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

                     A S I A   P A C I F I C

          Monday, May 9, 2022, Vol. 25, No. 86

                           Headlines



A U S T R A L I A

ADRIAN'S METAL: Second Creditors' Meeting Set for May 17
LA TROBE 2019-2: Moody's Upgrades Rating on Class F Notes to B1
M ADVERTISING: Second Creditors' Meeting Set for May 16
MLSP HOLDINGS: First Creditors' Meeting Set for May 17
MORETON RESOURCES: First Creditors' Meeting Set for May 13

NOW TRUST 2021-1: Moody's Upgrades Rating on Class F Notes to B1
RESIMAC 2022-1NC: S&P Assigns Prelim. B Rating on Cl. F Notes
SEND APP: First Creditors' Meeting Set for May 13
TORRENS 2022-1: S&P Assigns Prelim. BB Rating on Cl. E Notes


C H I N A

CHINA EVERGRANDE: Gains 6-Mo. Extension for Bond Interest Payment
CHINA VAST: S&P Lowers LongTerm ICR to 'B-', Outlook Stable


I N D I A

AAJ KA: CRISIL Keeps D Debt Ratings in Not Cooperating Category
BUSH TEA: Insolvency Resolution Process Case Summary
CARE TECH: Ind-Ra Hikes Long-Term Issuer Rating to 'BB'
CARLOO TEXTILE: Ind-Ra Assigns BB+ Issuer Rating, Outlook Stable
CMJ BREWERIES: CRISIL Keeps D Debt Ratings in Not Cooperating

GANSONS PRIVATE: Ind-Ra Hikes Long-Term Issuer Rating to 'BB+'
GLOBAL COAL: Ind-Ra Cuts Long-Term Issuer Rating to 'D'
ICOAT PROJECTS: Insolvency Resolution Process Case Summary
ICON CABLES: CRISIL Keeps D Debt Ratings in Not Cooperating
INCAS INTERNATIONAL: CRISIL Keeps D Ratings in Not Cooperating

JAWAHAR MEDICAL: CRISIL Reaffirms B+ Rating on INR1.0cr Loan
JUBILEE HILLS: Ind-Ra Moves 'D' Bank Loan Rating to Non-Cooperating
JUMBO BAG: Ind-Ra Assigns BB+ LT Issuer Rating, Outlook Stable
KARAIKAL PORT: Insolvency Resolution Process Case Summary
KMC CONSTRUCTIONS LIMITED: Insolvency Resolution Case Summary

KRISHNA ABODES: CRISIL Moves D Debt Rating to Not Cooperating
KUMARAPALAYAM TOLLWAYS: Ind-Ra Affirms 'D' Bank Loan Rating
LALITH GANGADHAR: Insolvency Resolution Process Case Summary
MAP OIL: Insolvency Resolution Process Case Summary
MAP REFOILS: Ind-Ra Cuts Long-Term Issuer Rating to 'D'

MECTECH PROCESS: Ind-Ra Moves BB+ Issuer Rating to Non-Cooperating
MEGHA GRANULES: CRISIL Keeps D Debt Ratings in Not Cooperating
MOHIJULI TEA: CRISIL Moves D Debt Ratings to Not Cooperating
NEOKRAFT GLOBAL: Ind-Ra Keeps BB+ Issuer Rating in Non-Cooperating
NEOLITE ZKW: Ind-Ra Keeps 'BB' LT Issuer Rating in Non-Cooperating

NMS ENTERPRISES: CRISIL Moves D Debt Ratings to Not Cooperating
NPS POWER: Insolvency Resolution Process Case Summary
OYSTER EXIM: Ind-Ra Assigns BB- Issuer Rating, Outlook Stable
POSITIVE POINT: Insolvency Resolution Process Case Summary
PRAKASH PARCEL: Ind-Ra Moves BB+ Issuer Rating to Non-Cooperating

PRITS LEATHER: Ind-Ra Moves BB LT Issuer Rating to Non-Cooperating
PUDUCHERRY CANCER: CRISIL Keeps D Debt Rating in Not Cooperating
QUADSEL SYSTEMS: CRISIL Keeps D Debt Ratings in Not Cooperating
RAMYA REPROGRAPHIC: Ind-Ra Moves BB+ Rating to Non-Cooperating
RISHI ICE: Ind-Ra Moves 'BB+' LT Issuer Rating to Non-Cooperating

RUSHABH PRECISION: Insolvency Resolution Process Case Summary
SALEM TOLLWAYS: Ind-Ra Affirms 'D' Bank Loan Rating
SANMATI DISTRIBUTORS: Insolvency Resolution Process Case Summary
SATYAM SOLUTIONS: CRISIL Keeps D Debt Ratings in Not Cooperating
SHIVALIK COTSYN: Insolvency Resolution Process Case Summary

SIDDHESHWAR SAHAKARI: CRISIL Moves D Ratings to Not Cooperating
SNEHA MARKETING: CRISIL Keeps D Debt Ratings in Not Cooperating
SULAIMAN STEELS: CRISIL Keeps D Debt Ratings in Not Cooperating
SUMITA TEX: CRISIL Keeps D Debt Ratings in Not Cooperating
SURYA EXIM: CRISIL Keeps D Debt Ratings in Not Cooperating

TIRUPUR PLAZA: Insolvency Resolution Process Case Summary
URMILA RCP: CRISIL Moves B Debt Rating from Not Cooperating
VINOD TEXWORLD: CRISIL Keeps D Debt Ratings in Not Cooperating
VIRUTCHAM MICROFINANCE: Ind-Ra Affirms 'BB+' Bank Loan Rating
VISIONINDIA SOFTWARE: CRISIL Moves D Ratings from Not Cooperating

VISWABHARATHI EDUCATIONAL: CRISIL Keeps D Rating in Not Cooperating
VIZAG COMPANYS: CRISIL Keeps D Debt Ratings in Not Cooperating
WOODVILLE PALACE: CRISIL Keeps D Debt Rating in Not Cooperating
WOOGA CERAMIC: CRISIL Keeps D Debt Ratings in Not Cooperating
YASHASVI YARNS: Insolvency Resolution Process Case Summary



M A L A Y S I A

TECHNA-X BHD: Aborts Plan to Sell Loss-Making Coke Business


N E W   Z E A L A N D

ECOLIBRIUM BIOLOGICAL: Court to Hear Wind-Up Petition on May 13
ISLAND GRACE: Creditors' Proofs of Debt Due on June 10
KJT STYLES: Court to Hear Wind-Up Petition on May 16
STRICKLAND CONTRACTING: Creditors' Proofs of Debt Due on June 17
TEMPEST AIR: Creditors' Proofs of Debt Due on June 5



S I N G A P O R E

AXINGTON: Auditor Puts Disclaimer of Opinion on FY2021 Statements
BEST POOL: Commences Wind-Up Proceedings
CRAFT HOLDINGS: Creditors' Proofs of Debt Due on June 8
MING WANG: Commences Wind-Up Proceedings
NO SIGNBOARD: Gets Lawyer's Letter From Investor Over Loan Deal

NO SIGNBOARD: Seeks Debt Super-Priority Status from Rescue Deal
PACIFIC COFFEE: Creditors' Meetings Set for May 23
WOLERO Pte: Court Enters Wind-Up Order


S R I   L A N K A

SRI LANKA: Colombo Calm After Country Declares State of Emergency

                           - - - - -


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A U S T R A L I A
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ADRIAN'S METAL: Second Creditors' Meeting Set for May 17
--------------------------------------------------------
A second meeting of creditors in the proceedings of Adrian's Metal
Management Pty Ltd, trading as Adrian's Scrap Metal and Jims Scrap
Metal, has been set for May 17, 2022, at 10:00 a.m. at the offices
of Rodgers Reidy, Level 2A, 181 Elizabeth Street, in Brisbane,
Queensland.

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 13, 2022, at 5:00 p.m.

David James Hambleton of Rodgers Reidy was appointed as
administrator of Adrian's Metal on March 31, 2022.


LA TROBE 2019-2: Moody's Upgrades Rating on Class F Notes to B1
---------------------------------------------------------------
Moody's Investors Service has upgraded the ratings on six classes
of notes issued by two La Trobe Financial RMBS.

The affected ratings are as follows:

Issuer: La Trobe Financial Capital Markets Trust 2019-2

Class D Notes, Upgraded to Aa3 (sf); previously on Oct 7, 2021
Upgraded to A2 (sf)

Class E Notes, Upgraded to Baa3 (sf); previously on Oct 16, 2019
Definitive Rating Assigned Ba1 (sf)

Class F Notes, Upgraded to B1 (sf); previously on Jun 5, 2020
Downgraded to B2 (sf)

Issuer: La Trobe Financial Capital Markets Trust 2021-2

Class B Notes, Upgraded to Aa1 (sf); previously on Aug 12, 2021
Definitive Rating Assigned Aa2 (sf)

Class C Notes, Upgraded to Aa3 (sf); previously on Aug 12, 2021
Definitive Rating Assigned A1 (sf)

Class D Notes, Upgraded to A3 (sf); previously on Aug 12, 2021
Definitive Rating Assigned Baa1 (sf)

RATINGS RATIONALE

The upgrades were prompted by an increase in credit enhancement
available for the affected notes and the good collateral
performance to date.

La Trobe Financial Capital Markets Trust 2019-2

Following the April 2022 payment date, note subordination available
for the Class D Notes has increased to 4.7% from 4.4% at the time
of the last rating action for these notes in October 2021. Note
subordination available for the Class E Notes has increased to 2.5%
from 1.4% at closing. Note subordination available for the Class F
Notes has increased to 1.0% from 0.5% at the time of the last
rating action for these notes in June 2020.

As of March 2022, 3.2% of the outstanding pool was 30-plus day
delinquent, and 1.7% was 90-plus day delinquent. The deal has
incurred AUD50,298 losses to date (equivalent to 0.004% of original
pool balance), which have been covered by excess spread.

Based on the observed performance to date and loan attributes,
Moody's has revised its expected loss assumption to 1.6% as a
percentage of the outstanding pool (equivalent to 0.7% of the
original pool balance), compared with 1.8% as of the last rating
action in October 2021.

Moody's has lowered its MILAN CE assumption to 7.8% from 8.4% at
the last rating action in October 2021, based on the current
portfolio characteristics.

La Trobe Financial Capital Markets Trust 2021-2

Following the April 2022 payment date, note subordination available
for the Class B, Class C and Class D Notes has increased to 5.1%,
4.3% and 1.8% respectively, from 3.8%, 3.2% and 1.4%, at closing in
August 2021.

As of March 2022, 0.9% of the outstanding pool was 30-plus day
delinquent and 0.5% was 90-plus day delinquent. The deal has not
incurred any losses to date.

Based on the observed performance to date and loan attributes,
Moody's has revised its expected loss assumption to 1.5% of the
outstanding pool balance (equivalent to 1.1% of the original pool),
compared with 1.2% of the original pool at closing.

Moody's has maintained its MILAN CE assumption of 9.7% from
closing, based on the current portfolio characteristics.

The transactions are Australian RMBS secured by portfolios of
residential mortgage loans, originated and serviced by La Trobe
Financial Services Pty Limited. A portion of the portfolio consists
of loans extended to borrowers with impaired credit histories or
made on an alternative documentation basis.

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 the credit enhancement available
for the notes and (3) a deterioration in the credit quality of the
transaction counterparties.


M ADVERTISING: Second Creditors' Meeting Set for May 16
-------------------------------------------------------
A second meeting of creditors in the proceedings of M Advertising
Pty Limited has been set for May 16, 2022, at 10:00 a.m. via
teleconference facilities.

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

Creditors wishing to attend are advised proofs and proxies should
be submitted to the Administrator by May 13, 2022, at 4:00 p.m.

Andrew John Spring of Jirsch Sutherland was appointed as
administrator of M Advertising on Feb. 3, 2022.


MLSP HOLDINGS: First Creditors' Meeting Set for May 17
------------------------------------------------------
A first meeting of the creditors in the proceedings of:

     - MLSP Holdings Pty Ltd
     - MLSP Land Holdings Pty Ltd
     - MLSP SubHoldCo Pty Ltd
     - MLSP Finance Pty Ltd
     - Mugga Lane Solar Park Pty Ltd
     - MLSP Assets Pty Ltd as trustee for MLSP Assets Trust

will be held on May 17, 2022, at 12:00 p.m. via online conference
facilities.

David Osborne and Scott Langdon of KordaMentha were appointed as
administrators of MLSP Holdings et al. on May 5, 2022.


MORETON RESOURCES: First Creditors' Meeting Set for May 13
----------------------------------------------------------
A first meeting of the creditors in the proceedings of:

     - Moreton Resources Ltd (formerly k/as Cougar Energy Ltd)
     - MRV Bowen Basin Coal Pty Ltd
     - MRV Metals Pty Ltd
     - MRV Tarong Basin Coal Pty Ltd

will be held on May 13, 2022, at 11:00 a.m. at the offices of
Rodgers Reidy, Level 2A, 181 Elizabeth Street, in Brisbane,
Queensland.

David James Hambleton and Kaily Lyn Chua of Rodgers Reidy were
appointed as administrators of Moreton Resources  et al. on May 3,
2022.


NOW TRUST 2021-1: Moody's Upgrades Rating on Class F Notes to B1
----------------------------------------------------------------
Moody's Investors Service has upgraded the ratings on seven classes
of notes issued by two NOW series ABS.

The affected ratings are as follows:

Issuer: NOW Trust 2019-1

Class B Notes, Upgraded to Aaa (sf); previously on Mar 25, 2021
Upgraded to Aa1 (sf)

Class D Notes, Upgraded to A1 (sf); previously on Sep 21, 2021
Upgraded to A2 (sf)

Class E Notes, Upgraded to Baa1 (sf); previously on Sep 21, 2021
Upgraded to Baa2 (sf)

Class F Notes, Upgraded to Baa3 (sf); previously on Sep 21, 2021
Upgraded to Ba2 (sf)

Issuer: NOW Trust 2021-1

Class D Notes, Upgraded to Baa1 (sf); previously on Jul 1, 2021
Definitive Rating Assigned Baa2 (sf)

Class E Notes, Upgraded to Ba1 (sf); previously on Jul 1, 2021
Definitive Rating Assigned Ba2 (sf)

Class F Notes, Upgraded to B1 (sf); previously on Jul 1, 2021
Definitive Rating Assigned B2 (sf)

RATINGS RATIONALE

The upgrades were prompted by an increase in note subordination
available for the affected notes and the performance of the
underlying portfolios to date.

NOW Trust 2019-1

Following the April 2022 payment, note subordination available for
the Class B Notes has increased to 31.2% from 28.6% at the time of
the last rating action for these notes in March 2021. Note
subordination available for the Class D, Class E and Class F Notes
has increased to 19.4%, 10.4% and 7.4%, respectively, from 17.5%,
8.3% and 5.2% at the time of the last rating action for these notes
in September 2021.

As of March 2022, 3.1% of the outstanding pool was 30-plus day
delinquent and 0.6% was 90-plus day delinquent. The deal has
incurred 5.3% of gross losses (as a percentage of original note
balance) to date, which have been covered by excess spread.

Based on the performance to date and loan attributes, Moody's has
maintained its expected default assumption at 7.25% of the
outstanding portfolio balance (equivalent to 7.2% of original
balance). Moody's has also maintained its portfolio credit
enhancement assumption at 32%.

NOW Trust 2021-1

Following the April 2022 payment, note subordination available for
the Class D, Class E and Class F Notes has increased to 11.1%, 3.8%
and 1.5%, respectively, from 7.9%, 2.7% and 1% at closing.

As of March 2022, 1.1% of the outstanding pool was 30-plus day
delinquent and 0.1% was 90-plus day delinquent. The deal has
incurred 0.7% of gross losses (as a percentage of original note
balance) to date, which have been covered by excess spread.

Based on the performance to date and loan attributes, Moody's has
maintained its expected default assumption at 7.25% of the
outstanding portfolio balance (equivalent to 5.7% of original
balance). Moody's has also maintained its portfolio credit
enhancement assumption at 32%.

The transactions are a cash securitisation of a portfolio of
Australian unsecured and secured personal loans originated by Now
Finance Group Pty Ltd.

The principal methodology used in these ratings was "Moody's
Approach to Rating Consumer Loan-Backed ABS" published in September
2021.

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.


RESIMAC 2022-1NC: S&P Assigns Prelim. B Rating on Cl. F Notes
-------------------------------------------------------------
S&P Global Ratings assigned its preliminary ratings to 10 classes
of residential mortgage-backed securities (RMBS) to be issued by
Perpetual Trustee Co. Ltd. as trustee for RESIMAC Bastille Trust -
RESIMAC Series 2022-1NC. RESIMAC Bastille Trust - RESIMAC Series
2022-1NC is a securitization of nonconforming and prime residential
mortgage loans originated by RESIMAC Ltd.

The preliminary ratings assigned 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. Lenders' mortgage insurance cover and
subordination for the rated notes provide credit support. In
addition, the transaction includes various mechanisms to utilize
excess spread to provide additional credit support. The credit
support provided to the rated notes is sufficient to cover the
assumed losses at the applicable rating stress. S&P's assessment of
credit risk takes into account RESIMAC Ltd.'s underwriting
standards and approval process, which are consistent with
industrywide practices, and its strong servicing quality.

The rated notes can meet timely payment of interest and ultimate
payment of principal under the rating stresses. Key rating factors
are the level of subordination provided, the liquidity facility,
the principal draw function, the amortization amount built from
excess spread if an amortization event is subsisting, 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 it does not assume the notes are called at or
beyond the call-option date.

