices 01st April,
2020 and 04th April, 2020 an amount of INR7,02,100/- and 4,36,600/-
was claimed and by clubbing these two invoices, the threshold is
sought to be crossed," the order, as cited by Moneycontrol, said.

"It is submitted that the amount claimed being of March, 2020, it
was clearly hit by Section 10 A of the Code and those two invoices
could not be added hence it falls short of the threshold.
Submissions needs scrutiny," the NCLAT order stated.

It directed the respondents to file their reply affidavits within
four weeks. Rejoinder, if any, may be filed within two weeks,
thereafter, it said.

The appeal has been listed for July 6, 2022, the report notes.

"In the meantime, the Order dated 22nd March, 2022 impugned in this
Appeal shall remain stayed," said the order issued by Justice Ashok
Bhushan, the chairperson.

Under Section 10A, if a party defaulted in clearing its debt
following the COVID-19 pandemic, after March 25, 2020, insolvency
cannot be initiated for such default, Moneycontrol notes. The
government introduced this to give relief to businesses, explained
Sahil Sethi, Partner, Saikrishna & Associates, who had represented
the homebuyers in the case

"We submitted before the honourable NCLAT that the petition filed
by Colliers is barred by both Section 4 and Section 10A of the
Insolvency and Bankruptcy Code, as the amount claimed by Colliers
is less than INR1 crore and the payment to Colliers became due
after the COVID-19 pandemic. Therefore, the insolvency process
cannot be initiated on Colliers' application. Pleased that the
honourable NCLAT took note of our submissions and stayed the order
of NCLT," he said.

In March, NCLT initiated insolvency proceedings against Logix
Blossom Zest allowing a plea by operational creditor Colliers
International (India) Property Services, Moneycontrol recalls. The
project was launched by the company in 2011. The project consists
of 3,400 units spread across 14 towers of which nine are
incomplete. Several homebuyers had not been able to get their units
registered because of the pending dues of the developer with Noida
Authority.

In its report released in December last year, the Comptroller and
Auditor General found that authorities in Noida diluted and tweaked
rules to suit real estate developers, even as the interest of
homebuyers who had invested their life savings was ignored. The
irregularities took a toll on the authority's finances as
well—dues from builders have touched INR18,633 crore against an
allotment value of INR14,000 crore, and no action was taken against
the defaulters, according to Moneycontrol.

Nearly 80 percent of the total allotments of plots in the
commercial category between 2005 and 2018 were secured by three
real estate firms named Wave, Three C and Logix Group. Despite
repeated violations by these companies in terms of outstanding dues
that accumulated to INR14,958.45 crore, the authority failed to
take any action against them, the CAG had noted, Moneycontrol
relays.


NEERAJ PAPER: CARE Keeps B Debt Rating in Not Cooperating
---------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Neeraj
Paper Marketing Limited (NPML) continues to remain in the 'Issuer
Not Cooperating' category.

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank      60.00       CARE B; Stable; ISSUER NOT
   Facilities                      COOPERATING; Rating continues
                                   To remain under ISSUER NOT
                                   COOPERATING category  

   Short Term Bank     20.00       CARE A4; ISSUER NOT
   Facilities                      COOPERATING; Rating continues
                                   to remain under ISSUER NOT
                                   COOPERATING category

Detailed Rationale & Key Rating Drivers

CARE Ratings Ltd. had, vide its press release dated February 10,
2021 placed the rating(s) of NPML under the 'issuer
non-cooperating' category as NPML had failed to provide information
for monitoring of the rating. NPML continues to be non-cooperative
despite repeated requests for submission of information through
e-mails dated December 27, 2021, January 6, 2022, and January 16,
2022. In line with the extant SEBI guidelines, CARE Ratings Ltd.
has reviewed the rating on the basis of the best available
information which however, in CARE Ratings Ltd.'s opinion is not
sufficient to arrive at a fair rating.

Users of this rating (including investors, lenders and the public
at large) are hence requested to exercise caution while using the
above rating(s).

Detailed description of the key rating drivers

At the time of last rating on February 10, 2021, the following were
the rating strengths and weaknesses (updated for the information
available from Stock exchange):

Key Rating Weaknesses

* Decline in scale of operations: Total operating income of the
company declined by 24.39% to INR109.09 crore in FY21 (refers to
the period from April 01 to March 31) (PY: INR144.28 crore) due to
company's plant being shut for two months (AprilMay (2020)) on
account of nation-wide lockdown. During 9MFY22 (refers to the
period from April 01 to December 31), the total operating income of
the company grew by ~28% to INR93.79 crore (PY: INR73.38 crore).

* Low profitability margins owing to highly competitive market: The
company faces competition from some of the other established
players in the same business and also has to deal with stiff
resistance from the other local players which are more prevalent in
the smaller areas and have an extensive distribution network over
the Tier-II/Tier-III cities. This makes the sector highly
competitive and leaves little headroom for margin improvement. The
PBILDT margin of the company continued to remain low at 2.56% (PY:
2.28%) in FY21. However, despite slight improvement in the PBILDT
margin, the PAT margin declined to 0.38% (PY: 0.53%) in FY21 due to
increase in interest and depreciation cost as a percentage of total
operating income in FY21 on account of decline in scale of
operations.

* Working capital intensive operations: The company has working
capital intensive operations, as characterized by higher receivable
period of 166 days as on March 31, 2021 (PY: 152 days). As compared
to this, the company gets minimal credit from its suppliers,
resulting in higher working capital requirement.

Key Rating Strengths

* Experienced Promoters: The promoters have been associated with
the trading business for more than 30 years and have a considerable
amount of experience in the paper trading industry. As the other
group companies are engaged in manufacturing of paper, Neeraj
Papers Marketing Limited is able to derive operational synergy from
it. With vastly experienced promoters and presence of the group
across the value chain helps the company to develop a strong
relationship with its stakeholders.

* Moderate financial risk profile: The overall gearing of the
company remained stable at 0.94x as on March 31, 2021 (PY: 0.96x).
Further, the debt coverage metrics also remained moderate as
reflected by the PBILDT interest coverage ratio of 1.54x (PY:
1.49x) and total debt/GCA of 30.07x (PY: 22.77x) for FY21.

* Industry Prospects: The paper & paper products' industry sales
remained subdued during FY20 mainly due to low prices and high
imports. Due to import restrictions on waste paper and closing of
domestic companies due to lockdown, the costs of Kraft and other
writing paper are increasing post lockdown due to shortage of raw
material. Besides, easing of restrictions in different phases of
lockdown resulted in resumption of economic activities and
operations of various businesses though at lower capacities which
aided the demand for packaging of various products manufactured by
several businesses. In addition to this, essential goods were
allowed to be transported to retail shops even during lockdown
period which also aided the demand for packaging.

