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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

          Thursday, May 19, 2022, Vol. 25, No. 94

                           Headlines



A U S T R A L I A

ALLCORE ENGINEERING: First Creditors' Meeting Set for May 26
BACKLOT STUDIOS: Second Creditors' Meeting Set for May 25
BB INTERIOR: Second Creditors' Meeting Set for May 25
EARTH MOVING: First Creditors' Meeting Set for May 24
SOUTH AUSTRALIA TRUCK: Second Creditors' Meeting Set for May 25



C H I N A

AGILE GROUP: Moody's Lowers CFR to B3 & Alters Outlook to Negative
BLUEFOCUS INTELLIGENT: Fitch Lowers LT IDRs to 'B', Outlook Stable
COUNTRY GARDEN: Plans Yuan-Denominated Bond Issue
GUO WENGUI: Says He Will Drop Personal Bankruptcy Case
LANDSEA GREEN: S&P Alters Outlook to Negative, Affirms 'B' ICR

SUNAC CHINA: Moody's Cuts CFR to Ca & Senior Unsecured Ratings to C


I N D I A

ADITYA PRINTS: Insolvency Resolution Process Case Summary
ANISH TRADING: Liquidation Process Case Summary
ASM TRAXIM: CARE Keeps D Debt Ratings in Not Cooperating
C S CREAMERY: CARE Lowers Rating on INR19.77cr LT Loan to C
DEWAN CHAND: CARE Lowers Rating on INR3.00cr LT Loan to D

ELEXIR DISTRIBUTORS: Insolvency Resolution Process Case Summary
FINMAN FINANCE: CARE Lowers Rating on INR6.48cr LT Loan to B
FRANCO LEONE: Insolvency Resolution Process Case Summary
GOURANGA COLD: CARE Keeps B Debt Rating in Not Cooperating
GUMAN BUILDERS: Insolvency Resolution Process Case Summary

HARSH POLYFABRIC: CARE Lowers Rating on INR10.40cr LT Loan to B+
HI-TRAC MANPOWER: CARE Lowers Rating on INR24.70cr LT Loan to B
ICEBERG DEVELOPERS: Insolvency Resolution Process Case Summary
INDIABULLS HOUSING: Moody's Affirms 'B3' CFR, Outlook Now Stable
JAGDAMBAY EXPORTS: CARE Keeps D Debt Rating in Not Cooperating

JOHNS BIWHEELERS: CARE Lowers Rating on INR0.90cr LT Loan to B+
KALYANRAM RICE: CARE Lowers Rating on INR7.50cr LT Loan to B-
KAVITA EXIM: CARE Keeps D Debt Rating in Not Cooperating Category
M M BARELS: CARE Keeps B- Debt Rating in Not Cooperating Category
MANISH AND ASSOCIATES: CARE Cuts Rating on INR4.01cr LT Loan to B-

MOHINDRA COACHES: CARE Keeps B Debt Rating in Not Cooperating
MUKESH AND ASSOCIATES: CARE Lowers Rating on INR4.35cr Loan to B+
P.C. THOMAS: CARE Lowers Rating on INR5.00cr LT Loan to B+
PADAM MOTORS: CARE Lowers Rating on INR12.93cr LT Loan to B-
POLYEX PRIVATE: Liquidation Process Case Summary

POWAI CUBICLES: Liquidation Process Case Summary
RADIUS ESTATE: Indiabulls Moves NCLT vs. Realty Development Firm
RADIUS INFRA: Insolvency Resolution Process Case Summary
REX SEWING: CARE Keeps B- Debt Rating in Not Cooperating Category
RSJ DEVELOPERS PRIVATE: Liquidation Process Case Summary

RUKMINI IRON: Insolvency Resolution Process Case Summary
S&T DAEWOO INDIA: Voluntary Liquidation Process Case Summary
SAMANT SINGH: CARE Lowers Rating on INR7.00cr LT Loan to B-
SETHI CONSTRUCTIONS: CARE Lowers Rating on INR2.25cr LT Loan to B-
SHIVAM PIPE: CARE Keeps D Debt Ratings in Not Cooperating

SKP STEEL INDUSTRIES: Liquidation Process Case Summary
SMAAASH ENTERTAINMENT: Insolvency Resolution Process Case Summary
SWAMI SAMARTH: CARE Keeps C Debt Rating in Not Cooperating
TABLEZ AND TOYZ: CARE Lowers Rating on INR48.13cr LT Loan to D
TALSONS MOTORS: Insolvency Resolution Process Case Summary

TECHNO AUTO: Insolvency Resolution Process Case Summary
VANTA BIOSCIENCE: Insolvency Resolution Process Case Summary
VASHISTHA MERCANTILE: Liquidation Process Case Summary


J A P A N

TEPCO HOLDINGS: S&P Alters Outlook to Neg., Affirms 'BB+' LT ICR


N E W   Z E A L A N D

AUTOGURU LIMITED: Creditors' Proofs of Debt Due on June 23
BAY HOLDINGS: Creditors' Proofs of Debt Due on July 13
BOW TAG: Court to Hear Wind-Up Petition on June 7
CLADTECH PLASTERING: Creditors' Proofs of Debt Due on June 16
METROPOLIS PROPERTY: Court to Hear Wind-Up Petition on June 23



P H I L I P P I N E S

FARMERS SAVINGS: BSP MB Directs PDIC to Liquidate Bank


S I N G A P O R E

ELECTRONIC CASH: Court to Hear Wind-Up Petition on May 20
GSK GLOBAL: Court Enters Wind-Up Order
MERCURY MARKETING: Creditors' Meetings Set for May 27
SINGAPORE CARPENTRY: Court Enters Wind-Up Order
VINTEL EXPORTS: Court Enters Wind-Up Order



S O U T H   K O R E A

KOREA ELECTRIC: To Sell All Overseas Coal Power Plants Over Losses


S R I   L A N K A

SRI LANKA: New PM to Sell Airline, Print Money to Pay Wages

                           - - - - -


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

ALLCORE ENGINEERING: First Creditors' Meeting Set for May 26
------------------------------------------------------------
A first meeting of the creditors in the proceedings of Allcore
Engineering Pty Ltd will be held on May 26, 2022, at 11:00 a.m.
virtual meeting only.

Trent McMillen and Ernie Chou of MaC Insolvency were appointed as
administrators of Allcore Engineering on May 16, 2022.


BACKLOT STUDIOS: Second Creditors' Meeting Set for May 25
---------------------------------------------------------
A second meeting of creditors in the proceedings of The Backlot
Studios Pty Ltd ATF The Backlot Studios Trust and The Backlot Films
Pty Ltd has been set for May 25, 2022, at 12:00 p.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 24, 2022, at 4:00 p.m.

Stephen Dixon and Leigh Dudman of Hamilton Murphy Advisory were
appointed as administrators of Backlot Studios and Backlot Films on
April 8, 2022.


BB INTERIOR: Second Creditors' Meeting Set for May 25
-----------------------------------------------------
A second meeting of creditors in the proceedings of BB Interior
Design Pty Ltd has been set for May 25, 2022, at 3:00 p.m. at
teleconference only.

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

Creditors wishing to attend are advised proofs and proxies should
be submitted to the Administrator by May 24, 2022, at 4:00 p.m.

Gavin Moss of Chifley Advisory was appointed as administrator of BB
Interior on Feb. 11, 2022.


EARTH MOVING: First Creditors' Meeting Set for May 24
-----------------------------------------------------
A first meeting of the creditors in the proceedings of Earth Moving
Contractors Pty Ltd will be held on May 24, 2022, at 12:00 p.m. via
Zoom Teleconference Facilities.

Domenico Alessandro Calabretta and Mitchell Ball of Mackay Goodwin
were appointed as administrators of Earth Moving on May 12, 2022.


SOUTH AUSTRALIA TRUCK: Second Creditors' Meeting Set for May 25
---------------------------------------------------------------
A second meeting of creditors in the proceedings of South Australia
Truck & Machinery Pty Ltd has been set for May 25, 2022, at 3:00
p.m. via virtual meeting technology.

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

Creditors wishing to attend are advised proofs and proxies should
be submitted to the Administrator by May 23, 2022, at 5:00 p.m.

Stuart Otway and Matthew Ormsby of SV Partners were appointed as
administrators of South Australia Truck on April 8, 2022.




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

AGILE GROUP: Moody's Lowers CFR to B3 & Alters Outlook to Negative
------------------------------------------------------------------
Moody's Investors Service has downgraded Agile Group Holdings
Limited's corporate family rating to B3 from B2 and the company's
senior unsecured rating to Caa1 from B3.

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

This concludes the rating review initiated on March 30, 2022.

"The downgrade reflects Agile's increased refinancing risks in view
of its declining liquidity and sales, sizable refinancing needs,
and constrained access to funding," says Kaven Tsang, a Moody's
Senior Vice President.

"The negative outlook reflects the uncertainty over Agile's ability
to raise new funding, through new borrowing or asset disposals, to
manage its refinancing needs and to replenish its balance sheet
liquidity over the next 6-12 months," adds Tsang.

RATINGS RATIONALE

Moody's assessed that Agile's liquidity will remain inadequate in
the next 12-18 months, in the absence of new external financing or
funding from asset disposals to address its sizable debt maturities
and its weakening property sales.

Agile has been actively raising funds through asset disposals and
exchangeable bond issuances over the past 3-6 months that would
address part of its maturing debt in the next 6-12 months. However,
the timing of further asset disposals to repay debt and improve
liquidity is uncertain in view of the currently weak market
sentiment and tight funding conditions.

Agile's unrestricted cash declined to RMB22.8 billion as of
December 31, 2021 from RMB46.5 billion as of June 30, 2021. Moody's
estimates that Agile's unrestricted cash could have dropped further
as of the end of March 2022, as the company used its internal
resources to repay its matured debt in the first quarter.

Moody's also believes the company will not likely use all the
unrestricted cash to repay its debt at the holding company level as
it has to keep a considerable amount at the project and operating
companies' levels for operations.

Agile has sizable refinancing needs for its offshore bonds and bank
loans over the next 6-12 months. Specifically, the company will
have around USD600 million of offshore bonds coming due in August
2022. In addition, the progress in obtaining new bank loans to
refinance Agile's maturing bank loans has been slow, partly because
of its delay in releasing its audited results.

Although the company has released its 2021 audited results on 10
May, offshore financiers' increased risk aversion toward the
Chinese property sector continues to constrain its funding access.

The company's falling contracted sales because of the weak market
and funding conditions will also reduce the company's cash flow and
liquidity. Moody's projects Agile's gross contracted sales will
decrease to RMB95 billion-RMB100 billion in 2022 from RMB139
billion in 2021.

Moody's also expects the company to offer price discounts to
accelerate sales and cash flow. This will further pressure its
profit margins.

As a result, Agile's EBIT/interest coverage will fall to around
2.0x over the next 1-2 years from 2.4x in 2021. Its
revenue/adjusted debt will also decline to around 60% from 63% over
the same period.

Agile's B3 CFR continues to reflect the company's established
position and long history in its core Guangdong and Hainan markets,
some benefits from its business and geographic diversification, and
modest financial metrics. However, the rating is constrained by its
weak liquidity and high refinancing uncertainty.

Agile's senior unsecured bond rating is one notch lower than its
CFR because of the risk of structural subordination. This
subordination risk reflects the fact that most of Agile's claims
are at the operating subsidiaries and have priority over claims at
the holding company in a bankruptcy scenario. In addition, the
holding company lacks significant mitigating factors for structural
subordination. As a result, the expected recovery rate for claims
at the holding company will be lower.

In terms of environmental, social and governance factors, Moody's
has considered Agile's concentrated ownership by its key
shareholder, the Chen family, who held a total stake of 66.3% in
the company as of the end of December 2021. The delay in the
release of audited financial results earlier this year also raised
concerns over the company's transparency and information
disclosure, which is part of Moody's governance considerations.

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

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

However, positive rating momentum could emerge if Agile improves
its liquidity and access to funding; repays its maturing debt
without sacrificing its balance sheet liquidity; and maintains
credit metrics through the next 12-18 months.

On the other hand, Moody's could downgrade Agile's ratings if the
company's access to funding and liquidity deteriorate further, and
in turn, further increases its refinancing risks.

The principal methodology used in these ratings was Homebuilding
And Property Development Industry published in January 2018.

Agile Group Holdings Limited (Agile) is one of China's major
property developers. As of December 31, 2021, the company had a
land bank with a planned gross floor area of 47.37 million square
meters.

BLUEFOCUS INTELLIGENT: Fitch Lowers LT IDRs to 'B', Outlook Stable
------------------------------------------------------------------
Fitch Ratings has downgraded China-based BlueFocus Intelligent
Communications Group Co., Ltd.'s Long-Term Foreign- and
Local-Currency Issuer Default Ratings (IDRs) to 'B' from 'B+'. The
Outlook is Stable.

The downgrade reflects the slowing Chinese economy and the
regulatory risk of its key customers, exacerbating the
deterioration in BlueFocus' business risk profile after the
disposal of its overseas business. Fitch expects BlueFocus' total
debt/EBITDA to remain above 4.5x in 2022-2023 due to lower EBITDA
generation amid the extension of current lockdowns and the
possibility of future lockdowns in China's major cities, which
could significantly hamper advertisers' budgets and weaken
BlueFocus' position in the value chain.

The Stable Outlook indicates that Fitch does not expect a repeat of
the freeze on new online game monetisation licensing that was in
place from August 2021 to March 2022. Online game advertisers are
BlueFocus' largest revenue contributor, accounting for 43% of total
revenue in 2021 (2020: 45%).

