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

                     A S I A   P A C I F I C

          Wednesday, May 25, 2022, Vol. 25, No. 98

                           Headlines



A U S T R A L I A

ALVEY REELS: Closes Doors After 102 Years Amid Drastic Price Hikes
AUSECON DEVELOPMENTS: Second Creditors' Meeting Set for June 1
BRUCK TEXTILE: Ex-Chair, CEO, CFO Charged in Stopping Entitlements
CHC SOLUTIONS: Commences Wind-Up Proceedings
EAST PILBARA: Commences Wind-Up Proceedings

MEDALLION TRUST 2018-1: S&P Affirms  BB (sf) Class E Notes Rating
METRICON HOMES: Denies Rumors of Having Solvency Problems
POOLED ENERGY: First Creditors' Meeting Set for June 1


C H I N A

CHONGQING LIANGJIANG: Ceased Operations Amid Rising Debts
EHI CAR: S&P Downgrades ICR to 'B' on Lower Liquidity Buffer
YUZHOU HOLDINGS: Fitch Withdraws 'RD' Foreign Currency IDR
ZHONGRONG INT'L TRUST: S&P Affirms 'BB+/B' ICRs, Outlook Stable
ZHONGYU ENERGY: Fitch Affirms 'B' LongTerm IDR, Outlook Positive



H O N G   K O N G

GREENLAND HOLDING: S&P Downgrades ICR to 'B-' on Weak Liquidity


I N D I A

9PLANETS PRODUCTS: CRISIL Keeps D Debt Ratings in Not Cooperating
A P FASHIONS: CRISIL Lowers Long/Short Term Loan Rating to D
AASHIRWAD INDUSTRIES: CRISIL Assigns C Rating to INR5.39cr Loan
ADJOIN DREAMPROJECTS: Insolvency Resolution Process Case Summary
ANJANI ROLLER: CRISIL Keeps B Debt Rating in Not Cooperating

ARAMBAGH HATCHERIES: Insolvency Resolution Process Case Summary
BANSAL RICE: CRISIL Keeps D Debt Ratings in Not Cooperating
COASTAL MINERALS: CRISIL Lowers Rating on INR10cr Loans to B
CURA HEALTH: CRISIL Keeps D Debt Ratings in Not Cooperating
DAR MEDIA PRIVATE: Insolvency Resolution Process Case Summary

DRASHTI INNOVATIVE: CRISIL Keeps D Ratings in Not Cooperating
FALCON BUSINESS: Insolvency Resolution Process Case Summary
GEOPRENEUR CORP: Insolvency Resolution Process Case Summary
ORIGIN CORPORATION: CRISIL Keeps D Ratings in Not Cooperating
P. C. INDUSTRIES: CRISIL Keeps B Debt Ratings in Not Cooperating

PRABIR FOODSTUFF: CRISIL Keeps D Debt Ratings in Not Cooperating
S. S. OIL: CRISIL Keeps B Debt Rating in Not Cooperating Category
SMT MACHINES: CRISIL Keeps D Debt Ratings in Not Cooperating
STA-CO NUTRA: CRISIL Keeps D Debt Ratings in Not Cooperating
STEPPING STONE: CRISIL Keeps B Debt Ratings in Not Cooperating

SUNDARAM PACKAGING: CRISIL Keeps B Debt Rating in Not Cooperating
TATA STEEL: Fitch Raises IDR to 'BB+', Outlook Positive
THIRUMALA CABS: CRISIL Keeps B+ Debt Ratings in Not Cooperating
TRINITY BUILDCON: CRISIL Keeps B Debt Ratings in Not Cooperating
TULSI ROCKS: CRISIL Keeps D Debt Ratings in Not Cooperating

UPL CORP: S&P Cuts LT Issuer Rating to BB+ on Failure to Deleverage
VENKATESWARA AGENCIES: CRISIL Keeps B+ Rating in Not Cooperating
VINTEGRATE TECHNOLOGY: CRISIL Keeps D Ratings in Not Cooperating
VRS FOODS: CRISIL Lowers Rating on INR15cr Loans to B


N E W   Z E A L A N D

IN CONCRETE: Court to Hear Wind-Up Petition on June 3
LIGHTHOUSE PROPERTIES: Creditors' Proofs of Debt Due on July 20
RAGLAN LABOUR: Creditors' Proofs of Debt Due on June 23
SUPER SNACK: Court to Hear Wind-Up Petition on June 3
TICKET ROCKET: Receivers Unable to Sell Valuable Asset

WHOLEGRAIN ORGANICS: Enters Into Voluntary Insolvency
YOT LIMITED: Creditors' Proofs of Debt Due on June 27


P A K I S T A N

PAKISTAN: Central Bank Hikes Main Policy Rate by 150 bps to 13.75%


S I N G A P O R E

ECOTRANSIT INVESTMENTS: Court to Hear Wind-Up Petition on June 3
GEO ENERGY: Fitch Affirms & Then Withdraws Foreign Currency IDR
GOOMO HOLDINGS: Court to Hear Wind-Up Petition on June 3
ISTRATEGIC INVENTORY: Court to Hear Wind-Up Petition on June 3
KOON HOLDINGS: BDO Advisory Appointed as Provisional Liquidators

LQ INSURANCE: Court to Hear Wind-Up Petition on June 3

                           - - - - -


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

ALVEY REELS: Closes Doors After 102 Years Amid Drastic Price Hikes
------------------------------------------------------------------
Daily Telegraph reports that after more than a century in business,
Australian fishing reel brand Alvey Reels will shut up shop
permanently.

Increased cost pressures have forced the Queensland-based
manufacturer to close its doors after 102 years, according to a
statement released on May 23, Daily Telegraph relates.

Daily Telegraph says the company announced it had "made the
difficult decision" to cease operation on June 30.

It cited issues with sourcing raw materials, "drastic" cost
increases, significant and increasing domestic and global supply
chain logistics issues, and staff shortages caused by the Covid-19
pandemic.

The company still had "significant supplies" to clear and has
planned a "structured sell down", the statement said.

"We anticipate running with warehouse/dispatch and administration
staff with current stock on hand, which will carry us through to
January/February 2023, but we will not be able to remain open after
this time," it read, Daily Telegraph relays.

Products will remain available via its website, and authorised
retailers will continue sales until they run out of stock, the
report says.

Calls to company phones will be diverted to an answering service to
assist the admin team.

"We at Alvey Reels deeply regret this difficult decision, and while
we commit to supplying as many of our products as we can for as
long as we can, our immediate priorities are our loyal staff, our
dedicated retailers and passionate supporters and customers," the
business said.

"On behalf of the Alvey Team, we thank you all for your 102 years
of support."

According to Daily Telegraph, the company experienced significant
export market growth, product innovation and expansion as it
entered its centenary year of 2020.

Its success came off the back of an announcement in 2017 from Bruce
Alvey - a descendant of the man who founded the business in 1920 -
that it would need to shut because of plunging sales, the report
recalls.

When the news broke, there was an outpouring of support for the
company that allowed it to continue trading.

It ultimately attracted attention from Con Athans, who expanded the
business to include a broader range of gear, including high-end
apparel, the report says.


AUSECON DEVELOPMENTS: Second Creditors' Meeting Set for June 1
--------------------------------------------------------------
A second meeting of creditors in the proceedings of Ausecon
Developments Pty Ltd has been set for June 1, 2022, at 11:00 a.m.
via a Zoom videoconferenceing facility.

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 31, 2022, at 4:00 p.m.

Domenico Alessandro Calabretta and Thyge Trafford-Jones of Mackay
Goodwin were appointed as administrators of Ausecon Developments on
April 14, 2022.


BRUCK TEXTILE: Ex-Chair, CEO, CFO Charged in Stopping Entitlements
------------------------------------------------------------------
On May 23, 2022, Mr. Philip James Bart and Mr. Ronald George
Johnson, the former Chair and Chief Financial Officer of Bruck
Textile Technologies Pty Ltd respectively, appeared in Wangaratta
Magistrates Court charged with one count each of preventing the
recovery of employee entitlements. Mr. Geoffrey Thomas Parker, the
former Chief Executive Officer, previously appeared on the same
charge on March 21, 2022.

Following an ASIC investigation conducted under the Serious
Financial Crime Taskforce (SFCT) into Bruck Textile's activities,
it is alleged that Mr. Bart, Mr. Johnson and Mr. Parker entered
into a transaction on or about July 10, 2014 to sell the assets of
Bruck Textile to a related entity, Australian Textile Mills Pty
Ltd.  

After the sale, Bruck Textile was considered insolvent and placed
into liquidation on July 11, 2014, resulting in 58 employees losing
their employment and access to entitlements, such as redundancy
payments. It is alleged that Mr. Parker, Mr. Bart and Mr. Johnson
entered into the transaction to sell the assets of Bruck Textile to
prevent or significantly reduce the amount of redundancy
entitlements given to employees, estimated at over AUD3.48 million,
in contravention of section 596AB of the Corporations Act 2001.

Bruck Textile's former employees applied under the Commonwealth
Fair Entitlements Guarantee scheme for payment of their
entitlements after Bruck Textile's liquidators found that the
company did not have sufficient assets to pay them.

The matter is being prosecuted by the Commonwealth Director of
Public Prosecutions.

The charges against Mr. Bart, Mr. Johnson and Mr. Parker will be
listed for a committal mention hearing on a date to be confirmed.

Bruck Textile Technologies Pty Ltd, incorporated on May 29, 1996,
was a company based in Wangaratta that was engaged in textile
manufacture.  

At the time of the alleged offending, the maximum penalty for a
breach of section 596AB of the Corporations Act was AUD170,000 or
imprisonment for ten years, or both.

ASIC's investigation was assisted by the receipt of a comprehensive
report prepared by Bruck Textile's liquidators. ASIC assisted the
liquidators to investigate and report their findings by providing
funding from the Assetless Administration Fund.  

The SFCT is an ATO-led joint agency taskforce that brings together
the knowledge, resources and experience of relevant law enforcement
and regulatory agencies to identify and address the most serious
and complex forms of financial crime. The current priorities of the
taskforce include:  

* cybercrime (technology enabled crime) affecting the tax and
superannuation systems  
* offshore tax evasion
* illegal phoenix activity and  
* serious financial affecting the ATO-administered measures of the
  Commonwealth's Coronavirus Economic Response Package.

Since its establishment on 1 July 2015, the SFCT has raised more
than AUD1.492 billion in liabilities, convicted and sentenced 15
people and collected more than AUD575 million as part of its
operations.  

For more information on the SFCT, including the identikit outlining
key financial crime personas, visit ato.gov.au/SFCT.


CHC SOLUTIONS: Commences Wind-Up Proceedings
--------------------------------------------
Members of CHC Solutions Pty Ltd, on May 24, 2022, passed a
resolution to voluntarily wind up the company's operations.

The company's liquidator is:

          Gareth Holway
          Ace Advisory
          24 McNamara Street
          Orange, NSW 2800



EAST PILBARA: Commences Wind-Up Proceedings
-------------------------------------------
Members of East Pilbara Building Company Pty Ltd, on May 24, 2022,
passed a resolution to voluntarily wind up the company's
operations.

The company's liquidators are:

          Greg Prout
          Jimmy Trpcevski
          WA Insolvency Solutions
          66 St Georges Terrace
          Perth, WA 6831


MEDALLION TRUST 2018-1: S&P Affirms  BB (sf) Class E Notes Rating
-----------------------------------------------------------------
S&P Global Ratings raised its rating on the class D notes issued by
Perpetual Trustee Co. Ltd. as trustee for Medallion Trust Series
2018-1. At the same time, S&P affirmed its ratings on the other
five classes of notes. The transaction is a securitization of prime
residential mortgages originated by Commonwealth Bank of
Australia.

S&P said, "The rating actions reflect our view of the credit risk
of the underlying collateral portfolio. As of Jan. 31, 2022, the
pool has a current balance of about A$1.45 billion and a pool
factor of 89%. The portfolio's characteristics have strengthened,
with a weighted-average current loan-to-value ratio of 53.2% and
weighted-average seasoning of 64.1 months. For all rated notes,
credit support is consistent with our estimate of loss at the
respective rating level.

"Loan performance has been strong. We have factored into our
analysis the arrears performance, which is performing below the
Standard & Poor's Performance Index (SPIN). As of Jan. 31, 2022,
loans more than 30 days in arrears make up 0.45% of the current
balance, of which 0.25% is more than 90 days in arrears. Losses to
date have been minimal and all are covered by lenders' mortgage
insurance (LMI) or excess spread."

The transaction benefits from high levels of credit support
provided to each class of rated notes and the credit support
provided in percentage terms is likely to build up over time under
the current sequential pay structure. Credit support provided to
the notes also includes LMI to approximately 15.6% of the loans in
the pool.

The transaction's cash flows support the timely payment of interest
and ultimate payment of principal to noteholders under our rating
stress assumptions.