Neeraj Paper Marketing Limited (NPML), incorporated in 1995, as a
Public Limited company. The company is engaged in the trading and
distribution of writing & printing paper, waste paper, Kraft Paper,
Duplex Board, Poster Paper, and other products. NPML is associated
with "Bindal group", Bindals Papers Mills Limited, Bindlas Duplex
Limited and Agarwal Duplex Board Limited. NPML procures writing and
printing papers from Bindal group and other manufacturers of papers
in the market. For trading of waste paper, NPML procures waste
papers from waste paper traders and further sell the same to Bindal
group and other manufacturers of papers.

PARANJAPE SCHEMES: CARE Keeps D Debt Ratings in Not Cooperating
---------------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Paranjape
Schemes (Construction) Limited (PSCL) continues to remain in the
'Issuer Not Cooperating' category.

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Non-Convertible     175.00      CARE D; ISSUER NOT COOPERATING
   Debentures                      Rating continues to remain
                                   under ISSUER NOT COOPERATING
                                   Category

   Fixed Deposit        55.00      CARE D (FD); ISSUER NOT
                                   COOPERATING; Rating continues
                                   to remain under ISSUER NOT
                                   COOPERATING Category
   
Detailed Rationale & Key Rating Drivers

CARE Ratings Ltd. had, vide its press release dated October 7,
2020, placed the rating of PSCL under the 'issuer non-cooperating'
category as PSCL had failed to provide information for monitoring
of the rating as agreed to in its Rating Agreement. PSCL continues
to be non-cooperative despite repeated requests for submission of
information through e-mails and phone calls dated March 21, 2022,
March 31, 2022, April 10, 2022, April 12, 2022 etc. In line with
the extant SEBI guidelines, CARE Ratings Ltd. has reviewed the
rating on the basis of the best available information which
however, in CARE Ratings Ltd.'s opinion is not sufficient to arrive
at a fair rating.

Users of this rating (including investors, lenders and the public
at large) are hence requested to exercise caution while using the
above rating.

Detailed description of the key rating drivers

At the time of last rating on May 5, 2021 the following was the
rating weakness (updated for the information available from
Registrar of Companies):

Key Rating Weakness

* Non-Payment of dues on Non-Convertible Debentures (NCD): PSCL has
not paid the coupon interest and principal redemption that was due
on the NCD, on April 30, 2021. As per the terms of the debenture
trust deed and the subsequent extension approved by the debenture
trustee, the said interest payment and principal redemption were
due on or before April 30, 2021. Further extension in due date has
been sought by PSCL and as per the annual report of FY21, the
principal redemption post extension was due on March 31, 2022. The
details of payment and
relevant documentation for extension is not available with CARE
Ratings.

Incorporated in 1987, PSCL is in the business of real estate
development, both residential and commercial. The company has
undertaken real estate projects in Pune, Mumbai, Chiplun, Kolhapur
and Bangalore. The group has completed over 191 projects with total
saleable area of 20.9 million square feet (msf) (~85% residential
and 15% commercial) till May 2020. The company has shown reasonable
execution capability; moreover, the major funding being advance
from customers indicate company's ability to market the projects
during construction period and maintain high collection
efficiency.


PATEL JIVA: CARE Lowers Rating on INR6.85cr LT Loan to B-
---------------------------------------------------------
CARE Ratings has revised the ratings on certain bank facilities of
Patel Jiva Sales Private Limited (PJS), as:

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank       6.85       CARE B-; Stable; ISSUER NOT
   Facilities                      COOPERATING; Rating continues
                                   To remain under ISSUER NOT
                                   COOPERATING category and
                                   Revised from CARE B; Stable

   Short Term Bank      8.00       CARE A4; ISSUER NOT
   Facilities                      COOPERATING; Rating continues
                                   to remain under ISSUER NOT
                                   COOPERATING category
  
Detailed Rationale & Key Rating Drivers

CARE Ratings Ltd. had, vide its press release dated February 19,
2021, placed the rating(s) of PJS under the 'issuer
non-cooperating' category as PJS had failed to provide information
for monitoring of the rating and had not paid the surveillance fees
for the rating exercise as agreed to in its Rating Agreement. PJS
continues to be non-cooperative despite repeated requests for
submission of information through e-mails, phone calls and a
letter/email dated January 6, 2022, January 15, 2022, January 25,
2022.

In line with the extant SEBI guidelines, CARE Ratings Ltd. has
reviewed the rating on the basis of the best available information
which however, in CARE Ratings Ltd.'s opinion is not sufficient to
arrive at a fair rating.

Users of this rating (including investors, lenders and the public
at large) are hence requested to exercise caution while using the
above rating(s).

The ratings assigned to the bank facilities of PJSPL have been
revised on account of non-availability of requisite information.
The rating also considers the decline in scale of operations,
overall profitability, deterioration in capital structure and debt
coverage indicators in FY21.

Patel Jiva Sales Private Limited (PJS) was initially incorporated
as Patel Sales Corporation, a partnership firm in 1969. The name
and constitution of the firm was changed to its present status in
2010. The operations of the company are handled by Mr. Govind Patel
and Mr. Dharmen Patel. The company is engaged into trading and
processing of timber logs. The company is also engaged in trading
of plywood and laminates. PJS's saw mill units are located at
Gandhidham, near to Kandla port and at Kriti Nagar, Delhi. The
units have the installed capacity to process ~ 100 meters (m) of
timber per day.The company has established relations of more than
10 years with majority of its suppliers which enables PJS to get
timely supply of timber, plywood and laminates. Jiva Plywoods
Private Limited, an associate concern of PJS was incorporated in
December, 2015 and is engaged in trading of plywood.


PATIL AND COMPANY: CARE Lowers Rating on INR10cr LT Loan to D
-------------------------------------------------------------
CARE Ratings has revised the ratings on certain bank facilities of
Patil and Company (PC), as:

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank       10.00      CARE D Revised from CARE BB;
   Facilities                      Stable

   Long Term/            7.00      CARE D Revised from CARE BB;
   Short Term                      Stable/CARE A4
   Bank Facilities       
                                   
Detailed Rationale & Key Rating Drivers

The revision in the rating assigned to the bank facilities of Patil
and Company (PC) is due to on-going delay in servicing of debt
obligation due to stretched liquidity position.

Rating Sensitivities

Positive Factors - Factors that could lead to positive rating
action/upgrade:

* The entities' ability to establish a track record of timely
servicing of debt obligations with improvement in liquidity
position.

