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

                     A S I A   P A C I F I C

          Wednesday, June 1, 2022, Vol. 25, No. 103

                           Headlines



A U S T R A L I A

DIGITAL FOOTSTEP: First Creditors' Meeting Set for June 9
EAGLE SECURITY: First Creditors' Meeting Set for June 8
PLENTI AUTO 2022-1: Moody's Assigns (P)B2 Rating to Class F Notes
SJC TRANS: Second Creditors' Meeting Set for June 7
SOLIDO BUILDERS: Goes Into Liquidation Amid Construction Crisis

VINALIA GROUP: First Creditors' Meeting Set for June 9
WONDER SMILE: First Creditors' Meeting Set for June 10


C H I N A

GREENLAND HOLDING: Moody's Cuts CFR to Caa2, Alters Outlook to Neg
GREENLAND HOLDING: S&P Downgrades ICR to 'CC', Outlook Negative
SHANDONG AIRLINES: Air China to Take Over Bankrupt Carrier
SHANDONG ENERGY: S&P Withdraws 'BB' Long-Term Issuer Credit Rating
ZHANGZHOU TRANSPORTATION: Fitch Assigns BB+ Rating on New USD Notes



H O N G   K O N G

GOLDIN FINANCIAL: Fails to Sell Hong Kong Skyscraper


I N D I A

AMIT ENTERPRISES: ICRA Keeps D Debt Rating in Not Cooperating
BYDESIGN INDIA: ICRA Keeps B+ Debt Ratings in Not Cooperating
CHANDRI PAPER: ICRA Keeps D Debt Ratings in Not Cooperating
EMPEE SUGARS: ICRA Keeps D Debt Ratings in Not Cooperating
G.M. FABRICS: ICRA Lowers Rating on INR58cr Term Loans to B+

GAURISHANKER BIHANI: ICRA Keeps B+ Ratings in Not Cooperating
GLOBAL GALLERIE: Liquidation Process Case Summary
INTECO SPECIAL: Insolvency Resolution Process Case Summary
JAK ASSOCIATES: ICRA Keeps B+ Debt Ratings in Not Cooperating
KAILASH TRADING: ICRA Keeps D Debt Ratings in Not Cooperating

KESAR TERMINALS: Insolvency Resolution Process Case Summary
KTC FOODS: ICRA Keeps D Debt Ratings in Not Cooperating Category
KUNAL STRUCTURAL: Insolvency Resolution Process Case Summary
LA RESIDENTIA DEVELOPERS: Insolvency Resolution Case Summary
LANCO SOLAR ENERGY: ICRA Keeps D Debt Ratings in Not Cooperating

LANCO SOLAR: ICRA Keeps D Debt Rating in Not Cooperating Category
LOGISTIC LINKAGE: Insolvency Resolution Process Case Summary
MAGNASOFT CONSULTING: ICRA Keeps B+ Ratings in Not Cooperating
MARUTHI TUBES: Liquidation Process Case Summary
MICRO STOCK: Insolvency Resolution Process Case Summary

MITCON CONSULTANCY: ICRA Keeps B+/A4 Rating in Not Cooperating
NATURAL SUGAR: ICRA Keeps D Debt Ratings in Not Cooperating
PASWARA CHEMICALS: ICRA Keeps B+ Debt Ratings in Not Cooperating
PETAL MOTOCON: ICRA Keeps B- Debt Rating in Not Cooperating
POPULAR SHOE: ICRA Keeps B+ Debt Rating in Not Cooperating

PRAKASH OFFSET: ICRA Keeps B+ Debt Ratings in Not Cooperating
PUREWAL STONE: ICRA Keeps B Debt Ratings in Not Cooperating
PURPLE ADVERTISING: Liquidation Process Case Summary
Q2Q SOLUTIONS: ICRA Keeps B+ Debt Rating in Not Cooperating
RAJSHREE SUGARS: ICRA Keeps D Debt Ratings in Not Cooperating

RIDGE LINKS: Insolvency Resolution Process Case Summary
ROHIT FABTEX: ICRA Keeps B+ Debt Rating in Not Cooperating
SHARP EYE: Insolvency Resolution Process Case Summary
SIMPEX SAFETY: Insolvency Resolution Process Case Summary
SUN ACRYLICS: Liquidation Process Case Summary

TECPRO INFRA-PROJECTS: Liquidation Process Case Summary


M A L A Y S I A

SERBA DINAMIK: Posts MYR434.49MM Net Loss in Q3 Ended March 31


N E W   Z E A L A N D

ADVANCE SCAFFOLD: Court to Hear Wind-Up Petition on June 3
BRAVESIGHT LIMITED: Commences Wind-Up Proceedings
GLUED & SCREWED: Creditors' Proofs of Debt Due on July 4
RED APPLE: Creditors' Proofs of Debt Due on July 8
SMALES AUTOMOTIVE: Court to Hear Wind-Up Petition on July 22



P A K I S T A N

PAKISTAN: Faces US$6.4BB in Foreign Debt as IMF Talks Drag On


S I N G A P O R E

CHEY LLC: Court to Hear Wind-Up Petition on June 24
CP-SH1 PTE: Creditors' Proofs of Debt Due on July 1
DIGITAL ASSET: Placed in Provisional Liquidation
FRESH SG: Court to Hear Wind-Up Petition on July 1
MFSG ORCHARD: Commences Wind-Up Proceedings



S R I   L A N K A

SRI LANKA: PM Stresses Urgency for Economic Reform Plan


T H A I L A N D

PHUTTHATHAM INSURANCE: Ordered to Suspend Non-Life Insurance Biz


V I E T N A M

PETROVIETNAM POWER: Fitch Affirms 'BB' Foreign Currency IDR

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A U S T R A L I A
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DIGITAL FOOTSTEP: First Creditors' Meeting Set for June 9
---------------------------------------------------------
A first meeting of the creditors in the proceedings of Digital
Footstep Pty. Ltd. will be held on June 9, 2022, at 10:30 a.m. at
the offices of Worrells Rockhampton, Suita 5A Level 5, 34 East
Street, in Rockhampton City, Queensland.

Michael Beck of Worrells was appointed as administrator of Digital
Footstep on May 30, 2022.


EAGLE SECURITY: First Creditors' Meeting Set for June 8
-------------------------------------------------------
A first meeting of the creditors in the proceedings of Eagle
Security Systems Pty. Ltd. (trading as 'eagle Security Systems Pty
Ltd', 'Riverdale Security', 'Eagle Test and Tag', 'Home Alarms
Melbourne', 'Eagle Facility Services', 'Eagle Site Watch' and
'Eagle Group Australasia') will be held on June 8, 2022, at
11:00 a.m. via a Zoom Videoconferenceing Facility.

Domenic Calabretta and Edwin Narayan of Mackay Goodwin were
appointed as administrators of Eagle Security Systems on May 27,
2022.


PLENTI AUTO 2022-1: Moody's Assigns (P)B2 Rating to Class F Notes
-----------------------------------------------------------------
Moody's Investors Service has assigned provisional ratings to notes
issued by Perpetual Corporate Trust Limited in its capacity as the
trustee of the Plenti Auto ABS Trust 2022-1.

Issuer: Plenti Auto ABS Trust 2022-1

AUD360.125 million Class A Notes, Provisional Rating Assigned
(P)Aaa (sf)

AUD7.000 million Class A-X Notes, Provisional Rating Assigned
(P)Aaa (sf)

AUD33.325 million Class B Notes, Provisional Rating Assigned
(P)Aa2 (sf)

AUD8.170 million Class C Notes, Provisional Rating Assigned (P)A2
(sf)

AUD5.590 million Class D Notes, Provisional Rating Assigned
(P)Baa2 (sf)

AUD5.160 million Class E Notes, Provisional Rating Assigned (P)Ba1
(sf)

AUD10.105 million Class F Notes, Provisional Rating Assigned (P)B2
(sf)

The AUD7.525 million Class G Notes are not rated by Moody's.

Plenti Auto ABS Trust 2022-1 (Plenti 2022-1) transaction is a
static cash securitisation of consumer and commercial auto loan
receivables extended to prime borrowers in Australia by Plenti
Finance Pty Limited (Plenti, unrated). Plenti is a 100% owned
Australian subsidiary of Plenti Group Limited. The Plenti business
was established in 2014 focusing on unsecured consumer lending
before commencing automotive lending in 2017. Plenti is issuing its
second auto ABS transaction. Plenti is a technology-led lending
business, offering creditworthy borrowers automotive, renewable
energy and personal loans, delivered via its proprietary technology
platform.

RATINGS RATIONALE

The limited amount of historical data. Plenti was established in
2014, with significant origination growth beginning in 2017
onwards. The collateral performance data used in Moody's analysis
reflects Plenti's short origination history and does not cover a
full economic cycle.

The evaluation of the capital structure. The transaction features
a sequential/pro rata paydown structure. The notes will be repaid
on a sequential basis until the pro rata paydown conditions are
satisfied, principal will be distributed pro rata among Class A
through Class F Notes. Following the call date, or if the pro rata
conditions are otherwise not satisfied, the principal collections
will be distributed sequentially starting with Class A Notes.
Initially, the Class A, Class B, Class C, Class D, Class E and
Class F Notes benefit from 16.25%, 8.50%, 6.60%, 5.30%, 4.10% and
1.75% of note subordination, respectively.

The Class A-X Notes are repaid according to a scheduled
amortisation profile. These notes are not collateralised and are
repaid through the interest waterfall only. The notes are sensitive
to very high prepayment rates, which could see the underlying asset
portfolio repay in full before the notes have fully amortised in
April 2025. If the deal is called by the sponsor before repayment
of the Class A-X Notes under the amortisation schedule in April
2025, the Class A-X Notes will be made whole and repaid in full.
The notes also benefit from access to principal draw providing the
Class A Notes stated amount is above zero.

The availability of excess spread over the life of the
transaction. The portfolio yield of 6.33% providing significant
excess spread to cure portfolio losses. The transaction also
contains a loss reserve which traps excess spread up to a maximum
of AUD1.00 million if 90+ arrears are greater than 2% and Class A-X
notes are outstanding.

The liquidity facility in the amount of 1.50% of the note
balances.

The interest rate swap provided by National Australia Bank Limited
("NAB", Aa3/P-1/Aa2(cr)/P-1(cr)).

The experience of Plenti RE Limited as servicer, and the back-up
servicing arrangements with Perpetual Corporate Trust Limited.

