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

                     A S I A   P A C I F I C

          Monday, May 23, 2022, Vol. 25, No. 96

                           Headlines



A U S T R A L I A

C88 PROJECT: Second Creditors' Meeting Set for May 31
IPS BRISBANE: First Creditors' Meeting Set for May 31
MORWELL SHOPFITTERS: Second Creditors' Meeting Set for May 30
PALADIN GROUP: First Creditors' Meeting Set for May 30
PEPPER SOCIAL NO.1: S&P Assigns Prelim B+ (sf) Rating to F Notes

ULTIQA LIFESTYLE: Breached Financial Services Laws, Court Says


C H I N A

SANSHENG HOLDINGS: Moody's Lowers CFR to B3, Outlook Remains Neg.
ZHONGLIANG HOLDINGS: Pushed to Brink of Default on Low Sales


I N D I A

AILSINGHANI TRANSPORT: Ind-Ra Gives BB- LT Issuer Rating
AIREN METALS: Insolvency Resolution Process Case Summary
AL SUDERSHAN CONSTRUCTION: Insolvency Resolution Case Summary
APEX HEALTHCARE: CRISIL Keeps B+ Debt Ratings in Not Cooperating
APEX MEADOWS: Insolvency Resolution Process Case Summary

BALDEO METALS: CRISIL Keeps D Debt Ratings in Not Cooperating
BANSAL DIAMONDS: Insolvency Resolution Process Case Summary
BANSAL OIL: Insolvency Resolution Process Case Summary
BIRLA TYRES: Insolvency Resolution Process Case Summary
BP SURAJ BUSINESS: Insolvency Resolution Process Case Summary

BRICK EAGLE: Insolvency Resolution Process Case Summary
CICO TECHNOLOGIES: Ind-Ra Affirms BB- Long-Term Issuer Rating
COPPERTUN BREWING: Insolvency Resolution Process Case Summary
DEEPRAJ VINIMAY: Insolvency Resolution Process Case Summary
DRISH SHOES: Insolvency Resolution Process Case Summary

ENIGMA VENTURES: CRISIL Keeps D Debt Ratings in Not Cooperating
FIVEBRO INTERNATIONAL: Insolvency Resolution Process Case Summary
IL&FS ENVIRONMENTAL: Ind-Ra Keeps 'D' Rating in Non-Cooperating
JAI HANUMAN: CRISIL Lowers Rating on INR7.37cr Term Loan to D
JEE CELEBRATIONS: CRISIL Keeps B+ Debt Ratings in Not Cooperating

JHUNJHUNWALA OIL: CRISIL Keeps D Debt Ratings in Not Cooperating
KARMYOGI ANKUSHRAO: Ind-Ra Gives BB+ Long-Term Issuer Rating
M R DIAMOND: Ind-Ra Keeps BB LT Issuer Rating in Non-Cooperating
MAHASEMAM TRUST: Ind-Ra Affirms BB+ Loan Rating, Outlook Stable
MARUTI METAL: CRISIL Keeps D Debt Ratings in Not Cooperating

NASSCO TRADING: CRISIL Keeps D Debt Rating in Not Cooperating
NEEL KANTH: CRISIL Keeps B Debt Ratings in Not Cooperating
PARI AGRI: CRISIL Keeps B+ Debt Ratings in Not Cooperating
PRAGATI FOODS: CRISIL Lowers Rating on INR18cr Cash Loan to B
PRASAD AGRO: CRISIL Keeps D Debt Ratings in Not Cooperating

PRATISTHAN COAL: CRISIL Lowers Rating on INR12.5cr Loan to B
PRAYOSHA HEALTHCARE: CRISIL Keeps B Ratings in Not Cooperating
PREMIER EXPORTS: Ind-Ra Affirms BB Issuer Rating, Outlook Stable
RAM LAL: CRISIL Keeps D Debt Ratings in Not Cooperating
RECORE CERAMIC: CRISIL Keeps B+ Debt Ratings in Not Cooperating

RELIGARE FINVEST: Ind-Ra Affirms D Long-Term Issuer Rating
ROYAL PLAZA: CRISIL Keeps D Debt Rating in Not Cooperating
SAFAL GLADEONE: Ind-Ra Gives BB LT Issuer Rating, Outlook Stable
SANGHA ERECTORS: Insolvency Resolution Process Case Summary
SUPERTECH LTD: Lender Seeks INR75cr One-Time Settlement Payment

TELAWNE POWER: Ind-Ra Affirms BB+ LT Issuer Rating, Outlook Stable
VARDHMAN SPINNERS: CRISIL Keeps B Debt Ratings in Not Cooperating
VASATHI HOUSING: Insolvency Resolution Process Case Summary
VELATAL SPINNING: CRISIL Keeps B+ Debt Ratings in Not Cooperating
VELAVAN STORES: CRISIL Keeps B Debt Rating in Not Cooperating

VIJAY AUTOMOBILES: CRISIL Keeps B+ Rating in Not Cooperating
VISHAL CHAIN: CRISIL Keeps B Debt Ratings in Not Cooperating


N E W   Z E A L A N D

20 FINANCE: Creditors' Proofs of Debt Due on June 17
BAR TWIGGY: Commences Wind-Up Proceedings
TAURUS HOME: Creditors' Proofs of Debt Due on June 20
TUFF LABOURERS: Creditors' Proofs of Debt Due on June 20


P H I L I P P I N E S

METRO-CEBU PUBLIC: Creditors Have Until July 4 to File Claims


S I N G A P O R E

COM3 SINGAPORE: Court Enters Wind-Up Order
EZION HOLDINGS: Liquidators to Apply for Company Delisting from SGX
HAVEN GLOBAL: Court to Hear Wind-Up Petition on June 3
MAXCAP ASIA: Creditors' Proofs of Debt Due on June 20
MDAC 9: Creditors' Proofs of Debt Due on June 20



S R I   L A N K A

SRI LANKA: G7 Backs Debt Relief Efforts

                           - - - - -


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

C88 PROJECT: Second Creditors' Meeting Set for May 31
-----------------------------------------------------
A second meeting of creditors in the proceedings of C88 Project Pty
Ltd has been set for May 31, 2022, at 10:30 a.m. via virtual
meeting technology.

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

Creditors wishing to attend are advised proofs and proxies should
be submitted to the Administrator by May 30, 2022, at 5:00 p.m.

Steven B Kugel of The Insolvency Experts was appointed as
administrator of C88 Project on April 29, 2022.


IPS BRISBANE: First Creditors' Meeting Set for May 31
-----------------------------------------------------
A first meeting of the creditors in the proceedings of IPS Brisbane
Pty Ltd will be held on May 31, 2022, at 10:00 a.m. via Microsoft
teams.

Andrew Weatherley of WCT Advisory was appointed as administrator of
IPS Brisbane on May 20, 2022.


MORWELL SHOPFITTERS: Second Creditors' Meeting Set for May 30
-------------------------------------------------------------
A second meeting of creditors in the proceedings of Morwell
Shopfitters Pty. Limited has been set for May 30, 2022, at 11:00
a.m. The Meeting of creditors will be open for creditors to attend
in person and virtually.

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 26, 2022, at 5:00 p.m.

Brent Leigh Morgan and Neil Stewart McLean of Rodgers Reidy were
appointed as administrators of Morwell Shopfitters on April 13,
2022.


PALADIN GROUP: First Creditors' Meeting Set for May 30
------------------------------------------------------
A first meeting of the creditors in the proceedings of Paladin
Group Pty Limited, Paladin NSW Pty Limited, and Paladin Plant And
Equipment Pty Limited, will be held on May 30, 2022, at 11:00 a.m.
at the offices of O'Brien Palmer, Level 9, 66 Clarence Street, in
Sydney, NSW.

Liam Bailey of O'Brien Palmer was appointed as administrator of
Paladin Group on May 18, 2022.


PEPPER SOCIAL NO.1: S&P Assigns Prelim B+ (sf) Rating to F Notes
----------------------------------------------------------------
S&P Global Ratings assigned its preliminary ratings to eight
classes of nonconforming and prime residential mortgage-backed
securities (RMBS) to be issued by Permanent Custodians Ltd. as
trustee of Pepper Social Trust No.1. Pepper Social Trust No.1 is a
securitization of nonconforming and prime residential mortgages
originated by Pepper Homeloans Pty Ltd.

The preliminary ratings reflect:

-- S&P's view of the credit risk of the underlying collateral
portfolio, including its view that the credit support is sufficient
to withstand the stresses it applies. The credit support for the
rated notes comprises note subordination and excess spread. The
assessment of credit risk considers the underwriting standard and
centralized approval process of the seller, Pepper Homeloans.

-- The availability of a retention amount and amortization amount,
which will all be funded by excess spread, but at various stages of
the transaction's term. They will have separate functions and
timeframes, including reducing the balance of notes outstanding.

-- S&P's expectation that the various mechanisms to support
liquidity within the transaction, including a liquidity facility
equal to 1.5% of the outstanding balance of the notes, principal
draws, and a yield-enhancement reserve--to the extent it is
funded--are sufficient under our stress assumptions to ensure
timely payment of interest.

-- The condition that a minimum margin will be maintained on the
assets.

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

  Preliminary Ratings Assigned

  Pepper Social Trust No.1

  Class A1-s, A$80.0 million: AAA (sf)
  Class A1-a, A$145.0 million: AAA (sf)
  Class A2, A$43.2 million: AAA (sf)
  Class B, A$11.1 million: AA (sf)
  Class C, A$7.5 million: A (sf)
  Class D, A$5.4 million: BBB (sf)
  Class E, A$2.4 million: BB (sf)
  Class F, A$2.4 million: B+ (sf)
  Class G, A$3.0 million: Not rated


ULTIQA LIFESTYLE: Breached Financial Services Laws, Court Says
--------------------------------------------------------------
The Federal Court has made declarations that timeshare company
Ultiqa Lifestyle Promotions Ltd breached financial services laws by
failing to ensure that financial advice given to consumers was in
the consumers' best interests.

Between October 2017 and March 2019, financial advisers acting as
authorised representatives of Ultiqa advised consumers to invest in
the Ultiqa Lifestyle Scheme, a timeshare scheme, despite such
advice not being in the consumers' best interests and not being
appropriate to their circumstances.

Consumers reported the upfront cost of joining the Scheme was
between AUD10,000 to AUD25,000 with ongoing annual fees of up to
AUD800. Most consumers who bought into the timeshare scheme took
out a loan with a company related to Ultiqa to pay for their
timeshare interest.

ASIC Deputy Chair Karen Chester said, 'This is an important
decision for consumers and ASIC's first financial advice action
against a timeshare provider. Timeshare schemes are complex
financial products. They can be difficult to understand and
compare. They involve significant long term financial commitments
of tens of thousands of dollars, are often loan-financed, and can
be difficult to exit. When sold alongside financial advice, it is
fundamental - and legally required - that the advice is in the
consumer's best interest and appropriate to their circumstances.'

In handing down her decision, Justice Downes found that Ultiqa's
authorised representatives prioritised sales objectives and targets
over their clients' best interests, saying, 'That they gave such
priority also manifested by the authorised representatives engaging
in tactics to pressure the consumers to sign up at the
presentation, including (in one instance) preventing the consumer
from obtaining external advice, (in two instances) misleading the
consumers by representing that the interest in the Scheme was not a
time-share scheme, in generally not giving the consumers sufficient
privacy and time to discuss and debate the proposed acquisition of
interests in the Scheme, and by offering inducements to the
consumers to sign up at the presentation. That they were required
by Ultiqa to give such priority is apparent from the content of the
documentation provided by Ultiqa [. . .] The focus in giving the
advice was on making a sale, and not on acting in the consumer's
interests.'

Justice Downes' decision also quoted a sales manual provided to
Ultiqa's authorised representatives that said, 'Once your client is
on the Sales Deck they come to the grim realization that this is a
sales environment and what is going through their mind is "How can
we get out of here?", and, if you give them the chance, they will.
DO NOT GIVE THEM THE CHANCE! Do everything you can do to amuse,
interest, excite, relax, humour, flatter and if necessary cajole
your clients into staying.'

Deputy Chair Chester said, 'Ultiqa prioritised sales over
appropriate advice and ultimately consumers' best interests.
Pressure sales tactics used, and even documented in their sales
manuals, encouraged sales agents to "corner" consumers into
investing in a timeshare scheme that many could not afford. Despite
paying tens of thousands of dollars in upfront costs and ongoing
fees, many could not even book holidays in their timeshares due to
lack of availability - meaning they got nothing for their money.'

The Court declared that Ultiqa failed to:

   * act efficiently, honestly and fairly;
   * provide relevant training to its authorised representatives;
     monitor and supervise its authorised representatives      
     appropriately; and
   * put in place documented policies and procedures to support
     the advice process

Ultiqa ceased promoting the sale of interests in the Ultiqa
Lifestyle Scheme on January 28, 2020 and was placed into members'
voluntary liquidation on April 30, 2021. The Scheme remains active
and Ultiqa currently holds an AFS licence, which allows consumers
to access dispute resolution services through the Australian
Financial Complaints Authority.

The matter will return to Court for a case management hearing on
May 27, 2022.

ASIC commenced civil penalty proceedings against Ultiqa for failing
to ensure that financial advice to consumers to buy timeshare
products was in the consumers' best interests on November 3, 2021.

Timeshare schemes are managed investment schemes and financial
products that commonly involve property in the form of holiday
accommodation. They are complex products that typically involve
high upfront fees and ongoing annual costs.