Detailed description of the key rating drivers

Key Rating Weaknesses

* On-doing delays in debt servicing: There are on-going delays in
debt servicing as the cash credit account is continuously overdrawn
from February 18, 2022 till date owing to non-payment of interest
due to stretched liquidity. Further the account is classified as
SMA – 2 from April 1, 2022 by the banker.

Liquidity: Poor

Liquidity is poor marked by delays in debt servicing (cash credit)
due to liquidity issues faced by the entity.

Patil and Company (PC) was established in the year 1976 as a
partnership firm and is engaged in civil construction of roads and
is registered as a Class 1-A contractor with Public Work Department
(PWD), Maharashtra, and Karnataka by virtue of which it is eligible
to undertake all types of civil works contract within the
respective states. The partners of the firm have an extensive
experience of more than four decades since the inception of the
firm.


RATNA ENGINEERING: CARE Keeps D Debt Ratings in Not Cooperating
---------------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Ratna
Engineering Work (REW) continues to remain in the 'Issuer Not
Cooperating' category.

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank        4.50      CARE D; ISSUER NOT COOPERATING
   Facilities                      Rating continues to remain
                                   under ISSUER NOT COOPERATING
                                   category

   Short Term Bank       5.50      CARE D; ISSUER NOT COOPERATING
   Facilities                      Rating continues to remain
                                   under ISSUER NOT COOPERATING
                                   category
  
Detailed Rationale & Key Rating Drivers

CARE Ratings Ltd. had, vide its press release dated February 1,
2021, placed the rating(s) of REW under the 'issuer
non-cooperating' category as REW had failed to provide information
for monitoring of the rating and had not paid the surveillance fees
for the rating exercise as agreed to in its Rating Agreement. REW
continues to be non-cooperative despite repeated requests for
submission of information through e-mails, phone calls and a
letter/email dated December 18, 2021, December 28, 2021 and January
7, 2022.

In line with the extant SEBI guidelines, CARE Ratings Ltd. has
reviewed the rating on the basis of the best available information
which however, in CARE Ratings Ltd.'s opinion is not sufficient to
arrive at a fair rating.

Users of this rating (including investors, lenders and the public
at large) are hence requested to exercise caution while using the
above rating(s).

Established in 2007, Ratna Engineering Work (REW) was promoted by
Mr. A.N. Reddy and Mr. Sanjay Kumar based out of Raipur,
Chhattisgarh. Since its inception, the firm has been engaged in
structural fabrication and rural electrification works on turnkey
basis.


SAASTHA MEGA: CARE Lowers Rating on INR120cr LT Loan to B+
----------------------------------------------------------
CARE Ratings has revised the ratings on certain bank facilities of
Saastha Mega Food Parks Private Limited (SMFPPL), as:

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank      120.00      CARE B+; Stable; ISSUER NOT
   Facilities                      COOPERATING; Rating continues
                                   To remain under ISSUER NOT
                                   COOPERATING category and
                                   Revised from CARE BB; Stable

Detailed Rationale & Key Rating Drivers

CARE Ratings Ltd. had, vide its press release dated February 08,
2021, placed the rating(s) of SMFPPL under the 'issuer
non-cooperating' category as SMFPPL had failed to provide
information for monitoring of the rating and had not paid the
surveillance fees for the rating exercise as agreed to in its
Rating Agreement. SMFPPL continues to be non-cooperative despite
repeated requests for submission of information through e-mails,
phone calls and a letter/email dated December 25, 2021, January 4,
2022, January 14, 2022.

In line with the extant SEBI guidelines, CARE Ratings Ltd. has
reviewed the rating on the basis of the best available information
which however, in CARE Ratings Ltd.'s opinion is not sufficient to
arrive at a fair rating.

Users of this rating (including investors, lenders and the public
at large) are hence requested to exercise caution while using the
above rating(s).

The ratings assigned to the bank facilities of SMFPPL have been
revised on account of non-availability of requisite information.

Incorporated in May 2012, Saastha Mega Food Park Private Limited is
a project SPV created to set up a logistics park/ Private Freight
Terminal on a land area of 105 acres near Raigad, Maharashtra. The
company is a part of NDR Group providing agriwarehousing and
third-party logistics services since 1954. Continental Warehousing
Corporation (NhavaSeva) Limited, flagship company of the group
provides warehousing, CFS services, cargo storage, bonded & general
warehouse facility and container depot with repair facilities. The
other companies in the group includes Continental Multimodal
Terminals Limited which operates a PFT in Hyderabad. Kaveri
Warehousing Pvt. Ltd. (KWPL) which is into supply chain management
services, such as manpower service, transportation and facility
services to corporate clients and Delex Cargo (India) Private
Limited (DelEx) providing pickup and delivery operations, express
cargo services and distribution logistic services to domestic
airlines. KWIL was merged with DelEx in 2012-13. This project would
include developing a double length rail siding at the site along
with underground pits and silo's for automatic unloading of Cement
from the rake. The project will have 3-lines double length railway
sidings, warehousing facility for storage of commodities, silos for
storage of cement, container yard and other ancillary services. The
cost of the project is estimated at INR179 crore to be funded with
debt of INR120 crore and remaining by equity. The company has
already acquired 70 acres of land and is in the process of
acquiring the balance 35 acres of land post which 18 months period
has been considered for construction and commencement of the PFT.


SKD RICE: CARE Lowers Rating on INR3.48cr LT Loan to B-
-------------------------------------------------------
CARE Ratings has revised the ratings on certain bank facilities of
SKD Rice Industries Private Limited (SRIPL), as:

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank       3.48       CARE B-; Stable; ISSUER NOT
   Facilities                      COOPERATING; Rating continues
                                   To remain under ISSUER NOT
                                   COOPERATING category and
                                   Revised from CARE B; Stable

   Short Term Bank      2.00       CARE A4; ISSUER NOT
   Facilities                      COOPERATING; Rating continues
                                   to remain under ISSUER NOT
                                   COOPERATING category


Detailed Rationale & Key Rating Drivers

CARE Ratings Ltd. had, vide its press release dated February 01,
2021, placed the rating(s) of SRIPL under the 'issuer
non-cooperating' category as SRIPL had failed to provide
information for monitoring of the rating and had not paid the
surveillance fees for the rating exercise as agreed to in its
Rating Agreement. SRIPL continues to be non-cooperative despite
repeated requests for submission of information through e-mails,
phone calls and a letter/email dated December 18, 2021, December
28, 2021 and January 7, 2022.

In line with the extant SEBI guidelines, CARE Ratings Ltd. has
reviewed the rating on the basis of the best available information
which however, in CARE Ratings Ltd.'s opinion is not sufficient to
arrive at a fair rating.