KEY RATING DRIVERS

Higher Business Risk: The spin-off of its overseas business has
increased BlueFocus' reliance on its domestic businesses, which
operate in a highly competitive environment with much lower margins
than the overseas business. Chinese advertising agencies tend to
operate on a rebate, rather than cost-plus, basis. Intense
competition has driven advertising agencies to provide higher
rebates to their customers. In addition, BlueFocus' main customers
are online game and internet application companies, which may face
higher regulatory risk in the medium term.

We also believe BlueFocus' CNY800 million-1 billion investment in
various private equity funds is credit negative as these risky
investments may not yield cash returns in the medium term.

Leverage Deterioration: Fitch expects BlueFocus' 2022 total
debt/EBITDA to worsen to above 8x (2021: 1.6x) before improving in
2023, although it will remain above Fitch's negative sensitivity of
4.5x. Fitch expects EBITDA to drop significantly on a contraction
in advertisers' budgets amid the slowing economy. Fitch believes
the extended and potential lockdowns in China's top-tier cities as
part of the government's "zero-Covid" agenda will cause severe
disruptions to public-relation (PR) activity and advertisers'
operations, hurting consumer demand.

Heightened Revenue Risk: Fitch expects BlueFocus' pro forma 2022
revenue growth - assuming deconsolidation of the overseas business
at the beginning of 2021 - to be at best flattish if not a drop by
a low single-digit rate in 2022 before rebounding to the low teens
in 2023 on macroeconomic risks and the company's higher exposure to
private enterprises, which drive its revenue and cash flow
generation. Fitch also expects its revenue to be more back-end
loaded as advertisers may defer spending due to the economic
uncertainty.

Structurally Lower Margins: BlueFocus' profitability will be under
significant pressure in the short term. Its ability to return
profitability to 2021 levels will depend on the resilience of its
customers' businesses and financial conditions, which have low
visibility for now. Fitch conservatively expects its operating
EBITDA margin to narrow to around 0.6%-1.1% in 2022-2023 (2021:
2.6%), diluted by a higher contribution from its domestic
advertising and outbound businesses, which have lower margins than
overseas advertising.

In addition, Fitch believes the margin on the domestic PR and
advertising business will be hurt by the financial pressure on
advertisers and online media platforms.

Reliance on Short-Term Loans: BlueFocus' ratings reflect its
concentrated funding structure. The company is highly dependent on
rolling over short-term bank loans to fund working capital;
short-term loans accounted for 96% of total debt, including
off-balance-sheet bills receivable factoring of around CNY65
million at end-2021.

DERIVATION SUMMARY

BlueFocus's smaller scale, lower geographical diversification and
weaker margins continue to weigh on its ratings and drive its much
lower ratings compared with leading global advertising holding
companies with investment-grade ratings, such as Interpublic Group
of Companies, Inc. (IPG, BBB+/Stable). BlueFocus' financial risk
profile is weaker than that of IPG, given its Fitch-forecast
2022-2023 debt/EBITDA of above 4.5x, substantially higher than
IPG's 1.8x-1.9x.

KEY ASSUMPTIONS

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

-- Pro forma revenue to be relatively flat in 2022 from 2021
    before a rebound to low-teen growth in 2023, assuming
    deconsolidation of the overseas business at the beginning of
    2021 (2021: 1%);

-- Fitch-defined operating EBITDA margin of 0.6%-1.1% in 2022-
    2023 (2021: 2.6%);

-- Capex-to-sales ratio of 0.1% in 2022-2023 (2021: 0.1%);

-- Dividend payout ratio of around 20% of net profit in 2022-2023

    (2021: 20%);

-- Effective interest rate on debt of 4%-5%;

-- Annual investment in minority equity stakes and private equity

    funds of CNY800 million-926 million in 2022-2023.

RATING SENSITIVITIES

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

-- Greater visibility on sustained positive cash flow from
    Operations;

-- Total debt/EBITDA below 4.5x for a sustained period.

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

-- Sustained adverse increase in regulatory risk that materially
    affects BlueFocus or its principal customers;

-- Substantial weakening of the market positions of its key
    products and services;

-- Significant M&A that negatively affects operations or
    BlueFocus' business profile;

-- Higher-than-expected working-capital requirements, leading to
    negative cash flow from operations on a sustained basis;

-- Total debt/EBITDA above 5.5x for a sustained period, which
    could result from weaker EBITDA generation, significant
    investments in new businesses, or an aggressive shareholder
    return policy;

-- Liquidity ratio below 1.0x for a sustained period.

BEST/WORST CASE RATING SCENARIO

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

LIQUIDITY AND DEBT STRUCTURE

Adequate Liquidity: BlueFocus had around CNY3 billion of cash at
end-March 2022, compared with around CNY1.7 billion of short-term
debt and Fitch-forecast free cash flow deficit of CNY306 million in
2022. The company generated Fitch-defined operating cash flow of
around CNY183 million in 1Q22.

ISSUER PROFILE

BlueFocus is one of China's largest advertising holding companies
by revenue. It was the world's eighth-largest PR firm in 2021,
according to market research firm PRovoke Media. Its principal
businesses include public relations, marketing services and digital
advertising.

ESG CONSIDERATIONS

BlueFocus has an ESG Relevance Score of '4' for Financial
Transparency due to some failings in segment analysis for financial
reporting, which has a negative impact on the credit profile, and
is relevant to the ratings in conjunction with other factors.

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


COUNTRY GARDEN: Plans Yuan-Denominated Bond Issue
-------------------------------------------------
South China Morning Post reports that mainland Chinese developers'
plans to issue bonds backed by credit-risk hedging tools signal
more support by Beijing for the battered sector, which has suffered
from surging bond defaults and coupon payment delays since last
year, analysts said.

Country Garden, Longfor Group Holdings and Midea Real Estate
Holding this week plan to issue yuan-denominated bonds supported by
either credit default swaps (CDS) or credit risk mitigation
warrants, according to term sheets seen by the Post.

The notes come at an opportune time for mainland developers whose
home sales have taken a hit due to Covid-19 lockdowns, further
squeezing liquidity.

More private companies are likely to tap the bond market, which
will benefit developers that have relatively sound financial
fundamentals and momentum, said Zhang Bo, chief analyst at 58
Anjuke Real Estate Research Institute, a Shanghai-based property
research firm, the Post relays.

"The credit risk protection tools will enhance credit safety and
attractiveness of developers," which is in line with the central
government's direction to correct overly-tight restrictions, he
added.

Foshan-based Country Garden was to announce a plan to issue a
three-year bond of up to CNY500 million (US$73.6 million) with a
coupon of around 4.5% to 5% last May 17, according to the term
sheet.

"Under the guidance of the central government and the facilitation
of the China Securities Regulatory Commission, stock exchanges are
actively advancing the open-market financing by high-quality
private developers," Country Garden said in a note seen by the
Post.

A spokesman for Country Garden confirmed the bond plan, but
declined to elaborate further, the Post notes.

According to the Post, the move comes as Beijing lowered mortgage
rates by 20 basis points for first-time homebuyers on May 15,
aiming to revive a market that has been suffering from Beijing's
deleveraging campaign and tight property policies to curb a bubble.
Private developers, in particular, are largely being shunned in the
primary bond market, while state-owned developers are much less
impacted.

A subsidiary of Longfor will issue a six-year, CNY500 million bond,
with a coupon of 3 to 4% on May 17. A one-year CDS will also be
issued.

"This is the first time that we can remember China developers are
issuing public debt with credit risk protection, which should
encourage the market's participation," the Post quotes Raymond
Cheng, analyst at CGS-CIMB Securities, as saying in a note on May
16. "If this can be executed properly, we think that it could
extend to some other developers with weaker balance sheets to issue
similar debts as well."

Midea's property unit will issue a four-year bond of no more than
CNY1.44 billion, with an interest rate of 4.1 to 4.9%. The bond was
expected to be confirmed among investors on May 17.

Analysts at Jefferies, however, pointed out the bond issuance will
have a limited impact on the wider property sector, the report
relays.

"We don't expect it to be widely extended to other private
developers, so it would not significantly improve short-term
liquidity of the distressed developers," analysts led by Stephen
Cheung wrote in a report on May 16.

                        About Country Garden

Country Garden Holdings Company Limited is an investment holding
company principally engaged in the sales of properties. The Company
operates its business through five segments: Property Development
segment, Construction Fitting and Decoration segment, Property
Investment segment, Property Management segment and Hotel Operation
segment. The Company's subsidiaries include Wuhan Country Garden
Lianfa Investment Co., Ltd, Jurong Country Garden Property
Development Co., Ltd and Chuzhou Country Garden Property
Development Co., Ltd.

As reported in the Troubled Company Reporter-Asia Pacific on April
12, 2022, S&P Global Ratings, on April 8, 2022, revised the outlook
on Country Garden Holdings Co. Ltd. to stable from positive. At the
same time, S&P affirmed the 'BB+' long-term issuer credit rating on
Country Garden.


GUO WENGUI: Says He Will Drop Personal Bankruptcy Case
------------------------------------------------------
Reuters reports that exiled Chinese businessman Guo Wengui has said
he will drop his personal bankruptcy case because he says he does
not have the money to cover the associated legal costs.

According to Reuters, Guo, the former real estate magnate who fled
China for the U.S. in 2014 ahead of corruption charges, said in
court papers filed on May 11 that he would not contest a call for
his Chapter 11 case to be thrown out by a fund that loaned money to
Guo's companies.

The lender, Pacific Alliance Asia Opportunity Fund (PAX), moved to
dismiss the bankruptcy in April, arguing that Guo had only filed to
avoid paying fines. Guo said he filed to resolve all of his issues
with his creditors.

Guo filed for bankruptcy in Connecticut in February after a New
York court ordered him to pay PAX $254 million stemming from a
contract dispute, recalls Reuters. PAX had initially loaned two of
Guo's companies $100 million in 2008 for a construction project in
Beijing and sued Guo when he failed to pay off the loan.

Guo, who also goes by Ho Wan Kwok, said in May 11's filing that he
could no longer afford the legal costs of the bankruptcy, blaming
PAX for waging "unrestrained legal warfare" in its effort to reach
assets, including a New York penthouse and a luxury yacht. Guo said
that he does not own either asset, and they actually belong to his
children, Reuters relays.

Despite Guo's own desire to end the bankruptcy, the committee
representing his unsecured creditors have opposed PAX's motion to
dismiss the case, the report says. The committee argued in a filing
on May 11 that while PAX, as the largest creditor, may benefit from
ending the case because they already have a court judgment in their
favor, the rest of his 159 creditors would be left with no ability
to collect on the $373.8 million in debts they say they are owed.

U.S. Bankruptcy Judge Julie Manning will consider the proposed
dismissal on May 25, the report notes.

In September, three media companies Guo is affiliated with agreed
to pay more than $539 million to settle U.S. Securities and
Exchange Commission charges that they illegally sold stock and
digital assets to thousands of investors, Reuters discloses. One of
the companies, GTV Media Group Inc, has also reportedly been linked
to Steve Bannon, the one-time top adviser of former President
Donald Trump. Neither Guo nor Bannon were accused of any wrongdoing
by the SEC.


LANDSEA GREEN: S&P Alters Outlook to Negative, Affirms 'B' ICR
--------------------------------------------------------------
S&P Global Ratings revised the outlook on the ratings on
China-based developer Landsea Green Properties Co. Ltd. to negative
from stable. At the same time, S&P affirmed the 'B' long-term
issuer credit rating, and the 'B-' long-term issue rating on the
company's outstanding senior unsecured notes.

The negative outlook reflects S&P's view that Landsea may face
execution risks in replenishing liquidity.

S&P said, "We revised the outlook on Landsea to negative to reflect
the execution risks on its liquidity replenishment plans amid the
property market downcycle and the pandemic. As such, we revised our
assessment of Landsea's liquidity to less than adequate. We
affirmed the ratings to reflect our view that Landsea's repayment
needs on its upcoming senior notes maturities are largely
manageable, as the additional funds generated from its U.S. deal
will ease some pressure. While Landsea's accessible cash will
likely shrink after the repayment of the notes, the company has
little repayment needs for 2023 and beyond. We further believe that
Landsea's credit metrics will recover, driven by the strong growth
of its U.S. segment.

"In our view, Landsea can manage the repayment of its senior notes
maturing in the rest of 2022. Landsea had about Chinese renminbi
(RMB) 1.5 billion of cash (excluding cash held by Landsea Homes,
the U.S.-listed platform) as of end-2021. Management noted that
Landsea's accessible cash had fallen by end-March but remained
sufficient to cover the outstanding US$146.7 million senior notes
(about RMB950 million equivalent) due in June. The US$45 million
new borrowing (about RMB290 million equivalent) pledged by Landsea
Homes' equity and the RMB375 million undrawn facilities extended by
Landsea Group will provide further buffer. In addition, we expect
about RMB600 million of funds to be released from sold and
completed projects over the next few months, before the US$169.4
million senior notes (about RMB1.1 billion equivalent) become due
in October.

"We believe Landsea's accessible cash balance may shrink as the
company repays its senior notes, and its liquidity stabilization
will hinge on the execution of its cash management plans and other
fundraising plans. We see uncertainty in the timely execution of
these plans amid the volatile market."

That said, Landsea has little repayment needs in 2023 and beyond.
As of end-2021, Landsea has only about RMB160 million bank loans
due in 2023, compared with RMB3.8 billion of short-term debt due in
2022.

S&P said, "We expect Landsea's credit metrics to recover in 2022,
after the abrupt deterioration in 2021 caused by a sizable
impairment on its joint ventures and Landsea Homes' listing related
fees.

"We expect its EBTDA margin to rebound to 15%-17% in 2022, after
declining to 6.5% in 2021 due to impairments and one-off listing
expenses. We also forecast robust revenue growth of 60%-65% in
2022, compared with 10.2% drop in 2021, fueled mainly by the strong
performance of the U.S. segment. In the first quarter, Landsea
Homes reported 97.1% growth in total revenue as the recent
acquisitions expanded its scale and geographic footprint. As such,
we forecast Landsea's ratio of consolidated debt-to-EBITDA to lower
to 4.1x-4.3x in 2022, from over 10x in 2021. We expect its
look-through leverage to improve in tandem with consolidated
leverage.

