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

                     A S I A   P A C I F I C

          Monday, May 30, 2022, Vol. 25, No. 101

                           Headlines



A U S T R A L I A

AFG 2021-1 TRUST: S&P Affirms BB (sf) Rating on Class E Notes
APOLLO SERIES 2022-1: S&P Assigns Prelim 'BB' Rating to Cl. E Notes
BOHDI SATORI: Second Creditors' Meeting Set for June 3
KEECH CASTINGS: Second Creditors' Meeting Set for June 2
LION SERIES 2022-1: S&P Assigns BB (sf) Rating to Class E Notes

METRICON HOMES: To Get AUD30MM Lifeline After Crisis Talk
PEPPER SPARKZ 5: Fitch Assigns 'B' Rating on Class F Notes
PROGRESS 2022-1 TRUST: S&P Assigns BB (sf) Rating to Class E Notes
REMI CAPITAL: First Creditors' Meeting Set for June 6
REMI CAPITAL: Investment Firm Collapses Owing AUD70M

RESIMAC TRIOMPHE 2018-2: S&P Affirms B (sf) Rating on Cl. F Notes
STRIKEFORCE GROUP: First Creditors' Meeting Set for June 7
ZHONGSHENG MANAGEMENT: First Creditors' Meeting Set for June 3


C H I N A

CHINA AOYUAN: Fitch Withdraws 'RD' Foreign Currency IDR
JIANGSU ZHONGNAN: Moody's Lowers CFR to Caa2, Outlook Remains Neg.
JIAYUAN INT'L: Fitch Lowers LongTerm IDR to 'C'
KANGMEI PHARMACEUTICAL: Pays US$364MM to Investors in Class Suit
PUJIANG INTERNATIONAL: Moody's Withdraws 'B2' Corp. Family Rating

[*] Goldman Sachs Sees 1/3 of HY Property Firms to Default in 2022


I N D I A

ADHUNIK CORPORATION: Ind-Ra Lowers Long-Term Issuer Rating to B+
AGARWAL LIFE: Ind-Ra Moves BB+ LT Issuer Rating to Non-Cooperating
ARYAMAN ISPAT: Ind-Ra Withdraws BB- Long-Term Issuer Rating
ATMASTCO LIMITED: Ind-Ra Moves 'BB+' Rating to Non-Cooperating
B D AGRICARE: CARE Lowers Rating on INR6.05cr LT Loan to C

BONTON SOFTWARES: Ind-Ra Moves BB Issuer Rating to Non-Cooperating
CLIMAX OVERSEAS: CARE Lowers Rating on INR27cr Loans to D
FASHION EQUATION: Insolvency Resolution Process Case Summary
HINDUSTAN AGENCIES: Ind-Ra Affirms BB+ Long-Term Issuer Rating
HINDUSTAN DISTRIBUTORS: Ind-Ra Affirms BB+ Long-Term Issuer Rating

INCREDIBLE INDUSTRIES: Ind-Ra Lowers Long-Term Issuer Rating to B+
K.G.P. JEWELLERS: CARE Keeps B- Debt Rating in Not Cooperating
KUMAR SPINTEX: Ind-Ra Moves BB- Issuer Rating to Non-Cooperating
LALWANI INDUSTRIES: Ind-Ra Affirms BB- Long-Term Issuer Rating
MAX INTERNATIONAL: Ind-Ra Affirms BB+ Long-Term Issuer Rating

NEW SAPNA: CARE Keeps D Debt Rating in Not Cooperating Category
PERFECT FOOTWEAR: CARE Lowers Rating on INR15cr LT Loan to B
RAJASTHAN SYNTEX: CARE Keeps D Debt Ratings in Not Cooperating
RAMKRISHNA AGENCIES: Ind-Ra Lowers Long-Term Issuer Rating to BB
REWA AGROTECH: CARE Keeps D Debt Ratings in Not Cooperating

RK ENTERPRISES: Ind-Ra Moves B+ Issuer Rating to Non-Cooperating
SAHA INFRATECH: CARE Keeps D Debt Rating in Not Cooperating
SAM INDUSTRIAL: CARE Keeps D Debt Ratings in Not Cooperating
SARAYA INDUSTRIES: Insolvency Resolution Process Case Summary
SAVITR SOLAR: CARE Lowers Rating on INR37cr LT Loan to C

SEFL DA II: Ind-Ra Keeps B+ Credit Trans Rating in Non-Cooperating
SEFL DA III: Ind-Ra Keeps B+ Credit Rating in Non-Cooperating
SINTEX-BAPL LIMITED: CARE Keeps D Debt Ratings in Not Cooperating
TANUJ ROSHI: CARE Keeps B- Debt Rating in Not Cooperating
TECHMED HEALTH: Insolvency Resolution Process Case Summary

TIRUMALA BALAJI: Ind-Ra Withdraws BB+ Long-Term Issuer Rating
UNILEC ENGINEERS: Insolvency Resolution Process Case Summary
UNITY FABTEXT: CARE Keeps D Debt Ratings in Not Cooperating
VENKATA SAI: CARE Keeps B- Debt Rating in Not Cooperating
VISTACORE INFRAPROJECTS: CARE Keeps D Rating in Not Cooperating

WEST GUJARAT: Ind-Ra Lowers Non-Convertible Debt Rating to 'D'


I N D O N E S I A

PAKUWON JATI: Fitch Affirms 'BB' LongTerm IDR, Outlook Stable


J A P A N

UNIVERSAL ENTERTAINMENT: Fitch Raises LT IDR to B-, Outlook Stable


M A L A Y S I A

PERAK CORP: Net Loss for Q1 Ended March 31 Narrows to MYR1.2MM


M O N G O L I A

MONGOLIA: Fitch Affirms 'B' Foreign Currency IDR, Outlook Stable


N E W   Z E A L A N D

BAYSUN LIMITED: Court to Hear Wind-Up Petition on June 7
LOMBARD COFFEE: Creditors' Proofs of Debt Due on June 29
MATANGI INVESTMENTS: Court to Hear Wind-Up Petition on June 7
NZ HOME: Commences Wind-Up Proceedings
OFTECH SOLUTION: Court to Hear Wind-Up Petition on June 7

ON ROUTE: Creditors' Proofs of Debt Due on July 16


P H I L I P P I N E S

DITO CME: Auditor Raises 'Going Concern' Doubt


S I N G A P O R E

AN RONG: Court to Hear Wind-Up Petition on July 4
NJ ONG: Court Enters Wind-Up Order
NO SIGNBOARD: Court Grants Moratorium Until October 29
NORTEL NETWORKS: Creditors' First Meeting Set for June 7
STAR CRUISE: Commences Wind-Up Proceedings

VIEWERS CHOICE: Creditors' Meeting Set for June 13


S R I   L A N K A

SRI LANKA: Fitch Lowers Foreign Currency IDR to 'RD'
SRI LANKA: Looks to Fast-Track IMF Talks; Get Loan Deal by Mid-June


V I E T N A M

VIETNAM: S&P Ups LT Sovereign Credit Ratings to 'BB+/B'

                           - - - - -


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

AFG 2021-1 TRUST: S&P Affirms BB (sf) Rating on Class E Notes
-------------------------------------------------------------
S&P Global Ratings raised its ratings on 10 classes of notes issued
by Perpetual Corporate Trust Ltd. as trustee for AFG 2019-1 Trust
in respect of Series 2019-1, AFG 2019-2 Trust in respect of Series
2019-2, and AFG 2021-1 Trust in respect of Series 2021-1. At the
same time, S&P affirmed its ratings on eight classes of notes. The
transactions are securitizations of prime residential mortgages
originated by AFG Securities Pty Ltd. (AFG).

The raised ratings reflect increasing credit support and a
declining expectation of losses as the pool loan-to-value ratio
decreases. Strong cash flows are supportive of the higher rating
levels, and arrears levels remain low. As of March 31, 2022, the
AFG 2019-1 trust pool has a balance of about A$179 million and a
pool factor of about 36%. The pool's weighted-average loan-to-value
ratio is 57% and weighted-average seasoning is 64 months. The AFG
2019-2 trust pool has a balance of about A$214 million and a pool
factor of about 45%. The pool's weighted-average loan-to-value
ratio is 59% and weighted-average seasoning is 40 months. The AFG
2021-1 trust pool has a balance of about A$512 million and a pool
factor of about 71%. The pool's weighted-average loan-to-value
ratio is 67% and weighted-average seasoning is 21 months.

Since close, arrears have been favorable compared with the Standard
& Poor's Performance Index for prime loans. As of March 31, 2022,
loans more than 30 days in arrears make up 0.47% of the AFG 2019-1
trust pool, all of which are more than 90 days in arrears. For the
AFG 2019-2 trust pool, loans more than 30 days in arrears make up
0.17% of the pool, all of which are 31-60 days in arrears. For the
AFG 2021-1 trust pool, loans more than 30 days in arrears make up
0.09% of the pool, all of which are 61-90 days in arrears. There
are no loans with COVID-19-related hardship arrangements in the
above three pools as of March 31, 2022.

For the lower-rated note tranches, the moderating factors are that
the dollar of credit support provided to those notes is relatively
small compared with the loan-size distributions, and relative the
proportion of loans more than 90 days in arrears.

S&P believes the credit support is sufficient to withstand the
stresses it applies. This credit support comprises note
subordination for all rated notes as well as mortgage insurance
covering about 42% of the loans in the AFG 2019-1 portfolio, 20% in
the AFG 2019-2 portfolio, and 10% in the AFG 2021-1 portfolio.

The various mechanisms to support liquidity within the
transactions, including an amortizing liquidity facility and
principal draws, are sufficient under our stress assumptions to
ensure timely payment of interest.

S&P's ratings also reflect the availability of an extraordinary
expense reserve, funded at closing by AFG, that can cover any
extraordinary expenses for the transactions. The reserve will be
topped up via excess spread, if drawn.

  Ratings Raised

  AFG 2019-1 Trust in respect of Series 2019-1

  Class C: to AA (sf) from AA- (sf)
  Class D: to A+ (sf) from A- (sf)
  Class E: to BBB+ (sf) from BB+ (sf)

  AFG 2019-2 Trust in respect of Series 2019-2

  Class B: to AAA (sf) from AA+ (sf)
  Class C: to AA+ (sf) from A+ (sf)
  Class D: to A+ (sf) from BBB+ (sf)
  Class E: to BBB+ (sf) from BB (sf)

  AFG 2021-1 Trust in respect of Series 2021-1

  Class B: to AA+ (sf) from AA (sf)
  Class C: to A+ (sf) from A (sf)
  Class D: to BBB+ (sf) from BBB (sf)

  Ratings Affirmed

  AFG 2019-1 Trust in respect of Series 2019-1

  Class A2: AAA (sf)
  Class AB: AAA (sf)
  Class B: AAA (sf)

  AFG 2019-2 Trust in respect of Series 2019-2

  Class A: AAA (sf)
  Class AB: AAA (sf)

  AFG 2021-1 Trust in respect of Series 2021-1

  Class A1: AAA (sf)
  Class A2: AAA (sf)
  Class E: BB (sf)


APOLLO SERIES 2022-1: S&P Assigns Prelim 'BB' Rating to Cl. E Notes
-------------------------------------------------------------------
S&P Global Ratings assigned its preliminary ratings to six classes
of prime residential mortgage-backed securities (RMBS) to be issued
by Perpetual Trustee Co. Ltd. as trustee for APOLLO Series 2022-1
Trust. APOLLO Series 2022-1 Trust is a securitization of prime
residential mortgage loans originated by Suncorp-Metway Ltd.
(Suncorp).

The preliminary ratings assigned to the notes to be issued
reflect:

-- S&P's view of the credit risk of the underlying collateral
portfolio, including its view that the credit support is sufficient
to withstand the stresses we apply. The credit support for the
rated notes comprises note subordination and lenders' mortgage
insurance (LMI) cover on 22.3% of the loan portfolio.

-- S&P's expectation that the various mechanisms to support
liquidity within the transaction, including an excess revenue
reserve funded by available spread, the principal draw function,
and a liquidity facility to be provided by Suncorp equal to 0.8% of
the performing mortgage loan balance, are sufficient under our
stress assumptions to ensure timely payment of interest.

-- The benefit of a fixed-rate swap to be provided by Suncorp to
hedge the mismatch between receipts from any fixed-rate mortgage
loans and the variable-rate notes.

  Preliminary Ratings Assigned

  APOLLO Series 2022-1 Trust

  Class A, A$460.000 million: AAA (sf)
  Class AB, A$20.000 million: AAA (sf)
  Class B, A$9.250 million: AA (sf)
  Class C, A$5.500 million: A (sf)
  Class D, A$2.000 million: BBB (sf)
  Class E, A$1.750 million: BB (sf)
  Class F, A$1.500 million: Not rated


BOHDI SATORI: Second Creditors' Meeting Set for June 3
------------------------------------------------------
A second meeting of creditors in the proceedings of Bohdi Satori
Pty Ltd has been set for June 3, 2022, at 10:00 a.m. at the offices
of TPH Advisory, Suite 5, 82-85 Pacific Highway, in St Leonards,
NSW.

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 June 2, 2022, at 4:00 p.m.

Tim Heesh and Amanda Lott of TPH Advisory were appointed as
administrators of Bohdi Satori on April 29, 2022.


KEECH CASTINGS: Second Creditors' Meeting Set for June 2
--------------------------------------------------------
A second meeting of creditors in the proceedings of Keech Castings
Australia Pty Limited and Keech Foundry Pty. Limited has been set
for June 2, 2022, at 2:00 p.m. via virtual meeting technology.  

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

Creditors wishing to attend are advised proofs and proxies should
be submitted to the Administrator by June 1, 2022, at 4:00 p.m.

Laurence Fitzgerald of William Buck was appointed as administrator
of Keech Castings on Feb. 18, 2022.


LION SERIES 2022-1: S&P Assigns BB (sf) Rating to Class E Notes
---------------------------------------------------------------
S&P Global Ratings assigned ratings to six classes of prime
floating-rate residential mortgage-backed securities (RMBS) issued
by Perpetual Corporate Trust Ltd. as trustee of Lion Series 2022-1
Trust (see list). Lion Series 2022-1 Trust is a securitization of
prime residential mortgages originated by HSBC Bank Australia Ltd.

The ratings reflect:

-- S&P's view of the credit risk of the underlying collateral
portfolio, including the fact that this is a closed portfolio,
which means no further loans will be assigned to the trust after
the closing date.

-- S&P's view that the credit support is sufficient to withstand
the stresses we apply. This credit support comprises note
subordination, lenders' mortgage insurance, and excess spread (if
any).

-- S&P's expectation that the various mechanisms to support
liquidity within the transaction, including principal draws and an
amortizing liquidity facility equal to 1.0% of the outstanding
performing balance of the receivables, are sufficient under our
stress assumptions to ensure timely payment of interest on the
rated notes.

-- The extraordinary expense reserve of A$150,000, funded at
transaction close and available to meet extraordinary expenses.

-- The reserve will be topped up via excess spread if drawn.

-- The benefit of a fixed- to floating-rate interest-rate swap to
be provided by HSBC Bank Australia to hedge the mismatch between
receipts from fixed-rate mortgage loans and the variable-rate
RMBS.

  Ratings Assigned

  Lion Series 2022-1 Trust

  Class A1, A$690.000 million: AAA (sf)
  Class A2, A$30.000 million: AAA (sf)
  Class B, A$13.500 million: AA (sf)
  Class C, A$7.125 million: A (sf)
  Class D, A$3.375 million: BBB (sf)
  Class E, A$3.000 million: BB (sf)
  Class F, A$3.000 million: Not rated


METRICON HOMES: To Get AUD30MM Lifeline After Crisis Talk
---------------------------------------------------------
The Daily Telegraph reports that Metricon Homes has landed a new
financing deal that will see new funding from the Commonwealth
Bank, including AUD30 million in cash from its shareholders, after
a horror day on May 27.

The report relates that the fresh support came as NSW Premier
Dominic Perrottet said his government would consider a bailout
option for the company if necessary.

Metricon, one of the country's largest construction firms, has
denied speculation it is in financial difficulty after the shock
death of its founder Mario Biasin two weeks ago, days before crisis
talks with the Victorian government.

According to Daily Telegraph, acting chief executive Peter
Langfelder has insisted it is "business as usual" for the company,
which employs around 2,500 staff and has a pipeline of thousands of
homes under construction.

But The Australian reported that senior levels of the NSW
government fear the builder is at risk of imminent collapse and are
scrambling to finalise a rescue package for the state's building
industry and customers, Daily Telegraph relays.

The NSW building regulator has already sought advice on engaging
receivers, according to the newspaper, which further reported that
contrary to its public statements, sources familiar with the
company's finances say cashflow remains dire and that the business
is teetering on bankruptcy.

According to The Australian, senior NSW government representatives
including from Premier Dominic Perrottet's office held meetings on
May 26 examining bailout proposals, relates Daily Telegraph.

It has previously been estimated that taxpayers may have to fork
out more than AUD28 million to bail out families left with
unfinished homes in NSW alone if the company goes under,
potentially overwhelming the state's Home Building Compensation
Fund, which covers up to 20% of the contract cost.

In each state and territory, there are similar schemes run by
respective governments that could see the cost to taxpayers balloon
even further in the event of a collapse.

Claims of up to AUD200,000 can be made in Queensland where, so far
this financial year, Metricon has undertaken 1,006 home
construction jobs, Daily Telegraph says.

Claims up to AUD300,000 can be made under a similar scheme in
Victoria, where a collapse of the construction giant would spell
chaos.

There, Metricon holds AUD195 million worth of contracts with the
state government, including a five-year deal to build and maintain
public housing as part of Victoria's ambitious "big build"
infrastructure program.

In total, Metricon had 6,052 homes under construction across the
nation in 2020-21.

Its projects in Queensland alone are worth more than AUD400
million, according to Queensland Building and Construction
Commission records.

Daily Telegraph adds that acting CEO Peter Langfelder said ongoing
rumours were beginning to impact on the company, and Metricon's
owners wanted to demonstrate in real dollars and not just words
their confidence in its future.

"We have previously said that our company has a proven history of
success and remains profitable and viable and that we have the full
support of our key stakeholders," Metricon said in a statement.

"We have also appreciated incredible support from many of our
customers, suppliers and trades - but sadly, this hasn't been
enough to reinstall the complete confidence of the broader
industry," CEO Langfelder said.

"This significant injection of capital by the owners demonstrates
to our customers, employees, sub-contractors and suppliers our
confidence in the viability, profitability and future of the
Metricon business. We hope it may help cultivate a groundswell of
support for Metricon, which is a great Australian success story.

"We are so appreciative of the bank’s support – which
demonstrates its confidence in our future."

Metricon Homes is a home builder headquartered in Melbourne,
Australia. The company builds homes, develops land, sells house and
land packages and constructs commercial buildings.


PEPPER SPARKZ 5: Fitch Assigns 'B' Rating on Class F Notes
----------------------------------------------------------
Fitch Ratings has assigned final ratings to Pepper SPARKZ Trust
No.5's pass-through floating-rate notes. The notes are backed by a
pool of first-ranking Australian automotive and equipment lease and
loan receivables originated by Pepper Asset Finance Pty Limited, a
subsidiary of Pepper Money Limited (Pepper).

The notes were issued by BNY Trust Company of Australia Limited as
trustee for Pepper SPARKZ Trust No.5.

   DEBT                 RATING                       PRIOR
   ----                 ------                       -----
Pepper SPARKZ Trust No.5

A1-a AU3FN0068276      LT AAAsf      New Rating      AAA(EXP)sf
A1-x AU3FN0068268      LT AAAsf      New Rating      AAA(EXP)sf
B AU3FN0068250         LT AAsf       New Rating      AA(EXP)sf
C AU3FN0068243         LT Asf        New Rating      A(EXP)sf
D AU3FN0068235         LT BBBsf      New Rating      BBB(EXP)sf
E AU3FN0068227         LT BBsf       New Rating      BB(EXP)sf
F AU3FN0068219         LT Bsf        New Rating      B(EXP)sf
G                      LT NRsf       New Rating      NR(EXP)sf

TRANSACTION SUMMARY

The total collateral pool consisted of 19,039 receivables at the 31
March 2022 cut-off date, with loans totalling AUD700 million, an
increase of AUD100 million from the expected rating on 22 April
2022.

KEY RATING DRIVERS

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

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

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

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

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

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

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

RATING SENSITIVITIES

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

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

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

Downgrade Sensitivity

Rating Sensitivity to Increased Default Rates

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

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

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

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

Defaults increase 50%: AAsf / AA+sf / A-sf / BBB-sf / BBsf / below
Bsf / below Bsf

Rating Sensitivity to Decreased Recovery Rates

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

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

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

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

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

Rating Sensitivity to Combined Stresses

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

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

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

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

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

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

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

Upgrade Sensitivity

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

Expected Rating Sensitivity to Reduced Defaults and Increased
Recoveries

Note: B / C / D / E / F

Rating: AAsf / Asf / BBBsf / BBsf / Bsf

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

BEST/WORST CASE RATING SCENARIO

International scale credit ratings of Structured Finance
transactions have a best-case rating upgrade scenario (defined as
the 99th percentile of rating transitions, measured in a positive
direction) of seven 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 seven notches over three years. The complete span of best- and
worst-case scenario credit ratings for all rating categories ranges
from 'AAAsf' to 'Dsf'. Best- and worst-case scenario credit ratings
are based on historical performance.

USE OF THIRD PARTY DUE DILIGENCE PURSUANT TO SEC RULE 17G -10
Form ABS Due Diligence-15E was not provided to, or reviewed by,
Fitch in relation to this rating action.

DATA ADEQUACY

Fitch sought to receive a third-party assessment conducted on the
asset portfolio information, but none was made available for this
transaction.

Fitch conducted a review of a small targeted sample of the
originator's origination files and found the information contained
in the reviewed files to be adequately consistent with the
originator's policies and practices and the other information
provided to the agency about the asset portfolio.

Overall, and together with any assumptions referred to above,
Fitch's assessment of the information relied upon for the agency's
rating analysis, according to its applicable rating methodologies,
indicates that it is adequately reliable.

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.


PROGRESS 2022-1 TRUST: S&P Assigns BB (sf) Rating to Class E Notes
------------------------------------------------------------------
S&P Global Ratings assigned its ratings to seven classes of prime
residential mortgage-backed securities (RMBS) issued by Perpetual
Trustee Co. Ltd. as trustee for Progress 2022-1 Trust. Progress
2022-1 Trust is a securitization of prime residential mortgages
originated by AMP Bank Ltd.

The ratings reflect S&P's view of the credit risk of the underlying
collateral portfolio and the credit support provided to each class
of notes are commensurate with the ratings assigned. Credit support
is provided by subordination, lenders' mortgage insurance (LMI),
and excess spread, if any. S&P's assessment of credit risk takes
into account AMP Bank's underwriting standards and approval
process, which are consistent with industrywide practices, the
servicing quality of AMP Bank, and the support provided by the LMI
policies on 29.0% of the portfolio.