MAIN MODEL ASSUMPTIONS

Moody's base case assumptions are a mean default rate of 2.80%, a
recovery rate of 35.0%, and a Aaa portfolio credit enhancement
("PCE") of 13.50%. The expected defaults and recoveries capture
Moody's expectations of performance considering the current
economic outlook, while the PCE captures the loss Moody's expect
the portfolio to suffer in the event of a severe recession
scenario. Expected defaults and PCE are parameters used by Moody's
to calibrate its lognormal portfolio default distribution curve and
to associate a probability with each potential future default
scenario in its ABSROM cash flow model.

Moody's assumed mean default rate is stressed compared to the
extrapolated observed levels of default, estimated at 0.85%. The
stress Moody's has applied in determining its mean default rate
reflects the limited historical data available for Plenti's
portfolio. It also reflects the current macroeconomic trends, and
other similar transactions used as a benchmark.

The PCE of 13.50% is broadly in line with other Australian auto ABS
deals and is based on Moody's assessment of the pool taking into
account (i) historical data variability, (ii) quantity, quality and
relevance of historical performance data, (iii) originator quality,
(iii) servicer quality, (iv) certain pool characteristics, such as
asset concentration.

Methodology Underlying the Rating Action

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

Factors that would lead to an upgrade or downgrade of the ratings:

Up

Levels of credit protection that are greater than necessary to
protect investors against current expectations of loss could lead
to an upgrade of the ratings. Moody's current expectations of loss
could be better than its original expectations because of fewer
defaults by underlying obligors. The Australian job market is a
primary driver of performance.

Down

Levels of credit protection that are insufficient to protect
investors against current expectations of loss could lead to a
downgrade of the ratings. Moody's current expectations of loss
could be worse than its original expectations because of more
defaults by underlying obligors. The Australian job market is a
primary driver of performance. Other reasons for worse performance
than Moody's expects include poor servicing, error on the part of
transaction parties, a deterioration in credit quality of
transaction counterparties, lack of transactional governance and
fraud.

SJC TRANS: Second Creditors' Meeting Set for June 7
---------------------------------------------------
A second meeting of creditors in the proceedings of SJC Trans Pty
Ltd has been set for June 7, 2022, at 3:00 p.m. via virtual
meeting.

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.

Steven Nicols of Nicols + Brien was appointed as administrator of
SJC Trans on May 4, 2022.


SOLIDO BUILDERS: Goes Into Liquidation Amid Construction Crisis
---------------------------------------------------------------
News.com.au reports that another Australian building company has
bitten the dust in what has been a horror week for the construction
industry. Over the weekend, Queensland construction firm Solido
Builders revealed it had sadly appointed liquidators.

The small Cleveland-based company was founded by husband and wife
duo John and Libby Hattink in 2014. They said the business was too
hard to keep going amid the ongoing industry crisis, which included
skyrocketing material and labour costs and long delays, news.com.au
relates.

"Margins are already thin, especially for smaller builders," Mr.
Hattink said, according to the Courier Mail.

"We made a loss on a few projects and decided the best thing was to
wind things up. Our subbies have been paid and we have not just
pulled the rug out from under people."

The Cleveland-based company specialised in customised luxury homes.
It is unclear how many builds were in the pipeline when they pulled
the plug, the report states.

It comes amid a growing crisis in the construction sector, with
half a dozen building companies forced to fold in the last few
months, news.com.au adds.


VINALIA GROUP: First Creditors' Meeting Set for June 9
------------------------------------------------------
A first meeting of the creditors in the proceedings of Vinalia
Group Pty Ltd will be held on June 9, 2022, at 10:30 a.m. at the
offices of Worrells, Unit 11A, Lakes Vista Office Park, 2 Flinders
Parade, in North Lakes, Queensland.

Lee Crosthwaite of Worrells was appointed as administrator of
Vinalia Group on May 30, 2022.



WONDER SMILE: First Creditors' Meeting Set for June 10
------------------------------------------------------
A first meeting of the creditors in the proceedings of Wonder Smile
Pty Ltd will be held on June 10, 2022, at 11:00 a.m. at the offices
of Westburn Advisory, Level 5, 115 Pitt Street, in Sydney, New
South Wales.

Shumit Banerjee of Westburn Advisory was appointed as administrator
of Wonder Smile on May 31, 2022.




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C H I N A
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GREENLAND HOLDING: Moody's Cuts CFR to Caa2, Alters Outlook to Neg
------------------------------------------------------------------
Moody's Investors Service has downgraded the corporate family
rating of Greenland Holding Group Company Limited to Caa2 from B2.

At the same time, Moody's has downgraded the following ratings:

The backed senior unsecured rating of Greenland Global Investment
Limited's medium-term note (MTN) program to (P)Caa3 from (P)B3;

The backed senior unsecured rating of Greenland Global Investment
Limited's senior unsecured notes to Caa3 from B3;

The CFR of Greenland Hong Kong Holdings Limited to B3 from B2;

The backed senior unsecured rating of Greenland Hong Kong Holdings
Limited's MTN program to (P)Caa1 from (P)B3; and

The backed senior unsecured rating of Greenland Hong Kong Holdings
Limited's USD notes to Caa1 from B3.

Greenland Global's MTN program and senior unsecured notes are
unconditionally and irrevocably guaranteed by Greenland Holding.

Greenland Hong Kong's MTN program and the related notes are
supported by a deed of equity interest purchase undertaking and a
keepwell deed between Greenland Holding, Greenland Hong Kong and
the bond trustee.

Moody's has also changed all the rating outlooks to negative from
ratings under review. This concludes its review for downgrade
initiated on May 12, 2022.

"The downgrade reflects Greenland Holding's elevated liquidity
risks, following its consent solicitation to extend the maturity of
its offshore bond due in June 2022," says Daniel Zhou, a Moody's
Analyst.

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

RATINGS RATIONALE

On May 27, 2022, Greenland Holding announced a consent solicitation
to extend the maturity of the company's USD senior notes due in
June 2022, with an outstanding principal amount of USD488 million.

The proposed maturity extension indicates Greenland Holding's
escalating liquidity pressure due to difficult operating and
funding conditions in China's property market and its sizable debt
maturities.

Greenland Holding will have RMB25 billion-equivalent bonds,
including USD2.3 billion of offshore bonds, maturing or becoming
puttable by June 2023.

While the company had RMB65.7 billion in cash as of the end of
March 2022, Moody's estimates that in addition to the restricted
cash, the company would need to keep a significant portion of the
cash at operating project levels for the completion of presold
projects. This arrangement limits the company's flexibility to
mobilize cash to repay the debt at the holding company level.

In addition, the business disruption caused by government measures
to control COVID-19 infections over the past 2-3 months have
restrained the company's sales and funding arrangement. The
company's contracted sales decreased 56% year-on-year to RMB30.8
billion in the first quarter of 2022, following a similar 57%
reduction in the fourth quarter of 2021. Moody's forecasts
Greenland Holding's contracted sales will fall notably over the
next 6-12 months, due to difficult operating conditions, which will
further stress its liquidity profile.

The downgrade of Greenland Hong Kong's CFR to B3 reflects the
company's high contagion risks and associated constraints from its
parent Greenland Holding, given the two entities' close linkage and
sharing of brand name.

However, Greenland Hong Kong's liquidity remains adequate, as
Moody's expects the company's internal cash resources to be
sufficient to cover its maturing debt over the next 12-18 months,
particularly its USD150 million offshore bond maturing in June
2022. Nevertheless, Greenland Holding's credit distress will weaken
homebuyer confidence, in turn stressing Greenland Hong Kong's sales
and restricting its funding access.

The senior unsecured ratings for Greenland Holding's guaranteed
notes and Greenland Hong Kong's notes are one notch lower than
their respective CFRs because of the risk of structural
subordination. This risk reflects the fact that most of the claims
are at the operating subsidiaries and have priority over claims at
the holding company level in a bankruptcy scenario. In addition,
the holding companies lack significant mitigating factors for
structural subordination. As a result of these factors, the
expected recovery rate for claims at the holding companies will be
lower.

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

Greenland Holding's ratings are unlikely to be upgraded, given the
negative outlook.

However, positive rating momentum could emerge if Greenland Holding
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.

Greenland Hong Kong's ratings are unlikely to be upgraded, given
the negative outlook.

However, positive rating momentum could emerge if Greenland Hong
Kong improves its sales, maintain solid financial metrics and
adequate liquidity, and the contagion risks from Greenland Holding
reduces, as reflected by a meaningful improvement in Greenland
Holding's credit profile.

Moody's could downgrade Greenland Hong Kong's ratings if Greenland
Holding is downgraded; or there is a material worsening in
Greenland Hong Kong's contracted sales, operating cash flow,
financial metrics or liquidity.

Any indication of Greenland Hong Kong providing funding support to
Greenland Holding could also be credit negative to Greenland Hong
Kong.

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

Headquartered in Shanghai, Greenland Holding Group Company Limited
is a state-controlled enterprise that primarily focuses on the real
estate sector, with businesses in construction, finance and auto
dealerships as well. Shanghai State-owned Assets Supervision and
Administration Commission indirectly owns 46.37% of Greenland
Holding as of March 31, 2022.

Greenland Hong Kong Holdings Limited is principally engaged in the
development of large-scale, high-quality residential communities,
city center integrated projects, and travel and leisure projects
that target the middle- to high-end customer segment. Greenland
Holding owned 59.11% of Greenland Hong Kong as of December 31,
2021.

GREENLAND HOLDING: S&P Downgrades ICR to 'CC', Outlook Negative
---------------------------------------------------------------
S&P Global Ratings lowered its long-term issuer credit rating on
China-based property developer Greenland Holding Group Co. Ltd.
(Greenland) to 'CC' from 'B-'. S&P also lowered the issue rating on
the company's outstanding senior unsecured notes to 'C' from
'CCC+'. At the same time, S&P removed all the ratings from
CreditWatch, where it had placed them with negative implications on
May 23, 2022.

S&P said, "The negative outlook reflects the likelihood that we
will lower the issuer credit rating on Greenland to 'SD' (selective
default) when the proposed transaction is completed.

"We lowered the rating on Greenland because we view the proposed
transaction as a distressed maturity extension. We believe the
company is vulnerable to nonpayment of its U.S. dollar-denominated
senior notes upon maturity in the absence of the proposed
transaction. Greenland's execution on asset disposals remains
adversely affected by the prolonged lockdown in Shanghai while the
company's access to its cash for debt repayment is highly
uncertain, in our view. We believe Greenland has limited accessible
cash to support its significant upcoming offshore maturities due in
the next 12 months, totaling US$2.4 billion (Chinese renminbi 16.4
billion equivalent), by our estimate."