  Rating Raised

  Medallion Trust Series 2018-1

  Class D: to BBB+ (sf) from BBB (sf)

  Ratings Affirmed

  Medallion Trust Series 2018-1

  Class A1: AAA (sf)
  Class A2: AAA (sf)
  Class B: AA (sf)
  Class C: A (sf)
  Class E: BB (sf)


METRICON HOMES: Denies Rumors of Having Solvency Problems
----------------------------------------------------------
Serena Seyfort at 9News reports that the acting CEO of Australia's
largest home builder, Metricon Homes, claims the company remains
strong, despite its management holding crisis talks in Melbourne on
May 19.

Acting Metricon CEO Peter Langfelder on May 19 fronted the media to
deny rumours that the company is on the verge of collapse.

"Metricon has long term viability," the report Mr. Langfelder as
saying. "Our contracts in place are profitable. Everything is
completely up to date."

"We've got an incredibly strong management team."

9News relates that Mr. Langfelder conceded it was an "extremely
difficult time for business" since its co-founder and chief
executive Mario Blasin died on May 16.

He said the business remained strong and would continue "business
as usual".

He insisted there was "no truth to the rumours" about financial
struggles within the company, 9News relays.

Executives at the building company have met on May 19 with
creditors and the Victorian government following Mr. Blasin's
sudden death.

Metricon employs 2,500 workers and has 4,000 homes under
construction.

According to the report, Prime Minister Scott Morrison has said he
is "concerned" about the situation involving the home-building
giant, but sought to reassure voters the federal and Victorian
governments were working together on the issue.

"The priority here is to ensure that people get their homes built,
sites remain open and that the company is able to get through these
difficulties," the report quotes Mr. Morrison as saying.

"They are engaging also with the Victorian government and the
housing minister has been given my instructions to ensure they are
engaging with them and working through these issues."

He said the government was hopeful Metricon would be able to work
through its "challenges".

The Victorian government, which has AUD195 million worth of social
and affordable housing projects with Metricon, confirmed it would
meet with the company on May 19, The Age reported.

Some of the projects have been finished, while others are under
construction or waiting to start, the report relays.


POOLED ENERGY: First Creditors' Meeting Set for June 1
------------------------------------------------------
A first meeting of the creditors in the proceedings of Pooled
Energy Pty Limited, trading as Dural Poolsmart and Poolside Dural
Poolsmart, will be held on June 1, 2022, at 11:00 a.m. at the
offices of WLP Restructuring, Suite 21.02, Level 21 Australia
Square, 264 George Street, in Sydney, NSW.

Glenn Livingstone and Scott Pascoe of WLP Restructuring were
appointed as administrators of Pooled Energy on May 20, 2022.




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

CHONGQING LIANGJIANG: Ceased Operations Amid Rising Debts
---------------------------------------------------------
Reuters reports that Chongqing Liangjiang Athletic withdrew from
the Chinese Super League (CSL) and ceased operations because of
rising debts on May 24, 10 days before the start of the new
season.

In a notice to employees, which has been widely circulated on
Chinese social media site Weibo, the club said delays in
implementing a shareholding reform had led to their financial
struggles and that their accounts had been frozen, Reuters
relates.

Fans were pictured leaving flowers outside the premises of the
club, which in 2018 came close to signing Spanish World Cup winner
Andres Iniesta and finished 13th in the last CSL season following
the relegation stage.

"After careful study by the club's shareholders meeting, we very
regretfully decided to withdraw from the Chinese professional
football league and disband the team," the club said, Reuters
relays.

The CSL did not immediately respond to a Reuters query asking to
confirm these reports, if and when they had been informed about
this by the club and if they had any comment.

The news was one of the top trending topics on Weibo, with the
hashtags generating millions of reads within a few hours.

Reuters says the club, which was acquired by Dangdai International
Group in 2016, also highlighted the impact of the COVID-19 pandemic
on their finances.

"At the end of 2016, Dangdai Group invested CNY540 million ($80.99
million) to take over the club. Over the past six years, it has
invested more than CNY3 billion in total," the club said, Reuters
relays.  "However, due to the impact of the epidemic and the
development model of the football industry, the club is already
heavily indebted and unable to maintain its operations."

Chongqing players had shared an open letter on social media earlier
this month alleging that they had not been paid wages.

"From 2019 until now, we have been subjected to the miseries caused
by unpaid salaries. Our consistent, quiet and whole-hearted
commitments have been rewarded by repeated lip service that failed
to be realized," the letter, as cited by Reuters, said.

Reuters relates that the club said it would continue to raise funds
through "litigation recovery, debt collection, asset sales, and
group borrowing" to pay off wages.

The news is the latest blow to Chinese football after the country
relinquished the rights to next year's Asian Cup finals, the report
notes.

The global health crisis and China's pursuit of a zero-COVID
strategy, coupled with increasing difficulties within the business
sector that bankrolled many of the country's clubs, has left the
game in turmoil.

Jiangsu FC's closed last year, months after they won the 2020
Chinese Super League title.  

The CSL will begin on June 3 and is to be played in three
centralised hubs, Reuters notes.


EHI CAR: S&P Downgrades ICR to 'B' on Lower Liquidity Buffer
------------------------------------------------------------
On May 24, 2022, S&P Global Ratings lowered the long-term issuer
credit rating and issue rating on China-based eHi Car Services Ltd.
to 'B' from 'B+'.

The negative outlook is based on S&P's expectation that the company
will see some liquidity pressure over next few months despite an
expected gradual recovery in domestic travel demand.

COVID-related lockdowns and slower cash collection from car
disposals have reduced eHi's liquidity buffer. COVID-related
disruptions have affected cash collection from used-car sales. This
has had a negative effect on the company's liquidity and diminishes
the effectiveness of vehicle sales as a means to increase
liquidity, as discussed in S&P's "China Car Rental Companies Can
Maneuver Around Liquidity Potholes" report, published on Feb. 16,
2022. In some cases, the time gap between receiving cash proceeds
and vehicle sales has been extended to six months or longer,
causing a 30% increase in gross receivables as of Dec. 31, 2021.
Partly as a result, the company's cash balance decreased to below
Chinese renminbi (RMB) 700 million at the end of March versus
short-term maturities of about RMB1,300 million. While S&P expects
a large portion of short-term maturities will be rolled over by
banks and other financial institutions, this still represents a
meaningful reduction in the company's liquidity buffer. The
company's unrestricted cash and cash equivalents balance was about
RMB710 million at the end of 2021.

Separately, COVID-related lockdowns have weighed on the company's
operations and cash flow from operations. In April, total passenger
travel volumes declined 35% year on year. However, the COVID
situation appears to be stabilizing in Shanghai, with lockdown
measures easing in some parts of the city. This could support a
gradual recovery in eHi's utilization rates in the months to come.
The speed of such a recovery will depend upon the lifting of travel
restrictions across the country and consumers' willingness for
intercity travel.

The company will need to be more cautious with liquidity
management. Despite its diminished liquidity buffer, eHi still has
options to meet its maturity needs in the next few months. By
holding off on car purchases, eHi can reduce cash burn and build
its cash position prior to repaying a portion of near maturities
that likely won't be refinanced toward the latter part of the year.
Moreover, government measures to support the economy could aid eHi
in obtaining new domestic funding sources or increase the
likelihood of refinancing of existing bank loans.

EBIT interest coverage ratios will remain fractional into 2023. S&P
forecasts eHi's EBIT interest coverage ratios to rebound to
0.7x-0.9x in 2023 after a potential recovery from COVID-related
lockdowns. The company's depreciation expense relative to rental
income will remain high at above 30% as fleet utilization is
unlikely to return to pre-pandemic level. Meanwhile, the company's
interest expense will likely remain at close to the RMB600 million
level, compared with about RMB550 million in 2019 and 2020.
Currently, S&P does expect eHi's EBIT coverage of interest to
gradually improve starting in the second half of 2022. For the EBIT
amounts discussed above, it incorporates the net impairment loss on
receivables to reflect the impact from slow collection from
used-car sales.

The negative outlook is based on the company's relatively tight
liquidity buffer from a combination of smaller cash balance
relative to upcoming short-term debt maturities, delayed cash
collection from used-car sales, and declining utilization due to
lockdown measures. The difficult international capital market does
not help the matter.

S&P said, "We may lower the rating if the company's liquidity does
not meaningfully improve over the next several months. This could
happen if 1) citywide lockdowns persist for longer than expected or
expand to other cities in China; 2) if the company is unable to
collect on the receivables from its used car sales; or 3) it
resumes aggressive fleet expansion.

"We may revise the outlook back to stable if the company builds
sufficient liquidity buffer over the next several months. This
could happen if the car rental industry recovers faster than
expected, the company materially accelerates its receivable
collection, or has a breakthrough in capital raising."

ESG Credit Indicators: E-2, S-3, G-2.


YUZHOU HOLDINGS: Fitch Withdraws 'RD' Foreign Currency IDR
----------------------------------------------------------
Fitch Ratings has withdrawn China-based property developer Yuzhou
Group Holdings Company Limited's Long-Term Foreign-Currency Issuer
Default Rating of 'RD' and senior unsecured rating of 'C' with a
Recovery Rating of 'RR4'.

Fitch is withdrawing the ratings as Yuzhou has chosen to stop
participating in the rating process. Therefore, Fitch will no
longer have sufficient information to maintain the ratings.
Accordingly, Fitch will no longer provide ratings or analytical
coverage for Yuzhou.

KEY RATING DRIVERS

No longer relevant, as the ratings have been withdrawn.

RATING SENSITIVITIES

No longer relevant, as the ratings have been withdrawn.

BEST/WORST CASE RATING SCENARIO

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

Yuzhou develops projects in six metropolitan areas in the Yangtze
River Delta region, West Strait Economic Zone, Bohai Rim region and
Greater Bay Area as well as in China's central and south-west
regions. The group is the leading property enterprise in Xiamen in
southern China and the Yangtze River Delta.

ESG CONSIDERATIONS

Yuzhou has an ESG Relevance Score of '4' for Group Structure due to
a high share of contracted sales from unconsolidated joint ventures
and associates, which has a negative impact on the credit profile,
and is relevant to the rating in conjunction with other factors.

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


ZHONGRONG INT'L TRUST: S&P Affirms 'BB+/B' ICRs, Outlook Stable
---------------------------------------------------------------
S&P Global Ratings affirmed its 'BB+' long-term and 'B' short-term
issuer credit ratings on Zhongrong International Trust Co. Ltd.
(Zhongrong Trust). The outlook remains stable.

The affirmation reflects Zhongrong Trust's leading position in the
China trust sector, reasonable profit margins, and diversification
in other asset management businesses. The latter help stabilize
Zhongrong Trust's profitability as its trust assets under
management (AUM) continue to decline under stricter regulatory
conditions.

Zhongrong Trust remains a sizable player in China's trust industry
despite a slippage in AUM ranking and market share (3.1%, compared
with 3.5% in 2020). This has been driven by regulatory crackdowns
on channel product AUMs and certain spread lending product AUMs
over the past three years. During this period, Zhongrong Trust's
AUM decreased 17% to Chinese renminbi (RMB) 639 billion at
end-2021, ranking 10th out of 68 trust companies in China.

Nevertheless, Zhongrong Trust's operational performance ranking
improved in 2021 to fifth, from sixth in 2020. Revenue and net
profit grew 6.5% and 7.8% year on year in 2021, better than sector
growth of -1.6% and 3.2%, respectively. Meanwhile, its EBITDA
margin improved to 37% from 30% despite overall AUM reductions
because of shifts in product mix. Actively managed AUM carries much
higher fee income compared to channel products. The shift toward
the former type has been the company's strategy for several years
and is in line with the regulatory direction.

Trust companies have no legal obligation to make good on any asset
management product and implicit support is prohibited under asset
management rules. Nevertheless, the sector still faces pressure to
make whole on customer investments if loan like actively managed
trust products become nonperforming. Having said this, this
pressure is different between sector constituents with the stronger
and more prepared trust companies experiencing less pressure.

With worsening macroeconomic conditions and stricter regulation on
sectors such as property development, the credit quality has
deteriorated for many property developers that collaborate with
Zhongrong. The current operating environment puts Zhongrong Trust's
policies to the test, and S&P could improve its financial policy
assessment if Zhongrong Trust can manage these pressures well.

S&P said, "We expect Zhongrong Trust's debt-to-EBITDA ratio to
remain below 1.5x over the next one to two years thanks to the
company's net cash position. Zhongrong Trust's minimal leverage
remains a key rating strength.

"We continue to assess Zhongrong Trust's management and governance
as weak, primarily reflecting certain investment products that
could be seen as a funding source for associated parties. Such
parties include the second-largest shareholder, Zhongzhi Enterprise
Group Co. Ltd., which has a record of aggressive business expansion
and a complex corporate structure. Following the merger of China
Hi-Tech Group and China National Machinery Industry Corp.
(Sinomach) officially completed in December 2020, Zhongrong Trust
became one of the 14 companies directly managed by Hi-Tech group,
instead of by Jingwei Textile Machinery Co. Ltd. previously.
Hi-Tech sets the annual budgets and financial targets of Zhongrong
Trust, including income and profit targets. With this, we view the
government's influence over Zhongrong Trust as having marginally
increased.