S&P said, "We believe the rated notes can meet timely payment of
interest and ultimate payment of principal under the rating
stresses. Key rating factors are the level of subordination
provided, the LMI cover, the interest-rate swap, the mechanism for
trapping excess spread into an excess reserve, the provision of a
liquidity reserve, and the provision of an income reserve--funded
by AMP Bank at closing to cover extraordinary expenses--sized at a
level consistent with the ratings. All rating stresses are made on
the basis that the trust does not call the notes at or beyond the
first call-option date, and that all rated notes must be fully
redeemed via the principal waterfall mechanism under the
transaction documents.

"Our ratings also consider the counterparty exposure to Westpac
Banking Corp. and MUFG Bank Ltd. as bank account providers and to
BNP Paribas SA as fixed-rate swap provider. The fixed-rate swap
will be provided to hedge the fixed-rate mortgage loans and the
floating-rate obligations on the notes. The transaction documents
include downgrade remedies consistent with our counterparty
criteria. The legal structure of the trust is established as a
special-purpose entity and meets our criteria for insolvency
remoteness."

  Ratings Assigned

  Progress 2022-1 Trust

  Class A1-S, A$75.00 million: AAA (sf)
  Class A1-L, A$385.00 million: AAA (sf)
  Class AB, A$18.65 million: AAA (sf)
  Class B, A$8.10 million: AA (sf)
  Class C, A$6.30 million: A (sf)
  Class D, A$3.30 million: BBB (sf)
  Class E, A$1.80 million: BB (sf)
  Class F, A$1.85 million: Not rated


REMI CAPITAL: First Creditors' Meeting Set for June 6
-----------------------------------------------------
A first meeting of the creditors in the proceedings of:

     - Remi Capital Pty Ltd
     - Aurum Private Wealth Pty Ltd
     - C2 RB Developments Pty Ltd
     - C2 Treasury Pty Ltd
     - Remi (Tarneit) Pty Ltd
     - Remi Capital (QLD) Pty Ltd
     - Remi Capital (VIC) Pty Ltd
     - Remi Portfolio 1 Pty Ltd
     - Remi Property Pty Ltd

will be held on June 6, 2022, at 10:00 a.m. via virtual
facilities.

Christopher John Baskerville and Glenn Anthony Crisp of Jirsch
Sutherland were appointed as administrators of Remi Capital et al.
on May 25, 2022.


REMI CAPITAL: Investment Firm Collapses Owing AUD70M
----------------------------------------------------
The Urban Developer reports that urgent investigations are under
way to find a resolution for the 450 investors left short-changed
in the wake of the AUD70-million collapse of investment firm Remi
Capital.

The boutique investment firm has offices in both Brisbane and
Melbourne, and property investments across Victoria, including a
two-tower 176-apartment mixed use shopping centre development at
Sunshine, and warehouses at Laverton.

Chris Baskerville from Jirsch Sutherland has been appointed as
voluntary administrator of the REMI Capital Group of companies, and
he confirmed there was an estimated AUD70 million of debt
outstanding, according to The Urban Developer.

"We are undertaking an urgent financial assessment and working
closely with the directors to try to find a solution and provide
the best outcome for investors and creditors," the report quotes
Mr. Baskerville as saying.  "One of these solutions is likely to be
a Deed of Company Arrangement (DoCA) proposed by the directors."

The Urban Developer relates that Mr. Baskerville said there was
scant detail presently, but more would be known ahead of the first
creditors meeting slated for June 6.

In an email to investors and shareholders Remi Capital managing
director Mark Prestige apologised for a lack of communication
recently.

"Remi had been advised by external legal counsel not to communicate
over recent weeks until the modelling was complete that allowed
this difficult decision to be made," the report quotes Mr. Prestige
as saying.

"Remi apologises for any lack of communication in recent weeks. We
ask you rely on any reports to creditors and not rely on any
speculation you may hear."

A deed of company arrangement would allow the investment firm to
continue to operate with a view to providing a better return to
investors, the report says.

The Urban Developer understands a number of self-managed super
funds and private investors have been caught up in the collapse.

Mr. Baskerville confirmed a number of Remi Capital investors had
already made contact with the insolvency firm ahead of the June 6
meeting, the report adds.

REMI Capital is an independent Australian boutique investment
company, with offices in Melbourne and Brisbane.


RESIMAC TRIOMPHE 2018-2: S&P Affirms B (sf) Rating on Cl. F Notes
-----------------------------------------------------------------
S&P Global Ratings raised its ratings on three classes of notes
issued by Perpetual Trustee Co. Ltd. as trustee for RESIMAC
Triomphe Trust - RESIMAC Premier Series 2018-1 and RESIMAC Triomphe
Trust - RESIMAC Premier Series 2018-2.

At the same time, S&P affirmed its ratings on 14 classes of notes.

S&P said, "The raised ratings reflect our declining expectation of
losses as loan-to-value (LTV) ratios have decreased across the
pools and available credit support to the notes, which are
consistent with the higher rating levels. As of Feb. 28, 2022, the
Series 2018-1 pool has a current weighted-average LTV ratio of
61.5%, weighted-average seasoning of 75.2 months, and pool factor
of about 34.5%. The Series 2018-2 pool has a current
weighted-average LTV ratio of 64.2%, weighted-average seasoning of
45.7 months, and pool factor of about 39.5%.

"All of the transactions continue to perform well, with low levels
of arrears. As of Feb. 28, 2022, 1.3% of the Series 2018-1 pool is
more than 30 days in arrears, of which 0.9% is more than 90 days in
arrears. For Series 2018-2, 0.2% of the pool is more than 90 days
in arrears, and there are no loans between 31 and 90 days in
arrears. Losses have been very low for the Series 2018-1 portfolio,
with no charge-off to notes. There have been no losses to date for
the Series 2018-2 portfolio.

"We believe that the credit support provided to each class of notes
is sufficient to withstand the stresses we apply at each respective
rating level. For all series, credit support is provided via
subordination from junior notes. In addition, lenders' mortgage
insurance provides credit support for a portion of the loans in
each portfolio.

"We expect that the various mechanisms to support liquidity within
the transaction, including principal draws and an amortizing
liquidity facility in the case of all series, are sufficient to
ensure timely payment of interest.

"For Series 2018-1, borrower concentrations are a key rating factor
constraining our ratings on the class C and class D notes below
model outcomes. Borrower concentrations have also constrained our
ratings on the class D, class E, and class F notes in Series
2018-2. Available credit support and cash flows are consistent with
the ratings assigned to the notes."

  Ratings Raised

  RESIMAC Triomphe Trust - RESIMAC Premier Series 2018-1

  Class B: to AAA (sf) from AA+ (sf)

  RESIMAC Triomphe Trust - RESIMAC Premier Series 2018-2

  Class B: to AAA (sf) from AA+ (sf)
  Class C: to AA (sf) from AA- (sf)

  Ratings Affirmed

  RESIMAC Triomphe Trust - RESIMAC Premier Series 2018-1

  Class A1: AAA (sf)
  Class A2: AAA (sf)
  Class A3a: AAA (sf)
  Class A3b: AAA (sf)
  Class AB: AAA (sf)
  Class C: AA- (sf)
  Class D: BBB- (sf)

  RESIMAC Triomphe Trust - RESIMAC Premier Series 2018-2

  Class A1a: AAA (sf)
  Class A1b: AAA (sf)
  Class A2: AAA (sf)
  Class AB: AAA (sf)
  Class D: A- (sf)
  Class E: BB+ (sf)
  Class F: B (sf)


STRIKEFORCE GROUP: First Creditors' Meeting Set for June 7
----------------------------------------------------------
A first meeting of the creditors in the proceedings of Strikeforce
Group Pty Ltd, formerly trading as "Strikeforce Boilermakers &
Hire", will be held on June 7, 2022, at 10:30 a.m. at the offices
of WA Insolvency Solutions, a division of Jirsch Sutherland, Suite
6.02, Level 6, 109 St Georges Terrace, in Perth, WA.

David Ashley Norman Hurt and Jimmy Trpcevski of WA Insolvency
Solutions were appointed as administrators of Strikeforce Group on
May 25, 2022.



ZHONGSHENG MANAGEMENT: First Creditors' Meeting Set for June 3
--------------------------------------------------------------
A first meeting of the creditors in the proceedings of Zhongsheng
Management Pty Ltd, trading as Arundel Hills Country Club, will be
held on June 3, 2022, at 2:00 p.m. via virtual meeting technology.

Graham Robert Killer and Philip Campbell-Wilson of Grant Thornton
were appointed as administrators of Zhongsheng Management on May
24, 2022.




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

CHINA AOYUAN: Fitch Withdraws 'RD' Foreign Currency IDR
-------------------------------------------------------
Fitch Ratings has withdrawn China-based property developer China
Aoyuan Group Limited's Long-Term Foreign-Currency Issuer Default
Rating (IDR) of 'RD', and its senior unsecured rating and ratings
on its outstanding senior unsecured notes of 'C' with Recovery
Rating of 'RR6'.

Fitch is withdrawing the ratings because Aoyuan 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 Aoyuan.

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

Aoyuan is a nationwide property developer. The company had about
370 projects with a total gross floor area of around 57 million
square metres at end-2020. Guangdong accounted for 28% of its total
land bank by gross floor area.

ESG CONSIDERATIONS

Aoyuan has an ESG Relevance Score of '4' for Financial
Transparency. The company appears to have weaker access to its
reported consolidated cash balance than what it earlier guided in
terms of the level of cash at the rated-entity level. It did not
publish audited 2021 results on time, which has a negative impact
on the credit profile, and is relevant to the ratings in
conjunction with other factors.

Unless otherwise disclosed in this section, the highest level of
ESG credit relevance is a score of 3 - 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.


JIANGSU ZHONGNAN: Moody's Lowers CFR to Caa2, Outlook Remains Neg.
------------------------------------------------------------------
Moody's Investors Service has downgraded Jiangsu Zhongnan
Construction Grp Co., Ltd.'s corporate family rating to Caa2 from
B3, and the senior unsecured rating on the bonds issued by Haimen
Zhongnan Investment Dev (Intl) Co Ltd and guaranteed by Jiangsu
Zhongnan to Caa3 from Caa1.

All the outlooks remain negative.

"The downgrades reflect Jiangsu Zhongnan's elevated liquidity and
refinancing risks, following its proposed exchange offer and
consent solicitation to its noteholders," says Daniel Zhou, a
Moody's Analyst.

"The negative outlook reflects the uncertainty over the company's
ability to address all its near-term debt maturities amid
challenging operating and funding conditions," adds Zhou.

RATINGS RATIONALE

Moody's has changed its assessment of Jiangsu Zhongnan's liquidity
to weak from adequate, in view of the company's worsening operating
cash flow and liquidity, limited financial flexibility and
inability to service its maturing USD bonds due in June, which are
a departure from Moody's previous expectation.

On May 24, 2022, Jiangsu Zhongnan announced an exchange offer [1]
to its bondholders for the company's USD senior notes due in June
2022, with a total principal amount of USD223 million. At the same
time, it announced a consent solicitation to amend certain terms of
its other USD bond. The company also said it may not be able to
fully redeem the notes if the exchange offer is not successful.

Moody's views the proposed tender offer and consent solicitation,
if completed, to be a form of distressed exchange, as the agency
believes that the intention of the proposal is to avoid a default.

The proposed exchange offer underpins Jiangsu Zhongnan's escalating
liquidity pressure amid the difficult operating and funding
conditions in China's property market.

The company will have RMB5.5 billion-equivalent bonds maturing or
becoming puttable before the end of September 2023, including
USD463 million in offshore bonds.

While Jiangsu Zhongnan had RMB19.2 billion in cash as of the end of
March 2022, Moody's estimates that a significant portion of the
cash resides at the operating project levels and could not be used
to repay the debt at the holding company level.

In addition, the company has high exposure to its joint ventures,
which could limit its ability to access the cash flow of the joint
ventures.

Moody's forecasts Jiangsu Zhongnan's contracted sales will fall
notably over the next 6-12 months, due to difficult operating and
funding conditions. This will also reduce the company's operating
cash flow for debt repayment.

The company's contracted sales plunged 69% to RMB21.2 billion in
the first four months of 2022, following a 46% decline in the
fourth quarter of 2021 from the same period in 2020.

The Caa3 senior unsecured debt rating is one notch lower than
Jiangsu Zhongnan's Caa2 CFR due to structural subordination risk.
The subordination risk refers to the fact that the majority of
Jiangsu Zhongnan's claims are at its operating subsidiaries and, in
the event of a bankruptcy, have priority over claims at the holding
company. In addition, the holding company lacks significant
mitigating factors for structural subordination. Consequently, the
expected recovery rate for claims at the holding company will be
lower.

In terms of environmental, social and governance (ESG)
considerations, Moody's has considered the company's concentrated
ownership by Zhongnan Urban Construction Investment Co., Ltd.,
which had a 54.12% stake in the company as of May 17, 2022, and the
risks posed by its shareholder's share pledge financing. The agency
has also considered Jiangsu Zhongnan's elevated financial risk of
debt restructuring as it proposes a distressed exchange.

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

An upgrade is unlikely, given the negative outlook.

However, positive rating momentum could emerge if Jiangsu Zhongnan
improves its funding access and materially reduces its refinancing
risks.

On the other hand, Moody's could downgrade the ratings if the
company's liquidity and refinancing risks further escalate, or if
the recovery prospects for its creditors deteriorate.

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

Jiangsu Zhongnan is based in China's Jiangsu Province and
principally engages in property development and construction
services. The company had a total land bank of around 41.4 million
square meters as of December 2021.

Jiangsu Zhongnan was founded by Chen Jinshi, who has been in
China's construction business since 1988 when he established the
company. The company listed on the Shenzhen Stock Exchange in 2009.

JIAYUAN INT'L: Fitch Lowers LongTerm IDR to 'C'
-----------------------------------------------
Fitch Ratings has downgraded the Long-Term Issuer Default Rating on
China-based property developer Jiayuan International Group Limited
to 'C' from 'B'. At the same time, Fitch has downgraded Jiayuan's
senior unsecured rating to 'C' from 'B', with the Recovery Rating
remaining at 'RR4'.

The downgrade follows the company's failure to make interest
payment that was due on April 30 for a bond.

KEY RATING DRIVERS

Non-Payment of Bond Interest: Jiayuan missed the interest payment
due on April 30 on its USD200 million notes that mature on October
30, 2022. The company is now in the 30-day grace period for
interest non-payment before an event of default is triggered.

Heightened Refinancing Risk: Fitch believes the company may not be
able to access the capital market in the short term and expect it
to rely on cash on hand and internal cash flow to address upcoming
maturities in 2H22 and 1H23.

Jiayuan's estimated latest available cash balance at the holding
company may just cover the USD200 million notes due in October, but
is not sufficient to pay the USD176 million notes due in February
2023 and USD295 million notes due in April 2023. The recent drop in
the company's share and bond prices may also dampen confidence of
homebuyers and investors, leaving more uncertainties over
refinancing and property sales.

Weak Sales: Jiayuan's sales were weaker than expected due to the
recent resurgence of Covid-19 cases and lockdowns imposed to
contain the spread of the coronavirus. About two-thirds of its land
bank is in the Yangtze River Delta, where the outbreak is the most
severe. Jiayuan's total sales in 4M22 fell 43% yoy despite the low
base last year. Fitch expects negative operating cash flow for the
company if sales remain at a level similar to that in 4M22.

DERIVATION SUMMARY

Jiayuan's ratings reflect the non-payment of bond interest.

RATING SENSITIVITIES

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

-- Resolution of the missed interest payment within the grace
    period.

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

-- Failure to repay interest within the grace period.

BEST/WORST CASE RATING SCENARIO

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

ISSUER PROFILE

Jiayuan is a small- to mid-sized property developer focusing on
China's Tier 2 and 3 cities as well as satellite cities in the
Yangtze River Delta. The company listed on the Hong Kong Stock
Exchange in 2016.

ESG CONSIDERATIONS

Jiayuan has an ESG Relevance Score of '4' for Group Structure due
to large related-party transactions. The company settled its
related-party transactions mainly with non-cash payments and they
appear fairly valued, but there is potential for further such
transactions. This has a negative impact on the credit profile, and
is relevant to the rating in conjunction with other factors.

Jiayuan has an ESG Relevance Score of '4' for Governance Structure
due to its concentrated shareholding. The largest shareholder owns
95.83% of the company, 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.


KANGMEI PHARMACEUTICAL: Pays US$364MM to Investors in Class Suit
----------------------------------------------------------------
Caixin Global reports that China's scandal-plagued drugmaker
Kangmei Pharmaceutical Co. Ltd. paid CNY2.46 billion ($364 million)
in compensation to investors, closing the country's first
securities class-action lawsuit against a fraudulent issuer.

More than 52,000 Kangmei investors received cash payments under the
company's reorganization plan, according to Li Chao, vice chairman
of the China Securities Regulatory Commission (CSRC), at a briefing
on May 26, Caixin relays.

Among the investors, 99.4% are small retail investors with losses
of less than CNY500,000, Li said.

Kangmei, one of China's biggest publicly traded drugmakers, was
accused of financial reporting fraud involving CNY88.6 billion of
overstatements between 2016 and 2018. Regulators found that the
company used fake bank deposit slips to inflate cash reserves,
forged documents for nonexistent business activities and
transferred company funds to related parties to trade in its own
stock.

In November 2021, a court in Guangzhou made a landmark ruling in
the country's first securities class-action lawsuit, ordering
Kangmei to pay CNY2.46 billion to more than 50,000 shareholders who
lost money because of the fraud, Caixin recalls.

In January, Ma Xingtian, the former chairman of Kangmei, was
sentenced to 12 years in prison and fined CNY1.2 million for
manipulating the securities market, failure to disclose important
information and bribery, the report says.

Kangmei Pharmaceutical became the first listed company to default
on a bond issue when the market reopened on Feb. 3, 2021, after the
extended Lunar New Year holiday, according to Caixin Global. The
supplier of traditional Chinese medicines said in a statement Feb.
2, 2021, that it couldn't make principal and interest payments and
on CNY2.4 billion (US$340 million) of bonds because of tight
liquidity. The bonds were issued in 2015 and due in 2022, but the
issuer had an option to raise the coupon rate and investors had an
option to sell back the bonds at the end of the fifth year.


PUJIANG INTERNATIONAL: Moody's Withdraws 'B2' Corp. Family Rating
-----------------------------------------------------------------
Moody's Investors Service has withdrawn the B2 corporate family
rating of Pujiang International Group Limited. Prior to the
withdrawal, the rating outlook on Pujiang was stable.

RATINGS RATIONALE

Moody's has decided to withdraw the rating for its own business
reasons.

COMPANY PROFILE

Pujiang International Group Limited is a leading bridge cable and
prestressed material manufacturer. Incorporated in April 2017, the
company was listed on the Main Board of the Stock Exchange of Hong
Kong in May 2019.

[*] Goldman Sachs Sees 1/3 of HY Property Firms to Default in 2022
------------------------------------------------------------------
Reuters reports that Goldman Sachs said on May 20 it now expects
around one third of high-yield China property firms to default in
2022, with stresses on bonds increasingly emerging through maturity
extensions.

Since the start of the year, all 22 Chinese high-yield issuers that
either defaulted on their dollar bonds or undertook bond exchanges
had been linked to the country's embattled property sector, the
bank found, Reuters relays.

"Unlike in previous years, more issuers have conducted bond
exchanges than have defaulted so far this year," Reuters quotes
Kenneth Ho as saying in a note to clients, raising his default rate
forecast to 31.6% from 19% previously. "We view bond exchanges and
maturity extensions as efforts that provide short term relief on
credit stresses by pushing bond maturities to a later date, but are
not sufficient to resolve the credit issues."

Reuters says raising the China property high-yield default forecast
pushed up Goldman Sachs' forecast for the default rate among
high-yield Asian corporate issuers to 15.5% from 9.3% previously --
not far off the record of 17.8% recorded in 2021.

A crunch in China's key property sector emerged about a year ago,
when a debt market squeeze sparked a first wave of defaults,
Reuters notes.




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

ADHUNIK CORPORATION: Ind-Ra Lowers Long-Term Issuer Rating to B+
----------------------------------------------------------------
India Ratings and Research (Ind-Ra) has downgraded Adhunik
Corporation Ltd.'s (ACL) Long-Term Issuer Rating to 'IND B+ (ISSUER
NOT COOPERATING)' from 'IND BB+ (ISSUER NOT COOPERATING)' and has
simultaneously withdrawn the rating.

The instrument-wise rating actions are:

-- INR100 mil. Fund-based limits* downgraded and withdrawn; and

-- INR35 mil. Non-fund-based limits# downgraded and withdrawn.

* Downgraded to 'IND B+ (ISSUER NOT COOPERATING)' before being
withdrawn

# Downgraded to 'IND A4 (ISSUER NOT COOPERATING)' before being
withdrawn

Key Rating Drivers

The downgrade reflects the conviction of ACL's erstwhile directors
in the Odisha coal scam case, resulting in weakening of corporate
governance and uncertainty of the impact of the same on the
company's operating and financial performance.

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

Company Profile

Kolkata-based ACL operates a 60,000-metric-tonnes-per-annum sponge
iron facility and a 97,500-metric-tonnes-per-annum alloy steel
billet facility with five induction furnaces in West Bengal. In
1QFY21, ACL's revenue was INR523.7 million.


AGARWAL LIFE: Ind-Ra Moves BB+ LT Issuer Rating to Non-Cooperating
------------------------------------------------------------------
India Ratings and Research (Ind-Ra) has migrated Agarwal Life
Sciences Private Limited's Long- Term Issuer Rating to the
non-cooperating category at 'IND BB+ (ISSUER NOT COOPERATING)' and
has simultaneously withdrawn it.

The instrument-wise rating actions are:

-- INR67.6 mil. Fund-based working capital limits* migrated to
     non-cooperating category and withdrawn; and

-- INR20 mil. Non-fund-based working capital limits** migrated to

     non-cooperating category and withdrawn.

*Migrated to 'IND BB+ (ISSUER NOT COOPERATING)'/'IND A4+ (ISSUER
NOT COOPERATING)' before being withdrawn.

**Migrated to 'IND A4+ (ISSUER NOT COOPERATING)' before being
withdrawn.

Key Rating Drivers

The ratings have been migrated to the non-cooperating category
before being withdrawn because the issuer did not participate in
the rating exercise, despite repeated requests by the agency, and
has not provided information about full-year financials of FY21,
interim numbers, sanctioned bank facilities and utilization,
business plan, and projections for next three years, information on
corporate governance, and management certificate.

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

Company Profile

Incorporated in 2010, Mumbai-based Agarwal Life Sciences
manufactures and trades active pharmaceutical ingredients, mainly
ferrous fumarate.  The manufacturing contributes approximately 75%
to its revenue, and trading accounts for the balance. Ranju Pilani
is the managing director of the company, which has a manufacturing
plant in Boisar, Maharashtra.


ARYAMAN ISPAT: Ind-Ra Withdraws BB- Long-Term Issuer Rating
-----------------------------------------------------------
India Ratings and Research (Ind-Ra) has withdrawn Aryaman Ispat
Private Limited's Long-Term Issuer Rating of 'IND BB- (ISSUER NOT
COOPERATING)'.