S&P said, "Our ratings also take into account the counterparty
exposure to National Australia Bank Ltd. as liquidity facility
provider and cross-currency swap provider and Westpac Banking Corp.
as bank account provider. Currency swaps will be provided to hedge
the Australian dollar receipts from the underlying assets and the
U.S. dollar payments on the class A2 notes. The transaction
documents for the swaps and facilities include downgrade language
consistent with S&P Global Ratings' counterparty criteria.

"We have also 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

  RESIMAC Bastille Trust - RESIMAC Series 2022-1NC

  Class A1, A$105.00 million: AAA (sf)
  Class A2, US$225.00 million: AAA (sf)
  Class A3, A$354.00 million: AAA (sf)
  Class A3-SB, A$35.00 million: AAA (sf)
  Class AB, A$93.00 million: AAA (sf)
  Class B, A$66.10 million: AA (sf)
  Class C, A$17.00 million: A (sf)
  Class D, A$10.70 million: BBB (sf)
  Class E, A$6.60 million: BB (sf)
  Class F, A$3.60 million: B (sf)
  Class G, A$3.00 million: Not rated


SEND APP: First Creditors' Meeting Set for May 13
-------------------------------------------------
A first meeting of the creditors in the proceedings of Send App Pty
Ltd will be held on May 13, 2022, at 2:30 p.m. via virtual
meeting.

Matthew Kucianski and Matthew James Jess of Worrells Solvency &
Forensic Accountants were appointed as administrators of Send App
on May 3, 2022.


TORRENS 2022-1: S&P Assigns Prelim. BB Rating on Cl. E Notes
------------------------------------------------------------
S&P Global Ratings assigned its preliminary ratings to six classes
of prime residential mortgage-backed securities (RMBS) to be issued
by Perpetual Trustee Co. Ltd. as trustee for TORRENS Series 2022-1
Trust.

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 is provided by
subordination, lenders' mortgage insurance (LMI), and excess
spread, if any. S&P's assessment of credit risk takes into account
Bendigo and Adelaide Bank Ltd.'s (BEN's) underwriting standards and
approval process, which are consistent with industry-wide
practices; BEN's servicing quality; and the support provided by the
LMI policies on 8.2% of the portfolio.

The rated notes can meet timely payment of interest and ultimate
payment of principal under the rating stresses. Key rating factors
are the level of subordination provided, the LMI cover, the
trapping of excess yield in the excess revenue reserve (subject to
conditions), the interest-rate swaps, the liquidity facility, and
the principal draw function. All rating stresses are made on the
basis that the trust does not call the notes at or beyond the
call-option date, and that all rated notes must be fully redeemed
via the principal waterfall mechanism under the transaction
documents.

S&P's rating also considers the counterparty exposure to BEN as
interest-rate swap provider and liquidity facility provider as well
as to National Australia Bank Ltd. (NAB) as standby fixed-rate swap
provider and collections account provider. The interest-rate swaps
will be provided to hedge the fixed-rate mortgage loans and the
floating-rate obligations on the notes. The transaction documents
for the swaps and facilities include downgrade language consistent
with S&P Global Ratings' counterparty criteria.

S&P also has factored into its rating the legal structure of the
trust, which is established as a special-purpose entity and meets
our criteria for insolvency remoteness.

  Preliminary Ratings Assigned

  TORRENS Series 2022-1 Trust

  Class A, A$460.000 million: AAA (sf)
  Class AB, A$18.000 million: AAA (sf)
  Class B, A$7.500 million: AA (sf)
  Class C, A$6.250 million: A (sf)
  Class D, A$3.400 million: BBB (sf)
  Class E, A$2.450 million: BB (sf)
  Class F, A$2.400 million: Not rated




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C H I N A
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CHINA EVERGRANDE: Gains 6-Mo. Extension for Bond Interest Payment
-----------------------------------------------------------------
South China Morning Post reports that China Evergrande Group's
creditors have agreed to defer interest payment on a
yuan-denominated bond for six months, giving the world's most
indebted property developer more time to overcome its liquidity
crisis.

The Chinese developer gained their approval to extend the interest
payments on two onshore bonds totalling CNY20 billion (US$3
billion), due on May 6, to November 6, the Post relates citing a
filing to Shanghai Stock Exchange.

According to the report, Evergrande had issued a CNY15 billion
four-year bond carrying an interest rate of 6.27 per cent and a
CNY5 billion five-year note with a coupon of 6.8 per cent on May 6,
2019.

In its meeting with bondholders on April 28 and 29, more than 99
per cent voted on a motion to revise the interest payment
arrangement, the company said in the filing, the Post relays.

The Post says the six-month breathing room offers some relief to
Evergrande, which is saddled with CNY1.97 trillion of liabilities,
to offload its asset to address its liquidity crisis.

The cash-strapped developer offered 2,000 completed homes, half of
them in Pearl River Delta's 10 cities including Guangzhou, Foshan,
Zhaoqing, Qingyuan and Shaoguan, for sale during the Labour Day
holiday.

The company, chaired by founder Hui Ka-yan, launched a marketing
campaign on April 30 to cash in on what is traditionally a golden
week for property sales on the mainland, the Post relays.

The properties on offer included villas, flats, serviced apartments
and shops at Evergrande's 400 projects across the nation, a company
spokeswoman said, without disclosing further details, the Post
adds.

                       About China Evergrande

China Evergrande Group is an integrated residential property
developer. The Company, through its subsidiaries, operates in
property development, investment, management, finance, internet,
health, culture, and tourism markets.

Evergrande had CNY1.97 trillion (US$311 billion) of liabilities at
the end of June 2021.  Once China's biggest developer by sales,
Evergrande fell into distress as cash dried up and the group
overstretched itself on borrowings and ventures into car
manufacturing.

Evergrande hired outside financial advisers Houlihan Lokey and
Admiralty Harbour Capital in September 2021 to engage with
creditors soon after it ran into a liquidity squeeze. It has since
worked with more advisers in the past two months by turning to
China International Capital Corp, BOCI Asia and Zhong Lun Law Firm
on its debt workout plan.

As reported in the Troubled Company Reporter-Asia Pacific in
December 2021, S&P Global Ratings lowered the issuer credit ratings
on China Evergrande Group and Tianji Holding Ltd. to 'SD' from
'CC'.  S&P also lowered the issuer rating on Tianji's bonds due
2022 and 2023 to 'D' from 'C'.  S&P subsequently withdrew all its
ratings on Evergrande, its subsidiary Hengda Real Estate Group Co.
Ltd., and Tianji, at the group's request.

The TCR-AP also reported that Fitch Ratings has downgraded to 'RD'
(Restricted Default), from 'C', the Long-Term Foreign-Currency
Issuer Default Ratings (IDR) of China Evergrande Group and its
subsidiaries, Hengda Real Estate Group Co., Ltd and Tianji Holding
Limited. Fitch has affirmed the senior unsecured ratings of
Evergrande and Tianji at 'C', with a Recovery Rating of 'RR6', as
well as the Tianji-guaranteed senior unsecured notes issued by
Scenery Journey Limited at 'C', with a Recovery Rating of 'RR6'.

The downgrades reflect the non-payment of coupons due Nov. 6, 2021
for Tianji's USD645 million 13% bonds and USD590 million 13.75%
bonds after the grace period lapsed on December 6. The non-payment
is consistent with an 'RD' rating, signifying the uncured expiry of
any applicable grace period, cure period or default forbearance
period following a payment default on a material financial
obligation.


CHINA VAST: S&P Lowers LongTerm ICR to 'B-', Outlook Stable
-----------------------------------------------------------
On May 5, 2022, S&P Global Ratings lowered its long-term issuer
credit rating on China VAST Industrial Urban Development Co. Ltd.
(VAST) to 'B-' from 'B'.

S&P said, "The stable outlook reflects our view that VAST's
operating performance will gradually recover in the next 12 months,
leading to slight improvements in the company's cash flow and
leverage.

"We lowered the rating on VAST because the company's weakened
liquidity is unlikely to materially improve over the next 12
months. This reflects our view that challenging land sales
prospects at Longhe will constrain VAST's ability to replenish its
liquidity from operating cash generation." Although management has
already identified some prospective land buyers and plans to
significantly boost the land supply for sale in 2022, we only
foresee a gradual recovery in land sales at Longhe. That's given
property developers' appetite for land acquisition will likely
remain restrained amid current unfavorable market conditions.

VAST's revenue and cashflows over the next 12 months remain highly
uncertain because the company's business model of land development
remains inherently volatile, often causing fluctuations in sales
execution and lumpy cash collection. VAST's operating performance
was heavily weighed down by sluggish land sales at Longhe, which
fell significantly by 64% year over year to Chinese renminbi (RMB)
1.4 billion in 2021.

S&P revised its assessment of VAST's liquidity to weak from less
than adequate to reflect the company's weaker cash generation. The
company's thin liquidity sources, including cash balance of about
RMB1.1 billion as of Dec. 31, 2021, and estimated operating cash
flow, will be insufficient to cover its debt of about RMB2.7
billion due in the 12 months ending December 2022.

That said, VAST should be able to roll over the majority of its
remaining bank maturities for 2022, which are mostly secured by
land assets and properties. The company could also repay some of
these loans as they come due with proceeds from land auctions or
property sales in the associated projects. The company raised
RMB451 million in new bank borrowings in the first quarter of 2022,
which more than covered its repayment of bank maturities over the
same period.

VAST's leverage will likely remain elevated in 2022. The company's
debt-to-EBITDA ratio jumped to 11.5x in 2021, from 5.1x in 2020,
owing to a sharp decline in land development revenue during the
year. S&P's base case shows a moderate revenue rebound will drive
VAST's leverage down to 6.5x-6.8x in 2022. However, this leverage
expectation still has some downside risks given the weaker market
sentiment and the inherent slippage risk of primary land
development. The pressure on VAST's credit metrics would be
tempered by a mild decline in the company's total debt as it
continues to conserve cash and suppress investments in newer parks
outside Longhe over the next one to two years.

A heavy use of bank financing will continue to weigh on VAST's debt
maturity profile. The company's reliance on bank loans (accounting
for about two-thirds of its total borrowing) constrains its overall
weighted average maturity, which stands at just 2.2 years as of
end-2021. The average debt maturity would be even shorter if S&P
excluded the convertible bond issued to China Jinmao Holdings Group
Ltd. (Jinmao: BBB-/Stable/--). This is because most of VAST's bank
loans are working capital loans and are typically repayable within
one to three years, subjecting the company to continued refinancing
needs.

S&P expects VAST to benefit from operational synergies in its
project collaboration with Jinmao. In its view, Jinmao's continued
direct investment in Longhe will stabilize VAST's land development
business. Jinmao acquired five land parcels at Longhe in late 2021,
which accounted for over 80% of VAST's land sales in terms of value
in Longhe during the year. Jinmao plans to acquire more land at the
park, providing some visibility on VAST's cash flow generation
going forward.

Given its state-owned enterprise background, Jinmao could help VAST
strengthen its banking relationships in the long run. Jinmao's full
subscription to VAST's issuance of US$123 million three-year
convertible bonds in July 2021 helped sustain VAST's cash buffer at
a relatively low cost of 6%, after VAST repaid its US$180 million
senior notes with cash in June 2021. Furthermore, Jinmao provided a
29.9% pro rata guarantee to VAST's US$66 million convertible bonds
and notes due December 2022, the company's only bond maturity in
2022.

S&P said, "The stable outlook reflects our expectation that VAST's
operating performance will gradually recover in the next 12 months,
leading to slight improvements in the company's cash flow and
leverage. While we expect VAST's liquidity to remain tight, the
company should be able to manage its maturities over the next 12
months.

"We could lower the rating if VAST's liquidity shows signs of
further deterioration, which could be indicated by: (1) a material
depletion in the company's cash balance; (2) its failure to
maintain positive operating cash flow due to significant slippage
in land sales at Longhe; or (3) VAST facing difficulties in
maintaining access to its funding channels."

S&P could upgrade the company if VAST:

-- Improves its liquidity and capital structure such that its
ratio of liquidity sources to uses is sustainably above 1.2x, with
increasing cash on hand covering short-term debt;

-- Maintains a weighted average maturity sustainably above 2.0
years. This may occur if the company widens its funding access and
obtains longer-term financing; and

-- Improves its leverage, as measured by the debt-to-EBITDA ratio,
from the 2021 level.

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

Governance factors are a negative consideration in S&P's credit
rating analysis of VAST. Constraints on the company's governance
are its board structure and the strong influence of its controlling
shareholder, the Wang family, which holds a 44.08% stake. The
company has also demonstrated a lack of planning and indecisiveness
in managing its debt maturities, which has caused its liquidity to
tighten at times.

Environmental factors are a moderately negative consideration.
However, the company has exposure to environmental and social risks
in line with sector peers.




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

AAJ KA: CRISIL Keeps D Debt Ratings in Not Cooperating Category
---------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Aaj Ka Anand
Papers Limited (AKAPL) continue to be 'CRISIL D/CRISIL D Issuer Not
Cooperating'.

                       Amount
   Facilities       (INR Crore)     Ratings
   ----------       -----------     -------
   Cash Credit            20        CRISIL D (Issuer Not
                                    Cooperating)

   Cash Credit             7        CRISIL D (Issuer Not
                                    Cooperating)

   Cash Credit            11        CRISIL D (Issuer Not
                                    Cooperating)

   Funded Interest         8.25     CRISIL D (Issuer Not
   Term Loan                        Cooperating)

   Funded Interest         5        CRISIL D (Issuer Not
   Term Loan                        Cooperating)

   Funded Interest         1.95     CRISIL D (Issuer Not
   Term Loan                        Cooperating)

   Letter of Credit       13.2      CRISIL D (Issuer Not
                                    Cooperating)

   Letter of Credit       24.6      CRISIL D (Issuer Not
                                    Cooperating)

   Letter of Credit        9.05     CRISIL D (Issuer Not
                                    Cooperating)

   Term Loan               8.52     CRISIL D (Issuer Not
                                    Cooperating)

   Term Loan              11.70     CRISIL D (Issuer Not
                                    Cooperating)

   Working Capital         8.9      CRISIL D (Issuer Not
   Term Loan                        Cooperating)

   Working Capital         6.23     CRISIL D (Issuer Not
   Term Loan                        Cooperating)

   Working Capital        16.6      CRISIL D (Issuer Not
   Term Loan                        Cooperating)

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

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

Detailed Rationale

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

AKAPL, based in Pune, was formed as a proprietorship firm in 1971;
this firm was reconstituted as a closely held company in 1993,
promoted by Mr. Shyam Agarwal. The company prints and publishes
Hindi, Marathi, and English daily newspapers: Aaj ka Anand,
Sandhyanand, and Life 365, respectively. It also owns a 30-room
budget hotel, Citi-o-tel, at Pune. AKAPL is currently being managed
by Mr. Anand Agarwal.

BUSH TEA: Insolvency Resolution Process Case Summary
----------------------------------------------------
Debtor: Bush Tea Co. Pvt. Ltd.
        Block-G3, Hide Road
        Kolkata 700043
        India

Insolvency Commencement Date: April 29, 2022

Court: National Company Law Tribunal, Kolkata Bench

Estimated date of closure of
insolvency resolution process: October 25, 2022

Insolvency professional: CA Santanu Brahma

Interim Resolution
Professional:            CA Santanu Brahma
                         AH-276, Salt Lake
                         Sector-II
                         Kolkata 700091
                         E-mail: ip.santanubrahma@gmail.com
                                 bushtea.irp@gmail.com

Last date for
submission of claims:    May 13, 2022


CARE TECH: Ind-Ra Hikes Long-Term Issuer Rating to 'BB'
-------------------------------------------------------
India Ratings and Research (Ind-Ra) has upgraded CARE TECH's (CT)
Long-Term Issuer Rating to 'IND BB' from 'IND B+ (ISSUER NOT
COOPERATING)'. The Outlook is Stable.

The instrument-wise rating actions are:

-- INR80 mil. (increased from INR50 mil.) Fund-based working
     capital limits upgraded with IND BB/Stable/IND A4+ rating;

-- INR5 mil. Non-fund-based working capital limit is withdrawn
     (paid in full); and

-- INR25.2 mil. (reduced from INR50.2 mil.) Long-term loans due
     on March 2026 upgraded with IND BB/Stable rating.

The upgrade reflects a significant increase in CT's revenue in
FY21, leading to an improvement in EBITDA and credit metrics.

Key Rating Drivers

CT's revenue doubled to INR346 million in FY21 (FY20: INR173
million), driven by an increase in its manufacturing capacity.
During 11MFY22, the firm achieved a higher revenue of INR446
million owing to increased demand for hydraulic pipes from its
largest customer, Wipro Limited (accounted for 92% of FY21
revenue). Thus, Ind-Ra expects the revenue to have improved on a
year-on-year basis in FY22. Despite the growth in revenue, the
scale of operations is small.

The ratings also reflect CT's continued healthy EBITDA margin of
13.53% in FY21 (FY20: 18.36 %) with a return on capital employed of
18.4% (16.7%). The decline in margins was due to increase in raw
material prices. The management expects the EBITDA margin to have
remained at similar level in FY22 due to stable raw material
prices.

The ratings continue to factor in the firm's modest credit metrics.
The gross interest coverage (operating EBITDA/gross interest
expense) improved to 2.5x in FY21 (FY20: 2x) and the net financial
leverage (adjusted net debt/operating EBITDA) to 3.98x (4,03x) due
an increase in the EBITDA to INR46 million (INR 31million). Ind-Ra
expects the credit metrics to have remained at similar level in
FY22 despite an improvement in EBITDA, owing to an increase in the
debt to fund capex.