"We assess Zhongrong Trust as a government-related entity with a
moderate likelihood of receiving support from the Chinese
government. Our assessment reflects Zhongrong Trust's leading
market position among trust companies in China and likely benefit
of support from the China Trust Protection Fund if needed. As
Zhongrong's Trust's trust product AUM market share continues to
slide, we could reassess our view.

"The stable outlook on Zhongrong Trust reflects our expectation
that the company will maintain its leading market position among
trust companies and low leverage, with a ratio of debt to adjusted
EBITDA of less than 1.5x, over the next 12-24 months."

S&P could lower the rating on Zhongrong Trust if:

-- The company's market position deteriorates significantly,
possibly from competition outside the trust sector;

-- Its ratio of debt to adjusted EBITDA exceeds 1.5x on a
consolidated basis;

-- The company significantly increases its AUM with potential
implicit financial support;

-- It faces significant operational issues that cause sizable
contingent liabilities to the company；or

-- The likelihood of extraordinary government support falls. This
could occur if Zhongrong Trust's trust product AUM ranking
significantly declines or the stance of the trust sector protection
fund shifts.

S&P may raise the rating on Zhongrong Trust if:

-- The company's AUM that is subject to potential implicit
financial support substantially decreases;

-- Market expectations for implicit financial support reduce such
that investors widely accept payment deferrals and losses on assets
with perceived implicit support; or

-- The perception of related or associated party financing
arrangements abates.

ESG credit indicators: E-2, S-2, G-5


ZHONGYU ENERGY: Fitch Affirms 'B' LongTerm IDR, Outlook Positive
----------------------------------------------------------------
Fitch Ratings has affirmed Zhongyu Energy Holdings Limited's
Long-Term Issuer Default Rating at 'B+'. The Outlook remains
Positive.

Zhongyu's rating is supported by a stable business model in city
gas distribution, underpinned by resilient sales growth through the
cycle and a steady margin, aided by cost pass-through to
end-customers, albeit with a time lag. Zhongyu's FFO net leverage
declined to 5.5x in 2021 from 6.5x, as its dollar margin improved
from 2020, while most rated peers reported a decline. However,
Fitch expects Zhongyu's leverage to increase in 2022 due to higher
gas costs and lower new residential connections.

Fitch maintains their Positive Outlook as the company may be able
to reduce net debt/EBITDA below 5.5x, Fitch's upgrade sensitivity,
in 2023, if it does not materially underperform Fitch's
expectations and profit recovers on gas price normalisation and a
successful ramp-up of its smart-energy business. However, the pace
of deleveraging is subject to some uncertainty because of gas price
volatility and increasing economic headwinds. Management has a
short record of improving the company's gas procurement cost and is
new to the smart-energy business.

KEY RATING DRIVERS

Steady 2021 Dollar Margin: Zhongyu maintained a stable dollar
margin in 2021, despite higher Chinese gas costs, which was
achieved through good cost control. This was due to a centralised
gas procurement centre and the completion of its gas pipeline
network, which led to the procurement of a higher proportion of
lower-cost piped gas from Chinese oil majors and other sources
cheaper than the spot liquefied natural gas market.

The extent of cost pass-through also improved as management said
almost 100% of the cost increase was passed to commercial and
industrial (C&I) users during November 2021 to February 2022.
Zhongyu's dollar margin also expanded yoy in 1Q22 due to the better
cost pass-through, although it declined qoq due to a customer mix
change.

Greater Uncertainty in 2022: City gas operators are facing record
high gas costs in 2022's off-peak season. Fitch expects less than
full cost pass-through, as C&I users' affordability may drop as the
economy weakens. Residential users' cost pass-through may also lag
in certain regions. As a result, Fitch forecasts Zhongyu's retail
dollar margin per cubic metre to drop to CNY0.49 in 2022 from
CNY0.50 in 2021 with a recovery from 2023 as gas prices moderate
and demand rebounds. However, the recovery pace hinges on the
success of China's Covid-19 control and gas price changes.

Slower Gas Sales Volume Growth: Fitch expects retail gas sales
volume growth to moderate to 8% in 2022, from 16% in 2021. China's
gas sales growth slowed in 1Q22 due to weaker economic growth and
higher gas costs. Fitch expects gas sales growth to further decline
in 2Q22 due to stricter lockdown measures to contain Covid-19.
However, Fitch expects Zhongyu's full-year gas sales growth to
remain supported by the large number of new users added in 2021 and
further gas penetration in its concession regions.

Slide in New Connection Revenue: Fitch expects Zhongyu's earnings
stability to improve over the medium term as profit contribution
from the one-off pipeline connection business falls. Fitch expects
new residential connections to drop by 37% in 2022 on the property
market downturn and the company's strategy of cutting its rural
coal-to-gas business. Fitch estimates the drop in connections to
Zhongyu's target of 240,000 households per year in 2022-2025 will
lower the segment's EBITDA contribution to below 15% by 2025 from
40% in 2021.

Expansion into Non-Gas Businesses: Fitch expects Zhongyu's non-gas
smart-energy and value-added business will achieve a CAGR of 37% in
2021-2025 and the EBITDA contribution will increase to 32% in 2025
from 9% in 2021. Zhongyu is looking to sign agreements with various
local governments and existing C&I customers to develop a
distributed solar business.

We estimate the total installed capacity will reach 900MW by 2025.
Smart-energy projects are characterised by stable cash flow
generation and high margins, which may improve the company's
business profile, if executed well, although Zhongyu does not have
a track record yet.

Medium-Term Deleveraging Capacity: Fitch expects Zhongyu's net debt
to EBITDA will rise to 6.2x in 2022 from 4.9x in 2021, reflecting
modestly lower EBITDA as a result of the decline in connection
revenue and weaker dollar margin. Capex will remain high to support
its nascent smart-energy business. Zhongyu's leverage may decline
after 2022 to a level commensurate with a 'BB-' rating, if the
rebound of the dollar margin on lower gas costs and the EBITDA
contribution from the new smart-energy business meet Fitch's
rating-case assumptions.

DERIVATION SUMMARY

Fitch's 'B+' rating assessment of Zhongyu reflects its elevated
leverage against a relatively stable and resilient business profile
as a city gas distributor in China. Fitch expects Zhongyu's 2022
leverage to be higher than that of Concord New Energy Group Limited
(CNE, BB-/Stable) and ReNew Power Private Limited (BB-/Stable), but
to fall to a similar level after 2022.

Concord's renewable business faces lower price and volume risk with
a grid off-take. It also has no fuel cost exposure. Both Concord
and Zhongyu used to have receivable collection issues, which
pressured operating cash flow generation. However, the collection
risk has dropped for both as Concord rebalanced its portfolio with
more subsidy-free projects and Zhongyu cut its rural coal-to-gas
projects.

ReNew Power is much larger than Zhongyu as a leading renewable
independent power producer in India. ReNew, like Concord, has a
more stable renewable business. However, it faces much higher
counterparty risks than Zhongyu from weak state power-distribution
companies, leading to higher risks in receivable collection.
Renew's leverage is lower with net debt/EBITDA of 5.5x, but it has
a much weaker interest coverage ratio of 2.0x.

KEY ASSUMPTIONS

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

-- Retail gas sales volume CAGR of 9% in 2021-2025, supported by
    increasing sales volume from rural coal-to-gas conversion
    projects and the increase in gas sales penetration in China;

-- Dollar margin to drop in 2022 on higher gas costs and improve
    over 2023-2025;

-- New connections to drop by 37% in 2022 due to the property
    market turmoil and remain steady over 2023-2025;

-- Smart-energy business' installed capacity to reach 900MW by
    2025 with average utilisation hours of 1,350;

-- Capex to decline to about HKD1.28 billion-1.55 billion a year
    in 2022-2025 from HKD1.54 billion in 2021, as lower gas-
    related capex is offset by rising investments in the smart-
    energy business.

RATING SENSITIVITIES

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

-- Net debt to EBITDA lower than 5.5x over a sustained period.

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

-- The Outlook would revert to Stable if Zhongyu fails to
    deleverage, with its net debt to EBITDA sustained above 5.5x
    over the medium term.

BEST/WORST CASE RATING SCENARIO

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

LIQUIDITY AND DEBT STRUCTURE

Improved Liquidity: Zhongyu raised HKD1.08 billion in share
placements in October 2021 and successfully refinanced short-term
debt by securing a USD565 million three-year offshore syndicated
loan in November 2021. This demonstrated the company's smooth
access to bank financing and the capital market. Its short-term
debt dropped to 35% of total debt by end-2021, from 63% at end-June
2021.

Zhongyu reported available cash of HKD1.8 billion at end-2021 and
unused credit facilities of HKD706 million against short-term debt
of about HKD3.9 billion. Fitch expects the working-capital loan
portion of the short-term debt, roughly HKD2.4 billion, to be
rolled over due to solid track record and the stable nature of the
city gas business. Its sound banking relationships and record of
refinancing at low cost also help in obtaining additional
working-capital loan facilities, if needed. The company also has
large encumbered assets, which can be used to secure bank
financing, if needed.

ISSUER PROFILE

Zhongyu was established in 2002 with dual headquarters in Shenzhen
and Zhengzhou. The company is mainly engaged in the development and
operation of city-gas projects in China.

ESG CONSIDERATIONS

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




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

GREENLAND HOLDING: S&P Downgrades ICR to 'B-' on Weak Liquidity
---------------------------------------------------------------
On May 23, 2022, S&P Global Ratings lowered its long-term issuer
credit rating on Greenland Holding Group Co. Ltd. (Greenland) to
'B-' from 'B+', and the long-term issue rating on the senior
unsecured notes the company guarantees to 'CCC+' from 'B'. S&P also
downgraded Greenland's strategically important subsidiary Greenland
Hong Kong Holdings Ltd. (Greenland HK) to 'B-' from 'B'. All the
ratings were placed on CreditWatch with negative implications.

S&P aims to resolve the CreditWatch as soon as it has more
visibility on the progress of Greenland's asset disposals.

S&P said, "Greenland's liquidity will remain under pressure over
the next 12 months, in our view. The company's accessible cash has
depleted as it used its cash resources for debt repayment. This is
despite deleveraging efforts over the past 12-16 months.
Greenland's ratio of unrestricted cash to short-term debt fell to
0.6x in 2021, and further to 0.5x at the end of March 2022, from
0.8x in 2020. We have therefore revised our assessment of the
company's liquidity to be weak from less than adequate.

"With Greenland's limited funding channels, the company will need
to heavily rely on cash flow from property sales, asset disposals,
and refinancing of its onshore bank loans to meet its short-term
debt maturities. We expect Greenland's sales to remain sluggish
over the next 12 months. Any delay in executing asset disposals and
onshore refinancing could further weigh on its liquidity.

Greenland's cash generation from sales will weaken amid tough
operating conditions. S&P believes an imminent recovery is
unlikely, given the weak market sentiment and ongoing city
lockdowns in China. In the first four months of 2022, Greenland's
contracted sales dropped by 57% year-on-year. The company's
contracted sales will likely decline to Chinese renminbi (RMB) 210
billion-RMB220 billion in 2022 from RMB290 billion in 2021. This
would imply a 10%-15% year-on-year sales decline for the remaining
eight months of this year.

S&P said, "In our opinion, Greenland's operating cash flow (after
interest payment) will reach RMB40 billion-RMB45 billion in 2022,
representing a 27%-35% year-on-year decline from RMB62 billion in
2021. That said, we expect land acquisitions to also remain low at
RMB3 billion-RMB4 billion annually in 2022 and 2023, compared with
RMB41.2 billion in 2021.

"We believe Greenland has limited accessible cash to support its
upcoming offshore maturities. After the company repaid a total
US$600 million (RMB4 billion equivalent) of notes in March and
April this year, it still has US$2.4 billion (RMB16.4 billion
equivalent) of offshore debt due in the next 12 months. This amount
is 18% of the company's short-term debt at the end of March 2022.'

Meanwhile, the majority of Greenland's cash is at the subsidiary
level and could be trapped at escrow accounts.

Asset disposals could face execution risk amid COVID-19-driven
lockdowns in China. Greenland plans to dispose RMB50 billion of its
assets each year for the next two to three years. However, the
prolonged lockdown in Shanghai since March 2022 has adversely
affected its plans. Any delay in asset disposals could weaken
Greenland's ability to meet its upcoming maturities.

Greenland's onshore banking relationship will be tested amid
operational challenges. Given the company's high proportion of bank
funding in the debt capital structure, any weakening in banking
relationship will weigh on liquidity. While S&P expects Greenland
to have access to most of its major banks, a recent drop in the
company's bank loan balance suggests heightening of such risk.
Greenland's bank loan balance declined by RMB60.5 billion in 2021
to RMB171 billion; it continued to dip in the first quarter of
2022, by about RMB10 billion.