Users of this rating (including investors, lenders and the public
at large) are hence requested to exercise caution while using the
above rating(s).

The ratings assigned to the bank facilities of SRIPL have been
revised on account of non-availability of requisite information.
The ratings also factored in decline in scale of operations and
profitability during FY21.

SKD Rice Industries Private Limited was incorporated in March 2014
with an objective to enter into the rice milling and processing
business. The manufacturing unit of the company is located at
Radhadamodarpur, Khuntuni in Cuttack district with an installed
capacity of 24000 metric tons per annum. The company is procuring
raw paddy from the local farmers and small paddy agents. The
company also engaged in custom milling activity of around 65% of
its revenue (in FY18) for Odisha State Civil Supplies Corporation
Limited. Mr. Ashutosh Kar (aged about 30 years), who has experience
around 06 years in the transportation and logistics business, Mr.
Brajendra Narayan Dash (aged about 66 years) who is a retired
assistant commissioner of police and 03 years of experience in rice
milling business and Mr. Sandeep Singh (aged about 35 years), Mr.
Mahendra Kumar Agarwal (aged about 58 years) and Mr. Vinit Sharma
(aged about 28 years) who have experience around 08 years, 25 years
and 06 years respectively in rice milling and processing business,
look after the day to day operation of the company.

SONI SOYA: CARE Keeps D Debt Rating in Not Cooperating Category
---------------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Soni Soya
Products Limited (SSPL) continues to remain in the 'Issuer Not
Cooperating' category.

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank       12.00      CARE D; ISSUER NOT COOPERATING
   Facilities                      Rating continues to remain
                                   under ISSUER NOT COOPERATING
                                   category

Detailed Rationale & Key Rating Drivers

CARE Ratings Ltd. had, vide its press release dated February 24,
2021, placed the ratings of SSPL under the 'issuer non-cooperating'
category as SSPL had failed to provide information for monitoring
of the rating. SSPL continues to be non-cooperative despite
repeated requests for submission of information through e-mails
dated April 18, 2022, April 19, 2022, April 20, 2022 and phone
calls. In line with the extant SEBI guidelines, CARE Ratings Ltd.
has reviewed the rating on the basis of the best available
information which however, in CARE Ratings Ltd.'s opinion is not
sufficient to arrive at a fair rating.

Users of this rating (including investors, lenders and the public
at large) are hence requested to exercise caution while using the
above rating(s).

Detailed description of the key rating drivers

At the time of last rating on February 24, 2021, the following were
the rating weakness:

Key Rating Weakness

* Irregularities and over drawls in debt servicing as cited vide
resignation letter of auditor: As per SSPL's letter to stock
exchange, the company had given intimation about the resignation of
its statutory auditor wherein the reasons for resignation, as
provided by statutory auditor to SSPL, mentions about
irregularities and over drawl in loan account with bank and NBFCs
owing to its poor liquidity. Further, the company had not paid its
major income tax liability for the financial year ended on March
31, 2019 and not paid/short paid its income tax liability, TDS
liability and other outstanding for the year ended March 31, 2020
as cited by the statutory auditor. Also, the auditor had stated
that with above cited issues and lake of transactions, pending
litigations and liquidity crises during the current period created
uncertainty into the affairs of the company which might affect the
going concern status of the entity as a part of reason for the
resignation of statutory auditor from his services. Further, as per
audited financials of FY20 auditor has mentioned about
irregularities in its loan accounts.  During the last rating action
done on August 12, 2020, the banker had informed about the
moratorium availed by the company for interest payment towards its
cash credit facility starting March-2020 till August-2020.

Analytical approach: Consolidated

Consolidated financials of the company include financials of Soni
Soya Products Limited (SSPL) and its subsidiary i.e. Soni Soya
Products LLC (SSP) (Holding 51%). SSPL is engaged in trading and
processing of organic and non-GMO agricultural products while SSP
is engaged in providing warehousing services for US based customers
of SSPL. The company has prepared consolidated financials for SSPL
for the first time in FY19 including its subsidiary company namely
Soni Soya Products LLC (SSP).

Indore-based (Madhya Pradesh) Soni Soya Products Limited (SSPL,
CIN: L51225MP2014PLC033203) was incorporated by Mr. Dilip Kumar
Soni. The company, however, was originally incorporated as "Soni
Soya Products Private Limited" on September 17, 2014. Subsequently,
the company was converted into Public Limited Company on August 02,
2017 and name changed to Soni Soya Products Limited (SSPL). The
company got listed on SME NSE on April 12, 2018. The company is
primarily engaged in processing and trading of organic as well as
Non-Genetically Modified Organism (non-GMO) and agricultural
products such as Soya, Maize, Wheat, and Flax seeds, Mustard Oil,
Rice, Pulses, Herb and Spices etc. The company exports its product
to Canada, Dubai, South Korea, Sri Lanka and USA. Further, its
subsidiary company namely Soni Soya Products LLC was incorporated
in June 15, 2018 and is engaged in business of warehousing, selling
and marketing of Soya and Soya Products in USA as well as trading
and processing of agro products.

T M SUBRAMANIAM: CARE Keeps B- Debt Rating in Not Cooperating
-------------------------------------------------------------
CARE Ratings said the rating for the bank facilities of T M
Subramaniam And Co (TMSC) continues to remain in the 'Issuer Not
Cooperating' category.

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank       8.16       CARE B-; Stable; ISSUER NOT
   Facilities                      COOPERATING; Rating continues
                                   To remain under ISSUER NOT
                                   COOPERATING category  

   Short Term Bank      2.00       CARE A4; ISSUER NOT
   Facilities                      COOPERATING; Rating continues
                                   to remain under ISSUER NOT
                                   COOPERATING category

Detailed Rationale & Key Rating Drivers

CARE Ratings Ltd. had, vide its press release dated February 3,
2021, placed the rating(s) of TMSC under the 'issuer
non-cooperating' category as TMSC had failed to provide information
for monitoring of the rating and had not paid the surveillance fees
for the rating exercise as agreed to in its Rating Agreement. TMSC
continues to be noncooperative despite repeated requests for
submission of information through e-mails, phone calls and a
letter/email dated December 20, 2021, December 30, 2021, January 9,
2022.

In line with the extant SEBI guidelines, CARE Ratings Ltd. has
reviewed the rating on the basis of the best available information
which however, in CARE Ratings Ltd.'s opinion is not sufficient to
arrive at a fair rating.

Users of this rating (including investors, lenders and the public
at large) are hence requested to exercise caution while using the
above rating(s).