Liquidity Indicator - Stretched: CT's average maximum utilization
of the fund-based limits was 98.66% during the 12 months ended
March 2022. The cash flow from operations turned positive to INR1.5
million in FY21 (FY20: negative INR12.9 million) due to the
increase in the EBITDA. The free cash flow improved, although
remained negative at INR16.30 million (FY20: negative INR55.6
million) due to capex. The net working capital cycle improved to 79
days in FY21 (FY20: 86 days) due to an increase in the creditor
period to 79 days (44 days). The cash and cash equivalents stood at
INR1.2 million at FYE21 (FYE20: INR 0.1 million). However, CT does
not have any capital market exposure and relies on banks and
financial institutions to meet its funding requirements.

However, the ratings remain supported by the partners' experience
of more than two decades in the manufacturing of precision
machinery components, leading to established relationships with its
customers and suppliers.

Rating Sensitivities

Negative: A decline in scale of operations and/or worsening of
liquidity leading to deterioration in the credit metrics with the
interest coverage reducing below 2x, all on a sustained basis, will
be negative for the ratings.

Positive: An improvement in the scale of operations and/or an
improvement in the liquidity, leading to an improvement in the
credit metrics, all on a sustained basis, will be positive for the
ratings.

Company Profile

Established in 2010, Bengaluru-based CT manufactures precision
machinery components for hydraulic machineries. Linston Manoj Gojer
and Diana Soans are the partners.


CARLOO TEXTILE: Ind-Ra Assigns BB+ Issuer Rating, Outlook Stable
----------------------------------------------------------------
India Ratings and Research (Ind-Ra) has assigned Carloo Textile
(CT) a Long-Term Issuer Rating of 'IND BB+'. The Outlook is Stable.


The instrument-wise rating actions are:

-- INR85 mil. Cash credit assigned with IND BB+/Stable rating;

-- INR77 mil. Term loan due on July 2024 assigned with IND BB+/
     Stable rating; and

-- INR195 mil. Fund-based working capital limit assigned with
     IND BB+/Stable/IND A4+ rating.

The ratings reflect CT's medium scale of operations, stretched
liquidity position and the elongated net working capital cycle.
However, the ratings are supported by its healthy EBITDA margin and
comfortable credit metrics.

Key Rating Drivers

CT's revenue declined to INR1,676.46 million in FY21
(FY20:INR1,790.37million), due to COVID-19-led disruptions in
1QFY21. The second lockdown in March 2021 caused the deferment of
its orders, impacting its sales in FY21.Until end-February 2022, CT
booked revenue of INR2,227.30 million. For FY23 Ind-Ra expects the
revenue to improve, led by a recovery in demand from its customers
along with an increase in the prices of its end products.

Liquidity Indicator - Stretched: CT's average maximum utilization
of the fund-based limits was 84.07% during the 17 months ended
February 2022. The cash flow from operations marginally declined to
INR28.05 million in FY21 (FY20: INR31.74 million), due to an
increase in the working capital requirement. The net working
capital cycle elongated to 130 days in FY21 (FY20: 116 days), due
to an increase in the inventory holding period to 158 days (147
days) and an increase in receivable period to 80 days (53 days).
The company's cash and cash equivalents declined to INR1.84 million
in FYE21 (FYE20: INR10.61 million). CT has debt repayment
obligation of INR50.20 million and INR48.60 million for FY22 and
FY23, respectively. The company does not have any capital market
exposure and relies only on banks and financial institutions to
meet its funding requirements.

The ratings benefit from CT's comfortable credit metrics as
reflected by the interest coverage (operating EBITDA/gross interest
expenses) of 4.28x in FY21 (FY20: 3.36x) and the net leverage
(total adjusted net debt/operating EBITDAR) of 3.27x (FY20: 3.66x).
In FY21, the interest coverage and the net leverage marginally
increased, due to an improvement in the operating EBITDA. The net
leverage remained high, as CT availed Guaranteed Emergency Credit
Line facility in view of COVID-19 as per RBI norms. In FY23, Ind-Ra
expects the credit metrics to improve, due to an improvement in the
operating EBITDA, backed by an increase in the demand of its
products.

CT had a healthy EBITDA margin at 6.37% in FY21 (FY20: 4.59%) with
a return on capital employed of 20.5% (18.3%). The improvement in
EBITDA margin was due to the pass-through of increased input prices
to its customers. In FY22, Ind-Ra expects the EBITDA margin to have
remained at the similar level due to the pass-through of the
escalated input prices.

The ratings are also supported by the proprietors' nearly two
decades of experience in the textile industry, leading to
established strong relationships with customers and suppliers.

Rating Sensitivities

Negative: A decline in the scale of operations, leading to a
deterioration in the overall credit metrics with the net leverage
above 4.5x or pressure on the liquidity position, all on a
sustained basis, could lead to a negative rating action.

Positive: An increase in the scale of operations, along with an
improvement in the overall credit metrics and the liquidity
profile, all on a sustained basis, could lead to be a positive
rating action.

Company Profile

Established in 2008, Tirupur, Tamil Nadu-based CT is a
proprietorship concern. It manufactures and exports knitted
garments.


CMJ BREWERIES: CRISIL Keeps D Debt Ratings in Not Cooperating
-------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of CMJ Breweries
Private Limited (CMCHS) continue to be 'CRISIL D Issuer Not
Cooperating'.

                       Amount
   Facilities       (INR Crore)     Ratings
   ----------       -----------     -------
   Cash Credit            22        CRISIL D (Issuer Not
                                    Cooperating)

   Cash Credit            11        CRISIL D (Issuer Not
                                    Cooperating)

   Cash Credit            10        CRISIL D (Issuer Not
                                    Cooperating)


   Cash Credit             5.7      CRISIL D (Issuer Not
                                    Cooperating)

   Cash Credit             5.7      CRISIL D (Issuer Not
                                    Cooperating)

   Proposed Long Term     11.4      CRISIL D (Issuer Not
   Bank Loan Facility               Cooperating)

   Term Loan      1        6.6      CRISIL D (Issuer Not
                                    Cooperating)

   Term Loan      1        9.1      CRISIL D (Issuer Not
                                    Cooperating)

   Term Loan      1        8.2      CRISIL D (Issuer Not
                                    Cooperating)

   Term Loan      1       19.7      CRISIL D (Issuer Not
                                    Cooperating)

   Term Loan      1       47.8      CRISIL D (Issuer Not
                                    Cooperating)

   Term Loan      1        8.4      CRISIL D (Issuer Not
                                    Cooperating)

   Term Loan      1       54.5      CRISIL D (Issuer Not
                                    Cooperating)

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

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

Detailed Rationale

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

CMCHS was registered on 12th March 1912. The society is constituted
under Tamil Nadu co-operative Societies Act 1983 & Rules 1988.
CMCHS provides jewel loans, mortgage loans and loan against fixed
deposit to the members of the society. In addition the society
promotes and markets various housing schemes of government of
Tamilnadu for the members.


GANSONS PRIVATE: Ind-Ra Hikes Long-Term Issuer Rating to 'BB+'
--------------------------------------------------------------
India Rating and Research (Ind-Ra) has upgraded Gansons Private
Limited's Long-Term Issuer Rating to 'IND BB+' from 'IND BB (ISSUER
NOT COOPERATING)'. The Outlook is Stable.

The instrument-wise rating actions are:

-- INR150 mil. Fund-based facilities upgraded with IND BB+/Stable

     rating; and

-- INR80 mil. Non-fund-based facilities Long-term Upgraded/Short-
     term affirmed with IND BB+/Stable/IND A4+ rating.

The upgrade reflects an improvement in Gansons' revenue in FY21,
surpassing the agency's expectations, and the near-term revenue
visibility on account of the orders in hand.

Key Rating Drivers

Gansons revenue increased to INR970.36 million in FY21 (FY20:
INR676.09 million), due to a rise in orders from its existing and
new customers. In 6MFY22, the company achieved revenue of INR409
million and an order book of 0.63x of its FY21 revenue that will be
executed till 9MFY23. Ind-Ra expects its revenue to improve in the
near term, due to stable market conditions.

The ratings reflect Gansons' average EBITDA margin, which improved
to 5.98% in FY21 (FY20: negative 4.35 %), due to growth in revenue,
leading to better absorption of fixed costs. The return on capital
employed improved to 12.10% in FY21 (FY20: negative 7.9%). Ind-Ra
expects the EBITDA margins to remain at the similar level due to
intense competition in the market.

Gansons had modest credit metrics, with the gross interest coverage
(operating EBITDA/gross interest expense) improving to 3.68x in
FY21 (FY20: negative 3.98x) and the net financial leverage
(adjusted net debt/operating EBITDA) increasing to 1.10x (FY20:
negative 2.46x), mainly due to the absolute EBITDA turning positive
to INR58.04 million (FY20: negative INR29.4 million). However, the
company's total debt decreased to INR74.23 million in FY21 (FY20:
INR92.59 million), due to a fall in short-term debt. In the near
term, Ind-Ra expects the credit metrics to remain at the similar
level owning to repayment of debt.

Liquidity Indicator: Stretched. The company's peak average
utilization of its fund-based facilities was 35.08% and
non-fund-based limits was 69.18% in the 12 months ended in February
2022.  The cash flow from operations deteriorated to negative
INR32.50 million in FY21 (FY20: INR29.73 million), due to a
stretched working capital cycle.  Furthermore, its free cash flow
deteriorated to negative INR44.6million in FY21 (FY20: INR22.78
million). The net working capital cycle improved to 91 days in FY21
(FY20: 101), due to a decrease in inventory holding days. The cash
and cash equivalents stood at INR10.61 million at FYE21 (FYE20:
INR20.29 million). In FY23, the company plans to incur capex of
INR50 million to expand its factory floor space at Thane and for
process improvement. The capex will be funded through the internal
accruals. However, Gansons does not have any capital market
exposure and relies on banks and financial institutions to meet its
funding requirements.

However, the ratings are supported by Gansons' 75 years of
experience in the industry, leading to established relationships
with reputed pharmaceutical companies such as Aurobindo Pharma Ltd
('IND AA+'/Stable), Sun Pharma Industries Ltd, USV Pvt Ltd, Mylan
Laboratories Limited, and Lupin Ltd. Moreover, the company's
clients include many other big pharmaceutical companies, indicating
its expertise in the pharma manufacturing equipment business.

Rating Sensitivities

Positive: An increase in revenue along with an improvement in its
EBITDA leading to a sustained improvement in the credit metrics and
liquidity will be positive for the ratings.

Negative: A substantial decline in the profitability and the scale
of operations leading to a deterioration in the credit metrics, on
a sustained basis, resulting in the interest coverage falling below
2x and a decline in liquidity will be negative for the ratings.

Company Profile

Incorporated in 1947, Mumbai-based Gansons manufactures process
equipment and machinery for pharmaceutical and other food
processing applications.


GLOBAL COAL: Ind-Ra Cuts Long-Term Issuer Rating to 'D'
-------------------------------------------------------
India Ratings and Research (Ind-Ra) has downgraded Global Coal and
Mining Private Limited's (GCMPL) Long-Term Issuer Rating to 'IND D'
from 'IND BBB'. The Outlook was Stable.

The instrument-wise rating actions are:

-- INR550 mil. Fund-based limits (Long -term/Short-term)
     downgraded with IND D rating;

-- INR9.510 bil. Non-fund-based limits (Long-term/Short-term)
     downgraded with IND D rating; and

-- INR1.587 bil. Term loan (Long term) due on November 2025
     downgraded with IND D rating.

Key Rating Drivers

The downgrade reflects GCMPL's default in servicing its term loan
facilities, based on the information received by Ind-Ra from the
lending banks on April 13, 2022.

Rating Sensitivities

Positive: Timely debt servicing and the use of working capital
facilities within the sanctioned limits for at least three
consecutive months could be positive for the ratings.

Company Profile

Incorporated in 1998, GCMPL is engaged in coal beneficiation,
transportation and logistics of coal, and coal trading in
mineral-rich states, Odisha, Andhra Pradesh and Telangana. It has
total installed capacity of 10mtpa distributed amongst its four
coal washeries located in Odisha at Talcher (4.0mtpa) and IB Valley
(3.5mtpa), and in Telangana at Ramagundam (1mtpa) and Manuguru
(1.5mtpa).

ICOAT PROJECTS: Insolvency Resolution Process Case Summary
----------------------------------------------------------
Debtor: ICOAT Projects Private Limtied
        H.No. 1-9-1113/29/1/4, 1st Floor
        Dayananda Nagar, VST Road
        Vidyanagar, Hyderabad 500044
        Telangana

Insolvency Commencement Date: April 27, 2022

Court: National Company Law Tribunal, Hyderabad Bench-1

Estimated date of closure of
insolvency resolution process: September 19, 2022
                               (180 days from commencement)

Insolvency professional: Murali Mohan Chevuturi

Interim Resolution
Professional:            Murali Mohan Chevuturi
                         Plot No. 9, Flat No. 201
                         2nd Floor, Dream Home Vasista
                         Barafbagh Colony, Lower Tankbund Road
                         Hyderabad 500029
                         E-mail: cirp.icoat@gmail.com

                            - and -

                         M/s. Fin-Parishkar Services
                         Plot No. 9, Flat No. 602
                         6th Floor, Dream Home Vasista
                         Barafbagh Colony, Lower Tankbund Road
                         Hyderabad 500029

Last date for
submission of claims:    May 11, 2022


ICON CABLES: CRISIL Keeps D Debt Ratings in Not Cooperating
-----------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Icon Cables
Limited (ICL) continue to be 'CRISIL D/CRISIL D Issuer Not
Cooperating'.

                       Amount
   Facilities       (INR Crore)     Ratings
   ----------       -----------     -------
   Bank Guarantee        2.9        CRISIL D (Issuer Not
                                    Cooperating)

   Cash Credit           5          CRISIL D (Issuer Not
                                    Cooperating)

   Letter of Credit      0.4        CRISIL D (Issuer Not
                                    Cooperating)
   Proposed Fund-
   Based Bank Limits     1.21       CRISIL D (Issuer Not
                                    Cooperating)

   SME Credit            0.25       CRISIL D (Issuer Not
                                    Cooperating)

   Term Loan             0.24       CRISIL D (Issuer Not
                                    Cooperating)

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

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

Detailed Rationale

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

Established in 1986, ICL manufactures various types of control and
instrumentation cables. It was taken over by Mr. N K Rathi in 2004
and since then has been managed by him and is based out of Delhi.
Its plant based in Neemrana, Rajasthan.


INCAS INTERNATIONAL: CRISIL Keeps D Ratings in Not Cooperating
--------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Incas
International continue to be 'CRISIL D/CRISIL D Issuer Not
Cooperating'.

                       Amount
   Facilities       (INR Crore)     Ratings
   ----------       -----------     -------
   Bill Discounting       6         CRISIL D (Issuer Not
                                    Cooperating)

   Letter of Credit       4         CRISIL D (Issuer Not
                                    Cooperating)

   Packing Credit        10         CRISIL D (Issuer Not
                                    Cooperating)

   Proposed Long Term    11.82      CRISIL D (Issuer Not
   Bank Loan Facility               Cooperating)

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

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

Detailed Rationale

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

Incas was set up as a proprietorship concern of Mr. Vikas Kalra in
2000. The firm manufactures leather garments and accessories such
as bags, gloves, and belts and exports primarily to Europe. It has
two plants, one each at Gurgaon and Manesar (both in Haryana).


JAWAHAR MEDICAL: CRISIL Reaffirms B+ Rating on INR1.0cr Loan
------------------------------------------------------------
CRISIL Ratings has reaffirmed its 'CRISIL B+/Stable/CRISIL A4'
ratings on the bank facilities of Jawahar Medical Foundation
(JMF).

                       Amount
   Facilities       (INR Crore)     Ratings
   ----------       -----------     -------
   Bank Guarantee       12.1        CRISIL A4 (Reaffirmed)
   Overdraft Facility    1.0        CRISIL B+/Stable (Reaffirmed)

The ratings reflect JMF's modest scale of operations, geographic
concentration in revenue profile and exposure to intense
competition, modest operating profitability, weak return on capital
employed (RoCE) and exposure to regulatory risks. These weaknesses
are partially offset by above-average financial risk profile and
healthy demand prospects for the education sector.

Key Rating Drivers & Detailed Description

Weaknesses:

* Modest scale of operations: While increase in fees and intake
capacity support growth in operating income, the scale of
operations remains small, as reflected in estimated revenue of
INR45.7 crore in fiscal 2022. Presence in a rural area and
extensive control exercised by the Shikshan Shulka Samiti (the
regulatory body that approves changes in fee structure for
professional courses in Maharashtra) limits the scope to hike fees
and, hence, limits profitability.

* Geographic concentration in revenue profile; exposure to intense
competition: JMF derives its revenue from its institutes in Dhule,
Maharashtra, leading to geographic concentration in its revenue
profile. Besides, JMF also faces competition from many other
reputed institutes in the state. Any increase in competition or
slowdown in student intake because of shift in student preferences
to other competing institutes can impact the trust's business risk
profile.

* Modest operating profitability and weak return on capital
employed (RoCE): The operating margin is estimated to be modest at
around 4% for fiscal 2022, and is expected to remain at a similar
level, over the medium term, on account of limited flexibility in
revising fees upwards amid significant operational expenses,
leading to the trust reporting losses and negative RoCE.
Significant and sustained improvement in operating profitability
and RoCE will remain key monitorables over the medium term.