Weaknesses in the property sector will have contagion effects on
Greenland's engineering and construction (E&C) segment. S&P said,
"We believe counterparty risks arising from more developers facing
a liquidity crunch will weigh on Greenland's cash flow. We
therefore expect the E&C segment to continue to generate slightly
negative operating cash flow." Bad debt provisions for the segment
increased to RMB8.7 billion at end-2021 from RMB6.9 billion a year
earlier.

The rating actions on Greenland HK are tied to those on the parent.
S&P continues to assess Greenland HK as a strategically important
subsidiary of Greenland. Greenland HK's operational linkage to
Greenland is underscored by its exclusive right to operate in the
Greater Bay Area (GBA) on behalf of the group, after its
acquisition of Guangzhou Greenland Real Estate Development Co. Ltd.
(Guangzhou Greenland) in December 2020. Greenland HK also operates
under a unified brand name, and shares financing channels such as
domestic bank credit lines and offshore bond quota with Greenland.

S&P said, "Given these close linkages, we believe a potential
deterioration of Greenland's creditworthiness could have a knock-on
effect on Greenland HK, depending on the subsidiary's ability to
maintain stable business operations and access to funding. We also
understand that a potential dividend distribution to Greenland
could strain Greenland HK's liquidity. This is although the
subsidiary's proposed dividend of HK$838 million for 2021 is
subject to shareholders' approval in June 2022.

"Our rating on GLHK does not incorporate an uplift from its
stand-alone credit profile (SACP) of 'b-'. This is because we do
not expect Greenland to be able to provide any credit support to
the subsidiary due to the parent's weakened credit standing."

Greenland HK's liquidity will remain tight over the next 12 months.
Declining sales will likely constrain Greenland HK's ability to
replenish its liquidity using operating cash flows. The company's
contracted sales fell 56% year-on-year in the first four months of
2022. S&P believes sales will stay under pressure, given the surge
in COVID-19 cases and city lockdowns in China even as homebuyers'
sentiment remains weak.

Greenland HK reduced its reported debt by about RMB5.3 billion in
the second half of last year to RMB19.7 billion as of end-2021.
However, its unrestricted cash also fell, albeit moderately, to
RMB7.4 billion as of end-2021 from RMB8.9 billion six months ago.
Continued repayment of debt with cash will weigh on the company's
liquidity and growth prospects, in S&P's view.

Greenland HK's limited offshore maturities and high exposure to
domestic bank funding tempers the liquidity risk. The company has
limited exposure to capital-market maturities in 2022. Its
unrestricted cash balance sufficiently covers its only offshore
bullet bond outstanding, the US$150 million (about RMB1.0 billion)
364-day notes due in June 2022. The maturity amount is only 5% of
Greenland HK's total reported debt as of end-2021. Meanwhile,
domestic bank borrowings account for 84% of the company's reported
debt as of end-2021.

While S&P believes Greenland HK has a good track record in maintain
banking relationship, any execution risk or a further drop in
lenders' confidence could erode the company's liquidity buffer.

CreditWatch

GREENLAND HOLDING GROUP CO. LTD.

S&P aims to resolve the CreditWatch as soon as it has more
visibility on the progress of Greenland's asset disposals.

The CreditWatch placement with negative implications reflects the
uncertainty over Greenland's ability to timely execute asset
disposals and generate internal resources to meet its concentrated
offshore maturities over the next three to six months. A prolonged
and more widespread COVID-related lockdown in China could heighten
such risks.

GREENLAND HONG KONG HOLDINGS LTD.

S&P aims to resolve the CreditWatch once it has more visibility on
the knock-on effect of Greenland's credit standing on Greenland
HK's business operations and access to funding.

ESG credit indicators for Greenland Holding Group Co. Ltd.: E-3,
S-2, G-3

ESG credit indicators for Greenland Hong Kong Holdings Ltd.: E-3,
S-2, G-2




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

9PLANETS PRODUCTS: CRISIL Keeps D Debt Ratings in Not Cooperating
-----------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of 9Planets
Products Private Limited (9PPPL) continue to be 'CRISIL D Issuer
Not Cooperating'.

                       Amount
   Facilities       (INR Crore)     Ratings
   ----------       -----------     -------
   Cash Credit           4.2        CRISIL D (Issuer Not
                                    Cooperating)

   Term Loan            14.9        CRISIL D (Issuer Not
                                    Cooperating)

CRISIL Ratings has been consistently following up with 9PPPL 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 9PPPL, which restricts CRISIL
Ratings' ability to take a forward looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on 9PPPL
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the ratings on bank facilities of
9PPPL continues to be 'CRISIL D Issuer Not Cooperating'.

9PPPL, incorporated in 2012, manufactures PVC sheets. The company
has a manufacturing unit in Khed (Pune). It is promoted by Mr.
Shekar Parab and his wife, Ms. Aishwarya Parab. The company started
its commercial operations in December 2013.


A P FASHIONS: CRISIL Lowers Long/Short Term Loan Rating to D
------------------------------------------------------------
CRISIL Ratings has downgraded the ratings on bank facilities of A P
Fashions Private Limited (APFPL) to 'CRISIL D/CRISIL D Issuer Not
Cooperating' from 'CRISIL B+/Stable/CRISIL A4 Issuer Not
Cooperating'

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

   Short Term Rating      -         CRISIL D (ISSUER NOT
                                    COOPERATING; Downgraded from
                                    'CRISIL A4 ISSUER NOT
                                    COOPERATING')

CRISIL Ratings has been consistently following up with APFPL 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-cooperation 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 APFPL, which restricts the
ability of CRISIL Ratings to take a forward-looking view on the
entity's credit quality. CRISIL Ratings believes the rating action
on APFPL is consistent with 'Assessing Information Adequacy Risk'.

Consequently, the ratings have been downgraded to 'CRISIL D/CRISIL
D Issuer Not Cooperating' from 'CRISIL B+/Stable/CRISIL A4 Issuer
Not Cooperating', citing lack of information and management
cooperation and adverse information in the public domain.

The downgrade reflects the ongoing delays in debt servicing debts.

APFPL was incorporated in 1991 in Kolkata, West Bengal. The company
manufactures home furnishings, textiles and ready-made garments,
which are sold domestically as well as exported. It is promoted by
Mr. Ashok Kumar Jhunjhunwala and his family members.

AASHIRWAD INDUSTRIES: CRISIL Assigns C Rating to INR5.39cr Loan
---------------------------------------------------------------
CRISIL Ratings has assigned its 'CRISIL C' rating to the long-term
bank facilities of Aashirwad Industries Private Limited (AIPL).

                       Amount
   Facilities       (INR Crore)     Ratings
   ----------       -----------     -------
   Cash Credit            5         CRISIL C (Assigned)

   Funded Interest
   Term Loan              0.54      CRISIL C (Assigned)

   Mortgage Loan
   Facility               1.21      CRISIL C (Assigned)

   Proposed Long Term
   Bank Loan Facility     3.8       CRISIL C (Assigned)

   Term Loan              1.06      CRISIL C (Assigned)

   Working Capital
   Term Loan              5.39      CRISIL C (Assigned)

The rating reflects exposure of AIPL to cyclicality in the end-user
industries, average business risk profile and below-average
financial risk profile. These weaknesses are partially offset by
extensive experience of the promoters in the construction material
industry.

Key Rating Drivers & Detailed Description

Weaknesses:

* Exposure to cyclicality in end user industry: AIPL caters to the
construction and infrastructure industries, which are cyclical and
strongly correlated to economic cycles. The construction sector
faced an economic recession-led slowdown in the past, with several
projects getting delayed or cancelled.

* Average business risk profile, marked by small scale and large
working capital requirement: AIPL's business risk profile is
average marked by small scale and working capital intensive
operations. AIPL's scale has remained small with revenue of around
INR20.64 crore for fiscal 2021 and is expected to remain at similar
levels over the medium term. Gross current assets were at
161.0-297.5 days over the three fiscals ended March 31, 2021. Its
intensive working capital management is reflected in its gross
current assets (GCA) of 161.0 days as of March 31,2021 mainly
driven by high inventory levels.

* Below-average financial risk profile: Financial risk profile
should remain constrained by higher interest and finance charges
and low cash accrual. Gearing and total outside liabilities to
tangible networth ratio were moderate at 1.32 times and 1.72 times,
respectively, as of March 31, 2021. Debt protection metrics were
subdued, with interest coverage and net cash accrual to total debt
ratios of 0.90 time and 0.01 time, respectively, for fiscal 2021.

Strength:

* Extensive experience of promoters: The promoters have an
experience of over 15 years in the construction material industry;
their strong understanding of market dynamics and healthy
relationships with suppliers and customers should continue to
support the business.

Liquidity: Poor

Bank limit utilisation was high at around 100% for the 12 months
through February 2022. Cash accrual per annum is expected to be
insufficient to meet the debt obligation over the medium term.
Current ratio was low at 0.5 time on March 31, 2021.


Rating Sensitivity factors

Upward Factors:

* Substantial and sustainable increase in revenue and
profitability, leading to cash accrual over Rs 2 crore
* Improvement in the working capital cycle

Downward Factors:

* Delay in debt servicing
* Large, debt-funded capital expenditure
* Further stretch in the working capital cycle

AIPL (formerly known as R R Tupe Builders Pvt Ltd) was incorporated
on July 29, 2004. The company manufactures asbestos sheet at its
unit in Butibori Industrial area of Nagpur (Maharashtra) and has
installed capacity of 30,000 tonne per annum. It is also engaged in
real estate and construction activities. Mr. Rahul Tupe and Mr.
Karan Tupe are the promoters.


ADJOIN DREAMPROJECTS: Insolvency Resolution Process Case Summary
----------------------------------------------------------------
Debtor: Adjoin Dreamprojects & Agro Pvt. Ltd.

        Registered office:
        C-14, Basement
        Greater Kailash Enclave-1
        New Delhi 110048

        Also at:
        702-704, D-Mall
        Netaji Subhash Place
        Pitam Pura, Delhi 110034

Insolvency Commencement Date: May 18, 2022

Court: National Company Law Tribunal, New Delhi Bench

Estimated date of closure of
insolvency resolution process: November 13, 2022

Insolvency professional: Mr. Jaswant Singh

Interim Resolution
Professional:            Mr. Jaswant Singh
                         70/15, 2nd Floor
                         Ashok Nagar
                         New Delhi 110018
                         E-mail: csjaswantsingh@gmail.com
                                 cirp.adap@gmail.com

Last date for
submission of claims:    June 1, 2022


ANJANI ROLLER: CRISIL Keeps B Debt Rating in Not Cooperating
------------------------------------------------------------
CRISIL Ratings said the rating on bank facilities of Anjani Roller
Flour Mills Private Limited (AFMPL; part of 'Gupta Group')
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 AFMPL 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 AFMPL, which restricts CRISIL
Ratings' ability to take a forward-looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on AFMPL
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the ratings on bank facilities of
AFMPL continue to be 'CRISIL B/Stable Issuer Not Cooperating'.

For arriving at its rating, CRISIL Ratings has combined the
business and financial risk profiles of AFMPL, AAA Roller Flour
Mill Pvt Ltd (ARFMPL) and Satyam Roller Flour Mills Pvt Ltd
(SRFMPL), together known as the 'Gupta Group'. All these companies
are under a common management, are in the same line of business,
and have financial linkages.

Further, CRISIL has treated unsecured loans of Rs 13.5 crore
extended by the promoters as on March 31, 2018, as 75% equity and
25% debt. This is because the loans are subordinated to bank
borrowings and are expected to be retained in the business over the
medium term.

The group was incorporated in 1995, with Mr. Vijay Shankar Gupta
and his family members as the promoters. The company is engaged in
the processing of wheat into flour, with units in Navi Mumbai and
Pune (Maharashtra) and combined capacity of 720 metric tonnes per
day.

ARAMBAGH HATCHERIES: Insolvency Resolution Process Case Summary
---------------------------------------------------------------
Debtor: M/s Arambagh Hatcheries Limited
        59 B, Chowringhee Road
        Kolkata 700020
        West Bengal, India

Insolvency Commencement Date: May 18, 2022

Court: National Company Law Tribunal, Kolkata Bench

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

Insolvency professional: Mr. Sanjai Kumar Gupta

Interim Resolution
Professional:            Mr. Sanjai Kumar Gupta
                         A6 Charulata, BE 8
                         Rabindra Pally
                         Kolkata 700101
                         West Bengal
                         E-mail: casanjaigupta@gmail.com

                            - and -

                         C/o LSI Resolution (P) Ltd.
                         104, S.P. Mukherjee Road
                         Sagat Trade Cube
                         Kolkata 700026
                         West Bengal
                         E-mail: cirp.ahl@gmail.com

Last date for
submission of claims:    May 27, 2022


BANSAL RICE: CRISIL Keeps D Debt Ratings in Not Cooperating
-----------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Bansal Rice
Mills - Muktsar (BRM) continues to be 'CRISIL D Issuer Not
Cooperating'.