"We forecast 75%-80% growth in U.S. sales in 2022, which will more
than offset the 18%-23% drop in China sales. This will lead to
10%-12% growth in overall contracted sales. Landsea will continue
to adopt an asset-light model in its China operation and grow its
management services income from entrusted projects, in our view.

"We continue to assess Landsea as a core subsidiary of Landsea
Group. More than 90% of Landsea Group's revenue was generated by
Landsea in 2021, and we expect the contribution to remain high.
Landsea Group will face RMB90 million and RMB170 million in
outstanding onshore corporate bonds, puttable in September and
December, respectively, which we believe is manageable given the
relatively small amount.

"The negative outlook reflects our view that Landsea may see
execution risks in replenishing its liquidity buffer amid the
property industry downcycle. That said, we expect leverage on both
a look-through (proportionately consolidated) and consolidated
basis to meaningfully recover over the next 12 months, driven by
robust performance of its U.S. business.

"We may lower the rating if Landsea's liquidity deteriorates over
the next 12 months. This could happen if Landsea fails to execute
fundraising plans to replenish its liquidity. We may also lower the
rating if Landsea's look-through and consolidated debt-to-EBITDA
ratios stay above 7x on a sustained basis. This could happen if
Landsea adopts debt-funded expansion that is more aggressive than
we anticipate.

"We could revise the outlook to stable if the company manages to
replenish its liquidity buffer at the holding-company level to a
more comfortable level, while maintaining steady leverage and
operation in both its China and U.S. operations.

Landsea mainly develops and sells green residential properties in
China through an asset-light model. The company differentiates
itself from conventional competitors by integrating eco-friendly
building technologies into its properties. Landsea also manages
entrusted development projects. It also has a separately listed
U.S.-based property development arm, which accounted for about 33%
of its assets as of Dec. 31, 2021.

Landsea is the listed subsidiary of Landsea Group. Founded in 2001
by its chairman Tian Ming, Landsea Group is headquartered in
Shanghai. In 2013, Landsea listed on the Hong Kong stock exchange
through a back-door listing. As of Dec. 31, 2021, Landsea Group
owned 50.3% of Landsea. Mr. Tian effectively owned 50% of Landsea
Group. Landsea owned 72% of Landsea Homes, the U.S. division.

As of Dec. 31, 2021, Landsea had built 150 green residential
projects in 36 cities across China with a green residential
development area of more than 25 million square meters.

ESG credit indicators: E-2; S-2; G-3

Governance factors are a moderately negative consideration in S&P's
credit rating analysis of Landsea because the controlling family
dominates the board. The company's leading position in the niche
market for green residential property development in China supports
its competitive advantage through product differentiation and
stronger brand recognition, despite Landsea's modest operating
scale. This further supports Landsea's low-asset model and project
management segment, enhancing its return on capital. However,
current government policy restricting price limits Landsea's
ability to charge premium prices, constraining its profitability.


SUNAC CHINA: Moody's Cuts CFR to Ca & Senior Unsecured Ratings to C
-------------------------------------------------------------------
Moody's Investors Service has downgraded the corporate family
rating of Sunac China Holdings Limited to Ca from Caa1, and the
company's senior unsecured ratings to C from Caa2.

The outlook remains negative.

"The downgrade reflects our expectation of weak recovery prospects
for Sunac's bondholders following its interest payment default,"
says Kelly Chen, a Moody's Vice President and Senior Analyst.

Sunac announced on May 12, 2022 that it had missed an interest
payment on its 7.95% senior notes due October 2023 after the
expiration of a 30-day grace period[1].

The negative outlook reflects Moody's view that the recovery
prospects for Sunac's creditors could weaken further.

RATINGS RATIONALE

Sunac's Ca CFR reflects the company's interest payment default on
one of its senior notes, limited financial flexibility and weak
recovery prospects for its creditors. Sunac's missed interest
payment could trigger a cross default and accelerate the repayment
of the company's other debt obligations.

As a result, the company will likely go through a debt
restructuring process and have to rely on asset sales or
investments from potential investors to generate funds for debt
servicing. However, these fundraising activities entail high
execution risk and the recovery prospects for creditors remain
uncertain.

Sunac's senior unsecured debt rating is one notch lower than the
CFR because of structural subordination risk. Most of Sunac's
claims are at the operating subsidiary level and have priority over
claims at the holding company in a liquidation scenario. In
addition, the holding company lacks significant mitigating factors
for structural subordination. Consequently, the expected recovery
rate for claims at the holding company is lower.

In terms of environmental, social and governance (ESG)
considerations, Moody's has considered the company's concentrated
ownership and significant investments in its joint ventures (JVs).

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

An upgrade is unlikely given the negative outlook.

However, positive rating momentum could develop if Sunac repays its
maturing debt and improves its liquidity position materially.

The principal methodology used in these ratings was Homebuilding
And Property Development Industry published in January 2018.

Listed on the Hong Kong Stock Exchange in 2010, Sunac China
Holdings Limited is an integrated residential and commercial
property developer with projects in China's main economic regions.
The company develops a diverse range of properties, including
high-rise and mid-rise residences, detached villas, townhouses,
retail properties, offices and car parks. As of the end of June
2021, Sunac's land bank by attributable gross floor area in China,
including those of its joint ventures and associates, was 164
million square meters. Its revenue was RMB230.6 billion ($35.5
billion) in 2020.



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

ADITYA PRINTS: Insolvency Resolution Process Case Summary
---------------------------------------------------------
Debtor: Aditya Prints Private Limited
        Heritage Creation
        P. No. A-11 Creation Park
        GIDC Pandesara, Surat
        GJ 394221

Insolvency Commencement Date: May 12, 2022

Court: National Company Law Tribunal, Ahmedabad Bench

Estimated date of closure of
insolvency resolution process: November 6, 2022
                               (180 days from commencement)

Insolvency professional: Gordhanbhai Ratnabhai Godhani

Interim Resolution
Professional:            Gordhanbhai Ratnabhai Godhani
                         16 Sakarta Society
                         Kargil Chowk, Punagam
                         Surat, Gujarat 395010
                         E-mail: grgodhani@gmail.com

                            - and -

                         Sun Resolution Professionals Pvt Ltd
                         9B, Vardan Tower
                         Nr. Vimal House
                         Lakhudi Circle, Navrangpura
                         Ahmedabad 380014
                         E-mail: cirp.adityaprints@gmail.com

Last date for
submission of claims:    May 26, 2022


ANISH TRADING: Liquidation Process Case Summary
-----------------------------------------------
Debtor: Anish Trading Mercantile Private Limited
        Shop No. 11, Ground Floor
        Satyam Co-operative Housing Ltd
        Thakur Complex, Kandivali (East)
        Mumbai Suburban, Maharashtra 400101

Liquidation Commencement Date: March 17, 2022

Court: National Company Law Tribunal, Mumbai Bench

Date of closure of
insolvency resolution process: February 9, 2022

Insolvency professional: Anil Kashi Drolia

Interim Resolution
Professional:            Anil Kashi Drolia
                         B-906, Park Side 1
                         Raheja Estate, Kulupwadi
                         Borivali-East, Near National Park
                         Mumbai Suburban, Maharashtra 400066
                         E-mail: anildrolia.ip@gmail.com
                                 anishtrading.cirp@gmail.com

Last date for
submission of claims:    April 16, 2022


ASM TRAXIM: CARE Keeps D Debt Ratings in Not Cooperating
--------------------------------------------------------
CARE Ratings said the ratings for the bank facilities of ASM Traxim
Private Limited (ATPL) continue to remain in the 'Issuer Not
Cooperating ' category.

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank       45.00      CARE D; ISSUER NOT COOPERATING
   Facilities                      Rating continues to remain
                                   under ISSUER NOT COOPERATING
                                   category

   Short Term Bank       5.00      CARE D; ISSUER NOT COOPERATING
   Facilities                      Rating continues to remain
                                   under ISSUER NOT COOPERATING
                                   category

Detailed Rationale & Key Rating Drivers

CARE Ratings Ltd. had, vide its press release dated March 1, 2021,
placed the rating(s) of ATPL under the 'issuer non-cooperating'
category as ATPL had failed to provide information for monitoring
of the rating and had not paid the surveillance fees for the rating
exercise as agreed to in its Rating Agreement. ATPL continues to be
non-cooperative despite repeated requests for submission of
information through e-mails, phone calls and a letter/email dated
January 15, 2022, January 25, 2022, February 4, 2022.

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

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

ASM Traxim Pvt. Ltd. (ATPL), incorporated in 2005, is a closely
held company engaged in trading of almonds, poppy seeds and spices
like clove, cinnamon, cumin etc. The company sources almonds
domestically and sells in the domestic market to wholesalers
through brokers. The company also sources a very small percentage
of almonds through imports from USA.


C S CREAMERY: CARE Lowers Rating on INR19.77cr LT Loan to C
-----------------------------------------------------------
CARE Ratings has revised the ratings on certain bank facilities of
C S Creamery Private Limited, as:

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank
   Facilities           19.77      CARE C Revised from CARE BB+;
                                   Stable

Detailed Rationale & Key Rating Drivers

The revision in the ratings assigned to the bank facilities of C S
Creamery Private Limited factors in the delay in debt servicing
reported by other group companies (viz. Tablez Retail Private
Limited and Tablez and Toyz Private Limited) which are held by the
same parent (Tablez Food Company Private Limited). All three
entities were dependent upon timely fund infusion from parent to
ensure timely debt servicing. While C S Creamery has been able to
repay its debt obligations which fell due on April 30, 2022 from
its own sources, it has not received funding support from parent.
Continued delay in funding support, which otherwise was regular
till FY22, may pose threat to company's liquidity. The rating is
constrained by the company's weak financial profile, stretched
liquidity with continuing losses and high reliance on the
continuous equity infusion from the parent company to fund the
operations and debt servicing.

Rating Sensitivities

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

* Turnaround from operating loss and improvement in the liquidity
position.

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

* Lower than envisaged or delay in support from promoters to fund
debt repayments shortfall, if any.

Detailed description of the key rating drivers

Key Rating Weaknesses

* Weak financial profile with stressed liquidity: C S Creamery
Private Limited has been incurring operating losses since inception
due to longer gestation period to turnaround and high rental
expenses and fixed cost. The operations were severely impacted
during the first and second wave of pandemic leading to sharp
decline in the revenue. Weak profitability levels are expected to
continue, the losses and debt servicing were funded majorly by
equity infusion and unsecured loans from the parent company Tablez
Food Company.

Key Rating Strengths

* Resourceful promoters: The parent company Tablez Food Company
(TFC) is a multi-brand retail arm of Lulu Group International. The
shares of TFC are held by Mr. Adeeb Ahamed and Ms. Shafeena Yusuff
Ali equally. The promoters have experience in similar line of
business and draw on the expertise of the larger Lulu group as
well. The promoters have been infusing funds consistently in the
past and are expected continue to support the operations of the
companies.

Liquidity: Poor

Liquidity of the company was largely driven from its resourceful
promoters. The operations of the company were severely impacted
during the first and second wave of pandemic and the liquidity from
the core operations is poor.

Analytical approach: Combined

Business and financial risk factors of the Tablez Retail Private
Limited, Tablez and Toyz Private Limited and C S Creamery Private
Limited have been combined as the companies are owned and managed
by common promoters, engaged in retail business, and the collateral
securities extended to the bank facilities are common to all the
three companies as per the sanction letter of lender.

Kochi (Kerala) based, C S Creamery Private Limited was incorporated
in 2016 and full owned subsidiary of Tablez Food
Company Private Limited (TFC). TFC is promoted by Mr. Adeeb Ahamed
and Ms. Safeena Yusuff Ali. The company holds the master franchise
agreement with the renowned American ice cream brand Cold Stone to
operate ice cream parlors under Franchise license from MTY Food
Group Inc. (Kahala Group).


DEWAN CHAND: CARE Lowers Rating on INR3.00cr LT Loan to D
---------------------------------------------------------
CARE Ratings has revised the ratings on certain bank facilities of
Dewan Chand (DC), as:

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank        3.00      CARE D; ISSUER NOT COOPERATING
   Facilities                      Rating continues to remain
                                   under ISSUER NOT COOPERATING
                                   category and Revised from
                                   CARE B-; Stable

   Short Term Bank       7.00      CARE D; ISSUER NOT COOPERATING
   Facilities                      Rating continues to remain
                                   Under ISSUER NOT COOPERATING
                                   Category and Revised from
                                   CARE A4

Detailed Rationale & Key Rating Drivers

CARE Ratings Ltd. had, vide its press release dated September 9,
2021, placed the rating(s) of DC under the 'issuer non-cooperating'
category as DC had failed to provide information for monitoring of
the rating and had not paid the surveillance fees for the rating
exercise as agreed to in its Rating Agreement. DC continues to be
non-cooperative despite repeated requests for submission of
information through e-mails, phone calls and a letter/email dated
May 10, 2022.

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

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

The rating assigned to the bank facilities of DC have been revised
on account of on-going delays in debt servicing recognized from
publicly available information.

DC was initially established as proprietorship concern and later on
converted into a partnership firm on August 29, 2009. DC is
Delhi-based firm managed by Mr Vikram Phalper along with his wife
Mrs Anita Phalper for carrying out different types of civil
construction projects for Public Works Department (PWD) Delhi. DC
was founded in 1949 by late Lala Mr Dewan Chand. DC is registered
as a Class A contractor with PWD, Delhi, and has tendered various
contracts involving contracts of government buildings since
inception. It has completed prestigious contracts namely Indra
Prastha Bhawan, Ashoka Estate Building, World health house, Indian
Oil Bhawan, Police head Quarters, etc. DC is present majorly in
Delhi.