* Exposure to regulatory risks: Courses offered have to be aligned
with specific operational and infrastructural norms set by
regulatory bodies, such as the Medical Council of India, Dental
Council of India and the Indian Nursing Council. Thus, the trust
needs to regularly invest in workforce and infrastructure. Setting
up new institutes and increasing capacities require approvals,
which restrict the ability to add seats and achieve better
economies of scale.

Strengths:

* Above-average financial risk profile: Networth is estimated to be
moderate at INR28-29 crore and gearing comfortable around 0.03 time
as on March 31, 2022, aided by limited reliance on external debt.
Debt protection metrics are above average, with estimated interest
coverage and net cash accrual to adjusted debt ratios of around 15
times and 2.23 times, respectively, in fiscal 2022. The financial
risk profile is expected to remain at similar levels, over the
medium term, in the absence of any large, debt-funded capital
expenditure (capex).

* Healthy demand prospects for the education sector: Governments,
both at the centre and state levels, have placed strong emphasis on
education. Furthermore, the government's priority on making medical
facilities accessible to people across India is reflected in the
growing number of hospitals with minimum bed count permissible for
a medical college, and the proposed number of colleges planned to
be opened over the next few years. As private self-financing
colleges and deemed universities are becoming popular, they could
see healthy student enrolment over the medium term.

Liquidity: Stretched

Liquidity was impacted by fully utilised bank limits over the 12
months through January 2022. Cash accrual is expected to remain
moderate at INR2.0-2.4 crore per annum in fiscals 2023 and 2024.
Though this is sufficient in the absence of any term debt
obligation, the requirement to periodically invest in
infrastructure may constrain cash accrual. The trust has healthy
cash and cash equivalent of INR14 crore as on March 31, 2021, which
is expected to remain at similar level over the medium term.

Outlook: Stable

CRISIL Ratings believes JMF will continue to benefit from its long
track record in the medical education sector.

Rating Sensitivity factors

Upward Factors:

* Sustenance in revenue and improvement in operating profitability
to above 10%
* Sustained improvement on return on capital employed above 5%

Downward factors:

* Student occupancy level falling below 80% leading to decline in
revenue and profitability
Any large, debt-funded capex weakening the financial risk profile

Established in 1987, JMF has a campus in Dhule, Maharashtra. In
1989, it set up ACPM Hospital in Dhule. The trust operates three
educational institutes - ACPM Medical College, ACPM Dental College
and ACPM College of Nursing - offering graduation, post-graduation
and diploma courses. It also operates a medical store.


JUBILEE HILLS: Ind-Ra Moves 'D' Bank Loan Rating to Non-Cooperating
-------------------------------------------------------------------
India Ratings and Research (Ind-Ra) has migrated The Jubilee Hills
Co-operative House Building Society Ltd.'s bank facilities' ratings
to the non-cooperating category. The issuer did not participate in
the rating exercise despite continuous requests and follow-ups by
the agency. Therefore, investors and other users are advised to
take appropriate caution while using the rating. The rating will
now appear as 'IND D (ISSUER NOT COOPERATING)' on the agency's
website.

The instrument-wise rating action is:

-- INR175 mil. Term loan (Long-term) due on FY28 Migrated to non-
     cooperating category with IND D (ISSUER NOT COOPERATING)
     rating.

Note: ISSUER NOT COOPERATING: The rating was last reviewed on
December 28, 2021. Ind-Ra is unable to provide an update as the
agency does not have adequate information to review the rating.

Company Profile

Jubilee Hills was registered on July 7, 1962 as a co-operative
society under the Andhra Pradesh State Co-operative Societies Act,
with Registration No. T.A.173. Its main objectives are to carry on
functions for the benefit of its members, and buying and developing
land in accordance with co-operative principles as per the Andhra
Pradesh State Co-operative Societies Act. Jubilee Hills has total
member base of 4,986 divided amongst residential, commercial
members and non-land/property holders.


JUMBO BAG: Ind-Ra Assigns BB+ LT Issuer Rating, Outlook Stable
--------------------------------------------------------------
India Ratings and Research (Ind-Ra) has assigned Jumbo Bag Limited
(JBL) a Long-Term Issuer Rating of 'IND BB+'. The Outlook is
Stable.

The instrument-wise rating actions are:

-- INR367.50 mil. Fund-based working capital limit assigned with
     IND BB+/Stable/IND A4+ rating;

-- INR162 mil. Non-fund-based working capital limit assigned with
     IND A4+ rating;

-- INR80.50 mil. Term loan due on March 2027 assigned with IND
     BB+/Stable rating; and

-- INR60 mil. Proposed fund-based working capital limit assigned
     with IND BB+/Stable/IND A4+ rating.

The ratings reflect long track record, small scale of operations
and modest EBITDA margins.

Key Rating Drivers

JBL's revenue declined to INR818.27 million in FY21 (FY20:
INR897.34 million), due to the closure of offices owing to the
COVID-19 lockdowns. Until 9MFY22, JBL booked revenue of INR961.87
million and operated on running order basis. In FY23, Ind-Ra
expects JBL's revenue to improve as the company would optimize the
utilization of the available manufacturing capacity backed by the
orders of its newly added customers and the repeat orders of its
existing customers.

The ratings also factor in JBL's modest EBITDAR margin of 7.34% in
FY21 (FY20: 7.16%), with a return on capital employed of 4.90%
(6.0%). In FY21, its EBITDA margin improved marginally, on account
of better absorption of fixed costs. In FY23, Ind-Ra expects the
EBITDA margin to improve, given its the remarkable performance in
9MFY22, with its EBITDA margin at around 7%. JBL is taking
measures, such as signing contracts with its clients to increase
the revenue from the international markets to boost its operating
leverage.

JBL had modest credit metrics with the interest coverage (operating
EBITDA/gross interest expenses) of 1.78x in FY21 (FY20: 1.52x) and
the net leverage (total adjusted net debt/operating EBITDAR) of
8.91x (7.83x). In FY21, the interest coverage improved, due to a
reduction in its gross interest expenses, and the net leverage
deteriorated, on account of the increased reliance on Guaranteed
Extended Credit Line for its working capital requirements. In FY22,
Ind-Ra expects the credit metrics to have improved on account of
profit earned due to the improved operating leverage, backed by
optimizing the available manufacturing capacity.

Liquidity Indicator - Stretched: MEIPL's average maximum
utilization of the fund-based limits was 83% and non-fund-based
limits was 92% during the 12 months ended February 2022. The cash
flow from operations declined to negative INR17.39 million in FY21
(FY20: INR103.10 million), due to increased working capital
requirements. Furthermore, the free cash flow was negative INR41.41
million in FY21 (FY20:  INR91.46 million). The net working capital
cycle improved to 124 days in FY21 (FY20: 147), due to a rise in
the payable days to 84 days (40 days). The cash and cash
equivalents stood at INR1.09 million in FYE21 (FYE20: INR0.56
million).  JBL does not have any capital market exposure and relies
on its promoters, banks and financial institutions to meet its
funding requirements.

However, the ratings are supported by the promoters' nearly
three-decade-long experience in the plastics industry, leading to
its established relationships with its customers and suppliers.

Rating Sensitivities

Negative: A significant decline in the scale of operations, leading
to a deterioration in the credit metrics and the liquidity
position, all on a sustained basis, will be negative for the
ratings.

Positive: Substantial growth in the revenue, along with an
improvement in the operating EBITDA margin, leading to a sustained
improvement in the credit metrics and the liquidity position,
resulting in the net leverage reducing below 5.0x on a sustained
basis, will be positive for the ratings.

Company Profile

Chennai-based JBL is a BSE-listed company. Incorporated in 1995,
the company manufactures type A, type B, type C and type D bags. It
had an installed capacity of 7,200 metric tons per year.


KARAIKAL PORT: Insolvency Resolution Process Case Summary
---------------------------------------------------------
Debtor: Karaikal Port Private Limited
        Keezha Vanjore
        Village T R Pattinam
        Karaikal, PY 609606
        IN

Insolvency Commencement Date: April 29, 2022

Court: National Company Law Tribunal, Chennai Bench

Estimated date of closure of
insolvency resolution process: October 26, 2022

Insolvency professional: Rajesh Sureshchandra Sheth

Interim Resolution
Professional:            Rajesh Sureshchandra Sheth
                         B-55, Shatdal Society
                         7th Floor, Azad Lane
                         Off S.V. Road
                         Andheri West
                         Near Shoppers Stop
                         Mumbai City
                         Maharashtra 400058
                         E-mail: rajeshshethsbi@gmail.com
                                 inkpplip@deloitte.com

Last date for
submission of claims:    May 13, 2022


KMC CONSTRUCTIONS LIMITED: Insolvency Resolution Case Summary
-------------------------------------------------------------
Debtor: KMC Constructions Limited
        Door No. 1-80/40/SP/58-65
        Shilpa Homes Layout
        Gachibowli, Hyderabad
        TG 500032

Insolvency Commencement Date: April 26, 2022

Court: National Company Law Tribunal, Gurugram Bench

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

Insolvency professional: Mr. Alok Kumar Agarwal

Interim Resolution
Professional:            Mr. Alok Kumar Agarwal
                         605, Suncity Business Tower
                         Golf Course Road
                         Sector 54, Gurgaon
                         Haryana 122002
                         E-mail: alok@insolvencyservices.in

                            - and -

                         C-100, C Block
                         Sector 2, Noida
                         Uttar Pradesh 201301
                         E-mail: kmc.cirp@insolvencyservices.in

Last date for
submission of claims:    May 9, 2022


KRISHNA ABODES: CRISIL Moves D Debt Rating to Not Cooperating
-------------------------------------------------------------
CRISIL Ratings has migrated the rating on bank facilities of Shree
Krishna Abodes Private Limited (SKAPL) to 'CRISIL D Issuer not
cooperating'.

                       Amount
   Facilities       (INR Crore)     Ratings
   ----------       -----------     -------
   Cash Credit            5         CRISIL D (ISSUER NOT
                                    COOPERATING; Rating Migrated)

CRISIL Ratings has been consistently following up with SKAPL for
obtaining information through letters and emails dated April 11,
2022 and April 15, 2022 among others, apart from telephonic
communication. However, the issuer has remained non cooperative.

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

Detailed Rationale

Despite repeated attempts to engage with the management, CRISIL
Ratings failed to receive any information on either the financial
performance or strategic intent of SKAPL, which restricts CRISIL
Ratings' ability to take a forward looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on SKAPL
is consistent with 'Assessing Information Adequacy Risk'.
Therefore, on account of inadequate information and lack of
management cooperation, CRISIL Ratings has migrated the rating on
bank facilities of SKAPL to 'CRISIL D Issuer not cooperating'.

Incorporated in 2005 and promoted by Mr. Jitendra Singh Shekhawat
and Mr. Rajendra Singh Shekhawat, SKAPL undertakes residential and
commercial real estate projects.


KUMARAPALAYAM TOLLWAYS: Ind-Ra Affirms 'D' Bank Loan Rating
-----------------------------------------------------------
India Ratings and Research (Ind-Ra) has affirmed Kumarapalayam
Tollways Ltd.'s bank loan rating at 'IND D'.

The instrument-wise rating actions are:

-- INR2,304.98 bil. (outstanding INR1,773.6 bil. as of February
     28, 2022) Long-term senior project bank loan (long-term bank
     loan (long-term) affirmed with IND D rating; and

-- INR154.95 mil. (outstanding INR133.4 mil. as of February 28,
     2022) Subordinated loan (long-term) affirmed with IND D
     rating.

Key Rating Drivers

The affirmation reflects KTL's delay in debt service obligations as
reflected in FY21 financials. There has been no confirmation from
the lenders' end on the debt serviceability beyond FY21.

Rating Sensitivities

Positive: A timely debt servicing for consecutive three months will
result in an upgrade.

Company Profile

KTL, which is wholly owned by IVRCL Limited (IND D(ISSUER NOT
COOPERATING)), is a special purpose company that was set up to
widen, operate and maintain a 48km road stretch on the National
Highway-47 between Kumarapalayam and Chengappalli in Tamil Nadu.


LALITH GANGADHAR: Insolvency Resolution Process Case Summary
------------------------------------------------------------
Debtor: Lalith Gangadhar Constructions Private Limited
        No. 12/1, Rest House Road
        Bangalore 560001

Insolvency Commencement Date: April 26, 2022

Court: National Company Law Tribunal, Bangalore Bench

Estimated date of closure of
insolvency resolution process: October 23, 2022

Insolvency professional: Ratnakkar Shetty

Interim Resolution
Professional:            Ratnakkar Shetty
                         F507, Mantri Tranquil Apt
                         Gubbalala Gate
                         Off Kanakapura Road
                         Subramanyapura Post
                         Bangalore 560061
                         E-mail: rcshetty.co@gmail.com

                            - and –

                         RPAR & Co LLP
                         #16, Level 3
                         Skyline Towers
                         7th Cross, Sampige Road
                         Malleswaram, Bangalore 560003
                         Email: cirp.lgcl@gmail.com

Classes of creditors:    Home Buyers

Insolvency
Professionals
Representative of
Creditors in a class:    T Narayana Swamy
                         Narayana Kamma
                         Rajesh Yanamandram

Last date for
submission of claims:    May 10, 2022


MAP OIL: Insolvency Resolution Process Case Summary
---------------------------------------------------
Debtor: Map Oil LLP
        10th Floor, D Block
        Ganesh Meridian
        Opp. Gujarat High Court
        S.G. Highway, Ahmedabad
        Gandhinagar 380061

Insolvency Commencement Date: April 28, 2022

Court: National Company Law Tribunal, Ahmedabad Bench

Estimated date of closure of
insolvency resolution process: October 23, 2022

Insolvency professional: Dhaval Jitendrakumar Mistry

Interim Resolution
Professional:            Dhaval Jitendrakumar Mistry
                         9B, Vardan Tower
                         Nr. Vimal House
                         Lakhudi Circle, Navrangpura
                         Ahmedabad, Gujarat 380014
                         E-mail: cadhavalmistry@yahoo.com
                                 cirp.mapoilllp@gmail.com

Last date for
submission of claims:    May 13, 2022


MAP REFOILS: Ind-Ra Cuts Long-Term Issuer Rating to 'D'
-------------------------------------------------------
India Ratings and Research (Ind-Ra) has downgraded MAP Refoils
India Limited's Long-Term Issuer Rating to 'IND D (ISSUER NOT
COOPERATING)' from 'IND BB (ISSUER NOT COOPERATING)'. The issuer
did not participate in the rating exercise despite continuous
requests and follow-ups by the agency. Thus, the rating is based on
the best available information. Therefore, investors and other
users are advised to take appropriate caution while using the
rating.

The instrument-wise rating actions are:

-- INR670 mil. Fund-based working capital limits (Long-term/
     Short-term) downgraded with IND D (ISSUER NOT COOPERATING)
     rating;

-- INR302.7 mil. Term loan (Long-term) due on December 2022
     downgraded with IND D (ISSUER NOT COOPERATING) rating; and

-- INR350 mil. Non-fund-based working capital limits (Short-term)

     downgraded with IND D (ISSUER NOT COOPERATING) rating.

Note: ISSUER NOT COOPERATING: Issuer did not cooperate; based on
the best available information.

Key Rating Drivers

The downgrade reflects MAP Refoils' delays in debt servicing, based
on information from public sources. However, Ind-Ra has not been
able to ascertain the reason for the delay in debt servicing, as
the company has been non-cooperative.

Rating Sensitivities

Positive: Timely debt servicing for at least three consecutive
months will lead to a positive rating action.

Company Profile

Established in 2015, MAP Refoils manufactures cottonseed oil,
groundnut oil, sunflower oil, soybean oil, mustard oil and corn
oil.


MECTECH PROCESS: Ind-Ra Moves BB+ Issuer Rating to Non-Cooperating
------------------------------------------------------------------
India Ratings and Research (Ind-Ra) has migrated Mectech Process
Engineers Private Limited's Long-Term Issuer Rating to the
non-cooperating category. The issuer did not participate in the
rating exercise despite continuous requests and follow ups by the
agency. Therefore, investors and other users are advised to take
appropriate caution while using these ratings. The rating will now
appear as 'IND BB+ (ISSUER NOT COOPERATING)' on the agency's
website.

The instrument-wise rating actions are:

-- INR90 mil. Fund-based limits migrated to non-cooperating
    category with IND BB+ (ISSUER NOT COOPERATING)/IND A4+
   (ISSUER NOT COOPERATING) rating; and

-- INR150 mil. Non-fund-based limits migrated to non-cooperating
     category with IND A4+ (ISSUER NOT COOPERATING) rating.

Note: ISSUER NOT COOPERATING: The ratings were last rated on March
3, 2021. Ind-Ra is unable to provide an update, as the agency does
not have adequate information to review the ratings.

Company Profile

Incorporated in 1983, Mectech Process Engineers is an engineering,
procurement and construction contractor which undertakes turnkey
projects, and supplies equipment and machineries for edible oil
producing companies. It has manufacturing plants in Sonepat and
Manesar.


MEGHA GRANULES: CRISIL Keeps D Debt Ratings in Not Cooperating
--------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Megha
Granules Private Limited (MGPL) continue to be 'CRISIL D/CRISIL D
Issuer Not Cooperating'.