                       Amount
   Facilities       (INR Crore)     Ratings
   ----------       -----------     -------
   Cash Credit           3          CRISIL D (Issuer Not
                                    Cooperating)

   Term Loan             2          CRISIL D (Issuer Not
                                    Cooperating)

   Warehouse Financing   4          CRISIL D (Issuer Not
                                    Cooperating)

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

Set up as a proprietorship firm in 2009 by Mr. Sanjiv Kumar and
reconstituted as a partnership firm in 2014, BRM processes basmati
and non-basmati rice for export houses and also sells under its own
brand, Barkat Rice. Production facilities are in Muktsar, Punjab.


COASTAL MINERALS: CRISIL Lowers Rating on INR10cr Loans to B
------------------------------------------------------------
CRISIL Ratings has revised the ratings on bank facilities of
Coastal Minerals Impex LLP (CMIL) to 'CRISIL B/Stable Issuer Not
Cooperating' from 'CRISIL BB/Stable Issuer Not Cooperating'.

                       Amount
   Facilities       (INR Crore)     Ratings
   ----------       -----------     -------
   Cash Credit            9         CRISIL B/Stable (ISSUER NOT
                                    COOPERATING; Revised from
                                    'CRISIL BB/Stable ISSUER NOT
                                    COOPERATING')

   Proposed Long Term     1         CRISIL B/Stable (ISSUER NOT
   Bank Loan Facility               COOPERATING; Revised from
                                    'CRISIL BB/Stable ISSUER NOT
                                    COOPERATING')

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

CMIL was established as a proprietary concern of Ms Uma Padmini
Katuri in 2011. Later on in year May 2018 entity has been changed
to limited liability partnership firm with name CEE. The firm is
based in Hyderabad and trades in coal, mainly non-coking. Operation
are managed by Mr. Phaneendra.

JMRPL was icorporated in 2013 by Mr. Phaneendra Thammimeedi and Mrs
Katuri Uma Padmini, JMRPL is engaged in trading of non-coking coal.
The company is based out of Hyderabad, Telangana.


CURA HEALTH: CRISIL Keeps D Debt Ratings in Not Cooperating
-----------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Cura Health
Care Private Limited (CHPL; part of the Cura group) continue to be
'CRISIL D/CRISIL D Issuer Not Cooperating'.

                       Amount
   Facilities       (INR Crore)     Ratings
   ----------       -----------     -------
   Bank Guarantee        12         CRISIL D (Issuer Not
                                    Cooperating)

   Bank Guarantee         0.5       CRISIL D (Issuer Not
                                    Cooperating)

   Cash Credit           25         CRISIL D (Issuer Not
                                    Cooperating)

   Proposed Long Term     0.5       CRISIL D (Issuer Not
   Bank Loan Facility               Cooperating)

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

For arriving at the ratings, CRISIL Ratings has combined the
business and financial risk profiles of CHPL and its subsidiaries:
Icure Technologies Pvt Ltd, Pacsmart Solutions Pvt Ltd, DE
Healthcare Pvt Ltd, Concept Integrations (India) Pvt Ltd, Adonis
Medical Systems Pvt Ltd (Adonis), and IVES Healthcare Pvt Ltd
(Ives). This is because all these entities, collectively referred
to as the Cura group, are in the same business, under a common
management, and have financial links.

                          About the Group

The Cura group trades and manufactures medical equipment and
devices. CHPL, set up in 2001, installs and trades in medical
imaging equipment. It also manufactures digital radiography
equipment and critical care products.

The group's subsidiaries manufacture, trade, and service medical
equipment and healthcare devices in the imaging (CT, MRI,
mammography, and digital radiography), critical care (patient
monitoring and nephrology) and x-ray segments.


DAR MEDIA PRIVATE: Insolvency Resolution Process Case Summary
-------------------------------------------------------------
Debtor: M/s Dar Media Private Limited
        B/417 Bonanza
        Sahar Plaza Complex
        Near KohiNnor Continental Hotel
        Andheri East, Mumbai City
        MH 400093
        IN

Insolvency Commencement Date: May 12, 2022

Court: National Company Law Tribunal, Dombivali Bench

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

Insolvency professional: Paresh Chandulal Mehta

Interim Resolution
Professional:            Paresh Chandulal Mehta
                         13B, Nirmal Society
                         Pandurang Wadi
                         Dombivali East 421201
                         E-mail: pareshehta5959@gmail.com
                                 ip.darmedia@gmail.com

Last date for
submission of claims:    May 26, 2022


DRASHTI INNOVATIVE: CRISIL Keeps D Ratings in Not Cooperating
-------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Drashti
Innovative Syncotex Private Limited (DISPL) continue to be 'CRISIL
D/CRISIL D Issuer Not Cooperating'.

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

   Cash Credit            5.13       CRISIL D (Issuer Not
                                     Cooperating)

   Cash Credit            5          CRISIL D (Issuer Not
                                     Cooperating)

   Proposed Long Term     4          CRISIL D (Issuer Not
   Bank Loan Facility                Cooperating)

   Term Loan              9.87       CRISIL D (Issuer Not
                                     Cooperating)

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

For arriving at its ratings, CRISIL Ratings has combined the
business and financial risk profiles of DISPL and Gauri
International Pvt Ltd (GIPL). This is because the two companies,
together referred to as the Gauri group, have common promoters, are
in the same business, and have business and operational synergies.

Incorporated in 2013 and based in Surat, Gujarat, DISPL
manufactures and trades in fabrics used in home furnishing,
readymade garments, and dress material. GIPL, also based in Surat
and incorporated in 2010, is in a similar line of business. The
manufacturing facilities of both companies are in Surat. DISPL is
promoted by Mr. Dhaval Nakrani and Mr. Vishal Balar, while GIPL is
promoted by Mr. Nakrani.


FALCON BUSINESS: Insolvency Resolution Process Case Summary
-----------------------------------------------------------
Debtor: Falcon Business Resources Private Limited
        D-158-B, Okhla Industrial Area
        Phase-I, New Delhi 110020

Insolvency Commencement Date: May 17, 2022

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

Estimated date of closure of
insolvency resolution process: November 12, 2022

Insolvency professional: Nitish Kumar Chugh

Interim Resolution
Professional:            Nitish Kumar Chugh
                         A-802 Dharam CGHS, Plot No. 18
                         Sector 18A Dwarka, New Delhi 110075
                         E-mail: ca.nitish@gmail.com

                            - and -

                         Flat no. 93, Pkt 6
                         Sector 12, Rainbow Apartments
                         Dwarka, New Delhi 110075
                         E-mail: cirp.fbrpl@gmail.com

Last date for
submission of claims:    May 31, 2022


GEOPRENEUR CORP: Insolvency Resolution Process Case Summary
-----------------------------------------------------------
Debtor: Geopreneur Corp Private Limited
        Gala No. 1001, 10th floor
        First Avenue CTS No. 1199/E
        of Village Malad, Link Road
        Malad (W) Mumbai, Maharashtra
        India 400064

Insolvency Commencement Date: May 20, 2022

Court: National Company Law Tribunal, Ahmedabad Bench

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

Insolvency professional: Mr. Ajit Gyanchand Jain

Interim Resolution
Professional:            Mr. Ajit Gyanchand Jain
                         204, Wall Street-1
                         Near Gujarat College
                         Ellisbridge, Ahmedabad 380006
                         E-mail: ajit@vcanca.com
                                 cirp.geo@gmail.com

Classes of creditors:    Allottees of Real Estate

Insolvency
Professionals
Representative of
Creditors in a class:    Fanendra Harakchand Munot
                         Vimal Kumar Agrawal
                         Preeti Vimal Agrawal

Last date for
submission of claims:    June 3, 2022


ORIGIN CORPORATION: CRISIL Keeps D Ratings in Not Cooperating
-------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Origin
Corporation (OC) continue to be 'CRISIL D Issuer Not Cooperating'.

                       Amount
   Facilities       (INR Crore)     Ratings
   ----------       -----------     -------
   Cash Credit           6.15       CRISIL D (Issuer Not
                                    Cooperating)

   Proposed Long Term    0.67       CRISIL D (Issuer Not
   Bank Loan Facility               Cooperating)

   Term Loan             0.68       CRISIL D (Issuer Not
                                    Cooperating)

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

OC was set up in 2006 in Indore (Madhya Pradesh) by Mr. Tapash Roy,
Mrs. Ajanta Roy, and Mr. Animesh Roy. It was initially involved in
trading in polyester yarn. However, in 2008, the firm started
processing polyester yarn in the count range of 20s to 80s.
Gradually, it also started manufacturing sewing threads.


P. C. INDUSTRIES: CRISIL Keeps B Debt Ratings in Not Cooperating
----------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of P. C.
Industries (PCI) continue to be 'CRISIL B/Stable Issuer Not
Cooperating'.

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

   Term Loan             1.99       CRISIL B/Stable (Issuer Not
                                    Cooperating)


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

Established in 1996, Ahmedabad, Gujarat-based PCI, a proprietorship
concern of Mr. Mayur Shah, manufactures electrical utilities such
as switch gear, fuse gear, re-wireable kit-kat fuses, fuse links,
bases, fittings and pullers; link disconnectors, bus bar support,
cut-outs, and distribution box assemblies. These are used in power
transmission and distribution infrastructure, industrial, and other
applications. Mr. Shah and his sons, Mr. Falun Shah, and Mr. Honey
Shah manage the operations.


PRABIR FOODSTUFF: CRISIL Keeps D Debt Ratings in Not Cooperating
----------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Prabir
Foodstuff Factory (PFF) continue to be 'CRISIL D/CRISIL D Issuer
Not Cooperating'.

                       Amount
   Facilities       (INR Crore)     Ratings
   ----------       -----------     -------
   Cash Credit            13        CRISIL D (Issuer Not
                                    Cooperating)

   Warehouse Financing    15        CRISIL D (Issuer Not
                                    Cooperating)

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

PFF, set up in 2005 by Mr. Kuljit Singh, mills and sorts basmati
and non-basmati rice. It sells its rice under the brands Victoria,
777, KR, and Flying Horse. The firm has a rice milling and sorting
facility in Amritsar (Punjab), with a capacity of 12 tonnes per
hour.


S. S. OIL: CRISIL Keeps B Debt Rating in Not Cooperating Category
-----------------------------------------------------------------
CRISIL Ratings said the rating on bank facilities of S. S. Oil
Refinery (SSOR) continues to be 'CRISIL B/Stable Issuer Not
Cooperating'.

                       Amount
   Facilities       (INR Crore)     Ratings
   ----------       -----------     -------
   Cash Credit            6.4       CRISIL B/Stable (Issuer Not
                                    Cooperating)

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

SSOR, located in Sangli (Maharashtra) is established in 1999. It is
engaged in extraction and refining of cottonseed oil and refining
of various crude edible oils. It is jointly owned and managed by
Mr. Wahid Chini and his son Mr. Sarfaraz Chini.


SMT MACHINES: CRISIL Keeps D Debt Ratings in Not Cooperating
------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of SMT Machines
India Limited (SMT) continue to be 'CRISIL D Issuer Not
Cooperating'.

                       Amount
   Facilities       (INR Crore)     Ratings
   ----------       -----------     -------
   Cash Credit            6.2       CRISIL D (Issuer Not
                                    Cooperating)

   Proposed Term Loan     7.7       CRISIL D (Issuer Not
                                    Cooperating)

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

Incorporated in 1992 and promoted by Mr. Surinder Kumar Mittal and
family, SMT (formerly, Aman Multilateral Pvt Ltd; name changed in
the late 1990s) designs and manufactures equipment for steel
rolling mill plants.


STA-CO NUTRA: CRISIL Keeps D Debt Ratings in Not Cooperating
------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Sta-co Nutra
Products Private Limited (SNPPL) continue to be 'CRISIL D Issuer
Not Cooperating'.

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

   Proposed Long Term    0.1        CRISIL D (Issuer Not
   Bank Loan Facility               Cooperating)

   Term Loan             5.4        CRISIL D (Issuer Not
                                    Cooperating)

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

Established in 2013 by Mr. Shivaji Sankpal and Ms Rohini Satkar,
SNPPL is setting up a unit in Ranjangaon, Pune, to manufacture
allopathic and ayurvedic lozenges and oncology active
pharmaceutical ingredients.


STEPPING STONE: CRISIL Keeps B Debt Ratings in Not Cooperating
--------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Stepping
Stone Educational Society (SSES) continue to be 'CRISIL B/Stable
Issuer Not Cooperating'.