T M Subramaniam & Co (TMS) was established as a proprietorship
concern in the year 1973 by Mr. T.M. Subramaniam. Later in 2013, it
has been reconstituted as a partnership firm along with his sons,
Mr T.M.S Sivakumar, Mr. Shakthi Sivakumar and Mr. TSS Sharan Kumar
as partners. Chennai based TMS, undertakes all civil construction
projects for government organizations within Tamil Nadu State. The
company receives the work order from government organization by
participating in the tenders. TMS purchases raw materials like
sand, cement, iron and bricks from local suppliers.


TEJ COKE: CARE Lowers Rating on INR15.00cr LT Loan to B+
--------------------------------------------------------
CARE Ratings has revised the ratings on certain bank facilities of
Tej Coke Unit II (TCUI), as:

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank      15.00       CARE B+; Stable; ISSUER NOT
   Facilities                      COOPERATING; Rating continues
                                   To remain under ISSUER NOT
                                   COOPERATING category and
                                   Revised from CARE BB-; Stable

Detailed Rationale & Key Rating Drivers

CARE Ratings Ltd. had, vide its press release dated February 10,
2021, placed the rating(s) of TCUI under the 'issuer
non-cooperating' category as TCUI had failed to provide information
for monitoring of the rating and had not paid the surveillance fees
for the rating exercise as agreed to in its Rating Agreement. TCUI
continues to be non-cooperative despite repeated requests for
submission of information through e-mails, phone calls and a
letter/email dated December 27, 2021, January 6, 2022, January 16,
2022.

In line with the extant SEBI guidelines, CARE Ratings Ltd. has
reviewed the rating on the basis of the best available information
which however, in CARE Ratings Ltd.'s opinion is not sufficient to
arrive at a fair rating. Users of this rating (including investors,
lenders and the public at large) are hence requested to exercise
caution while using the above rating(s).

The rating assigned to the bank facilities of TCUI have been
revised on account of non-availability of requisite information.

Tej Coke Unit II (TCUI) was established in the year 1997 by Mr.
Bansi Agrawal as a proprietorship firm. Since its inception, the
firm has been engaged in manufacturing of metal wires like HB
wires, GI wires, barbed wires and binding wires etc. The
manufacturing unit of the firm is located at Light Industrial Area,
Bhilai in Chhattisgarh with aggregate installed capacity of 18,000
MT per annum.


VARSHINI INDUSTRIES: CARE Assigns B Rating to INR5cr LT Loan
------------------------------------------------------------
CARE Ratings has assigned rating to the bank facilities of Varshini
Industries (VI), as:

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank
   Facilities            5.00      CARE B; Stable Assigned

Detailed Rationale & Key Rating Drivers

The ratings assigned to the proposed bank facilities of VI are
constrained on account of high project execution risk on account of
nascent stage of project progress with debt still to be tied up,
fragmented and competitive nature of the industry. These rating
weaknesses are partially offset by experienced proprietor and
growing food processing industry.

Rating Sensitivities

Positive Factors - Factors that could lead to positive rating
action/upgrade:

* Timely tie up of debt coupled with completion of project within
the estimated cost and time

Negative Factors- Factors that could lead to negative rating
action/downgrade:

* Delay in project execution resulting in increased cost and debt.

Detailed description of the key rating drivers

Key Rating Weaknesses

* Project execution risk: VI is in the process of setting up a
plant for food processing plant for bakery items and biscuits. The
total cost of setting up of the plant is envisaged to be INR5.00
crore funded out of INR4.00 Cr of term debt and remaining through
promoter contribution. The company is in the process of tying up of
the debt for the project and expects to commence project execution
by May of 2022. The project is expected to completed by April 2023
and start its commercial operations from May 2023 onwards.

* Fragmented and competitive nature of the industry: VI is engaged
in the business of food processing business, which is highly
fragmented and competitive in nature as evident by the presence of
numerous unorganized and few organized players across India. Hence,
the players in the industry do not have any pricing power and are
exposed to competition induced pressures on profitability.

Key Rating Strengths

* Experienced and resourceful proprietor: VI is promoted by K
Padmavathi who is a partner in part of Amruth Group engaged in
fertilizer industry for more than a decade of experience in
fertilizer industry through other group entity namely Amruth
Organic Fertilizers (rated CARE B+; Stable) and she is a director
in Varshini Fertilizers Private Limited (rated CARE B; Stable).

Liquidity: Stretched

The project is at nascent stage of development. Though the
promoters have infused INR 0.10 cr as of March 31,2021, the debt
tie-up for the project is still pending. Timely completion of the
project within the envisaged cost will be crucial.

Varshini Industries (VI) is a proprietorship concern established in
2011 and is promoted by Mrs. Koutha Padmavathi. The firm is engaged
into trading of gunny bags transportation business. The firm is now
planning to start a food processing firm having presence in bakery
items, biscuits and millets and other food processes and is
expected to commence its operations of the same from May '23
onwards.




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

ARMSTRONG DOWNES: Creditors' Proofs of Debt Due on May 23
---------------------------------------------------------
Creditors of Armstrong Downes Commercial 2012 Limited are required
to file their proofs of debt by May 23, 2022, to be included in the
company's dividend distribution.

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

The company's liquidators are:

          David Ian Ruscoe
          Malcolm Russell Moore
          Grant Thornton New Zealand Limited
          PO Box 10712, Wellington


COX INDUSTRIES: Creditors' Proofs of Debt Due on May 22
-------------------------------------------------------
Creditors of Cox Industries Limited are required to file their
proofs of debt by May 22, 2022, to be included in the company's
dividend distribution.

The company commenced wind-up proceedings on April 22, 2022.

The company's liquidator is:

          Brenton Hunt
          PO Box 13400
          City East, Christchurch 8141


ECOLIBRIUM BIOLOGICALS: Court to Hear Wind-Up Petition on May 13
----------------------------------------------------------------
A petition to wind up the operations of Ecolibrium Biologicals
Holdings Limited will be heard before the High Court at Auckland on
May 13, 2022, at 10:00 a.m.

Zone Law Limited filed the petition against the company on March
11, 2022.

The Petitioner's solicitor is:

          Jeremy Hunter
          Zone Law
          Level 14, 109–125 Willis Street
          Wellington 6011
          Email: jeremy@zonelaw.co.nz


EPCM LIMITED: Commences Wind-Up Proceedings
-------------------------------------------
Members of EPCM Limited, on April 29, 2022, passed a resolution to
voluntarily wind up the company's operations.

The company's liquidator is:

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


MERCURY NZ: S&P Assigns 'BB+' Rating on New Sub. Capital Bonds
--------------------------------------------------------------
S&P Global Ratings has assigned its 'BB+' long-term issue rating to
the proposed subordinated capital bonds of up to NZ$250 million to
be issued by Mercury NZ Ltd. (BBB+/Stable/A-2).