Timeshare financial advisers typically sell timeshare 'memberships'
by providing personal product advice to consumers and can use
persuasive sales tactics. In many cases, consumers do not recognise
they have received financial advice, which presents a significant
risk, as consumers are not aware of the financial commitment of the
product and whether it is suitable for them. ASIC's Report 642
Timeshare: Consumers' experiences showed a high-level of discontent
amongst timeshare participants.

Report 642 looked at consumer experiences with timeshare following
consumer research conducted in 2019.  

It also indicated that many research participants were dissatisfied
with their timeshare membership and that timeshare memberships
contain significant risks, including:

   * the long-term nature of contracts, which typically range from

     20 to 99 years

   * the high upfront costs of joining which average AUD23,000

   * the ongoing annual costs of membership which average AUD800

   * the fact that many consumers often need to borrow to make the

     membership purchase, with 48% of consumers taking out a loan
     to buy a membership

   * the high cost of loans taken to purchase membership, with an
     average loan cost of AUD19,699 and an average interest rate
     of 13.51%

   * the fact that timeshare memberships are often difficult to
     exit.

The Scheme is one of approximately 15 registered timeshare schemes
currently operating in Australia. Up until January 2020, it was one
of approximately five schemes issuing interests to new members.
Data provided to ASIC by the Australian Timeshare and Holiday
Ownership Council indicated that there are currently approximately
180,000 timeshare members in Australia.

ASIC previously fined an Ultiqa Lifestyle timeshare lender for
responsible lending failures in 2018 and raised concerns with
Ultiqa Lifestyle's disclosure and sales practices in 2016.



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

SANSHENG HOLDINGS: Moody's Lowers CFR to B3, Outlook Remains Neg.
-----------------------------------------------------------------
Moody's Investors Service has downgraded Sansheng Holdings (Group)
Co. Ltd.'s corporate family rating to B3 from B2.

The rating outlook remains negative.

"The downgrade reflects our concerns over Sansheng's weak corporate
governance and its ability to publish its audited financial
statement within the timeline as required by the Hong Kong Stock
Exchange's listing rules, following its recent change in auditor,"
says Kelly Chen, a Moody's Vice President and Senior Analyst.

"The negative outlook reflects Sansheng's increased refinancing
risks and worsening liquidity in view of its declining sales and a
likely impairment of its access to funding," adds Chen.

RATINGS RATIONALE

On May 16, 2022, Sansheng announced the resignation of KPMG as its
auditor and the appointment of Yongtuo Fuson CPA Limited as its new
auditor[1].

Sansheng published its unaudited 2021 financial results on March
31, 2022, and subsequently on April 29, 2022 announced a further
delay in announcing audited results to before June 30, 2022.
However, given its recent auditor change, it is uncertain whether
the company can publish its audited results by its intended
timeline. In addition, the ligations with Mr. Lin Rongdong and the
freeze of the shares of certain subsidiaries of the company could
affect its operation and limit its control over the cash and
operation of these subsidiaries.

All these developments would exacerbate concerns over the company's
financial flexibility, corporate transparency and information
disclosure.

This in turn will likely worsen Sansheng's already weak funding
access, and thereby, increase its liquidity and refinancing risks
over the next 6-12 months amid a tight funding environment.
Sansheng has USD100 million offshore bond maturing in July 2022 and
another USD70 million due in November 2022.

In terms of environmental, social and governance (ESG)
considerations, Moody's has considered Sansheng's concentrated
ownership. Mr. Lin Rongbin, Sansheng's largest shareholder, holds a
74.98% equity stake in the company as of June 30, 2021.

In addition, Moody's has considered Sansheng's related-party
transactions, including loans and financial guarantees from related
parties, which are more material than those of many of its
similarly rated peers. These transactions are governed by the
Listings Rules of the HKEX and the Securities and Futures Ordinance
in Hong Kong. Moody's has also considered (1) the presence of three
independent nonexecutive directors on the company's five-member
board, and (2) the presence of other internal governance structures
and standards as required by the Hong Kong Stock Exchange (HKEX).

Moody's also views that the company's delay in the release of
financial results and the change of auditor reflect the company's
weakness in corporate transparency and governance, which are part
of Moody's governance consideration.

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

Given the negative outlook, a rating upgrade is unlikely.

However, Moody's could return the rating outlook to stable if
Sansheng satisfactorily resolves its litigations without material
negative impact on its operation and ownership structure, and if it
improves its operating cash flow, liquidity and access to funding.

On the other hand, Moody's could downgrade Sansheng's ratings if
there are signs of weakening in its liquidity, credit metrics or
general governance practice. Any material change in the company's
ownership or organization structure due to the litigation and in
turn weaken the company credit and liquidity positions would also
be negative to the company's rating. Moody's could also downgrade
the rating if the company is not able to publish the 2021 annual
audited results within its intended timeline or the published
audited financial results show material deviation from the
unaudited figures.

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

Sansheng is a Chinese property developer with over 20 years of
property development experience. Its gross contracted sales reached
RMB24.5 billion in 2021. As of the end of 2021, the company had 55
property development projects with a land bank of 7.4 million
square meters.

ZHONGLIANG HOLDINGS: Pushed to Brink of Default on Low Sales
------------------------------------------------------------
South China Morning Post reports that Shanghai-based property
developer Zhongliang Holdings has become the latest victim of
China's "three red lines" deleveraging campaign, at a time when the
country's strict Covid-19 containment policies continue to derail
home sales.

The Post says the developer is giving its creditors more time to
accept an exchange offer on two of its US dollar-denominated bonds.
It has extended a deadline originally set for 11:00 p.m. local time
on May 12, so that more bond holders can get on board with the
payment extension.

"It is a very frustrating decision, as we have tried very hard to
pay our debt since last year. But the slump in property sales
recently has further hit the sector," the report quotes Albert Yau,
Zhongliang's chief financial officer, as saying. "We are calling
for the bondholders to give us some more time. If the offer is
scrapped, a default could become inevitable - and it is the last
thing both the company and the creditors would like to see."

The company sold CNY4.1 billion (US$610 million) worth of homes in
April, down 71% from a year ago. It was also a large drop from the
CNY6.8 billion sold in March, before a slew of Covid-19 policies
were rolled out to contain the latest outbreak, the Post
discloses.

The weakening in residential sales was the final straw that made
the exchange offer necessary, the report states. The developer,
like many others, had already been facing a liquidity crisis.

Tagged as yellow under Beijing's three red lines system, Zhongliang
is unable to take out new loans worth more than 10% of its current
debts, and has found itself struggling to pay its debts, according
to the Post.

Creditors holding 90% of the total value of the bonds must agree to
the exchange offer if it is to go ahead. The company said it has no
other offshore bonds maturing this year, the report relays.

One bond, due on May 19, comprises US$300 million of senior notes
with a coupon of 8.5%, while the other, due on July 29, consists of
US$450 million of senior notes with a coupon of 9.5%.

The offer would extend the maturities to April 15, 2023 and
December 31, 2023 and raise the yields to 8.75% due and 9.75%
respectively, the company said in a filing to the Hong Kong stock
exchange on April 28, the Post relays.

According to the Post, Zhongliang is not the only Chinese home
seller that has sought to extend debt repayments since the red
lines regime was introduced. China introduced the leverage caps on
highly indebted developers in August 2020 to stem systemic risk,
shutting many of them out of the funding market, the report notes.

They limit borrowing by defining thresholds on liability-to-asset
ratio at 70%, net debt-to-equity ratio of 100%, and a
cash-to-short-term debt multiple of more than one time. Failure to
meet these criteria cuts off access to new bank loans, the report
says.

                       About Zhongliang Holdings

Zhongliang Holdings Group Company Limited operates as a real estate
development company. The Company develops and markets high-rise
residential buildings, low-rise apartments, villas, commercial
facilities, office buildings, and other related areas. Zhongliang
Holdings Group provides property management services.

As reported in the Troubled Company Reporter-Asia Pacific on May
13, 2022, Fitch Ratings has downgraded China-based homebuilder
Zhongliang Holdings Group Company Limited's Long-Term
Foreign-Currency Issuer Default Rating (IDR) to 'C' from 'B-' and
the senior unsecured rating on Zhongliang's outstanding US dollar
senior notes to 'C' from 'B-', with the Recovery Rating remaining
at 'RR4'.

The downgrades follow Zhongliang's announcement that it has
launched an exchange offer and consent solicitation (the
transaction) to exchange USD290 million of bonds outstanding due on
May 19, 2022 and USD440 million bonds outstanding due on July 9,
2022 for bonds due in April 2023 and December 2023.




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

AILSINGHANI TRANSPORT: Ind-Ra Gives BB- LT Issuer Rating
--------------------------------------------------------
India Ratings and Research (Ind-Ra) has assigned Ailsinghani
Transport Pvt Ltd (ATPL) a Long-Term Issuer Rating of 'IND BB-'.
The Outlook is Stable.

The instrument-wise rating action is:

-- INR40 mil. Fund-based working capital limits assigned with IND

     BB-/Stable/IND A4+ rating.

Key Rating Drivers

The ratings reflect ATPL's medium scale of operations as indicated
by revenue of INR1,203 million in FY21 (FY20: INR1,536 million).
The decline in revenue in FY21 was due to the Covid-19-led
nationwide lockdown. Till 10MFY22, the company booked revenue of
INR1,162 million. Management expects the revenue to have improved
in FY22 following the unlocking of economic activities and easing
of restrictions pertaining to the movement of traffic.

The ratings also factor in ATPL's moderate EBITDA margin of 2.34 %
in FY21 (FY20: 4.89%) with a return on capital employed of negative
8.6% (2.3%). The decline in EBITDA margin in FY21 was due to the
lower revenue. Ind-Ra expects the margin to have improved in FY22
following the unlocking of economic activities.

The ratings also reflect the company's moderate credit metrics as
reflected by the interest coverage (operating EBITDA/gross interest
expenses) of 1.29x in FY21 (FY20: 4.16x) and the net leverage
(total adjusted net debt/operating EBITDAR) of 9.56x (3.24x). The
deterioration in the credit metrics was owing to a decrease in the
operating EBITDA INR28.14 million in FY21 (FY20: INR75.22 million)
and an increase in the debt. Ind-Ra expects the credit metrics to
remain at similar level in FY22.

Liquidity Indicator - Poor: The company's average maximum
utilization of the fund-based and the non-fund-based limits was
93.75% and 96.03%, respectively, during the 12 months ended
February 2022 with an instance of overutilization of 7 days. The
cash flow from operations turned negative to INR16.25 million in
FY21 (FY20: INR121.78 million) due to unfavorable changes in
working capital. Consequently, the free cash flow deteriorated to
negative INR62.78 million in FY21 (FY20: negative INR7.68 million).
The net working capital cycle elongated to 66 days in FY21 (FY20:
43 days) because of an increase in the receivable period to 88 days
(69days). The cash and cash equivalents stood at INR29.75 million
at FYE21 (FYE20: INR38.86 million). However, ATPL does not have any
capital market exposure and relies on banks and financial
institutions to meet its funding requirements. It availed of the
Reserve Bank of India-prescribed moratorium over March-August
2020.

However, the ratings are supported by the promoters' nearly two
decades of experience in the transportation industry, leading to
established relationships with its customers as well as suppliers.

Rating Sensitivities

Positive: An improvement in the scale of operations, while
maintaining the credit metrics on a sustained basis, will be
positive for the ratings.

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

Company Profile

Incorporated on April 15, 1997, Maharashtra-based ATPL is engaged
in transportation, logistics, warehousing and storage services.


AIREN METALS: Insolvency Resolution Process Case Summary
--------------------------------------------------------
Debtor: Airen Metals Pvt Ltd

        Registered office:
        G-750, Road No. 9F2
        Vishwakarma Industrial Area
        Jaipur, RAJ

        Principal Work office:
        SP-16 SKS (Extn.)
        RIICO Industrial Area
        Reengus, District Sikar

Insolvency Commencement Date: May 12, 2022

Court: National Company Law Tribunal, Jaipur Bench

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

Insolvency professional: Satyendra Prasad Khorania

Interim Resolution
Professional:            Satyendra Prasad Khorania
                         402, 4th Floor, O K Plus
                         D P Metro, Opp. Pillar No. 94
                         New Sanganer Road, Jaipur
                         Rajasthan 302019
                         E-mail: skhorania@live.com
                                 cirpairen@gmail.com

Last date for
submission of claims:    May 26, 2022


AL SUDERSHAN CONSTRUCTION: Insolvency Resolution Case Summary
-------------------------------------------------------------
Debtor: M/s. A.L. Sudershan Construction Company Ltd
        7-3-719, Rashtrapathi Road
        Secunderabad 500003

Insolvency Commencement Date: May 6, 2022

Court: National Company Law Tribunal, Hyderabad Bench

Estimated date of closure of
insolvency resolution process: November 2, 2022
                               (180 days from commencement)

Insolvency professional: Kalvakolanu Murali Krishna Prasad

Interim Resolution
Professional:            Kalvakolanu Murali Krishna Prasad
                         8-27, Mythripuram Colony
                         Jillelguda, Karmanghat
                         Vyshalinagar Post
                         Hyderabad 500079
                         E-mail: kmk123ip@gmail.com

Last date for
submission of claims:    May 24, 2022


APEX HEALTHCARE: CRISIL Keeps B+ Debt Ratings in Not Cooperating
----------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Apex
Healthcare Limited (AHL) continue to be 'CRISIL B+/Stable Issuer
Not Cooperating'.