ELEXIR DISTRIBUTORS: Insolvency Resolution Process Case Summary
---------------------------------------------------------------
Debtor: Elexir Distributors Private Limited
        Plot No. 4/1, TTC Industrial Area
        Thane Belapur Road, Ghansoli Navi
        Mumbai 400710

Insolvency Commencement Date: March 22, 2022

Court: National Company Law Tribunal, Mumbai Bench

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

Insolvency professional: Mr. Laxmikant Yeshwant Desai

Interim Resolution
Professional:            Mr. Laxmikant Yeshwant Desai
                         503, Atharva
                         M B Raut Road
                         Shivaji Park, Dadar (West)
                         Mumbai 400028
                         E-mail: lydesai@hotmail
                                 lyd.elexir@gmail.com

Last date for
submission of claims:    April 6, 2022


FINMAN FINANCE: CARE Lowers Rating on INR6.48cr LT Loan to B
------------------------------------------------------------
CARE Ratings has revised the ratings on certain bank facilities of
Finman Finance India Private Limited (FFIPL), as:

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank       6.48       CARE B; Stable; ISSUER NOT
   Facilities                      COOPERATING; Rating continues
                                   To remain under ISSUER NOT
                                   COOPERATING category and
                                   Revised from CARE B+; Stable

Detailed Rationale & Key Rating Drivers

CARE Ratings Ltd. had, vide its press release dated February 17,
2021, placed the rating(s) of FFIPL under the 'issuer
non-cooperating' category as FFIPL had failed to provide
information for monitoring of the rating and had not paid the
surveillance fees for the rating exercise as agreed to in its
Rating Agreement. FFIPL continues to be non-cooperative despite
repeated requests for submission of information through e-mails,
phone calls and a letter/email dated January 3, 2022, January 13,
2022, January 23, 2022.

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

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

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

The ratings also factored in moderate scale of operations, modest
profitability, leveraged capital structure and debt coverage
indicators during FY21 and FY20 as compared to FY19.

Finman Finance India Pvt Ltd (FFIPL) was incorporated in March 2002
by Assam-based Mr. Ramesh Kumar Khemka and Rajesh Modi. Since its
incorporation the company is engaged in the business of processing
of black tea at Shibsagar, Assam. The company sells tea in auction
and through brokers.


FRANCO LEONE: Insolvency Resolution Process Case Summary
--------------------------------------------------------
Debtor: Franco Leone Limited

        Registered office:
        RZ-142, New Vishnu Garden Ext
        New Delhi DL 110018
        IN

        Other address:
        Plot No. 20, Sector-17
        H.S.I.I.D.C. Footwear Park
        Industrial Area, Bahadurgah
        Jhajjar 124507
        HR IN

Insolvency Commencement Date: May 9, 2022

Court: National Company Law Tribunal, New Delhi, Bench-IV

Estimated date of closure of
insolvency resolution process: November 4, 2022
                               (180 days from commencement)

Insolvency professional: Vijender Sharma

Interim Resolution
Professional:            Vijender Sharma
                         VRSA Insolvency Professionals LLP
                         Building No. 11, 3rd Floor
                         Hargovind Enclave, Vikas Marg
                         Delhi 110092
                         E-mail: vijender@vsa.net.in
                                 francocirp1@gmail.com

Last date for
submission of claims:    May 23, 2022


GOURANGA COLD: CARE Keeps B Debt Rating in Not Cooperating
----------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Gouranga
Cold Storage Private Limited (GCSPL) continues to remain in the
'Issuer Not Cooperating ' category.

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank       9.55       CARE B; Stable; ISSUER NOT
   Facilities                      COOPERATING; Rating continues
                                   To remain under ISSUER NOT
                                   COOPERATING category  

   Short Term Bank      0.40       CARE A4; ISSUER NOT
   Facilities                      COOPERATING; Rating continues
                                   to remain under ISSUER NOT
                                   COOPERATING category

Detailed Rationale & Key Rating Drivers

CARE Ratings Ltd. had, vide its press release dated February 17,
2021, placed the rating(s) of GCSPL under the 'issuer
non-cooperating' category as GCSPL had failed to provide
information for monitoring of the rating and had not paid the
surveillance fees for the rating exercise as agreed to in its
Rating Agreement. GCSPL continues to be non-cooperative despite
repeated requests for submission of information through e-mails,
phone calls and a letter/email dated January 3, 2022, January 13,
2022, January 23, 2022.

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

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

Gouranga Cold Storage Private Limited (GCSPL) was incorporated in
March 1987 and currently it is being managed by Mr. Arup Dolui, Mr.
Mohan Dolui, Mr. Madan Dolui and Mrs. Jharna Dolui. The company
provides cold storage services for potatoes to farmers and traders.
The cold storage facility of GCSPL is located at Hematpur, Paschim
Medinipur with aggregated storage capacity of 429000 quintal.

GUMAN BUILDERS: Insolvency Resolution Process Case Summary
----------------------------------------------------------
Debtor: Guman Builders & Developers Private Limited
        171, Officers Campus Exten.
        Jaipur, Rajasthan PIN 302021

Insolvency Commencement Date: May 9, 2022

Court: National Company Law Tribunal, Jaipur Bench

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

Insolvency professional: Lalit Mohan Sharma

Interim Resolution
Professional:            Lalit Mohan Sharma
                         46, Mahadev Nagar
                         Gandhi Path
                         Near Akshar Dham Mandir
                         Vaishali Nagar Jaipur PIN 302021
                         E-mail: lalitsharma7324@gmail.com
                                 cirp.guman@gmail.com

Classes of creditors:    Home Buyers

Insolvency
Professionals
Representative of
Creditors in a class:    Mr. Vikram Singh Rathore
                         Mr. Babu Lal Gurjar
                         Mr. Vishnu Upadhyay

Last date for
submission of claims:    May 24, 2022


HARSH POLYFABRIC: CARE Lowers Rating on INR10.40cr LT Loan to B+
----------------------------------------------------------------
CARE Ratings has revised the ratings on certain bank facilities of
Harsh Polyfabric Private Limited (HPPL), as:

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank      10.40       CARE B+; Stable; ISSUER NOT
   Facilities                      COOPERATING; Rating continues
                                   To remain under ISSUER NOT
                                   COOPERATING category and
                                   Revised from CARE BB-; Stable

   Long Term/Short      0.60       CARE B+; Stable/CARE A4;
   Term Bank                       ISSUER NOT COOPERATING;
   Facilities                      Rating continues to remain
                                   under ISSUER NOT COOPERATING
                                   category and Revised from
                                   CARE BB-; Stable/CARE A4

   Short Term Bank      0.40       CARE A4; ISSUER NOT
   Facilities                      COOPERATING; Rating continues
                                   to remain under ISSUER NOT
                                   COOPERATING category

Detailed Rationale & Key Rating Drivers

CARE Ratings Ltd. had, vide its press release dated February 16,
2021, placed the rating(s) of HPPL under the 'issuer
non-cooperating' category as HPPL had failed to provide information
for monitoring of the rating and had not paid the surveillance fees
for the rating exercise as agreed to in its Rating Agreement. HPPL
continues to be noncooperative despite repeated requests for
submission of information through e-mails, phone calls and a
letter/email dated January 2, 2022, January 12, 2022, January 22,
2022.

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

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

The ratings assigned to the bank facilities of HPPL have been
revised on account of non-availability of requisite information.
The ratings also factored in decline in operating profit margin and
leveraged capital structure during FY21.

Harsh Polyfabric Private Limited (HPPL) is a family managed
company, incorporated in February 1992, promoted by Mr. Pramod
Agarwal and Mrs. Anjula Agarwal (w/o Mr. Pramod Agarwal).
Initially, HPPL was incorporated as Babbu Fiscal Services Pvt. Ltd.
to serve the investment need of the promoters. In May 2007, the
company was rechristened as Harsh Polyfabric Private Limited and
commenced its commercial operation from July, 2008. HPPL is engaged
in manufacturing of Polypropylene spun-bond nonwoven fabrics
(PPSNF) with installed capacity of 5,400 MT per annum. This apart,
it is also engaged in trading of plastic granules (13.6% of
turnover in FY19). HPPL sells its products majorly in West Bengal,
Jharkhand, Delhi and Tamilnadu. HPPL is a closely held company
managed by a two member board where both the board members
represent the promoter's family.


HI-TRAC MANPOWER: CARE Lowers Rating on INR24.70cr LT Loan to B
---------------------------------------------------------------
CARE Ratings has revised the ratings on certain bank facilities of
Hi-Trac Manpower Services Private Limited (HTMSPL), as:

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank      24.70       CARE B; Stable; ISSUER NOT
   Facilities                      COOPERATING; Rating continues
                                   To remain under ISSUER NOT
                                   COOPERATING category and
                                   Revised from CARE BB-; Stable

Detailed Rationale & Key Rating Drivers

CARE Ratings Ltd. had, vide its press release dated February 24,
2021, placed the rating(s) of HTMSPL under the 'issuer
non-cooperating' category as HTMSPL had failed to provide
information for monitoring of the rating and had not paid the
surveillance fees for the rating exercise as agreed to in its
Rating Agreement. HTMSPL continues to be non-cooperative despite
repeated requests for submission of information through e-mails,
phone calls and a letter/email dated January 10, 2022, January 20,
2022, January 30, 2022.

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

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

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

The rating also considers past instances of delays in repayment of
loans (not rated by CARE) as per feedback received from the
auditor. The same were regularized within the concerned quarter.

Gurugram-based (Haryana), Hi-Trac Manpower Services Private Limited
(Hi-Trac) (CIN No. U74920HR2004PTC035356) was incorporated in
April, 2004 by Mr. Satpal Singh and Mrs. Sarita Singh. The company
provides manpower and staffing services which includes office
assistance, upholstery cleaning, IT service management,
housekeeping, office management, gardening, pest control,
contractual manpower (both technical and non-technical staff), etc.
Also, the company is engaged in renting cars to its existing
corporate clients which contributes ~10% to its total revenue for
FY19. The company is an ISO 9001-2015 certified services provider
and having its operations across India. The company is having an
associate concern namely; "Resource Care Services Private Limited"
(incorporated in 2014); engaged in same line of business.

ICEBERG DEVELOPERS: Insolvency Resolution Process Case Summary
--------------------------------------------------------------
Debtor: Iceberg Developers Private Limited
        Basement 1, Elegance Tower
        Plot No. 8, District Centre Jasola
        New Delhi South Delhi 110025

Insolvency Commencement Date: April 26, 2022

Court: National Company Law Tribunal, New Delhi, Bench-III

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

Insolvency professional: Vijender Sharma

Interim Resolution
Professional:            Vijender Sharma
                         Building No. 11, 3rd Floor
                         Hargovind Enclave, Vikas Marg
                         Delhi 110092
                         E-mail: vijender@vsa.net.in
                                 iberg.cirp@gmail.com

Last date for
submission of claims:    May 10, 2022


INDIABULLS HOUSING: Moody's Affirms 'B3' CFR, Outlook Now Stable
----------------------------------------------------------------
Moody's Investors Service has affirmed the B3 rating of Indiabulls
Housing Finance Limited's corporate family rating and
foreign-currency senior secured ratings.

Moody's has also affirmed Indiabulls' foreign and local currency
senior secured MTN program (P)B3 ratings.

At the same time, Moody's has changed the outlook on Indiabulls'
ratings to stable from negative, to reflect a stabilization in
access to funding.

RATINGS RATIONALE

The affirmation is driven by Indiabulls' strong capital,
comfortable liquidity, declining profitability and weak asset
quality.

Capital is the key credit strength, with a tangible common
equity/tangible managed assets ratio of 18.3% as of fiscal year-end
2021. This ratio will remain at these levels over the next 12-18
months, driven by a declining balance sheet.

The company's high holdings of liquid assets, at 11% of assets as
of December 2021, is also a credit strength. While the share of
liquid assets on the balance sheet has been reducing over the last
two years, it remains higher than other large Indian finance
companies.

Conversely, there are downside risks to asset quality. Even after
significant write-offs over the last three years, its exposure to
corporate loans, which are the key source of asset quality stress,
remains high. With the overall loan book shrinking, the proportion
of corporate loans has been increasing.

Profitability has declined, with return on assets of 1.4% for the 9
months ending December 2021 compared to 2.1% in the year ending
March 2020. A combination of higher credit costs and lower revenue
yields caused this decline. Credit costs will remain elevated over
the next 12-18 months, and impact profitability.

Access to funding remains challenging compared with other large
Indian finance companies although it is improving. The decline in
balance sheet has slowed as the company has been able to roll over
a greater proportion of bank loans. It has also been able issue
bonds in the domestic market over the last 6 months.

Moody's continues to make a negative adjustment for corporate
governance, driven by quality of disclosures and past track record
of related-party type of transactions.

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

The ratings could be upgraded if (a) there is an improvement in
access to funding such that its cost of funding becomes comparable
to other large India finance companies, and (b) the share of
corporate loans significantly reduces.

The ratings could be downgraded if (a) asset quality deteriorates,
and/or (b) there is a significant reduction in high quality liquid
assets as a proportion of balance sheet.

The principal methodology used in these ratings was Finance
Companies Methodology published in November 2019.

Head quartered in New Delhi, Indiabulls Housing Finance Limited
reported total assets of INR823 billion as of December 31, 2021.