For bondholders who accept the offer, Greenland offers a repayment
of 10% of the outstanding principle and accrued interest, in
addition to the extension of maturities beyond the original by 12
months. Greenland also offers a 0.5% to 1.0% consent fee to
bondholders who accept the offer.

The negative outlook reflects the likelihood that S&P will lower
the issuer credit rating on Greenland to 'SD' (selective default)
when the proposed transaction is completed.

Environmental, Social, And Governance

ESG credit indicators: To: E-3 S-2 G-3; From E-3 S-2 G-4

S&P said, "Governance factors are now a negative consideration in
our credit rating analysis of Greenland because we believe the
proposed debt maturity extension highlights the weakness in the
company's liquidity and risk management." The company's sizeable
asset base and asset disposal plans partially temper such risks.


SHANDONG AIRLINES: Air China to Take Over Bankrupt Carrier
----------------------------------------------------------
Yicai Global reports that Air China will buy a majority stake in
struggling Shandong Airlines, which is technically insolvent after
its debt-to-asset ratio reached over 100% last year, China's
flagship carrier said on May 30.

Although no reasons were given for the acquisition, the Covid-19
pandemic, slowing economic growth and surging fuel costs have posed
severe challenges to smaller players in the air travel sector.
Conversely, it has brought new opportunities for big firms in terms
of mergers and acquisitions, the report says.

Air China, which already holds a 22.8% stake in Shandong Airlines
and a 49.4% stake in its parent firm Shandong Airlines Group, is
likely to take over, the Jinan-based airline said on May 26, Yicai
Global relays. The company chairman, board secretary, deputy
general manager and chief accountant have all been working for Air
China for a long time, it added.

Shandong Airlines accrued losses of CNY1.8 billion (USD280 million)
last year and its debt-to-asset ratio reached 102.81%, Yicai Global
discloses citing the company's latest earnings report.

Shandong Airlines, although listed on the Shenzhen stock exchange,
is traded in Hong Kong dollars which are known as B-shares. New
listings and refinancing in the B-share market ceased in 2000,
making it difficult for Shandong Airlines to raise the funds it
needs to get it out of this hole, the report states.

According to the report, Shandong Airlines' stock halted trading on
May 30 due to the reorganization of major stakeholders. In the
three trading days before that, the stock surged 12% to CNY2.70
(USD0.41).  

Shandong Airlines owns 134 Boeing 737 aircraft and operates over
290 passenger and freight routes. Apart from domestic destinations,
it also flies to South Korea, Japan, Thailand, India and Cambodia.


SHANDONG ENERGY: S&P Withdraws 'BB' Long-Term Issuer Credit Rating
------------------------------------------------------------------
S&P Global Ratings withdrew its 'BB' long-term issuer credit rating
on Shandong Energy Group Co. Ltd. at the company's request.

S&P said, "The stable outlook reflects our view that Shandong
Energy will maintain its large operational scale and mid-level cost
position over the next 12 months, yet remain primarily a coal
producer concentrated in China. The company's leverage will stay
high based on our assumption of retreating coal prices in the long
run, and heavy capital expenditure. We continue to see a high
likelihood that Shandong Energy will receive extraordinary support
from the Shandong government in the event of financial distress."

Shandong Energy, headquartered in Shandong, became one of China's
three largest coal producers after the merger between Yankuang
Group and the former Shandong Energy in March 2021. Yankuang Group
was the surviving entity. It was renamed Shandong Energy after the
merger. The company is wholly owned by the Shandong provincial
government. The Shandong State-owned Assets Supervision and
Administration Commission (SASAC), Shandong Guohui Investment Co.
Ltd. and Shandong Caixin Assets Operation Co. Ltd. own 70%, 20% and
10% of Shandong Energy, respectively.


ZHANGZHOU TRANSPORTATION: Fitch Assigns BB+ Rating on New USD Notes
-------------------------------------------------------------------
Fitch Ratings has assigned China-based Zhangzhou Transportation
Development Group Co., Ltd.'s (ZTDG, BB+/Stable) proposed senior
unsecured US dollar notes a rating of 'BB+'.

KEY RATING DRIVERS

The proposed notes are rated at the same level as ZTDG's Long-Term
Issuer Default Rating (IDR) because they will constitute its
direct, unconditional, unsubordinated and unsecured obligations and
will at all times rank pari passu with all its other present and
future unsecured and unsubordinated obligations. The proposed notes
will be issued by ZTDG directly and the proceeds will be used to
refinance offshore indebtedness.

DERIVATION SUMMARY

Fitch assesses ZTDG under Fitch's Government-Related Entities
Rating (GRE) Criteria, reflecting the Zhangzhou municipal
government's ownership and oversight, 'Very Strong' government
control, 'Strong' government support record, as well as 'Moderate'
socio-political and 'Strong' financial implications of a company
default.

ZTDG's IDRs were derived from the four factors under the GRE
criteria and the Standalone Credit Profile of 'b' under Fitch's
Public Sector, Revenue-Supported Entities Rating Criteria, based on
'Weaker' revenue defensibility, 'Midrange' operating risk, and
'Weaker' financial profile.

RATING SENSITIVITIES

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

-- An upgrade of ZTDG's IDRs will result in a similar change in
    the rating of the proposed notes;

-- An upgrade of ZTDG may result from an internal reassessment of

    the creditworthiness of Zhangzhou municipality;

-- Positive rating action could also arise from a significant
    improvement in ZTDG's Standalone Credit Profile, although
    Fitch does not expect this in the near term.

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

-- A downgrade of ZTDG's IDRs will result in a similar change in
    the rating of the proposed notes;

-- A downgrade of ZTDG may result from an internal reassessment
    of the creditworthiness of Zhangzhou municipality;

-- A downgrade could also be triggered by a weakening of the
    socio-political and financial implications of a default, a
    weaker record of support from the government or a dilution of
    the municipality's shareholding.

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

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.

   DEBT                          RATING
   ----                          ------
Zhangzhou Transportation
Development Group Co., Ltd.

  senior unsecured           LT    BB+   New Rating



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GOLDIN FINANCIAL: Fails to Sell Hong Kong Skyscraper
----------------------------------------------------
Bloomberg News reports that Goldin Financial Holdings Ltd. said the
sale of its eponymous Hong Kong skyscraper failed to complete in a
blow to the embattled property firm's attempts to repay debt.  

Bloomberg relates that the agreement by receivers to sell the
Goldin Financial Global Centre was terminated and the deposit paid
by the purchaser was forfeited, according to a statement to the
Hong Kong stock exchange. The company did not elaborate on why the
deal was not completed.  

The office tower is at the heart of an asset grab by creditors as
Goldin Financial struggles to make timely payments on its
outstanding debt, Bloomberg says. The flagship building of tycoon
Pan Sutong's firm was seized by creditors in September 2020.  

The company had said in a filing in March that all outstanding
loans and notes will be satisfied if the transaction is completed.


The building is estimated to have a value of around HK$10 billion
(US$1.3 billion), local media reported earlier, Bloomberg relays.
The 27-story super grade A office located in Kowloon Bay includes a
single floor area of around 35,000 square feet, according to the
company's website.

Goldin Financial was informed by the purchaser that it will dispute
the alleged wrongful termination, and the deal will be subject to
the outcome of the legal proceedings, according to the statement
cited by Bloomberg.

Shares of Goldin Financial have been suspended in Hong Kong since
April 1 after it failed to publish earnings ahead of the March 31
deadline, Bloomberg notes.

Based in Hong Kong, Goldin Financial Holdings Ltd is a diversified
company. The Company's operations include Factoring, Wine
Production and Sales and Property Investment and Development.




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

AMIT ENTERPRISES: ICRA Keeps D Debt Rating in Not Cooperating
-------------------------------------------------------------
ICRA has retained the ratings for the bank facilities of Amit
Enterprises Housing Limited in the 'Issuer Not Cooperating'
category. The rating is denoted as "[ICRA]D; ISSUER NOT
COOPERATING".

                    Amount
   Facilities     (INR crore)    Ratings
   ----------     -----------    -------
   Long-term–        75.00       [ICRA]D; ISSUER NOT
COOPERATING;
   Fund based                    Rating Continues to remain under
   Term Loan                    'Issuer Not Cooperating'
                                 Category

ICRA has been trying to seek information from the entity so as to
monitor its performance. Further, ICRA has been sending repeated
reminders to the entity for payment of surveillance fee that became
due but despite repeated requests by ICRA, the entity's management
has remained non-cooperative. The current rating action has been
taken by ICRA basis best available/dated/limited information on the
issuers' performance. Accordingly, the lenders, investors and other
market participants are advised to exercise appropriate caution
while using this rating as the rating may not adequately reflect
the credit risk profile of the entity. The rating action has been
taken in accordance with ICRA's policy in respect of
non-cooperation by a rated entity available at www.icra.in.

The promoters of Amit Enterprises Group started real estate
operations in 1983 and have so far executed projects with over 2.8
million square feet (m sq ft) of saleable area. Additionally, over
5.8 m sq ft of area, spread across residential and commercial
projects, was under various stages of development as of August
2018. Amit Enterprises Housing Limited, incorporated in 2008, is
involved in the development and sale of real estate projects and is
a part of the Pune-based Amit Enterprises Group. As of August 2018,
the firm was executing five residential and one commercial
projects.


BYDESIGN INDIA: ICRA Keeps B+ Debt Ratings in Not Cooperating
-------------------------------------------------------------
ICRA has retained the ratings for the bank facilities of Bydesign
India Private Limited. in the 'Issuer Not Cooperating' category.
The rating is denoted as [ICRA]B+(Stable); ISSUER NOT
COOPERATING".

                     Amount
   Facilities      (INR crore)     Ratings
   ----------      -----------     -------
   Fund based-         0.75        [ICRA]B+ (Stable) ISSUER NOT
   Cash Credit                     COOPERATING; Rating continues
                                   to remain under 'Issuer Not
                                   Cooperating' category

   Non Fund based     20.00        [ICRA]B+(Stable); ISSUER NOT
                                   COOPERATING; Rating continues
                                   to remain in the 'Issuer Not
                                   Cooperating' category

ICRA has been trying to seek information from the entity so as to
monitor its performance. Further, ICRA has been sending repeated
reminders to the entity for payment of surveillance fee that became
due but despite repeated requests by ICRA, the entity's management
has remained non-cooperative. The current rating action has been
taken by ICRA basis best available/dated/limited information on the
issuers' performance. Accordingly, the lenders, investors and other
market participants are advised to exercise appropriate caution
while using this rating as the rating may not adequately reflect
the credit risk profile of the entity. The rating action has been
taken in accordance with ICRA's policy in respect of
non-cooperation by a rated entity available at www.icra.in.