                       Amount
   Facilities       (INR Crore)     Ratings
   ----------       -----------     -------
   Long Term Loan         5         CRISIL B/Stable (Issuer Not
                                    Cooperating)

   Overdraft Facility     1.9       CRISIL B/Stable (Issuer Not
                                    Cooperating)

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

SSES is a registered trust set up in 2000 by Mr. R. D. Gupta. The
trust currently has three educational institutes namely Stepping
Stone Children's Academy, Stepping Stone Children's Academy for
female students and Stepping Stone Inter College offering courses
from LKG to HSC. These schools are located in Gorakhpur (Uttar
Pradesh). The schools are affiliated to Central Board of Secondary
Education (CBSE) board and currently have more than 2500 students.


SUNDARAM PACKAGING: CRISIL Keeps B Debt Rating in Not Cooperating
-----------------------------------------------------------------
CRISIL Ratings said the rating on bank facilities of Sundaram
Packaging India Private Limited (SPIPL) continues to be 'CRISIL
B/Stable Issuer Not Cooperating'.

                       Amount
   Facilities       (INR Crore)     Ratings
   ----------       -----------     -------
   Cash Credit          19.55       CRISIL B/Stable (Issuer Not
                                    Cooperating)

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

Set up in 2007 in Indore by Mr. Anil Aggarwal, SPIPL manufactures
polypropylene woven fabric, high-density polyethylene (HDPE) woven
fabric, laminated woven fabric, laminated polypropylene woven
fabric, and laminated HDPE woven fabric at its facility in Pitampur
Industrial Area near Indore in Madhya Pradesh.


TATA STEEL: Fitch Raises IDR to 'BB+', Outlook Positive
-------------------------------------------------------
Fitch Ratings has upgraded India-based Tata Steel Limited's (TSL)
Issuer Default Rating (IDR) to 'BB+', from 'BB'. The Outlook is
Positive. The agency has also upgraded the rating on the USD1
billion notes due July 2024, issued by TSL's subsidiary, ABJA
Investment Co. Pte. Ltd., and guaranteed by TSL, to 'BB+', from
'BB'.

The upgrade factors in a significant improvement in TSL's financial
profile in the financial year ended March 2022 (FY22), driven by
record EBITDA and significant debt repayment. TSL has benefitted
from high steel prices, while sales volume remained largely
unaffected by a resurgence of the Covid-19 pandemic in India
earlier in the financial year. Fitch thinks longer-term risks from
exposure to Europe, which faces structural weaknesses of high costs
and weak demand growth, have receded due to the increasing share of
low-cost Indian assets in total steel capacity and efforts in
Europe to improve efficiency and margins.

Fitch estimates TSL's total debt/EBITDA leverage declined to below
1.5x in FY22, from 3.4x in FY21. However, Fitch forecasts it will
rise to close to 2.5x by FY24 on higher capex and lower industry
margins. TSL is aiming to grow its steel capacity in India rapidly
until 2030, while targeting a net debt/EBITDA leverage, based on
its calculations, of 2.0x or lower. If TSL's leverage remains well
within its target, potentially through prudent capex management and
acquisitions, it would imply a financial profile that is better
than Fitch's forecasts. It would also indicate a better credit
profile, whose likelihood is reflected in the Positive Outlook.

KEY RATING DRIVERS

High Margins in FY22: TSL's consolidated reported EBITDA doubled in
FY22, and standalone operations, which expanded following the
amalgamation of Tata Steel BSL Ltd, contributed around 80%. TSL's
standalone unit EBITDA margin was around INR29,000/tonne (t) in
FY22, double the average over FY18-FY21. TSL's strong performance
reflected the industry trend, with producers benefitting from high
steel prices due to healthy demand and limited supply. TSL's
margins also gained from significant raw-material self-sufficiency
in India.

Margins Likely to Decline: TSL's reported standalone margin in
4QFY22 was significantly lower than the full-year average at around
INR24,600/t, mainly due to the impact of higher prices of coking
coal, a key raw material. Fitch expects industry margins to narrow
further in FY23 and beyond due to the jump in coking coal prices in
the short term, and a more balanced demand and supply over the long
term.

Captive Raw-Material Benefit: TSL meets 100% of its iron-ore
requirements in India and about a quarter of its coking coal needs
through its mines. However, TSL's overseas assets do not benefit
from raw-material production.

Low-Cost Position: TSL's Jamshedpur plant, with capacity of over 10
million tonnes per annum (mtpa), is the lowest-cost asset in the
world, as per CRU's 2022 crude steel site cost data. TSL's other
plants in India are also in the first quartile of the global cost
curve. Although the UK plant lies in the last quartile of the
global cost curve, Fitch estimates the weighted-average cost
position of TSL's steelmaking operations is in the first quartile,
underpinned by the Indian assets.

Turnaround in Europe: TSL's European operations - a 7mtpa
cost-efficient plant at Ijmuiden, Netherlands and high-cost 5mtpa
UK plant - have been EBITDA positive since 4QFY21 after losses in
9MFY21 and FY20 on improved sales volume and margins. TSL has
implemented measures such as rationalisation of working capital and
capex, staff cuts and optimisation of product mix to improve
profitability. Fitch expects this to result in sustained EBITDA
generation in Europe, albeit at a lower level than FY22 due to
weaker industry margins.

Capex Likely to Jump: Fitch expects TSL's annual capex to almost
double by FY24, compared with FY22's INR105 billion, driven by its
target of increasing steelmaking capacity in India to around 40mtpa
by 2030, from 19.6mtpa at FYE21. Capex in FY23 should increase on
higher spending for the Kalinganagar plant, which involves a 5mtpa
capacity expansion targeted for completion in FY24 and a 2.2mtpa
cold-rolling mill scheduled to start in 4QFY23.

TSL is also likely to start work on expanding the capacity of its
latest acquisition, Neelachal Ispat Nigam Limited (NINL). TSL plans
to expand NINL's capacity to 4.5mtpa, from 1.1mtpa, in the next few
years, and to 10mtpa by around 2030.

Tata Group Support: Fitch applies a one-notch uplift to TSL's
Standalone Credit Profile (SCP) of 'bb' to derive the IDR due to
potential support from the Tata Group, which owns a 34% stake in
TSL. The group's support history includes subscription for its
share of TSL's rights issue launched in 2018.

According to Fitch's Parent and Subsidiary Linkage Rating Criteria,
the principles of linkage may be used to rate an investee, TSL,
closer to the investor, Tata Group as the investment-holding
company, in the case of potential implied support from the latter.
Fitch believes there is medium strategic incentive for Tata Group
to provide support, despite low legal and operational incentives,
given TSL's substantial contribution to the group's asset base and
dividend receipts, its growth outlook and reputational risk to the
group if TSL defaults.

Higher Leverage, Weaker FCF: Fitch estimates TSL's total
debt/EBITDA leverage to increase over the next two years, from 1.3x
in FY22. Fitch expects TSL's EBITDA to be lower from FY23 due to
weaker unit margins. Sales volume growth will also be constrained
until the Kalinganagar expansion is completed in FY24. In addition,
higher capex and dividends could turn TSL's free cash flow (FCF)
margin largely neutral over FY23-FY25, from an average of more than
10% during FY21-FY22.

DERIVATION SUMMARY

JSW Steel Limited (JSWS, BB/Stable) is TSL's close Indian peer.
TSL's operations in India have better vertical integration and a
higher EBITDA margin than that of JSWS. However, this is
counterbalanced by TSL's significant exposure to Europe where it
faces higher costs and a weaker demand outlook than India. Fitch
estimates that JSWS's gross debt/EBITDA leverage in FY22 was higher
than TSL's, at above 2.0x, and is likely to remain higher than 2.5x
over the next two years. The likelihood of a better leverage
profile than JSWS suggests the possibility of a higher SCP for TSL,
which underpins Fitch's Positive Outlook on its rating.

TSL is rated lower than ArcelorMittal S.A. (AM, BBB-/Stable). AM's
business profile is stronger as it is the world's most diversified
steel producer by product type, industrial application and
geography. AM is the world's second-largest steel producer and
benefits from vertical integration into iron ore. It also has a
strong product mix with a significant share of high value-added
products.

TSL is rated higher than United States Steel Corporation (US Steel,
BB-/Positive), which is the second-largest North American
flat-rolled sheet producer, one of the largest producers of tubular
goods in the US and one of the largest integrated flat-rolled
producers in central Europe. US Steel's EBITDA leverage and margins
have been volatile and the company suffered an EBITDA loss in 2020.
This indicates higher operating costs and a weaker business profile
than TSL.

KEY ASSUMPTIONS

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

-- Standalone sales volume CAGR of 6% over FY23-FY25, driven by
    capacity expansion at the Kalinganagar plant;

-- EBITDA/t margin for standalone operations of around INR18,000
    in FY23, declining to around INR14,000 in FY24 and FY25;

-- Average annual EBITDA from other assets of around INR60
    billion over FY23-FY25;

-- Average annual consolidated capex of INR185 billion over FY23-
    FY25;

-- Average annual dividend outflow of around INR75 billion over
    FY23-FY25.

RATING SENSITIVITIES

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

-- Total debt-to-EBITDA leverage below 2.5x on a sustained basis;

-- Sustained neutral-to-positive FCF.

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

-- Expectations of weaker implied support from the Tata Group.

-- Fitch may revise the Outlook to Stable if performance is
    weaker than the sensitivities for positive rating action.

LIQUIDITY AND DEBT STRUCTURE

Adequate Liquidity: TSL reported consolidated cash, bank balances
and current investments of around INR245 billion as of FYE22 and
current portion of borrowings of around INR240 billion. Fitch
expects TSL to be able to roll over its short-term debt for working
capital given its healthy operating profile. The company also
enjoys strong banking relationships and access to financial
markets, which mitigate refinancing and liquidity risks.

ISSUER PROFILE

TSL is one of the largest steelmakers in India, with capacity of
around 20mtpa as of FYE21 and a flat-product-focused portfolio. TSL
also has 12mtpa of steelmaking capacity in Europe and around 1mtpa
in Thailand.

SUMMARY OF FINANCIAL ADJUSTMENTS

Material financial adjustments for TSL include:

-- An interest-bearing customer advance (FY21: INR63.0 billion)
    has been treated as debt. The current portion of the advance
    (FY21: INR13.3 billion) has been included under short-term
    debt;

-- The INR7.75 billion of hybrid perpetual bonds, issued by TSL,
    have not been provided any equity credit in line with Fitch's
    criteria. Distributions on hybrid perpetual securities have
    been treated as interest;

-- Current investments in mutual funds (FY21: INR72.2 billion),
    which are highly liquid, have been treated as readily
    available cash;

-- Capitalised debt transaction costs (FY21: INR7.1 billion) have

    been added back to better reflect amount repayable at
    maturity;

-- Net foreign-exchange gains (FY21: INR19.0 billion) have been
    excluded from EBITDA;

-- Net income attributable to minorities (FY21: INR7.0 billion)
    has been excluded from EBITDA while calculating financial
    ratios, such as for leverage; and

-- Interest expense on lease obligations (FY21: INR6.8 billion)
    and depreciation on right-of-use assets (FY21: INR12.2
    billion) have been treated as lease expense and excluded from
    EBITDA. Lease obligations (FY21: INR85.4 billion) have also
    been excluded from debt.

ESG CONSIDERATIONS

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


THIRUMALA CABS: CRISIL Keeps B+ Debt Ratings in Not Cooperating
---------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Thirumala
Cabs (TC) 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        3.97       CRISIL B+/Stable (Issuer Not
                                    Cooperating)

   Proposed Long Term    2.53       CRISIL B+/Stable (Issuer Not
   Bank Loan Facility               Cooperating)

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

Incorporated in 2000 and based in Hyderabad, TC is in to corporate
car rentals in Hyderabad, inter-city bus transportation services
and logistics solutions to companies. Mr. Sunil Kumar manages the
firm's operations.


TRINITY BUILDCON: CRISIL Keeps B Debt Ratings in Not Cooperating
----------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Trinity
Buildcon (India) Private Limited (TBPL) continue to be 'CRISIL
B/Stable Issuer Not Cooperating'.

                       Amount
   Facilities       (INR Crore)    Ratings
   ----------       -----------    -------
   Proposed Term         6.85      CRISIL B/Stable (Issuer Not
   Loan                            Cooperating)

   Term Loan            50.00      CRISIL B/Stable (Issuer Not
                                   Cooperating)

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

TBPL is part of the Mayar Group, which was formed in 1948. The
company is currently developing independent villas at Hailey Road,
New Delhi. The company also undertakes trading of newsprint and
timber.


TULSI ROCKS: CRISIL Keeps D Debt Ratings in Not Cooperating
-----------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Tulsi Rocks
Private Limited (TRPL) continue to be 'CRISIL D Issuer Not
Cooperating'.

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

   Export Packing         3         CRISIL D (Issuer Not
   Credit                           Cooperating)

   Long Term Loan        15         CRISIL D (Issuer Not
                                    Cooperating)

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

Incorporated in 2013 and promoted by Mr. Prabhat Bhandari and his
family, TRPL is engaged in granite processing in Hyderabad
(Telangana).