The instrument-wise rating actions are:

-- The 'IND BB-' rating on the INR100 mil. Fund-based working
     capital limit is withdrawn; and

-- The 'IND BB-' rating on the INR120 mil. Non-fund-based working

     capital limit is withdrawn

Key Rating Drivers

Ind-Ra is no longer required to maintain the ratings, as the agency
has received a no-dues certificate from the lenders.

Company Profile

Aryaman Ispat was incorporated in January 2006. The company trades
hot-rolled and cold rolled sheets and coils. The day-to-day
operations are managed by Dinesh Kumar Garg,  Parul Garg and Deepak
Garg who are also the directors of the company.


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

The instrument-wise rating actions are:

-- INR335 mil. Fund-based limit migrated to non-cooperating
     category with IND BB+ (ISSUER NOT COOPERATING) rating;

-- INR380 mil. Non-fund-based limit migrated to non-cooperating
     category with IND A4+ (ISSUER NOT COOPERATING) rating; and

-- INR142.5 mil. Long-term loan due on January 2024 migrated to
     non-cooperating category with IND BB+ (ISSUER NOT
     COOPERATING) rating.

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

Company Profile

Atmastco fabricates heavy steel columns and assemblies for power
plants.


B D AGRICARE: CARE Lowers Rating on INR6.05cr LT Loan to C
----------------------------------------------------------
CARE Ratings has revised the ratings on certain bank facilities of
B D Agricare Private Limited (BDAPL), as:

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank       6.05       CARE C; Stable; ISSUER NOT
   Facilities                      COOPERATING; Rating continues
                                   To remain under ISSUER NOT
                                   COOPERATING category and
                                   Revised from CARE B; Stable

   Long Term/           1.18       CARE C/CARE A4; ISSUER NOT
   Short Term                      COOPERATING; Rating continues
   Bank Facilities                 to remain under ISSUER NOT
                                   COOPERATING category and
                                   Revised from CARE B; Stable/
                                   CARE A4

Detailed Rationale & Key Rating Drivers

CARE Ratings Ltd. had, vide its press release dated March 18, 2021,
placed the rating(s) of BDAPL under the 'issuer non-cooperating'
category as BDAPL had failed to provide information for monitoring
of the rating and had not paid the surveillance fees for the rating
exercise as agreed to in its Rating Agreement. BDAPL continues to
be noncooperative despite repeated requests for submission of
information through e-mails, phone calls and a letter/email dated
February 1, 2022, February 11, 2022, February 21, 2022.

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

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

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

Uttar Pradesh based B.D. Agricare Private Limited (BDAPL) was
incorporated as a private limited company in August 2011.The
company commenced its operations in August, 2013 and is currently
being managed by Mr. Adarsh Gupta. It is engaged in processing rice
and its by-products by processing paddy, in its processing unit
located in Village Gaukhor, Basti.


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

The instrument-wise rating actions are:

-- INR90 mil. Fund-based working capital limits migrated to non-
     cooperating category with IND BB (ISSUER NOT COOPERATING)/IND

     A4+ (ISSUER NOT COOPERATING) rating;

-- INR147 mil. Non-fund-based working capital limits migrated to
     non-cooperating category with IND A4+ (ISSUER NOT
     COOPERATING) rating; and

-- INR24.47 mil. Term loan due on FY23 migrated to non-
     cooperating category with IND BB (ISSUER NOT COOPERATING)
     rating.

Note: ISSUER NOT COOPERATING: The ratings were last reviewed on
April 6, 2021. Ind-Ra is unable to provide an update, as the agency
does not have adequate information to review the ratings.

Company Profile

Bonton Softwares was incorporated under the Companies Act, 1956, on
27 March 2007. The company's registered office is located in
Chennai, Tamil Nadu. It is engaged in the business of software
installation and maintenance services.


CLIMAX OVERSEAS: CARE Lowers Rating on INR27cr Loans to D
---------------------------------------------------------
CARE Ratings has revised the ratings on certain bank facilities of
Climax Overseas Private Limited (COPL), as:

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank        1.75      CARE D; ISSUER NOT COOPERATING
   Facilities                      Rating continues to remain
                                   under ISSUER NOT COOPERATING
                                   category Revised from
                                   CARE B+; Stable

   Long Term/            0.25      CARE D/CARE D; ISSUER NOT
   Short Term                      COOPERATING; Rating continues
   Bank Facilities                 to remain under ISSUER NOT
                                   COOPERATING category and
                                   Revised from CARE B+; Stable/
                                   CARE A4

   Short Term Bank      25.00      CARE D; ISSUER NOT COOPERATING
   Facilities                      Rating continues to remain
                                   under ISSUER NOT COOPERATING
                                   category and Revised from
                                   CARE A4


Detailed Rationale & Key Rating Drivers

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

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

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

The rating assigned to the bank facilities of COPL have been
revised on account of ongoing delays in debt servicing recognized
from publicly available information i.e. Banker feedback.

Haryana-based Climax Overseas Private Limited (COPL) was
incorporated in 1994. The company is currently being managed by Mr
Prameet Singh Sood and Mrs. Aveen Kaur Sood. COPL is engaged into
manufacturing of rubber, plastic and sheet metal components such as
valve stem, valve cover gaskets, filters, engine mounts, etc. The
company caters to various OEM's and other manufacturing companies
in the field of automobile, power transmission & distribution,
white goods, defense and aviation industry etc.

FASHION EQUATION: Insolvency Resolution Process Case Summary
------------------------------------------------------------
Debtor: Fashion Equation Private Limited
        Door No. 6 Plot No. 1
        1st Cross Street
        Lakshmi Nagar Porur
        Chennai 600106
        Tamil Nadu, India

Insolvency Commencement Date: May 4, 2022

Court: National Company Law Tribunal, Bench I, Chennai

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

Insolvency professional: Satyadevi Alamuri

Interim Resolution
Professional:            Satyadevi Alamuri
                         Ground Floor, No. 23 Lake Area
                         3rd Cross Street
                         Nungambakkam
                         Chennai 600034
                         Tamil Nadu, India
                         E-mail: satyadevifcs@gmail.com
                                 cirp.fashionequation@gmail.com

Last date for
submission of claims:    May 28, 2022


HINDUSTAN AGENCIES: Ind-Ra Affirms BB+ Long-Term Issuer Rating
--------------------------------------------------------------
India Ratings and Research (Ind-Ra) has affirmed Hindustan
Agencies' (HA) Long-Term Issuer Rating at 'IND BB+'. The Outlook is
Negative.

The instrument-wise rating actions are:   

-- INR296 mil. Fund-based working capital limits affirmed with
     IND BB+/ Negative rating; and

-- INR4 mil. Non-fund-based working capital limits affirmed with
     IND A4+ rating.

Analytical Approach: HA is part of the Hans group of companies.
Ind-Ra continues to factor in the availability of support to HA
from other companies in the Hans group - Shakti Agencies Private
Limited (INDBBB-/Stable); Sai Shakti Agencies (IND BBB-/Stable);
Hindustan Distributors (IND BB+/Negative); Max International (IND
BB+/Stable); Ramkrishna Agencies (IND BB/ Stable). The group
companies are engaged in the trading and retailing of products such
as fast-moving consumer goods, mobile phones, consumer durables,
and gems/ jewelry.  

The Negative Outlook reflects the likelihood of continued weak
credit metrics and the liquidity position remaining stretched over
the short-to-medium term.

Key Rating Drivers

Weak Standalone Profile: HA's revenue increased by around 6% yoy to
INR2,269.49 million in FY22 (provisional numbers) due to the
recovery in demand for FMCG products post the dip witnessed during
the pandemic in FY21. In FY21, the revenue had declined by around
5% yoy due to the pandemic-led disruptions. Ind-Ra believes that
the revenue would improve in FY23 due to the likely improvement in
the performance of the FMCG segment and modern trade segment.  

The EBITDA margins declined to 2.18% in FY21 (FY20: 2.26%) due to
an increase in operational expenses. The firm's employee expenses
had increased significantly during FY20-FY21; the expenses (as a
percentage of revenue) increased to 1.77% in FY21 from 0.66% in
FY19. The ROCE was 8% in FY21 (FY20: 11%). The EBITDA margins are
likely to have remained modest in FY22, given the trading nature of
the business.

The credit metrics weakened in FY21 due to the fall in EBITDA and
high debt and finance costs, resulting from very high working
capital requirements.  The interest coverage (operating
EBITDA/gross interest expense) weakened to 1.22x in FY21 (FY20:
1.33x) due to the decline in EBITDA to INR46.58 million (FY20:
INR50.70 million). The net leverage (total adjusted debt/operating
EBITDA) deteriorated to 7.71x in FY21 (FY20: 6.95x) due to the
increase in debt to INR449 million (INR390 million). The credit
metrics are likely to have remained weak in FY22, and might
continue to be so in the medium term, due to continued high debt
levels, resulting from the high working capital requirements.

Liquidity Indicator - Stretched:  The average peak utilization of
the fund-based limits was very high around 98% during the 12 months
ended March 2022. HD had cash of INR90 million at FYE21, as a
disbursed term loan of INR50 million was kept in the current
account. The firm repaid the full amount in April 2021 itself, as
it had not used the funds.  The cash flow from operations remained
negative at INR0.44 million in FY21 (FY20: negative INR101 million)
due to continued high working capital requirement.  The net working
capital cycle increased to 65days in FY21 (FY20: 57 days), mainly
due to an increase in inventory days to 42 days (34 days).  The
firm borrows short-term funds from various financial institutions
for meeting its working capital requirements and also avails
interest-bearing unsecured loans from the promoters' families and
friends. Hence, the debt repayment and interest servicing
obligations of the firm are very high. The debt repayment
obligations in FY22 were around INR71.9 million (including INR50
million, which was paid in April 2021 from the current account);
the obligations stand at INR21 million and INR20 million in FY23
and FY24, respectively. Given the weak profitability and high debt
servicing liabilities, the firm's debt service coverage ratio would
remain less than 1x in the medium term.

The Hans group's consolidated cash flow from operations remained
negative and deteriorated to INR525 million in FY21 (FY20: negative
INR50 million) due to a significant increase in working capital
requirements. The group's net cash cycle elongated to 89 days in
FY21 (FY20: 63 days), mainly on account of an increase in inventory
days to 84 days (61 days). The group's unencumbered cash and cash
equivalents increased to INR346 million in FY21 (FY20: INR105.31
million). At a consolidated level, the debt repayment obligations
were very high at INR237 million in FY22., and would remain high in
the short term (FY23: INR184 million; FY24: INR188 million).  

Group Credit Metrics to Remain Weak in Medium Term: Ind-Ra expects
the consolidated credit metrics to have remained modest in FY22,
and believes the metrics would continue to be weak over the medium
term due to an increase in short-term and long-term borrowings. In
FY21, despite the increase in consolidated absolute EBITDA to
INR662 million (FY20: INR611 million), the Hans group's credit
metrics remained weak during the year due to an increase in
interest costs, resulting from higher utilization of short-term
facilities to fund incremental working capital requirements. The
consolidated interest coverage (operating EBITDA/gross interest
expenses) remained stable at 1.64x in FY21 (FY20: 1.6x), mainly on
account of an increase in financial costs of Ramakrishna Agency and
Max International. The same was due to the rise in working capital
required to fund the significant growth in inventory. The
consolidated net leverage (net debt/operating EBITDA) deteriorated
to 4.48x in FY21 (FY20: 3.25x) due to an increase in debt to
INR3,312 million (INR2,019 million). The consolidated EBITDA margin
slightly improved to 4.96% in FY21 (FY20: 4.50%; FY19: 3.77%),
higher than Ind-Ra's expectations of 4.66%, due to the cost-cutting
measures implemented during the pandemic and higher incentives
provided by the manufacturers to push sales.

Group Revenue Stagnant in FY22: The consolidated revenue remained
flat at INR13,551.45 million in FY22 (FY21: INR13,339.96 million;
FY20: INR13,593 million) due to the decline in the sales of Samsung
mobile phones and lockdown in 1QFY22. In FY21, the group's revenue
had declined due to pandemic-led disruptions, but it was higher
than Ind-Ra's expectations of INR12,972 million. The consolidated
absolute EBITDA improved to INR661.53 million in FY21 (FY20:
INR611.32 million), with margins rising to 4.96% (4.5%; 3.77%). The
group's ROCE was 13.4% in FY21 (FY20: 16%).

Experienced Promoters: The company is owned by the Odisha-based
Hans family, which has diversified interests in various segments
such as gems and jewelry, fast-moving consumer goods, and
electronics. The family has more than four decades of experience in
the trading of these products in Odisha, giving it an edge in
supply chain management as well as strong distribution
capabilities, which is critical in the trading business. As a
result, the group is a preferred supplier/distributor for large
multinationals that cater to the Odisha market.

Long Association with Reputed Brands: The Hans group is associated
with reputed brands such as Samsung India, Hindustan Unilever
Limited, Britannia Industries Limited, Tata Global Beverages
Limited, Nestle India, and Tanishq (a brand of Titan Company
Limited), among others. The group has been associated with some of
these brands for more than 30 years.

Rating Sensitivities

Negative: Future developments that could, individually and
collectively, would lead to a negative rating action are as
follows:

- lower-than-expected operating profitability or cash flow from
operations

- the standalone interest coverage remaining below 1.50x

- the absence of any improvement in the liquidity position over
the near term

- any weakening of the linkages with the Hans group

Positive: An increase in the scale of operations and EBITDA margin,
along with an improvement in the liquidity position and credit
metrics, with the standalone interest coverage exceeding 1.50x, on
a sustained basis, would lead to a positive rating action.

Company Profile

HA is engaged in the distribution of food items, mainly tin food
items, for companies such as Dabur, MDH, Britania, Nestle,
Himalaya, Vicco, Coco Cola, Mother Dairy, Tata Tea, Kellogg's and
many others, with an exclusivity arrangement for Bhubaneshwar and
also for some other brands. HA is the super stockist for Orrisa as
a whole.


HINDUSTAN DISTRIBUTORS: Ind-Ra Affirms BB+ Long-Term Issuer Rating
------------------------------------------------------------------
India Ratings and Research (Ind-Ra) has affirmed Hindustan
Distributors' (HD) Long-Term Issuer Rating at 'IND BB+'. The
Outlook is Negative.

The instrument-wise rating action is:  

-- INR200 mil. Fund-based working capital limits affirmed with
     IND BB+/ Negative rating.

Analytical Approach: HD is part of the Hans group of companies.
Ind-Ra continues to factor in the availability of support to HD
from other companies in the Hans group - Shakti Agencies Private
Limited (IND BBB-/Stable), Sai Shakti Agencies (IND BBB-/ Stable),
Max International (IND BB+/Negative), Hindustan Agencies (IND
BB+/Negative) and Ramkrishna Agencies (IND BB/Stable). The group
companies are engaged in the trading and retailing of products such
as fast-moving consumer goods, mobile phones, consumer durables,
and gems/ jewelry.

The Negative Outlook reflects the likelihood of continued weak
credit metrics and the liquidity position remaining stretched over
the short-to-medium term.  

Key Rating Drivers

Growth in Revenue in FY22; Credit Metrics Remain Weak: After having
declined sharply by around 18% yoy to INR846.67 million in FY21
(FY20: INR1,033.54 million) due to the pandemic-led issues, HD's
revenue rose by around 39% yoy to INR1,173.95 million in FY22
(provisional numbers) due to a recovery in demand for FMCG
products. Ind Ra expects the revenue to increase further in FY23
due to the likely improvement in the performance of the FMCG
segment and modern trade segment.

In FY21, the EBITDA margins had remained modest but had increased
to 4.11% (FY20: 3.46%), due to the cost-cutting measures undertaken
during the pandemic and an increase in incentives and discounts
from suppliers to support the profitability. The ROCE was 10% in
FY21 (FY20: 13%). The margins are likely to have remained at
similar levels in FY22.

The credit metrics remained weak in FY21 due to the moderate EBITDA
(FY21: INR34.84 million; FY20: INR35.78 million), the high debt
levels, due to the significant working capital requirement, and the
consequent high finance costs. The interest coverage (operating
EBITDA/gross interest expense) declined to 1.27x in FY21 (FY20:
1.19x) due to an increase in the finance cost to INR27 million
(INR23 million) and a decline in EBITDA to INR34.84 million
(INR35.78 million). The net leverage (total adjusted net
debt/operating EBITDA) deteriorated to 9x in FY21 (FY20: 6x) due to
an increase in debt to INR329.76 million (INR231.05 million). The
credit metrics are likely to have remained weak in FY22, and might
continue to be so in the medium term, due to continued high debt
levels, resulting from the high working capital requirements.

Liquidity Indicator - Stretched:  The average peak utilization of
the fund-based limits was very high around 97% during the 12 months
ended March 2022. HD had cash of INR16 million at FYE21 (FYE20:
INR16.15 million). The cash flow from operations remained negative
and deteriorated to INR95.93 million in FY21 (FY20: negative
INR35.11 million; FY19: INR13.12 million) owing to the increase in
working capital requirement. The net working capital cycle
elongated to 152 days in FY21 (FY20: 92 days; FY19: 80 days),
mainly due to an increase in debtor days to 112 days (71 days; 64
days) and inventory days to 54 days (31 days; 28 days).  The
company had availed covid loans in FY21 to fund the increased
working capital requirement. In addition, the firm borrows
short-term funds from various financial institutions for meeting
its working capital requirements and also avails interest-bearing
unsecured loans from the promoters' families and friends. Hence,
the debt repayment and interest servicing obligations of the firm
are very high. Given the moderate profitability and high debt
servicing obligations, the firm's debt service coverage ratio would
remain weak around 1x in the medium term. The debt repayment in
FY22 was around INR28.2 million, and it would be INR14.4 million
and INR13.3 million in FY23 and FY24, respectively.

The Hans group`s consolidated cash flow from operations remained
negative and deteriorated to INR525 million in FY21 (FY20: negative
INR50 million) due to a significant increase in working capital
requirements. The group's net cash cycle elongated to 89 days in
FY21 (FY20: 63 days), mainly on account of an increase in inventory
days to 84 days (61 days). The group's unencumbered cash and cash
equivalents increased to INR346 million in FY21 (FY20: INR105.31
million). At a consolidated level, the debt repayment obligations
were very high at INR237 million in FY22., and would remain high in
the short term (FY23: INR184 million; FY24: INR188 million).  

Group Credit Metrics to Remain Weak in Medium Term: Ind-Ra expects
the consolidated credit metrics to have remained modest in FY22,
and believes the metrics would continue to be weak over the medium
term due to an increase in short-term and long-term borrowings. In
FY21, despite the increase in consolidated absolute EBITDA to
INR662 million (FY20: INR611 million), the Hans group's credit
metrics remained weak during the year due to an increase in
interest costs, resulting from higher utilization of short-term
facilities to fund incremental working capital requirements. The
consolidated interest coverage (operating EBITDA/gross interest
expenses) remained stable at 1.64x in FY21 (FY20: 1.6x), mainly on
account of an increase in financial costs of Ramakrishna Agency and
Max International. The same was due to the rise in working capital
required to fund the significant growth in inventory.  The
consolidated net leverage (net debt/operating EBITDA) deteriorated
to 4.48x in FY21 (FY20: 3.25x) due to an increase in debt to
INR3,312 million (INR2,019 million). The consolidated EBITDA margin
slightly improved to 4.96% in FY21 (FY20: 4.50%; FY19: 3.77%),
higher than Ind-Ra's expectations of 4.66%, due to the cost-cutting
measures implemented during the pandemic and higher incentives
provided by the manufacturers to push sales.

Group Revenue Stagnant in FY22: The consolidated revenue remained
flat at INR13,551.45 million in FY22 (FY21: INR13,339.96 million;
FY20: INR13,593 million) due to the decline in the sales of Samsung
mobile phones and lockdown in 1QFY22. In FY21, the group's revenue
had declined due to pandemic-led disruptions, but it was higher
than Ind-Ra's expectations of INR12,972 million. The consolidated
absolute EBITDA improved to INR661.53 million in FY21 (FY20:
INR611.32 million), with margins rising to 4.96% (4.5%; 3.77%). The
group's ROCE was 13.4% in FY21 (FY20: 16%).

Experienced Promoters: The company is owned by the Odisha-based
Hans family, which has diversified interests in various segments
such as gems and jewelry, fast-moving consumer goods, and
electronics. The family has more than four decades of experience in
the trading of these products in Odisha, giving it an edge in
supply chain management as well as strong distribution
capabilities, which is critical in the trading business. As a
result, the group is a preferred supplier/distributor for large
multinationals that cater to the Odisha market.  

Long Association with Reputed Brands: The Hans group is associated
with reputed brands such as Samsung India, Hindustan Unilever
Limited, Britannia Industries Limited, Tata Global Beverages
Limited, Nestle India, and Tanishq (a brand of Titan Company
Limited), among others. The group has been associated with some of
these brands for more than 30 years.

Rating Sensitivities

Negative: Future developments that could, individually and
collectively, would lead to a negative rating action are as
follows:

- lower-than-expected operating profitability or cash flow from
operations

- the standalone interest coverage remaining below 1.50x

- the absence of any improvement in the liquidity position over
the near term

- any weakening of the linkages with the Hans group

Positive: An increase in the scale of operations and EBITDA margin,
along with an improvement in the liquidity position and credit
metrics, with the standalone interest coverage exceeding 1.50x, on
a sustained basis, would lead to a positive rating action.

Company Profile

HD is engaged in the distribution business in modern trade as well
as retail channels for companies such as Hindustan Unilever
Limited, Colgate-Palmolive (India) Limited, Cadbury, Dabur and
others for the Bhubaneshwar region. The firm also works as a dealer
for LG and Sharp TV and washing machines. The firm has been
associated with brands such as Samsung, Dabur, and Hindustan
Unilever for 25-30 years.


INCREDIBLE INDUSTRIES: Ind-Ra Lowers Long-Term Issuer Rating to B+
------------------------------------------------------------------
India Ratings and Research (Ind-Ra) has downgraded Incredible
Industries Limited's (IIL) Long-Term Issuer Rating to 'IND B+
(ISSUER NOT COOPERATING)' from 'IND BB+ (ISSUER NOT COOPERATING)'.
The issuer did not participate in the rating exercise despite
continuous requests and follow-ups by the agency. Thus, the rating
is based on the best available information. Therefore, investors
and other users are advised to take appropriate caution while using
these ratings. The rating will now appear as 'IND B+ (ISSUER NOT
COOPERATING)' on the agency's website.

The instrument-wise rating actions are:

-- INR253 mil. Fund-based limits downgraded with IND B+ (ISSUER
     NOT COOPERATING) rating; and

-- INR216.5 mil. Non-fund-based limit downgraded with IND A4
     (ISSUER NOT COOPERATING) rating.

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

Key Rating Drivers

The downgrade reflects the conviction of IIL's erstwhile directors
in the Odisha coal scam case in April 2022, which has weakened the
corporate governance and has led to uncertainty regarding the
impact of same on the company's operational and financial
performance.

Company Profile

Kolkata-based IIL manufactures rolled products, mainly
thermo-mechanically treated bars, rounds and wire rods at its plant
located in Durgapur, West Bengal, with an annual installed capacity
of 234,000 metric tons.