Bydesign was incorporated in 2001 as a part of the Velankani Group,
which has diverse business interests including software services,
construction, real estate, and special economic zone (SEZ)
development. The company is promoted by Mr. Kiron D Shah. Bydesign
has three business divisions – facility management services (FMS)
division that provides maintenance services in Velankani Tech Park
(owned by a Group company); the IPTV division that produces certain
hardware products like internet servers, remotes and adapters etc.;
and the ICAS division that is developing the ICAS software The
company has entered into an agreement with MeitY to develop and
market the ICAS for digital TV networks. The project was awarded in
November 2014 for the duration of four years and expected
completion date in November 2018. The company has successfully
completed the development of the software and the implementation
phase is going on.


CHANDRI PAPER: ICRA Keeps D Debt Ratings in Not Cooperating
-----------------------------------------------------------
ICRA has retained the ratings for the bank facilities of Chandri
Paper & Allied Products Private Limited in the 'Issuer Not
Cooperating' category. The rating is denoted as "[ICRA]D/[ICRA]D;
ISSUER NOT COOPERATING".

                     Amount
   Facilities     (INR crore)    Ratings
   ----------     -----------    -------
   Long-term–        12.50       [ICRA]D; ISSUER NOT
COOPERATING;
   Fund based                    Rating Continues to remain under
                                 'Issuer Not Cooperating'
                                 Category

   Short term–       21.25       [ICRA]D; ISSUER NOT
COOPERATING;
   Non fund based                Rating Continues to remain under
                                 'Issuer Not Cooperating'
                                 Category

ICRA has been trying to seek information from the entity so as to
monitor its performance. Further, ICRA has been sending repeated
reminders to the entity for payment of surveillance fee that became
due but despite repeated requests by ICRA, the entity's management
has remained non-cooperative. The current rating action has been
taken by ICRA basis best available/dated/limited information on the
issuers' performance. Accordingly, the lenders, investors and other
market participants are advised to exercise appropriate caution
while using this rating as the rating may not adequately reflect
the credit risk profile of the entity. The rating action has been
taken in accordance with ICRA's policy in respect of
non-cooperation by a rated entity available at www.icra.in.

CPAPPL was incorporated in the year 2003 with an objective of
manufacturing and trading paraffin wax from slack wax and had
established its manufacturing facilities at Tarapur (Maharashtra)
with a capacity to produce 3,600 MT of paraffin wax annually. Since
inception, CPAPPL has been supplying paraffin wax primarily to the
local customers engaged in the manufacture of candles. In 2008, the
company forayed into the business of trading base oil, wherein it
imported base oil from oil refining companies based in Iran,
Hongkong, and Singapore and sold them in the domestic market to
companies involved in manufacturing of oil related products such as
vaseline, grease, engine oil, and transformer oil.


EMPEE SUGARS: ICRA Keeps D Debt Ratings in Not Cooperating
----------------------------------------------------------
ICRA has retained the Long term and short-term ratings of Empee
Sugars and Chemicals Limited in the 'Issuer Not Cooperating'
category. The rating is denoted as "[ICRA]D/[ICRA]D; ISSUER NOT
COOPERATING".

                    Amount
   Facilities     (INR crore)    Ratings
   ----------     -----------    -------
   Term loan          384.90     [ICRA]D; ISSUER NOT COOPERATING;
                                 Rating Continues to remain under
                                 issuer not cooperating category

   Cash Credit        127.14     [ICRA]D; ISSUER NOT COOPERATING;
                                 Rating Continues to remain under
                                 issuer not cooperating category

   Non-Fund based     128.18     [ICRA]D; ISSUER NOT COOPERATING;
                                 Rating Continues to remain under
                                 issuer not cooperating category

   Unallocated          0.78     [ICRA]D; ISSUER NOT COOPERATING;
                                 Rating Continues to remain under
                                 issuer not cooperating category

ICRA has been trying to seek information from the entity so as to
monitor its performance. Further, ICRA has been sending repeated
reminders to the entity for payment of surveillance fee that became
due but despite repeated requests by ICRA, the entity's management
has remained non-cooperative. The current rating action has been
taken by ICRA basis best available/dated/limited information on the
issuers' performance. Accordingly, the lenders, investors and other
market participants are advised to exercise appropriate caution
while using this rating as the rating may not adequately reflect
the credit risk profile of the entity. The rating action has been
taken in accordance with ICRA's policy in respect of
non-cooperation by a rated entity available at www.icra.in.

ESCL is engaged in the manufacturing of sugar and spirits including
ethanol. The Company started its cane crushing operation in 1992 at
Naidupet Unit in Andhra Pradesh and later ventured into the
production of Spirits namely rectified spirits and extra neutral
alcohol. ESCL has two operating units at Naidupet (Nellore) in
Andhrapradesh and Ambasamudram (Tirunelveli) in Tamil Nadu. ESCL
has 8000 TCD cane crushing capacity, integrated with 60 klpd
distillery and 50 MW cogeneration plant at Ambasamudram and 3000
TCD and 20 klpd distillery at Naidupet. ESCL also has a subsidiary
Empee Power Company Limited, which operates 20 MW cogeneration
power plant at Naidupet. Its Ambasamudram unit is facing cane
availability issues and the sugar production is discontinued.
Further, the 50 MW power co-gen plant also has stopped generation
of power since Dec. 1, 2014.


G.M. FABRICS: ICRA Lowers Rating on INR58cr Term Loans to B+
------------------------------------------------------------
ICRA has revised the ratings on certain bank facilities of G.M.
Fabrics Private Limited (GMFPL), as:

                       Amount
   Facilities        (INR crore)   Ratings
   ----------        -----------   -------
   Term loans            58.00     [ICRA]B+ (Stable); ISSUER NOT
                                   COOPERATING; Rating downgraded
                                   from [ICRA]BB+(Stable) and
                                   continues to remain under the
                                   'Issuer Not Cooperating'
                                   Category

   Cash Credit (CC)/     80.00     [ICRA]B+ (Stable)/ [ICRA]A4;
   Packing Credit (PC)/            ISSUER NOT COOPERATING;
   Post-shipment Credit            Rating downgraded from
   (PSC)/Working Capital           [ICRA]BB+(Stable)/[ICRA]A4
   Demand Loan (WCDL)              and continues to remain under
                                   the 'Issuer Not Cooperating'
                                   category

   Unallocated           20.00      [ICRA]B+ (Stable)/[ICRA]A4;
                                    ISSUER NOT COOPERATING;
                                    Rating downgraded from
                                    [ICRA]BB+(Stable)/[ICRA]A4
                                    and continues to remain under
                                    the 'Issuer Not Cooperating'
                                    category

Rationale

The rating downgrade is because of lack of adequate information
regarding GMFPL performance and hence the uncertainty around its
credit risk. ICRA assesses whether the information available about
the entity is commensurate with its rating and reviews the same as
per its "Policy in respect of non-cooperation by a rated entity"
available at www.icra.in.

The lenders, investors and other market participants are thus
advised to exercise appropriate caution while using this rating as
the rating may not adequately reflect the credit risk profile of
the entity, despite the downgrade.

As part of its process and in accordance with its rating agreement
with G.M. Fabrics Private Limited, ICRA has been trying to seek
information from the entity so as to monitor its performance and
ICRA has been sending repeated reminders to the entity for payment
of surveillance fee that became due but despite repeated requests
by ICRA, the entity's management has remained non-cooperative. In
the absence of requisite information and in line with the aforesaid
policy of ICRA, a rating view has been taken on the entity based on
the best available information.

Promoted by Mr. Gurcharan Singh and his family, GMFPL was
incorporated in 1985 as Hartex Silk Mills Private Limited, and
renamed in December 2009. The company manufactures a wide range of
fabrics for upholstery and drapery. The key variants offered
include jacquard decorative fabrics, plain sheer, embroidery on
sheer, digitally printed plain, velvet and others. It has
manufacturing facilities at Sarigam (Gujarat) and Tarapur
(Maharashtra). The plants have a combined installed capacity of 215
lakh metre per annum for upholstery and drapery fabrics.


GAURISHANKER BIHANI: ICRA Keeps B+ Ratings in Not Cooperating
-------------------------------------------------------------
ICRA has retained the ratings for the bank facilities of
Gaurishanker Bihani in the 'Issuer Not Cooperating' category. The
rating is denoted as "[ICRA]B+ (Stable); ISSUER NOT COOPERATING".

                     Amount
   Facilities      (INR crore)     Ratings
   ----------      -----------     -------
   Fund based-        15.00        [ICRA]B+ (Stable) ISSUER NOT
   Cash Credit                     COOPERATING; Rating continues
                                   to remain under 'Issuer Not
                                   Cooperating' category

   Unallocated         5.00        [ICRA]B+ (Stable); ISSUER NOT
   Limits                          COOPERATING; Rating continues
                                   to remain under 'Issuer Not
                                   Cooperating' category

ICRA has been trying to seek information from the entity so as to
monitor its performance. Further, ICRA has been sending repeated
reminders to the entity for payment of surveillance fee that became
due but despite repeated requests by ICRA, the entity's management
has remained non-cooperative. The current rating action has been
taken by ICRA basis best available/dated/limited information on the
issuers' performance. Accordingly, the lenders, investors and other
market participants are advised to exercise appropriate caution
while using this rating as the rating may not adequately reflect
the credit risk profile of the entity. The rating action has been
taken in accordance with ICRA's policy in respect of
non-cooperation by a rated entity available at www.icra.in.

Gaurishanker Bihani was incorporated in 1936 as a proprietorship
firm by Late Gaurishanker Bihani and in 1974, it was reconstituted
as a partnership firm. Based in Kolkata, West Bengal, GSB is an
exclusive project distributor of TSL's TISCON TMT bars in the state
and an authorized dealer of TSL's HR flat products.