Mercury NZ will use the proceeds of the issuance to refinance its
acquisition of Trustpower Retail (Trustpower) and for general
corporate purposes. In S&P's view, this hybrid issuance is in line
with the company's capital management strategy of supporting its
balance sheet while integrating Trustpower and Tilt Renewables, and
completion of the southern Turitea windfarm development.

The following are the key points of S&P's assessment of the
proposed issuance:

-- S&P assesses the subordinated capital bonds as having
intermediate equity content until May 2032, after which the
residual time to maturity would be less than 20 years (the maturity
date of the instrument is May 2052).

-- S&P has rated the proposed subordinated capital bonds of up to
NZ$250 million two notches below Mercury NZ's stand-alone credit
profile (SACP) of 'bbb' and three notches below the issuer credit
rating of 'BBB+' to reflect the bonds' subordinated status and
optional deferability of coupon payments.

-- S&P expects Mercury NZ's total hybrid bonds will comprise about
10% of the group's total capitalization (S&P Global Ratings
adjusted debt plus S&P Global Ratings adjusted equity) after the
current issuance.

-- This intermediate equity content is based on S&P's view that
the capital bonds meet its criteria in terms of subordination, loss
absorption, and cash preservation, with optional coupon
deferability for up to five years.

S&P said, "Another key consideration in our assessment of the
intermediate equity content is Mercury NZ's intention from the
issue date until 2032 to replace redeemed or repurchased hybrids
with instruments with equivalent equity content, except in limited
circumstances. We also consider Mercury NZ's track record of
replacing its existing hybrids with like instruments as it did in
July 2019. We would revise the equity content on the proposed
hybrid to have no equity content no later than May 2032, unless
replaced, when the time to expected maturity falls below 20 years.

If Mercury NZ deviates from its intention to replace, except under
limited circumstances, it will adversely affect the equity content
assigned to both its proposed and existing capital bonds. Such a
situation would lead it to revise to S&P's assessment to "no equity
content" on the proposed and existing hybrid instruments and to
treat the instruments entirely as debt.

The proposed subordinated capital bonds mature in May 2052, with a
noncallable five-year period to May 2027. The interest rate resets
every five years thereafter at the prevailing five-year midmarket
New Zealand dollar swap rate plus margin. In S&P's view, the
step-up increase of 25 basis points in year five (May 2027) does
not create an incentive to redeem the instruments at the first call
date. It is Mercury NZ's intention to maintain the hybrids as a
permanent part of its capital structure although it has no legal
obligation to replace the redeemed capital bonds. Mercury NZ can
call the capital bonds at any time for various external events,
such as changes in tax or rating agency treatment.

Mercury NZ retains the option to defer coupons for up to five
years. However, any outstanding deferred interest payment will have
to be settled in cash if the company declares or pays an equity
dividend or repurchases equity shares. S&P sees this as a negative
factor. That said, this condition remains acceptable under our
methodology, because once the issuer has settled the deferred
amount, it can still choose to defer on the next interest payment
date.

The proposed capital bonds are deeply subordinated obligations of
Mercury NZ, ranking only senior to equity. They will rank equally
with the company's existing hybrids and any potential future
hybrids.


RUSSEL ROAD: Court to Hear Wind-Up Petition on May 13
-----------------------------------------------------
A petition to wind up the operations of Russel Road Manurewa
Limited will be heard before the High Court at Auckland on May 13,
2022, at 10:45 a.m.

Aleena Devi filed the petition against the company on March 17,
2022.

The Petitioner's solicitor is:

          Christina Keil
          Merran Keil, Barrister
          Regent Chambers
          Level 4, 68 Shortland Street
          Auckland


[*] S&P Takes Actions as NZ Jurisdiction Ranking Assessed as Grp. A
-------------------------------------------------------------------
S&P Global Ratings has added New Zealand to group A of its
jurisdiction ranking assessments of national insolvency regimes.
S&P reviewed the insolvency and restructuring laws in New Zealand
in response to interest from investors, particularly from those
invested in collateralized loan obligations. S&P assesses select
regimes using the criteria "Methodology: Jurisdiction Ranking
Assessments," published on Jan. 21, 2016.

S&P said, "The ranking assessment means we can now assign recovery
ratings and issue credit ratings (where we apply our recovery
criteria) to the debt of nonfinancial corporate issuers, and when
determining project finance recovery ratings. We intend to apply
recovery ratings to our existing speculative-grade corporate
issuers in New Zealand within the next six months."

A jurisdiction ranking assessment is an indicator of the relative
degree of protection that New Zealand's insolvency laws and
practices afford to creditors' interests, and of the predictability
of those proceedings. The assessment captures how insolvency
proceedings and rule-of-law considerations in the country are
likely to affect the post-default recovery prospects for creditors
subject to insolvency proceedings.

S&P said, "In Group A jurisdictions, our recovery ratings are not
capped, and we may rate issue credit ratings up to three notches
above and up to two notches below the issuer credit rating. We
assessed separately two main components: (1) creditor-friendliness;
and (2) rule-of-law risk. We then combined those two components to
form the jurisdiction ranking assessment.

"We assessed New Zealand's creditor-friendliness as very strong and
the rule-of-law as '1'. This takes the global tally of jurisdiction
assessments to 40."

RATING IMPACT

S&P said, "Following the jurisdiction ranking assessment of New
Zealand, we [] lowered the issue credit rating on the step-up
hybrid securities of Nufarm Finance (NZ) Ltd. to 'B' from 'B+'. We
took this action because, in differentiating more between the
relative ranking of issues, we generally notch down hybrid issue
ratings twice for subordination risk for jurisdictions ranked as
group A, compared with only once for unranked jurisdictions.

"At the same time, we affirmed the rating on Australia-based parent
Nufarm Ltd. (BB/Stable/--).

"In addition, we affirmed the 'BBB-' issue rating on Nufarm's
senior secured notes and the 'BB-' issue rating on its senior
unsecured debt."




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

CRUISEGLOBAL PTE: Creditors' Meetings Set for May 10
----------------------------------------------------
CruiseGlobal Pte. Ltd., Star Resort Management Services Pte. Ltd.,
and WorldCard (Singapore) Pte. Ltd. will hold meetings for their
creditors on May 10, 2022, at 2:00 p.m., via video conference.