K.G.P. JEWELLERS: CARE Keeps B- Debt Rating in Not Cooperating
--------------------------------------------------------------
CARE Ratings said the rating for the bank facilities of K.G.P.
Jewellers (KGPJ) continues to remain in the 'Issuer Not Cooperating
' category.

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank      14.60       CARE B-; Stable; ISSUER NOT
   Facilities                      COOPERATING; Rating continues
                                   To remain under ISSUER NOT
                                   COOPERATING category  

Detailed Rationale & Key Rating Drivers

CARE Ratings Ltd. had, vide its press release dated March 15, 2021
(Revised on April 12, 2021), placed the rating(s) of KGPJ under the
'issuer non-cooperating' category as KGPJ had failed to provide
information for monitoring of the rating and had not paid the
surveillance fees for the rating exercise as agreed to in its
Rating Agreement. KGPJ continues to be non-cooperative despite
repeated requests for submission of information through e-mails,
phone calls and a letter/email dated January 29, 2022, February 8,
2022 and February 18, 2022.

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

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

Davangere based (Karnataka) K.G.P. Jewellers (KGPJ) was originally
formed as a partnership concern by the name of M.G. Jewellers by
Mr. Ganesh D Shet, Mrs. Surekha G Shet, Mrs. Vidya M Shet and Mr.
Ganesh M Revankar in 2011. Later, in April, 2014, partnership deed
was reconstituted with Mr. Santosh G Shet, Mr. Maruthi C Raikar,
Mr. Sandesh Raikar and Mrs. Sharda Raikar joining as new partners
and name of the firm changed to K.G.P Jewellers. The firm has 2
outlets; in Davangere and Hubli. KGPJ is engaged in the business of
retailing of gold, diamond, silver and precious stones studded
jewellery. KGPJ procures raw materials from local market and
outsources its manufacturing activities on job work basis. KGPJ has
an associate firm, K.G.P. Gold Palace (KGP) which is engaged in
similar business.


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

The instrument-wise rating actions are:

-- INR140 mil. Fund-based working capital limits migrated to non-
     cooperating category with IND BB- (ISSUER NOT COOPERATING)/
     IND A4+ (ISSUER NOT COOPERATING) rating;

-- INR28 mil. Non-fund-based working capital limits migrated to
     non-cooperating category with IND A4+ (ISSUER NOT
     COOPERATING) rating; and

-- INR153.78 mil. Term loan due on June 2024 migrated to non-
     cooperating category with IND BB- (ISSUER NOT COOPERATING)
     rating.

Note: ISSUER NOT COOPERATING: The ratings were last reviewed on
April 6, 2021. Ind-Ra is unable to provide an update, as the agency
does not have adequate information to review the ratings.

Company Profile

Incorporated in June 2002, Ahmedabad-based Kumar Spintex
manufactures cotton yarn of various count of 30s, 34s, 40s, and
cotton with capacity of 36,000 spindles at its facility in
Ahmedabad, Gujarat. The company is promoted by Balvantrai Agarwal
and his family. KSPL is a part of Kumar Group, which has direct
presence in weaving, dyeing and manufacturing of yarn in the
textile value chain.  

LALWANI INDUSTRIES: Ind-Ra Affirms BB- Long-Term Issuer Rating
--------------------------------------------------------------
India Ratings and Research (Ind-Ra) has affirmed Lalwani Industries
Limited's (LIL) Long-Term Issuer Rating at 'IND BB-'. The Outlook
is Negative.

The instrument-wise rating actions are:

-- INR5 mil. (reduced from INR14 mil.) Fund-based working capital

     limits affirmed with IND BB-/Negative rating; and

-- INR150 mil. (increased from INR91 mil.) Non-fund-based working

     capital limits affirmed with IND A4+ rating.

The Negative Outlook reflects Ind-Ra's expectation of LIL's
profitability and credit metrics to deteriorate in FY23 due to
volatile manganese ore prices, as the company changed its line of
business to trading from manufacturing during FY22. Moreover, the
company's revenue is likely to remain low in FY23.

Key Rating Drivers

LIL's EBITDA margin, which improved to 13% in FY22 (FY21: 3.01%),
due to favorable changes in the commodity prices of manganese ore,
are likely to deteriorate in FY23 due to a correction in the same.
The company's average margins had improved yoy in FY21 (FY20:
0.34%) due to a reduction in the raw material cost and optimization
of administrative expenses. The return on capital employed was
13.1% in FY21 (FY20: 0.7%).  FY22 numbers are provisional in
nature.

The ratings further reflect LIL's continued modest credit metrics
even as its gross interest coverage (operating EBITDA/gross
interest expense) improved to 5.68x in FY21 (FY20: 0.39x) and the
net financial leverage (adjusted net debt/operating EBITDA) to 9.7x
(53x) due to an increase in the EBITDA to INR13.37 million (INR1.29
million). In FY22, Ind-Ra estimates the gross interest coverage to
be around 7.5x and the net leverage to be around 6.24x due to an
increase in the EBITDA to INR27 million (FY21: INR13 million). In
FY23, Ind-Ra expects the credit metrics to deteriorate due to a
decline in the EBITDA, as a result of volatile manganese ore
prices.

The rating reflects LIL's continued small scale of operations as
its revenue fell to INR283 million in FY22 (FY21: INR444 million;
FY20: INR385 million), due to a disruption in the operations of the
company. The company's manufacturing facility was shut in October
2022 after operating for around six months as the location of the
unit was not viable and the company faced complications with the
labor union. The revenue had improved yoy in FY21 due to an
increase in demand. Ind-Ra expects the revenue to remain at FY22
level over the medium term due the transition in LIL's nature of
business.

Liquidity Indicator – Stretched: LIL's average maximum
utilization of the fund-based limits was 53.08% and that of the
non-fund-based limits was 61.44% during the 12 months ended
February 2022. LIL is likely to surrender its fund-based limits by
mid-FY23. The cash flow from operations turned positive to INR5.78
million in FY21 (FY20: negative INR57.27 million) due to an
increase in its EBITDA. Furthermore, the free cash flow stood at
INR5.78 million (FY20:  negative INR59.26 million) amid the absence
of any capex. The net working capital cycle improved to 26 days in
FY21 (FY20: 66 days) as the delay in receivable to 85 days from 40
days was offset by reduced inventory holding period to 20 days from
72 days and delays in payable to 78 days from 46 days. The cash and
cash equivalents stood at INR0.76 million at FYE21 (FYE20: INR0.66
million). LIL does not have any capital market exposure and relies
on banks and financial institutions to meet its funding
requirements.

However, the ratings continue to draw comfort from the management's
experience of over two and a half decades in the ferroalloy
industry.

Rating Sensitivities

Positive: An improvement in the scale of operations along with
improvement in the liquidity and credit metrics on a sustained
basis would lead to positive rating action.

Negative: A decline in the scale of operations, along with
sustained deterioration in the profitability margin or further
deterioration in the liquidity or credit metrics, will lead to a
negative rating action.

Company Profile

LIL manufactures ferro alloys including ferro silico magnesium,
ferro aluminum, ferro chrome, ferro molybdenum and nickel
magnesium, however, the manufacturing activities are suspended. The
manufacturing facility is located in South 24 Parganas, West
Bengal. The company trades manganese ore, moly oxide and ferro
silicon manganese.


MAX INTERNATIONAL: Ind-Ra Affirms BB+ Long-Term Issuer Rating
-------------------------------------------------------------
India Ratings and Research (Ind-Ra) has affirmed Max
International's (MI) Long-Term Issuer Rating at 'IND BB+'. The
Outlook is Negative.

The instrument-wise rating action is:  

-- INR225 mil. Fund-based working capital limits affirmed with
     IND BB+/ Negative rating.

Analytical Approach: MI is part of the Hans group of companies. To
arrive at the rating, Ind-Ra factored in the availability of
financial support to MI from other companies in the Hans group -
Shakti Agencies Private Limited (IND BBB-/Stable), Sai Shakti
Agencies (IND BBB-/Stable), Hindustan Distributors (IND
BB+/Negative), Hindustan Agencies (IND BB+/Negative) and Ramkrishna
Agencies (IND BB/Stable). The group companies are engaged in the
trading and retailing of products such as fast-moving consumer
goods (FMCG), mobile phones, consumer durables, gems/ jewelry, etc.


The Negative Outlook reflects the likelihood of continued weak
credit metrics and the liquidity position remaining stretched over
the short-to-medium term.

Key Rating Drivers

Marginal Improvement in Standalone Profile; Credit Metrics Remain
Modest: In FY22 (provisional numbers), MI's revenue increased by 6%
yoy to INR2,068.38 million due to the demand recovery witnessed by
the consumer durable and FMCG sectors post the receding of the
impact of the pandemic. In FY21, the revenue had grown by around 3%
yoy to INR1952. 52 million, mainly due to an increase in the sales
of mobile phones. The EBITDA margins had improved to 4.94% in FY21
(FY20: 3.8%) due to the decline in the cost of goods. The margins
are likely to have remained stable in FY22 and might remain at
similar levels in the medium term.

The credit metrics remained modest in FY21 due to the very
high-interest cost, resulting from the high working capital
requirements. The firm borrows funds from various financial
institutions in between the year and also avails of unsecured loans
from the promoters' families and friends for meeting its working
capital requirements, resulting in high interest cost. The interest
coverage (operating EBITDA/ gross interest expense) declined
slightly to 1.27x in FY21 (FY20: 1.30x) due to a significant
increase in finance costs to INR75.98 million (INR55.69 million).
The net leverage (total adjusted net debt/operating EBITDA),
however, improved to 2.84x  in FY21 (3.18x) due to an increase in
the absolute EBITDA to INR96.41 million (INR72.47 million). The
credit metrics are likely to have remained weak in FY22, and might
continue to be so in the medium term, due to continued high debt
levels, resulting from the high working capital requirements.

Liquidity Indicator - Stretched:  The average peak utilization of
the fund-based limits was very low around 57% during the 12 months
ended March 2022. MI had cash of INR30 million at FYE21. The cash
flow from operations remained negative at INR34.93 million in FY21
(FY20: negative INR12.26 million) owing to continued high working
capital requirements. Despite the significant increase in the
inventory days to 125 days (FY20: 68 days), the net working capital
cycle stretched slightly to 59 days (55 days), mainly due to a
significant increase in the credit days to 150 days (92 days). The
firm borrows funds from various financial institutions for meeting
its working capital requirements and also avails of unsecured loans
from the promoters' families and friends. MI had availed covid
loans of around INR61 million in FY21 to fund the increased working
capital requirement. Its debt repayment obligations in FY22 had
amounted to around INR24.6 million. The entity has high debt
repayment and interest servicing obligations over FY23-FY24 (FY23:
INR21.9 million; FY24: INR14.4 million), which will lead to a
modest debt service coverage ratio of around 1x in the medium
term.

The Hans group`s consolidated cash flow from operations remained
negative and deteriorated to INR525 million in FY21 (FY20: negative
INR50 million) due to a significant increase in working capital
requirements. The group's net cash cycle elongated to 89 days in
FY21 (FY20: 63 days), mainly on account of an increase in inventory
days to 84 days (61 days). The group's unencumbered cash and cash
equivalents increased to INR346 million in FY21 (FY20: INR105.31
million). At a consolidated level, the debt repayment obligations
were very high at INR237 million in FY22., and would remain high in
the short term (FY23: INR184 million; FY24: INR188 million).

Group Credit Metrics to Remain Weak in Medium Term: Ind-Ra expects
the consolidated credit metrics to have remained modest in FY22,
and believes the metrics would continue to be weak over the medium
term due to an increase in short-term and long-term borrowings. In
FY21, despite the increase in consolidated absolute EBITDA to
INR662 million (FY20: INR611 million), the Hans group's credit
metrics remained weak during the year due to an increase in
interest costs, resulting from higher utilization of short-term
facilities to fund incremental working capital requirements. The
consolidated interest coverage (operating EBITDA/gross interest
expenses) remained stable at 1.64x in FY21 (FY20: 1.6x), mainly on
account of an increase in financial costs of Ramakrishna Agency and
Max International. The same was due to the rise in working capital
required to fund the significant growth in inventory.  The
consolidated net leverage (net debt/operating EBITDA) deteriorated
to 4.48x in FY21 (FY20: 3.25x) due to an increase in debt to
INR3,312 million (INR2,019 million). The consolidated EBITDA margin
slightly improved to 4.96% in FY21 (FY20: 4.50%; FY19: 3.77%),
higher than Ind-Ra's expectations of 4.66%, due to the cost-cutting
measures implemented during the pandemic and higher incentives
provided by the manufacturers to push sales.

Group Revenue Stagnant in FY22: The consolidated revenue remained
flat at INR13,551.45 million in FY22 (FY21: INR13,339.96 million;
FY20: INR13,593 million) due to the decline in the sales of Samsung
mobile phones and lockdown in 1QFY22. In FY21, the group's revenue
had declined due to pandemic-led disruptions, but it was higher
than Ind-Ra's expectations of INR12,972 million. The consolidated
absolute EBITDA improved to INR661.53 million in FY21 (FY20:
INR611.32 million), with margins rising to 4.96% (4.5%; 3.77%). The
group's ROCE was 13.4% in FY21 (FY20: 16%).

Experienced Promoters: The company is owned by the Odisha-based
Hans family, which has diversified interests in various segments
such as gems and jewelry, fast-moving consumer goods, and
electronics. The family has more than four decades of experience in
the trading of these products in Odisha, giving it an edge in
supply chain management as well as strong distribution
capabilities, which is critical in the trading business. As a
result, the group is a preferred supplier/distributor for large
multinationals that cater to the Odisha market.  

Long Association with Reputed Brands: The Hans group is associated
with reputed brands such as Samsung India, Hindustan Unilever
Limited, Britannia Industries Limited, Tata Global Beverages
Limited, Nestle India, and Tanishq (a brand of Titan Company
Limited), among others. The group has been associated with some of
these brands for more than 30 years.

Rating Sensitivities

Negative: Future developments that could, individually and
collectively, would lead to a negative rating action are as
follows:

- lower-than-expected operating profitability or cash flow from
operations

- the standalone interest coverage remaining below 1.50x

- the absence of any improvement in the liquidity position over
the near term

- any weakening of the linkages with the Hans group

Positive: An increase in the scale of operations and EBITDA margin,
along with an improvement in the liquidity position and credit
metrics, with the standalone interest coverage exceeding 1.50x, on
a sustained basis, would lead to a positive rating action.

Company Profile

MI is engaged in distribution of Samsung mobile phones and
electrical appliances. The firm is one of the Samsung mobile
dealers of Ramkrishna Agencies for Bhubaneshwar and Rourkela,
Orissa. The firm also works as a dealer for Voltas, Whirlpool and
Hundai for washing machines, refrigerators, televisions etc. The
firm is also engaged in the trading of Titan watches, Fast Track
watches and sunglasses, and R-pure masala for Bhubaneshwar,
Rourkela and other regions.


NEW SAPNA: CARE Keeps D Debt Rating in Not Cooperating Category
---------------------------------------------------------------
CARE Ratings said the rating for the bank facilities of New Sapna
Granite Industries (NSGI) continues to remain in the 'Issuer Not
Cooperating ' category.

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank        5.50      CARE D; ISSUER NOT COOPERATING
   Facilities                      Rating continues to remain
                                   under ISSUER NOT COOPERATING
                                   category

Detailed Rationale & Key Rating Drivers

CARE Ratings Ltd. had, vide its press release dated March 18, 2021,
placed the rating(s) of NSGI under the 'issuer non-cooperating'
category as NSGI had failed to provide information for monitoring
of the rating and had not paid the surveillance fees for the rating
exercise as agreed to in its Rating Agreement. NSGI continues to be
noncooperative despite repeated requests for submission of
information through e-mails, phone calls and a letter/email dated
February 1, 2022, February 11, 2022, February 21, 2022.

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

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

Godhra-based New Sapna Granite Limited (NSGI) established in 2011
is a proprietorship firm engaged in cutting and polishing of raw
granite stones. The installed capacity of the plant is processing
6,00,000 square feet of stone per annum as of March 31, 2018. The
proprietor Mr. Jabar Choudhary has an experience of over a decade
in stone cutting and polishing. He was earlier engaged in cutting
and polishing of marble, granite and kota stone through a firm
named Sapna Kota Stone. The granite stones are sold to traders and
real estate builders in and around Gujarat, Rajasthan and
Maharashtra.


PERFECT FOOTWEAR: CARE Lowers Rating on INR15cr LT Loan to B
------------------------------------------------------------
CARE Ratings has revised the ratings on certain bank facilities of
Perfect Footwear (PF), as:

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

Detailed Rationale & Key Rating Drivers

CARE Ratings Ltd. had, vide its press release dated March 5, 2021,
placed the rating(s) of Perfect Footwear (PF) under the 'issuer
non-cooperating' category as PF had failed to provide information
for monitoring of the rating and had not paid the surveillance fees
for the rating exercise as agreed to in its Rating Agreement. PF
continues to be non-cooperative despite repeated requests for
submission of information through e-mails, phone calls and a
letter/email dated January 19, 2022, January 29, 2022, February 8,
2022.

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

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

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

Agra (Uttar Pradesh) based M/s Perfect Footwear (PF) was formed as
a partnership concern by Mr. Harvinder Pal Singh, Smt. Raminder
Kaur and Smt. Jasmeet Kaur in 2015. It is currently being managed
by Mr. A.S. Ahuja. PF is engaged in manufacturing of leather
footwear.


RAJASTHAN SYNTEX: CARE Keeps D Debt Ratings in Not Cooperating
--------------------------------------------------------------
CARE Ratings said the ratings for the bank facilities of Shree
Rajasthan Syntex Limited (SRSL) continue to remain in the 'Issuer
Not Cooperating' category.

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank       20.35      CARE D; ISSUER NOT COOPERATING
   Facilities                      Rating continues to remain
                                   under ISSUER NOT COOPERATING
                                   category

   Short Term Bank      29.50      CARE D; ISSUER NOT COOPERATING
   Facilities                      Rating continues to remain
                                   under ISSUER NOT COOPERATING
                                   category

Detailed Rationale & Key Rating Drivers

CARE Ratings Limited (CARE) had, vide its press release dated
February 25, 2021, placed the ratings of SRSL under the 'issuer not
cooperating' category as SRSL had not paid the surveillance fees
for the rating exercise as agreed to in its Rating Agreement. SRSL
continues to be non-cooperative and has not submitted the requisite
information despite repeated requests through e-mails dated January
11, 2022, January 21, 2022 and January 31, 2022.

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

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

The ratings of the bank facilities of SRSL continue to be
constrained due to ongoing delay/ default in debt servicing arising
out of its stressed liquidity.

Detailed description of the key rating drivers

At the time of last rating on February 25, 2021, the following was
the rating weakness (updated for the information available from
stock exchange):

Key Rating Weakness

* Continuing delay/default in debt servicing obligation: As per the
published quarterly results of the SRSL for the period ended
December 31, 2021, the company has defaulted in repayment of its
debt obligations as on December 31, 2021. The above-mentioned
default in debt servicing indicates stress on SRSL's liquidity
arising from its weak operational and financial performance during
FY21 (FY; refers to period April 1 to March 31) and 9MFY22. The
company reported a net loss and cash loss in FY21 and 9MFY22.
Further, as per SRSL's submission to the stock exchange on May 5,
2022, financial creditor i.e. Bank of Baroda filed a petition on
May 4, 2022 u/s 7 of the Insolvency and Bankruptcy Code, 2016
before the National Company Law Tribunal, Jaipur Bench alleging
default in payment of bank loans.

Incorporated in 1979, SRSL is engaged in the manufacturing of
synthetic (grey as well as dyed) blended yarn, cotton yarn and
Polypropylene Multi Filament (PPMF) yarn. SRSL manufactures yarn in
the range of 18-30 counts. As on March 31, 2019, SRSL had an
installed capacity of total 79,800 spindles for synthetic blended
yarn and cotton yarn and 2,400 Metric Tonnes Per Annum (MTPA) for
PPMF yarn at its Dungarpur, Rajasthan based manufacturing
facility.


RAMKRISHNA AGENCIES: Ind-Ra Lowers Long-Term Issuer Rating to BB
----------------------------------------------------------------
India Ratings and Research (Ind-Ra) has downgraded Ramkrishna
Agencies' (RA) Long-Term Issuer Rating to 'IND BB' from 'IND BB+
(ISSUER NOT COOPERATING)'. The Outlook is Stable.

The instrument-wise rating actions are:  

-- INR430 mil. Fund-based working capital limits downgraded with
     IND BB/ Stable rating; and

-- INR60 mil. Non-fund-based working capital limits affirmed with
     INDA4+ rating.

Analytical Approach: RA is part of the Hans group of companies. To
arrive at the ratings, Ind-Ra has factored in the availability of
support to RA from the other companies in the Hans group - Shakti
Agencies Private Limited (IND BBB-/Stable), Sai Shakti Agencies
(IND BBB-/Stable), Max International (IND BB+/Negative), Hindustan
Distributors (IND BB+/Negative), Hindustan Agencies (IND
BB+/Negative). The group companies are engaged in the trading and
retailing of products such as fast-moving consumer goods, mobile
phones, consumer durables, and gems/ jewelry.

The downgrade reflects the deterioration in RA's already weak
standalone profile in FY22. The credit metrics would remain weak
over the short term, and the firm's debt servicing ability is
likely to severely impacted by the modest profitability and high
debt obligations. Moreover, the firm's liquidity position would
remain stretched over the short-to-medium term.

Key Rating Drivers

Significant Deterioration in Standalone Profile During FY22: In
FY22 (provisional numbers), RA's revenue declined by around 20% yoy
to INR3,768.10 million due to the significant decline in revenue
from the sale of Samsung mobile phones. The revenue from Samsung
mobile phones declined by around 29% yoy to INR3,014.48 million in
FY22 (80% of total revenue) from INR4259.72 million in FY21 (90% of
total revenue) due to the intense competition from the Chinese
mobile phones. Ind-Ra believes that the revenue would increase
slightly in FY23 due to a likely improvement in the performance of
Samsung mobile phones, jewelry and other consumer durables. In
FY21, despite the pandemic, the firm's revenue had increased by 6%
yoy to INR4,733 million due to an increase in the demand for
smartphones. The margins are likely to have declined in FY22 due to
low absorption of fixed costs, given the decline in the top-line.
In FY21, the EBITDA margins had improved slightly to a modest 2.74%
(FY20: 2.51%) due to the cost-cutting measures undertaken during
the pandemic. The ROCE was 10.2% in FY21 (FY20: 11.5%).

The credit metrics, which had remained weak in FY21, are likely to
have deteriorated further in FY22 due to the decline in absolute
EBITDA. In FY21, the interest coverage  (operating EBITDA/gross
interest expense) improved slightly to 1.29x  (FY20: 1.19x) due to
an increase in the absolute EBITDA to INR129.90 million (INR111.90
million), and while the net leverage  (total adjusted net debt/
operating EBITDA) deteriorated to 7.70x (5.50x) due to a
significant increase in debt to INR1005.22 million (INR616.59
million). The credit metrics are likely to have remained weak in
FY22, and might continue to be so in the medium term, due to
continued high debt levels, resulting from the high working capital
requirements.