UPL CORP: S&P Cuts LT Issuer Rating to BB+ on Failure to Deleverage
-------------------------------------------------------------------
On May 23, 2022, S&P Global Ratings lowered its long-term issuer
ratings on UPL Corp. to 'BB+' from 'BBB-.' S&P also lowered its
issue rating on the company's senior unsecured notes to 'BB+,' and
perpetual securities to 'BB-.'

S&P said, "The stable outlook reflects our expectation that UPL
Corp.'s resilient cash flows and disciplined spending will likely
improve the company's leverage over the next two years, absent
further debt-funded growth initiatives.

"We expect a slow recovery in UPL's key credit metrics. The
company's off-balance-sheet receivables sharply increased to Indian
rupee (INR) 121 billion as of March 2022, an about 60% year-on-year
growth. The company's credit metrics have therefore weakened,
despite a notable operational growth in fiscal 2022 (year ended
March 31, 2022). Contrary to our expectation of a reduction in
debt, UPL's S&P Global Ratings adjusted debt for fiscal 2022 rose
to about INR360 billion from INR302 billion a year ago. The
company's debt/EBITDA ratio remained high at about 3.6x and its
ratio of funds from operations (FFO) to debt stayed flat at about
19%, against our prior expectation of strengthening toward 25%.
Given the company's focus on growth, we believe deleveraging will
take longer than we previously expected."

UPL's lengthening working capital cycle is a risk, in S&P's view.
Over the past two years, UPL's trade payable days have ballooned to
about 270 days from 200 days. During the period, the company's
reliance on off-balance-sheet receivables has increased to around
95 days from 70 days. UPL's close peers such as Syngenta AG, FMC
Corp., ADAMA Agricultural Solutions Ltd., and Nufarm Ltd., have
lower payable and receivable factoring days of 159 and 16,
respectively, for 2021. UPL's higher-than-average exposure to Latin
America and the company's stronger manufacturing capabilities
relative to some peers result in higher receivables and payables.

UPL's increasingly high reliance on working capital measures to
manage its cash flows and debt could result in volatility in credit
metrics. This is particularly when funding sources are not
consistently available to the company, especially amid weakening
global macroeconomic conditions and tightening liquidity. S&P has
revised its assessment of UPL's liquidity to adequate from strong.

S&P said, "Our issuer credit rating on UPL is constrained by the
company's extended working capital cycle, especially relative to
peers', as well as the significant seasonality in UPL's working
capital and cash flows. We have not explicitly adjusted the
company's debt for the unusually long accounts payable cycle.
However, we regard the payables as having debt-like
characteristics, given their long cycle of around 270 days as of
fiscal 2022."

UPL's operations should grow despite volatile economic conditions.
This is because of the essential and nondiscretionary nature of
agricultural goods, and the company's sizable presence in emerging
markets including Latin America and India. S&P expects UPL's
revenue and adjusted EBITDA to grow 10%-12% annually over the next
two years.

S&P said, "We have revised down our assessment of UPL's management
and governance. UPL's governance has been in the news over the past
four years. These relate to auditor change, tax investigations,
whistle-blower allegations, and operational issues such as toxic
chemical spill, and plant fires. While the whistleblower
allegations and tax investigations have not led to conclusions of
wrongdoing by the company, the repeated nature of such incidents
are inconsistent with a higher assessment of management and
governance. We believe the incidents of plant fires and toxic
chemical spillage in South Africa indicate potential weaknesses in
the company's operational risk management. As a result, we now
assess UPL's management and governance as fair, from satisfactory
previously. The change in management and governance assessment does
not have an explicit rating impact.

"The stable outlook on UPL Corp. reflects our expectation that the
company's resilient cash flows and disciplined spending will likely
improve its leverage over the next two years, absent further
debt-funded growth initiatives. We expect the FFO-to-debt ratio to
improve toward 30% over the next 24 months, driven by steady growth
and stable EBITDA margins of 20%-22%.

"We may downgrade UPL Corp. if weak operating conditions, higher
competitive intensity, or elevated debt levels prolong, resulting
in weaker profitability and leverage at the group level. This could
be indicated by the parent's EBITDA margin falling below 15% or its
FFO-to-debt ratio falling below 20% sustainably. Deleveraging could
also be hindered if UPL Corp. makes large acquisitions, raises its
dependency on receivables securitization, or provides larger
shareholder returns.

"We could upgrade UPL Corp. if the group demonstrates resilience in
its operations and a track record of lowering debt. UPL.'s ratio of
FFO to debt rising to about 35% would indicate such improvement.

"We could also upgrade UPL Corp. with a more modest improvement in
leverage if the company can improve its working capital performance
closer to the industry average."

Environmental, Social, And Governance

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

Social factors are a moderately negative consideration in S&P's
credit rating analysis of UPL Corp. Herbicide products constitute
nearly 35% of the company's total fiscal 2022 revenue. This
segment--including crop-protection chemicals and seeds and
traits--is facing greater focus and growing public scrutiny of the
impact on human health and the environment.

Governance factors are also a moderately negative consideration in
S&P's credit rating analysis. Accidents at the company's Ankleshwar
and Jhagadia plants in India resulted in a number of casualties,
while chemical spills in South Africa stirred up controversy with
government entities in Durban. There were also headlines
surrounding auditor change, tax investigation, and whistleblower
claims.


VENKATESWARA AGENCIES: CRISIL Keeps B+ Rating in Not Cooperating
----------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Sri
Venkateswara Agencies - Aratlakatta (SVA) continues to be 'CRISIL
B+/Stable Issuer Not Cooperating'.

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

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

Set up in 1997 as a proprietorship firm by Mr. Y Venkata Rao. SVA
is based in Aratlakatta, East Godavari. The firm trades in
fertilizers, pesticides, and seeds.


VINTEGRATE TECHNOLOGY: CRISIL Keeps D Ratings in Not Cooperating
----------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Vintegrate
Technology Private Limited (VTPL) continue to be 'CRISIL D Issuer
Not Cooperating'.

                       Amount
   Facilities       (INR Crore)     Ratings
   ----------       -----------     -------
   Cash Credit           0.5        CRISIL D (Issuer Not
                                    Cooperating)

   Long Term Loan        5.7        CRISIL D (Issuer Not
                                    Cooperating)

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

Vintegrate is constructing a commercial property in Panchkula,
Chandigarh. The property is expected to have lease space of around
1 lakh sq. ft and is expected to be completed in 2018.


VRS FOODS: CRISIL Lowers Rating on INR15cr Loans to B
-----------------------------------------------------
CRISIL Ratings has revised the ratings on bank facilities of VRS
Foods (VRSF) to 'CRISIL B/Stable Issuer Not Cooperating' from
'CRISIL BB-/Stable Issuer Not Cooperating'.

                       Amount
   Facilities       (INR Crore)     Ratings
   ----------       -----------     -------
   Cash Credit            3         CRISIL B /Stable (ISSUER NOT
                                    COOPERATING; Revised from
                                    'CRISIL BB-/Stable ISSUER NOT
                                    COOPERATING')

   Proposed Long Term    10         CRISIL B /Stable (ISSUER NOT
   Bank Loan Facility               COOPERATING; Revised from
                                    'CRISIL BB-/Stable ISSUER NOT
                                    COOPERATING')

   Warehouse Receipts     2         CRISIL B /Stable (ISSUER NOT
                                    COOPERATING; Revised from
                                    'CRISIL BB-/Stable ISSUER NOT
                                    COOPERATING')

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

VRSF was established in 2013 as partnership firm by Mr. Ramniwas
Gupta, Mr. Satpal Gupta and Mr. Vijay Goel. VRSF is engaged in
manufacturing of Rice grits, Rice flour, Gram flour and Gram grits.
VRSF manufacturing facility is located in Narela, Delhi.




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

IN CONCRETE: Court to Hear Wind-Up Petition on June 3
-----------------------------------------------------
A petition to wind up the operations of In Concrete Limited will be
heard before the High Court at Auckland on June 3, 2022, at 10:00
a.m.

The Commissioner of Inland Revenue filed the petition against the
company on July 8, 2021.

The Petitioner's solicitor is:

         Cloete Van Der Merwe
         Inland Revenue, Legal Services
         5 Osterley Way
         Manukau City, Auckland 2104


LIGHTHOUSE PROPERTIES: Creditors' Proofs of Debt Due on July 20
---------------------------------------------------------------
Creditors of Lighthouse Properties Limited are required to file
their proofs of debt by July 20, 2022, to be included in the
company's dividend distribution.

Janet Sprosen and Leon Francis Bowker, of KPMG, were appointed
joint and several liquidators of the company by the High Court of
New Zealand at Auckland on May 20, 2022.

The company's liquidator is:

         Kristal Pihama
         KPMG Auckland
         18 Viaduct Harbour Avenue
         PO Box 1584, Shortland Street
         Auckland 1140


RAGLAN LABOUR: Creditors' Proofs of Debt Due on June 23
-------------------------------------------------------
Creditors of Raglan Labour Hire Limited, Gold Leaf Landscapes
Limited, and Oceanside Homes Limited are required to file their
proofs of debt by June 23, 2022, to be included in the company's
dividend distribution.

Raglan Labour commenced wind-up proceedings on May 16, 2022.  Gold
Leaf Landscapes commenced wind-up proceedings on Gold Leaf
Landscapes on May 20, 2022, and Oceanside Homes on May 23, 2022.

The company's liquidator is David Thomas.



SUPER SNACK: Court to Hear Wind-Up Petition on June 3
-----------------------------------------------------
A petition to wind up the operations of Super Snack Limited will be
heard before the High Court at Auckland on June 3, 2022, at 10:00
a.m.

Sago Properties Partnership filed the petition against the company
on April 5, 2022.

The Petitioner's solicitors are:

         Daniel Overton & Goulding
         33 Selwyn Street
         Onehunga, Auckland


TICKET ROCKET: Receivers Unable to Sell Valuable Asset
------------------------------------------------------
Stuff.co.nz reports that number-crunchers in charge of salvaging
the remains of defunct ticket company Ticket Rocket are still
struggling with the terrible state of the company's books.

According to the report, the prospect of a payout for unsecured
creditors is getting bleaker, as those now in charge are unable to
find a buyer for arguably the company's most valuable asset.

Fortress Information Systems, trading as Ticket Rocket and
previously known as TicketDirect, was placed into receivership and
liquidation in 2020, Stuff discloses.

Associated companies Dash Group and Dash Tickets New Zealand were
also placed in receivership.

Stuff notes that the company's troubles first came to light after a
swathe of events were cancelled or postponed amid the coronavirus
lockdown in April and May 2020, and requests for refunds surged.

Palmerston North City Council successfully had NZD676,000 of
Fortress' funds frozen in June 2020 over fears money owed from
large events would not be paid, Stuff relays.

According to Stuff, the company tried to have the freezing order
suppressed, but a High Court judge said it was in the public
interest for it to be out in the open.

A flood of stories of theatre companies, sports teams and the Royal
New Zealand Ballet having issues with Ticket Rocket rolled into the
receiverships and liquidation, Stuff says.

Documents filed to the Companies Office in November 2020 showed the
Fortress and Dash collective owed more than NZD9 million.

Bank of New Zealand subsequently, and successfully, applied to the
High Court to get Ticket Rocket owner Matthew Davey to pay NZD3.85
million due to guarantees he made in relation to Ticket Rocket.

Stuff says the bank then applied to have bankruptcy proceedings
initiated, something it needed High Court permission for as Davey
was based overseas.

According to documents uploaded to the Companies Office in May,
there remains one asset of value left to sell – the company's
ticket platform software code, Stuff relays.

There was just one problem - no-one was keen to buy it.

"Despite our best efforts with interested parties, no offers were
received," the reports, as cited by Stuff, said.

The companies' books have been a big issue for receivers, both in
terms of completeness and accuracy.

There were also intercompany loans to consider.

Stuff says the companies still owed Bank of New Zealand NZD5.5
million, while people owed money for tickets were collectively out
of pocket by NZD1.64 million.

Those people were recommended to ask their banks for chargebacks,
as no funders were likely to be available after the receivership to
pay them back, the reports said.

There was NZD535,000 held on trust when Ticket Rocket went under,
which receivers have since distributed.

Some of the receivers' work has been left out of their reports on
the basis revealing it could prejudice their ability to fetch the
best price possible for assets, according to Stuff.

Davey did not show up on insolvency registers in New Zealand or
Australia, where he was living at the time BNZ got its High Court
application accepted, when Stuff searched on May 21.

                          About Ticket Rocket

Fortress Information Systems Ltd, that traded as Ticket Rocket and
Ticket Direct, was placed in receivership in October last year
under the terms of a General Security Agreement (GSA) with Bank of
New Zealand (BNZ) from 2005.