Agenda of the meeting includes:

   a. to receive a full statement of the Companies' affairs
      together with a list of creditors and the estimated amount
      of their claims;

   b. to confirm the appointment of Joshua James Taylor and Chew
      Ee Ling of Alvarez & Marsal (SE Asia) Pte. Ltd. as joint
      and several liquidators for the purpose of winding up the
      affairs and distributing the assets of the Companies;

   c. to appoint the members of a Committee of Inspection of not   

      more than five (5) members, if thought fit pursuant to
      Section 169(1) of the Insolvency, Restructuring and
      Dissolution Act 2018 (Act 40 of 2018);

   d. to resolve that the Liquidators be at liberty to open,
      maintain and operate any bank account or an account for
      monies received by them as Liquidators of the Companies,
      with such bank as the Liquidators deems fit;

   e. to resolve that the Companies' books and records be disposed

      of five (5) years after the dissolution of the Companies;
      and

   f. to discuss any other business.


KIM WEE: Creditors' Proofs of Debt Due on May 30
------------------------------------------------
Creditors of Kim Wee Enterprise (Private) 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 21, 2022.

The company's liquidators can 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


KRISENERGY LTD: Valeura Energy Buys Thai Oil Assets
---------------------------------------------------
Energy Voice reports that Canada's Valeura Energy will buy two
operated licences offshore Thailand from Singapore's KrisEnergy,
which was forced into liquidation last year, for a price of $3.1
million. There will also be certain contingent payments of up to a
further $7 million related to future development milestones, said
Valeura Energy.

The deal covers the acquisition of working interests in two shallow
water Gulf of Thailand licences: G10/48 licence (89% operated
interest) presenting a near-term production reactivation
opportunity of the Wassana oil field, and the G6/48 licence (43%
operated interest) containing the undeveloped but fully appraised
Rossukon oilfield, Valeura said April 28, Energy Voice relays.

Near-term cash flow from the developed Wassana oilfield
re-activation, with anticipated rates of approximately 3,000 bbls/d
(net), is expected starting in Q4 2022, added the company.

Energy Voice relates that an industry source that has followed the
demise of KrisEnergy described the deal's price tag as an "insult
to those who believed and promoted that KrisEnergy's value was
nearly US$1 billion (Kris Energy's stated group assets were US$886
million in 2016), as these two Thai assets were a large chunk of
the company."

According to Energy Voice, Sean Guest, president, and CEO of
Valeura, commented that "the acquisition will rapidly transform
Valeura into a significant licence holder and new oil producer in
Thailand, and in doing so will establish a platform for our goal to
acquire further high-value cash flowing assets in the region."

"I am pleased to be working again in Southeast Asia and to add a
regionally experienced leadership team with decades of experience
in addition to a very capable local operating unit in Thailand. The
team has direct history with the acquired assets, which I expect
will help to ensure seamless continuity and ongoing stewardship of
these important fields," he added.

"Upon completion of the acquisition, we will begin work to
re-activate production from the Wassana oilfield. The critical path
toward first oil is to complete a re-certification of the MOPU and
to conclude the lease of a suitable production storage vessel,
which together are forecast to take approximately six months from
closing," said Guest.

"Once on production, we anticipate near-term cash flows of
approximately US$9 million per quarter based on current benchmark
prices, which underscores the highly accretive nature of the deal
to Valeura's value. In addition, we are eager to re-invigorate the
development of the Rossukon oil field, which we believe has the
potential to more than double overall production from these
assets," he added.

As Energy Voice reported previously, KrisEnergy was widely seen as
a zombie company and finally collapsed last year after production
from its Apsara oilfield offshore Cambodia failed to meet
expectations.

                         About KrisEnergy

KrisEnergy Limited is a Singapore-based investment holding company.
The Company is an independent upstream oil and gas company with a
portfolio of exploration, appraisal, development and production
assets focused on the geological basins in Asia. The Company
operates through exploration and production of oil and gas in Asia
segment. The Company holds interests in approximately 13 licenses
in Bangladesh, Cambodia, Indonesia, Thailand and Vietnam covering a
gross acreage of approximately 33,124 square kilometres. The
Company operates nine of the contract areas. The Company's
portfolio contains three producing assets: B8/32 and G10/48 in the
Gulf of Thailand, and the onshore Bangora gas field in Block 9 in
Bangladesh. It has a production capacity of approximately 10,691
barrels of oil equivalent per day.

In August 2019, the firm sought court protection from creditors'
legal action while it restructured its debts, according to The
Business Times.  Keppel Corporation, a creditor and shareholder of
KrisEnergy, then publicly came out to support the application and
KrisEnergy's management in formulating a restructuring plan.

Abuthahir Abdul Gafoor and Yessica Budiman of AAG Corporate
Advisory were appointed as joint and several Liquidators of
Krisenergy Marine in August 2021.


NAN SHAN: Commences Wind-Up Proceedings
---------------------------------------
Members of Nan Shan Maritime (Pte.) Ltd., An Ping Shipping Pte.
Ltd., Da Wei Shipping (Pte.) Ltd., Da Kang Shipping (Pte.) Ltd., Da
Jiang Shipping (Pte.) Ltd., Da Hua Shipping (Pte.) Ltd., Xin Jiang
Shipping (Pte.) Ltd., and Xin Rong Shipping (Pte.) Ltd., on April
25, 2022, passed a resolution to voluntarily wind up the company's
operations.

The companies' liquidator is:

          Mr. Tam Chee Chong
          204B Telok Ayer Street
          Singapore 068640


RDV REALTY: Commences Wind-Up Proceedings
-----------------------------------------
Members of RDV Realty Pte Ltd, on April 20, 2022, passed a
resolution to voluntarily wind up the company's operations.

The company's liquidator is:

          Sam Kok Weng
          PricewaterhouseCoopers Advisory Service
          7 Straits View
          Marina One, East Tower, Level 12
          Singapore 018936


STAR CRUISE: Creditors' Meetings Set for May 11
-----------------------------------------------
Star Cruise Pte Ltd and Star Cruises Singapore Investment Holding
Pte. Ltd (In Provisional Liquidation) will hold meetings for their
creditors on May 11, 2022, at 3:00 p.m. and 10:30 a.m.,
respectively, via video conference.

Agenda of the meeting includes:

   a. to receive a full statement of the Companies' affairs
      together with a list of creditors and the estimated amount
      of their claims;

   b. to confirm the appointment of Joshua James Taylor and Chew
      Ee Ling of Alvarez & Marsal (SE Asia) Pte. Ltd. as joint
      and several liquidators for the purpose of winding up the
      affairs and distributing the assets of the Companies;

   c. to appoint the members of a Committee of Inspection of not   

      more than five (5) members, if thought fit pursuant to
      Section 169(1) of the Insolvency, Restructuring and
      Dissolution Act 2018 (Act 40 of 2018);

   d. to resolve that the Liquidators be at liberty to open,
      maintain and operate any bank account or an account for
      monies received by them as Liquidators of the Companies,
      with such bank as the Liquidators deems fit;

   e. to resolve that the Companies' books and records be disposed

      of five (5) years after the dissolution of the Companies;
      and

   f. to discuss any other business.