Liquidity Indicator - Stretched:  The average peak utilization of
the fund-based limits was very high around 97% during the 12 months
ended March 2022. RK had cash worth INR5.21 million at FYE21
(FYE20: INR1.57 million). The cash flow from operations remained
negative and deteriorated to INR93 million in FY21 (FY20: negative
INR16 million) owing to an increase in working capital requirement.
The net working capital cycle stretched to 60 days in FY21 (FY20:
45 days) mainly due to an increase in debtor days to 56 days (52
days) and inventory days to 44 days (24 days).  The company had
availed covid loans in FY21 to fund the increased working capital
requirement and also availed a home loan of INR144 million to
purchase an apartment. The debt repayment in FY22 was around
INR55.3 million, and it would be INR47.7 million and INR33.4
million in FY23 and FY24, respectively. The high debt repayment and
interest servicing obligations will lead to a modest Debt Service
Coverage Ratio of less than 1x in the medium term. The interest
cost of the firm has remained high as the firm borrows short-term
funds from various financial institutions for meeting its working
capital requirements and also avails interest-bearing unsecured
loans from the promoters' families and friends.

The Hans group's consolidated cash flow from operations remained
negative and deteriorated to INR525 million in FY21 (FY20: negative
INR50 million) due to a significant increase in working capital
requirements. The group's net cash cycle elongated to 89 days in
FY21 (FY20: 63 days), mainly on account of an increase in inventory
days to 84 days (61 days). The group's unencumbered cash and cash
equivalents increased to INR346 million in FY21 (FY20: INR105.31
million). At a consolidated level, the debt repayment obligations
were very high at INR237 million in FY22., and would remain high in
the short term (FY23: INR184 million; FY24: INR188 million).

Group Credit Metrics to Remain Weak in Medium Term: Ind-Ra expects
the consolidated credit metrics to have remained modest in FY22,
and believes the metrics would continue to be weak over the medium
term due to an increase in short-term and long-term borrowings. In
FY21, despite the increase in consolidated absolute EBITDA to
INR662 million (FY20: INR611 million), the Hans group's credit
metrics remained weak during the year due to an increase in
interest costs, resulting from higher utilization of short-term
facilities to fund incremental working capital requirements. The
consolidated interest coverage (operating EBITDA/gross interest
expenses) remained stable at 1.64x in FY21 (FY20: 1.6x), mainly on
account of an increase in financial costs of Ramakrishna Agency and
Max International. The same was due to the rise in working capital
required to fund the significant growth in inventory.  The
consolidated net leverage (net debt/operating EBITDA) deteriorated
to 4.48x in FY21 (FY20: 3.25x) due to an increase in debt to
INR3,312 million (INR2,019 million). The consolidated EBITDA margin
slightly improved to 4.96% in FY21 (FY20: 4.50%; FY19: 3.77%),
higher than Ind-Ra's expectations of 4.66%, due to the cost-cutting
measures implemented during the pandemic and higher incentives
provided by the manufacturers to push sales.

Group Revenue Stagnant in FY22: The consolidated revenue remained
flat at INR13,551.45 million in FY22 (FY21: INR13,339.96 million;
FY20: INR13,593 million) due to the decline in the sales of Samsung
mobile phones and lockdown in 1QFY22. In FY21, the group's revenue
had declined due to pandemic-led disruptions, but it was higher
than Ind-Ra's expectations of INR12,972 million. The consolidated
absolute EBITDA improved to INR661.53 million in FY21 (FY20:
INR611.32 million), with margins rising to 4.96% (4.5%; 3.77%). The
group's ROCE was 13.4% in FY21 (FY20: 16%).

Experienced Promoters: The company is owned by the Odisha-based
Hans family, which has diversified interests in various segments
such as gems and jewelry, fast-moving consumer goods, and
electronics. The family has more than four decades of experience in
the trading of these products in Odisha, giving it an edge in
supply chain management as well as strong distribution
capabilities, which is critical in the trading business. As a
result, the group is a preferred supplier/distributor for large
multinationals that cater to the Odisha market.

Long Association with Reputed Brands: The Hans group is associated
with reputed brands such as Samsung India, Hindustan Unilever
Limited, Britannia Industries Limited, Tata Global Beverages
Limited, Nestle India, and Tanishq (a brand of Titan Company
Limited), among others. The group has been associated with some of
these brands for more than 30 years.

Rating Sensitivities

Negative: Future developments that could, individually and
collectively, would lead to a negative rating action are as
follows:

- lower-than-expected operating profitability or cash flow from
operations

- the standalone net leverage remaining above 6.5x on a sustained
basis

- the absence of any improvement in the liquidity position over
the near term

- any weakening of the linkages with the Hans group

Positive: An improvement in the EBITDA, leading to improvement in
the liquidity position and the standalone net leverage reducing
below 5.5x, on a sustained basis, would lead to a positive rating
action.

Company Profile

RA is a super stockist for Samsung products for the Odisha region
as it is a Samsung preferred distributor. The firm has a total of
72 dealers in Odisha. One of them is Max International. RA has been
associated with Samsung for 20-25 years, since the brand's launch
in India. RA also has one showroom in Bhubaneshwar, which is the
exclusive brand outlet for Sreeleathers. The firm also has four
showrooms for brands such as Caratlane, Tanishq, iPlus, Titan,
Helios watches, and Mia Diamonds. The firm also work as a
distributor for Priti, Phillips – home appliances and Airtel
DTH.


REWA AGROTECH: CARE Keeps D Debt Ratings in Not Cooperating
-----------------------------------------------------------
CARE Ratings said the ratings for the bank facilities of Rewa
Agrotech (RA) continue to remain in the 'Issuer Not Cooperating'
category.

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank       11.74      CARE D; ISSUER NOT COOPERATING
   Facilities                      Rating continues to remain
                                   under ISSUER NOT COOPERATING
                                   category

   Short Term Bank       0.50      CARE D; ISSUER NOT COOPERATING
   Facilities                      Rating continues to remain
                                   under ISSUER NOT COOPERATING
                                   category

Detailed Rationale & Key Rating Drivers

CARE Ratings Ltd. had, vide its press release dated March 22, 2021,
placed the rating(s) of RA under the 'issuer non-cooperating'
category as RA had failed to provide information for monitoring of
the rating and had not paid the surveillance fees for the rating
exercise as agreed to in its Rating Agreement. RA continues to be
non-cooperative despite repeated requests for submission of
information through e-mails, phone calls and a letter/email dated
February 5, 2022, February 15, 2022, February 26, 2022.

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

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

Rewa Agrotech (RA) was formed in February 2011 as a partnership
concern by Mr. Arun Kumar Bansal, Ms. Sushma Shukla and Ms. Meena
Bansal with an objective to set up a warehouse. The firm has
constructed warehouse under the Private Entrepreneur Guarantee
Scheme (PEG) of Food Corporation of India (FCI). In this scheme, RA
has constructed two warehouses at Rewa and Niwas (Madhya Pradesh)
with capacity of 25000 MTPA each and after construction, RA is
receiving monthly rental of Rs.13 lakh for each warehouse.


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

Company Profile

Established in 2016 as a proprietorship firm, RK Enterprises is
engaged in the assembling of solar street lights. It has two plants
in Noida and Uttarakhand.


SAHA INFRATECH: CARE Keeps D Debt Rating in Not Cooperating
-----------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Saha
Infratech Private Limited (SIPL) continues to remain in the 'Issuer
Not Cooperating' category.

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Non-Convertible
   Debentures          160.00      CARE D: ISSUER NOT COOPERATING
                                   Rating continues to remain
                                   under ISSUER NOT COOPERATING
                                   category

Detailed Rationale & Key Rating Drivers

CARE had, vide its press release dated March 29, 2019; placed the
rating of SIPL under the 'issuer non-cooperating' category as SIPL
had failed to provide information for monitoring of the rating.
SIPL continue s to be non-cooperative despite repeated requests for
submission of information through e-mails dated April 23, 2022, May
3, 2022, and May 13, 2022.

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

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

Detailed description of the key rating drivers

At the time of last rating on June 7, 2021, the following were the
rating strengths and weaknesses:

Key Rating Weaknesses

* Ongoing Delays in Debt Servicing: The company has defaulted in
debt servicing of the interest payments due on December 30, 2018,
due to tight liquidity position.

* Subdued industry scenario: The real estate sector has been
grappling with issues such as unsold inventory, delayed delivery,
and financial stress on the developers for quite some years now and
post demonetisation; due to higher liquidity the buyers have
deferred their purchases as they are expecting the borrowing rates
to come down. However, with the introduction of Real Estate
regulation and Development Act (RERA) and GST (Goods and Services
Tax), the residential real estate sector is on the path of
transformation with modified rules and mandatory approvals which
will enhance the transparency and customers' trust in the sector
but also add additional burden on the developers which might hamper
the sentiments of the market.

Saha Infratech Private Limited (SIPL) was incorporated in 2011 and
is promoted by Mr. Aniel Kumar Saha (Chairman & Managing Director)
who is a professional architect and holds a degree of Master of
Architecture. He has over 30 years of experience in real estate
development. Mr. Ashok Kumar Sirohi (Joint Managing Director) has
experience of over a decade in real estate sector and is
responsible for making strategic decisions for the company. SIPL
was engaged in real estate development and construction of
residential group housing projects working to deliver its two
maiden real estate projects; both of them located in Noida
(UttarPradesh).


SAM INDUSTRIAL: CARE Keeps D Debt Ratings in Not Cooperating
------------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Sam
Industrial Enterprises Limited (SIEL) continues to remain in the
'Issuer Not Cooperating' category.

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank        7.50      CARE D; ISSUER NOT COOPERATING
   Facilities                      Rating continues to remain
                                   under ISSUER NOT COOPERATING
                                   category

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

Detailed Rationale & Key Rating Drivers

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

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

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

Noida (Uttar Pradesh) based, SAM Industrial Enterprises Limited
(SIEL) was incorporated in 1992 as SIRIUS Industrial Enterprises
Limited. In 1995 the name changed to the present one. The company
was promoted by Mr. Amit Kaka. SIEL is engaged in designing,
printing and binding of books such as text books, guides for 10th
and 12th standard, sample papers, brochures and other printed
education material for various boards like Board of High School and
Intermediate Education Uttar Pradesh (U.P. Board), National Council
of Educational Research and Training (NCERT) and Jharkhand Academic
Council (Jharkhand Board).


SARAYA INDUSTRIES: Insolvency Resolution Process Case Summary
-------------------------------------------------------------
Debtor: Saraya Industries Ltd.

        Registered office:
        (As per MCA Master Data)
        302, Thapar Arcade 47
        Kalu Sarai, Hauz Khas
        New Delhi South Delhi
        DL 110016

        As per NCLT Order:
        309, D-2, Southern Park
        District Centre
        Saket Place
        New Delhi 110017

        Unit address:
        Sardarnagar, Gorakhpur
        Uttar Pradesh

Insolvency Commencement Date: May 20, 2022

Court: National Company Law Tribunal, Delhi Bench

Estimated date of closure of
insolvency resolution process: November 13, 2022
                               (180 days from commencement)

Insolvency professional: Shravan Kumar Vishnoi

Interim Resolution
Professional:            Shravan Kumar Vishnoi
                         BCC Tower, 1008
                         10th Floor, Arjunganj
                         Nr. Saheed Path
                         Lucknow 226002
                         E-mail: shravan.vishnoi@yahoo.com
                                 irpsaraya@gmail.com

Last date for
submission of claims:    May 31, 2022


SAVITR SOLAR: CARE Lowers Rating on INR37cr LT Loan to C
--------------------------------------------------------
CARE Ratings has revised the ratings on certain bank facilities of
Sri Savitr Solar Private Limited (SSSPL), as:

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank      37.00       CARE C; Stable; ISSUER NOT
   Facilities                      COOPERATING; Rating continues
                                   to remain under ISSUER NOT
                                   COOPERATING category and
                                   Revised from CARE BB-; Stable

   Short Term Bank     13.00       CARE A4; ISSUER NOT
   Facilities                      COOPERATING; Rating continues
                                   to remain under ISSUER NOT
                                   COOPERATING category

Detailed Rationale & Key Rating Drivers

CARE Ratings Ltd. had, vide its press release dated June 15, 2021,
placed the rating(s) of SSSPL under the 'issuer non-cooperating'
category as SSSPL had failed to provide information for monitoring
of the rating and had not paid the surveillance fees for the rating
exercise as agreed to in its Rating Agreement. SSSPL continues to
be noncooperative despite repeated requests for submission of
information through e-mails, phone calls and a letter/email dated
May 12, 2022.

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

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

The ratings assigned to the bank facilities of SSSPL have been
revised on account of non-availability of requisite information.
The ratings also factored in ongoing delays in debt servicing in
term loans recognized from publicly available sources, however, the
stated facility is not rated by CARE.

Hyderabad-based, Sri Savitr Solar Private Limited (SSSPL) was
incorporated in the year 2011 and promoted by Mr. A V Ramesh, Mrs.
A Sujatha, Mr. A V Ratnam and Mrs. A V Ramanamma. Since inception,
the company is engaged in the manufacturing of solar panels (with
capacity 1kVA/1.5kVA/2kVA/5kVA/10kVA), System Integrator for small
/ medium scale solar power projects, solar LED home lighting,
street lighting etc. (both on grid and off grid), supply,
installation, commissioning of solar (SPV) water pumping systems
along with SPV module. SSSPL executed total capacity of 28 MW for
various clients located in Andhra Pradesh, Telangana, Tamilnadu,
Uttar Pradesh and Jammu & Kashmir. The installed capacity of
manufacturing facility of SSSPL is 250 MW and located at IDA
Kukatpally, Gandhi Nagar, Hyderabad, Telangana.


SEFL DA II: Ind-Ra Keeps B+ Credit Trans Rating in Non-Cooperating
------------------------------------------------------------------
India Ratings and Research (Ind-Ra) has maintained SEFL DA
September 2019 II (government of India partial credit
guarantee-backed direct assignment transaction) in the
non-cooperating category while maintaining the ratings on Rating
Watch Negative (RWN). The issuer did not participate in the rating
exercise despite continuous requests and follow-ups by the agency.
Thus, the rating is based on the best available information.
Therefore, investors and other users are advised to take
appropriate caution while using these ratings. The rating will
continue to appear as 'IND B+ (SO)(ISSUER NOT COOPERATING)'/RWN on
the agency's website.

The instrument-wise rating actions are:

-- INR3,412.55 bil. Assignee payouts issued on September 30, 2019

     Coupon rating 10.01% due on September 30, 2023 maintained in
     non-cooperating category and on RWN with IND B+ (SO)(ISSUER
     NOT COOPERATING)/RWN; and

-- INR379.17 mil. Assignor retention due on September 30, 2023
     maintained in non-cooperating category and on RWN with IND B+

    (SO)(ISSUER NOT COOPERATING)/RWN.

^Information based on October 31, 2020 payout date

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

The construction equipment pool assigned to the trust is originated
by SREI Equipment Finance Limited (SEFL; the assignor, and
collection and processing agent (CPA)).

Key Rating Drivers

Ind-Ra had maintained the ratings on RWN in March 2021 to reflect
the continued uncertainty around the servicer and its impact on the
collection efficiency of the transaction. Ind-Ra is yet to receive
the details of the same from the assignor and assignee
representative.

Ind-Ra has been contacting SREI Equipment Finance Limited (SEFL)
via emails during the 12 months ended March 2022. Despite
continuous follow ups by the agency with the assignor, there was no
further update on the pool performance, assignee payouts and
utilization of credit enhancement.

The agency understands the Reserve Bank of India had superseded the
boards of SEFL and SREI Infrastructure Finance Limited on 4 October
2021 and has been admitted under Corporate Insolvency Resolution
Process under Insolvency and Bankruptcy Code, 2016 vide National
Company Law Tribunal, Kolkata Bench Order dated 8 October 2021.

Based on the application filed by the administrator, National
Company Law Tribunal, vide order dated February 14, 2022, has
directed consolidated insolvency resolution process for SEFL and
SREI Infrastructure Finance. The administrator had on February 25,
2022 published an invitation to expression of interest and has
received 14 of the same.

Ind-Ra will continue to monitor any further developments on this
and would take an appropriate rating action on the availability of
any further information on the transaction.

Company Profile

SEFL is engaged in the financing of construction and mining
equipment, information technology, medical and agriculture-based
farm equipment operating through 78 branches, 92 satellite
locations and 153 SEFL entrepreneur partners spread across 21
states in India.

During 9MFY22, the company reported a loss of INR28 billion.


SEFL DA III: Ind-Ra Keeps B+ Credit Rating in Non-Cooperating
-------------------------------------------------------------
India Ratings and Research (Ind-Ra) has maintained the rating on
SEFL DA September 2019 III (government of India partial credit
guarantee-backed direct assignment transaction) in the
non-cooperating category while maintaining it on Rating Watch
Negative (RWN).

The issuer did not participate in the rating exercise despite
continuous requests and follow-ups by the agency. Thus, the rating
is based on the best available information. Therefore, investors
and other users are advised to take appropriate caution while using
these ratings. The rating will  appear as 'IND B+ (SO)(ISSUER NOT
COOPERATING)/RWN' on the agency's website.

The instrument-wise rating actions are:

-- INR2,221.88 bil. Assignee payouts issued on September 30, 2019
     coupon rating 10.26% due on September 30, 2023 maintained in
     non-cooperating category and on RWN with IND B+(SO)(ISSUER
     NOT COOPERATING)/RWN; and

-- INR246.88 mil. Assignor retention due on September 30, 2023
     maintained in non-cooperating category and on RWN with
     IND B+ (SO)(ISSUER NOT COOPERATING)/RWN.

^Information based on October 31, 2020 payout date

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

The construction equipment pool assigned to the trust is originated
by SREI Equipment Finance Limited (SEFL; the assignor, and
collection and processing agent (CPA)).

Key Rating Drivers

Ind-Ra had maintained the ratings on RWN in March 2021 to reflect
the continued uncertainty around the servicer and its impact on the
collection efficiency of the transaction. Ind-Ra is yet to receive
the details of the same from the assignor and assignee
representative.

Ind-Ra has been trying to contact SREI through emails over the 12
months ended March 2022. Even after continuous follow ups by the
agency with the assignor, there was no further update on the pool
performance, assignee payouts and the utilization of the credit
enhancement.

The agency understands that the Reserve Bank of India had
superseded the boards of SEFL and SREI Infrastructure Finance
Limited on October 4, 2021 and has been admitted under Corporate
Insolvency Resolution Process under Insolvency and Bankruptcy Code,
2016 vide National Company Law Tribunal, Kolkata Bench Order dated
October 8, 2021.

Based on the application filed by the administrator, National
Company Law Tribunal, vide order dated February 14, 2022, has
directed a consolidated insolvency resolution process for SEFL and
SREI Infrastructure Finance. The administrator had, on February 25,
2022, published an invitation to expression of interest and has
received 14 of the same.

Ind-Ra will continue to monitor any further development on this and
will take an appropriate rating action on the availability of any
further information on the transaction.

Company Profile

SEFL is engaged in the financing of construction and mining
equipment, IT, medical and agriculture-based farm equipment
operating through 78 branches, 92 satellite locations and 153 SEFL
entrepreneur partners spread across 21 states in India.

For the nine months ended December 2021, the company reported a
loss of INR28 billion.


SINTEX-BAPL LIMITED: CARE Keeps D Debt Ratings in Not Cooperating
-----------------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Sintex-BAPL
Limited (SintexBAPL) continues to remain in the 'Issuer Not
Cooperating' category.

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank      810.68      CARE D; ISSUER NOT COOPERATING
   Facilities                      Rating continues to remain
                                   under ISSUER NOT COOPERATING
                                   category

   Short Term Bank     250.00      CARE D; ISSUER NOT COOPERATING
   Facilities                      Rating continues to remain
                                   under ISSUER NOT COOPERATING
                                   category

   Non-Convertible     200.00      CARE D; ISSUER NOT COOPERATING
   Debentures                      Rating continues to remain
   (NCD; ISIN:                     under ISSUER NOT COOPERATING
   INE631U07019)                   category

Detailed Rationale & Key Rating Drivers

CARE Rating Limited (CARE) had, vide its press release dated May
10, 2019, placed the ratings of Sintex-BAPL under the 'issuer
not-cooperating' category as Sintex-BAPL had failed to provide
information for monitoring of the ratings. CARE had further
reviewed the ratings of Sintex-BAPL under the 'issuer
non-cooperating' category vide its press release dated June 17,
2019, August 19, 2019, August 29, 2019, July 23, 2020, and May 18,
2021. Sintex-BAPL continues to be noncooperative despite repeated
requests for submission of information through e-mails dated  April
3, 2022, April 13, 2022, and April 23, 2022. In line with the
extant SEBI guidelines, CARE has reviewed the ratings on the basis
of the best available information which, however, in CARE's opinion
is not sufficient to arrive at a fair rating.

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

The ratings of the bank facilities and NCD issue of Sintex-BAPL
continue to be constrained due to ongoing delay/ defaults in debt
servicing arising out of its stress liquidity.

Detailed description of the key rating drivers

At the time of last rating on May 18, 2021 the following was the
rating weakness (updated for the information available from stock
exchange and company's website etc.):

Key Rating Weakness

* Continuing delay/ default in debt servicing obligation: As per
the stock exchange filling dated April 11, 2022, the company has
informed that, it has defaulted on interest payments of NCD (ISIN:
INE631U07019) due on February 28, 2022. Further, the auditor, in
its limited review report for un-audited standalone financial for
the period ended December 31, 2021, has mentioned that there are
defaults in interest payments towards the listed NCDs as well as
non-listed NCDs. Furthermore, the auditor also mentioned that the
company has defaulted in repayments due to lenders in respect of
its borrowings, as a result of which the account with these lenders
have continued as Non-Performing Assets (NPA).

Moreover, as per the stock exchange filling dated December 26,
2020, the company has informed that “the petition for initiation
of Corporate Insolvency Resolution Process under Section 9 of the
insolvency and Bankruptcy Code, 2016 filed by operational creditor
has been admitted against the Company vide Hon'ble National Company
Law Tribunal (NCLT), Ahmedabad bench order dated December 28, 2020
and the Hon'ble NCLT has also appointed Interim Resolution
Professional under section 13(1)(c) of the insolvency and
Bankruptcy Code, 2016." Furthermore, as per the stock exchange
filling dated August 02, 2021, the company has informed that "the
petition for initiation of Corporate Insolvency Resolution Process
under Section 7 of the insolvency and Bankruptcy Code, 2016 filed
by financial creditor has been admitted against the Company vide
Hon'ble NCLT, Ahmedabad bench order dated July 19, 2021 and the
Hon'ble NCLT has also appointed Mr. Ashish Chhawchharia as Interim
Resolution Professional (IRP) under section 13(1)(c) of the
insolvency and Bankruptcy Code, 2016 in addition to current IRP of
Mr. Ketulbhai Ramubhai Patel."