The company was the brainchild of Canadian businessman Matthew
Davey and had been based in Dunedin, where it sold tickets to
events around New Zealand, for about 20 years.  It ran into trouble
earlier last year as it failed to refund money for events, leading
promoters to demand money.  Ticket-holders were left with tickets
for events that did not go ahead because of Covid-19, and they
could not get refunds.


WHOLEGRAIN ORGANICS: Enters Into Voluntary Insolvency
-----------------------------------------------------
Stuff.co.nz reports that a Palmerston North wholefoods shop and
education centre is facing an uncertain future.

An email sent to customers from Wholegrain Organics on May 13 said
the business was entering voluntary insolvency, and it would
"review the business to see if there are possibilities to
restructure," Stuff relates.

The email said any orders in process or refunds due at the time of
the notice would still be completed.

Stuff says the non-profit business has a shop, bread mill,
distribution centre, cafe and a children's workshop at its premises
on the north side of The Square.  It also owns a small produce farm
and since 2015 both sites had hosted programmes for children and
teenagers allowing them to get hands-on experience growing fresh
produce and preparing organic food.

Its educational programmes had young people harvesting plants,
cooking them in Wholegrain Organics' production kitchen, and
serving them to customers in store.

The programmes had seen students from a wide range of schools,
including Queen Elizabeth College, Freyberg High School and
Manukura School.

The programmes proved so popular that in 2021 the company asked the
public for help through PledgeMe to bring in more money to cope
with demand.

Founded by owner Robert Hall in 2008, the business is part of the
Sabbath Rest Advent Church, a sect of the Adventist branch of
Christianity.

Previously based at the church's Kimbolton site until 2017, it
moved to its premises in central Palmerston North in order to build
the business and get closer to customers.

A registered charity, its annual returns records show it had not
generated a profit since 2016, generating losses ranging from
NZD9,000 to NZD421,000.

Owner Robert Hall declined to comment until a final decision was
made on the future of the business, while schools previously
involved in the programme could not be reached for comment, Stuff
notes.


YOT LIMITED: Creditors' Proofs of Debt Due on June 27
-----------------------------------------------------
Creditors of Yot Limited are required to file their proofs of debt
by June 27, 2022, to be included in the company's dividend
distribution.

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

The company's liquidator is:

         Craig Sanson
         PwC, Private Bag 92162
         Victoria Street West
         Auckland 1142




===============
P A K I S T A N
===============

PAKISTAN: Central Bank Hikes Main Policy Rate by 150 bps to 13.75%
------------------------------------------------------------------
Reuters reports that Pakistan's central bank raised its benchmark
interest rate on May 23 by 150 basis points to 13.75%, the second
hike in less than two months, as the South Asian nation grapples
with a sinking economy.

The key interest rates have been hiked by 400 bps in less than two
months, according to the central bank.

"This action, together with much needed fiscal consolidation,
should help moderate demand to a more sustainable pace while
keeping inflation expectations anchored and containing risks to
external stability," the State Bank of Pakistan (SBP) said in a
statement, Reuters relays.

According to Reuters, the country is going through economic
turmoil, including high inflation, reserves declining to as low as
less than two months' of imports and a fast-weakening currency.

Uncertainty over the revival of an International Monetary Fund
programme has compounded volatility in the economy and markets amid
a political crisis since a new government took over last month from
ousted Prime Minister Imran Khan.

Reuters says the IMF is likely to conclude ongoing talks over a 7th
review in Doha. If talks succeed, Pakistan will get a $900 million
tranche of the $6 billion rescue package agreed in 2019.

Pakistan's Finance Minister Miftah Ismail is in Doha, where he is
likely to discuss whether to withdraw unfunded subsidies in the oil
and power sectors as agreed last month with the IMF.

Khan announced the subsidies in his last weeks in power and they
will cost around $2 billion from April to June before Pakistan
presents its annual budget, Reuters.

Reuters relates that the central bank said its monetary policy
committee's baseline outlook assumed continued engagement with the
IMF and the reversal of the fuel and electricity subsidies.

"Under these assumptions, headline inflation is likely to increase
temporarily and may remain elevated throughout the next fiscal
year," the bank said.

Reuters says the IMF has delayed issuance of money several times
over fiscal policy concerns.

The central bank emphasized the urgency of fiscal consolidation to
complement the monetary tightening, adding: "This would help
alleviate pressures on inflation, market rates and the external
account."

It said government spending in the fiscal year starting in July was
expected to be expansionary, led by higher subsidies, grants and
provincial development expenditures.

"At 0.7 percent of GDP, the primary deficit during the first three
quarters of the year compares unfavorably with the primary surplus
of 0.8 percent of GDP during the same period last year," it said.

Continued IMF support will ensure that Pakistan's external
financing needs during fiscal 2023 are more than fully met as well,
it said, Reuters relays.

As a result, the bank said excessive pressure on the Pakistani
rupee should ease and the bank's foreign reserves resume their
upward trajectory during the course of the next fiscal year.




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

ECOTRANSIT INVESTMENTS: Court to Hear Wind-Up Petition on June 3
----------------------------------------------------------------
A petition to wind up the operations of Ecotransit Investments
International Pte Ltd will be heard before the High Court of
Singapore on June 3, 2022, at 10:00 a.m.

Attorney Dr. jur. Michael Jaffe, in his capacity as insolvency
administrator of Wirecard AG, filed the petition against the
company on May 9, 2022.

The Petitioner's solicitors are:

         Oon & Bazul LLP
         36 Robinson Rd.
         #08-01/06 City House
         Singapore 068877


GEO ENERGY: Fitch Affirms & Then Withdraws Foreign Currency IDR
---------------------------------------------------------------
Fitch Ratings has affirmed Geo Energy Resources Limited's Long-Term
Foreign-Currency Issuer Default Rating (IDR) at 'CCC+'. Fitch has
simultaneously withdrawn the rating.

The rating is constrained by Geo's weak operating profile arising
from its limited and declining coal reserves and uncertainty over
its acquisition and diversification strategy, which will be key to
its medium- to long-term business continuity. The company continues
to explore investments, including businesses unrelated to coal,
which will entail execution risk, in Fitch's view.

Fitch has chosen to withdraw the ratings on Geo for commercial
reasons. Accordingly, Fitch will no longer provide ratings or
analytical coverage for Geo.

KEY RATING DRIVERS

Declining Reserves; Limited Scale: Geo's operating profile reflects
its small scale relative to peers, with annual production of around
11 million tonnes (mt), and limited reserves. Geo's operating
reserves comprised 17.9mt at its PT Sungai Danau Jaya (SDJ) mine
and 55.7mt at PT Tanah Bumbu Resources (TBR) at end-2021,
translating into less than seven years of mine life (based on 2021
production), which will continue to fall in the absence of options
for organic reserve replacement. Geo has two other mines, but one
is in the exploratory phase and the other has minimal production.

Net Cash Position; Uncertain Investment Plan: Geo's financial
capacity for an acquisition has improved, supported by high coal
prices since 2021. It turned to a net cash position of USD185
million by end-2021 from net debt of USD11.5 million a year
earlier. However, uncertainty over its investment plans, given its
record, continues to be the key rating constraint. Geo faced
challenges in completing coal mine acquisitions in the past despite
its USD300 million bond issuance in 2017 for this purpose.

Fitch expects Geo's net cash balance to increase to over USD270
million by end-2022, supported by continued strong coal prices, but
subject to any investments and shareholder returns. During 2021,
Geo declared dividends of around USD94 million, bought back USD2.1
million of shares and redeemed outstanding notes. Fitch expects
such cash outflows to continue over the medium term in the absence
of acquisitions in Fitch's base case forecasts.

Higher Coal Prices Aid Profit: Fitch expects the increase in coal
prices to help Geo's profitability. In line with Fitch's coal price
expectation, Fitch expects Geo's EBITDA to decline to USD56 million
by 2024, after a record high of around USD275 million in 2022
(2021: USD260 million). This reflects Geo's weak energy-adjusted
cost position relative to Fitch-rated Indonesian coal miners. This
and its limited reserves result in minimal flexibility to curtail
cost, in Fitch's view. Geo continued to operate during a coal price
slump in 2020 as it benefited from cost renegotiations with its
contractor and service providers.

Regulatory Risk: Fitch believes the Indonesian government's ban on
coal exports in January 2022 highlights increased regulatory risk.
The ban was subsequently lifted for miners that meet domestic
market obligations (DMO) to sell at least 25% of their output
locally. Geo faces lower risk, in Fitch's view, as it has been DMO
compliant, but any deviation can affect its annual production,
which is subject to government approvals. Geo has received approval
for a production quota of 12mt for 2022 (2021 production: 10.9mt).

Fitch does not expect the ban to significantly affect Geo, but its
2022 financial performance may be affected because the DMO sale
price is capped at a much lower level than the export sale price,
and Geo sold almost 50% of its volume domestically in January.

DERIVATION SUMMARY

Geo's Indonesian coal-mining peer, PT Golden Energy Mines Tbk
(GEMS; B+/Positive), has a stronger credit profile, with a larger
reserve base, longer reserve life and comfortable liquidity
profile, which explains why Geo is rated multiple notches below
GEMS. The Positive Outlook on GEMS reflects Fitch's expectation
that GEMS' credit profile will improve in the next 12 months with
production scale reaching a level commensurate with that of
higher-rated peers in Indonesia.

The ratings on PT Agung Podomoro Land Tbk (APLN; CCC), an
Indonesian property developer, reflect its weak liquidity, which
undermines its ability to service debt beyond the next six months.
The company has a few options to plug the cash shortfall, but this
does not give the company enough headroom to warrant a higher
rating, in Fitch's view. Geo's ratings are higher as it does not
face liquidity risks.

KEY ASSUMPTIONS

-- Coal prices in line with Fitch's mid-cycle commodity-price
    assumptions, adjusted for the difference in calorific value
    (average Newcastle 6,000 kcal free on board or FOB/tonne:
    USD220 in 2022, USD104 in 2023, USD87 in 2024 and USD80 in
    2025);

-- Annual total coal production from SDJ and TBR mines of above
    10mt over the medium term;

-- Strip ratio to remain at above 3.0x (2021: 2.4x) and
    production cost at around USD33.0/tonne to USD37/tonne during
    2022-2024;

-- No acquisitions and modest capex over the medium term;

-- Dividend pay-out of 50% of net profit.

RATING SENSITIVITIES

No longer relevant, as the ratings have been withdrawn.

LIQUIDITY AND DEBT STRUCTURE

Ample Liquidity; Compromised Funding Access: Geo's near-term
liquidity benefits from its minimal capex requirements and net cash
position after it bought back the last USD59 million of its US
dollar notes outstanding in October 2021. Fitch believes Geo may
have to rely primarily on its internal liquidity for future
investments. Geo used USD129 million of cash to gradually buy back
USD241 million of its US dollar notes at steep discounts on the
secondary market. The notes had principal of USD300 million. Its
consent solicitation to change the protective covenants on its US
dollar notes and a tender offer was unsuccessful.

ISSUER PROFILE

Singapore-based Geo holds thermal coal-mining assets in Indonesia.
It produced 10.9mt of coal in 2021.

ESG CONSIDERATIONS

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


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

Attorney Dr. jur. Michael Jaffe, in his capacity as insolvency
administrator of Wirecard AG, filed the petition against the
company on May 9, 2022.

The Petitioner's solicitors are:

         Oon & Bazul LLP
         36 Robinson Rd.
         #08-01/06 City House
         Singapore 068877


ISTRATEGIC INVENTORY: Court to Hear Wind-Up Petition on June 3
--------------------------------------------------------------
A petition to wind up the operations of Istrategic Inventory
Aggregation Pte Ltd will be heard before the High Court of
Singapore on June 3, 2022, at 10:00 a.m.

Attorney Dr. jur. Michael Jaffe, in his capacity as insolvency
administrator of Wirecard AG, filed the petition against the
company on May 9, 2022.

The Petitioner's solicitors are:

         Oon & Bazul LLP
         36 Robinson Rd.
         #08-01/06 City House
         Singapore 068877


KOON HOLDINGS: BDO Advisory Appointed as Provisional Liquidators
----------------------------------------------------------------
Members of Koon Holdings Limited, Koon Construction & Transport Co.
Pte. Ltd., and Entire Engineering Pte Ltd, on May 13, 2022, passed
a resolution to voluntarily wind up the company's operations.

Mr. Leow Quek Shiong, Mr. Gary Loh Weng Fatt and Ms. Seah Roh Lin,
of BDO Advisory Pte Ltd have been appointed as provisional
liquidators.


LQ INSURANCE: Court to Hear Wind-Up Petition on June 3
------------------------------------------------------
A petition to wind up the operations of LQ Insurance Agency 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 11, 2022.

The Petitioner's solicitor is:

          M/s Advent Law Corporation
          111 North Bridge Road
          #25-03 Peninsula Plaza
          Singapore 179098



                           *********


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
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Information contained herein is obtained from sources believed
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                *** End of Transmission ***