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

   Cash Credit           5          CRISIL B+/Stable (Issuer Not
                                    Cooperating)

   Proposed Cash         2.89       CRISIL B+/Stable (Issuer Not
   Credit Limit                     Cooperating)

CRISIL Ratings has been consistently following up with AHL for
obtaining information through letters and emails dated February 8,
2022 and April 18, 2022 among others, apart from telephonic
communication. However, the issuer has remained non cooperative.

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

Detailed Rationale

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

AHL was established as a partnership firm (Apex Laboratories) in
2003, by Mr Umesh Mendapara and his cousins, Mr. Ramesh Gabani and
Dr. Chandu Gabani. In January 2007, the firm was reconstituted as a
public-limited company (closely held) with the current name. The
company manufactures bulk drugs, at its unit at Ankleshwar
(Gujarat), which has a capacity of 75 tonnes per annum, with around
70% capacity utilisation.


APEX MEADOWS: Insolvency Resolution Process Case Summary
--------------------------------------------------------
Debtor: M/s. Apex Meadows Private Limited
        S.No. 104/2
        Opp S.B.T. Hotel N.H.5
        Gajuwaka, Visakhapatnam
        AP 530026
        IN

Insolvency Commencement Date: March 22, 2022

Court: National Company Law Tribunal, Amaravathi Bench

Estimated date of closure of
insolvency resolution process: August 6, 2022

Insolvency professional: Immaneni Eswara Rao

Interim Resolution
Professional:            Immaneni Eswara Rao
                         Sankalp Restructuring Private Limited
                         40-26-22, Mohiddin Street
                         Opp. BSNL Exchange
                         Labbipet, MG Road Vijayawada
                         Krishna District
                         Andhra Pradesh 520010
                         E-mail: ip.caier@gmail.com
                                 ip.apexmeadows@gmail.com

Last date for
submission of claims:    May 20, 2022


BALDEO METALS: CRISIL Keeps D Debt Ratings in Not Cooperating
-------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Baldeo Metals
Private Limited (BMPL) continue to be 'CRISIL D/CRISIL D Issuer Not
Cooperating'.

                       Amount
   Facilities       (INR Crore)     Ratings
   ----------       -----------     -------
   Bank Guarantee        4          CRISIL D (Issuer Not
                                    Cooperating)

   Cash Credit           5          CRISIL D (Issuer Not
                                    Cooperating)

   Letter of Credit     30          CRISIL D (Issuer Not
                                    Cooperating)

   Proposed Fund-        2          CRISIL D (Issuer Not
   Based Bank Limits                Cooperating)

CRISIL Ratings has been consistently following up with BMPL for
obtaining information through letters and emails dated February 8,
2022 and April 18, 2022 among others, apart from telephonic
communication. However, the issuer has remained non cooperative.

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

Detailed Rationale

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

Set up in 1990 by Mr Shyam Bihari Goyal as a proprietorship, Baldeo
Metal Works, the firm got reconstituted into a private-limited
company with its current name in 1997. BMPL is based in Delhi and
trades in non-ferrous metals, particularly copper; it also
manufactures ingots and draw wires, with capacity of 5 million
tonne per day. Around 95% of its revenue is derived from the
trading activity, which remains the key focus area of the company;
the manufacturing facility is used sparsely.


BANSAL DIAMONDS: Insolvency Resolution Process Case Summary
-----------------------------------------------------------
Debtor: Bansal Diamonds Private Limited
        2502, Main Gurudwara Road
        Karol Bagh, New Delhi 110005

Insolvency Commencement Date: May 10, 2022

Court: National Company Law Tribunal, New Delhi Bench

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

Insolvency professional: Reetesh Kumar Agarwal

Interim Resolution
Professional:            Reetesh Kumar Agarwal
                         Unit no. 531, S.G. Shopping Mall
                         D.C. Chowk, Rohini Sector-09
                         Delhi 110085
                         E-mail: carkagarwal@gmail.com
                                 resolvebdpl@gmail.com

Last date for
submission of claims:    May 24, 2022


BANSAL OIL: Insolvency Resolution Process Case Summary
------------------------------------------------------
Debtor: M/s Bansal Oil Extraction Private Limited
        113, Park Street, 7th Floor
        North Block, Kolkata 700016
        West Bengal, India

Insolvency Commencement Date: May 10, 2022

Court: National Company Law Tribunal, Kolkata Bench

Estimated date of closure of
insolvency resolution process: November 6, 2022

Insolvency professional: Mr. Yogesh Gupta

Interim Resolution
Professional:            Mr. Yogesh Gupta
                         S Jaykishan
                         Chartered Accountants
                         Suit No. 2D, 2E, 2nd Floor
                         12, Ho Chi Minh Sarani
                         Kolkata 700071
                         West Bengal, India
                         E-mail: yogeshgupta31@rediffmail.com

                            - and -

                         LSI Resolution (P) Limited
                         104, S.P. Mukherjee Road
                         Sagar Trade Cube, 2nd Floor
                         Kolkata 700026
                         West Bengal, India
                         E-mail: cirp.bansaloil@gmail.com

Last date for
submission of claims:    May 24, 2022


BIRLA TYRES: Insolvency Resolution Process Case Summary
-------------------------------------------------------
Debtor: Birla Tyres Limited
        9/1, R.N. Mukherjee Road
        Birla Building
        Kolkata 700001

Insolvency Commencement Date: May 5, 2022

Court: National Company Law Tribunal, Kolkata Bench

Estimated date of closure of
insolvency resolution process: November 1, 2022

Insolvency professional: Mr. Seikh Abdul Salam

Interim Resolution
Professional:            Mr. Seikh Abdul Salam
                         64J, Linton Street
                         Beniapukur, Kolkata 700014
                         E-mail: salam10695@gmail.com
                                 birlatyres.2022@gmail.com

Last date for
submission of claims:    May 19, 2022


BP SURAJ BUSINESS: Insolvency Resolution Process Case Summary
-------------------------------------------------------------
Debtor: BP Suraj Business Combines Pvt Ltd
        198 B B Ganguly Street
        Kolkata WB 700012
        IN

Insolvency Commencement Date: May 10, 2022

Court: National Company Law Tribunal, Kolkata Bench

Estimated date of closure of
insolvency resolution process: November 6, 2022

Insolvency professional: Rashmi Chhawchharia

Interim Resolution
Professional:            Rashmi Chhawchharia
                         2A, Nandlal Jew Road
                         Kolkata 700026
                         E-mail: rashmi.chhawchharia@gmail.com

                            - and -

                         Annapurna Apartments
                         Flat 1A, 12A
                         Suhasini Ganguly Sarani
                         Kolkata 700025
                         E-mail: cirp.bpsuraj@gmail.com

Last date for
submission of claims:    May 24, 2022


BRICK EAGLE: Insolvency Resolution Process Case Summary
-------------------------------------------------------
Debtor: Brick Eagle Group Private Limited
        Unit no. B-12-13, Second Floor
        Art Guild House Phoenix Market City
        LBS Road, Kurla (W)
        Mumbai, Maharashtra 400070

Insolvency Commencement Date: May 12, 2022

Court: National Company Law Tribunal, Mumbai Bench

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

Insolvency professional: Sandeep Jawaharlal Singhal

Interim Resolution
Professional:            Sandeep Jawaharlal Singhal
                         313/314, GiriShikhar CHS
                         Plot No. 88-91
                         Opposite Goenka Hall
                         J B Nagar, Andheri (east)
                         Mumbai 400059
                         E-mail: sandeepjsinghal@hotmail.com
                                 brickcirp@gmail.com

Classes of creditors:    Real Estae Allottee

Insolvency
Professionals
Representative of
Creditors in a class:    Nitin Kothari
                         Kshitiz Gupta
                         Hemant Mehta

Last date for
submission of claims:    May 26, 2022


CICO TECHNOLOGIES: Ind-Ra Affirms BB- Long-Term Issuer Rating
-------------------------------------------------------------
India Ratings and Research (Ind-Ra) has affirmed CICO Technologies
Limited's (CTL) Long-Term Issuer Rating at 'IND BB-'. The Outlook
is Stable.

The instrument-wise rating action is:

-- INR125 mil. Fund-based limit affirmed with IND BB-/Stable
     rating.

Key Rating Drivers

The affirmation reflects CTL's continued small scale of operations
with a revenue of INR433 million in FY21 (FY20: INR484.16 million).
The revenue declined yoy in FY21 due to a reduced demand for
construction materials resulting from the COVID-19-led disruptions.
The company  was also not operational from March 22, 2020 to May 3,
2020 on account of the  nationwide lockdown. The company recorded a
revenue of INR411.38 million during 9MFY22. Ind-Ra expects the
revenue to have increased yoy in FY22 due to the return to normalcy
in operations and increased demand. The EBITDA margin remained
modest at 4.34% in FY21 (FY20: 4.81%) due to high operational costs
with a return on capital employed of 4.4% in FY21 (FY20: 5.6%).
Ind-Ra expects the margins to have declined further yoy in FY22
due to a rise in the raw material prices.

The ratings also reflect CTL’s modest credit metrics. In FY21,
the interest coverage (operating EBITDA/gross interest expense)
fell to 1.49x (FY20: 1.55x) and the net leverage (adjusted net
debt/operating EBITDA) increased to 6x (4.78x) due to a fall in the
absolute EBITDA to INR18.80 million (INR23.29 million). Ind-Ra
expects the net leverage to have improved in FY22 on the back of
scheduled debt repayment and higher EBITDA.

Liquidity Indicator – Stretched: CTL's average maximum
utilization of fund-based limits was 80% for the 12 months ended
December 2021. Its cash flow from operations remained negative at
INR3.14 million in FY21 (FY20: negative INR0.67 million) and free
cash flow remained negative at INR5.05 million (negative INR1.27
million), due to a decrease in the EBITDA. Furthermore, the working
capital cycle deteriorated to 177 days in FY21 (FY20: 161 days) on
account of an increase in the debtor days to 188  (165 ). In FY21,
CTL had cash and cash equivalents of INR1.03 million (FY20: INR1.74
million). Furthermore, the company does not have any capital market
exposure and relies on banks and financial institutions to meet its
funding requirements.

The ratings are, however, supported by the promoters' over four
decades of experience in construction chemicals which has helped
the company establish strong relationships with customers as well
as suppliers.

Rating Sensitivities

Positive: An increase in the scale of operations, along with an
improvement in the credit metrics, with the net leverage reducing
below 3.5x, on a sustained basis, will lead to a positive rating
action.

Negative: A decline in the scale of operations, leading to
deterioration in the credit metrics and/or any further weakening of
the liquidity position, will be negative for the ratings.

Company Profile

Established in 2000 as a closely-held public limited company, CTL
manufactures water proofing and construction compounds,
construction chemicals and additives. The company also provides
complete solutions for construction activities involved in building
airports, roads and bridges, metro rail, hydro power, thermal
power, etc. Its manufacturing units are located in Gurgaon,
Haridwar, Kolkata, Greater Noida and Chennai.


COPPERTUN BREWING: Insolvency Resolution Process Case Summary
-------------------------------------------------------------
Debtor: Coppertun Brewing Private Limited
        H.No. 962/3, 'Prem Bhawan'
        Panchsheel Nagar, Raipur
        Chhattisgarh 492001
        IN

Insolvency Commencement Date: May 12, 2022

Court: National Company Law Tribunal, Cuttack Bench

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

Insolvency professional: Rahul Mishra

Interim Resolution
Professional:            Rahul Mishra
                         Rahul Mishra & Associates
                         Chartered Accountant
                         Mishra Bhawan, Tatyapara Chowk
                         Behind Shivaji Statue
                         Raipur, Chhattisgarh 492001
                         E-mail: rahulmishraca@gmail.com
                                 cirp.cbpl@gmail.com

Last date for
submission of claims:    May 26, 2022


DEEPRAJ VINIMAY: Insolvency Resolution Process Case Summary
-----------------------------------------------------------
Debtor: Deepraj Vinimay Private Limited
        235/2A, A.J.C. Bose Road
        3rd Floor, Room no. 3N1
        Kolkata 700020
        West Bengal

Insolvency Commencement Date: May 10, 2022

Court: National Company Law Tribunal, Kolkata Bench

Estimated date of closure of
insolvency resolution process: November 5, 2022
                               (180 days from commencement)

Insolvency professional: Sudipta Ghosh

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

                            - and -

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

Last date for
submission of claims:    May 24, 2022


DRISH SHOES: Insolvency Resolution Process Case Summary
-------------------------------------------------------
Debtor: M/s. Drish Shoes Limited
        Village Rajpura, Tehsil Nalagarh
        Dist. Solan, Himachal Pradesh 174101

Insolvency Commencement Date: May 13, 2022

Court: National Company Law Tribunal, Surat Bench

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

Insolvency professional: Pradeep Kumar Kabra

Interim Resolution
Professional:            Pradeep Kumar Kabra
                         C/905, Ofira Building
                         V.I.P. Road, Bharthana
                         Vesu, Surat
                         Gujarat 395007
                         E-mail: ippradeepkabra@gmail.com

                            - and -

                         301, 3rd Floor, Reegus Business Centre
                         New Citylight Road
                         Above Mercedes Benz Showroom
                         Bharthana-Vesu, Surat 395007
                         E-mail: ippradeep.dsl@gmail.com

Last date for
submission of claims:    May 26, 2022


ENIGMA VENTURES: CRISIL Keeps D Debt Ratings in Not Cooperating
---------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Enigma
Ventures India Private Limited (EVPL: part of the Kohinoor group)
continues to be 'CRISIL D Issuer Not Cooperating'.