LIST OF AFFECTED RATINGS

Outlook Actions:

Issuer: Indiabulls Housing Finance Limited

Outlook, Changed To Stable From Negative

Affirmations:

Issuer: Indiabulls Housing Finance Limited

Long-term Corporate Family Rating, Affirmed B3

Senior Secured Medium-Term Note Program (Foreign and Local
Currency), Affirmed (P)B3

Senior Secured Regular Bond/Debenture (Foreign Currency), Affirmed
B3

JAGDAMBAY EXPORTS: CARE Keeps D Debt Rating in Not Cooperating
--------------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Jagdambay
Exports (JE) continues to remain in the 'Issuer Not Cooperating '
category.

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank       10.57      CARE D; ISSUER NOT COOPERATING
   Facilities                      Rating continues to remain
                                   under ISSUER NOT COOPERATING
                                   category

Detailed Rationale & Key Rating Drivers

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

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

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

Jagdambay Exports (JE), was established in May, 1993 as a
proprietorship firm by Mr. Balwinder Kumar Sharma (proprietor) and
his brothers Mr. Pawan Kumar Sharma & Mr. Suraj Prakash Sharma. The
firm is engaged in the manufacturing of readymade garments and
knitted fabrics at its manufacturing facility located at Ludhiana,
Punjab. JE is an export oriented unit with majority of its sales
comprising of exports to various countries. The product line of the
firm comprises of readymade garments and knitted fabrics which
cater to baby wear segment with age from 0 to 36 months.


JOHNS BIWHEELERS: CARE Lowers Rating on INR0.90cr LT Loan to B+
---------------------------------------------------------------
CARE Ratings has revised the ratings on certain bank facilities of
Johns Biwheelers (JB), as:

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank       0.90       CARE B+; Stable; ISSUER NOT
   Facilities                      COOPERATING; Rating continues
                                   To remain under ISSUER NOT
                                   COOPERATING category and
                                   Revised from CARE BB-; Stable

   Short Term Bank     11.50       CARE A4; ISSUER NOT
   Facilities                      COOPERATING; Rating continues
                                   to remain under ISSUER NOT
                                   COOPERATING category

Detailed Rationale & Key Rating Drivers

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

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

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

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

Johns Biwheelers (JB) was established as a partnership firm in 2001
and is an exclusive dealer for Honda two wheelers. JB was founded
by brothers Mr George Abraham Thayyil and Mr John Abraham Thayyil.
JB is part of the Johns Umbrellas Group, founded by Dr.Abraham
Thayyil post the split of St George Umbrella Mart (est. 1954). The
firm operates 17 showrooms spread over Alleppey and Thrissur,
Kerala.

KALYANRAM RICE: CARE Lowers Rating on INR7.50cr LT Loan to B-
-------------------------------------------------------------
CARE Ratings has revised the ratings on certain bank facilities of
Kalyanram Rice Industries (KRI), as:

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank       7.50       CARE B-; Stable; ISSUER NOT
   Facilities                      COOPERATING; Rating continues
                                   To remain under ISSUER NOT
                                   COOPERATING category and
                                   Revised from CARE B; Stable

Detailed Rationale & Key Rating Drivers

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

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

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

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

Kalyanram Rice Industries (KRI) was established in 2007 as a
partnership firm and promoted by Mr. T Mohan Rao, Mr. S
Venkateswarlu, Mr. V Ramamurthy, Mr. S Narasaiah and their family
members. KRI is engaged in milling and processing of rice. The
operations of the firm were started in the year 2009. The rice
milling unit of the firm is located at Miryalguda (Telangana).
Apart from rice processing, the firm is also engaged in selling
by-products such as broken rice, husk and bran and trading of
paddy. The main raw material, paddy, is directly procured from
local farmers located in and around Nalgonda district and other
parts of Telangana and Andhra Pradesh (90%) and the balance from
Bihar (10%). The firm sells rice and other by-products (Broken
rice, cheeru/param, Bran) mainly to customers in Telangana,
Maharashtra and Andhra Pradesh through intermediaries.


KAVITA EXIM: CARE Keeps D Debt Rating in Not Cooperating Category
-----------------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Kavita Exim
Private Limited (KEPL) continues to remain in the 'Issuer Not
Cooperating ' category.

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

Detailed Rationale & Key Rating Drivers

CARE Ratings Ltd. had, vide its press release dated February 25,
2021, placed the rating(s) of KEPL under the 'issuer
non-cooperating' category as KEPL had failed to provide information
for monitoring of the rating and had not paid the surveillance fees
for the rating exercise as agreed to in its Rating Agreement. KEPL
continues to be noncooperative despite repeated requests for
submission of information through email dated January 11, 2022,
January 21, 2022, January 31, 2022.

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

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

Delhi based Kavita Exim Private Limited (KEPL) was incorporated by
Mr. Ashu Jain and his family members in October, 2013. The company
has succeeded erstwhile business operations of two proprietorship
entities– Kavita Overseas and Sonia Enterprises. Both the firms
were in the industry for more than a decade. KEPL is engaged in
trading of fabrics (mostly cotton based). Also, the company is
engaged in plastic printing of clothes which is mainly done through
job work. KEPL procures the fabrics from manufacturers located
across India, predominantly from Mumbai. The company caters to
wholesalers' located Delhi, Punjab, and Rajasthan etc. The company
operates its business in the name "Kavita Exim" through its three
showrooms located Gandhi Nagar, Delhi.


M M BARELS: CARE Keeps B- Debt Rating in Not Cooperating Category
-----------------------------------------------------------------
CARE Ratings said the rating for the bank facilities of M M Barels
Industry (MMBI) continues to remain in the 'Issuer Not Cooperating'
category.

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank       9.00       CARE B-; Stable; ISSUER NOT
   Facilities                      COOPERATING; Rating continues
                                   To remain under ISSUER NOT
                                   COOPERATING category  

Detailed Rationale & Key Rating Drivers

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

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

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

Andhra Pradesh Based, M M Barels Industry (MMBI) was established in
October 29, 2014 by Mr. Doraswamy Naidu (Managing partner), Mr.
Rajaram Partner, Mr. Purushotaman (partner) along with family
members. The firm and commercial operation started in December 17,
2015. MMBI is engaged in manufacturing of mild steel drums and
barrels of 200 Ltrs and 20 Ltrs capacity which are mainly used by
food processing companies, oil companies, Paint and Ink industries
etc. The current installed capacity for manufacturing of Mild Steel
Drums and Barrels is 10200 numbers per month.


MANISH AND ASSOCIATES: CARE Cuts Rating on INR4.01cr LT Loan to B-
------------------------------------------------------------------
CARE Ratings has revised the ratings on certain bank facilities of
Manish And Associates (MA), as:

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank       4.01       CARE B-; Stable; ISSUER NOT
   Facilities                      COOPERATING; Rating continues
                                   To remain under ISSUER NOT
                                   COOPERATING category and
                                   Revised from CARE B+; Stable

   Short Term Bank      7.48       CARE A4; ISSUER NOT
   Facilities                      COOPERATING; Rating continues
                                   to remain under ISSUER NOT
                                   COOPERATING category

Detailed Rationale & Key Rating Drivers

CARE Ratings Ltd. had, vide its press release dated February 17,
2021, placed the rating(s) of MA under the 'issuer non-cooperating'
category as MA had failed to provide information for monitoring of
the rating and had not paid the surveillance fees for the rating
exercise as agreed to in its Rating Agreement. MA continues to be
non-cooperative despite repeated requests for submission of
information through e-mails, phone calls and a letter/email dated
January 3, 2022, January 13, 2022, January 23, 2022.

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

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

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

Chhattisgarh based Manish and Associates (MA) was established in
1999 as a partnership firm and initiate a rice milling business at
Mahasamuda district of Chhattisgarh with an installed capacity of
9450 MTPA. The day-to-day affairs of the firm are looked after by
Mrs. Jyoti Agrawal (Managing Partner) along with other three
partners and a team of experienced personnel.


MOHINDRA COACHES: CARE Keeps B Debt Rating in Not Cooperating
-------------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Mohindra
Coaches (India) Private Limited (MCPL) continues to remain in the
'Issuer Not Cooperating' category.

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank       2.50       CARE B; Stable; ISSUER NOT
   Facilities                      COOPERATING; Rating continues
                                   To remain under ISSUER NOT
                                   COOPERATING category  

   Short Term Bank      6.00       CARE A4; ISSUER NOT
   Facilities                      COOPERATING; Rating continues
                                   to remain under ISSUER NOT
                                   COOPERATING category

Detailed Rationale & Key Rating Drivers

CARE Ratings Ltd. had, vide its press release dated February 26,
2021, placed the rating(s) of MCPL under the 'issuer
non-cooperating' category as MCPL had failed to provide information
for monitoring of the rating and had not paid the surveillance fees
for the rating exercise as agreed to in its Rating Agreement. MCPL
continues to be non-cooperative despite repeated requests for
submission of information through e-mails, phone calls and a
letter/email dated January 12, 2022, January 22, 2022, February 1,
2022.

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

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

Jaipur (Rajasthan) based MCIPL was incorporated in 2008 by Saluja
family. MCIPL is mainly engaged in the business of building bus
bodies on the automobile chassis and has been a part of the Indian
bus body building industry for around four decades. The company's
plant is located in V.K.I. area, Jaipur. It builds bus bodies for
government as well as private players mainly in the states of
Rajasthan, Haryana, Uttar Pradesh, Punjab and Gujarat. It builds
bus bodies of air conditioned (AC) Sleeper, NonAC Sleeper buses, AC
& Non-AC Seater buses and of Minibuses. Production process involves
receiving chassis from the manufacturer and subsequent mounting of
the body on the chassis.


MUKESH AND ASSOCIATES: CARE Lowers Rating on INR4.35cr Loan to B+
-----------------------------------------------------------------
CARE Ratings has revised the ratings on certain bank facilities of
Mukesh and Associates (MA), as:

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank       4.35       CARE B+; Stable; ISSUER NOT
   Facilities                      COOPERATING; Rating continues
                                   To remain under ISSUER NOT
                                   COOPERATING category and
                                   Revised from CARE BB-; Stable

   Short Term Bank      8.00       CARE A4; ISSUER NOT
   Facilities                      COOPERATING; Rating continues
                                   to remain under ISSUER NOT
                                   COOPERATING category

Detailed Rationale & Key Rating Drivers

CARE Ratings Ltd. had, vide its press release dated March 1, 2021,
placed the rating(s) of MA under the 'issuer non-cooperating'
category as MA had failed to provide information for monitoring of
the rating and had not paid the surveillance fees for the rating
exercise as agreed to in its Rating Agreement. MA continues to be
non-cooperative despite repeated requests for submission of
information through e-mails, phone calls and a letter/email dated
January 15, 2022, January 25, 2022 and February 4, 2022.

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

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

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

Mukesh and Associates (MA) was established as a partnership firm by
Mr. Mukesh Dirajlal and Mr. Manoj kumar Dirajalal in 1986 with
equal profit sharing ratio. Mr. A Dhirajlal (father of Mr. Mukesh
and Mr.Manoj Kumar) is the chairman of the firm. MA is providing
various consultancy services like Architectural & Engineering
services (Multi-Disciplinary), Project Management, Quality Control
& Technical Audit Consultancy Services. MA is an ISO-certified
consultancy firm for providing multi-disciplinary consultancy
services.

P.C. THOMAS: CARE Lowers Rating on INR5.00cr LT Loan to B+
----------------------------------------------------------
CARE Ratings has revised the ratings on certain bank facilities of
P.C. Thomas and Company (PC), as:

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank       5.00       CARE B+; Stable; ISSUER NOT
   Facilities                      COOPERATING; Rating continues
                                   To remain under ISSUER NOT
                                   COOPERATING category and
                                   Revised from CARE BB-; Stable

   Short Term Bank     14.00       CARE A4; ISSUER NOT
   Facilities                      COOPERATING; Rating continues
                                   to remain under ISSUER NOT
                                   COOPERATING category

Detailed Rationale & Key Rating Drivers

CARE Ratings Ltd. had, vide its press release dated February 25,
2021, placed the rating(s) of PC under the 'issuer non-cooperating'
category as PC had failed to provide information for monitoring of
the rating and had not paid the surveillance fees for the rating
exercise as agreed to in its Rating Agreement. PC continues to be
non-cooperative despite repeated requests for submission of
information through e-mails, phone calls and a letter/email dated
January 11, 2022, January 21, 2022 and January 31, 2022.

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

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

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

Kerala based, P.C. Thomas & Company (PC) was established as a
Partnership firm in 1997 by Mr. Paul Thomas along with
family members. PC is engaged in construction of buildings like
Commercial, institutional, residential and hospital. Apart from
this, the firm also undertakes civil works for power projects and
laying of roads within Kerala. The firm started its business
operations 60 years ago, as Engineering Contractor under the
proprietorship of Mr. P.C. Thomas and executed many large contracts
works for various government departments such as Indian Railways,
state as well as central Public Works Departments (PWDs), Kerala
Water Authority, Military Engineering Services, Cochin University
of Science and Technology and Indian Institute of Management under
various agencies.


PADAM MOTORS: CARE Lowers Rating on INR12.93cr LT Loan to B-
------------------------------------------------------------
CARE Ratings has revised the ratings on certain bank facilities of
Padam Motors Private Limited (PMPL), as:

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank      12.93       CARE B-; Stable; ISSUER NOT
   Facilities                      COOPERATING; Rating continues
                                   To remain under ISSUER NOT
                                   COOPERATING category and
                                   Revised from CARE B+; Stable

   Short Term Bank     15.00       CARE A4; ISSUER NOT
   Facilities                      COOPERATING; Rating continues
                                   to remain under ISSUER NOT
                                   COOPERATING category

Detailed Rationale & Key Rating Drivers

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

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

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

The ratings have been revised on account of non-availability of
requisite information

Padam Motors Private Limited (PMPL) was incorporated in May 2004
and operates as an authorized dealer for the sale of passenger and
commercial vehicles of the Ashok Leyland, Tata and Renault.