GLOBAL GALLERIE: Liquidation Process Case Summary
-------------------------------------------------
Debtor: Global Gallerie Motors Pvt Ltd
        Plot No. 1, Mohan Mill Compound
        Ghodbunder Road, Thane (West)
        Thane 400607

Liquidation Commencement Date: May 11, 2022

Court: National Company Law Tribunal, Mumbai Bench

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

Insolvency professional: Jayanti Lal Jain

Interim Resolution
Professional:            Jayanti Lal Jain
                         C/o Headway Resolution and Insolvency
                         Services Pvt. Ltd.
                         708, Raheja Centre
                         7th Floor, Nariman Point
                         Mumbai 400021
                         Maharashtra
                         E-mail: jljain.ip@gmail.com
                                 liqggm@gmail.com

Last date for
submission of claims:    June 10, 2022

INTECO SPECIAL: Insolvency Resolution Process Case Summary
----------------------------------------------------------
Debtor: INTECO Special Melting Technologies (India)
        Private Limited
        1103, Antriksh Bhawan 22
        KG Marg, Connaught Place
        Delhi, New Delhi 110001

Insolvency Commencement Date: May 23, 2022

Court: National Company Law Tribunal, New Delhi Bench IV

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

Insolvency professional: Satish Kumar Mathur

Interim Resolution
Professional:            Satish Kumar Mathur
                         Flat No. 803 A, Plot No. 27
                         New Jyoti Society
                         Sector 4, Dwarka
                         New Delhi 110078
                         E-mail: mathursk1255@gmail.com
                                 cirp.ismtpl@gmail.com

Last date for
submission of claims:    June 6, 2022


JAK ASSOCIATES: ICRA Keeps B+ Debt Ratings in Not Cooperating
-------------------------------------------------------------
ICRA has retained the ratings for the bank facilities of Jak
Associates in the 'Issuer Not Cooperating' category. The rating is
denoted as [ICRA]B+(Stable); ISSUER NOT COOPERATING".

                     Amount
   Facilities      (INR crore)     Ratings
   ----------      -----------     -------
   Long Term-          2.46        [ICRA]B+ (Stable) ISSUER NOT
   Fund Based                      COOPERATING; Rating continues
                                   to remain under 'Issuer Not
                                   Cooperating' category

   Long Term-          1.00        [ICRA]B+ (Stable) ISSUER NOT
   Non-Fund Based                  COOPERATING; Rating continues
                                   to remain under 'Issuer Not
                                   Cooperating' category

   Long Term-          3.54        [ICRA]B+ (Stable) ISSUER NOT
   Unallocated                     COOPERATING; Rating continues
   Facilities                      to remain under 'Issuer Not
                                   Cooperating' category

ICRA has been trying to seek information from the entity so as to
monitor its performance. Further, ICRA has been sending repeated
reminders to the entity for payment of surveillance fee that became
due but despite repeated requests by ICRA, the entity's management
has remained non-cooperative. The current rating action has been
taken by ICRA basis best available/dated/limited information on the
issuers' performance. Accordingly, the lenders, investors and other
market participants are advised to exercise appropriate caution
while using this rating as the rating may not adequately reflect
the credit risk profile of the entity. The rating action has been
taken in accordance with ICRA's policy in respect of
non-cooperation by a rated entity available at www.icra.in.

JAK Associates is a partnership firm established in 2008. The firm
runs a 4-star hotel property in Domlur, Bangalore under the brand
'Ramada Encore'. The firm is promoted by Mr. A.N Raju, Mrs.
Kamalamma, Mr. A.S.N. Raju, Mrs. J. Sridevi, Mr. J. Krishna
Chaitanya and Mr. J.S.R. Raju. The latter four partners are members
of the founder family of NCC Limited (formerly Nagarjuna
Construction Company Limited). The hotel is a G+7 structure, spread
over a land area of ~16,700 sft and having a built-up area of
~5,600 0sft. The hotel has a franchisee agreement with Ramada
International Inc. for 15 years. Ramada Encore has an inventory of
88 rooms, one restaurant, a bar, a lobby lounge, a conference room
and a gym. The hotel is operational since April 2014.


KAILASH TRADING: ICRA Keeps D Debt Ratings in Not Cooperating
-------------------------------------------------------------
ICRA has retained the long-term and short-term ratings of Kailash
Trading Corporation in the 'Issuer Not Cooperating' category. The
ratings are denoted as [ICRA]D/[ICRA]D; ISSUER NOT COOPERATING".

                     Amount
   Facilities     (INR crore)    Ratings
   ----------     -----------    -------
   Long Term-         4.00       [ICRA]D; ISSUER NOT COOPERATING;
   Cash Credit                   Rating Continues to remain under
                                 'Issuer Not Cooperating'
                                 Category

   Long Term-         0.27       [ICRA]D; ISSUER NOT COOPERATING;
   Term Loan                     Rating Continues to remain under
                                 'Issuer Not Cooperating'
                                 Category

   Short term–       0.13        [ICRA]D; ISSUER NOT
COOPERATING;
   Fund based                    Rating Continues to remain under
                                 'Issuer Not Cooperating'
                                 Category

   Short term–       6.10        [ICRA]D; ISSUER NOT
COOPERATING;
   Non Fund based                Rating Continues to remain under
                                 'Issuer Not Cooperating'
                                 Category

   Long-term/        4.50        [ICRA]D/[ICRA]D; ISSUER NOT
   Short Term                    COOPERATING; Rating Continues to
   Unallocated                   remain under 'Issuer Not
                                 Cooperating' Category

ICRA has been trying to seek information from the entity so as to
monitor its performance. Further, ICRA has been sending repeated
reminders to the entity for payment of surveillance fee that became
due but despite repeated requests by ICRA, the entity's management
has remained non-cooperative. The current rating action has been
taken by ICRA basis best available/dated/limited information on the
issuers' performance. Accordingly, the lenders, investors and other
market participants are advised to exercise appropriate caution
while using this rating as the rating may not adequately reflect
the credit risk profile of the entity. The rating action has been
taken in accordance with ICRA's policy in respect of
non-cooperation by a rated entity available at www.icra.in.

Established in 2001, Kailash Trading Corporation (KTC) is primarily
engaged in trading of engineering polymers which includes
polyacetal, polycarbonate and hostaform of different grades and
these products find application in automobiles, electronic devices,
consumer appliances, ATM machines, printers etc. Apart from
engineering polymers, KTC also undertakes consignment sale of
commodity polymers for its principal – LG Polymers India Private
Limited, Vishakapatanam and sells to various customers.


KESAR TERMINALS: Insolvency Resolution Process Case Summary
-----------------------------------------------------------
Debtor: Kesar Terminals & Infrastructure Limited
        Oriental House
        7, Jamshedji Tata Road
        Churchgate, Mumbai 400020

Insolvency Commencement Date: May 26, 2022

Court: National Company Law Tribunal, Mumbai Bench

Estimated date of closure of
insolvency resolution process: November 22, 2022
                               (180 days from commencement)

Insolvency professional: Mr. Prashant Jain

Interim Resolution
Professional:            Mr. Prashant Jain
                         A501, Shanti Heights
                         Plot No. 2, 3, 9, B/10
                         Sector 11, Koparkharine
                         Thane, Navi Mumbai
                         Maharashtra 400709
                         E-mail: ipprashantjain@gmail.com

                            - and -

                         B/610, BSEL Techpark
                         Opp. Vashi Railway Station
                         Vashi, Navi Mumbai 400703
                         E-mail: kesar.cirp@gmail.com

Last date for
submission of claims:    June 9, 2022


KTC FOODS: ICRA Keeps D Debt Ratings in Not Cooperating Category
----------------------------------------------------------------
ICRA has retained the ratings for the bank facilities of KTC Foods
Private Limited in the 'Issuer Not Cooperating' category. The
rating is denoted as "[ICRA]D; ISSUER NOT COOPERATING".

                     Amount
   Facilities     (INR crore)    Ratings
   ----------     -----------    -------
   Long-term–        110.00      [ICRA]D; ISSUER NOT
COOPERATING;
   Fund based                    Rating Continues to remain under
   Cash Credit                   'Issuer Not Cooperating'
                                 Category

   Long-term–         9.01       [ICRA]D; ISSUER NOT
COOPERATING;
   Fund based                    Rating Continues to remain under
   Term Loan                     'Issuer Not Cooperating'
                                 Category

   Long Term-         5.00       [ICRA]D; ISSUER NOT COOPERATING;
   Non-Fund Based                Rating Continues to remain under  

   limits                        'Issuer Not Cooperating'
                                 Category

   Long Term-         0.99       [ICRA]D; ISSUER NOT COOPERATING;
   Unallocated                   Rating Continues to remain under
                                 'Issuer Not Cooperating'
                                 Category

ICRA has been trying to seek information from the entity so as to
monitor its performance. Further, ICRA has been sending repeated
reminders to the entity for payment of surveillance fee that became
due but despite repeated requests by ICRA, the entity's management
has remained non-cooperative. The current rating action has been
taken by ICRA basis best available/dated/limited information on the
issuers' performance. Accordingly, the lenders, investors and other
market participants are advised to exercise appropriate caution
while using this rating as the rating may not adequately reflect
the credit risk profile of the entity. The rating action has been
taken in accordance with ICRA's policy in respect of
non-cooperation by a rated entity available at www.icra.in.

Established in 2010, KTC is primarily involved in the rice-milling
business. The company has an installed production capacity of 24
tons per hour. It sells rice in Punjab, Haryana, Uttar Pradesh,
Rajasthan, Delhi, and many southern and eastern states. KTC sells
broken rice under the brand name, 'Barfi', in the southern states.


KUNAL STRUCTURAL: Insolvency Resolution Process Case Summary
------------------------------------------------------------
Debtor: Kunal Structural Developers & Industries Private Limited
        1st Floor, 5 Pusa Road
        Near Karol Bagh Metro Station
        New Delhi 11005

Insolvency Commencement Date: May 23, 2022

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

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

Insolvency professional: Pramod Kumar Sharma

Interim Resolution
Professional:            Pramod Kumar Sharma
                         H.No. 16, Dasharath Kunj-B
                         West Arjun Nagar, Agra
                         Uttar Pradesh 282001
                         E-mail: pksharmafcs@gmail.com
                                 cirp.kunalstructural@gmail.com

Classes of creditors:    Real Estate Project

Insolvency
Professionals
Representative of
Creditors in a class:    Mr. Satyendra Sharma
                         M-3, Block No. 51
                         Anupam Plaza-II, First Floor
                         Above Axis Bank
                         Sanjay Place, Agra 282002
                         Uttar Pradesh
                         E-mail: satyendrasirp@gmail.com

                         Mr. Krishan Kumar Goyal
                         A-147, Kamla Nagar
                         Central Bank Road
                         Agra 282002
                         Uttar Pradesh
                         E-mail: kkgoyalca@rediffmail.com

                         Mr. Pranav Bansal
                         18B/PA-3, Panchwati
                         Near Sub Power House Crossing
                         Saheed Nagar
                         Opposite Garima Nursing Home
                         Agra 282001
                         Uttar Pradesh
                         E-mail: ip.pranavbansal@gmail.com