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

SRI LANKA INSURANCE: Fitch Cuts Insurer Fin. Strenth Rating to CC
-----------------------------------------------------------------
Fitch Ratings has downgraded Sri Lanka Insurance Corporation
Limited's (SLIC) Insurer Financial Strength (IFS) Rating to 'CC',
from 'CCC+', and has placed the rating on Rating Watch Negative
(RWN).

SLIC's National IFS Rating of 'AA(lka)' has also been placed on
RWN.

Fitch has also taken rating action on seven other Sri Lankan
insurers.

KEY RATING DRIVERS

The downgrade reflects the probability that ceased or interrupted
payments could occur on SLIC's foreign-currency obligations due to
weak foreign-currency liquidity in the local banking system. Fitch
believes counterparty risk of SLIC's foreign-currency assets have
risen following recent negative rating action on the Sri Lanka
sovereign and various financial institutions. The insurer has
foreign-currency exposure via investments in Sri Lanka development
bonds and deposits with local banks.

The RWN is driven by heightened near-term downside risks to the
insurer's credit profile, including elevated investment and
liquidity risk, pressure on its regulatory capital position and a
weaker financial performance outlook. The RWN also reflects
potential pressure on SLIC's foreign-currency obligations due to
stretched foreign-currency liquidity in the local banking system
and the uncertain impact from SLIC's non-insurance subsidiaries.

Fitch believes the recent negative rating action on the Sri Lanka
sovereign and various financial institutions underscores SLIC's
investment risks, as its investment portfolio is dominated by
fixed-income securities issued or guaranteed by the government. It
also includes deposits and securities issued by local banks,
non-bank financial institutions and corporations; Fitch downgraded
the Sri Lankan sovereign's Long-Term Foreign-Currency Issuer
Default Rating to 'C', from 'CC', and had placed the ratings of
several financial institutions on RWN.

Fitch assumes the Ministry of Finance's April 12, 2022 announcement
that the state and public sector borrowers will cease all
foreign-currency debt payments on borrowings that are governed by
law other than Sri Lankan law will not apply to SLIC's policyholder
obligations or its subsidiaries' debt obligations. SLIC's insurance
operation does not have any debt in its capital structure. However,
one of its non-insurance subsidiaries has foreign-currency
borrowings from a state-owned bank, according to the latest annual
report. It is not clear if the subsidiary will have to stop payment
on these borrowings or if this would become SLIC's direct liability
should the subsidiary be unable to pay, as the entity is ultimately
owned by the state.

SLIC's foreign-currency denominated insurance contract obligations
tend to be small and limited to certain non-motor classes,
according to the company. The insurer, like other domestic
insurers, relies on access to foreign-currency to make premium
payments to foreign reinsurers and meet other costs that are
typically sourced from overseas.

SLIC's Fitch-calculated risky asset ratio (end-2020: 529%) is
partly driven by the insurer's large investment in listed and
unlisted equities. Fitch believes the recent five-day closure of
the Colombo Stock Exchange undermines the liquidity of SLIC's
listed investments, especially if such closures become recurrent.

Fitch believes the heightened investment risks and earnings
pressure could affect SLIC's regulatory capital profile. A
significant deterioration in the credit profiles of financial
institutions could lead to lower regulatory risk-based capital
(RBC) ratios, as investments will be subject to incremental risk
charges according to local regulatory RBC rules. SLIC's Fitch Prism
Model score is 'Somewhat Weak', based on 2020 results, and is
driven by high asset risk charges.

Fitch expects the weak operating environment to affect SLIC's
earnings, similarly to the rest of the industry. Growth in motor
insurance - the largest contributor to non-life premiums - is
likely to remain subdued, as Fitch expects the government's ban on
auto imports, imposed in 2020 to control currency depreciation, to
continue. In addition, underwriting profit will be squeezed by
rising motor spare-part costs due to currency devaluation, while
overall costs will climb with rising inflation. Insurers, including
SLIC, also have limited ability to reprice policies, given the dent
in customers' disposable incomes.

SLIC, like other Sri Lankan non-life insurers, relies on
international reinsurers to protect its non-motor businesses. Fitch
thinks any material changes to reinsurance structures upon renewal
due to rising reinsurance costs could undermine the insurer's risk
management practices and ability to write new business.

RATING SENSITIVITIES

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

Fitch expects to resolve the RWN in the next six months once the
impact on the insurer's credit profile becomes more apparent. Fitch
also seeks greater clarity on the government's restrictions on
servicing foreign-currency obligations, including the impact on
SLIC's policyholder obligations and the debt obligations of its
non-insurance subsidiaries. Potential triggers that could lead to a
downgrade include:

-- inability to access foreign- or local-currency assets to meet
    liabilities;

-- any government restrictions that impede the insurer's ability,

    or that of subsidiaries, to service foreign- or local-currency

    policyholder or debt obligations;

-- rising investment and asset risks, including a downgrade of
    the ratings of financial institutions;

-- a sustained drop in the regulatory RBC ratio, with no plans to

    rectify the situation;

-- sustained weakness in financial performance and earnings or
    risk management practices;

-- a downgrade of the sovereign rating stemming from a default
    event.

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

-- There is limited scope for upward rating action given the RWN.

BEST/WORST CASE RATING SCENARIO

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

ESG CONSIDERATIONS

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

Sri Lanka Insurance Corporation Limited

                         Rating                     Prior
                         ------                     -----

      Ins Fin Str        CC        Downgrade         CCC+

      Natl Ins Fin Str   AA(lka)   Rating Watch On   AA(lka)


SRI LANKA: China Backs Decision to Work with IMF to Revamp Debt
---------------------------------------------------------------
Reuters reports that China supports crisis-hit Sri Lanka's decision
to work with the International Monetary Fund (IMF) to restructure
its debt, Beijing's ambassador Qi Zhenhong told Sri Lankan Finance
Minister Ali Sabry at a meeting on May 2.

Sri Lanka last month unilaterally suspended external debt
repayments before approaching the IMF for help, recalls Reuters.
China is one of Sri Lanka's largest bilateral lenders with about
$6.5 billion in loans.

"Ambassador Zhenhong also assured Minister Ali Sabry that as a
major shareholder of the IMF, China is willing to play an active
role in encouraging the IMF to positively consider Sri Lanka's
position and to reach an agreement as soon as possible," Sri
Lanka's finance ministry said in a statement, Reuters relays.



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

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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.

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