                       Amount
   Facilities       (INR Crore)     Ratings
   ----------       -----------     -------
   Cash Credit           10         CRISIL D (Issuer Not
                                    Cooperating)

   Proposed Cash          8         CRISIL D (Issuer Not
   Credit Limit                     Cooperating)

CRISIL Ratings has been consistently following up with EVPL for
obtaining information through letters and emails dated February 8,
2022 and April 18, 2022 among others, apart from telephonic
communication. However, the issuer has remained non cooperative.

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

Detailed Rationale

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

For arriving at the ratings, CRISIL Ratings has consolidated the
business and financial risk profiles of EVPL, Kohinoor Eximtex Pvt
Ltd (KEPL), Energetic Globetex Pvt Ltd (EGPL) and Kapadia Textiles
(KT), collectively referred to as the Kohinoor group, as these
entities are engaged in similar line of business and have
operational linkages.

                          About the Group

Incorporated in 2010, EVPL manufactures sarees and dress materials.
The manufacturing facility in Surat is managed by Mr Sanjay Juneja
and Mr Jitendra Shukla.

EGPL, incorporated in 2015, manufactures sarees and ladies' dress
material in Surat and is promoted by Mr Juneja and Mr Nikunj
Kapadia.

Incorporated in 2012, KEPL manufactures fabrics and readymade
garments in Surat. Mr Sanjay Juneja and Mr Hiren Kapadia are the
promoters.

Registered in 2012, KT manufactures sarees and ladies' dress
material. The firm is based in Surat. Its partners are Mr. Sanjay
Juneja and Mr. Hiren Kapadia.


FIVEBRO INTERNATIONAL: Insolvency Resolution Process Case Summary
-----------------------------------------------------------------
Debtor: Fivebro International Private Limited
        A-103/10, Tirth Bhumi Apartment
        Near Law Garden, Ellisbridge
        Ahmedabad 380006

Insolvency Commencement Date: May 12, 2022

Court: National Company Law Tribunal, Ahmedabad Bench

Estimated date of closure of
insolvency resolution process: November 6, 2022

Insolvency professional: Mr. Ramchandra Dallaram Choudhary

Interim Resolution
Professional:            Mr. Ramchandra Dallaram Choudhary
                         9B, Vardan Tower
                         Nr. Virmal House
                         Lakhudi Circle, Navrangpura
                         Ahmedabad, Gujarat 380014
                         E-mail: rdc_rca@yahoo.com
                                 cirp.fivebro@gmail.com

Last date for
submission of claims:    May 28, 2022


IL&FS ENVIRONMENTAL: Ind-Ra Keeps 'D' Rating in Non-Cooperating
---------------------------------------------------------------
India Ratings and Research (Ind-Ra) has maintained IL&FS
Environmental Infrastructure and Services Limited's Long-Term
Issuer Rating in the non-cooperating category. The issuer did not
participate in the rating exercise despite continuous requests and
follow-ups by the agency. Therefore, investors and other users are
advised to take appropriate caution while using these ratings. The
rating will continue to appear as 'IND D (ISSUER NOT COOPERATING)'
on the agency's website.

The instrument-wise rating actions are:

-- INR250 mil. Fund-based limits (Long-term/Short-term)
     maintained in non-cooperating category with IND D (ISSUER NOT

     COOPERATING) rating; and

-- INR54 mil. Term loan (Long-term) due on June 2021 maintained
     in non-cooperating category with IND D (ISSUER NOT
     COOPERATING) rating.

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

Company Profile

IL&FS Environmental Infrastructure and Services largely operates
under five segments: processing & disposal (municipality solid
waste management business), construction and demolition, collection
& transportation, waste to energy and social advisory.


JAI HANUMAN: CRISIL Lowers Rating on INR7.37cr Term Loan to D
-------------------------------------------------------------
CRISIL Ratings has downgraded the rating of Jai Hanuman Rice &
General Mills (JHCGM) to 'CRISIL D Issuer Not Cooperating' from
'CRISIL B+/Stable Issuer Not Cooperating', as company has delayed
in servicing of term debt-obligation.

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

   Term Loan              7.37     CRISIL D (ISSUER NOT
                                   COOPERATING; Downgraded from
                                   'CRISIL B+/Stable ISSUER NOT
                                   COOPERATING')

CRISIL Ratings has been consistently following up with JHCGM for
obtaining information through letters and emails dated January 26,
2021 and July 9, 2021 among others apart from telephonic
communication. However, the issuer has remained non cooperative.

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

Detailed Rationale

Despite repeated attempts to engage with the management, CRISIL
Ratings failed to receive any information on either the financial
performance or strategic intent of JHCGM, which restricts CRISIL
Ratings' ability to take a forward-looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on DFPL
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, CRISIL Ratings has downgraded the
rating to 'CRISIL D Issuer Not Cooperating' from 'CRISIL B+/Stable
Issuer Not Cooperating', as company has delayed in servicing of
term debt-obligation.

JHRGM was established as a partnership firm in 2008 by Mr Surinder
Kumar and Mr Hari Krishan. The firm mills and processes basmati and
non-basmati rice. Its facilities are at Gharaunda in Karnal,
Haryana.

Status of noncooperation with previous CRA

JHRGM has not cooperated with Brickwork Ratings India Private
Limited, which led to its classification as 'issuer not
cooperative' vide release dated April 20, 2021. The reason provided
by Brickwork Ratings India Private Limited is non-furnishing of
information for monitoring of ratings.

JHRGM has not cooperated with Acuite Ratings and Research Limited,
which led to its classification as 'issuer not cooperative' vide
release dated September 3, 2019. The reason provided by Acuite
Ratings and Research Limited is non-furnishing of information for
monitoring of ratings.


JEE CELEBRATIONS: CRISIL Keeps B+ Debt Ratings in Not Cooperating
-----------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Shree Jee
Celebrations Private Limited (SJCPL) continue to be 'CRISIL
B+/Stable Issuer Not Cooperating'.

                        Amount
   Facilities        (INR Crore)     Ratings
   ----------        -----------     -------
   Proposed Long Term     0.21       CRISIL B+/Stable (Issuer Not
   Bank Loan Facility                Cooperating)

   Term Loan              8.79       CRISIL B+/Stable (Issuer Not
                                     Cooperating)

CRISIL Ratings has been consistently following up with SJCPL for
obtaining information through letters and emails dated February 8,
2022 and April 18, 2022 among others, apart from telephonic
communication. However, the issuer has remained non cooperative.

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

Detailed Rationale

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

SJCPL, incorporated in 2012, operates a hotel and a restaurant in
Sonepat. Mr Radhey Shyam Gupta and family are the promoters.


JHUNJHUNWALA OIL: CRISIL Keeps D Debt Ratings in Not Cooperating
----------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Jhunjhunwala
Oil Mills Limited (JOML) continue to be 'CRISIL D/CRISIL D Issuer
Not Cooperating'.

                       Amount
   Facilities       (INR Crore)     Ratings
   ----------       -----------     -------
   Cash Credit           32         CRISIL D (Issuer Not
                                    Cooperating)

   Cash Credit            1         CRISIL D (Issuer Not
                                    Cooperating)

   Letter of Credit       2         CRISIL D (Issuer Not
                                    Cooperating)

   Proposed Long Term     1.31      CRISIL D (Issuer Not
   Bank Loan Facility               Cooperating)

   Proposed Long Term     0.19      CRISIL D (Issuer Not
   Bank Loan Facility               Cooperating)

   Standby Line           3.50      CRISIL D (Issuer Not
   of Credit                        Cooperating)

   Term Loan             18.5       CRISIL D (Issuer Not
                                    Cooperating)

CRISIL Ratings has been consistently following up with JOML for
obtaining information through letters and emails dated February 8,
2022 and April 18, 2022 among others, apart from telephonic
communication. However, the issuer has remained non cooperative.

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

Detailed Rationale

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

JOML was established by Mr. Vishwanath Jhunjhunwala in 1973. The
company manufactures and refines edible oil, mainly rice bran oil,
through the solvent extraction process. JOML also has a cattle-feed
plant, which processes de-oiled cake, a by-product of solvent
extraction. The company has solvent extraction and cattle-feed
manufacturing facilities in Varanasi (Uttar Pradesh) and a rice
milling unit in Kudra (Bihar).


KARMYOGI ANKUSHRAO: Ind-Ra Gives BB+ Long-Term Issuer Rating
------------------------------------------------------------
India Ratings and Research (Ind-Ra) has assigned Karmyogi Ankushrao
Tope Samarth Sahakari Karkhana Ltd (KATSSKL) a Long-Term Issuer
Rating of 'IND BB+'. The Outlook is Stable.

The instrument-wise rating action is:

-- INR1.50 bil. Fund-based working capital limits assigned with
     IND BB+/Stable/IND A4+ rating.

Key Rating Drivers

The rating reflects KATSSKL's upcoming capex of INR1,600 million in
FY23 for installing additional capacity of 100 kilo liters per day
(KLPD) in its distillery plant in Unit II. This would be in
addition to its on-going capex of INR810 million for setting up a
capacity of 60KLPD in the unit. Thus, Unit II will have a
distillery plant of total 160KLPD by FYE23, which will start
generating revenue from FY24. The additional capex of INR1,600
million will be funded by debt of INR1,520 million and internal
accruals of INR80 million. The ongoing capex for 60KLPD in Unit II
will be completed before October 2022, as the operations will start
during the month. Of this capex, 91% has been funded by term loans
(of which INR60 million had been disbursed as of early-April 2022)
and INR73.5 million through internal accruals. In FY22, the
capacity of the distillery unit in KATSSKL's Unit I was enhanced to
60 KLPD from 30KLPD at a cost of NR660 million, which was 87%
funded through term loans and remaining by internal accruals.

The rating reflects KATSSKL's modest EBITDA margins owing to the
regulated nature of the sugar industry. The margin fell to 8.07% in
FY21 (FY20: 13.9%) owing to an increase in cane harvesting, rise in
transporting expenses to INR748.74 million (INR481.87 million) due
to excess sugarcane availability, and an increase in overall
expenditure (steam & fuel expenses, production & selling expenses
and repairs & maintenance expenses) to INR572.16 million (INR429.04
million). The ROCE was 4% in FY21 (FY20: 9%). Ind-Ra expects the
profitability to have improved marginally on a yoy basis in FY22,
owing to higher absorption of fixed costs due to an increase in
revenue, resulting from the capacity expansion in the distillery
segment. The margins might deteriorate slightly in FY23 due to a
yoy increase in the fair and remunerative price in the sugar
segment from the levels of INR290/quintal in sugar season (SS) 2022
(SS2021: INR285/quintal, SS2020: INR275/quintal) and molasses
purchases for the distillery segment. However, the margins might
improve from FY24 on the back of higher realizations, resulting
from ethanol manufacturing from cane syrup.

The ratings reflect KATSSKL's average credit metrics due to modest
EBITDA margins coupled with high debt levels (FY21: INR2,122.42
million; FY20: INR1,986.78 million). The credit metrics
deteriorated in FY21 due to an increase in the short-term debt, and
the resultant rise in interest expenses, and decline in the
absolute EBITDA to INR334.78 million (FY20: INR548.97 million). In
FY21, the gross interest coverage (operating EBITDA/gross interest
expense) was 2.35x (FY20: 4.56x) and net leverage (total adjusted
net debt/operating EBITDA) was 5.9x (3.58x). Despite the rise in
total debt for capex purposes, Ind-Ra expects the credit metrics to
have improved marginally in FY22, backed by the likely rise in
profitability owing to an increase in deemed sugar exports. In
addition to this, the margins would be supported by a rise in
prices and the aforementioned improvement in absorption of fixed
costs. However, post the sanction of new loans, KATSSKL's credit
metrics might weaken in FY23.

The rating factors in the medium scale of operations, with revenue
of INR5,236.05 million in 10MFY22 (FY21: INR4,148.91 million; FY20:
INR3,950.82 million). The revenue increased owing to an increase in
sugar sales to INR4,288.44 million in 10MFY22 (FY21: INR2,843.93
million; FY20: INR2,948.1 million), mainly from deemed exports of
INR1,578.07 million (INR786.40 million; INR180.79 million) under
the open general license scheme. Sugar accounted for 82% of the
total revenue in 10MFY22 (FY21: 66%; FY20: 75%), followed by
molasses sale at 9% (FY21: 8%). Unit I commenced its crushing from
9 November 2021 and Unit II from 11 November 2021, with an
estimated recovery rate of 11% for both units. Until mid-March
2022, the sugar mill crushed 598,310 metric tons (MT) of sugarcane
in Unit I and 385,800MT in Unit II, over a period of 133 and 131
days, respectively. As of January 31, 2022, the sugar closing stock
was INR2,600 million (83,870MT, INR31/kg).