Analytical approach: Consolidated; while assessing the credit risk
profile of the company, CARE has considered the consolidated
financials of Sintex-BAPL. List of entities considered for
consolidated analysis is as per annexure 3.

Originally incorporated in December 2007 as Bright Autoplast
Private Limited, the name of the company was changed to SintexBAPL
in September 2015. Subsequent to incorporation, Sintex-BAPL
acquired automotive business of Bright Brothers Limited which was
engaged in automotive business since 1975. Sintex-BAPL was earlier
a wholly owned subsidiary of Sintex Industries Limited (SIL; CARE
D; Issuer not cooperating). However, under the composite scheme of
arrangement amongst various Sintex group companies, SIL divested
its 100% ownership to Sintex Plastics Technology Limited (SPTL).
Sintex-BAPL is engaged in manufacturing of various engineering
plastic components for automobile Original Equipment Manufacturers
(OEMs), tier-I auto ancillaries and electrical goods manufacturers
in the domestic market. Moreover, subsequent to the transfer of
custom moulding business (both domestic and overseas), the product
portfolio of Sintex-BAPL has expanded significantly. Presently,
SintexBAPL's portfolio includes various kinds of moulded
plastic-based products like water tanks, sheet-moulding casting
(SMC), industrial products, doors, section and interiors, power
transmission & distribution accessories, FRP storage tanks and
automobile and electrical components. The company has its
manufacturing facilities located at 12 places across India with an
aggregate installed capacity of 84,800 Metric Tons Per Annum (MTPA)
as on March 31, 2018. During FY20, the company sold entire equity
holding in its step-down wholly owned subsidiary i.e. Sintex-NP
SAS, France at a consideration of Euro 155 million.

TANUJ ROSHI: CARE Keeps B- Debt Rating in Not Cooperating
---------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Tanuj Roshi
Poultry Farm (TRPF) continues to remain in the 'Issuer Not
Cooperating' category.

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank       7.90       CARE B-; Stable; ISSUER NOT
   Facilities                      COOPERATING; Rating continues
                                   To remain under ISSUER NOT
                                   COOPERATING category  

Detailed Rationale & Key Rating Drivers

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

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

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

Tanuj Roshi Poultry Farm (TRP) was established in 1990 as a
proprietorship concern by Mrs. Shashi Kala Gupta. TRP is engaged in
the poultry farming business at its farm located in District
Ambala, Haryana with a breeding capacity of 3,15,000-layer birds
per batch. The firm sells eggs and cull birds to various
wholesalers located in Punjab and Delhi. Also, the firm is
registered vendor at Amazon, Flipkart, Best Price, Metro, Big
Basket and More. The main raw material is 1-day old chick and also
requires maize, soyabean, mustard, rice bran, proteins and deoiled
rice bran for feeding the chicken. The same is procured through
traders/ agents located in Rajasthan, Gujarat and Uttar Pradesh.
Besides TRP, the proprietor is also engaged in managing another
group concern namely Jai Shree Ganesh.


TECHMED HEALTH: Insolvency Resolution Process Case Summary
----------------------------------------------------------
Debtor: Techmed Health Centre & Diagnostic Private Limited Ltd
        320-A Velachery Main Road
        Ramana Nursing Home
        Velachery Chennai
        TN 600042
        IN

Insolvency Commencement Date: April 25, 2022

Court: National Company Law Tribunal, Chennai Bench

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

Insolvency professional: S. Vasudevan

Interim Resolution
Professional:            S. Vasudevan
                         Manasarovar Apartment Plot 5
                         Bagavathi Nagar
                         Medavakkam Koot Road
                         Chennai 600100
                         E-mail: ksvasu1956@gmail.com

Last date for
submission of claims:    May 9, 2022


TIRUMALA BALAJI: Ind-Ra Withdraws BB+ Long-Term Issuer Rating
-------------------------------------------------------------
India Ratings and Research (Ind-Ra) has affirmed Tirumala Balaji
Alloys Private Limited's (TBAPL) Long-Term Issuer Rating at 'IND
BB+' and has simultaneously withdrawn it. The Outlook was Stable.

The instrument-wise rating actions are:

-- The 'IND BB+' rating on the INR100 mil. Fund-based limits* is
     affirmed and withdrawn; and

-- The IND A4+' rating on the INR30 mil. Non-fund-based limits*
     is affirmed and withdrawn.

*Affirmed at 'IND BB+'/Stable before being withdrawn

* Affirmed at ‘IND A4+' before being withdrawn

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

Key Rating Drivers

The affirmation reflects TBAPL's continued medium scale of
operations as indicated by revenue of INR1,582 million in FY21
(FY20: INR1,070 million). During FY21, the revenue increased on the
back of higher demand for ferro alloys. During 9MFY22, the company
achieved revenue of INR2,310 million.

The ratings continue to factor in the company's modest operating
EBITDA margin of 9.7% in FY21 (FY20: 6.87%) with a return on
capital employed of 17% (6%). The increase in margin was on account
of the increase in the foreign exchange fluctuation The company
converts ferro alloys for Tata Steel Mining Limited (TSML), which
safeguards it from fluctuations in raw material prices as majority
of the raw materials are supplied by TSML. . During 9MFY22, the
company achieved EBITDA margin of 15%.

Liquidity Indicator - Stretched: The company's average use of the
working capital limits was 91% during the 12 months ended February
2022.The cash flow from operations declined to INR104 million in
FY21 (FY20: INR404 million) due to unfavorable changes in working
capital. Consequently, the free cash flow turned negative to
INR11.38 million in FY21 (FY20: INR242.45 million). The company had
availed a COVID-19 emergency line of credit in the form of working
capital term loan of INR47.10 million. The cash and cash
equivalents stood at INR3.68 million at FYE21 (FYE19: INR10.15
million).

However, the ratings remain supported by the company's strong
credit metrics as reflected by the gross interest coverage
(operating EBITDA/gross interest expense) of 25.5x in FY21 (FY20:
15.8x) and the net financial leverage (total adjusted net
debt/operating EBITDAR) of 1.2x (1.9x). The improvement in the
credit metrics was on account of an improvement in the EBITDA to
INR153 million in FY21 (FY20: INR73.53 million).

Company Profile

Incorporated in 2004, TBAPL produces high carbon ferro chrome and
other ferro alloys. The company has two submerged arc furnaces of 9
megawatts each with a total installed capacity of 28,000 metric
tons per annum (mtpa) in Raigarh, Chhattisgarh. The company has
installed another plant, increasing its total installed capacity to
44,000mtpa, which began commercial operations in February 2021. It
also has an offtake agreement with TSML for 43,000mtpa.  


UNILEC ENGINEERS: Insolvency Resolution Process Case Summary
------------------------------------------------------------
Debtor: Unilec Engineers Limited
        II/114 Sadar Bazar
        Delhi Cantt, New Delhi
        DL 110010
        IN

Insolvency Commencement Date: May 17, 2022

Court: National Company Law Tribunal, Jaipur Bench

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

Insolvency professional: Mr. Tara Chand Sharma

Interim Resolution
Professional:            Mr. Tara Chand Sharma
                         O-11, IINd Floor, Amber Tower
                         S.C. Road Jaipur
                         Rajasthan 302001
                         E-mail: cstarachand@gmail.com

                            - and -

                         First Floor, A-2, Friends Colony
                         Lalkothi, Jaipur 302015
                         Rajasthan

Last date for
submission of claims:    May 31, 2022


UNITY FABTEXT: CARE Keeps D Debt Ratings in Not Cooperating
-----------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Unity
Fabtext Industries Private Limited (UFIPL) continues to remain in
the 'Issuer Not Cooperating' category.

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank        9.40      CARE D; ISSUER NOT COOPERATING
   Facilities                      Rating continues to remain
                                   under ISSUER NOT COOPERATING
                                   category

   Short Term Bank       0.60      CARE D; ISSUER NOT COOPERATING
   Facilities                      Rating continues to remain
                                   under ISSUER NOT COOPERATING
                                   category

Detailed Rationale & Key Rating Drivers

CARE Ratings Ltd. had, vide its press release dated February 22,
2021, placed the rating(s) of UFIPL under the 'issuer
non-cooperating' category as UFIPL had failed to provide
information for monitoring of the rating and had not paid the
surveillance fees for the rating exercise as agreed to in its
Rating Agreement. UFIPL continues to be non-cooperative despite
repeated requests for submission of information through e-mails,
phone calls and a letter/email dated January 8, 2022, January 18,
2022, January 28, 2022.

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

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

The Unity Fabtext Industries Private Limited (UFIPL) was
incorporated in 2012 by Mr. Jagdish Karande and Mrs. Laxmi Karande.
UFIPL is engaged in manufacturing of non-woven products like Design
Carpets, Headliners Fabric, Shoe Liner, Industrial Filters, Geo
textiles, Synthetic leather backing and Dust collection bag
filters. UFIPL has registered office in Mumbai and manufacturing
unit in Mahad, Raigad.


VENKATA SAI: CARE Keeps B- Debt Rating in Not Cooperating
---------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Sri Venkata
Sai Rice Industries (SVSRI) continues to remain in the 'Issuer Not
Cooperating' category.

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank       6.36       CARE B-; Stable; ISSUER NOT
   Facilities                      COOPERATING; Rating continues
                                   To remain under ISSUER NOT
                                   COOPERATING category  

Detailed Rationale & Key Rating Drivers

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

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

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

Nalgonda (Telangana) based Sri Venkata Sai Rice Industries (SVSRI)
was established in 2009 as Partnership Firm by Mr. S Krishna Reddy,
Ms. S Veena, Mr. V Appa Rao, Ms. N Shilpa Reddy, Mr. S Bhadra
Reddy, Ms. S Prameela, Ms. M Kalpana, Mr. M Abhisekhar Reddy and
Ms. Rupa. In September 2017, the firm reconstituted by admission of
M Sataynarayana as partner and retirement of Mr. M Abhisekhar
Reddy. The firm is carrying on business under the same name and
style. It is engaged in milling of paddy with the installed
capacity of 12 ton per hour. SVSRI has 35 employees to manage daily
operations of the mill. Mr. S Krishna Reddy, the Managing Partner
looks after the day-to-day operations.


VISTACORE INFRAPROJECTS: CARE Keeps D Rating in Not Cooperating
---------------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Vistacore
Infraprojects Private Limited (VIPL) continues to remain in the
'Issuer Not Cooperating' category.

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank       30.00      CARE D; ISSUER NOT COOPERATING
   Facilities                      Rating continues to remain
                                   under ISSUER NOT COOPERATING
                                   category

Detailed Rationale & Key Rating Drivers

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

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

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

VIPL is promoted by the Patil family with Mr. Utkarsh B. Patil
heading the operations of the company. Earlier, the company was
established as a proprietorship concern in the name of "Vista core
Infra-projects" in 2008. Subsequently, it was reconstituted as a
private limited company in 2015 with its name changed to the
current one. VIPL carries out civil construction work for
buildings, roads, bridges, tunnels, culverts, highways, water
treatment plants, industrial structures, powerhouses, water supply
distribution schemes and others. VIPL is a part of the Vistacore
group, which was founded in the year 2002.


WEST GUJARAT: Ind-Ra Lowers Non-Convertible Debt Rating to 'D'
--------------------------------------------------------------
India Ratings and Research (Ind-Ra) has taken the following rating
action on West Gujarat Expressway Limited's (WGEL) non-convertible
debentures (NCDs):

-- INR743.59 mil. (reduced from INR1,412.6 bil.) Senior, secured,

     redeemable NCDs (long-term) downgraded with IND D rating.

* Details in annexure

Key Rating Drivers

The downgrade reflects the non-payment of an interest amount of
INR3.59 million by WGEL due on April 30, 2022. WGEL has stopped
tolling on account of termination of the project by the National
Highways Authority of India (NHAI, 'IND AAA'/Stable) with effect
from April 1, 2022. The termination has been on account of
concessionaire default in terms of the concession agreement,
however, WGEL has taken up on this matter under conciliation
committee of the NHAI.

Rating Sensitivities

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

Company Profile

WGEL is a special purpose vehicle, set up to develop, design,
finance, construct, operate and maintain a 68km Jetpur Gondal and
Rajkot bypass section (National Highway 8B including Rajkot bypass)
in Gujarat. The project was awarded by the NHAI and involves
widening the existing Jetpur-Gondal section  (two to four laning,
26km), improving the existing four-lane Gondal-Rajkot Section
(32km), and widening the existing Rajkot bypass (two to four
laning, 10km).




=================
I N D O N E S I A
=================

PAKUWON JATI: Fitch Affirms 'BB' LongTerm IDR, Outlook Stable
-------------------------------------------------------------
Fitch Ratings has affirmed Indonesia-based property developer PT
Pakuwon Jati Tbk's (PWON) Long-Term Issuer Default Rating at 'BB'.
The Outlook is Stable. At the same time, the agency has affirmed
PWON's senior unsecured rating and the rating on its US dollar
notes at 'BB'.

The affirmation reflects PWON's comfortable rating headroom and
strong liquidity, supported by its well-located investment
properties. Fitch expects a gradual recovery in non-development
cash flow in 2022 in line with reducing Covid-19-related movement
curbs. This is underpinned by higher vaccination rates and rising
'herd immunity' which is driving a relaxation of health
restrictions in Indonesia.

Fitch expects PWON to embark on the next phase of its growth using
proceeds from its US dollar notes issued in 2021, and will invest
in investment properties as well as for-sale properties, leading to
negative free cash flow (FCF) in the next two years. The company
has sufficient ratings headroom to absorb its planned acquisitions,
and a record of prudent execution. Fitch expects non-development
cash flow to remain PWON's mainstay over the medium term.

KEY RATING DRIVERS

Robust Portfolio, Concentrated Assets: PWON's rating is driven by
its portfolio of well-located investment properties in Indonesia's
most affluent cities - Jakarta and Surabaya - which generates solid
non-development EBITDA interest coverage. The rating is constrained
by high asset concentration, with 80%-90% of non-development
revenue from four mixed-use projects. Portfolio granularity will
not improve significantly in the near term due to the scale of its
top-three assets and measured expansion. The quality of its
top-three assets mitigates concentration risk.

Easing Rebates, Higher Occupancy: Fitch forecasts non-development
EBITDA to improve gradually to IDR1.7 trillion in 2022 and to fully
recover to 2019 levels by 2023-2024. Fitch expects rent rebates to
ease in the next 12-18 months and occupancy to recover to above 90%
in 2023. Fitch thinks a continued easing of movement curbs over the
same period should lead to gradual normalisation of shopping mall
footfall. The re-imposition of tight movement curbs due to a spike
in infections remains a low-risk to Fitch's recovery expectation.

Positive Rent Reversions: PWON has been able to achieve positive
rent reversion while the average lease length has remained at three
to five years notwithstanding the weak environment in 2020-2021. A
majority of its malls are located in mixed developments adjacent to
residential properties, offices and hotels, which support higher
footfall than standalone properties. PWON's malls are less affected
by accelerated e-commerce penetration following the pandemic as
they cater to middle- to high-income customers, whereas
strata-malls cater to the lower-income segment.

Higher Capex, Land Banking: Fitch forecasts negative FCF in
2022-2025 due to high capex and asset acquisitions. Fitch estimates
capex to rise significantly in 2022 to IDR673 billion and remain
high in the next few years, due mostly to extensions to its
existing superblocks. PWON expects to spend about IDR3.7 trillion
through to 2027 to expand its malls' net lettable area (NLA) by 12%
to 870,000 sq m and the number of hotel rooms by 49% to 3,149.
Growth in non-development cash flow will be supported by the new
superblock in Bekasi (a satellite city east of Jakarta) which
should start operating in 2025.

Fitch also forecasts spending of up to IDR1.8 trillion in 2022 and
about IDR800 billion a year subsequently on opportunistic
acquisitions of land and operational assets to support long-term
growth of its for-sale properties. Cash flow from operations (CFFO)
will turn temporarily negative in 2022 due to forecast large land
purchases before returning to positive in 2023. Fitch expects PWON
to continue to maintain comfortable rating headroom despite higher
asset acquisitions, with non-development EBITDA/net interest
expense of over 20x - well above the 3x negative sensitivity.

Slower Presales Growth: Fitch expects presales growth to slow to
10%-15% in 2022, from 40% in 2021. Fitch believes rising interest
rates and inflation, as well as the potential expiry of the
government's VAT rebate on completed inventory on 30 September
2022, to temper presale growth. However, a recovery in demand for
higher-end residential properties due to the wealth-creation effect
of high commodity prices should counterbalance this. Presales will
be driven by newly launched high-rise-apartments, in existing
superblocks, which are likely to be completed from 2025.

Prudent Project Execution: PWON's financial profile is supported by
its prudent development of mixed-use projects. It has only one
greenfield project in Bekasi, with a staged construction of
residential and commercial components. PWON has also secured enough
pre-sales to construct the first tower. Fitch thinks execution risk
for PWON's other projects is manageable, as they are part of
existing projects and most have secured enough pre-sales to fund
construction.

DERIVATION SUMMARY

PWON is rated two notches higher than Lippo Malls Indonesia Retail
Trust (LMIRT, B+/ Negative) due to its stronger investment-property
portfolio, which has larger and better-quality retail malls with
higher occupancy, located in mixed developments. This, together
with PWON's stronger financial profile, more than offsets its
for-sale property-development risks which LMIRT does not have.
PWON's strong financial profile stems from its conservative
approach to property development and expansion.

PWON is rated one notch higher than PT Bumi Serpong Damai Tbk's
(BSD, BB-/Stable), driven by PWON's larger non-development EBITDA
scale of around IDR1.4 trillion-1.7 trillion in 2021-2022, compared
with BSD's figure of below IDR1 trillion. PWON's non-development
EBITDA stems from premium well-located shopping malls with strong
tenants in mixed-use superblocks, compared with BSD's portfolio of
standalone offices, less-prime hotels and smaller strata-title
shopping malls facing greater challenges from ecommerce. This,
together with PWON's stronger balance sheet, supports a one-notch
higher rating than BSD, and offsets PWON's more risky
property-development business, which is smaller in scale and
focuses on narrower products and price points than that of BSD.

Brazil-based BR Malls Participacoes S.A. (BR Malls, LTFC:
BB/Negative, LTLC: BBB-/Negative) and Peru-based InRetail Real
Estate Corp. (InRetail, BBB-/Stable) are the leading shopping mall
operators in their respective countries. The companies' underlying
business profiles are stronger than PWON, driven by higher
portfolio liquidity and more granular assets which more than offset
their weaker financial profiles. PWON derives about 60% of its
non-development revenue from three key assets, while the peers
generate roughly the same proportion from 10-15 different assets.
BR Malls' Long-Term Foreign Currency rating of 'BB' is capped at
Brazil's Country Ceiling, and Fitch's Negative Outlook reflects
direct linkage to Fitch's Outlook on the sovereign rating.
InRetail's investment-grade rating reflects InRetail Peru Corp's
consolidated profile, which has diversified businesses in food,
pharmacy retail and shopping malls.

KEY ASSUMPTIONS

-- Mall occupancy to rise to 89% and 91% in 2022 and 2023;

-- Positive rent reversions with lower rent rebates in 2022
    (2021: 27.5% of rent and service charges provided as rebates);

-- Non-development EBITDA of IDR1.7 trillion in 2022 and IDR2
    trillion in 2023 (2021: IDR1.4 trillion);

-- Pre-sales of IDR1.6 trillion in 2022 and IDR2 trillion in 2023

    (2021: IDR1.4 trillion);

-- Capex and discretionary acquisition of land and operational
    assets totalling IDR2.5 trillion in 2022 and IDR1.6 trillion
    in 2023 (2021: IDR295 billion).

RATING SENSITIVITIES

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

-- Positive rating action is not probable in the medium term.
    PWON would need a more granular and mature asset portfolio
    before positive rating action would be considered.

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

-- Weakening investment-property portfolio performance, which
    would be indicated by falling occupancy rates and negative
    rental reversions for a sustained period;

-- Evidence of increased risk appetite and greenfield projects,
    leading to negative net operating cash flow over an extended
    period;

-- Non-development EBITDA/net interest expense falling to below
    3.0x for a sustained period.

BEST/WORST CASE RATING SCENARIO

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

LIQUIDITY AND DEBT STRUCTURE

Strong Liquidity, Concentrated Funding: PWON's liquidity is
supported by IDR6.4 trillion in cash at end-2021 against IDR50
billion of short-term debt due in 2022 and estimated negative FCF
of IDR1.2 billion. There are no significant debt maturities until
2028 when its USD400 million notes are due. Fitch expects PWON will
use up its cash balance for expansion over the next few years but
expects the company to maintain a prudent balance sheet in line
with its record. PWON is almost entirely reliant on capital-market
debt, but has a strong record of liquidity management and has
benefitted incrementally from lower funding costs.

ISSUER PROFILE

PWON is one of the leading property developers in Indonesia. Most
of its cash flow stems from its portfolio of rented shopping malls,
offices and hotels, with property development cash flow accounting
for the balance. PWON owns and operates 11 malls, five offices, six
hotels and two serviced apartments.

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.




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

UNIVERSAL ENTERTAINMENT: Fitch Raises LT IDR to B-, Outlook Stable
------------------------------------------------------------------
Fitch Ratings has upgraded Japan-based Universal Entertainment
Corporation's (UE) Long-Term Issuer Default Rating (IDR) to 'B-'
from 'CCC+'. The rating Outlook is Stable. The agency has also
upgraded the outstanding US dollar senior secured notes to 'B-'
from 'CCC+' with the Recovery Rating maintained at 'RR4'.

The upgrade reflects Fitch's expectation UE will steadily improve
cash flow generation as operations at its Manila integrated resort
(IR) continue to stabilise and recover to at least the levels
before the Covid-19 pandemic affected its business. The upgrade
also reflects the successful refinancing of its debt due in 2021,
which shows its access to the debt-capital market.

KEY RATING DRIVERS

Modest IR Recovery: Fitch is assuming IR revenue will be around 80%
of the pre-pandemic level in 2022 before recovering almost fully in
2023, broadly in line with Fitch's assumptions for comparable
global casino markets. UE's Manila IR business has not been
operating at its full scale and has not been receiving a
significant volume of international travelers due to the pandemic,
with domestic customers driving the recent recovery. Fitch will
revise Fitch's forecast once there is a meaningful recovery in
customer traffic and growth in revenue and earnings.

Volatile Amusement-Equipment Segment: Fitch is also maintaining a
cautious outlook on the amusement-equipment segment due to
uncertain end-market demand amid a delay in the cycle of machine
replacement at pachinko halls and potential production constraints
caused by the global chip shortage. Still, the segment is
financially self-sufficient and it has paid for the construction
and funding needs of the IR business.

However, its performance has been volatile and, to some extent,
unpredictable. Fitch forecasts UE's amusement-equipment segment
revenue in 2022 will recover to 2020's level, which was the peak in
the past four years.

Casino Completion Eases Capex Burden: Fitch assumes total capex of
JPY15 billion and JPY8 billion in 2022 and 2023, respectively,
after the completion of the construction of its JPY335 billion IR
facilities. This is substantially lower than the total capex of
JPY100 billion in 2018-2021. Fitch expects low negative free cash
flow in 2022 before it turns positive starting 2023 on rising
revenue, cost reductions and the completion of the IR.