                       Amount
   Facilities        (INR Crore)    Ratings
   ----------        -----------    -------
   Bank Guarantee         1         CRISIL D (Issuer Not
                                    Cooperating)

   Bank Guarantee         0.53      CRISIL D (Issuer Not
                                    Cooperating)

   Bank Guarantee         0.47      CRISIL D (Issuer Not
                                    Cooperating)

   Bank Guarantee         0.97      CRISIL D (Issuer Not
                                    Cooperating)

   Cash Credit            4.84      CRISIL D (Issuer Not
                                    Cooperating)

   Cash Credit            2.71      CRISIL D (Issuer Not
                                    Cooperating)

   Cash Credit            4.83      CRISIL D (Issuer Not
                                    Cooperating)

   Cash Credit           16.62      CRISIL D (Issuer Not
                                    Cooperating)

   Funded Interest        4.35      CRISIL D (Issuer Not
   Term Loan                        Cooperating)

   Funded Interest        3.5       CRISIL D (Issuer Not
   Term Loan                        Cooperating)

   Funded Interest        0.78      CRISIL D (Issuer Not
   Term Loan                        Cooperating)

   Funded Interest        2.17      CRISIL D (Issuer Not
   Term Loan                        Cooperating)


   Term Loan             16.84      CRISIL D (Issuer Not
                                    Cooperating)

   Term Loan             13.57      CRISIL D (Issuer Not
                                    Cooperating)

   Term Loan              3.46      CRISIL D (Issuer Not
                                    Cooperating)

   Term Loan              8.37      CRISIL D (Issuer Not
                                    Cooperating)

   Working Capital        3.02      CRISIL D (Issuer Not
   Term Loan                        Cooperating)

   Working Capital        5.32      CRISIL D (Issuer Not
   Term Loan                        Cooperating)

   Working Capital        0.09      CRISIL D (Issuer Not
   Term Loan                        Cooperating)

   Working Capital        1.56      CRISIL D (Issuer Not
   Term Loan                        Cooperating)

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

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

Detailed Rationale

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

Incorporated in May 2005, MGPL is promoted by Mr. Trilok Agarwal
and his son. The company has been manufacturing block-bottom valve
bags since December 2012. Currently, it has an installed capacity
of 10,000 tonne per annum at its facility in Guwahati, Assam. The
promoters have various other companies engaged in the manufacturing
of bulk packaging materials and ferroalloys. They have been in this
line of business for the past two decades.


MOHIJULI TEA: CRISIL Moves D Debt Ratings to Not Cooperating
------------------------------------------------------------
CRISIL Ratings has migrated the rating on bank facilities of
Mohijuli Tea Co Private Limited (MTCPL) to 'CRISIL D Issuer not
cooperating'.

                       Amount
   Facilities       (INR Crore)     Ratings
   ----------       -----------     -------
   Cash Credit           7.5        CRISIL D (ISSUER NOT
                                    COOPERATING; Rating Migrated)

   Term Loan             2.48       CRISIL D (ISSUER NOT
                                    COOPERATING; Rating Migrated)

CRISIL Ratings has been consistently following up with MTCPL for
obtaining information through letters and emails dated March 29,
2022, April 11, 2022 and April 15, 2022 among others, apart from
telephonic communication. However, the issuer has remained non
cooperative.

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

Detailed Rationale

Despite repeated attempts to engage with the management, CRISIL
Ratings failed to receive any information on either the financial
performance or strategic intent of MTCPL, which restricts CRISIL
Ratings' ability to take a forward looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on MTCPL
is consistent with 'Assessing Information Adequacy Risk'.
Therefore, on account of inadequate information and lack of
management cooperation, CRISIL Ratings has migrated the rating on
bank facilities of MTCPL to 'CRISIL D Issuer not cooperating'.

MTCPL was incorporated in 1991 by Mr. Adilur Rahman, Mr. Atikur
Rahman, Ms Nilofar Rahman and Ms Rumena Rahman. The company plants
and processes organic Assam tea. It invests regularly in
replantation. Processed tea is sold through auction houses, brokers
and agents.


NEOKRAFT GLOBAL: Ind-Ra Keeps BB+ Issuer Rating in Non-Cooperating
------------------------------------------------------------------
India Ratings and Research (Ind-Ra) has maintained Neokraft Global
Private Limited's Long-Term Issuer Rating of 'IND BB+ (ISSUER NOT
COOPERATING)' in the non-cooperating category and has
simultaneously withdrawn it.

The instrument-wise rating actions are:

-- INR57.9 mil. Term loan* due on March 2023 maintained in non-
     cooperating category and withdrawn;

-- INR40.0 mil. Term loan# due on March 2023 is withdrawn;

-- INR145 mil. Fund-based working capital limits** maintained in
     non-cooperating category and withdrawn;

-- INR30.0 mil. Fund-based working capital limits# is withdrawn;

-- INR90.0 mil. Non-fund-based limits*# maintained in non-
     cooperating category and withdrawn; and

-- INR35.0 mil. Non-fund-based limits# is withdrawn.

*Maintained at 'IND BB+ (ISSUER NOT COOPERATING)' before being
withdrawn

**Maintained at 'IND BB+ (ISSUER NOT COOPERATING)/IND A4+ (ISSUER
NOT COOPERATING)' before being withdrawn

*#Maintained at 'IND A4+ (ISSUER NOT COOPERATING)' before being
withdrawn

# Bank facilities closed with the bank

Key Rating Drivers

Ind-Ra has maintained the ratings in the non-cooperating category
as the issuer did not participate in the rating exercise, despite
requests by the agency and has not provided information pertaining
to full-year financial performance for FY21, sanctioned bank
facilities and utilization, business plan and projections for the
next three years, information on corporate governance, and
management certificate.

Ind-Ra is no longer required to maintain the ratings, as the agency
has received a no-objection certificate or no due certificate from
the lenders. This is consistent with the Securities and Exchange
Board of India's circular dated March 31, 2017 for credit rating
agencies.

Company Profile

Established in 1952 and incorporated in October 1992, Neokraft
Global manufactures automotive lighting systems. The company has
its head office and a plant in Bahadurgarh, Haryana. The plant
supplies to its large original equipment manufacturer customers. In
2012, the home lightings, home furnishing articles and commercial
lightings unit demerged as Neokraft Global Private Limited. The
group has a combined workforce of 2,000 employees.


NEOLITE ZKW: Ind-Ra Keeps 'BB' LT Issuer Rating in Non-Cooperating
------------------------------------------------------------------
India Ratings and Research (Ind-Ra) has maintained Neolite ZKW
Lightings Private Limited's Long-Term Issuer Rating of 'IND BB
(ISSUER NOT COOPERATING)' in the non-cooperating category and has
simultaneously withdrawn it.

The instrument-wise rating actions are:

-- INR185.9 mil. Term loan* due on March 2023 maintained in non-
     cooperating category and withdrawn;

-- INR320.0 mil. Fund-based working capital limits** maintained
     in non-cooperating category and withdrawn;

-- INR97.5 mil. Non-fund-based limits*# maintained in non-
     cooperating category and withdrawn;

*Maintained at 'IND BB (ISSUER NOT COOPERATING)' before being
withdrawn

**Maintained at 'IND BB (ISSUER NOT COOPERATING)'/'IND A4+ (ISSUER
NOT COOPERATING)' before being withdrawn

*#Maintained at 'IND A4+ (ISSUER NOT COOPERATING)' before being
withdrawn

Key Rating Drivers

Ind-Ra has maintained the ratings in the non-cooperating category
because the issuer did not participate in the rating exercise,
despite requests by the agency. The issuer has not provided Ind-Ra
the information pertaining to full-year financial performance for
FY21, sanctioned bank facilities and utilization, business plan and
projections for the next three years, information on corporate
governance, and management certificate.

Ind-Ra is no longer required to maintain the ratings, as the agency
has received a no-objection certificate from the lenders. This is
consistent with the Securities and Exchange Board of India's
circular dated March 31, 2017 for credit rating agencies.

Company Profile

Incorporated in October 1992 (established in 1952), NZWKL is a
manufacturer of automotive lighting systems. The company has its
head office as well as a plant in Bahadurgarh (Haryana). This plant
is dedicated to manufacturing supplies for its large original
equipment manufacturer customer segment. In 2012, the home
lightings, home furnishing articles and commercial lightings unit
was demerged as Neokraft Global Private Limited. The group has a
combined work force of 2,000 employees.


NMS ENTERPRISES: CRISIL Moves D Debt Ratings to Not Cooperating
---------------------------------------------------------------
CRISIL Ratings has migrated the rating on bank facilities of NMS
Enterprises Limited (NMSEL) to 'CRISIL D/CRISIL D Issuer not
cooperating'.

                       Amount
   Facilities       (INR Crore)     Ratings
   ----------       -----------     -------
   Bank Guarantee         1         CRISIL D (ISSUER NOT
                                    COOPERATING; Rating Migrated)

   Cash Credit            4.5       CRISIL D (ISSUER NOT
                                    COOPERATING; Rating Migrated)

   Proposed Long Term     4.5       CRISIL D (ISSUER NOT
   Bank Loan Facility               COOPERATING; Rating Migrated)

CRISIL Ratings has been consistently following up with NMSEL for
obtaining information through letters and emails dated April 11,
2022 and April 15, 2022 among others, apart from telephonic
communication. However, the issuer has remained non cooperative.

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

Detailed Rationale

Despite repeated attempts to engage with the management, CRISIL
Ratings failed to receive any information on either the financial
performance or strategic intent of NMSEL, which restricts CRISIL
Ratings' ability to take a forward-looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on NMSEL
is consistent with 'Assessing Information Adequacy Risk'.
Therefore, on account of inadequate information and lack of
management cooperation, CRISIL Ratings has migrated the rating on
bank facilities of NMSEL to 'CRISIL D/CRISIL D Issuer not
cooperating'.

NMSEL was incorporated in 1991 to provide payroll management
services for telecom companies in India. Subsequently, the company
diversified into fields of construction and skill development
services. Operations are managed by Mr. Pankaj Chander and Mr.
Sanjay Gupta.


NPS POWER: Insolvency Resolution Process Case Summary
-----------------------------------------------------
Debtor: NPS Power Solution Pvt Ltd
        C-6, Mahanagar Extension
        Lucknow, UP 226006

Insolvency Commencement Date: April 28, 2022

Court: National Company Law Tribunal, Lucknow Bench

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

Insolvency professional: Rajeev Kumar

Interim Resolution
Professional:            Rajeev Kumar
                         20/145, Indira Nagar
                         Lucknow
                         E-mail: me.rajeev2129@gmail.com

                            - and –

                         T-006, Rohtas Plumeria Homes
                         Near Indira Gandhi Prathisthan
                         Vibhuti Khand, Gomti Nagar
                         Lucknow 226010
                         E-mail: cirpnpspower@gmail.com

Last date for
submission of claims:    May 11, 2022


OYSTER EXIM: Ind-Ra Assigns BB- Issuer Rating, Outlook Stable
-------------------------------------------------------------
India Ratings and Research (Ind-Ra) has assigned Oyster Exim
Private Limited (OEPL) a Long-Term Issuer Rating of 'IND BB-'. The
Outlook is Stable.

The instrument-wise rating actions are:

-- INR172.5 mil. Fund-based working capital limits assigned with
     IND BB-/Stable/IND A4+ rating; and

-- INR147.5 mil. Term loan due on December 2026 assigned with IND

     BB-/Stable rating.

Key Rating Drivers

The ratings reflect OEPL's short operational track record as the
company commenced operations in FY20. The ratings also factor in
the company's small scale of operations as indicated by revenue of
INR1,105.86 million in FY22 (FY21:INR828.33 million, FY20:
INR661.09 million). The revenue increase was driven by unlocking of
economic activities, following the easing of Covid-19 restrictions.
Ind-Ra expects the revenue to remain at similar levels in the short
term. FY22 financials are provisional in nature.

The ratings also factor in the OEPL's modest EBITDA margin of 5.45%
in FY22 (FY21: 4.34%, FY20: 4.63%) with a return on capital
employed of 7.3% (5.1%, 6.6%). The improvement in margins was due
to the introduction of high-margin products in the product mix.

The ratings also reflect OEPL's modest credit metrics as indicated
by interest coverage (operating EBITDA/gross interest expenses) of
2.21x in FY22 (FY21: 1.69x, FY20: 1.89x), net leverage (total
adjusted net debt/operating EBITDAR) of 8.45x (12.99x, 10.44x) and
net leverage adjusted for subordinated debt of 5.33x (8.18x,
6.59x). The improvement in the credit metrics was due to an
increase in absolute EBITDA. Ind-Ra expects the credit metrics to
improve in the short term, due to a likely increase in the absolute
EBITDA and scheduled repayment of term loans.

Liquidity Indicator - Poor: OEPL's average maximum utilization of
the fund-based limits was 97.533% during the 15 months ended March
2022 with few instances of overutilization with a maximum of 11
days owing to interest charged by the bank. The cash flow from
operations declined to INR11.85 million in FY21 (FY20: INR69.88
million) owing to unfavorable changes in working capital.
Consequently, the free cash flow declined to negative INR55.49
million in FY21 (FY20: negative INR13.54 million). The company had
an elongated net working capital cycle of 100 days in FY21 (FY20:
76 days). The increase was majorly due to a decline in the payable
period to 21 days in FY21 (FY20: 52 days) as the farmers are paid
on daily basis. The cash and cash equivalents stood at INR14.68
million at FYE21 (FYE20: INR3.9 million). The company repaid
INR70.2 million of debt in FY22 and has scheduled repayments of
INR56.4 million in FY23 and INR61.8 million in FY24. However,
Ind-Ra believes the company could face a shortfall in debt
servicing; although, the management has confirmed to Ind-Ra that
the promoters will infuse funds, if required. OEPL does not have
any capital market exposure and relies on banks and financial
institutions to meet its funding requirements.

However, the ratings are supported by high demand of dairy products
and the company's widespread dealership network across 13 states in
India.

Rating Sensitivities

Positive: An increase in the scale of operations, along with an
improvement in the overall credit metrics and liquidity position,
all on a sustained basis, could lead to a positive rating action.

Negative: A decline in the scale of operations, leading to
deterioration in the overall credit metrics with the interest
coverage reducing below 1.3x and/or a further pressure on the
liquidity position, all on a sustained basis, could lead to a
negative rating action.

Company Profile

Incorporated in 2019, OEPL manufactures dairy products such as
clarified butter, skimmed milk powder and pasteurized milk. It has
a plant in Indore with a daily milk processing capacity of 2,25,000
liters.


POSITIVE POINT: Insolvency Resolution Process Case Summary
----------------------------------------------------------
Debtor: Positive Point Graphic Private Limited
        B-01, Shashwat
        Opp. Gujarat Collage
        Ellisbridge, Ahmedabad
        GJ 380006
        IN

Insolvency Commencement Date: December 30, 2021

Court: National Company Law Tribunal, Vadodara Bench

Estimated date of closure of
insolvency resolution process: June 18, 2022
                               (180 days from commencement)

Insolvency professional: Lalitkumar Raithatha

Interim Resolution
Professional:            Lalitkumar Raithatha
                         A/14-15, Earth Artica
                         Opp Hanuman Temple
                         Above HDFC Bank
                         Vasna Road
                         Vadodara 390007
                         E-mail: calalit@srlco.in
                                 cirp.ppgpl@gmail.com

Last date for
submission of claims:    January 13, 2022


PRAKASH PARCEL: Ind-Ra Moves BB+ Issuer Rating to Non-Cooperating
-----------------------------------------------------------------
India Ratings and Research (Ind-Ra) has migrated Prakash Parcel
Services Limited's Long-Term Issuer Rating to the non-cooperating
category. The issuer did not participate in the rating exercise
despite continuous requests and follow-ups by the agency.
Therefore, investors and other users are advised to take
appropriate caution while using these ratings. The rating will now
appear as 'IND BB+ (ISSUER NOT COOPERATING)' on the agency's
website.

The instrument-wise rating actions are:

-- INR30 mil. Long-term loan due on October 2024 migrated to non-
     cooperating category with IND BB+ (ISSUER NOT COOPERATING)
     rating;

-- INR290 mil. Fund-based working capital facility migrated to
     non-cooperating category with IND BB+ (ISSUER NOT
     COOPERATING)/IND A4+ (ISSUER NOT COOPERATING) rating; and

-- INR30 mil. Non-fund-based working capital facility migrated to

     non-cooperating category with IND A4+ (ISSUER NOT
     COOPERATING) rating.

Note: ISSUER NOT COOPERATING: The ratings were last reviewed on
April 7, 2021. Ind-Ra is unable to provide an update, as the agency
does not have adequate information to review the ratings.

Company Profile

Prakash Parcel Services commenced its operations in 1992 as a
partnership firm. In 2008, the company was reconstituted as a
limited liability company. The company, which provides freight and
allied services to customers across India, has 115 branches and
over 100 franchises across the country. It uses nearly 68 own
commercial vehicles and sources 125 vehicles daily to carry out its
operations and also offers customized solutions to its customers.


PRITS LEATHER: Ind-Ra Moves BB LT Issuer Rating to Non-Cooperating
------------------------------------------------------------------
India Ratings and Research (Ind-Ra) has migrated Prits Leather Art
Private Limited's Long-Term Issuer Rating to the non-cooperating
category. The issuer did not participate in the rating exercise
despite continuous requests and follow-ups by the agency.
Therefore, investors and other users are advised to take
appropriate caution while using these ratings. The rating will now
appear as 'IND BB (ISSUER NOT COOPERATING)' on the agency's
website.