The ethanol sales generated during November 2021-January 2022
amounted to INR195.3 million (FY21: INR243.83 million; FY20:
INR114.68 million) and co-generation sales for 10MFY22 stood at
INR225.87 million (FY21: INR414.1 million; INR328.35 million). The
co-gen sales reduced in 10MFY22, due to an increase in captive
consumption for Unit I's distillery unit. For B-heavy
molasses-based ethanol, KATSSKL has received a tender of 21.5
million liters from the three leading oil marketing companies for
the November 2021-October 2022 season, of which 2.3 million liters
had been sold until mid-March 2022. Ind-Ra expects the revenue to
be supported by the new distillery set-up of 60KLPD in Unit II,
which will commence its operations from October 2022; the
management plans to increase the capacity further to 160KLPD in
FY23, which would start generating revenue from FY24. The revenue
will be further supported by the company's strategy of producing
ethanol from cane syrup in both units' distilleries from October
2022, during the peak season. It plans to store B-heavy molasses
produced during the cane crushing process and produce B-heavy
molasses-based ethanol during the off-season.

Liquidity Indicator - Adequate: The peak average utilization of
pledge loans was 62.69% for the 12 months ended February 2022. The
unutilized limits of pledge loan stood at INR744.59 million as of
February 2022. The cash and cash equivalents stood at INR148.05
million. The debt repayments amounted to INR70.01 million in FY22;
in FY23, the company has repayment obligations of INR94.93 million.
The cash flow from operations turned positive at INR41.77 million
in FY21 (FY20: negative INR254.84 million), owing to favorable
changes in the working capital. The total outside liabilities/total
net worth ratio stood at 0.88x in FY21 (FY20: 0.75x) and
debt-equity ratio stood at 0.53x (FY20: 0.54x). The working capital
cycle remained stretched in FY21 due to the long inventory storing
period (FY21: 437 days; FY20: 394 days), which is intrinsic to the
sugar industry. However, the cycle improved to 358 days in FY21
(FY20: 367 days) due to an increase in payable days to 122 days (67
days). KATSSKL did not avail Reserve Bank of India-prescribed
moratorium for March-August 2020.

The ratings are supported by the promoters' experience of nearly
three decades in the sugar industry.

Rating Sensitivities

Negative: Any delay in the completion of the upcoming distillery
capex, leading to time or cost overruns, or decline in revenue or
operating profitability, leading to the gross interest coverage
falling below 1.5x, or deterioration in liquidity position, all on
a sustained basis, would be negative for the rating.

Positive: Successful completion of the upcoming distillery capex
with no time and cost overruns, along with an improvement in the
revenue and operating profitability, while maintaining the credit
metrics and the liquidity position, would be positive for the
rating.

Company Profile

KATSSKL manufactures sugar and has an installed capacity of 4,000
tons cane crushed per day in Unit I and 2,500 tons cane crushed per
day in Unit II. It also owns co-generation facility of 18MW and
distillery unit of 60KLPD in Unit I. The company has undertaken
capex to install 60KLPD of distillery in Unit II for the
manufacturing of ethanol. Furthermore, it plans to increase this
capacity to 160KLPD in FY23.


M R DIAMOND: Ind-Ra Keeps BB LT Issuer Rating in Non-Cooperating
----------------------------------------------------------------
India Ratings and Research (Ind-Ra) has maintained M R Diamond's
Long-Term Issuer Rating of 'IND BB (ISSUER NOT COOPERATING)' in the
non-cooperating category and has simultaneously withdrawn the
rating.

The instrument-wise rating actions are:

-- INR140 mil. Fund-based working capital limits* maintained in
     non-cooperating category and withdrawn; and

-- INR40 mil. Term loan# due on November 2023 maintained in non-
     cooperating category and withdrawn.

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

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

Key Rating Drivers

Ind-Ra has maintained the ratings in the non-cooperating category
as the issuer did not participate in the rating exercise, despite
requests by the agency and has not provided information pertaining
to full-year financial performance for FY19, FY20, FY21,
provisional FY22, sanctioned bank facilities and utilization,
business plan and projections for the next three years, information
on corporate governance, and management certificate.

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

Company Profile

Established in 2015 as a partnership firm in Surat, M R Diamond
manufactures cut and polished diamonds.


MAHASEMAM TRUST: Ind-Ra Affirms BB+ Loan Rating, Outlook Stable
---------------------------------------------------------------
India Ratings and Research (Ind-Ra) has affirmed Mahasemam Trust's
(MT) bank loans' rating at 'IND BB+' with a Stable Outlook.

The detailed rating action is:

-- INR949.39 mil. Bank loans affirmed with IND BB+/Stable rating.

Key Rating Drivers

Modest Standalone Profile: At FYE22, MT's assets under management
(AUM) improved to INR1,700 million (FYE21: INR1,172 million, FYE20:
INR1,400 million, FYE19: INR1,397.8 million), although remained
small as compared to other non-banking finance companies-micro
finance institutions (NBFCs-MFIs) and the overall Tamil Nadu
microfinance market of INR308,000 million. The portfolio also
remains concentrated in Tamil Nadu (operates in 10 districts) and
the trust does not intend to expand its portfolio outside Tamil
Nadu in the near term. MT mainly disburses loans for a tenure of
one year compared to registered NBFCs-MFIs, who mainly lend loans
for 18-24 months. The share of higher ticket sizes loans in
INR0.03-0.044 million bucket increased to 56% in February 2022
(March 2021: 30%). At end-December 2021, with a net worth of
INR401.8 million, MT’s capital to risk weighted assets ratio was
27.3% (FY21: 32.18%, FY20: 23.42%, FY19: 19.2%), Tier-1 capital
ratio was 27.3% (32.18%, 23.42%, 19.2%) and debt/equity was 3.5x
(3.2x, 4.4x, 5.6x).

However, MT, being an unregulated non-profit entity, has
substantial limitations in terms of equity raise. Given MT is a
trust, the Reserve Bank of India's norms are voluntary for now even
post the implementation of harmonization guidelines wherein only
section 8 registered not-for-profit organizations with AUM above
INR1,000 million need to apply for an NBFC-MFI license.

Limited Access to Credit Bureaus: MT operates on a trust model, and
therefore, cannot enlist its borrowers to credit bureaus, which
enhances the risk of the borrowing profile. MT has stated to Ind-Ra
that is not being able to tap credit bureaus similar to an NBFC,
impacting its business prospects and leading to difficulties in
conducting business. While MT has a vintage of more than two
decades and has not witnessed major issues in terms of borrower
defaults even during demonetization and through COVID-19, Ind-Ra
believes the trust's inability to access credit bureaus (for
submission of borrower data) could still lead to uncertainties
relating to customers overleveraging themselves.

Stable Asset Quality: At end-February 2022, MT's gross
non-performing assets (portfolio at risk 90+days past due) remained
stable at 0.05% (FYE21:0.28%, FYE20: 0.14%, FYE19: 0.09%), similar
to that of its peers' with a comparable portfolio size in the
microfinance segment. Ind-Ra also opines the company's relatively
smaller portfolio, and a smaller area of operations than other
larger NBFC-MFIs would have provided MT  better ability to control
its portfolio quality.

High Vintage Microfinance Experience: While in the trust form, MT
has over 20 years of experience in the microfinance space. It has
seen multiple cycles and has a well-seasoned portfolio. The
management has a considerable experience of more than two decades
in the business and has a strong understanding of the local market
and customer segments in Tamil Nadu, which helps in controlling
delinquencies despite being concentrated in a single state.

Liquidity Indicator – Adequate: At end-February 2022, MT had
unencumbered cash and liquid investments of INR269.2 million,
equivalent to about 18% of its AUM. It has outflows in terms of
debt servicing (principal and interest) of around INR167million for
March-May 2022. As per MT's December 2021 asset-liability
management statement, the trust has a surplus in all the up to one
year buckets. The trust maintains liquid investments of INR100
million-200 million covering three months of repayments at any
point of time. The management does not expect any material decline
in MT's thrift deposits amounting to INR416 million at end-December
2021 (March 2021: INR445 million), as the deposits are only repaid
when the members leave the group. Hence, the deposit maturity would
be co-terminus with the loan tenor.

Stable Outlook on MFIs: Ind-Ra revised its outlook on the
microfinance sector to Neutral for FY23 from Negative. The agency
has also revised the rating Outlook on small-mid NBFC-MFIs,
including those with over 50% of AUM in microfinance sector to
Stable for FY23 from Negative, while maintaining large NBFC-MFIs
(group-owned entities or AUM greater than INR50 billion) on a
Stable rating Outlook. Ind-Ra opines that since the COVID-19 impact
on credit costs has been largely absorbed, there is a likelihood of
normalized growth for MFIs with a recovery in collections
(especially on post-COVID-19 disbursements) and relatively easy
refinancing than compared to the last two years. Moreover, there
are increased viability expectations for small-mid NBFC-MFIs post
the implementation of new regulations, as entities can implement
risk-based pricing of loans. Ind-Ra opines, this could improve
pre-provision operating profit margins and provide higher tolerance
to withstand credit costs. Ind-Ra also expects that the non-profit
form of MFIs would continue to face challenges from lenders from
incremental borrowing point of view.

Rating Sensitivities

Positive: The rating could be upgraded if the trust is able to
significantly expand and diversify its franchise, scale-up
operations while maintaining adequate short-term liquidity, higher
capital buffers and lower leverage on a sustained basis while
maintaining asset quality.

Negative: Inability to maintain adequate capital buffers and
back-up liquidity provisions, rising leverage and deterioration in
the asset quality (credit costs rising above 5%),
higher-than-expected drop in collections or tier 1 capital level
reducing below 20% or any event that could lead to a material
outflow of its thrift deposits could result in a negative rating
action.

Company Profile

MT is a Madurai, Tamil Nadu-based trust engaged in microfinance
activities. The trust provides personal unsecured loans to its
members across Tamil Nadu.

The trust's loan portfolio consists of women self-help group (SHG)
loans. SHGs operate on the joint-liability group model with the
joint guarantee signed by the groups. The trust also provides
maternity, education, marriage and sanitation loans to aid and
cover the entire life cycle of SHG members.


MARUTI METAL: CRISIL Keeps D Debt Ratings in Not Cooperating
------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Maruti Metal
Industries (MMI) continue to be 'CRISIL D/CRISIL D Issuer Not
Cooperating'.

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

   Letter of Credit      9.5        CRISIL D (Issuer Not
                                    Cooperating)

   Proposed Long Term   13.05       CRISIL D (Issuer Not
   Bank Loan Facility               Cooperating)

   Standby Line          0.45       CRISIL D (Issuer Not
   of Credit                        Cooperating)

CRISIL Ratings has been consistently following up with MMI for
obtaining information through letters and emails dated February 8,
2022 and April 18, 2022 among others, apart from telephonic
communication. However, the issuer has remained non cooperative.

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

Detailed Rationale

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

MMI, based in Bhavnagar (Gujarat), is a partnership firm set up in
2003. Managed by Mr. Mahendrakumar Rana, the firm trades in
non-ferrous metals such as bronze, copper, nickel, zinc, and lead.


NASSCO TRADING: CRISIL Keeps D Debt Rating in Not Cooperating
-------------------------------------------------------------
CRISIL Ratings said the rating on bank facilities of Nassco Trading
India Private Limited (NTIPL) continues to be 'CRISIL D Issuer Not
Cooperating'.

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

CRISIL Ratings has been consistently following up with NTIPL for
obtaining information through letters and emails dated February 8,
2022 and April 18, 2022 among others, apart from telephonic
communication. However, the issuer has remained non cooperative.

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

Detailed Rationale

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

Incorporated in April 2010, NTIPL trades in tiles, marbles, and
granites. It is based in Attingal (Kerala), and is promoted by Mr
Nazar Mohamed Ellias and his wife Ms Raheena Jalaudeen.


NEEL KANTH: CRISIL Keeps B Debt Ratings in Not Cooperating
----------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Neel Kanth
Agrofood Products Private Limited (NAPPL) continue to be 'CRISIL
B/Stable Issuer Not Cooperating'.

                       Amount
   Facilities       (INR Crore)     Ratings
   ----------       -----------     -------
   Cash Credit           3.5        CRISIL B/Stable (Issuer Not
                                    Cooperating)

   Long Term Loan        3.5        CRISIL B/Stable (Issuer Not
                                    Cooperating)

CRISIL Ratings has been consistently following up with NAPPL for
obtaining information through letters and emails dated February 8,
2022 and April 18, 2022 among others, apart from telephonic
communication. However, the issuer has remained non cooperative.

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

Detailed Rationale

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

Set up in 2012 as a private limited company by Mr. Abhay Kumar and
Ms. Poonam Kumari, NAPPL processes wheat products such as maida,
suji, atta, rava, and bran and sells them under its brand,
Navmanthan. The company's flour mill in Patna started operations in
May 2014.


PARI AGRI: CRISIL Keeps B+ Debt Ratings in Not Cooperating
----------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Pari Agri
Grain Industries Private Limited (PAGIPL) continue to be 'CRISIL
B+/Stable Issuer Not Cooperating'.

                       Amount
   Facilities       (INR Crore)     Ratings
   ----------       -----------     -------
   Cash Credit            8         CRISIL B+/Stable (Issuer Not
                                    Cooperating)

   Proposed Long Term     4         CRISIL B+/Stable (Issuer Not
   Bank Loan Facility               Cooperating)

CRISIL Ratings has been consistently following up with PAGIPL for
obtaining information through letters and emails dated February 8,
2022 and April 18, 2022 among others, apart from telephonic
communication. However, the issuer has remained non cooperative.

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

Detailed Rationale

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

Established as Jai Shree Balaji Warehousing and Real Estate Pvt Ltd
in December 2011, PAGIPL got its current name in 2015. PAGIPL
trades chickpeas, wheat, jowar and soyabean and its registered
office is situated at Dewas, Madhya Pradesh. The company has also
forayed into exports recently.