Last date for
submission of claims:    June 6, 2022


LA RESIDENTIA DEVELOPERS: Insolvency Resolution Case Summary
------------------------------------------------------------
Debtor: La Residentia Developers Private Limited
        220, 2nd Floor, Vardhman Sunrise Plaza
        Plot No. 1, L.S.C.
        Vasundhra Enclave Delhi
        East Delhi DL 110096
        IN

Insolvency Commencement Date: May 25, 2022

Court: National Company Law Tribunal, New Delhi
       Court No. II

Estimated date of closure of
insolvency resolution process: November 20, 2022
                               (180 days from commencement)

Insolvency professional: Naveen Kumar Jain

Interim Resolution
Professional:            Naveen Kumar Jain
                         2236, Sector 46
                         Gurugram
                         Haryana 122001
                         E-mail: insolvencyprofessional@
                                 rediffmail.com

                            - and -

                         C/o MAA & Company
                         F-327/1, First Floor
                         Lado Sarai, Old MB Road
                         New Delhi 110030
                         Mobile: 8920052765
                         E-mail: cirp.laresidentia@gmail.com

Classes of creditors:    Real Estate Allottees/Home Buyers

Insolvency
Professionals
Representative of
Creditors in a class:    Mr. Arvind Mittal
                         1900, Madanpur Khaddat
                         JJ Colony, Phase 3
                         Sarita Vihar
                         New Delhi 110076
                         E-mail: ar.laresidentia@gmail.com

                         Mr. Satish Kumar Chugh
                         111-B, Pocket F
                         Mayur Vihar, Phase-II
                         Delhi 110091
                         E-mail: skchugh111@gmail.com

                         Mr. Devendra Umrao
                         B-43 A, First Floor
                         Kalkaji, New Delhi 110019
                         E-mail: devumraoibc@gmail.com

Last date for
submission of claims:    June 8, 2022


LANCO SOLAR ENERGY: ICRA Keeps D Debt Ratings in Not Cooperating
----------------------------------------------------------------
ICRA has retained the long-term and short-term ratings of Lanco
Solar Energy Private Limited in the 'Issuer Not Cooperating'
category. The ratings are denoted as [ICRA]D/[ICRA]D; ISSUER NOT
COOPERATING".

                     Amount
   Facilities     (INR crore)    Ratings
   ----------     -----------    -------
   Fund Based–       150.00      [ICRA]D ISSUER NOT COOPERATING;
   Limits                        Rating continues to remain under
                                 'Issuer Not Cooperating'
                                 Category

   Non-fund Based    425.00      [ICRA]D ISSUER NOT COOPERATING;
   Facility                      Rating continues to remain under
                                 'Issuer Not Cooperating'
                                 Category

ICRA has been trying to seek information from the entity so as to
monitor its performance. Further, ICRA has been sending repeated
reminders to the entity for payment of surveillance fee that became
due but despite repeated requests by ICRA, the entity's management
has remained non-cooperative. The current rating action has been
taken by ICRA basis best available/dated/limited information on the
issuers' performance. Accordingly, the lenders, investors and other
market participants are advised to exercise appropriate caution
while using this rating as the rating may not adequately reflect
the credit risk profile of the entity. The rating action has been
taken in accordance with ICRA's policy in respect of
non-cooperation by a rated entity available at www.icra.in.

Lanco Solar Energy Private Limited (LSEPL) is a 100% subsidiary of
Lanco Infratech Limited. LSEPL was established in June 2009 and is
engaged in providing design & engineering, procurement of equipment
and complete construction of solar power projects. The company has
so far executed turnkey EPC contracts for ~250.0 MW solar power
projects located majorly in Rajasthan, Gujarat and Maharashtra.


LANCO SOLAR: ICRA Keeps D Debt Rating in Not Cooperating Category
-----------------------------------------------------------------
ICRA has retained the long-term rating of Lanco Solar Private
Limited in the 'Issuer Not Cooperating' category. The rating is
denoted as [ICRA]D; ISSUER NOT COOPERATING".

                    Amount
   Facilities     (INR crore)    Ratings
   ----------     -----------    -------
   Fund Based-      940.00       [ICRA]D; ISSUER NOT COOPERATING;
   Term Loan                     Rating Continues to remain under
                                 'Issuer Not Cooperating'
                                 Category

ICRA has been trying to seek information from the entity so as to
monitor its performance. Further, ICRA has been sending repeated
reminders to the entity for payment of surveillance fee that became
due but despite repeated requests by ICRA, the entity's management
has remained non-cooperative. The current rating action has been
taken by ICRA basis best available/dated/limited information on the
issuers' performance. Accordingly, the lenders, investors and other
market participants are advised to exercise appropriate caution
while using this rating as the rating may not adequately reflect
the credit risk profile of the entity. The rating action has been
taken in accordance with ICRA's policy in respect of
non-cooperation by a rated entity available at www.icra.in.

Lanco Solar Private Limited (LSPL) established in July 2008 is a
100% subsidiary of Lanco Solar Energy Private Limited (LSEPL),
which in turn is a subsidiary of Lanco Infratech Limited (LITL).
LSPL is setting up 1800 Metric Tonne per annum (MTPA) (increased
from initially envisaged capacity of 1250 MTPA) Polysilicon
manufacturing capacity and 100 MW (increased from initially
envisaged capacity of 80 MW) solar wafer manufacturing capacity.
LSPL has been allotted 250 acres of land in District Rajnandgaon of
Chhattisgarh for the implementation of the project.


LOGISTIC LINKAGE: Insolvency Resolution Process Case Summary
------------------------------------------------------------
Debtor: Logistic Linkage India Private Limited
        Flat No. 109, Plot No. 4
        1st Floor National Arcade
        Ghazipur, Delhi 110096

Insolvency Commencement Date: May 17, 2022

Court: National Company Law Tribunal, Delhi, Bench No. II

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

Insolvency professional: Ashok Kriplani

Interim Resolution
Professional:            Ashok Kriplani
                         10/18, First Floor
                         Old Rajinder Nagar
                         New Delhi 110060
                         E-mail: ashok.kriplani1956@gmail.com

                            - and -

                         17/13, Ground Floor
                         Old Rajinder Nagar
                         New Delhi 110060
                         E-mail: logisticcirp@gmail.com

Last date for
submission of claims:    May 31, 2022


MAGNASOFT CONSULTING: ICRA Keeps B+ Ratings in Not Cooperating
--------------------------------------------------------------
ICRA has retained the ratings for the bank facilities of Magnasoft
Consulting India Private Limited in the 'Issuer Not Cooperating'
category. The rating is denoted as [ICRA]B+(Negative); ISSUER NOT
COOPERATING".

                      Amount
   Facilities      (INR crore)     Ratings
   ----------      -----------     -------
   Fund based-        13.00        [ICRA]B+ (Negative) ISSUER NOT
   Cash Credit                     COOPERATING; Rating continues
                                   to remain under 'Issuer Not
                                   Cooperating' category

   Fund based-         2.00        [ICRA]B+ (Negative) ISSUER NOT
   Term Loan                       COOPERATING; Rating continues
                                   to remain under 'Issuer Not
                                   Cooperating' category

ICRA has been trying to seek information from the entity so as to
monitor its performance. Further, ICRA has been sending repeated
reminders to the entity for payment of surveillance fee that became
due but despite repeated requests by ICRA, the entity's management
has remained non-cooperative. The current rating action has been
taken by ICRA basis best available/dated/limited information on the
issuers' performance. Accordingly, the lenders, investors and other
market participants are advised to exercise appropriate caution
while using this rating as the rating may not adequately reflect
the credit risk profile of the entity. The rating action has been
taken in accordance with ICRA's policy in respect of
non-cooperation by a rated entity available at www.icra.in.

Incorporated in 2000, Magnasoft Consulting Private Limited (MCPL)
is a small-sized Information Technology (IT) company offering
Geographic Information System (GIS) based solutions across service
and product offerings such as laser scanning, and 3D modelling,
spatial solutions development, digital photogrammetry, spatial data
management and engineering services primarily to aid engineering &
consultancy firms in aerial & land survey, GIS mapping, etc. (which
in turn cater to end customers such as Government, oil & gas,
telecom and mining companies). The company primarily caters to
clients based in Americas, Europe, Africa and Middle East among
others across vertical sectors such as energy, transportation and
water & land administration. The company also has its presence in
product lines: NorthStar - which is an integrated school bus &
child safety system that uses a hybrid of technologies, including
GPS, GPRS, RFID, webcam and CCTV that works on cloud computing
platform, and Toggr – which is a wearable child wrist watch
currently in POC phase.


MARUTHI TUBES: Liquidation Process Case Summary
-----------------------------------------------
Debtor: Maruthi Tubes Private Limited
        133-A, Alkarim Trade Centre
        Ranigunj, Secunderabad
        TG 500003

Liquidation Commencement Date: April 29, 2022

Court: National Company Law Tribunal, Hyderabad Bench

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

Insolvency professional: Shri. Bondalapati Srinivasa Rao

Interim Resolution
Professional:            Shri. Bondalapati Srinivasa Rao
                         H.No. 10-2-289, Flat No. 303
                         Chakkilam, NNR Estate Shanthi Nagar
                         Masab Tank, Hyderabad 500028
                         E-mail: bsrfca@gmail.com

                            - and -

                         No. 402B, Technopolis
                         Galada Towers, Chikoli Gardens
                         Begumpet, Hyderabad 500016
                         E-mail: maruthitubescirp@gmail.com

Last date for
submission of claims:    May 30, 2022


MICRO STOCK: Insolvency Resolution Process Case Summary
-------------------------------------------------------
Debtor: M/s Micro Stock Holding Private Limited
        98, Shahzada Bagh
        Industrial Area
        Old Rohtak Road
        New Delhi 110035

Insolvency Commencement Date: May 18, 2022

Court: National Company Law Tribunal, New Delhi Bench

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

Insolvency professional: Maya Gupta

Interim Resolution
Professional:            Maya Gupta
                         3685/7, Narang Colony
                         Tri Nagar, Delhi 110035
                         E-mail: fcsmayagupta@gmail.com

                            - and -

                         Maya Gupta & Associates
                         C/o 701, Vikrant Tower
                         Rajendra Place
                         New Delhi 110008
                         E-mail: cirp.microstock@gmail.com

Last date for
submission of claims:    June 1, 2022


MITCON CONSULTANCY: ICRA Keeps B+/A4 Rating in Not Cooperating
--------------------------------------------------------------
ICRA has retained the ratings for the bank facilities of MITCON
Consultancy and Engineering Services Limited in the 'Issuer Not
Cooperating' category. The rating is denoted as
"[ICRA]B+(Stable)/[ICRA]A4; ISSUER NOT COOPERATING".