Neutral View on Listing: UE is merging its Philippine subsidiary,
Okada Manila International Inc. (OMI), with 26 Capital Acquisition
Corp, a special-purpose acquisition company listed on Nasdaq. UE
and 26 Capital aim to complete the merger by end-June 2022. The
merger, if it takes place, will give UE additional access to
capital-market financing through fund raising at OMI. Fitch thinks
the listing will have a neutral impact on the ratings until it
offers tangible benefits to UE.

Deferred Maturity Pressure: Refinancing of the US dollar note
removed UE's immediate refinancing and liquidity issues, the main
constraints on the ratings in 2021. The USD118 million senior
secured note due December 2021 was redeemed with proceeds from the
issuance of another US dollar note. The refinancing risk has been
deferred to 11 December 2024 when notes totalling USD784 million
will be due. This should provide UE with some flexibility and the
time to tackle its concentrated maturity, with significant funding
reliance on US dollar notes.

That said, lack of progress or a plan to address the concentrated
maturity in 2024, such as partial repayment, new debt issues with
spread maturities, and/or securing additional reliable funding
sources to maintain its credit profile, may lead to negative rating
action.

ESG - Corporate Governance: UE has an ESG Relevance Score of '4'
for Governance Structure due to the dispute with its founder and
former chairman Kazuo Okada.

DERIVATION SUMMARY

UE operates the largest casino in Manila's Entertainment City,
which is nevertheless its only IR asset. The IR is very small,
compared with that of most of its rated peers.

US regional gaming operator Bally's Corporation (B+/Stable) can be
compared with UE in terms of their revenue and profitability.
Bally's owns and operates 16 properties in 14 states in the US,
which support significant operational stability relative to UE.

Macao-based gaming operator SJM Holdings Limited (SJMH, BB/Rating
Watch Negative) and UE have similarly high geographical
concentration although SJMH is much larger than UE. The two
companies also face refinancing issues.

KEY ASSUMPTIONS

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

-- Revenue to increase by about 30% and 14% in 2022 and 2023,
    respectively;

-- EBITDA margin to remain at around 20% in 2022;

-- Total capex of JPY15 billion and JPY8 billion in FY2022 and
    FY2023, respectively;

-- No dividends or share buybacks in 2022-2024.

RATING SENSITIVITIES

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

-- Sustained improvement and clearer visibility on the Philippine

    gaming sector;

-- Better maturity-profile spread.

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

-- Failure to begin addressing the 2024 maturity issue in 2023;

-- Sustained cash burn.

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

Deferred Maturity Pressure: UE's debt maturity schedule is highly
concentrated in 2024 with its significant funding reliance on the
US dollar notes.

ISSUER PROFILE

UE is a Japanese gaming company headquartered in Japan. Its two
main operations are the amusement-equipment segment, which
comprises the development, manufacturing and sales of pachislot and
pachinko machines in Japan, and the IR segment that focusses on the
construction and operation of the Manila Okada, an integrated
casino resort in the Philippines.

ESG CONSIDERATIONS

UE has an ESG Relevance Score of '4' for Governance Structure due
to shareholding issues, which has a negative impact on the credit
profile, and is relevant to the ratings in conjunction with other
factors.

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




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

PERAK CORP: Net Loss for Q1 Ended March 31 Narrows to MYR1.2MM
--------------------------------------------------------------
theedgemarkets.com reports that the Practice Note 17 (PN17) company
Perak Corp Bhd has narrowed its net loss for the first quarter
ended March 31, 2022 (1QFY22) to MYR1.2 million from MYR6.29
million a year ago, due to profit from the sale of land by a former
subsidiary under its property development segment.

Quarterly revenue saw a slight decrease of MYR32.2 million in
1QFY22 compared with MYR33.67 million in 1QFY21, amid lower revenue
generated from the port and logistics segment, the report
discloses.

theedgemarkets.com says the port and logistics segment revenue
comprises mainly of revenue from port operations for the provision
of port facilities and ancillary services at Lumut Maritime
Terminal operation (LMT) and maintenance of Lekir Bulk Terminal and
rental of LMT port related industrial land.

For the quarter under review, the revenue of the port and logistics
segment of MYR27.7 million is lower than the previous year's
MYR30.2 million, due to lower contribution of throughput as a
result of increase in freight charges, causing companies to adjust
their supply chain strategies; shipping delays due to China's
Covid-19 lockdown; and the Indonesian government's lift of a ban on
coal exports.

"The group's future prospect is dependent on its efforts to
formulate a suitable regularisation plan with all other
stakeholders and boost its existing business activities, as well as
venture into new businesses if it deems fit and proper, in order to
uplift the Company from being an Affected Listed Issuer under the
PN17 Listing Requirements.

"The group will continue to explore new opportunities and review
its capital and business structure to gear itself towards the exit
of being an Affected Listed Issuer.

"At this juncture, the group is still evaluating its options and in
the midst of formulating a proposed regularisation plan to
regularise the Company's Affected Listed Issuer status," added the
Perak state government's property development arm in a bourse
filing, theedgemarkets.com relays.

In a separate filing, Perak Corp said its wholly-owned unit PCB
Equity Sdn Bhd is disposing of its entire equity interest in
network facilities provider VC Telecoms Sdn Bhd for MYR12.5
million, theedgemarkets.com reports.

According to the report, PCB Equity's investment in VC Telecoms
comprises 9.8 million shares, representing 49% equity interest in
VC Telecoms. Upon completion of the disposal, VC Telecoms shall
cease to be an associate company of PCB Equity and Perak Corp.

PCB Equity has entered into a sale and purchase agreement for
shares with the purchaser Mohd Khalib Shuib and VC Telecoms. Mohd
Khalid is one of the shareholders in VC Telecoms, holding a 45%
stake in the group.

"The total consideration for the proposed disposal of MYR12,500,000
is in the form of cash and is arrived at on the basis of MYR1.28
per sale share. The consideration was arrived at on a "willing
buyer-willing seller" basis," said Perak Corp.

According to the group, the exercise would result in a one-off gain
to the Perak Corp Group, as the cost of investment in VC Telecoms
has been fully impaired. Furthermore, the exercise is also timely
for the group to raise funds as part of its regularisation efforts
to monetise its investment of its non-core business, the report
adds.  

"The company provided a corporate guarantee to [the] bank for
financing facilities granted to VC Telecoms. The release of the
existing corporate guarantee upon completion of the proposed
disposal would result in one-off reversal of impairment losses on
financial guarantee liabilities in the Statement of Comprehensive
Income. The proposed disposal would absolve the obligations of the
company from having to give any corporate guarantee for financing
facilities to be taken by VC Telecoms in the future," it added.

Barring any unforeseen circumstances, the exercise is expected to
be completed by the end of November 2022, theedgemarkets.com
notes.

                          About Perak Corp

Perak Corporation Berhad is an investment holding company. The
Company, through its subsidiaries, develops integrated privatized
project, operates multipurpose port facilities, sells and leases
port related land. Perak Corp. also develops tourism project,
operates in property investment and development, manages hotel,
distributes water supply, and provides transport and travel
services.

As reported in the Troubled Company Reporter-Asia Pacific on Feb.
14, 2020, Perak Corp Bhd -- whose Movie Animation Park Studios
(MAPS) theme park in Ipoh was closed in January 2020 until further
notice -- has lapsed into Practice Note 17 (PN17) status.  The
state-owned firm told the stock exchange on Feb. 11 that it is now
regarded a PN17 company, arising from the default in payment and
its inability to declare solvency.  This comes after the group
defaulted on another repayment of principal, this time in respect
of the Musharakah Mutanaqisah Term Financing-I and Tawarruq
Revolving Credit-i of up to MYR100 million granted by Affin Islamic
Bank Bhd.



===============
M O N G O L I A
===============

MONGOLIA: Fitch Affirms 'B' Foreign Currency IDR, Outlook Stable
----------------------------------------------------------------
Fitch Ratings has affirmed Mongolia's Long-Term Foreign-Currency
Issuer Default Rating (IDR) at 'B' with a Stable Outlook.

KEY RATING DRIVERS

Structural Strengths, External Vulnerabilities: Mongolia's ratings
are underpinned by governance indicators and per capita income that
are strong relative to 'B' peers, and favourable medium-term growth
prospects. The ratings are constrained by the country's high
reliance on external funding, narrow economic base predominately
focused on commodity exports to China, and recurring bouts of
political volatility.

Near-Term Growth Remains Subdued: Fitch forecasts growth will
remain subdued this year at 1.2%, following 1.4% in 2021, despite
elevated commodity prices and the re-opening of international
borders after achieving high Covid-19 vaccination rates. However,
coal exports and other merchandise trade have been severely
disrupted by ongoing closures of the border with China, Mongolia's
largest trading partner, under the former's "dynamic zero Covid"
policy.

Fitch expects border disruptions to ease in 2023, although further
downside risk to growth could emerge if trade disruptions with
China are more prolonged. Global economic spill-overs from the war
in Ukraine and supply bottlenecks from import disruptions with
Russia and China are leading to inflationary pressures, which will
weigh on real incomes and private consumption.

Favourable Medium-Term Growth Prospects: Fitch projects GDP growth
will accelerate to 6.3% in 2023 and 6.8% in 2024, as headwinds from
trade disruptions and the war in Ukraine wane, and China's demand
for Mongolia's key commodity exports remains reasonably buoyant.
Mongolia also has the potential to harness its generous natural
resource endowments, as the underground phase of the Oyu Tolgoi
(OT) mine becomes operational, and improved cross-border
infrastructure connectivity unleashes more economic benefits for
the country.

Progress in OT Development: The recent agreement over the strategic
OT mine, in which the government holds 34%, indicates easing of
strained relations between the government and foreign investors
over project delays, cost overruns and taxation. Fitch believes the
agreement bodes well for the continued development of the
underground phase, with potential positive spill-overs to
Mongolia's export receipts, fiscal accounts and foreign-investor
sentiment. However, recurring bouts of political volatility over
resource nationalism weigh on the rating.

Sizable Budget Deficits: Fitch forecasts the budget deficit to
widen to 4.4% of GDP in 2022 (B median: 4.7%), from an estimated
3.0% in 2021, as Fitch assumes that revenue growth will be lower
than the government's baseline expectations. Fitch forecasts the
budget deficit to narrow to 3.7% in 2023 on stronger revenue
collection as Mongolia's economic recovery gains traction. Part of
the pandemic-related social welfare spending, including an increase
in child money allowance (an average of 3.1% of GDP for 2021-2022),
will be maintained.

Quite High Public Debt: Fitch forecast general government debt to
increase by about 4.3pp to 65.3% of GDP by end-2022, broadly in
line with the projected current 'B' median of 65.9%. About 95% of
government debt is denominated in foreign currency, exposing it to
shocks. Fitch's baseline expects Mongolia's favourable medium-term
growth prospects and its nascent pre-pandemic record of keeping
fiscal outturns in line with approved budgets will put public-debt
dynamics on a modest downward trajectory.

Vulnerable to External Shocks: Fitch expects tighter global
financing conditions and geopolitical spill-overs to exacerbate
Mongolia's weaker external finance profile. Fitch projects
Mongolia's current account deficit in 2022 to widen to 16.3% of GDP
and its net external debt burden to be large at 167% of GDP.
Dependence on external marketable debt raises its vulnerability to
shifts in international investor sentiment. However, Mongolia's
access to external financing from multilateral and bilateral
creditors provided an important cushion throughout the pandemic.

Low Reserves, Looming External Maturities: Fitch projects
foreign-currency reserves at USD3.6 billion by end-2022, equivalent
to about 3.2x current external payments. Foreign reserves remain
low in view of the around USD1.1 billion in public external debt
maturing in 2023-2024, excluding contingent liabilities under the
Development Bank of Mongolia (DBM).

The DBM faces significant asset-quality pressures and has a
combined USD733 million (4.1% of projected 2023 GDP) in external
bonds maturing in late 2023, including a JPY30 billion (1.3% of
GDP) Samurai bond carrying a government guarantee. The government
has instructed the DBM to explore potential early payment of its
outstanding Samurai bond obligations, which if successful, would
reduce contingency liability risks for the government.

Rising Inflationary Pressure: The Bank of Mongolia (BOM) raised the
benchmark policy rate by a cumulative 300bp in 1Q22 to 9% in
response to geopolitical spill-overs, trade disruptions and high
inflation. Fitch forecasts headline inflation to average 14.2% in
2022 before slowing to 10.8% in 2023, still well above the BOM's
target of 4%-8%.

Banks' Asset-Quality Risks: Banks have provided soft loans to
support employment, businesses and housing programmes under the
MNT10 trillion economic stimulus package, which also fuelled
inflationary pressure, in Fitch's view. Strong loan growth should
support banks' profitability, but it could also mask NPL
recognition and understate asset-quality issues, especially from
high inflation pressure.

ESG - Governance: Mongolia has an ESG Relevance Score (RS) of
'5[+]' for Political Stability and Rights and '5' for the Rule of
Law, Institutional and Regulatory Quality and Control of
Corruption. Theses scores reflect the high weight that the World
Bank Governance Indicators (WBGI) have in Fitch's proprietary
Sovereign Rating Model. Mongolia has a medium WBGI ranking at the
50th percentile, reflecting a recent track record of peaceful
political transitions, a moderate level of rights for participation
in the political process, moderate institutional capacity,
established rule of law and a moderate level of corruption.

RATING SENSITIVITIES

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

-- External Finances: Heightened external stress, which may be
    evident from restricted access to external-financing sources
    or a marked decline in foreign reserves, potentially as a
    result of prolonged border disruptions with China;

-- Public Finances: Failure to reduce the budget deficit and
    stabilise the government debt/GDP ratio;

-- Structural Features: Political instability sufficient to
    significantly disrupt strategic mining projects or FDI
    inflows.

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

-- External Finances: The accumulation of larger foreign-currency

    reserve buffers and the implementation of a debt-management
    strategy that lowers refinancing risks and improves external
    debt sustainability;

-- Macroeconomic: A resumption of stronger economic growth and
    export trends without the emergence of imbalances, and the
    maintenance of a favourable business environment conducive to
    robust FDI inflows;

-- Public Finances: Narrowing of the budget deficit consistent
    with a declining government debt/GDP ratio.

SOVEREIGN RATING MODEL (SRM) AND QUALITATIVE OVERLAY (QO)

Fitch's proprietary SRM assigns Mongolia a score equivalent to a
rating of 'B' on the Long-Term Foreign-Currency (LT FC) IDR scale.

In accordance with its rating criteria, Fitch's sovereign rating
committee decided not to adopt the score indicated by the SRM as
the starting point for its analysis because the SRM output has
migrated to 'B', but in Fitch's view this is potentially a
temporary deterioration. Consequently, the committee decided to
adopt 'B+' as the starting point for its analysis.

Fitch's sovereign rating committee adjusted the output from the
adopted SRM to arrive at the final LT FC IDR by applying its QO,
relative to SRM data and output, as follows:

-- Structural Features: -1 notch, to reflect recurring bouts of
    political volatility around issues of resource nationalism,
    which could negatively impact the business environment and
    increases the risk of economic shocks;

-- Macroeconomic: +1 notch, to reflect Mongolia's strong medium-
    term growth prospects, which are not reflected in the current
    SRM output;

-- External Finances: -1 notch, to reflect high vulnerability to
    external shocks, given the country's narrow economic base,
    which is exposed to commodity prices and developments in
    China, moderate level of foreign-currency reserves,
    substantial amortisations on external marketable debt, and
    high net external debt ratios.

Fitch's SRM is the agency's proprietary multiple regression rating
model that employs 18 variables based on three-year centred
averages, including one year of forecasts, to produce a score
equivalent to a LT FC IDR. Fitch's QO is a forward-looking
qualitative framework designed to allow for adjustment to the SRM
output to assign the final rating, reflecting factors within
Fitch's criteria that are not fully quantifiable and/or not fully
reflected in the SRM.

BEST/WORST CASE RATING SCENARIO

International scale credit ratings of Sovereigns, Public Finance
and Infrastructure 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 three notches over three years. The complete span of
best- and worst-case scenario credit ratings for all rating
categories ranges from 'AAA' to 'D'. Best- and worst-case scenario
credit ratings are based on historical performance.

ESG CONSIDERATIONS

Mongolia has an ESG Relevance Score of '5[+]' for Political
Stability and Rights as World Bank Governance Indicators have the
highest weight in Fitch's SRM and are therefore highly relevant to
the rating and a key rating driver with a high weight. As Mongolia
has a percentile rank above 50 for the respective Governance
Indicator, this has a positive impact on the credit profile.

Mongolia has an ESG Relevance Score of '5' for Rule of Law,
Institutional & Regulatory Quality and Control of Corruption as
World Bank Governance Indicators have the highest weight in Fitch's
SRM and are therefore highly relevant to the rating and are a key
rating driver with a high weight. As Mongolia has a percentile rank
below 50 for the respective Governance Indicators, this has a
negative impact on the credit profile.

Mongolia has an ESG Relevance Score of '4[+]' for Human Rights and
Political Freedoms as the Voice and Accountability pillar of the
World Bank Governance Indicators is relevant to the rating and a
rating driver. As Mongolia has a percentile rank above 50 for the
respective Governance Indicator, this has a positive impact on the
credit profile.

Mongolia has an ESG Relevance Score of '4[+]' for Creditor Rights
as willingness to service and repay debt is relevant to the rating
and is a rating driver for Mongolia, as for all sovereigns. As
Mongolia has record of more than 20 years without a restructuring
of public debt and captured in Fitch's SRM variable, this has a
positive impact on the credit profile.

Except for the matters discussed above, the highest level of ESG
credit relevance, if present, 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 to the way in which they
are being managed by the entity.




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

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

The Commissioner of Inland Revenue filed the petition against the
company on April 27, 2022.

The Petitioner's solicitor is:

          C. D. Walmsley
          Inland Revenue Legal Services
          21 Home Straight (PO Box 432)
          Hamilton


LOMBARD COFFEE: Creditors' Proofs of Debt Due on June 29
--------------------------------------------------------
Creditors of Lombard Coffee House Limited are required to file
their proofs of debt by June 29, 2022, to be included in the
company's dividend distribution.

The company commenced wind-up proceedings on May 24, 2022.

The company's liquidators are:

          Iain Bruce Shephard
          Jessica Jane Kellow
          BDO Wellington
          Level 1, 50 Customhouse Quay
          Wellington 6011


MATANGI INVESTMENTS: Court to Hear Wind-Up Petition on June 7
-------------------------------------------------------------
A petition to wind up the operations of Matangi Investments NZ
Limited will be heard before the High Court at Hamilton on June 7,
2022, at 10:45 a.m.

The Commissioner of Inland Revenue filed the petition against the
company on March 29, 2022.

The Petitioner's solicitor is:

          C. D. Walmsley
          Inland Revenue Legal Services
          21 Home Straight (PO Box 432)
          Hamilton


NZ HOME: Commences Wind-Up Proceedings
--------------------------------------
Members of NZ Home Solutions Limited, Solar PV Limited and
Endeavour 2014 Limited, on May 27, 2022, passed a resolution to
voluntarily wind up the company's operations.

The company's liquidator is:

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


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

The Commissioner of Inland Revenue filed the petition against the
company on April 14, 2022.

The Petitioner's solicitor is:

          C. D. Walmsley
          Inland Revenue Legal Services
          21 Home Straight (PO Box 432)
          Hamilton



ON ROUTE: Creditors' Proofs of Debt Due on July 16
--------------------------------------------------
Creditors of On Route Sport Horse Stud Limited are required to file
their proofs of debt by July 16, 2022, to be included in the
company's dividend distribution.

The company commenced wind-up proceedings on May 26, 2022.

The company's liquidator is:

          Garry Whimp
          Blacklock Rose Limited
          PO Box 6709, Victoria Street West
          Auckland 1142




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

DITO CME: Auditor Raises 'Going Concern' Doubt
----------------------------------------------
Bilyonaryo.com reports that the auditor of DITO CME Holdings has
red flagged the third telco controlled by Duterte crony Dennis Uy
for its worsening cash and debt problems after just one year of
operations.

In its latest company reports, P&A Grant Thornton said DITO
Telecommunity faces a "material uncertainty" on its ability to
continue as a going concern after incurring PHP24.8 billion in
total losses - PHP6.8 billion in the first quarter of 2022 and
PHP18 billion in 2021 (DITO also lost PHP4.8 billion in 2020),
Bilyonaryo.com relays.

From a PHP4.6 billion capital as of December 31, 2020, DITO's
capital deficiency has ballooned to PHP9.4 billion as of the first
quarter of 2022.

Bilyonaryo.com relates that P&A also cited DITO's widening negative
working capital which hit PHP126 billion as of the first quarter.

According to the report, DITO attributed its losses to higher
operating expenses due to its continuous commercial rollout since
March 2020. It also incurred over PHP3 billion in foreign exchange
losses due to the weakening of the peso versus the Chinese Yuan and
US dollar.

Despite its deteriorating finances, DITO management expressed
confidence that it would "generate sufficient cash flows" this year
to meet its maturing obligations and funds its continued network
expansion, the report says.

Bilyonaryo.com relates that DITO expects to close the year with a
$3.9 billion (PHP198.7 billion) project finance loan facility. This
is on top of its remaining credit line facilities from a bridge
loan amounting to $100 million (PHP5.1 billion).

Despite aborting its PHP8 billion rights offering in January due to
poor demand, DITO said it planned to conduct a follow-on offering
at the parent company level to bankroll its telecommunications and
digital businesses funding requirements.

"Lastly, the minority shareholders of DITO Tel are also committed
to infuse additional capital in accordance with the schedule of
infusion indicated in the investment agreement," said DITO
referring to its telco partner, China Telecom, which owns 40%.

"The group continues to ramp up its commercial operations through
targeted subscriber acquisition and promotional activities aimed at
increasing revenue. Also, the group will continue to efficiently
implement its network roll-out plan and cost-saving measures to
improve the results of operations," it added.

Headquartered in Taguig, Philippines, DITO CME Holdings Corp.
engages in the provision of telecommunications, multimedia, and
information technology services.




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

AN RONG: Court to Hear Wind-Up Petition on July 4
-------------------------------------------------
A petition to wind up the operations of An Rong Shipping Pte Ltd
will be heard before the High Court of Singapore on July 4, 2022,
at 10:00 a.m.

The Petitioner's solicitors are:

          Withers Khattarwong LLP
          80 Raffles Place
          #25-01 UOB Plaza 1
          Singapore 048624


NJ ONG: Court Enters Wind-Up Order
----------------------------------
The High Court of Singapore entered an order on May 20, 2022, to
wind up the operations of NJ Ong Pte. Ltd.

Maybank Singapore Limited filed the petition against the company.

The company's liquidators are:

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


NO SIGNBOARD: Court Grants Moratorium Until October 29
------------------------------------------------------
The Business Times reports that No Signboard Holdings said the
Singapore High Court has granted it and two of its subsidiaries a
moratorium lasting till Oct. 29.