PRAGATI FOODS: CRISIL Lowers Rating on INR18cr Cash Loan to B
-------------------------------------------------------------
CRISIL Ratings has revised the ratings on bank facilities of
Pragati Foods (PF) to 'CRISIL B/Stable Issuer Not Cooperating' from
'CRISIL BB/Stable Issuer Not Cooperating'.

                       Amount
   Facilities       (INR Crore)     Ratings
   ----------       -----------     -------
   Cash Credit           18         CRISIL B/Stable (ISSUER NOT
                                    COOPERATING; Revised from
                                    'CRISIL BB/Stable ISSUER NOT
                                    COOPERATING')

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

   Proposed Long Term    20.5       CRISIL B/Stable (ISSUER NOT
   Bank Loan Facility               COOPERATING; Revised from
                                    'CRISIL BB/Stable ISSUER NOT
                                    COOPERATING')

   Warehouse Receipts    20         CRISIL B/Stable (ISSUER NOT
                                    COOPERATING; Revised from
                                    'CRISIL BB/Stable ISSUER NOT
                                    COOPERATING')

CRISIL Ratings has been consistently following up with PF for
obtaining information through letters and emails dated February 28,
2022 and April 18, 2022 among others, apart from telephonic
communication. However, the issuer has remained non cooperative.

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

Detailed Rationale

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

Established in 2013, PF, a partnership concern of Mr Rasmeet
Malhotra, Mr Mayank Dudaan, is engaged in the processing and
distribution of basmati rice. Its milling facility in Piparaiya
(Madhya Pradesh) has an installed capacity of 70000 tonne per
annum.


PRASAD AGRO: CRISIL Keeps D Debt Ratings in Not Cooperating
-----------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Prasad Agro
Industries (PAI) continue to be 'CRISIL D Issuer Not Cooperating'.

                       Amount
   Facilities       (INR Crore)     Ratings
   ----------       -----------     -------
   Cash Credit          9.75        CRISIL D (Issuer Not
                                    Cooperating)

   Long Term Loan       3.75        CRISIL D (Issuer Not
                                    Cooperating)

CRISIL Ratings has been consistently following up with PAI for
obtaining information through letters and emails dated February 8,
2022 and April 18, 2022 among others, apart from telephonic
communication. However, the issuer has remained non cooperative.

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

Detailed Rationale

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

PAI, a proprietorship firm of Mrs. Vaishali Gulange was set up in
2013-14 in Latur (Maharashtra). The firm is engaged in dal mill
with an installed capacity of 30 MT per day. Gulange Warehouse and
Allamprabhu Warehouse are engaged in providing warehouse services
to agri commodities. Each firm has storage capacity of 6000
tonnes.


PRATISTHAN COAL: CRISIL Lowers Rating on INR12.5cr Loan to B
------------------------------------------------------------
CRISIL Ratings has revised the ratings on bank facilities of
Pratisthan Coal Bricket (PCB) to 'CRISIL B/Stable Issuer Not
Cooperating' from 'CRISIL BB-/Stable Issuer Not Cooperating'.

                       Amount
   Facilities       (INR Crore)     Ratings
   ----------       -----------     -------
   Cash Credit          12.5        CRISIL B/Stable (ISSUER NOT
                                    COOPERATING; Revised from
                                    'CRISIL BB-/Stable ISSUER NOT
                                    COOPERATING')

CRISIL Ratings has been consistently following up with PCB for
obtaining information through letters and emails dated February 8,
2022 and April 18, 2022 among others, apart from telephonic
communication. However, the issuer has remained non cooperative.

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

Detailed Rationale

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

Established in 2008, PCB is a proprietorship firm of Mr Rajesh Jha,
who looks after operations. The firm trades in coal and steel
products, such as thermo mechanically treated bars and angles.



PRAYOSHA HEALTHCARE: CRISIL Keeps B Ratings in Not Cooperating
--------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Prayosha
Healthcare Private Limited (PHPL) continue to be 'CRISIL B/Stable
Issuer Not Cooperating'.

                       Amount
   Facilities       (INR Crore)     Ratings
   ----------       -----------     -------
   Cash Credit           4          CRISIL B/Stable (Issuer Not
                                    Cooperating)

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

   Rupee Term Loan       3.5        CRISIL B/Stable (Issuer Not
                                    Cooperating)

CRISIL Ratings has been consistently following up with PHPL for
obtaining information through letters and emails dated February 28,
2022 and April 18, 2022 among others, apart from telephonic
communication. However, the issuer has remained non cooperative.

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

Detailed Rationale

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

PHPL was incorporated in 2005, promoted by Mr. R.M. Patel, Mr.
Tushar Patel and Ms. Chetnaben Patel. The company, based in
Ankleshwar, Gujarat, is into manufacturing of Active Pharmaceutical
Ingredient (API).


PREMIER EXPORTS: Ind-Ra Affirms BB Issuer Rating, Outlook Stable
----------------------------------------------------------------
India Rating and Research (Ind-Ra) has affirmed Premier Exports
International's (PEI) Long-Term Issuer Rating at 'IND BB'. The
Outlook is Stable.

The instrument-wise rating action is:

-- INR150 mil. (increased from INR50 mil.) Fund-based working
     capital limits affirmed with IND BB/Stable/IND A4+ rating.

Key Rating Drivers

The affirmation reflects PEI's continued small scale of operations
despite increase in the revenue to INR652.3 million in FY22 (FY21:
INR475.81 million). The revenue growth in FY22 was driven by an
increase in sales realization of shrimps to USD6.3-6.5 per kg from
USD6 per kg, coupled with an increase in demand for shrimps from
Japan for ready-to-cook and ready-to eat items. Furthermore, the
seafood processing and trading business bounced back in FY22, post
the unlocking of economic activities.  Ind-Ra expects the revenue
to marginally increase further in the medium term on the back of
continuous demand for shrimps from Japan. FY22 numbers are
provisional.

Liquidity Indicator - Stretched: PEI does not have any capital
market exposure and relies on banks and financial institutions to
meet its funding requirements. The company's cash and cash
equivalents stood low at INR2.92 million (FY21: INR5.52 million).
The peak average utilization of the fund-based working capital
limits was 83.16% for the 12 months ended March 2022. The cash flow
from operations is likely to have turned positive in FY22 (FY21:
negative INR61.56 million) owing to an increase in EBITDA and
favorable changes in working capital. The working capital cycle
reduced to 58 days in FY22 (FY21: 104 days) owing to a decrease in
the inventory holding period to 52 days (FY21: 82 days) and
receivable period to 7 days (32 days). At end-March 2022, PEI had
no long-term debt on its balance sheet, except for vehicle loans of
INR5.29 million. It has scheduled repayments of INR1.29 million,
each, in FY23 and FY24. PEI received a sanction for a guaranteed
emergency credit line of INR36.6 million in March 2022 with a
moratorium of 24 months, however, the loan has not been disbursed
yet. The management has informed Ind-Ra that it may not get the
loan disbursed, as it believes internal accruals will be sufficient
to meet its working capital requirements.

PEI is dependent on demand from its Japanese customers, which
contribute 80% to its total sales. Furthermore, the availability of
shrimps in Kerala, directly impacts the sales and profitability of
the firm. The sales are high during the peak period from July to
October each year (FY22: 59% of the total sales).

However, the ratings continue to benefit from the company's healthy
EBITDA margins of 4.83% in FY22 (FY21: 2.31%) with a return on
capital employed of 16% (4%). The improvement in margins was due to
the increase in revenue as well as a decrease in purchase cost,
resulting from discounts received as a result of cash payments to
suppliers. Ind-Ra expects the margins to remain in line with FY22
in the near term owing to continued discounted rates, irrespective
of increase in ocean freight expenses.

The ratings also remain supported by the company's comfortable
credit metrics. The gross interest coverage (operating EBITDA/gross
interest expense) improved to 6.08x in FY22 (FY21: 2.05x) and the
net leverage (total adjusted net debt/operating EBITDA) to 1.58x
(10.59x) owing to increase in the absolute EBITDA to INR31.51
million (INR11 million) and a decrease in the total debt to
INR52.56 million (INR122.03 million). Ind-Ra expects the credit
metrics to remain comfortable in the near term owing to the healthy
margins.

The ratings also continue to be supported by the partners'
experience of four decades in the seafood processing industry,
leading to established relationships with its customers and
suppliers.

Rating Sensitivities

Negative: Deterioration in the revenue or operating margin or an
elongation of the net working capital cycle, or deterioration in
the liquidity position, all on a sustained basis, will lead to a
negative rating action.

Positive: A substantial growth in revenue and operating margin,
leading to a sustained improvement in the credit metrics, along
with improvement in the liquidity position, will lead to a positive
rating action.

Company Profile

Established in 1980 as a partnership firm, PEI is engaged in the
processing and export of frozen marine products such as shrimps,
squid and cuttlefish. The processing includes peeling, cleaning and
freezing of shrimps.


RAM LAL: CRISIL Keeps D Debt Ratings in Not Cooperating
-------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Ram Lal Aneja
Foods Private Limited (RLAF) continue to be 'CRISIL D Issuer Not
Cooperating'.

                       Amount
   Facilities       (INR Crore)     Ratings
   ----------       -----------     -------
   Cash Credit           1          CRISIL D (Issuer Not
                                    Cooperating)

   Cash Credit          25          CRISIL D (Issuer Not
                                    Cooperating)

   Working Capital       4          CRISIL D (Issuer Not
   Demand Loan                      Cooperating)

CRISIL Ratings has been consistently following up with RLAF for
obtaining information through letters and emails dated February 8,
2022 and April 18, 2022 among others, apart from telephonic
communication. However, the issuer has remained non cooperative.

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

Detailed Rationale

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

Incorporated in 2013, RLAF promoted by Mr Ram Lal and his son Mr
Ashok Kumar, processes basmati rice.


RECORE CERAMIC: CRISIL Keeps B+ Debt Ratings in Not Cooperating
---------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Recore
Ceramic continue to be 'CRISIL B+/Stable Issuer Not Cooperating'.

                       Amount
   Facilities       (INR Crore)     Ratings
   ----------       -----------     -------
   Cash Credit            3         CRISIL B+/Stable (Issuer Not
                                    Cooperating)

   Proposed Long Term     2.75      CRISIL B+/Stable (Issuer Not
   Bank Loan Facility               Cooperating)

   Term Loan              6.75      CRISIL B+/Stable (Issuer Not
                                    Cooperating)

CRISIL Ratings has been consistently following up with Recore for
obtaining information through letters and emails dated February 8,
2022 and April 18, 2022 among others, apart from telephonic
communication. However, the issuer has remained non cooperative.

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

Detailed Rationale

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

Established in 2014, Recore was set up by the Morbi (Gujarat)-based
Savsani and Nagpara families. The firm manufactures digital wall
tiles. Recore commenced commercial operations in June 2015.


RELIGARE FINVEST: Ind-Ra Affirms D Long-Term Issuer Rating
----------------------------------------------------------
India Ratings and Research (Ind-Ra) has affirmed Religare Finvest
Limited's (RFL) Long-Term Issuer Rating at 'IND D'.

The instrument-wise rating actions are:

-- INR3 mil. (reduced from INR4 mil.) Lower Tier 2 sub-debt#
     affirmed with IND D rating; and

-- INR150 mil. Long-term bank loans affirmed with IND D rating.

#Details in Annexure

Key Rating Drivers

The affirmation reflects RFL's continued delays in debt servicing
since April 2019. The company is still under the corrective action
plan advised by the Reserve Bank of India (RBI).

The debt resolution plan proposed by the company with TCG Advisory
Services Private Limited (TCG) as an investor was rejected by the
RBI in March 2020. Subsequently, the company submitted a revised
plan with Religare Enterprises Ltd (REL) continuing as promoter/
shareholder of RFL which was also rejected by the RBI on February
11, 2022. The company has filed a writ petition against the
rejection before the Delhi High Court, and the matter has now been
adjourned to May 11, 2022. Moreover, the company is in discussion
with its lenders for a one-time settlement. RFL also continues to
pursue recovery cases including Lakshmi Vilas Bank and expects to
recover its fixed deposits along with interest totaling about
INR9,500 million from the bank.

Rating Sensitivities

Positive: Timely debt servicing for at least three consecutive
months would result in a positive rating action.

ESG Issues

The ESG issues are highly relevant for RFL, due to weak corporate
governance practices and financial mismanagement which led to
default by the entity. For more information on Ind-Ra’s ESG
Relevance Disclosures, please click here. For answers to frequently
asked questions regarding ESG Relevance Disclosures and their
impact on ratings, please click here.

Company Profile

RFL is a non-bank finance company primarily providing loans to
small and medium enterprises through its product offering of loan
against property and working capital loans. RFL had total assets
worth INR39.76 billion at end-December 2021. During 9MFY22, RFL
registered a net loss of INR10.06 billion.


ROYAL PLAZA: CRISIL Keeps D Debt Rating in Not Cooperating
----------------------------------------------------------
CRISIL Ratings said the rating on bank facilities of Royal Plaza
Inn (RPI) continues to be 'CRISIL D Issuer Not Cooperating'.

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

CRISIL Ratings has been consistently following up with RPI for
obtaining information through letters and emails dated February 08,
2022 and April 18, 2022 among others, apart from telephonic
communication. However, the issuer has remained non cooperative.