                      Amount
   Facilities      (INR crore)     Ratings
   ----------      -----------     -------
   Long Term/          5.00        [ICRA]B+(Stable)/[ICRA]A4;
   Short Term                      ISSUER NOT COOPERATING;
   Fund Based/                     Rating Continues to remain  
   Non-Fund                        under issuer not cooperating
   Based limits                    category

ICRA has been trying to seek information from the entity so as to
monitor its performance. Further, ICRA has been sending repeated
reminders to the entity for payment of surveillance fee that became
due but despite repeated requests by ICRA, the entity's management
has remained non-cooperative. The current rating action has been
taken by ICRA basis best available/dated/limited information on the
issuers' performance. Accordingly, the lenders, investors and other
market participants are advised to exercise appropriate caution
while using this rating as the rating may not adequately reflect
the credit risk profile of the entity. The rating action has been
taken in accordance with ICRA's policy in respect of
non-cooperation by a rated entity available at www.icra.in.

MITCON Consultancy and Engineering Services Private Limited was
formed jointly by IDBI, IFCI, SICOM, MIDC, MSSIDC and various banks
as a technical consultancy organization in 1982. The company
provides corporate solutions in power generation, energy
efficiency, renewable energy, climate change and environmental
management, banking, infrastructure and biotechnology sectors.


NATURAL SUGAR: ICRA Keeps D Debt Ratings in Not Cooperating
-----------------------------------------------------------
ICRA has retained the ratings for the bank facilities of Natural
Sugar and Allied Industries Limited in the 'Issuer Not Cooperating'
category. The rating is denoted as "[ICRA]D; ISSUER NOT
COOPERATING".

                     Amount
   Facilities     (INR crore)    Ratings
   ----------     -----------    -------
   Long-term–        140.00      [ICRA]D; ISSUER NOT
COOPERATING;
   Fund based/CC                 Rating Continues to remain under
                                 'Issuer Not Cooperating'
                                 Category

   Long-term–        10.00       [ICRA]D; ISSUER NOT
COOPERATING;
   Fund based/TL                 Rating Continues to remain under
                                 'Issuer Not Cooperating'
                                 Category

ICRA has been trying to seek information from the entity so as to
monitor its performance. Further, ICRA has been sending repeated
reminders to the entity for payment of surveillance fee that became
due but despite repeated requests by ICRA, the entity's management
has remained non-cooperative. The current rating action has been
taken by ICRA basis best available/dated/limited information on the
issuers' performance. Accordingly, the lenders, investors and other
market participants are advised to exercise appropriate caution
while using this rating as the rating may not adequately reflect
the credit risk profile of the entity. The rating action has been
taken in accordance with ICRA's policy in respect of
non-cooperation by a rated entity available at www.icra.in.

Incorporated in 1998, Natural Sugar and Allied Industries Limited
(NSAIL) is mainly involved in manufacture of sugar and by products.
NSAIL is based out of Ranjani in Osmanabad district of Maharashtra
and operates an integrated sugar unit having 5000 tons per day
(TCD) of sugar crushing capacity, 23 Mega Watt (MW) power
cogeneration unit and 30 Kilo Litres per day (KLPD) distillery
unit. The company has another sugar unit in Yawatmal with 2500 TCD
crushing capacity, which was acquired in March 2016. NSAIL is also
involved in manufacture of processed milk 2 and milk products and
has a processing unit with 70,000 litres per day of installed
capacity. The company is promoted by Mr. B.B. Thombare who as over
40 years of experience in the industry.

PASWARA CHEMICALS: ICRA Keeps B+ Debt Ratings in Not Cooperating
----------------------------------------------------------------
ICRA has retained the Long-term rating of Paswara Chemicals Limited
in the 'Issuer Not Cooperating' category. The rating is denoted as
"[ICRA]B+(Stable); ISSUER NOT COOPERATING".

                     Amount
   Facilities      (INR crore)     Ratings
   ----------      -----------     -------
   Fund based-        11.00        [ICRA]B+ (Stable) ISSUER NOT
   Limits                          COOPERATING; Rating continues
                                   to remain under 'Issuer Not
                                   Cooperating' category

   Unallocated         4.00        [ICRA]B+ (Stable) ISSUER NOT
   Limits                          COOPERATING; Rating continues
                                   to remain under 'Issuer Not
                                   Cooperating' category  

ICRA has been trying to seek information from the entity so as to
monitor its performance. Further, ICRA has been sending repeated
reminders to the entity for payment of surveillance fee that became
due but despite repeated requests by ICRA, the entity's management
has remained non-cooperative. The current rating action has been
taken by ICRA basis best available/dated/limited information on the
issuers' performance. Accordingly, the lenders, investors and other
market participants are advised to exercise appropriate caution
while using this rating as the rating may not adequately reflect
the credit risk profile of the entity. The rating action has been
taken in accordance with ICRA's policy in respect of
non-cooperation by a rated entity available at www.icra.in.

The promoters forayed into manufacturing of Industrial Solvents and
Organic composite chemicals by incorporating Paswara Petrochemicals
Limited (PPL) in 1997. In 2003, they closed down PPL and formed a
new company in the name of Paswara Chemicals Ltd which took over
all assets of the former. Subsequently in 2007, the company
dismantled the old plant and installed a new one for processing of
crude oil derivatives and refining of mineral oils. Plants for
producing Glycerine and Burner Oil were installed in 2008 and 2010
respectively. The company distills/refines the raw materials
procured namely crude oil/mixed fuel oil into industrial products
such as thinner, glycerine, burner oil etc and markets its products
across India through its distributor network, primarily
concentrating on Northern India.

PETAL MOTOCON: ICRA Keeps B- Debt Rating in Not Cooperating
-----------------------------------------------------------
ICRA has retained the long-term rating of Petal Motocon Pvt. Ltd.
in the 'Issuer Not Cooperating' category. The rating is denoted as
[ICRA]B-(Stable); ISSUER NOT COOPERATING".

                     Amount
   Facilities     (INR crore)    Ratings
   ----------     -----------    -------
   Fund Based         10.00      [ICRA]B-(Stable); ISSUER NOT
   Inventory                     COOPERATING; Rating continues
   Funding Limits                to remain under 'Issuer Not
                                 Cooperating' category

ICRA has been trying to seek information from the entity so as to
monitor its performance. Further, ICRA has been sending repeated
reminders to the entity for payment of surveillance fee that became
due but despite repeated requests by ICRA, the entity's management
has remained non-cooperative. The current rating action has been
taken by ICRA basis best available/dated/limited information on the
issuers' performance. Accordingly, the lenders, investors and other
market participants are advised to exercise appropriate caution
while using this rating as the rating may not adequately reflect
the credit risk profile of the entity. The rating action has been
taken in accordance with ICRA's policy in respect of
non-cooperation by a rated entity available at www.icra.in.

Incorporated in 2005, Petal Motocon Private Limited (PMPL) is
involved in auto dealership. Petal Motocon Private Limited is a
part of the Planet Petal Group promoted by Mr. Sukhbir Bagga, along
with his family members. The promoters of PMPL have been in the
automobile industry since 2003 with dealership of Yamaha
two-wheelers. Later, it diversified into the car auto dealership
business of Hyundai Motors India Limited (HMIL) by incorporating
Planet Automotive Private Limited in financial year 2005.

POPULAR SHOE: ICRA Keeps B+ Debt Rating in Not Cooperating
----------------------------------------------------------
ICRA has retained the Long-term ratings of Popular Shoe Mart in the
'Issuer Not Cooperating' category. The rating is denoted as
"[ICRA]B+(Stable); ISSUER NOT COOPERATING".

                     Amount
   Facilities      (INR crore)     Ratings
   ----------      -----------     -------
   Cash Credit        12.00        [ICRA]B+ (Stable) ISSUER NOT
                                   COOPERATING; Rating continues
                                   to remain under 'Issuer Not
                                   Cooperating' category

ICRA has been trying to seek information from the entity so as to
monitor its performance. Further, ICRA has been sending repeated
reminders to the entity for payment of surveillance fee that became
due but despite repeated requests by ICRA, the entity's management
has remained non-cooperative. The current rating action has been
taken by ICRA basis best available/dated/limited information on the
issuers' performance. Accordingly, the lenders, investors and other
market participants are advised to exercise appropriate caution
while using this rating as the rating may not adequately reflect
the credit risk profile of the entity. The rating action has been
taken in accordance with ICRA's policy in respect of
non-cooperation by a rated entity available at www.icra.in.

Popular Shoe Mart – 1 (PSM) was established in the year 1962 as a
partnership firm by Mr. Chukkapalli Pitchaiah. It is engaged in
retailing of footwear through 119 stores with total retail space of
1.1 lakh sq. ft. spread across the states of Andhra Pradesh,
Telangana and Karnataka. The firm is currently being managed by two
of the founder's sons – Mr. Ch. Arun Kumar and Mr. Ch. Vijaya
Kumar.

PRAKASH OFFSET: ICRA Keeps B+ Debt Ratings in Not Cooperating
-------------------------------------------------------------
ICRA has retained the ratings for the bank facilities of Prakash
Offset Printers in the 'Issuer Not Cooperating' category. The
rating is denoted as "[ICRA]B+ (Stable); ISSUER NOT COOPERATING".

                     Amount
   Facilities      (INR crore)     Ratings
   ----------      -----------     -------
   Long Term-          4.00        [ICRA]B+ (Stable) ISSUER NOT
   Fund Based/CC                   COOPERATING; Rating continues
                                   to remain under 'Issuer Not
                                   Cooperating' category

   Long Term-          3.00        [ICRA]B+ (Stable) ISSUER NOT
   Fund Based/TL                   COOPERATING; Rating continues
                                   to remain under 'Issuer Not
                                   Cooperating' category

   Long Term-          2.50        [ICRA]B+ (Stable) ISSUER NOT
   Unallocated                     COOPERATING; Rating continues
                                   to remain under 'Issuer Not
                                   Cooperating' category

ICRA has been trying to seek information from the entity so as to
monitor its performance. Further, ICRA has been sending repeated
reminders to the entity for payment of surveillance fee that became
due but despite repeated requests by ICRA, the entity's management
has remained non-cooperative. The current rating action has been
taken by ICRA basis best available/dated/limited information on the
issuers' performance. Accordingly, the lenders, investors and other
market participants are advised to exercise appropriate caution
while using this rating as the rating may not adequately reflect
the credit risk profile of the entity. The rating action has been
taken in accordance with ICRA's policy in respect of
non-cooperation by a rated entity available at www.icra.in.