The instrument-wise rating action is:

-- INR135 mil. Fund-based working capital limits migrated to Non-
     Cooperating category with IND BB (ISSUER NOT COOPERATING)/IND

     A4+ (ISSUER NOT COOPERATING) rating.

Note: ISSUER NOT COOPERATING: The ratings were last rated on March
1, 2021. Ind-Ra is unable to provide an update, as the agency does
not have adequate information to review the ratings.

Company Profile

Headquartered in Uttar Pradesh, Prits Leather Art manufactures and
exports leather products including garments, bags, belts and
accessories.


PUDUCHERRY CANCER: CRISIL Keeps D Debt Rating in Not Cooperating
----------------------------------------------------------------
CRISIL Ratings said the rating on bank facilities of Puducherry
Cancer Trust (PCT) continues to be 'CRISIL D Issuer Not
Cooperating'.

                       Amount
   Facilities       (INR Crore)     Ratings
   ----------       -----------     -------
   Term Loan              10        CRISIL D (Issuer Not
                                    Cooperating)

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

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

Detailed Rationale

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

Established in April 2011, PCT is promoted by Dr M A S Subramaniam
along with other trustees.  The trust has set up a 30-bed cancer
speciality hospital in Puducherry.


QUADSEL SYSTEMS: CRISIL Keeps D Debt Ratings in Not Cooperating
---------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Quadsel
Systems Private Limited (QSPL) continue to be 'CRISIL D Issuer Not
Cooperating'.

                       Amount
   Facilities       (INR Crore)     Ratings
   ----------       -----------     -------
   Cash Credit           6          CRISIL D (Issuer Not
                                    Cooperating)
   Long Term Loan        2          CRISIL D (Issuer Not
                                    Cooperating)

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

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

Detailed Rationale

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

Established in 1996, Chennai-based QSPL is a dealer and channel
partner of HP. Operations are managed by the promoter, Mr. Girish
Madhavan.


RAMYA REPROGRAPHIC: Ind-Ra Moves BB+ Rating to Non-Cooperating
--------------------------------------------------------------
India Ratings and Research (Ind-Ra) has migrated Ramya Reprographic
Private Limited's Long-Term Issuer Rating to the non-cooperating
category. The issuer did not participate in the rating exercise
despite continuous requests and follow-ups by the agency.
Therefore, investors and other users are advised to take
appropriate caution while using these ratings. The rating will now
appear as 'IND BB+ (ISSUER NOT COOPERATING)' on the agency's
website.

The instrument-wise rating actions are:

-- INR50 mil. Long-term loan due in September 2024 migrated to
     the Non-Cooperating category with IND BB+ (ISSUER NOT
     COOPERATING) rating; and

-- INR205 mil. Fund-based working capital facility migrated to
     the Non-Cooperating category with IND BB+ (ISSUER NOT
     COOPERATING)/IND A4+ (ISSUER NOT COOPERATING) rating.

Note: ISSUER NOT COOPERATING: The ratings were last reviewed on
March 22, 2021. Ind-Ra is unable to provide an update, as the
agency does not have adequate information to review the ratings.

Company Profile

Ramya Reprographic was incorporated in 1997 by R Narendra and
Bharathi Chinnaswamy in Bangalore, Karnataka. It is engaged in
digital and offset printing for the commercial and packaging
segment. The company mainly manufactures the packaging of rigid
boxes for mobile phones.


RISHI ICE: Ind-Ra Moves 'BB+' LT Issuer Rating to Non-Cooperating
-----------------------------------------------------------------
India Ratings and Research (Ind-Ra) has migrated Rishi Ice & Cold
Storage Private Limited's Long-Term Issuer Rating to the
non-cooperating category. The issuer did not participate in the
rating exercise despite continuous requests and follow ups by the
agency. Therefore, investors and other users are advised to take
appropriate caution while using these ratings. The rating will now
appear as 'IND BB+ (ISSUER NOT COOPERATING)' on the agency's
website.

The instrument-wise rating actions are:

-- INR16.64 mil. Term loan due on April 2024 migrated to non-
     cooperating category with IND BB+ (ISSUER NOT COOPERATING)
     rating; and

-- INR20 mil. Fund-based working capital limits migrated to non-
     cooperating category with IND BB+ (ISSUER NOT COOPERATING)/
     IND A4+ (ISSUER NOT COOPERATING) rating.

Note: ISSUER NOT COOPERATING: The ratings were last reviewed on
March 22, 2021. Ind-Ra is unable to provide an update, as the
agency does not have adequate information to review the ratings.

Company Profile

Set up on April 24, 2002 by the Nanda family, Rishi Ice & Cold
Storage is engaged in the warehouse and cold storage business of
food grains, fruits, vegetables, spices & nuts. The company has
installed storage capacity of 14,000 tons.


RUSHABH PRECISION: Insolvency Resolution Process Case Summary
-------------------------------------------------------------
Debtor: Rushabh Precision Bearings Limited

        Registered office:
        E-617, Floral Deck Plaza Premises
        Opp. Sunrise Tower
        Central M.I.D.C. Road
        Andheri East, Mumbai 400093
        Maharashtra, India

        Factory:
        G.I.D.C. IV Phase
        Wadhwan City
        Dist. Surendranagar 363030
        Gujarat

Insolvency Commencement Date: April 27, 2022

Court: National Company Law Tribunal, Ahmedabad Bench

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

Insolvency professional: Keyur Jagdishbhai Shah

Interim Resolution
Professional:            Keyur Jagdishbhai Shah
                         1007, Sun Avenue One
                         Bhudarpura, Ayojannagar
                         Manekbaug, Ahmedabad
                         Gujarat 380015
                         E-mail: cs.keyurshah@gmail.com
                                 keyur@keyurjshah.com
                                 cirp.rushabhbearings@gmail.com

Last date for
submission of claims:    May 11, 2022


SALEM TOLLWAYS: Ind-Ra Affirms 'D' Bank Loan Rating
---------------------------------------------------
India Ratings and Research (Ind-Ra) has affirmed Salem Tollways
Ltd.'s bank loan rating at 'IND D'.

The instrument-wise rating actions are:

-- INR667.03 mil. (INR57.04 mil. outstanding on March 31, 2022)
     Long-term senior project bank loan (Long-term) affirmed with
     IND D rating; and

-- INR99.83 mil. (INR25.03 mil. outstanding on March 31, 2022)
     Subordinated loan (Long-term) affirmed with IND D rating.

Key Rating Drivers

The affirmation reflects STL's continuous delays in debt servicing
to the extent of additional interest rate charged by one of the
consortium lenders.

Rating Sensitivities

Positive: Timely debt servicing for three consecutive months will
lead to a positive rating action.

Company Profile

STL, which is wholly-owned by IVRCL ('IND D (ISSUER NOT
COOPERATING)'), is a special purpose company set up to widen,
operate and maintain a 53km stretch on the National Highway-47
between Kumarapalayam and Salem in Tamil Nadu.


SANMATI DISTRIBUTORS: Insolvency Resolution Process Case Summary
----------------------------------------------------------------
Debtor: Sanmati Distributors Private Limited
        52 Weston Street
        Kolkata WB 700012
        IN

Insolvency Commencement Date: April 27, 2022

Court: National Company Law Tribunal, Kolkata Bench

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

Insolvency professional: Santanu Bhattacharjee

Interim Resolution
Professional:            Santanu Bhattacharjee
                         Vill. & P.O. Janai
                         Dist. Hooghly, Pin 712304
                         West Bengal
                         E-mail: neeljanai@gmail.com

                            - and -

                         N-527, Diamond Heritage
                         16, Strand Road
                         Kolkata 700001
                         E-mail: ip.santanu@gmail.com

Last date for
submission of claims:    May 11, 2022


SATYAM SOLUTIONS: CRISIL Keeps D Debt Ratings in Not Cooperating
----------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Satyam
Solutions Limited (SSL) continue to be 'CRISIL D/CRISIL D Issuer
Not Cooperating'.

                         Amount
   Facilities         (INR Crore)     Ratings
   ----------         -----------     -------
   Electronic Dealer      10          CRISIL D (Issuer Not
   Financing Scheme                   Cooperating)
   (e-DFS)                 
                                      
   Overdraft Facility      2.5        CRISIL D (Issuer Not
                                      Cooperating)

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

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

Detailed Rationale

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

Incorporated in 1986 and promoted by Garg family, SSL is an
authorised dealer of Ashok Leyland.


SHIVALIK COTSYN: Insolvency Resolution Process Case Summary
-----------------------------------------------------------
Debtor: Shivalik Cotsyn Private Limited
        Delhi Road, Saharanpur
        Uttar Pradesh
        India 247001

Insolvency Commencement Date: April 28, 2022

Court: National Company Law Tribunal, Panipat Bench

Estimated date of closure of
insolvency resolution process: October 24, 2022
                               (180 days from commencement)

Insolvency professional: Dinesh Kumar

Interim Resolution
Professional:            Dinesh Kumar
                         Room No. 7, First Floor
                         Chatarbhuj Leelawati Trust Building
                         Geeta Mandir Road
                         Panipat 132103, Haryana
                         E-mail: dkgc2004@yahoo.com

Last date for
submission of claims:    May 11, 2022


SIDDHESHWAR SAHAKARI: CRISIL Moves D Ratings to Not Cooperating
---------------------------------------------------------------
CRISIL Ratings has migrated the rating on bank facilities of Shree
Siddheshwar Sahakari Sakhar Karkhana Limited - Kumathe-Solapur
(SSSSKL; formerly known as Shree Siddheshwar Sahakari Sakhar
Karkhana Limited) to 'CRISIL D Issuer not cooperating'.

                       Amount
   Facilities       (INR Crore)     Ratings
   ----------       -----------     -------
   Cash Credit          200         CRISIL D (ISSUER NOT
                                    COOPERATING; Rating Migrated)

   Rupee Term Loan       56.21      CRISIL D (ISSUER NOT
                                    COOPERATING; Rating Migrated)

   Rupee Term Loan       16.64      CRISIL D (ISSUER NOT
                                    COOPERATING; Rating Migrated)

   Rupee Term Loan       27         CRISIL D (ISSUER NOT
                                    COOPERATING; Rating Migrated)

   Rupee Term Loan       15         CRISIL D (ISSUER NOT
                                    COOPERATING; Rating Migrated)

   Sugar Pledge          25.15      CRISIL D (ISSUER NOT
   Cash Credit                      COOPERATING; Rating Migrated)

CRISIL Ratings has been consistently following up with SSSSKL for
obtaining information through letters and emails dated April 11,
2022 and April 15, 2022 among others, apart from telephonic
communication. However, the issuer has remained non cooperative.

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

Detailed Rationale

Despite repeated attempts to engage with the management, CRISIL
Ratings failed to receive any information on either the financial
performance or strategic intent of SSSSKL, which restricts CRISIL
Ratings' ability to take a forward-looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on
SSSSKL is consistent with 'Assessing Information Adequacy Risk'.
Therefore, on account of inadequate information and lack of
management cooperation, CRISIL Ratings has migrated the rating on
bank facilities of SSSSKL to 'CRISIL D Issuer not cooperating'.

SSSSKL was established in 1971 by Late Mr. Appasaheb Kadadi. The
society is managed by Mr. Dharmraj Kadadi along with an elected
board of directors. The society is based in Solapur and has a plant
at Kumthe, Maharashtra, with installed capacity of 7,500 tonne
crushing per day (TCD). It also has a distillery with 20 kilolitre
per day capacity. The society entered into an agreement with
Maharashtra State Electricity Distribution Company Ltd to set up
and operate a 38-MW co-gen plant, which commenced commercial
operations in fiscal 2018.


SNEHA MARKETING: CRISIL Keeps D Debt Ratings in Not Cooperating
---------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Sneha
Marketing (SM) continue to be 'CRISIL D Issuer Not Cooperating'.

                       Amount
   Facilities       (INR Crore)     Ratings
   ----------       -----------     -------
   Cash Credit           3.95       CRISIL D (Issuer Not
                                    Cooperating)
   Foreign Letter
   of Credit             6          CRISIL D (Issuer Not
                                    Cooperating)

   Proposed Long Term    0.05       CRISIL D (Issuer Not
   Bank Loan Facility               Cooperating)

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

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

Detailed Rationale

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

SM, established in 2000, trades in polystyrene granules and other
polymers. It is an authorized distributor of high-impact
polystyrene (HIPS) and general-purpose polystyrene (GPPS) products
of LG Polymers India Pvt Ltd (LGPI) in Silvassa and Maharashtra.


SULAIMAN STEELS: CRISIL Keeps D Debt Ratings in Not Cooperating
---------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Sulaiman
Steels Private Limited (SSPL) continue to be 'CRISIL D Issuer Not
Cooperating'.

                       Amount
   Facilities       (INR Crore)     Ratings
   ----------       -----------     -------
   Cash Credit           4          CRISIL D (Issuer Not
                                    Cooperating)

   Long Term Loan        3.7        CRISIL D (Issuer Not
                                    Cooperating)

   Proposed Long Term    2.3        CRISIL D (Issuer Not
   Bank Loan Facility               Cooperating)

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

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

Detailed Rationale

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

SSPL, incorporated in 2012 in Cheyyar, Tamil Nadu, manufactures
mild steel ingots.


SUMITA TEX: CRISIL Keeps D Debt Ratings in Not Cooperating
----------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Sumita Tex
Spin Private Limited continue to be 'CRISIL D/CRISIL D Issuer Not
Cooperating'.

                         Amount
   Facilities         (INR Crore)     Ratings
   ----------         -----------     -------
   Bank Guarantee          2          CRISIL D (Issuer Not
                                      Cooperating)

   Bank Guarantee          0.5        CRISIL D (Issuer Not
                                      Cooperating)

   Cash Credit            11.5        CRISIL D (Issuer Not
                                      Cooperating)

   Cash Credit             5.5        CRISIL D (Issuer Not
                                      Cooperating)

   Funded Interest         4.53       CRISIL D (Issuer Not
   Term Loan                          Cooperating)

   Funded Interest         2.24       CRISIL D (Issuer Not
   Term Loan                          Cooperating)

   Letter of Credit        2.5        CRISIL D (Issuer Not
                                      Cooperating)

   Long Term Loan         13.61       CRISIL D (Issuer Not
                                      Cooperating)

   Long Term Loan         11.78       CRISIL D (Issuer Not
                                      Cooperating)

   Proposed Long Term    102.28       CRISIL D (Issuer Not
   Bank Loan Facility                 Cooperating)

   Working Capital        29.18       CRISIL D (Issuer Not
   Term Loan                          Cooperating)

   Working Capital        14.38       CRISIL D (Issuer Not
   Term Loan                          Cooperating)

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

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

Detailed Rationale

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

Sumita was set up in 1982 by Mr. Anurag Poddar, Mr. Omprakash
Poddar, and their family members. The company manufactures
texturized yarn from partially-oriented yarn, and its manufacturing
unit is in Silvassa (Dadra and Nagar Haveli).


SURYA EXIM: CRISIL Keeps D Debt Ratings in Not Cooperating
----------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Surya Exim
Limited (SEL) continue to be 'CRISIL D/CRISIL D Issuer Not
Cooperating'.

                       Amount
   Facilities       (INR Crore)     Ratings
   ----------       -----------     -------
   Bank Guarantee         7         CRISIL D (Issuer Not
                                    Cooperating)

   Bill Discounting       4         CRISIL D (Issuer Not
   under Letter of                  Cooperating)
   Credit                 
                                    
   Bill Discounting       5         CRISIL D (Issuer Not
   under Letter of                  Cooperating)
   Credit                 

   Cash Credit            0.75      CRISIL D (Issuer Not
                                    Cooperating)

   Cash Credit            1.25      CRISIL D (Issuer Not
                                    Cooperating)

   Cash Credit            0.25      CRISIL D (Issuer Not
                                    Cooperating)

   Cash Credit            0.5       CRISIL D (Issuer Not
                                    Cooperating)

   Cash Credit           68         CRISIL D (Issuer Not
                                    Cooperating)

   Cash Credit            3.25      CRISIL D (Issuer Not
                                    Cooperating)

   Cash Credit            2.25      CRISIL D (Issuer Not
                                    Cooperating)

   Letter of Credit      20         CRISIL D (Issuer Not
                                    Cooperating)

   Letter of Credit      25         CRISIL D (Issuer Not
                                    Cooperating)

   Letter of Credit      18.5       CRISIL D (Issuer Not
                                    Cooperating)

   Letter of Credit      24         CRISIL D (Issuer Not
                                    Cooperating)

   Letter of Credit      55         CRISIL D (Issuer Not
                                    Cooperating)

   Letter of Credit      30         CRISIL D (Issuer Not
                                    Cooperating)

   Proposed Long Term    12.25      CRISIL D (Issuer Not
   Bank Loan Facility               Cooperating)

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

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

Detailed Rationale

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

SEL, incorporated in 1989, is a Surat (Gujarat)-based company that
processes and trades in products such as coal, specialized yarn,
and polymer resins; it also provides logistic services and is an
authorised distributor of Indian Oil Corporation Ltd for selling
plastic granules. The operations are managed by Mr. J P Saboo.