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

Detailed Rationale

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

RPI was set up in 2010 by the proprietor, Mr. M P Shamsudheen. The
firm is currently constructing a 108-room hotel in Arayidathupalam
(Kozhikode; Kerala).


SAFAL GLADEONE: Ind-Ra Gives BB LT Issuer Rating, Outlook Stable
----------------------------------------------------------------
India Ratings and Research (Ind-Ra) has assigned Safal Gladeone
Estate (SGE) a Long-Term Issuer Rating of 'IND BB'. The Outlook is
Stable.

The instrument-wise rating action is:

-- INR730 mil. Term loan due on March 2026 assigned with IND BB/
     Stable rating.

The ratings reflect SGE's high execution risk, high concentration
risk and stretched liquidity. The ratings benefit from the firm's
low funding risk, locational advantage and experienced promoters
with established track record in the real estate industry.  

Key Rating Drivers

The ratings reflect the early stage of the firm's ongoing Safal
Gladone Project - Phase 2 project that carries a high execution
risk as a significant portion of the project needs to be completed
by March 2024. The firm had incurred INR515 million (31%) at
end-June 2021.

The ratings are also constrained by the firm's high concentration
risk as it has a single ongoing project.

Liquidity Indicator – Stretched: Out of the total pending
construction of INR1,144 million, the bank has sanctioned a term
loan of INR730 million and INR430 million is receivable from the
property sold. The term loan repayment will start from April 2024.


However, the ratings are supported by SGE's low funding risk as the
overall project is to be funded by promoters' fund of INR445
million along with the term loan. The promoters have infused 100%
of their contribution till June 2021 while the bank has also
sanctioned the term loan of INR730 million.

The ratings also benefit by the project location being only 35km
away from the Ahmedabad Railway Station and around 30km away from
Ahmedabad city Centre. Moreover, the firm's promoters have an
experience of over 25 years in the real estate industry. The Safal
group has developed more than 20 million sf of commercial and
residential space since its inception in 1994.

Rating Sensitivities

Negative: Any delay in the project execution or cost overrun
resulting in a higher-than-expected debt requirement will be
negative for the ratings.    

Positive: Successful project completion and sale or a
higher-than-expected sales relations  leading to a strong cash flow
visibility will lead to a positive rating action.

Company Profile

SGE is partnership firm established by promoters of Ahmedabad based
BSafal Group. The firm has undertaken project to land parcel in
Sanand, Gujarat. In the current phase, SGE is constructing 160
villas and resort with a golf course.


SANGHA ERECTORS: Insolvency Resolution Process Case Summary
-----------------------------------------------------------
Debtor: Sangha Erectors Private Limited
        Plot No. 1, Vasavi Nagar
        Kakaguda Village Lkpicket
        Secunderabad 500003
        Telangana

Insolvency Commencement Date: May 17, 2022

Court: National Company Law Tribunal, Hyderabad Bench

Estimated date of closure of
insolvency resolution process: November 9, 2022

Insolvency professional: Mr. Ritesh Mittal

Interim Resolution
Professional:            Mr. Ritesh Mittal
                         Sanjay Kumar Kothari & Co
                         D.No. 205, Doshi Chambers
                         Basheerbagh, Hyderabad 500029
                         E-mail: mrriteshmittal@gmail.com

Last date for
submission of claims:    May 31, 2022


SUPERTECH LTD: Lender Seeks INR75cr One-Time Settlement Payment
---------------------------------------------------------------
Livemint.com reports that Supertech Ltd's financial creditor Union
Bank of India has asked the insolvency-bound company to deposit
INR75 crore as upfront cash for considering one-time settlement
(OTS) of dues.

During the proceedings of the insolvency appellate tribunal NCLAT,
counsel representing Supertech informed that the realty firm had
several rounds of discussions with Union Bank of India, the report
relates.

According to the report, the realty firm had offered to make an
upfront payment of INR10 crore with 10 crore on acceptance of OTS,
however, the public sector lender asked to deposit INR75 crore as a
condition to consider for settlement.

"It is submitted that the Appellant (Supertech) has offered to make
upfront payment of INR10 crore with 10 crore on acceptance of OTS
and INR55 crore for exclusive security however the Bank has asked
to deposit INR75 crore as upfront to consider the OTS," the NCLAT
recorded in its order dated May 17, Livemint.com relays.

Union Bank of India's counsel submitted that as per policy of the
Bank, it is fully entitled to ask for upfront 15-20% of the dues.

Livemint.com says the National Company Law Appellate Tribunal
(NCLAT) has asked the public sector lender to file a copy of the
said policy.

"Learned Counsel for the Bank may file the copy of the Policy along
with the Judgment of the Hon'ble Supreme Court on which reliance is
placed in support of his submission before the date fixed," said a
two member NCLAT bench headed by Chairperson Justice Ashok Bhushan,
notes the report.

Meanwhile, home-buyers of Supertech also filed an intervention in
the matter through their counsel Piyush Singh over refund in Twin
Tower case.

"We make it clear that in this Appeal there is no issue regarding
the Twin Tower of Supretech," said NCLAT, says the report.

NCLAT had directed to list the appeal on May 23 and said its
interim order staying formation of Committee of Creditors (CoC)
would continue till then.

However, it also clarified that the interim resolution professional
is free to take other steps, Livemint.com notes.

"As prayed, list this Appeal on May 23, 2022. Interim order to
continue till then. We have already stayed the Constitution of CoC
however there is no stay of the other steps to be taken by the
IRP," it said.

NCLAT's direction came, while hearing a petition filed by Ram
Kishor Arora, a director of the suspended board of Supertech Ltd,
against the order passed by the National Company Law Tribunal on
March 25.

On March 25, the Delhi bench of NCLT initiated insolvency
proceedings against Supertech Ltd over a petition filed by the
Union Bank of India for non-payment of dues of around INR432 crore,
Livemint.com discloses.

NCLT had also appointed Hitesh Goyal as the Interim Resolution
Professional (IRP) superseding the board of Supertech Ltd.

However, NCLAT had stayed the formation of the committee of
creditors under the insolvency proceedings after the realty firm
requested for time to enable it to approach the bank for
negotiations.

Livemint.com says the default pertains to the loan given by the
Union Bank of India to Eco Village II project at Greater Noida
(West) in Uttar Pradesh, which was being developed at a cost of
INR1,106.45 crore.

The formation of CoC is an important step for the Corporate
Insolvency Resolution Process (CIRP) under IBC (Insolvency &
Bankruptcy Code).

Once NCLT initiates CIRP against a debt-ridden firm, it appoints an
Interim Resolution Professional (IRP) after suspending the board of
the firm, Livemint.com adds.

Supertech Ltd is a Noida-based property developer.

As reported in the Troubled Company Reporter-Asia Pacific on March
28, 2022, insolvency proceedings have been initiated against
Supertech Ltd after a National Company Law Tribunal (NCLT) bench on
March 25 admitted a petition filed by Union Bank of India for
non-payment of dues by the company.  An interim resolution
professional (IRP) has also been appointed for Supertech,
superseding the company's board.

TELAWNE POWER: Ind-Ra Affirms BB+ LT Issuer Rating, Outlook Stable
------------------------------------------------------------------
India Ratings and Research (Ind-Ra) has affirmed Telawne Power
Equipments Pvt. Ltd.'s Long-Term Issuer Rating at 'IND BB+'. The
Outlook is Stable.

The instrument-wise rating actions are:

-- INR90 mil. Fund-based limits affirmed with IND BB+/Stable/IND
     A4+ rating; and

-- INR190 mil. Non-fund-based limits affirmed with IND A4+
     rating.

Key Rating Drivers

The affirmation reflects Telawne's continued medium scale of
operations. The revenue increased to INR931.53 million in FY22
(FY21: INR607.03 million, FY20: INR963.28 million) on account of
execution of a higher number of orders. However, in FY21, the
revenue declined due to disruptions caused by the Covid-19-led
lockdown. As on 11 April 2022, the company had an order book of
INR821.813 million, to be executed in FY23.

The ratings also factor in Telawne's continued modest EBITDA margin
of 5.21% in FY21 (FY20: 4.53%) with a return on capital employed of
11.4% (18.0%). The improvement in margin was due to the company's
increased focus on high-margin exports. During 10MFY22, the company
reported margins of 5.5%. Ind-Ra expects the EBITDA margin to have
marginally improved further in FY22, on account of continued
execution of high-margin export orders.

The ratings further reflect the company's modest credit metrics
with the gross interest coverage (operating EBITDA/gross interest
expense) of 1.38x in FY21 (FY20: 1.33x) and the net financial
leverage (adjusted net debt/operating EBITDA) of 5.4x (2.58x). The
deterioration in the net financial leverage was due to an increase
in long-term loans in form of secured and unsecured loans from
banks and non-bank finance companies to fund purchase of
machineries and set up corrections in its leased plant. However,
the gross interest coverage improved owing to a decline in interest
expense as the company borrowed lower-interest bearing debt in the
form of guaranteed emergency credit line. During 10MFY22, the gross
interest coverage stood at 1.48x and the net leverage at 5.36x.
Ind-Ra expects the credit metrics to have improved in FY22 on
account of a decline in debt owing to the scheduled repayment and
absence of any debt-led capex plan.

Liquidity Indicator - Stretched: The average maximum utilization of
the fund-based limits was 94.79% and the non-fund-based limits was
88.38% during the 12 months ended March 2022. The cash flow from
operations turned negative to INR45.36 million in FY21 (FY20:
INR26.73 million) due to unfavorable changes in working capital.
Consequently, the free cash flow turned negative to INR63.46
million in FY21 (FY20: INR23.57 million). The net working capital
cycle elongated further to 99 days in FY21 (FY20: 55 days) mainly
due to an increase in the inventory holding period to 168 days (122
days) owing to the pandemic-led delays in order execution. The cash
and cash equivalents stood at INR1.72 million at FYE21 (FYE20:
INR2.61 million). The company repaid INR24.16 million of debt in
FY22. It has scheduled repayments of INR26.78 million in FY23 and
INR24.24 million in FY24. However, Telawne does not have any
capital market exposure and relies on banks and financial
institutions to meet its funding requirements.

The ratings, however, continue to be supported by the promoters'
over three decades of experience in the manufacturing of electrical
transformers, leading to established relationships with its
customers and suppliers.

Rating Sensitivities

Positive: A substantial improvement in the operating performance,
leading to an improvement in the credit metrics, along with an
improvement in the liquidity, all on a sustained basis, position
would lead to a positive rating action.

Negative: Deterioration in the operating performance leading to the
gross interest coverage reducing below 1.5x, along with
deterioration in the liquidity position, all on a sustained basis,
would lead to a negative rating action.

Company Profile

Incorporated in 2004, Telawne manufactures power distribution
transformers at its manufacturing units located in Rabale and
Taloja in Navi Mumbai, Maharashtra.


VARDHMAN SPINNERS: CRISIL Keeps B Debt Ratings in Not Cooperating
-----------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Vardhman
Spinners (VS) continue to be 'CRISIL B/Stable Issuer Not
Cooperating'.

                       Amount
   Facilities       (INR Crore)     Ratings
   ----------       -----------     -------
   Cash Credit           0.7        CRISIL B/Stable (Issuer Not
                                    Cooperating)

   Proposed Cash         5.3        CRISIL B/Stable (Issuer Not
   Credit Limit                     Cooperating)

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

CRISIL Ratings has been consistently following up with VS for
obtaining information through letters and emails dated February 8,
2022 and April 18, 2022 among others, apart from telephonic
communication. However, the issuer has remained non cooperative.

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

Detailed Rationale

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

VS, promoted as a partnership firm in 2008, has recently set up a
facility for manufacturing blankets. The firm is promoted and
managed by its partners Mr. Ajay Kumar Jain, Mr. Hemant Jain, Ms.
Dipti Jain, and Ms. Shashi Jain.


VASATHI HOUSING: Insolvency Resolution Process Case Summary
-----------------------------------------------------------
Debtor: M/s. Vasathi Housing Limited
        8-2-269/S/61, Sagar Society
        Banjara Hills, Road No. 2
        Hyderabad 500034
        Telangana

Insolvency Commencement Date: May 6, 2022

Court: National Company Law Tribunal, Hyderabad Bench

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

Insolvency professional: Rajesh Donkeshwar

Interim Resolution
Professional:            Rajesh Donkeshwar
                         Flat No. 307, Dream Home
                         Venkatadri Nivas
                         Rezimental Bazar, Secunderabad
                         Telangana 500003
                         E-mail: reachcadr@gmail.com

                            - and -

                         Sankalp Restructuring Private Limited
                         Unit 113, 1st Floor
                         Manjeera Trinity Corporate
                         KPHB Phase III, Kukatpally
                         Hyderabad 500072
                         E-mail: ip.vasathi@gmail.com

Last date for
submission of claims:    May 20, 2022


VELATAL SPINNING: CRISIL Keeps B+ Debt Ratings in Not Cooperating
-----------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Velatal
Spinning Mills Private Limited (VSMPL) continue to be 'CRISIL
B+/Stable Issuer Not Cooperating'.

                       Amount
   Facilities       (INR Crore)     Ratings
   ----------       -----------     -------
   Cash Credit           6.2        CRISIL B+/Stable (Issuer Not
                                    Cooperating)

   Term Loan            33.8        CRISIL B+/Stable (Issuer Not
                                    Cooperating)

CRISIL Ratings has been consistently following up with VSMPL for
obtaining information through letters and emails dated February 8,
2022 and April 18, 2022 among others, apart from telephonic
communication. However, the issuer has remained non cooperative.