POLYEX PRIVATE: Liquidation Process Case Summary
------------------------------------------------
Debtor: M/s. Polyex Private Limited
        8-2-408/S/1, Road No. 6
        Banjara Hills, Hyderabad
        TG 500034
        IN

Liquidation Commencement Date: May 4, 2022

Court: National Company Law Tribunal, Hyderabad Bench

Date of closure of
insolvency resolution process: April 20, 2022

Insolvency professional: Nethi Mallikarjuna Setty

Interim Resolution
Professional:            Nethi Mallikarjuna Setty
                         Unit 113, Manjeera Trinity Corporate
                         KPHB Phase-3, Kukatpally
                         Hyderabad 500072
                         E-mail: lq.polyex@gmail.com
                         Mobile: 9963606444

Last date for
submission of claims:    June 3, 2022


POWAI CUBICLES: Liquidation Process Case Summary
------------------------------------------------
Debtor: Powai Cubicles Private Limited
        Unit No. 1601, Supremus Powai
        Saki Naka Road
        Powai, Mumbai
        Maharashtra 400072

Liquidation Commencement Date: May 9, 2022

Court: National Company Law Tribunal, Mumbai Bench

Date of closure of
insolvency resolution process: March 29, 2022

Insolvency professional: Mr. Umang Subhashchandra Khandelwal

Interim Resolution
Professional:            Mr. Umang Subhashchandra Khandelwal
                         6AB, Mangaldeep Apartment
                         Plot no. 13/14 Farmland
                         Nr. Gurudwara, Ramdaspeth
                         Nagpur 440010
                         Maharashtra
                         E-mail: umang.khandelwal@gmail.com

                            - and -

                         Plot No. 1, Flat No. 201/202
                         Shiv Gaurav Estate Apartment
                         Near Traffic Park
                         Bhagwagar Layout, Dharampeth
                         Nagpur 440010
                         E-mail: pcplliquidator@gmail.com

Last date for
submission of claims:    June 7, 2022


RADIUS ESTATE: Indiabulls Moves NCLT vs. Realty Development Firm
----------------------------------------------------------------
The Economic Times of India reports that non-banking finance
company Indiabulls Housing Finance Ltd has approached the dedicated
bankruptcy court on May 13 for a plea to admit Radius Estate
Projects under Corporate Insolvency Resolution Process (CIRP).

According to the report, the realty firm owes over INR798 crore to
Indiabulls Housing Finance. This is the second such plea filed
against the realty development company, which is also facing
insolvency proceedings in a petition filed by SBICAP Trustee
Company Ltd.

"This is a Section 7 petition filed against Radius on the basis of
an outstanding debt in excess of INR700 crores," argued advocate
Nausher Kohli, appearing for Indiabulls Housing Finance.

The Mumbai bench of the National Company Law Tribunal (NCLT) led by
Justice PN Deshmukh and Anuradha Bhatia adjourned the matter to
June 13 for further hearing, ET notes. Indiabulls Housing Finance
had extended loans to a few subsidiaries of Radius Developers and
managed to recover most of it through the sale of the latter's
7-lakh-sq-ft marquee office property ONE BKC in Mumbai's business
district to Blackstone Group.

The U.S.-based private equity major had acquired the property for
INR2,500 crore and Indiabulls Housing Finance, one of the key
lenders to the developer then, was repaid INR1,650 crore through
this transaction, the report says.

Radius Estate Projects is a Mumbai-based realty development firm.

RADIUS INFRA: Insolvency Resolution Process Case Summary
--------------------------------------------------------
Debtor: Radius Infra Holdings Private Limited
        One BKC, A Wing 1401
        Plot No. C-66, G Block
        Bandra Kurla Complex
        Bandra (East), Mumbai
        Bandra Suburban MH 400051
        IN

Insolvency Commencement Date: May 11, 2022

Court: National Company Law Tribunal, Mumbai Bench

Estimated date of closure of
insolvency resolution process: November 5, 2022

Insolvency professional: Bbrugesh Amin

Interim Resolution
Professional:            Bbrugesh Amin
                         BDO India LLP
                         Level 9, The Ruby
                         Northwest Wing
                         Senapati Bapat Road
                         Dadar (W), Mumbai 400028
                         India
                         E-mail: bhrugeshamin@bdo.in

                            - and -

                         BDO Restructuring Advisory LLP
                         Raheja Titanium, Floor 6
                         Western Express Hwy
                         Geetanjali Railway Colony
                         Ram Nagar, Goregaon
                         Mumbai, Maharashtra 400063
                         E-mail: radiusclaims@bdo.in

Last date for
submission of claims:    May 23, 2022


REX SEWING: CARE Keeps B- Debt Rating in Not Cooperating Category
-----------------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Rex Sewing
Machine Company Private Limited (RSMCPL) continues to remain in the
'Issuer Not Cooperating' category.

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank      12.25       CARE B-; ISSUER NOT COOPERATING
   Facilities                      Rating continues to remain
                                   under ISSUER NOT COOPERATING
                                   category

   Short Term Bank      2.75       CARE A4; ISSUER NOT
   Facilities                      COOPERATING; Rating continues
                                   to remain under ISSUER NOT
                                   COOPERATING category

Detailed Rationale & Key Rating Drivers

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

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

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

Set up in 1957 by Mr. Om Parkash Dandona, RSMCPL is engaged in the
manufacturing of a wide range of sewing machines at its two
manufacturing facilities located in Ludhiana with a total installed
capacity of 216,000 machines per annum, as on December 31, 2015.
The company also engages in the export of its products. The sewing
machines are sold under the brand name `Rex' in the domestic
markets as well as export markets. RSMCPL is currently being
managed by Mr Dinesh Dandona and Mr Bhupesh Dandona (sons of Mr Om
Prakash Dandona). All the machines manufactured by RSMCPL have an
ISI registration. The company also has trading operations wherein
it sources and sells allied machines like Bag Closing Machines,
Button Presses & Button Moulding Machines, sewing machine
components and spare parts.


RSJ DEVELOPERS PRIVATE: Liquidation Process Case Summary
--------------------------------------------------------
Debtor: RSJ Developers Private Limited
        5 E-Block Local Shopping Centre
        Masjid Moth, Greater Kailash II
        New Delhi

Liquidation Commencement Date: May 11, 2022

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

Date of closure of
insolvency resolution process: March 30, 2022

Insolvency professional: Puneet Sakhuja

Interim Resolution
Professional:            Puneet Sakhuja
                         43, 2nd Floor, Sector-3A
                         Rachna, Vaishali
                         Ghaziabad, Uttar Pradesh 201010
                         E-mail: capuneetsakhuja@gmail.com
                                 rsj.liquidation@gmail.com

Last date for
submission of claims:    June 10, 2022


RUKMINI IRON: Insolvency Resolution Process Case Summary
--------------------------------------------------------
Debtor: Rukmini Iron Private Limited
        X-18, 3rd Floor
        Room No. 04, Loha Mandi
        Naraina South West Delhi
        DL 110028
        IN

Insolvency Commencement Date: May 11, 2022

Court: National Company Law Tribunal, Gurugram Bench

Estimated date of closure of
insolvency resolution process: November 7, 2022

Insolvency professional: Ajit Kumar

Interim Resolution
Professional:            Ajit Kumar
                         1A, Sanskriti Apartment GH-22
                         Sector 56, Gurugram
                         Haryana & Punjab 122011
                         E-mail: cmaajitjha@gmail.com

                            - and -

                         83, National Media Centre
                         Shanker Chowk
                         Nr. Ambiance Mall/DLF Cyber City
                         Gurugram 122002
                         E-mail: cirp.rukminiiron@gmail.com

Last date for
submission of claims:    May 25, 2022


S&T DAEWOO INDIA: Voluntary Liquidation Process Case Summary
------------------------------------------------------------
Debtor: S & T Daewoo India Private Limited
        Gat No. 1041, Chakan Talegaon Road
        Kharabwadi Chakan, Tehsil Khed
        Pune MH 410501

Liquidation Commencement Date: May 5, 2022

Court: National Company Law Tribunal, Pune Bench

Insolvency professional: Mr. Vivek Murlidhar Dabhade

Interim Resolution
Professional:            Mr. Vivek Murlidhar Dabhade
                         B-13, Triputi Garden
                         Wadgaon BK, Pune 411051
                         E-mail: sandtdaewoo.vl@gmail.com
                         Tel: +919923093456

Last date for
submission of claims:    June 5, 2022


SAMANT SINGH: CARE Lowers Rating on INR7.00cr LT Loan to B-
-----------------------------------------------------------
CARE Ratings has revised the ratings on certain bank facilities of
Samant Singh (SS), as:

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank       7.00       CARE B-; Stable; ISSUER NOT
   Facilities                      COOPERATING; Rating continues
                                   To remain under ISSUER NOT
                                   COOPERATING category and
                                   Revised from CARE B; Stable

   Short Term Bank      4.00       CARE A4; ISSUER NOT
   Facilities                      COOPERATING; Rating continues
                                   to remain under ISSUER NOT
                                   COOPERATING category
  
Detailed Rationale & Key Rating Drivers

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

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

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

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

Samant Singh (SS) was established in 1985 as a partnership firm by
Mr. Samant Singh and Mr. Arun Singh. SS is a class A contractor
registered with various department of Government of Uttar Pradesh
such as Uttar Pradesh Awas Parishad, Uttar Pradesh CIDCO, Uttar
Pradesh Rural Engineering Department, Uttar Pradesh Police Nigam,
Gorakhpur Development Authority, Gorakhpur Municipal Corporation,
Uttar Pradesh Jal Nigam and Military Engineering Service under
central government. SS is engaged in civil construction business of
road and buildings through tender bidding process. SS's registered
office is located at Gorakhpur, Uttar Pradesh.


SETHI CONSTRUCTIONS: CARE Lowers Rating on INR2.25cr LT Loan to B-
------------------------------------------------------------------
CARE Ratings has revised the ratings on certain bank facilities of
Sethi Constructions (SC), as:

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank       2.25       CARE B-; Stable; ISSUER NOT
   Facilities                      COOPERATING; Rating continues
                                   To remain under ISSUER NOT
                                   COOPERATING category and
                                   Revised from CARE B; Stable

   Short Term Bank      7.75       CARE A4; ISSUER NOT
   Facilities                      COOPERATING; Rating continues
                                   to remain under ISSUER NOT
                                   COOPERATING category

Detailed Rationale & Key Rating Drivers

CARE Ratings Ltd. had, vide its press release dated February 18,
2021, placed the rating(s) of SC under the 'issuer non-cooperating'
category as SC had failed to provide information for monitoring of
the rating and had not paid the surveillance fees for the rating
exercise as agreed to in its Rating Agreement. SC continues to be
non-cooperative despite repeated requests for submission of
information through e-mails, phone calls and a letter/email dated
January 4, 2022, January 14, 2022, January 24, 2022.

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

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

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

Sethi Construction (SC), was established in the year 1972, is a
Kolkata (West Bengal) based partnership firm, promoted by the Sethi
family. Since its inception the firm is engaged in civil,
mechanical and electrical works on behalf of various public and
private entities. Sethi Construction is 'S class' certified civil
constructor with the Military Engineer Services (MES)and Defence
Research Development Organisation (DRDO) the firm has also
established relation with the Private department like Belani
Projects Limited and Simplex Infrastructures Limited. Mr. Harmeet
Singh Sethi has more than a decade of experience in civil
construction industry. He looks after the day to day operations of
the entity along with other two partners and other technical and
non-technical professionals who are having long experience in this
industry.


SHIVAM PIPE: CARE Keeps D Debt Ratings in Not Cooperating
---------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Shivam Pipe
Industries (SPI) continues to remain in the 'Issuer Not Cooperating
' category.

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank        8.00      CARE D; ISSUER NOT COOPERATING
   Facilities                      Rating continues to remain
                                   under ISSUER NOT COOPERATING
                                   category

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

Detailed Rationale & Key Rating Drivers

CARE Ratings Ltd. had, vide its press release dated February 17,
2021, placed the rating(s) of SPI under the 'issuer
non-cooperating' category as SPI had failed to provide information
for monitoring of the rating and had not paid the surveillance fees
for the rating exercise as agreed to in its Rating Agreement. SPI
continues to be non-cooperative despite repeated requests for
submission of information through e-mails, phone calls and a
letter/email dated January 3, 2022, January 13, 2022, January 23,
2022.

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

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

Guwahati based Shivam Pipe Industries (SPI) was established as a
partnership firm in 2009. However, it has commenced its operation
from April 2012. The firm has been engaged in manufacturing of ERW
pipes and steel tubular pole (MS & GI) with a production capacity
of 12,000 MTPA and 5,000 MTPA respectively at its plant located at
Kamalpur in Guwahati.