TIRUPUR PLAZA: Insolvency Resolution Process Case Summary
---------------------------------------------------------
Debtor: Tirupur Plaza Hotel Private Limited
        5/778, P.N. Road
        Pichampalayampudur
        Tirpur, TN 641603
        IN

Insolvency Commencement Date: April 25, 2022

Court: National Company Law Tribunal, Coimbatore Bench

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

Insolvency professional: A.R. Ramasubramania Raja

Interim Resolution
Professional:            A.R. Ramasubramania Raja
                         No. 3, Sundaram Brothers Layout
                         Opp to All India Radio
                         Trichy Road, Ramanathapuram
                         Coimbatore 641045
                         E-mail: arrsraja@yahoo.com

Last date for
submission of claims:    May 9, 2022


URMILA RCP: CRISIL Moves B Debt Rating from Not Cooperating
-----------------------------------------------------------
Due to inadequate information and in line with the Securities and
Exchange Board of India guidelines, CRISIL Ratings had migrated its
ratings on the bank facilities of Urmila Rcp Projects Private
Limited to 'CRISIL B/Stable/CRISIL A4; issuer not cooperating'.
However, the firm has started sharing the information required for
a comprehensive review of the ratings. Consequently, CRISIL Ratings
is migrating the ratings to 'CRISIL B/Stable/CRISIL A4'.

                       Amount
   Facilities       (INR Crore)     Ratings
   ----------       -----------     -------
   Bank Guarantee        25         CRISIL A4 (Migrated from
                                    'CRISIL A4 ISSUER NOT
                                    COOPERATING')

   Cash Credit            5         CRISIL B/Stable (Migrated
                                    from 'CRISIL B/Stable
                                    ISSUER NOT COOPERATING')

The ratings reflect the modest scale of operations, large working
capital requirements and risks associated with tender-based
business. These weaknesses are partially offset by the extensive
experience of the promoters in the construction business and the
company's above-average financial risk profile.

Key rating drivers and detailed description

Weaknesses:

* Large working capital requirement: Operations are extensively
working capital intensive, as reflected in gross current assets of
2107 days as on March 31, 2021, mainly on account of receivables
from NBCC India Ltd and other customers whose orders the company
had completed in fiscal 2016 and 2017 leading to debtor days of 758
days as on March 31, 2021. Since the company has good relationship
with its suppliers, the creditors as against orders in fiscal 2016
and fiscal 2017 have also been extended leading to creditor days of
2453 days as on March 31st 2021. It procures raw material mostly
against advance payment to avail of discounts, which further
increases the working capital requirement. The inventory is work in
progress and has been historicall high for the company leading to
inventory days of 735 days as on March 31, 2021. The realisations
as against orders of fiscal 2016 and 2017 have been realised upto
90% till FY 2022 which shall lead to an improvement in the working
capital cycle. However, the operations shall continue to remain
working capital intensive due to the nature of the business leading
to GCA days of 1800 days going forward.

* Exposure to risks inherent in tender-based business: As most of
the revenue is tender-driven, income depends on the ability to bid
successfully. Furthermore, a tender-based business model restricts
pricing power. This is compounded by intense competition from large
and small players.

Strengths:

* Extensive experience of the promoters: Revenue and operating
margin have improved steadily, backed by the promoters' experience
of more than four decades in the construction industry. The
promoters have also augmented equipment to enable timely execution
of large orders.

* Above-average financial profile: Networth was healthy at INR27.15
crore as on March 31, 2021, and is expected to increase over the
medium term. Debt protection metrics shall continue to be
sufficient, indicated by interest coverage and net cash accrual to
total debt ratios of  2.13 times and 0.17 time, respectively, in
fiscal 2022. With expectation of declining debt repayment, gearing
is likely to improve over the medium term.

Liquidity: Stretched

Net cash accrual, expected at INR1.5-1.8 crore per annum, is
expected to sufficiently cover yearly debt obligation of INR0.30
crore over the medium term. Bank limit utilisation averaged 97%
over the 12 months through March 2022. The fund-based limit remains
marginally overutilised during month-ends on account of interest
bearings. Current ratio estimated at 1.50 times shall continue to
remain stable over the medium term. USL funding from promoters is
expected to aid the liquidity of the company.

Outlook: Stable

The company will continue to benefit from the promoters' extensive
experience and healthy relationships with customers.

Rating sensitivity factors

Upward Factors:

* Sustained increase in revenue by 15% and stable operating margin
leading to cash accrual of over INR3 crore
* Efficient working capital management, with GCAs at less than 450
days
* Improvement in the total outside liabilities to tangible networth
ratio to below 1 time
* Improvement in debt protection metrics

Downward Factors:

* Further stretch in the working capital cycle leading to GCAs
beyond 2,200 days
* Sustained decline in operating profitability or significant
withdrawals by the partners leading to net cash accrual of less
than INR1 crore

The company, incorporated in 2002 by Mr. Deepak Kumar Bharadwaj and
Ms Mou Rani, constructs roads and bridges and commercial
buildings.


VINOD TEXWORLD: CRISIL Keeps D Debt Ratings in Not Cooperating
--------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Vinod
Texworld Private Limited (VTPL; previously known as Shree Shiv
Shakti Cot-Fab Private Limited) continue to be 'CRISIL D Issuer Not
Cooperating'.

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

   Proposed Long Term   10.32       CRISIL D (Issuer Not
   Bank Loan Facility               Cooperating)

   Term Loan             8.18       CRISIL D (Issuer Not
                                    Cooperating)

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

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

Detailed Rationale

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

Incorporated in 2012, SSSCF is promoted by Ahmedabad
(Gujarat)-based Sindhav family. It undertakes jobwork for dyeing
grey fabric and has installed capacity of close to 150,000 metres
per annum. It commenced operations in December 2013.


VIRUTCHAM MICROFINANCE: Ind-Ra Affirms 'BB+' Bank Loan Rating
-------------------------------------------------------------
India Ratings and Research (Ind-Ra) has affirmed Virutcham
Microfinance Limited's (VML) bank loans at 'IND BB+' with a Stable
Outlook.

The detailed rating action is:

-- INR300 mil. Bank loans affirmed with IND BB+/Stable rating.

Key Rating Drivers

Small Scale of Operations and High Geographic Concentration: VML's
book of INR463 million at end-December 2021 (March 2021: INR511
million, March 2020: INR608 million) remained skewed towards Tamil
Nadu, with 83% of its assets under management (AUM) concentrated in
the state, followed by Kerala accounting for 12% and the rest by
Pondicherry accounting for 5%, exposing it to high geographical
concentration risk. However, the entity is looking for further
expansion (own book and business correspondence book) in the
neighboring southern states over the medium term. Ind-Ra is of the
view that contiguous expansion is better; non-contiguous expansion
may present operational and control-related challenges.

Modest Profitability Profile; Likely to Improve: During 9MFY22, the
company reported a modest profit of INR5.2 million (FY21: INR10.7
million, FY20: INR12.2 million) with a return on average assets of
1.2% (2.27%, 2.47%). The profitability remained moderate due to
continued high operating expenditure/assets of 7.3% during 9MFY22
(FY21: 10.6%, FY20: 9.4%) and constrained spreads resulting from
the capping of interest rates by the regulators at which the
company can lend. The profitability is partly supported by the
company's low credit costs of under 1% historically. With the
scaling up of operations, Ind-Ra expects the profitability to
improve modestly; however, the removal of lending caps after the
implementation of harmonization guidelines will contribute
substantially to the company's profitability and increase the
viability of small-sized MFIs across India.

Moderate Asset Quality: Virutcham Microfinance's gross
non-performing assets (GNPAs) stood at 1.04% at end-December 2021
(FYE21: 1.16%; FYE20: 0.2%; FYE19: 0.1%), similar to those of peer
entities with a comparable portfolio size in the microfinance
segment. Ind-Ra opines the company's relatively smaller portfolio,
and a smaller area of operations than other larger NBFC-MFIs' would
have provided it a better ability to control its portfolio
quality.

Adequate Capitalization and Reasonable Leverage: Virutcham
Microfinance maintained a comfortable capital-to-risk weighted
asset ratios (CRAR) ratio of 44.39% at end-December 2021 (FYE21:
37.18%; FYE20: 32.63%; FYE19: 23.75%) since the entity received an
equity capital of INR80 million from various investors over
FY19-FY20 and had limited disbursements in FY21 and 1HFY22.

The company's leverage (debt/equity) stood at 2x in December 2021
(FY21: 2.6x, FY20: 3.1x; FY19: 3.1x), equity to assets at 32.2%
(FY21: 27.2%) and equity to AUM at 37.4% (FY21: 32.8%). Ind-Ra
believes the company's leverage levels are likely to increase given
its plans of growing the AUM significantly over the medium term,
but will remain under 5x.

Diversified Funding Source for its Scale of Operations: Virutcham
Microfinance's funding profile remains reasonably diversified with
its loans sourced from both non-financial banking companies (NBFCs;
27% of total funding) and banks (73%) at end-January 2022,
demonstrating the company's funding flexibility. While the
company's cost of funds declined to 12% during 9MFY22 (FY21: 15.7%;
FY20: 17.4%), it was able to raise funds at low interest rates of
9.2%-9.3% mainly through public sector banks in FY22 under
government guarantee-backed loans to micro-finance institutions
(MFIs). Virutcham Microfinance's ability to maintain diversified
funding sources (beyond government guaranteed loans) with continued
healthy relationships with public sector banks are the key
determinants of continued diversity and a broadening of its
liability profile.

Liquidity Indicator – Adequate: At end-December 2021, the company
had maintained a cumulative surplus of around 18% of its total
assets in up to one-year bucket. The company also had INR100
million of unutilized bank lines at end-February 2022 with low cash
of INR5.9 million, adequately covering bank repayments of INR36
million over the next month. The company practices to maintain
liquidity for a month on the balance sheet. Virutcham Microfinance
has also indicated that the promoters can infuse INR10 million-15
million in it, when needed. Considering the unsecured nature of
lending and high geographic concentration risk, the agency views
maintaining adequate liquidity buffers to be extremely crucial.

Stable Outlook on small-mid  NBFC-MFIs: The agency has revised the
rating outlook on small-mid non-banking finance
company-microfinance institutions (NBFC-MFIs; including those with
over 50% of AUM in microfinance) to Stable for FY23 from Negative,
while maintaining large NBFC-MFIs (group-owned entities or AUM >
INR50 billion) on a Stable rating Outlook. Ind-Ra has also revised
its outlook on the microfinance sector to neutral for FY23 from
negative. Ind-Ra opines that the COVID-19 impact on credit costs
has been largely absorbed, there is a likelihood of normalized
growth for MFIs, collections especially on post-COVID-19
disbursements have recovered and refinance has become relatively
easy. Moreover, there are increased viability expectations for
small-mid NBFC-MFIs after the implementation of new regulations, as
entities can implement risk-based pricing of loans. Ind-Ra opines,
this could improve pre-provision operating profit margins and
provide higher tolerance to withstand credit costs.

Rating Sensitivities

Positive: A positive rating action could result from the company's
ability to raise significant capital, expand and diversify the
franchise, scale-up operations while maintaining stable asset
quality levels, modest funding diversification and adequate
short-term liquidity.

Negative: Deterioration in the profitability and capital impairment
arising from deterioration in asset quality (GNPA>5%), an
inability to secure adequate funding and refinance from financial
institutions, an increase in the leverage levels above 5.0x and the
inability to maintain adequate capital buffers could result in a
negative rating action.

Company Profile

Virutcham Microfinance was incorporated as a NBFC on 8 July 2008
and was converted into an NBFC-MFI on 6 June 2014. The company
started its microfinance operations in November 2008. It is
primarily engaged in providing micro finance services to women in
the rural areas of India.

VISIONINDIA SOFTWARE: CRISIL Moves D Ratings from Not Cooperating
-----------------------------------------------------------------
Due to inadequate information, CRISIL Ratings, in line with
Securities and Exchange Board of India guidelines, had migrated its
ratings on the bank facilities of Visionindia Software Exports
Limited (VSEL) to 'CRISIL D/CRISIL D Issuer Not Cooperating'.
However, VSEL has subsequently started sharing requisite
information to carry out a comprehensive review of the ratings.
Consequently, CRISIL Ratings is migrating its ratings on the bank
facilities of VSEL to 'CRISIL B+/Stable/CRISIL A4' from 'CRISIL
D/CRISIL D Issuer Not Cooperating'.

                         Amount
   Facilities         (INR Crore)     Ratings
   ----------         -----------     -------
   Bank Guarantee          8.48       CRISIL A4 (Migrated from
                                      'CRISIL D ISSUER NOT
                                      COOPERATING')

   Bank Guarantee          5          CRISIL A4 (Migrated from
                                      'CRISIL D ISSUER NOT
                                      COOPERATING')

   Cash Credit             9          CRISIL B+/Stable (Migrated
                                      from 'CRISIL D ISSUER NOT
                                      COOPERATING')

   Long Term Loan          2          CRISIL B+/Stable (Migrated
                                      from 'CRISIL D ISSUER NOT
                                      COOPERATING')

   Proposed Long Term      5.52       CRISIL B+/Stable (Migrated
   Bank Loan Facility                 from 'CRISIL D ISSUER NOT
                                      COOPERATING')

The ratings factors in improvement in VSEL's overall liquidity,
leading to timely debt servicing for over the past 90 days. In
fiscal 2022, the net cash accruals improved driven by improvement
in scale of operations since the company has ventured into new
segment i.e. E-Surveillance which will help sustain revenue and
margins over medium term. Further, there is improvement in working
capital cycle over past two fiscals due to decline in receivable
days and inventory days. Net cash accruals are expected at Rs. 8-10
crore per annum for fiscals 2023 and 2024 which are sufficient to
meet the debt obligation of INR0.33 -1.06 crore in both fiscals
respectively.

The ratings reflect volatility in operating margins and moderate
scale of operations amid intense competition. These weaknesses are
partially offset by extensive experience of the promoters in the
information technology (IT) industry and healthy financial risk
profile.

Key rating drivers & detailed description

Weaknesses:

* Volatility in operating margins: Operating margins are volatile
since past four fiscals from 17.06% in fiscal 2018 to 11.06% in
fiscal 2021. This is mainly because of fluctuating manufacturing
costs which is majorly driven by service charges paid to field
business correspondents (FBCs). Under the banking solution segment,
out of the total revenues billed, the company has to pay 80% of its
revenues to FBCs as service charges. FBCs provide and assist in
various banking solutions such as account opening, cash deposits or
withdrawals to all banking clients on behalf of VSEL. Thus, service
charges are volatile since it is dependent on the scale of
operations of the company under banking solution segment.

* Moderate scale of operations amid intense competition: Despite
revenue recording a healthy growth rate of 25-30% year-on-year for
the last three fiscals, scale remained average. Revenue increased
at around 10% on-year to INR112 crore in fiscal 2022. Although
revenue may continue to rise over the medium term, risks related to
intense competition and tender-based nature of operations may
continue to constrain scalability, pricing power and
profitability.

Strengths:

* Extensive experience of promoters: The three decade-long presence
of the promoters in the IT industry and their strong relationship
with key customers will continue to support the business risk
profile. Due to its strong relationship with existing clients in
the banking solutions space, the company established more than
7200+ touch points PAN India.

* Healthy financial risk profile: Financial risk profile should
remain supported by steady revenue growth and low working capital
debt. Gearing was comfortable at 0.06 time, and total outside
liabilities to adjusted networth (TOL/ANW) ratio was 0.35-0.4 time,
estimated as on March 31, 2022. Debt protection metrics were
strong, with interest coverage ratio of 9-10 times and net cash
accruals to adjusted debt (NCAAD) of 3-4 times, estimated in fiscal
2022. Going forward with increase in revenues and repayment of debt
obligations, financial profile is expected to remain healthy over
medium term.

Liquidity: Stretched

Although, bank limit utilisation was low at around 19% for the 12
months through February 2022, available bank lines are low and peak
utilization has been high at 88% in last 12 months. Cash accrual is
expected at Rs. 8-10 crore per annum for fiscals 2023 and 2024,
sufficient to meet the debt obligation of INR0.33 -1.06 crore; the
surplus cash will aid financial flexibility.

Outlook: Stable

VSEL should continue to benefit from the extensive experience of
its promoters.

Rating sensitivity factors

Upward factors

* Revenue growth of 20% per annum and steady operating margin above
11%
* Sustenance of improved working capital cycle and financial
profile

Downward factors

* Further stretch in the working capital cycle, with GCAs above 200
days
* Steep decline in revenue and profitability, resulting in cash
accrual below INR2 crore

VSEL, incorporated in 2000, provides software solutions. The
company, based in Pune, also undertakes e-surveillance projects and
offers banking solutions for financial inclusion to the banking
sector. Mr. Sunil Umrani, Mr. Jatin Kulkarni and Mrs Swati Umrani
are the promoters.


VISWABHARATHI EDUCATIONAL: CRISIL Keeps D Rating in Not Cooperating
-------------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Viswabharathi
Educational Society (VES) continue to be 'CRISIL D/CRISIL D Issuer
Not Cooperating'.

                       Amount
   Facilities       (INR Crore)     Ratings
   ----------       -----------     -------
   Bank Guarantee        9.5        CRISIL D (Issuer Not
                                    Cooperating)

   Long Term Loan        155        CRISIL D (Issuer Not
                                    Cooperating)

   Proposed Long Term    1.6        CRISIL D (Issuer Not
   Bank Loan Facility               Cooperating)

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

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

Detailed Rationale

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

VES, set up by Dr. D Kanta Reddy in 1995, operates a medical
college and a 750-bed teaching hospital, set up in 2014, in
Kurnool, Andhra Pradesh.

Viswabharathi Super Speciality Hospital, set up in 2005, operates a
multi-speciality hospital in Kurnool. Viswabharathi Cancer
Hospital, set up in 2009, is a single-speciality hospital.