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

Detailed Rationale

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

VSMPL was set up in 1981 by Mr. Selvaraj, Ms. Sudha, and Mr.
Nallammal. The company manufactures viscose yarn and also has three
windmills with total capacity of 33.5 megawatt. The manufacturing
unit is at Erode, Tamil Nadu.


VELAVAN STORES: CRISIL Keeps B Debt Rating in Not Cooperating
-------------------------------------------------------------
CRISIL Ratings said the rating on bank facilities of Velavan Stores
Jewellers (VS; a part of the Velavan group) continues to be 'CRISIL
B/Stable Issuer Not Cooperating'.

                       Amount
   Facilities       (INR Crore)     Ratings
   ----------       -----------     -------
   Cash Credit            12        CRISIL B/Stable (Issuer Not
                                    Cooperating)

CRISIL Ratings has been consistently following up with VS for
obtaining information through letters and emails dated February 8,
2022 and April 18, 2022 among others, apart from telephonic
communication. However, the issuer has remained non cooperative.

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

Detailed Rationale

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

For arriving at the rating, CRISIL Ratings has combined the
business and financial risk profiles of VS, Velavan Stores
Jewellers (VSJ), and Velavan Hyper Market (VHM). This is because
the entities, collectively referred to as the Velavan group, are in
similar lines of business and under the same management, and have
significant fungible funds.

VS, established in 1998, is engaged in apparel retail. VH was
established in 2014 and operates a supermarket. Set up in 2007, VSJ
is engaged in jewellery retail. The group is located in Tuticorin
and the operations are managed by Mr. T Maharajan.


VIJAY AUTOMOBILES: CRISIL Keeps B+ Rating in Not Cooperating
------------------------------------------------------------
CRISIL Ratings said the rating on bank facilities of Vijay
Automobiles (VA) continues to be 'CRISIL B+/Stable Issuer Not
Cooperating'.

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

CRISIL Ratings has been consistently following up with VA for
obtaining information through letters and emails dated February 8,
2022 and April 18, 2022 among others, apart from telephonic
communication. However, the issuer has remained non cooperative.

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

Detailed Rationale

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

Established in 1972 in Alwar by Mr Sunil Kumar Agarwal and his
family, VA is an authorized distributor of spare parts of
commercial vehicles of Tata Motors Ltd in Alwar, Jaipur, Kota,
Bikaner, and Bharatpur in Rajasthan.


VISHAL CHAIN: CRISIL Keeps B Debt Ratings in Not Cooperating
------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Vishal Chain
and Jewellery Private Limited (VCJ) continue to be 'CRISIL B/Stable
Issuer Not Cooperating'.

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

   Proposed Long Term    15         CRISIL B/Stable (Issuer Not
   Bank Loan Facility               Cooperating)

CRISIL Ratings has been consistently following up with VCJ for
obtaining information through letters and emails dated February 28,
2022 and April 18, 2022 among others, apart from telephonic
communication. However, the issuer has remained non cooperative.

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

Detailed Rationale

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

Incorporated in 2000, VCJ is engaged in manufacturing of, and
wholesale trading in, gold ornaments, particularly gold chains. The
company operates from Karol Bag (Delhi). The promoter's family has
over 15 years of experience in the jewellery business and a
customer base across northern India.




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

20 FINANCE: Creditors' Proofs of Debt Due on June 17
----------------------------------------------------
Creditors of 20 Finance Limited are required to file their proofs
of debt by June 17, 2022, to be included in the company's dividend
distribution.

The company commenced wind-up proceedings on May 17, 2022.

The company's liquidator is:

          Brenton Hunt
          PO Box 13400
          City East, Christchurch 8141


BAR TWIGGY: Commences Wind-Up Proceedings
-----------------------------------------
Members of Bar Twiggy Limited, on May 18, 2022, passed a resolution
to voluntarily wind up the company's operations.

The company's liquidator is:

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


TAURUS HOME: Creditors' Proofs of Debt Due on June 20
-----------------------------------------------------
Creditors of Taurus Home Limited are required to file their proofs
of debt by June 20, 2022, to be included in the company's dividend
distribution.

The company commenced wind-up proceedings on May 20, 2022.

The company's liquidators are:

          Steven Khov
          Kieran Jones
          Khov Jones Limited
          PO Box 302261
          North Harbour, Auckland 0751


TUFF LABOURERS: Creditors' Proofs of Debt Due on June 20
--------------------------------------------------------
Creditors of Tuff Labourers Limited are required to file their
proofs of debt by June 20, 2022, to be included in the company's
dividend distribution.

The company commenced wind-up proceedings on May 20, 2022.

The company's liquidators are:

          Benjamin Francis
          Simon Dalton
          Gerry Rea Partners
          PO Box 3015, Auckland




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

METRO-CEBU PUBLIC: Creditors Have Until July 4 to File Claims
-------------------------------------------------------------
All creditors of the closed Metro-Cebu Public Savings Bank have
until July 4, 2022, to file their claims against the assets of the
closed bank either by e-mail, mail, or personal filing.

Creditors refer to any individual or entity with a valid claim
against the assets of the closed Metro-Cebu Public Savings Bank and
include depositors whose deposits exceed the maximum deposit
insurance coverage (MDIC) of PHP500,000. The Philippine Deposit
Insurance Corporation (PDIC) said that creditors may file their
claims through any of the following:

1. Online through e-mail at metro-pad@pdic.gov.ph;

2. Through mail addressed to the PDIC Public Assistance
Department, Ground Floor, PDIC Chino Bldg., 2228 Chino Roces
Avenue, Makati City 1231. Claims filed by mail must have a postmark
dated not later than July 4, 2022; or

3. Personal filing at the PDIC Public Assistance Center located at
the 3rd Floor, SSS Bldg., 6782 Ayala Avenue corner V.A. Rufino St.,
Makati City, Monday to Friday, 8:00 AM to 5:00 PM. For visits to
the PAC, clients are highly encouraged to request for an
appointment, observe health protocols and present their vaccination
cards. Appointments may be requested through the Public Assistance
Hotline at (02) 8841-4141 or at Toll Free number 1-800-1-888-7342
or 1-800-1-888-PDIC, by sending an e-mail request to
metro-pad@pdic.gov.ph, or by sending a request through private
message at PDIC's official Facebook page at
www.facebook.com/OfficialPDIC.

The prescribed Claim Form against the assets of the closed bank may
be downloaded from the PDIC website at
http://www.pdic.gov.ph/files/Claim_Form_Against_Assets_of_Closed_Banks.pdf.
PDIC reminds creditors to transact only with authorized PDIC
personnel.

Claims filed after July 4, 2022 shall be disallowed. PDIC, as
Receiver, shall notify creditors of denial of claims through mail.
Claims denied or disallowed by the PDIC may be filed with the
liquidation court within 60 days from receipt of final notice of
denial of claim or within 20 days from date of publication of the
Order setting the Petition for Assistance in the Liquidation
Proceeding for initial hearing, whichever is later.

In addition, PDIC said that depositors with account balances of
more than the MDIC of PHP500,000 who have already filed claims for
the insured portion of their deposits as of July 4, 2022 are deemed
to have filed their claims for the uninsured portion or the amount
in excess of the MDIC.

PDIC, as Receiver of closed banks, requires personal data from
creditors to be able to process their claims and protects these
data in compliance with the Data Privacy Act of 2012.

Metro Cebu Public Savings Bank was a three-unit thrift bank with
Head Office located at the 2/F Sia Bldg., N. Bacalso Ave., Brgy.
Duljo (Pob.), Cebu City. Its branches are located in Lapu-lapu
City, Cebu and Tabunok in Talisay, Cebu.

Metro Cebu Public Savings Bank was ordered closed by the Monetary
Board (MB) of the Bangko Sentral ng Pilipinas on March 31, 2022 and
PDIC, as the designated Receiver, was directed by the MB to proceed
with the takeover and liquidation of the closed bank in accordance
with Section 12(a) of Republic Act No. 3591, as amended.




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

COM3 SINGAPORE: Court Enters Wind-Up Order
------------------------------------------
The High Court of Singapore entered an order on May 6, 2022, to
wind up the operations of Com3 Singapore Pte. Ltd.

The Comptroller of Income Tax filed the petition against the
company.

The company's liquidators are:

          Mr Lin Yueh Hung
          Ms Oon Su Sun
          M/s RSM Corporate Advisory Pte Ltd
          8 Wilkie Road
          #03-08 Wilkie Edge
          Singapore 228095


EZION HOLDINGS: Liquidators to Apply for Company Delisting from SGX
-------------------------------------------------------------------
The Business Times reports that the liquidators of Ezion Holdings
are planning to apply for the company to be delisted from the
Singapore Exchange (SGX).

BT says the beleaguered liftboat operator had previously stated it
faced difficulties procuring investment, and was unable to proceed
with its restructuring and recapitalisation plans. It went into
liquidation in February.

In a bourse filing on May 20, the liquidators said their review
found that the company is insolvent and its debts far exceed its
realisable assets, BT relates.

"The company had been looking for an investor for some time prior
to the liquidation, to no avail. There are no suitable and/or
appropriate restructuring proposals presented to or made available
to the company by any potential investor," they added.

The liquidators also assessed that the company is not in a position
to make any distribution or an exit offer to shareholders, the
report relays.

Therefore, they intend to apply to SGX to delist the company. More
details will be made when there are material developments.

                       About Ezion Holdings

Singapore-based, Ezion Holdings Limited --
http://www.ezionholdings.com/-- an investment holding company,
develops, owns, and charters offshore assets to support the
offshore energy markets in Singapore, India, Brunei, Thailand, the
Middle East, Nigeria, and internationally. The company operates
through Liftboats, Jack-Up Rigs, Offshore Support Logistics
Services, and Others segments. It owns, charters, and manages rigs
and vessels involved in the production, maintenance, and
exploration phases of the oil and gas, and offshore windfarm
industries. The company also provides shipping agency and
management services, as well as undertakes engineering works;
financing services; and cargo transportation services. In addition,
it holds assets or investments involved in renewable energy, and
other oil and gas related industries.

As reported in the Troubled Company Reporter-Asia Pacific on Feb.
22, 2022, Ezion Holdings is going into liquidation.  Its winding up
application, which was filed last month, has been granted by the
High Court. RSM Corporate Advisory's Ng Kian Kiat and Goh Wee Teck
were appointed as joint and several liquidators.

The company had previously stated it faced difficulties procuring
investment and was unable to proceed with its restructuring and
recapitalisation plans.

HAVEN GLOBAL: Court to Hear Wind-Up Petition on June 3
------------------------------------------------------
A petition to wind up the operations of Haven Global Pte Ltd will
be heard before the High Court of Singapore on June 3, 2022, at
10:00 a.m.

Maybank Singapore Limited filed the petition against the company on
May 13, 2022.

The Petitioner's solicitors are:

          Shook Lin & Bok LLP
          1 Robinson Road
          #18-00, AIA Tower
          Singapore 048542  


MAXCAP ASIA: Creditors' Proofs of Debt Due on June 20
-----------------------------------------------------
Creditors of Maxcap Asia are required to file their proofs of debt
by June 20, 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:

          Ng Choon Heng
          C/o 600 North Bridge Road
          #05-01 Parkview Square
          Singapore 188778


MDAC 9: Creditors' Proofs of Debt Due on June 20
------------------------------------------------
Creditors of MDAC 9 Pte Ltd are required to file their proofs of
debt by June 20, 2022, to be included in the company's dividend
distribution.

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

The company's liquidators are:

          Bob Yap Cheng Ghee
          Toh Ai Ling
          c/o 16 Raffles Quay #22-00
          Hong Leong Building
          Singapore 048581




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

SRI LANKA: G7 Backs Debt Relief Efforts
---------------------------------------
Reuters reports that the Group of Seven economic powers support
efforts to provide debt relief for Sri Lanka, G7 finance chiefs
said on May 19, in a draft communique from a meeting in Germany
after the country defaulted on its sovereign debt.

Reuters says the once-booming island country has suspended debt
payments as it grapples with its worst economic crisis since it won
Independence in 1948, facing shortages of essential goods that have
triggered social unrest.

According to Reuters, G7 countries said, in their statement they
were committed to finding long-term solutions for the Indian Ocean
nation and urged it to "negotiate constructively" with the
International Monetary Fund on a potential loan programme. "The G7
stands ready to support the Paris Club's efforts, in line with its
principles, to address the need for a debt treatment for Sri
Lanka," they said, referring to the group of mostly rich creditor
nations.

Reuters relates that the draft statement also called on other big
creditor nations not in the Paris Club to coordinate with the group
and urged them to provide debt relief on comparable terms.

G7 finance chiefs also singled out China, which has become a major
creditor to low-income countries, to actively contribute to debt
relief for such countries, Reuters relays.

Chad, Ethiopia and Zambia have so far sought debt relief under a
new G20 common framework, but progress has so far been slow with
some officials accusing China of dragging its feet, the report
notes.

Sri Lanka's worst financial crisis since independence in 1948 was
caused by a drastic drop in its reserves that dropped 70% over the
past two years, hitting $1.93 billion at the end of March. This
left Colombo struggling to pay for essentials, including fuel,
medicines and food, according to Reuters.

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



                           *********


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

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

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

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

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



                *** End of Transmission ***