SKP STEEL INDUSTRIES: Liquidation Process Case Summary
------------------------------------------------------
Debtor: SKP Steel Industries Private Limited
        Diamond Prestige, 41A
        A.J.C. Bose Road
        6th Floor, Suit No. 612
        Kolkata 700017
        West Bengal

Liquidation Commencement Date: May 10, 2022

Court: National Company Law Tribunal, Kolkata Bench

Date of closure of
insolvency resolution process: May 10, 2022

Insolvency professional: Soumitra Lahiri

Interim Resolution
Professional:            Soumitra Lahiri
                         Flat No. 14D & E, Tower-32
                         Genexx Valley, Joka
                         Diamond Harbour Road
                         Kolkata 700104
                         West Bengal
                         E-mail: slahiri0207@gmail.com

Last date for
submission of claims:    June 9, 2022


SMAAASH ENTERTAINMENT: Insolvency Resolution Process Case Summary
-----------------------------------------------------------------
Debtor: Smaaash Entertainment Private Limited
        404, Udyog Mandir
        No. 2, Mogul Lane
        Mahim (West), Mumbai
        Mumbai City MH 400016
        IN

Insolvency Commencement Date: May 11, 2022

Court: National Company Law Tribunal, Mumbai Bench

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

Insolvency professional: Bhrugesh Amin

Interim Resolution
Professional:            Bhrugesh Amin
                         BDO India LLP
                         Level 9, The Ruby
                         Northwest Wing
                         Senapati Bapat Road
                         Dadar (W), Mumbai 400028
                         India
                         E-mail: bhrugeshamin@bdo.in

                            - and -

                         BDO Restructuring Advisory LLP
                         Raheja Titanium, Floor 6
                         Western Express Hwy
                         Geetanjali Railway Colony
                         Ram Nagar, Goregaon
                         Mumbai, Maharashtra 400063
                         E-mail: smaaashclaims@bdo.in

Last date for
submission of claims:    May 20, 2022


SWAMI SAMARTH: CARE Keeps C Debt Rating in Not Cooperating
----------------------------------------------------------
CARE Ratings said the ratings for the bank facilities of Shri Swami
Samarth Construction (SSSC) continue to remain in the 'Issuer Not
Cooperating' category.

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank       7.03       CARE C; ISSUER NOT COOPERATING
   Facilities                      Rating continues to remain
                                   under ISSUER NOT COOPERATING
                                   category

   Short Term Bank      1.00       CARE A4; ISSUER NOT
   Facilities                      COOPERATING; Rating continues
                                   to remain under ISSUER NOT
                                   COOPERATING category

Detailed Rationale & Key Rating Drivers

CARE Ratings Ltd. had, vide its press release dated February 16,
2021, placed the rating(s) of SSSC under the 'issuer
non-cooperating' category as SSSC had failed to provide information
for monitoring of the rating and had not paid the surveillance fees
for the rating exercise as agreed to in its Rating Agreement. SSSC
continues to be noncooperative despite repeated requests for
submission of information through e-mails, phone calls and a
letter/email dated January 2, 2022, January 12, 2022, January 22,
2022.

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

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

SSSC was established in 2006 as a proprietorship firm by Mrs. Smita
Prakash Survase. SSSC is engaged in business of execution of civil
projects under contract for various Government Departments. SSSC is
a registered government contractor as Class-I-A with Public Works
Department (PWD); Solapur, Class-I-A with Maharashtra Jeevan
Pradhikaran (MJP) and Class-I-B with Maharashtra Water Conservation
Corporation (MWCC), Aurangabad.

TABLEZ AND TOYZ: CARE Lowers Rating on INR48.13cr LT Loan to D
--------------------------------------------------------------
CARE Ratings has revised the ratings on certain bank facilities of
Tablez And Toyz Private Limited (TT), as:

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank       48.13      CARE D Revised from CARE BB+;
   Facilities                      Stable

Detailed Rationale & Key Rating Drivers

The revision in the rating assigned to the bank facilities of TT
factors in the delays in debt servicing which fell due on April 30,
2022 which was reported by the company in No Default Statement
(NDS) submitted by the entity on May 9, 2022. Company had been
receiving funding support from parent on monthly basis to fund
operational losses as well for debt servicing. Due to delay in
receipt of such support, delays are reported in debt servicing.

Rating Sensitivities

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

* Delay free track record of operations for a continuous period of
three months

Detailed description of the key rating drivers

Key Rating Weakness

* Delays in debt servicing: Ongoing delays are observed in the "No
default statement" dated May 9, 2022 in the debt servicing by the
company which were due on April 30, 2022. Company being into
retailing of toys, its operations were severely impacted amid
Covid-19 and therefore is dependent upon timely fund infusion from
parent for timely debt servicing. Due to delay in the receipt of
fund infusion from the parent company, TT could not repay the debt
in timely manner.

Key Rating Strengths

* Resourceful Promoters: The parent company Tablez Food Company
(TFC) is a multi-brand retail arm of Lulu Group International. The
shares of TFC are held by Mr. Adeeb Ahamed and Ms. Shafeena Yusuff
Ali. The promoters have experience in the similar line of business
and draw on the expertise of the larger Lulu group as well. The
promoters have been infusing equity consistently in the past and
are expected continue to support the operations of the companies.

Liquidity: Poor

Liquidity of the company was largely driven from its resourceful
promoters. The operations of the company were severely impacted
during the first and second wave of pandemic and the liquidity from
the core operations is poor.

Analytical approach: Combined

Business and financial risk factors of the Tablez Retail Private
Limited, Tablez and Toyz Private Limited and C S Creamery Private
Limited have been combined as the companies are owned and managed
by common promoters, engaged in retail business, and the collateral
securities extended to the bank facilities are common to all the
three companies a s per the sanction letter of lender.

Kochi (Kerala) based, Tablez and Toys Private Limited (TT) was
incorporated in 2016 and full owned subsidiary of Tablez Food
Company Private Limited (TFC). TFC is promoted Mr. Adeeb Ahamed and
Ms. Safeena Yusuffali. The company had signed master franchisee
agreement with Toys 'R'Us during 2017, as a strategic decision the
company is exiting the franchisee of Toys"R"Us with an objective to
establish in house brand toys, the company is in the process of
rebranding its existing stores.


TALSONS MOTORS: Insolvency Resolution Process Case Summary
----------------------------------------------------------
Debtor: Talsons Motors Private Limited
        Talwar Towers, # 7-2-31/A, B-31
        Industrial Estate, Sanath Nagar
        Hyderabad, Telangana 500018

Insolvency Commencement Date: May 9, 2022

Court: National Company Law Tribunal, Hyderabad Bench

Estimated date of closure of
insolvency resolution process: October 23, 2022
                               (180 days from commencement)

Insolvency professional: Sreenivasa Rao Somisetty

Interim Resolution
Professional:            Sreenivasa Rao Somisetty
                         Villa 54, Srinidhi Oakland
                         Renuka Yellamma Colony
                         Bachupally, Hyderabad 500090
                         E-mail: ssraocacs@gmail.com

                            - and -

                         110, Srinilaya Estates
                         Opp. Image Hospital
                         Yellareddyguda Road
                         Ameerpet, Hyderabad 500073
                         E-mail: cirp.talsons@gmail.com

Last date for
submission of claims:    May 24, 2022


TECHNO AUTO: Insolvency Resolution Process Case Summary
-------------------------------------------------------
Debtor: Techno Auto Components (India) Private Limited

        Registered address:
        60, Prakriti Marg
        Mehrauli Gurgaon Road
        Sultanpur, New Delhi 110030

        Coporate office:
        Plot No. 21 Sector-27/C
        Faridabad 121003

Insolvency Commencement Date: May 12, 2022

Court: National Company Law Tribunal, Delhi Bench-V

Estimated date of closure of
insolvency resolution process: November 7, 2022

Insolvency professional: Chhaya Gupta

Interim Resolution
Professional:            Chhaya Gupta
                         1, Bima Nagar
                         202, Almas Dreams Apartment
                         Near Anand Bazaar
                         Indore 452018
                         MP
                         E-mail: guptachayacs@gmail.com
                                 cirp.tacipl@gmail.com

Last date for
submission of claims:    May 26, 2022


VANTA BIOSCIENCE: Insolvency Resolution Process Case Summary
------------------------------------------------------------
Debtor: M/s. Vanta Bioscience Limited
        No. 02/G/308/G No. 3/FF/SF/1-20-248
        Umajay Complex Rasoolpura
        Secunderabad, Hyderabad
        TG 500003
        IN

Insolvency Commencement Date: May 7, 2022

Court: National Company Law Tribunal, Hyderabad Bench

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

Insolvency professional: Kurapati Singarayya Chowdary

Interim Resolution
Professional:            Kurapati Singarayya Chowdary
                         Flat No. 101
                         Sheshadri Towers G-16A
                         Madhura Nagar, Yousuf Guda
                         Hyderabad 500038
                         Telangana
                         E-mail: kurapatichowdary55@gmail.com

                            - and -

                         Flat No. 104
                         Kavuri Supreme Enclave
                         Madhapur, Hyderabad 500033
                         Telangana
                         E-mail: cirp.vantabioscience@gmail.com

Last date for
submission of claims:    May 21, 2022


VASHISTHA MERCANTILE: Liquidation Process Case Summary
------------------------------------------------------
Debtor: Vashistha Mercantile and Trading Private Limited
        Shop No. 11, Ground Floor
        Satyam Co-operative Housing Ltd
        Thakur Complex, Kandivali (East)
        Mumbai 400101

Liquidation Commencement Date: May 6, 2022

Court: National Company Law Tribunal, Mumbai Bench

Date of closure of
insolvency resolution process: May 6, 2022

Insolvency professional: Mr. Ankur Kumar

Interim Resolution
Professional:            Mr. Ankur Kumar
                         Office No. 18, 10th Floor
                         Pinnacle Corporate Park
                         Bandra Kurla Complex
                         Bandra (E), Mumbai 400051
                         E-mail: ankur.srivastava@ezylaws.com
                                 vashistha-cirp@ezylaws.com

Last date for
submission of claims:    June 4, 2022




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

TEPCO HOLDINGS: S&P Alters Outlook to Neg., Affirms 'BB+' LT ICR
----------------------------------------------------------------
S&P Global Ratings revised down to negative from stable the outlook
on its 'BB+' long-term issuer credit rating on Tokyo Electric Power
Co. Holdings Inc. (Tepco Holdings). S&P affirmed the 'BB+'
long-term and 'B' short-term issuer and issue credit ratings on
Japan's largest electric power company and its debt.

S&P said, "We revised the outlook because we see an at least
one-in-three chance that the group's ability to generate profit
will not recover to levels commensurate with the ratings. This is
because fierce competition in the electricity retail market puts
heavy pressure on the group's profit. Also, we are uncertain about
whether it can swiftly restart its Kashiwazaki-Kariwa nuclear plant
to substantially recover its profit.

"We affirmed the ratings based on our view of a likelihood that
Tepco Holdings' ability to generate profit will recover in the next
one to two years as price competition eases. We also maintain our
view of the group's importance to Japan's energy policy, which
support its creditworthiness.

"The group's earnings environment will remain harsh, in our view.
Its consolidated recurring profit tumbled to about JPY45 billion in
fiscal 2021 (ended March 31, 2022) from about JPY190 billion the
previous year. Intense competition led to a deep recurring loss of
JPY66.4 billion in its retail segment, down from a JPY6.4 billion
profit the previous year. As of December 2021, new market entrants
had the largest market share at 30.4% in the group's supply area,
far exceeding the nationwide average of 21.7%. Although the
national electricity pricing system allows the utility to pass on a
certain proportion of heightened costs to customers, a weakened yen
and high prices for fuel, such as liquefied natural gas and coal,
may somewhat hurt its performance in the next year or so.

Whether Tepco Holdings can swiftly restart its Kashiwazaki-Kariwa
nuclear plant to substantially recover its profit is unclear.
Before a restart, Japan's Nuclear Regulation Authority must lift a
ban imposed in April 2021 after the plant failed security
inspections and the company needs the approval of local
governments. The nuclear authority found flaws in the plant's
safeguards against terrorism. S&P's base-case scenario does not
assume plant operations will resume in the coming one to two years.
Even so, it still sees a possibility consolidated recurring profit
may recover to more than JPY200 billion in fiscal 2023. This is
because tight supply and demand and soaring wholesale prices are
likely to suppress price competition.

Tepco Holdings' financial soundness is unlikely to swiftly improve
to offset the effect deteriorating profit generating capabilities
have on its creditworthiness. This is because the group shoulders
about JPY16 trillion in liabilities related to the 2011 Fukushima
nuclear disaster. Its capital expenditure is likely to remain high,
at about JPY600 billion-JPY700 billion annually, over the next two
to three years. S&P said, "Accordingly, we believe the group's free
operating cash flow will remain negative and its debt burden will
remain heavy. We also expect its debt load to remain heavy over the
long term given that the company plans large investments in
decarbonization."

S&P said, "We expect Tepco Holdings, along with other major
electric utilities, to benefit from favorable regulations even as
the government continues reforms to Japan's electricity system that
began in 2016. The company is also likely to maintain strong ties
with Japan's government. The government has consistently supported
the Tepco Holdings group since taking a majority stake in the
company in July 2012 through the state-instituted Nuclear Damage
Compensation and Decommissioning Facilitation Corp. Support has
taken the form of managerial involvement and financial assistance
for the cleanup at the Fukushima plant and related compensation
costs."

S&P will consider a downgrade if it sees a heightened likelihood of
any of the following scenarios:

-- The group's recurring profit being markedly below JPY200
billion in fiscal 2022 and remaining so in fiscal 2023 because of a
continuous deficit in its electricity retail sales business;

-- The group's funding becoming unstable because it is unable to
issue public bonds as planned, even when offering higher yields, or
if we see a heightened likelihood of it being unable to extend its
bank loan repayment schedules; or

-- Support from the government weakening.

S&P may revise the outlook to stable if it sees an increased
likelihood of either of the following scenarios:

-- The group's recurring profit remaining steady above JPY200
billion as fierce competition in the electricity retail market
eases or as it restarts its Kashiwazaki-Kariwa plant; or

-- A stronger prospect of extraordinary support from the
government.

ESG credit indicators: E-5, S-5, G-3

S&P said, "Environmental factors are a very negative consideration
in our credit rating analysis of Tepco Holdings. The Fukushima No.
1 nuclear power plant accident in 2011 has caused unprecedented
environmental concerns across Japan, and the burden on the company
itself is immense. Strongly backed by the Japanese government and
industry, the company has agreed to contribute JPY8 trillion to the
decommissioning project over the next 30-40 years. Even though the
company has dramatically changed its management and business
operations, we think it will carry the burden for a long time.