VIZAG COMPANYS: CRISIL Keeps D Debt Ratings in Not Cooperating
--------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Vizag
Companys Steel (VCS) continue to be 'CRISIL D Issuer Not
Cooperating'.

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

   Proposed Long Term     3         CRISIL D (Issuer Not
   Bank Loan Facility               Cooperating)

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

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

Detailed Rationale

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

VCS was set up in 2002 as a partnership firm by Mr. Ashok Chaudhary
and Mr. Yashwant. The firm trades in thermomechanically treated
bars and billets. It is based in Visakhapatnam, Andhra Pradesh.


WOODVILLE PALACE: CRISIL Keeps D Debt Rating in Not Cooperating
---------------------------------------------------------------
CRISIL Ratings said the rating on bank facilities of Woodville
Palace Hotel (WPH) continues to be 'CRISIL D Issuer Not
Cooperating'.

                       Amount
   Facilities       (INR Crore)     Ratings
   ----------       -----------     -------
   Term Loan             20         CRISIL D (Issuer Not
                                    Cooperating)

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

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

Detailed Rationale

Despite repeated attempts to engage with the management, CRISIL
Ratings failed to receive any information on either the financial
performance or strategic intent of WPH, which restricts CRISIL
Ratings' ability to take a forward-looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on WPH
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the ratings on bank facilities of
WPH continues to be 'CRISIL D Issuer Not Cooperating'.
Established in 1980 as a proprietorship firm by Mr. Raj Kumar Uday
Singh, WPH operates a hotel, Woodville Palace, in Shimla. The
property comprises 24 rooms, and is currently being renovated and
expanded to 50 rooms.


WOOGA CERAMIC: CRISIL Keeps D Debt Ratings in Not Cooperating
-------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Wooga Ceramic
Private Limited (WCPL) continue to be 'CRISIL D Issuer Not
Cooperating'.

                       Amount
   Facilities       (INR Crore)     Ratings
   ----------       -----------     -------
   Cash Credit           1.25       CRISIL D (Issuer Not
                                    Cooperating)

   Proposed Long Term    2.25       CRISIL D (Issuer Not
   Bank Loan Facility               Cooperating)

   Term Loan             4.50       CRISIL D (Issuer Not
                                    Cooperating)

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

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

Detailed Rationale

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

Incorporated in 2017, Gujarat-based WCPL has set up a plant to
manufacture sanitary wares. The company is promoted by Mr. Ketan
Patel and Mr. Vishal Parecha, and their families. Operations
commenced in February 2019.


YASHASVI YARNS: Insolvency Resolution Process Case Summary
----------------------------------------------------------
Debtor: Yashasvi Yarns Limited
        Survey No. 185/1/1 Plot No. 18
        Dokmardi, Village Amli
        Silvassa, DN 396230

Insolvency Commencement Date: April 28, 2022

Court: National Company Law Tribunal, Ahmedabad Bench

Estimated date of closure of
insolvency resolution process: October 23, 2022

Insolvency professional: Ravindra Kumar Goyal

Interim Resolution
Professional:            Ravindra Kumar Goyal
                         Eden I-807, Godrej Garden City
                         Jagat Pura, S G Highway
                         Ahmedabad 382470
                         E-mail: cirp.yyl@gmail.com
                                 ravindra1960_goyal@yahoo.co.in

Last date for
submission of claims:    May 13, 2022




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

TECHNA-X BHD: Aborts Plan to Sell Loss-Making Coke Business
-----------------------------------------------------------
theedgemarkets.com reports that Techna-X Bhd, formerly Sino Hua-An
International Bhd, has aborted the plan to dispose of its
loss-making metallurgical coke manufacturing business via the sale
of its entire equity interest in wholly-owned subsidiary PIPO
Overseas Ltd.

On Nov. 11, 2020, Techna-X had entered into a conditional share
purchase agreement (SPA) with Hua Fei Investment Ltd, a company
incorporated in the British Virgin Islands, for the proposed
disposal of PIPO for RMB88 million, theedgemarkets.com notes.

According to the report, the proposed disposal of PIPO would have
allowed Techna-X to focus on its remaining business in the
technology and food and beverage sectors.

In a bourse filing on May 6, Techna-X said the reason for
terminating the proposed disposal was due to the non-fulfilment of
all the conditions precedent in the SPA, theedgemarkets.com
relays.

It added that it does not anticipate any financial losses to be
incurred from the termination.

"The termination will also not have any effect on the share capital
and substantial shareholders' shareholdings and is not expected to
have any material effect on the earnings per share, net assets per
share, and gearing of Techna-X for the financial year ending Dec.
31, 2022."

Techna-X shares closed unchanged at 12 sen on May 6, bringing it a
market capitalisation of RM255.2 million, the report notes.

                          About Techna-X

Techna-X Bhd (KLSE:TECHNAX) -- https://techna-x.com/ -- is engaged
in manufacturing and sale of metallurgical coke and other related
by-products.

Techna-X Bhd reported net losses of MYR183.75 million, MYR182
million, and MYR167.69 million for the years ended Dec. 30, 2019,
2020 and 2021, respectively.




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

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

Benjamin Charles Smith filed the petition against the company on
April 4, 2022.


ISLAND GRACE: Creditors' Proofs of Debt Due on June 10
------------------------------------------------------
Creditors of Island Grace (Fiji) Limited are required to file their
proofs of debt by June 10, 2022, to be included in the company's
dividend distribution.

The company commenced wind-up proceedings on May 5, 2022.

The company's liquidators are:

          Rees Logan
          Andrew McKay
          BDO Auckland
          PO Box 2219, Auckland 1140


KJT STYLES: Court to Hear Wind-Up Petition on May 16
----------------------------------------------------
A petition to wind up the operations of KJT Styles Limited will be
heard before the High Court at Tauranga on May 16, 2022, at 10:00
a.m.

Outdoor Sports New Zealand Limited filed the petition against the
company on March 2, 2022.

The Petitioner's solicitor is:

          Brent James Norling
          Level 3, Building 2
          61 Constellation Drive
          Rosedale, Auckland


STRICKLAND CONTRACTING: Creditors' Proofs of Debt Due on June 17
----------------------------------------------------------------
Creditors of Strickland Contracting Limited, Vangen International
Express Limited and Frontline Performance Limited are required to
file their proofs of debt by June 17, 2022, to be included in the
company's dividend distribution.

The company commenced wind-up proceedings on April 29, 2022.

The company's liquidators are:

          Craig Sanson
          Malcolm Hollis
          c/o PwC
          Private Bag 92162
          Victoria Street West
          Auckland 1142


TEMPEST AIR: Creditors' Proofs of Debt Due on June 5
----------------------------------------------------
Creditors of Tempest Air Conditioning Systems Limited are required
to file their proofs of debt by June 5, 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:

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




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

AXINGTON: Auditor Puts Disclaimer of Opinion on FY2021 Statements
-----------------------------------------------------------------
The Business Times reports that independent auditor Foo Kon Tan has
included a disclaimer of opinion over scandal-hit Axington Inc's
financial statements for the 12 months to Dec. 31, 2021.

In a report released late on May 5 night, the auditor said it was
unable to determine whether certain opening balances as at Jan. 1,
2021 were fairly stated, among other issues, BT relays.

Citing the carry-forward effects on group financial performance and
cash flows, as well as the closing balances of assets and
liabilities, the auditor said it could not determine whether any
adjustments to Catalist-listed Axington's financial statements for
FY2021 might be needed, according to BT.

BT relates that Foo Kon Tan also noted that an independent review
earlier commissioned by Axington, which covers the nature and
circumstances of unpaid placement shares, is still ongoing.

The firm had also issued a disclaimer of opinion on statements for
the year to Dec. 31, 2020.

In response, the board of Axington said in a bourse statement that
the carry-forward effects "will likely be resolved" in the
financial year to Dec. 31, 2022, and added that the independent
review is expected to be completed by the end of next month, adds
BT.

Axington Inc. provides integrated professional services. The
Company offers tax advisory solutions and process outsourcing
activities. Axington serves customers in Asia.


BEST POOL: Commences Wind-Up Proceedings
----------------------------------------
Members of Best Pool Pte. Ltd. and Bostomar Shipping Pte. Ltd., on
April 26, 2022, passed a resolution to voluntarily wind up the
company's operations.

The company's liquidator is:

          Ms. Chee Fung Mei
          Chee FM & Associates
          138 Cecil Street
          #05-03 Cecil Court
          Singapore 069058


CRAFT HOLDINGS: Creditors' Proofs of Debt Due on June 8
-------------------------------------------------------
Creditors of Craft Holdings (S) Pte Ltd are required to file their
proofs of debt by June 8, 2022, to be included in the company's
dividend distribution.

The company commenced wind-up proceedings on April 29, 2022.

The company's liquidators are:

          Robert Yam Mow Lam
          Messrs Robert Yam & Co PAC
          190 Middle Road
          #16-01 Fortune Centre
          Singapore 188979


MING WANG: Commences Wind-Up Proceedings
----------------------------------------
Members of Ming Wang Roasted Pig Supplier Pte. Ltd., on April 28,
2022, passed a resolution to voluntarily wind up the company's
operations.

The company's liquidator is:

          Mr. Chian Yeow Hang
          c/o Abacus Insolvency Solutions
          238A Thomson Road
          #25-07/08 Novena Square Tower A
          Singapore 307684


NO SIGNBOARD: Gets Lawyer's Letter From Investor Over Loan Deal
---------------------------------------------------------------
The Business Times reports that No Signboard Holdings, which is in
a tussle over an axed loan agreement with a private investor,
disclosed on May 6 that it has received a lawyer's letter related
to the termination of the deal.

The investor, Bryan Lim plans to hold the operator to the bargain
under the full terms of the conditional loan agreement, according
to a bourse filing by the Catalist-listed company.

"While the company's position remains unchanged as per the
termination announcement, it will work with (Lim) in the interest
of coming to an amicable resolution," said the board.

No Signboard announced earlier last week that separate conditional
loan agreements with both Lim and Q&M Dental chief executive Ng
Chin Siau, as well as a conditional sale-and-purchase agreement
with Ng, had been terminated, BT recalls. Under the deal in
question, Lim would have lent the company SGD1.9 million, free of
interest, and taken a 22 per cent stake in No Signboard for SGD1.

BT relates that the various agreements were part of the company's
efforts to raise funds to address going-concern issues and resume
trading in No Signboard's shares, which has been suspended since
January.

But No Signboard, in announcing the terminations, said the proposed
investment structure with Ng and conditions precedent in the
agreement with Lim could not be done within certain timeframes, BT
relays.

The board has now reported that it received a letter from Lim's
solicitors, dated May 4, that called the notice of termination
unlawful, according to the report. No Signboard will update
shareholders as and when there are further material developments
related to the matter, the board said.

Separately, the company has applied to Singapore's High Court for
any debt arising from a would-be white knight's rescue financing to
be accorded super-priority status over other debts, in the event
that No Signboard is wound up under Section 67 of the Insolvency,
Restructuring, and Dissolution Act.

The hearing date for the application has yet to be fixed.

No Signboard recently inked a non-binding memorandum of
understanding with renewable-biomass company Gazelle Ventures for
SGD450,000 of rescue financing, subject to conditions.

Gazelle Ventures, jointly owned by Gazelle Capital and Valiant
Investments, would also plough in up to SGD5 million in
investments, for a 75 per cent stake in No Signboard.

No Signboard first declared early this year that it was unable to
show it could continue as a going concern under listing rules. It
cited "continued challenges in the operating environment of the
local food and beverage industry", such as the impact of the
Covid-19 pandemic on business, BT relays.

                         About No Signboard

No Signboard Holdings Ltd., an investment holding company, manages
and operates food and beverage outlets in Singapore. The company
operates a chain of seafood restaurants under the No Signboard
Seafood brand that serve various seafood cuisine prepared in
Chinese and Singapore styles. It owns and operates three
restaurants, as well as operates one restaurant under a franchise
agreement. The company also produces, promotes, and distributes
beer under the Draft Denmark brand; and distributes various third
party brands of beer, as well as operates as an OEM beer supplier
for third party brands. In addition, it produces and distributes
ready meals through a network of vending machines. Further, the
company engages in leasing financial intangible assets, such as
patents, trademarks, brand names, etc.

No Signboard has reported a net loss of SGD6.4 million for the year
ended Sept. 30, 2021, narrowing from SGD9.8 million in 2020. The
company reported a net loss of SGD4.9 million for the year ended
Sept. 30, 2019.

NO SIGNBOARD: Seeks Debt Super-Priority Status from Rescue Deal
---------------------------------------------------------------
The Business Times reports that No Signboard Holdings has applied
to Singapore's High Court for any debt arising from a would-be
white knight's rescue financing to be accorded super-priority
status over other debts, in the event that No Signboard is wound up
under Section 67 of the Insolvency, Restructuring, and Dissolution
Act.

The hearing date for the application has yet to be fixed, the
report says.

BT relates that No Signboard recently inked a non-binding
memorandum of understanding with renewable-biomass company Gazelle
Ventures for SGD450,000 of rescue financing, subject to
conditions.

Gazelle Ventures, jointly owned by Gazelle Capital and Valiant
Investments, would also plough in up to SGD5 million in
investments, for a 75 per cent stake in No Signboard.

No Signboard first declared early this year that it was unable to
show it could continue as a going concern under listing rules. It
cited "continued challenges in the operating environment of the
local food and beverage industry", such as the impact of the
Covid-19 pandemic on business, BT adds.

                         About No Signboard

No Signboard Holdings Ltd., an investment holding company, manages
and operates food and beverage outlets in Singapore. The company
operates a chain of seafood restaurants under the No Signboard
Seafood brand that serve various seafood cuisine prepared in
Chinese and Singapore styles. It owns and operates three
restaurants, as well as operates one restaurant under a franchise
agreement. The company also produces, promotes, and distributes
beer under the Draft Denmark brand; and distributes various third
party brands of beer, as well as operates as an OEM beer supplier
for third party brands. In addition, it produces and distributes
ready meals through a network of vending machines. Further, the
company engages in leasing financial intangible assets, such as
patents, trademarks, brand names, etc.

No Signboard has reported a net loss of SGD6.4 million for the year
ended Sept. 30, 2021, narrowing from SGD9.8 million in 2020. The
company reported a net loss of SGD4.9 million for the year ended
Sept. 30, 2019.


PACIFIC COFFEE: Creditors' Meetings Set for May 23
--------------------------------------------------
Pacific Coffee Company (S) Pte. Ltd. and Graffeo Coffee Roasting
Company Asia-Pacific Pte. Ltd. will hold a meeting for its
creditors on May 23, 2022, at 2:00 p.m. and 2:30 p.m.,
respectively, via audio visual communication.

Agenda of the meeting includes:

   a. to receive a full statement of the company’s affairs
      together with a list of creditors and the estimated amount
      of their claims;

   b. to appoint Liquidator(s);

   b. to appoint a committee of inspection of not more than
      5 members, if thought fit;; and

   c. any other business.


WOLERO Pte: Court Enters Wind-Up Order
--------------------------------------
The High Court of Singapore entered an order on April 29, 2022, to
wind up the operations of Wolero Pte. Ltd. and Wolero (Singapore)
Pte. Ltd.

Maybank Singapore Limited filed the petition against the company.

The company's liquidator is:

          Gary Loh Weng Fatt
          BDO Advisory Pte Ltd
          600 North Bridge Road
          #23-01 Parkview Square
          Singapore 188778




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

SRI LANKA: Colombo Calm After Country Declares State of Emergency
-----------------------------------------------------------------
Reuters reports that streets in Sri Lanka's commercial capital
Colombo were calm on May 7 after the president declared a state of
emergency following escalating anti-government protests.

According to the report, details of the latest emergency
regulations were not yet made public, but previous emergency laws
have given greater powers to the president to deploy the military,
detain people without charge and break up protests.  

"The President has taken this decision due to the public emergency
situation in Sri Lanka and in the interests of public security, the
protection of public order and the maintenance of supplies and
services essential to the life of the community," a statement
released by his office said, Reuters relays.

Reuters relates that there were no initial reports of late-night
disturbances following the emergency declaration shortly before
midnight, while traffic proceeded as normal in Galle Face, a
central area of Colombo that has been a major site of protests and
marches.

At the main protest site in the city outside the Presidential
Secretariat, around 100 people gathered to listen to
anti-government speeches despite the state of emergency, while
passing cars sounded their horns in support, the report says.

"This emergency will not stop the protests," the report quotes
Waheeda Lafir, a teacher delivering food supplies to the village of
tents that has stood at the site for almost a month, as saying.
"The government has brought this on themselves, they should
resign."

Reuters adds the announcement - the second time President Gotabaya
Rajapaksa has declared emergency law in little over a month - drew
condemnation from Sri Lanka's opposition and several western
countries.

As reported in the Troubled Company Reporter-Asia Pacific on April
27, 2022, S&P Global Ratings lowered its long-term and short-term
foreign currency sovereign ratings on Sri Lanka to 'SD/SD' from
'CC/C'.  At the same time, S&P affirmed its 'CCC-' long-term and
'C' short-term local currency sovereign ratings. The outlook on the
local currency ratings remains negative.  S&P's transfer and
convertibility assessment at 'CC' is unchanged.  S&P's foreign
currency rating on Sri Lanka is 'SD' (selective default). It does
not assign outlooks to 'SD' ratings because they express a
condition and not a forward-looking opinion of default probability.
The negative outlook on the local currency ratings reflects the
high risk to commercial debt repayment in the context of Sri
Lanka's economic, external, and fiscal pressures.



                           *********


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

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

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

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

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



                *** End of Transmission ***