On April 29, the embattled restaurant operator and wholly owned NSB
Hotpot and NSB Restaurants applied for moratorium relief spanning 6
months, under Section 64 of the Insolvency, Restructuring and
Dissolution Act, BT says.

They sought court orders that no resolution shall be passed to wind
up the companies and that no legal process shall be commenced or
continued against any property of the applicants, among other
things.

According to BT, the grant of the moratorium on May 26 is subject
to disclosure requirements. No Signboard has to file an affidavit
by June 20, and every calendar month thereafter, that discloses its
consolidated monthly management accounts.

It also has to make available to the creditors the consolidated
cash flow projections until the end of the moratorium period. The
first disclosure has to be filed by June 20 and updated every 2
months, BT relates.

If the company or the subsidiaries acquire or dispose of any
property or grants security over any property, information about
the transaction has to be submitted to creditors within 14 days.

BT says the court on May 26 also granted super priority status over
the debt arising from rescue financing secured by No Signboard from
Gazelle Ventures, which has agreed to invest up to SGD5 million
into the group.

Gazelle Ventures, which invests in food, agritech and sustainable
agriculture-related businesses, is a Singapore-incorporated company
jointly owned by Gazelle Capital and Valiant Investments.

Trading of No Signboard's shares has been suspended since Jan. 24,
2022, BT notes.

                         About No Signboard

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

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


NORTEL NETWORKS: Creditors' First Meeting Set for June 7
--------------------------------------------------------
Creditors of Nortel Networks Singapore Pte Ltd will hold their
first meeting on June 7, 2022, at 7:00 p.m., via electronic means.

Agenda of the meeting includes:

   a. to receive an update on the progress of liquidation;

   b. to approve the liquidators' and solicitors' fees and
      expenses; and

   c. any other business.

The company's liquidator is:

          Ee Meng Yen Angela
          c/o Ernst & Young Solutions LLP
          One Raffles Quay
          North Tower, Level 18
          Singapore 048583


STAR CRUISE: Commences Wind-Up Proceedings
------------------------------------------
Members of Star Cruise Travel Service Pte Ltd, on May 18, 2022,
passed a resolution to voluntarily wind up the company's
operations.

Joshua James Taylor and Chew Ee Ling of Alvarez & Marsal (SE Asia)
Pte. Ltd. were appointed as joint and several liquidators of the
Company.


VIEWERS CHOICE: Creditors' Meeting Set for June 13
--------------------------------------------------
Viewers Choice Green Assets Pte Ltd will hold a meeting for its
creditors on June 13, 2022, at 4:00 p.m., via electronic means.

Agenda of the meeting includes:

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

   b. to appoint Liquidator(s);

   c. to appoint a Committee of Inspection ("COI") of not more
      than 5 members; and

   e. any other business.

Mr. Goh Tiong Hong has been appointed as Provisional Liquidator of
the Company.




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

SRI LANKA: Fitch Lowers Foreign Currency IDR to 'RD'
----------------------------------------------------
Fitch Ratings has downgraded Sri Lanka's Long-Term Foreign-Currency
(LTFC) Issuer Default Rating (IDR) to 'RD' (restricted default)
from 'C'.

Fitch typically does not assign modifiers for sovereigns with a
rating of 'CCC', or below.

KEY RATING DRIVERS

Grace Period Ends: The downgrade of Sri Lanka's LTFC IDR to 'RD'
follows expiry of the 30-day grace period on coupon payments that
were due on April 18, 2022 on two international sovereign bonds.

On April 12, 2022, the Ministry of Finance made a statement that it
had suspended normal debt servicing of several categories of its
external debts, including bonds issued in the international capital
markets and foreign currency-denominated loan agreements or credit
facilities with commercial banks or institutional lenders.
Following this announcement, Fitch downgraded the LTFC IDR to 'C'
on April 13, 2022.

Fitch has downgraded Sri Lanka's foreign-currency issue ratings to
'D' from 'C', given the default on the senior unsecured
foreign-currency bonds and the cross-default clauses triggered in
the other rated international foreign-currency sovereign bonds.

Local Currency Debt Not Affected: The rating action applies only to
the government's long-term external debt obligations. Fitch has
affirmed Sri Lanka's Long-Term Local-Currency IDR at 'CCC', as the
government has continued to service local-currency debt and Fitch
assumes this will continue. Fitch has also affirmed Sri Lanka's
Short-Term IDRs at 'C' and the Country Ceiling at 'B-'.

ESG - Governance: Sri Lanka has an ESG Relevance Score of '5' for
Political Stability and Rights as well as for the Rule of Law,
Institutional and Regulatory Quality and Control of Corruption, as
is the case for all sovereigns. These scores reflect the high
weight that the World Bank Governance Indicators have in Fitch's
proprietary Sovereign Rating Model. Sri Lanka has a medium World
Bank Governance Indicator ranking in the 46th percentile,
reflecting a recent record of peaceful political transitions, a
moderate level of rights for participation in the political
process, moderate institutional capacity, established rule of law
and a moderate level of corruption.

ESG - Creditor Rights: Sri Lanka has an ESG Relevance Score of '5'
for Creditor Rights as willingness to service and repay debt is
highly relevant to the rating and is a key rating driver with a
high weight. The downgrade of Sri Lanka's rating to 'RD' reflects a
default event.

RATING SENSITIVITIES

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

-- The Long-Term Local-Currency IDR would be downgraded if the
    government announces plans to restructure or also defaults on
    its local currency-denominated debt.

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

-- Completion of a commercial debt restructuring that Fitch
    judges to have normalised the relationship with the
    international financial community.

SOVEREIGN RATING MODEL (SRM) AND QUALITATIVE OVERLAY (QO)

In accordance with its rating criteria, Fitch's sovereign rating
committee has not utilised the SRM and QO to explain the ratings,
which are instead guided by the ratings definitions.

Fitch's SRM is the agency's proprietary multiple regression rating
model that employs 18 variables based on three-year centred
averages, including one year of forecasts, to produce a score
equivalent to a LT FC IDR. Fitch's QO is a forward-looking
qualitative framework designed to allow for adjustment to the SRM
output to assign the final rating, reflecting factors within
Fitch's criteria that are not fully quantifiable and/or not fully
reflected in the SRM.

BEST/WORST CASE RATING SCENARIO

International scale credit ratings of Sovereigns, Public Finance
and Infrastructure 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 three notches over three years. The complete span of
best- and worst-case scenario credit ratings for all rating
categories ranges from 'AAA' to 'D'. Best- and worst-case scenario
credit ratings are based on historical performance.

ESG CONSIDERATIONS

Sri Lanka has an ESG Relevance Score of '5' for Political Stability
and Rights as World Bank Governance Indicators have the highest
weight in Fitch's SRM and are highly relevant to the rating and a
key rating driver with a high weight.

Sri Lanka has an ESG Relevance Score of '5' for Rule of Law,
Institutional & Regulatory Quality and Control of Corruption as
World Bank Governance Indicators have the highest weight in Fitch's
SRM and are therefore highly relevant to the rating and are a key
rating driver with a high weight. As Sri Lanka has a percentile
rank below 50 for the respective Governance Indicators, this has a
negative impact on the credit profile.

Sri Lanka has an ESG Relevance Score of '4' for Human Rights and
Political Freedoms, as the Voice and Accountability pillar of the
WBGI is relevant to the rating and a rating driver. As Sri Lanka
has a percentile rank below 50 for the respective governance
indicator, this has a negative impact on the credit profile.

Sri Lanka has an ESG Relevance Score of '5' for Creditor Rights as
willingness to service and repay debt is highly relevant to the
rating and is a key rating driver with a high weight. The downgrade
of Sri Lanka's rating to 'RD' reflects a default event.

Except for the matters discussed above, the highest level of ESG
credit relevance, if present, 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 to the way in which they
are being managed by the entity.

Rating Actions
                                 Rating
                                 ------
Sri Lanka         LT IDR          RD     Downgrade
                  ST IDR          C      Affirmed
                  LC LT IDR       CCC    Affirmed
                  LC ST IDR       C      Affirmed
                  Country Ceiling B-     Affirmed
senior unsecured LT              CCC    Affirmed
senior unsecured LT              D     Downgrade


SRI LANKA: Looks to Fast-Track IMF Talks; Get Loan Deal by Mid-June
-------------------------------------------------------------------
Bloomberg News reports that Sri Lanka is looking to fast-track
talks with the International Monetary Fund (IMF) and seeking
agreement on a loan by mid-June, Prime Minister Ranil
Wickremesinghe told Bloomberg News in an interview on May 25.

According to the IMF, it made "good progress" in analysing Sri
Lanka's economic situation and identifying policy priorities, while
cautioning that a loan would require adequate assurances that debt
sustainability will be restored.

Discussions with Sri Lanka over the past 2 weeks focused on
restoring fiscal sustainability while protecting the vulnerable and
poor; ensuring credibility of the monetary policy and exchange-rate
regimes; preserving financial-sector stability; and structural
reforms to enhance growth and strengthen governance, the IMF said
in a statement on May 26, Bloomberg relays.

"Sri Lanka is facing difficult economic conditions and severe
balance-of payments-problems," the fund said. "We are deeply
concerned about the impact of the ongoing crisis on the people,
particularly the poor and vulnerable groups."

Bloomberg relates that the team from the Washington, D.C.-based
fund, which has been in technical-level talks with Sri Lankan
authorities seeking a bailout programme, welcomed the appointment
of financial and legal advisers to work with the nation's
creditors, the IMF said.

A deal with the multilateral lender would also pave the way for
assistance from neighbouring nations, including India, Japan and
China.

Sri Lanka, which fell into default for the first time earlier this
month, hired Lazard and Clifford Chance as advisers to set in
motion the debt restructuring that's key to unlocking IMF aid,
Bloomberg reports.

"IMF staff will continue to monitor the economic and political
situation very closely and engage with the authorities to formulate
concrete measures under an IMF-supported programme, as well as
broader stakeholders to support a timely resolution of the crisis,"
the fund, as cited by Bloomberg, said. "We reaffirm our commitment
to support Sri Lanka at this difficult time, in line with the IMF's
policies."

The South Asian nation will need up to US$4 billion this year to
tide over the nation's worst economic crisis in its independent
history, amid growing public anger over shortages of daily
necessities, constant power outages and an inflation rate seen
hitting 40% in coming months, Bloomberg says.

Bloomberg adds that Mr. Wickremesinghe, who took on the additional
role of finance minister on May 25, said he hopes to break even or
post a primary surplus of 1% of gross domestic product by 2025,
compared with an IMF expectation of a 2% surplus. Authorities are
looking to slash expenditure and sell assets to stabilise the
nation's finances.

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

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



=============
V I E T N A M
=============

VIETNAM: S&P Ups LT Sovereign Credit Ratings to 'BB+/B'
-------------------------------------------------------
S&P Global Ratings raised its long-term foreign and local currency
sovereign credit ratings on Vietnam to 'BB+' from 'BB'. At the same
time, S&P affirmed the short-term ratings at 'B'. The outlook is
stable. The transfer and convertibility assessment is revised
upward to 'BB+' from 'BB'.

Outlook

The stable outlook reflects S&P's expectations that over the next
12-24 months, Vietnam's economy will continue to recover from the
challenges posed by the pandemic over the past two years. This will
support the external position and rein in fiscal deficits.

Downside scenario

S&P may lower the ratings if economic conditions deteriorate
rapidly or considerable stress in the country's banking system
emerges to weaken the government's fiscal position seriously,
pushing interest payments above 10% of general government
revenues.

Upside scenario

S&P may raise its ratings if Vietnam's institutional settings
improve considerably, in ways that augment policy predictability
and transparency. Such favorable changes in the policy environment
could bolster investor confidence in the country's economic and
financial stability.

Rationale

S&P raised its sovereign ratings on Vietnam to reflect our view of
improvements in the government's administrative processes. In
recent years, the government had implemented measures that helped
to close the gap on lapses in repaying guaranteed debt. The ratings
upgrade is also supported by Vietnam's robust economic prospects
and sound external position. Vietnam continued to attract strong
foreign direct investment (FDI) flows, despite pandemic
disruptions.

These strengths are balanced against Vietnam's modest GDP per
capita, legacy banking sector weaknesses, and evolving
institutional settings, exemplified by the centralized
decision-making process and rigid bureaucracies around public
investments.

Institutional and economic profile: Vietnam's economy should pick
up over the next two years following the pandemic-related
slowdown.

-- Vietnam's recovery prospects are strong following the shift
from its zero-COVID policy and reopening of borders.

-- S&P expects export-led growth and strong investment to keep the
economy's trend growth rate well above the average of its peers.

-- Vietnam is establishing a track record of stronger
administrative capacity after the delayed payment on a
government-guaranteed obligation in September 2019.

Vietnam's economy is back on track to recovering following
disruptions from a surge in COVID-19 cases last year. The strict
lockdown in the second half of 2021, particularly around economic
zones, resulted in real GDP growth slowing to a record low of 2.6%
from 2.9% in 2020. Two consecutive years of subpar growth provide a
favorable base for an economic rebound this year. As vaccination
rates increase, the government has announced a shift away from the
zero-COVID policy. The progressive removal of domestic and border
restrictions to usher in tourists should further support the
economic rebound this year.

Vietnam's GDP per capita has risen quickly in the past few years
from a relatively low base. A recent re-evaluation of the country's
official nominal GDP--meant to better capture activity from
emerging industries--led to an upward revision by more than 20%
over the revised period. S&P expects GDP per capita in 2022 to
reach US$3,868.

S&P's forecast real GDP will grow 6.9% in 2022 before settling
closer to Vietnam's long-term trend of growing 6.5%-7% from 2023
onward. Vietnam's economy is increasingly well-diversified, with a
booming manufacturing sector that is largely funded by FDI.
Vietnam's attractiveness as a premier destination for FDI in
Southeast Asia, along with its young, increasingly educated, and
competitive workforce, should help to keep the country's long-term
development trajectory intact despite temporary labor market
disruptions from COVID-induced lockdowns.

Vietnam's macroeconomic stability has supported the manufacturing
sector's attractiveness for global firms in the electronics, mobile
phone, and textiles industries. The FDI-oriented segments continue
to fuel stronger domestic activity, with better employment
opportunities and higher wages powering robust private consumption
growth. The resilience of these growth drivers is demonstrated in
macroeconomic data from the first quarter, which showed exports
growing 5.1% and consumption increasing 4.3% from a year ago.

S&P expects Vietnam's 10-year weighted average growth of real GDP
per capita to be approximately 5.7%, significantly higher than the
average of the country's peers at a similar income level.

Pandemic developments remain unpredictable, although Vietnam's high
vaccination rate may help mitigate the impact of potential COVID
waves on the healthcare system in the future.

Risks to economic growth are tilted toward the downside, because
Vietnam's export-led economy relies on strong external demand.
Rising inflation and financing conditions, as well as geopolitical
risks, could dampen global growth and reduce demand for Vietnamese
exports. Additional risks to Vietnam's economy include the
condition of its financial sector, which is characterized by low
levels of capitalization and mixed asset quality, which has
deteriorated during the pandemic.

In October 2019, Vietnam's Ministry of Finance announced a delayed
payment on a government-guaranteed debt obligation that was due the
previous month. The government had not received an official request
from the creditors at the time of its repayment on the obligation.
In S&P's view, the delay in repayment on this obligation
represented shortcomings in administrative capacity at the time,
but did not indicate financial resource stress on the part of
Vietnam's government.

Since then, the government has put in place measures to tighten
administrative procedures to ensure that such delays do not recur.
It also made the Ministry of Finance wholly responsible for
ensuring that full and immediate payment on debt obligations will
be made. In S&P's opinion, the government has demonstrated an
improved track record in managing such obligations with the
implementation of these measures over the past two years.

Vietnam's government has generally delivered strong development
outcomes in the past decade. In S&P's opinion, checks and balances
within the government are limited, but the social compact between
the government and citizens remains strong.

Nevertheless, decision-making in Vietnam remains highly centralized
under its one-party system, and transparency is impaired, in S&P's
opinion. These considerations are factored into our broader
assessment of the country's institutional settings, along with its
overall ratings.

Flexibility and performance profile: Fiscal deficits set to widen
with the implementation of an economic recovery program, but policy
space remains sufficient

-- The government's fiscal settings have remained largely stable
despite pandemic-related pressures on revenue and expenditure.

-- A new economic recovery program will increase fiscal deficits
temporarily.

-- The current account turned negative in 2021, but Vietnam's
external profile remains solid, supported by strong FDI inflows and
expectations of higher tourism receipts this year.

Similar to most other economies, Vietnam's fiscal deficits have
widened over the past two years due to pandemic-related revenue
disruptions and expenditures. Although the government plans to keep
the deficit at an average of 3.7% of GDP in its latest five-year
plan covering 2021-2025, we expect the fiscal deficit to be more
than 4% of GDP over the next two years due to the implementation of
a Vietnamese Dong (VND) 350 trillion economic recovery program.

This recovery program includes one-off revenue and expenditure
measures, such as reducing the value-added tax to 8% for some
industries, rental support for workers in industrial zones, as well
as funding for a policy bank to provide preferential loans to
selected industries. The bulk of the program focuses on an
infrastructure drive to enhance transport, digital infrastructure,
and adaptations for climate change.

The implementation of the recovery program is expected to mostly
fall in 2022-2023 and we expect some fiscal consolidation from 2024
onwards. This will bring the government's change in net general
government debt to average 4% of GDP through 2025. S&P believes
Vietnam's flexibility to raise revenues or cut expenditure is
similar to governments in countries with a similar level of
development.

The government has been curtailing growth in government guarantees,
especially for non-financial companies. Outstanding guarantees were
around 3.8% of GDP at the end of 2021. This has helped lower
general government debt to less than 50% of GDP, far below the
country's self-mandated cap of 60% of GDP. S&P estimates the
government's net indebtedness will average 36% of GDP for
2022-2025.

S&P said, "We had previously included our estimate of the debt from
the Vietnam Asset Management Co. (VAMC) in general government debt
because we expected the company to begin issuing debt to fund the
purchase of bad assets over the coming years. Although legislation
empowered VAMC in 2017 to purchase and resolve nonperforming assets
with cash, the company's previous process relied solely on
exchanging special bonds for troubled assets from banks. However,
VAMC has not issued any commercial debt so far. It has also been
authorized to operate an exchange trading platform for these bad
assets. As such, we have removed our estimate of VAMC debt from
government debt calculations.

"We anticipate Vietnam's external metrics will remain steady.
Following the small deficit in 2021, we expect the current account
to return to surpluses from 2022. This will be supported by higher
tourism receipts and the sustained strength of manufacturing
exports."

Vietnam's competitive unit labor costs, improving educational
standards, and constructive demographics imply continued growth in
FDI and goods exports, even as the pandemic and an ongoing trade
dispute between the U.S. and China add uncertainties to the
external environment. Vietnam has actively pursued enhanced market
access via bilateral and multilateral free trade initiatives,
including the Comprehensive and Progressive Agreement for
Trans-Pacific Partnership, EU-Vietnam Free Trade Agreement, and
Regional Comprehensive Economic Partnership.

The country's external debt stock position--as measured by narrow
net external debt (the ratio of gross external debt less official
reserves and financial sector external assets to current account
receipts [CARs])--continues to gradually improve, and we expect it
to average roughly 12% over 2022-2025. S&P projects external
liquidity needs--measured by the ratio of gross external financing
needs to CARs and usable reserves--will remain below 90% over the
period.

The proportion of the government's debt that is denominated in
foreign currency has fallen below 40% in 2021 from more than 60% in
2011, in line with the government's efforts to shift toward
domestic funding. This will help to reduce foreign exchange risk.
In addition, Vietnam has accumulated foreign exchange reserves at a
rapid pace in recent years owing to its high balance of payments
surpluses. These reserves can act as an additional buffer during
periods of external stress.

Despite these strengths, Vietnam's external data also lack some
consistency, due to persistent errors and omissions in its balance
of payments. The lack of an official International Investment
Position (IIP) series also impedes a more comprehensive assessment
of the external position.

The country's domestic banks benefit from being in an external net
asset position, with still-limited linkages to global markets.
However, its system stability is hampered by elevated nonperforming
assets and cross-ownership, connected lending, and legacy exposure
to borrowers still affected by the 2009-2012 real estate downturn.

To mitigate the impact of COVID, The State Bank of Vietnam has cut
policy rates, directed banks to extend debt relief to affected
borrowers, and eased requirements on loan classification and
provisioning starting from 2020. Banks could also reschedule the
principal/interest payments for affected borrowers without changing
the loan classification. The timeline for such restructuring has
been extended until June 2022. The aggregate impact of these
measures are not yet clear, but such COVID-19-related restructured
loans will require provisioning at some point, in S&P's view.

Capital adequacy in Vietnam's banking sector is in some cases
borderline, and may be pressured further amid the ongoing
implementation of stricter Basel II standards. Loan classification
and provisioning practices, combined with government policies
directed at the resolution of distressed banks through the VAMC,
weigh on a fuller assessment of the condition and outlook for
Vietnam's financial system.

Relative to GDP, the size of the total banking system is large for
a sovereign at this development level. S&P said, "We classify
Vietnam's banking sector in group '9' under our Banking Industry
Credit Risk Assessment (with '1' being the highest assessment and
'10' being the lowest). For these reasons, we expect the sovereign
to face moderate contingent liability risk from the banking
sector."

S&P said, "In our view, there can be improvements to the State Bank
of Vietnam's ability to support sustainable economic growth while
attenuating economic or financial shocks. This reflects chiefly its
limited independence, which weakens its ability to calibrate
monetary policies with fiscal, economic, and development policies;
use of market-orientated instruments to conduct policy; and track
record of maintaining low inflation, which we believe has
strengthened in recent years."

In accordance with S&P's relevant policies and procedures, the
Rating Committee was composed of analysts that are qualified to
vote in the committee, with sufficient experience to convey the
appropriate level of knowledge and understanding of the methodology
applicable. At the onset of the committee, the chair confirmed that
the information provided to the Rating Committee by the primary
analyst had been distributed in a timely manner and was sufficient
for Committee members to make an informed decision.

After the primary analyst gave opening remarks and explained the
recommendation, the Committee discussed key rating factors and
critical issues in accordance with the relevant criteria.
Qualitative and quantitative risk factors were considered and
discussed, looking at track-record and forecasts.

The committee's assessment of the key rating factors is reflected
in the Ratings Score Snapshot above.

The chair ensured every voting member was given the opportunity to
articulate his/her opinion. The chair or designee reviewed the
draft report to ensure consistency with the Committee decision. The
views and the decision of the rating committee are summarized in
the above rationale and outlook. The weighting of all rating
factors is described in the methodology used in this rating
action.

  Ratings List

  UPGRADED  
                    TO           FROM
  VIETNAM

  Transfer & Convertibility Assessment
  Local Currency    BB+           BB

  VIETNAM

  Senior Unsecured  BB+           BB

  UPGRADED; OUTLOOK ACTION; RATINGS AFFIRMED  

                                 TO           FROM
  VIETNAM

  Sovereign Credit Rating    BB+/Stable/B   BB/Positive/B



                           *********


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

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

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

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

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



                *** End of Transmission ***