"Social factors are also a very negative consideration. The company
continues to bear a colossal financial burden from compensation to
Fukushima locals, who suffered from the meltdowns. The company's
mission to remove radioactive contaminants and to compensate damage
is also critical to the Japanese government, which aims for the
recovery and revitalization of Fukushima.

"Governance factors are a moderately negative consideration in our
credit rating analysis of the company. The company has considerable
risk of litigation related to the accident. It also has huge
off-balance-sheet liabilities."




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

AUTOGURU LIMITED: Creditors' Proofs of Debt Due on June 23
----------------------------------------------------------
Creditors of Autoguru Limited are required to file their proofs of
debt by June 23, 2022, to be included in the company's dividend
distribution.

The company commenced wind-up proceedings on May 13, 2022.

The company's liquidator is:

          Craig Andrew Young
          PO Box 87340, Auckland


BAY HOLDINGS: Creditors' Proofs of Debt Due on July 13
------------------------------------------------------
Creditors of Bay Holdings Limited are required to file their proofs
of debt by July 13, 2022, to be included in the company's dividend
distribution.

The company commenced wind-up proceedings on May 13, 2022.

The company's liquidator is:

          Rodewald Consulting Limited
          Level 1, The Hub
          525 Cameron Road (PO Box 15543)
          Tauranga 3144


BOW TAG: Court to Hear Wind-Up Petition on June 7
-------------------------------------------------
A petition to wind up the operations of Bow Tag Limited will be
heard before the High Court at Hamilton on June 7, 2022, at 10:45
a.m.

Simon Brdanovic, Christopher Grenfell, Miranda Rasmussen, Rachael
Beattie and Lucy Sim, a partnership trading as Edmonds Judd, filed
the petition against the company on April 28, 2022.

The Petitioner's solicitor is:

          Kayla Flintoft
          486 Alexandra Street, Te Awamutu


CLADTECH PLASTERING: Creditors' Proofs of Debt Due on June 16
-------------------------------------------------------------
Creditors of Cladtech Plastering Limited are required to file their
proofs of debt by June 16, 2022, to be included in the company's
dividend distribution.

The company commenced wind-up proceedings on May 16, 2022.

The company's liquidator is:

          Brenton Hunt
          PO Box 13400
          City East, Christchurch 8141


METROPOLIS PROPERTY: Court to Hear Wind-Up Petition on June 23
--------------------------------------------------------------
A petition to wind up the operations of Metropolis Property
Management Limited will be heard before the High Court at
Christchurch on June 23, 2022, at 10:00 a.m.

The Commissioner of Inland Revenue filed the petition against the
company on April 12, 2022.

The Petitioner's solicitor is:

          Gabrielle McGillivray
          Inland Revenue
          Legal Services
          PO Box 1782
          Christchurch 8140




=====================
P H I L I P P I N E S
=====================

FARMERS SAVINGS: BSP MB Directs PDIC to Liquidate Bank
------------------------------------------------------
The Monetary Board (MB) of the Bangko Sentral ng Pilipinas (BSP)
prohibited Farmers Savings and Loan Bank, Inc. from doing business
in the Philippines through MB Resolution No. 640.A dated May 12,
2022, which also directed the Philippine Deposit Insurance
Corporation (PDIC), as Receiver, to proceed with the takeover and
liquidation of the bank.

The PDIC took over the bank on May 13, 2022.

Farmers Savings and Loan Bank, Inc. is an eight-unit thrift bank
with Head Office located in McArthur Hi-way, Brgy. Wakas, Bocaue,
Bulacan. Its branches are located in Sta. Maria (2), Angat,
Guiginto, Norzagaray, Pulilan, and Bulacan, all in Bulacan. Latest
available records show that as of December 31, 2021, Farmers
Savings and Loan Bank, Inc. has 4,616 deposit accounts with total
deposit liabilities of PHP442.63 million, of which 72.5% or
PHP321.0 million are insured deposits.

The PDIC assured depositors that all valid deposits and claims will
be paid up to the maximum deposit insurance coverage of
PHP500,000.00 per depositor.

Individual account holders of valid deposits with balances of
PHP100,000.00 and below, who have no outstanding obligations or
have not acted as co-makers of obligations with Farmers Savings and
Loan Bank, Inc. are not required to file deposit insurance claims.
These individual depositors must ensure that they have complete and
updated addresses with the bank. Depositors may update their
addresses by submitting a Mailing Address Update Form (MAUF) until
May 31, 2022, either through the drop box available at the bank
premises, or by sending a scanned copy of said Form and valid ID to
email address, farmers-pad@pdic.gov.ph. MAUF will be made available
at the bank premises or may be downloaded from the PDIC website at
www.pdic.gov.ph. Insurance payments for valid deposits with
balances of PHP100,000.00 and below will be made through postal
money order and targeted to be sent via mail starting on June 10,
2022.

For business entities and all other depositors, filing of claims
for insured deposit is targeted to start by June 22, 2022.

Borrowers are likewise reminded to continue paying their loan
obligations with the closed Farmers Savings and Loan Bank, Inc. and
to transact only with designated PDIC representatives.

For more information on the requirements and procedures for filing
deposit insurance claims and settlement of loan obligations,
depositors and borrowers of the bank are enjoined to attend the
virtual Depositors-Borrowers' Forum scheduled on June 9 to 15,
2022. Further details on the DBF, filing of claims, and procedures
on loan settlement, will be announced through the PDIC website,
www.pdic.gov.ph, and PDIC's official Facebook page,
www.facebook.com/OfficialPDIC.

As provided for by the PDIC Charter, the PDIC shall likewise accept
Letters of Intent from interested banks and non-bank institutions
for possible purchase of assets and assumption of liabilities (P&A)
as a mode of liquidating Farmers Savings and Loan Bank, Inc.
Letters of intent should be submitted within 60 days from takeover
date subject to compliance with the requirements prescribed under
the Guidelines in Pre-qualifying Proponents and Evaluating the
Proposals for Purchase of Assets and Assumption of Liabilities Mode
of Liquidating Closed Banks which can be accessed in the PDIC
website.

To ensure the safety of all concerned and observance of health
protocols, all clients of the bank may communicate with PDIC
through any of the following modes: Public Assistance Hotline
during office hours at (02) 8841-4141, Toll-Free Hotline at
1-800-1-888-PDIC (7342) during office hours for those outside Metro
Manila, e-mail to farmers-pad@pdic.gov.ph or Facebook private
message. For visits to the PDIC Public Assistance Center, clients
are highly encouraged to request for an appointment, observe health
protocols and present their vaccination cards. Appointment schedule
may be secured through telephone, email or Facebook private
message.




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

ELECTRONIC CASH: Court to Hear Wind-Up Petition on May 20
---------------------------------------------------------
A petition to wind up the operations of Electronic Cash and Payment
Solutions (S) Pte Ltd will be heard before the High Court of
Singapore on May 20, 2022, at 10:00 a.m.

Atlas Equifin Private Limited filed the petition against the
company on April 28, 2022.

The Petitioner's solicitors are:

          M/s RHTLAW Asia LLP
          1 Paya Lebar Link
          #06-08, PLQ 2 Paya Lebar Quarter
          Singapore 408533


GSK GLOBAL: Court Enters Wind-Up Order
--------------------------------------
The High Court of Singapore entered an order on May 6, 2022, to
wind up the operations of GSK Global Pte. Ltd.

Skyline Properties Pte. Ltd. filed the petition against the
company.

The company's liquidators are:

          Lau Chin Huat
          Yeo Boon Keong
          Technic Inter-Asia Pte Ltd
          50 Havelock Road #02-767
          Singapore 160050


MERCURY MARKETING: Creditors' Meetings Set for May 27
-----------------------------------------------------
Mercury Marketing and Communications Pte Ltd will hold a meeting
for its creditors on May 27, 2022, at 11:00 a.m., via video
conferencing (Microsoft Teams or Zoom).

Agenda of the meeting includes:

   a. to lay before the creditors a full Statement of Affairs of
      the Company, showing the assets and liabilities, together
      with a list of creditors and the estimated amount of their
      claims;

   b. confirm the appointment of Mr. Chan Yee Hong, licensed
      Insolvency Practitioner, of Nexia TS Risk Advisory Pte. Ltd.

      of 80 Robinson Road, #25-00, Singapore 068898, as Liquidator

      of the Company for the purpose of such voluntary winding up
      and that the Liquidator’s fees be based on his normal
      scale rates and disbursements incurred be paid out of the
      Company’s assets;

   c. to consider and if deemed fit appoint a Committee of
      Inspection; and

   d. Any other business.


SINGAPORE CARPENTRY: Court Enters Wind-Up Order
-----------------------------------------------
The High Court of Singapore entered an order on May 6, 2022, to
wind up the operations of Singapore Carpentry Interior Design Pte.
Ltd.

Beveglass Construction Pte Ltd filed the petition against the
company.

The company's liquidators are:

          Luke Anthony Furler
          Ms Ellyn Tan Huixian
          c/o M/s Quantuma (Singapore) Pte Limited
          8 Eu Tong Sen Street
          #18-81 The Central
          Singapore 059818


VINTEL EXPORTS: Court Enters Wind-Up Order
------------------------------------------
The High Court of Singapore entered an order on May 6, 2022, to
wind up the operations of Vintel Exports (S) Pte. Ltd.

Maybank Singapore Limited filed the petition against the company.

The company's liquidators are:

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




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

KOREA ELECTRIC: To Sell All Overseas Coal Power Plants Over Losses
------------------------------------------------------------------
Yonhap News Agency reports that South Korea's state power firm
Korea Electric Power Corp. (KEPCO) said on May 18 it will sell all
overseas coal power plants, including one in the Philippines, as
part of efforts to improve its financial status over record
quarterly losses.

Last week, the state-run electricity monopoly reported a
record-high operating loss of KRW7.78 trillion (US$6.14 billion) in
the first quarter of this year due to high global energy costs and
the freeze in electricity rates, Yonhap discloses.

Holding an emergency meeting with its affiliates, KEPCO vowed to
"seek all possible options" to make up for more than KRW6 trillion,
including the restructuring of overseas businesses, property sales,
and other cost-cutting measures, Yonhap relays.

In detail, the company plans to sell a thermoelectric power plant
it built in the Philippine city of Cebu, as well as a solar power
plant in the United States.

It is also reviewing withdrawing from other overseas coal power
plant projects in phases, and selling off some gas power plants in
foreign countries.

Such restructuring of overseas businesses is expected to allow the
company to secure about KRW1.9 trillion, according to KEPCO.

It also pledged efforts to secure more channels of fuel imports to
reduce cost of production, and to rearrange its investment schedule
to better focus on streamlining the corporate structure, Yonhap
relays.

"We will expedite our management innovation to make the current
crisis a chance to resolve longtime structural and systematic
problems," KEPCO said.

Korea Electric Power Corporation (KEPCO) is an integrated electric
utility company, transmitting and distributing substantially all of
the electricity in South Korea.  Korea Electric Power Corporation
was founded in 1961 and is headquartered in Naju, South Korea.




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

SRI LANKA: New PM to Sell Airline, Print Money to Pay Wages
-----------------------------------------------------------
Bloomberg News reports that Sri Lanka's new government plans to
sell its national airline to stem losses, part of efforts to
stabilize the nation's finances even as authorities are forced to
print money to pay government salaries.

The new administration plans to privatize Sri Lankan Airlines,
Prime Minister Ranil Wickremesinghe said in a televised address to
the nation on May 16, Bloomberg relays. The carrier lost INR45
billion ($124 million) in the year ending March 2021, he said just
days before the nation is set to formally default on foreign debt.

"It should not be that this loss has to be borne by the poorest of
the poor who have not set foot in an aircraft," the report quotes
Wickremesinghe as saying.

Bloomberg relates that Wickremesinghe -- less than a week into the
job -- said he was forced to print money to pay salaries, which
will pressure the nation's currency. The nation has only one day's
stock of gasoline and the government is working to obtain dollars
in the open market to pay for three ships with crude oil and
furnace oil that have been anchored in Sri Lankan waters,
Wickremesinghe said.

"The next couple of months will be the most difficult ones of our
lives," Bloomberg quotes Wickremesinghe as saying. "We must
immediately establish a national assembly or political body with
the participation of all political parties to find solutions for
the present crisis."

The premier pledged to announce a new "relief" budget to replace
President Gotabaya Rajapaksa's "development" budget that helped
stoke Asia's fastest inflation rate. The cabinet will propose that
parliament increase the treasury bill issuance limit to 4 trillion
rupees from INR3 trillion, Wickremesinghe said, forecasting a
budget deficit of 13% of gross domestic product for the year ending
December 2022, Bloomberg relays.

According to Bloomberg, Wickremesinghe's appointment last week
followed violent clashes between government supporters and
protesters demanding Rajapaksa's resignation. He has yet to appoint
a finance minister to lead bailout talks with the International
Monetary Fund, and is seeking bridge loans from nations including
India and China. But it's unclear if the government will get the
cash in the absence of a full cabinet.

Sri Lanka is sliding into a default as the grace period on two
unpaid foreign bonds ends on May 18, the latest blow to a country
rattled by economic pain and social unrest.

The Colombo All-Share Index of Sri Lankan stocks rallied as much as
3% as trading resumed after the long weekend. It has now pared its
year-to-date loss to under 32%, but remains the world's worst
performer among more than 90 equity gauges tracked by Bloomberg.

Sri Lanka's dollar bonds were mixed on May 17, with the debt due in
July was indicated 0.15 cents higher on the dollar while that on
securities due 2030 fell 0.3 cents, Bloomberg discloses.

In 2010, the government in Colombo bought back a stake in Sri
Lankan Airlines from Dubai's Emirates. The national carrier, which
has a fleet of 25 Airbus SE planes, flies to destinations in
Europe, the Middle East as well as South and Southeast Asia,
according to FlightRadar24.



                           *********


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.



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