Promoted by Mr. P Mohandas Nayak and his family in 1983, Prakash
Offset Printers was initially engaged in printing labels for an
associate concern, Prakash Beedies Pvt. Ltd. However, subsequently,
the firm entered the commercial offset printing business and is
currently engaged in printing books, leaflets, posters, banners,
brochures, and magazines, as well as in postpress activities
including pinning, binding, lamination and other finishing jobs.
POP houses imported advanced Heidelberg printing equipments for
undertaking printing in a variety of sizes—including 14" x 20",
18" x 23" and 28" x 40"—as well as a digital printing machine.
The firm currently operates from a single printing facility in
Mangalore, Karnataka, catering to customers across Goa, Karnataka
and Kerala.


PUREWAL STONE: ICRA Keeps B Debt Ratings in Not Cooperating
-----------------------------------------------------------
ICRA has retained the Long-term rating of Purewal Stone Crusher in
the 'Issuer Not Cooperating' category. The rating is denoted as
"[ICRA]B (Stable); ISSUER NOT COOPERATING".

                     Amount
   Facilities      (INR crore)     Ratings
   ----------      -----------     -------
   Long Term-          5.00        [ICRA]B (Stable) ISSUER NOT
   Fund Based-                     COOPERATING; Rating continues
   Cash Credit                     to remain under 'Issuer Not
                                   Cooperating' category

   Long Term-          3.60        [ICRA]B (Stable) ISSUER NOT
   Fund Based-                     COOPERATING; Rating continues
   Term Loan                       to remain under 'Issuer Not
                                   Cooperating' category

   Long term           0.40        [ICRA]B (Stable); ISSUER NOT
   Unallocated                     COOPERATING; Rating Continues
                                   to remain under issuer not
                                   cooperating category

ICRA has been trying to seek information from the entity so as to
monitor its performance. Further, ICRA has been sending repeated
reminders to the entity for payment of surveillance fee that became
due but despite repeated requests by ICRA, the entity's management
has remained non-cooperative. The current rating action has been
taken by ICRA basis best available/dated/limited information on the
issuers' performance. Accordingly, the lenders, investors and other
market participants are advised to exercise appropriate caution
while using this rating as the rating may not adequately reflect
the credit risk profile of the entity. The rating action has been
taken in accordance with ICRA's policy in respect of
non-cooperation by a rated entity available at www.icra.in.

Purewal Stone Crushers (Purewal) was established in the year 2013
as a partnership firm. The firm crushes and processes river bed
material (RBD), boulders and bajri into stone chips, stone grits
and sand stone which have their use in the construction and
infrastructure industry. The company is duly licensed and
authorized by the Geology and Mining Department, Forest Department
and State Government of Uttarakhand for the same.


PURPLE ADVERTISING: Liquidation Process Case Summary
----------------------------------------------------
Debtor: Purple Advertising Services Private Limited
        Century Tower, 2nd Floor
        45, Shakespeare Sarani
        Kolkata WB 700017
        IN

Liquidation Commencement Date: May 18, 2022

Court: National Company Law Tribunal, New Delhi Bench V

Date of closure of
insolvency resolution process: May 17, 2022

Insolvency professional: Mr. Shyamal Kumar Bhattacharjee

Interim Resolution
Professional:            Mr. Shyamal Kumar Bhattacharjee
                         27/1 B T Road
                         Green View Apartment
                         Flat-I-001, Kamarhati
                         Kolkata 700058
                         E-mail: skbhattacharjee90@gmail.com

                            - and -

                         CA-168, Salt Lake City
                         Kolkata 700064

Last date for
submission of claims:    June 17, 2022


Q2Q SOLUTIONS: ICRA Keeps B+ Debt Rating in Not Cooperating
-----------------------------------------------------------
ICRA has retained the ratings for the bank facilities of Q2Q
Solutions Private Limited in the 'Issuer Not Cooperating' category.
The rating is denoted as [ICRA]B+(Stable); ISSUER NOT
COOPERATING".

                      Amount
   Facilities      (INR crore)     Ratings
   ----------      -----------     -------
   Long-term–          70.00       [ICRA]B+(Stable); ISSUER NOT
   Proposed                        COOPERATING; Rating continues
   Facilities                      to remain in the 'Issuer Not
                                   Cooperating' category

ICRA has been trying to seek information from the entity so as to
monitor its performance. Further, ICRA has been sending repeated
reminders to the entity for payment of surveillance fee that became
due but despite repeated requests by ICRA, the entity's management
has remained non-cooperative. The current rating action has been
taken by ICRA basis best available/dated/limited information on the
issuers' performance. Accordingly, the lenders, investors and other
market participants are advised to exercise appropriate caution
while using this rating as the rating may not adequately reflect
the credit risk profile of the entity. The rating action has been
taken in accordance with ICRA's policy in respect of
non-cooperation by a rated entity available at www.icra.in.

Q2Q Solutions Private Limited was incorporated in 2010 by Mr.
Chandresan S., with an objective to set-up a precision
component manufacturing facility. The factory is located at Madras
Export Processing Zone (MEPZ), Tambaram - Chennai and is spread
over an area of 75,000 square feet. The precision components to be
manufactured by the company will cater to the aerospace industry
and auto industry, among others. Apart from precision-machined
components, the factory is also equipped for manufacturing sheet
metal components and to undertake subassemblies of precision parts.
The trial run started in February 2018 and the full-fledged
commercial operation is yet to commence.


RAJSHREE SUGARS: ICRA Keeps D Debt Ratings in Not Cooperating
-------------------------------------------------------------
ICRA has retained the long-term rating of Rajshree Sugars &
Chemicals Limited in the 'Issuer Not Cooperating' category. The
ratings is denoted as [ICRA]D; ISSUER NOT COOPERATING".

                    Amount
   Facilities     (INR crore)    Ratings
   ----------     -----------    -------
   Long Term-        334.42      [ICRA]D; ISSUER NOT COOPERATING;
   Term Loans                    Rating Continues to remain under
                                 'Issuer Not Cooperating'
                                 Category

   Long-term–         82.84      [ICRA]D; ISSUER NOT
COOPERATING;
   Fund based                    Rating Continues to remain under
   Cash Credit                   'Issuer Not Cooperating'
                                 Category

ICRA has been trying to seek information from the entity so as to
monitor its performance. Further, ICRA has been sending repeated
reminders to the entity for payment of surveillance fee that became
due but despite repeated requests by ICRA, the entity's management
has remained non-cooperative. The current rating action has been
taken by ICRA basis best available/dated/limited information on the
issuers' performance. Accordingly, the lenders, investors and other
market participants are advised to exercise appropriate caution
while using this rating as the rating may not adequately reflect
the credit risk profile of the entity. The rating action has been
taken in accordance with ICRA's policy in respect of
non-cooperation by a rated entity available at www.icra.in.

Rajshree Sugars & Chemicals Limited (RSCL), founded in 1985 by Late
Shri. G. Varadaraj, is an integrated sugar company with three units
at Theni, Villupuram, and Gingee in Tamil Nadu. The company has a
combined crushing capacity of 11,500 TCD. It also has a total
distillery capacity of 125 kilo litres per day (KLPD; 45 KLPD in
Theni unit and 80 KLPD in Gingee unit) and a total cogeneration
capacity of 54.5 MW (12 MW in Theni unit, 22 MW in Villupuram unit
and 20.5 MW in Gingee unit).


RIDGE LINKS: Insolvency Resolution Process Case Summary
-------------------------------------------------------
Debtor: Ridge Links Private Limited
        Plot no. B-27, 1st Floor
        Sector 65, Noida
        Gautam Budh Nagar
        Uttar Pradesh 201301

Insolvency Commencement Date: May 23, 2022

Court: National Company Law Tribunal, Noida Bench

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

Insolvency professional: Mr. Rajeev Ranjan Singh

Interim Resolution
Professional:            Mr. Rajeev Ranjan Singh
                         Flat No. 14049, 16 Avenue
                         Gaur City-2, Greater Noida West
                         Gautam Buddha Nagar, Block-G
                         Uttar Pradesh 201310
                         E-mail: rajeevranjan6476@gmail.com

                            - and -

                         532, 5th Floor, Somdatt Chamber-II
                         Bhikaji Cama Place
                         New Delhi 110066
                         E-mail: ridgelinks.cirp@gmail.com

Last date for
submission of claims:    June 6, 2022


ROHIT FABTEX: ICRA Keeps B+ Debt Rating in Not Cooperating
----------------------------------------------------------
ICRA has retained the Long-term ratings of Rohit Fabtex in the
'Issuer Not Cooperating' category. The rating is denoted as
"[ICRA]B+(Stable); ISSUER NOT COOPERATING".

                     Amount
   Facilities      (INR crore)     Ratings
   ----------      -----------     -------
   Long Term-          9.70        [ICRA]B+ (Stable) ISSUER NOT
   Fund Based                      COOPERATING; Rating continues
                                   to remain under 'Issuer Not
                                   Cooperating' category

ICRA has been trying to seek information from the entity so as to
monitor its performance. Further, ICRA has been sending repeated
reminders to the entity for payment of surveillance fee that became
due but despite repeated requests by ICRA, the entity's management
has remained non-cooperative. The current rating action has been
taken by ICRA basis best available/dated/limited information on the
issuers' performance. Accordingly, the lenders, investors and other
market participants are advised to exercise appropriate caution
while using this rating as the rating may not adequately reflect
the credit risk profile of the entity. The rating action has been
taken in accordance with ICRA's policy in respect of
non-cooperation by a rated entity available at www.icra.in.

Rohit Fabtex was established as a proprietorship firm in 2010 by
Mr. Kishorilal Singhvi to carry out processing of fabric. The
unit of the firm at Balotra, has an installed capacity of ~40,000
meters per day, to produce poplin fabric.


SHARP EYE: Insolvency Resolution Process Case Summary
-----------------------------------------------------
Debtor: Sharp Eye Advertising Private Limited
        38, Rani Jhansi Road
        Jhandewalan
        New Delhi 110055

Insolvency Commencement Date: May 17, 2022

Court: National Company Law Tribunal, New Delhi Bench

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

Insolvency professional: CA Vinay Kumar Singhal

Interim Resolution
Professional:            CA Vinay Kumar Singhal
                         411, Essel House
                         Asaf Ali Road
                         New Delhi 110002
                         E-mail: vinaysinghal.ip@gmail.com
                                 sharpeye.resolve@gmail.com

Last date for
submission of claims:    June 7, 2022



SIMPEX SAFETY: Insolvency Resolution Process Case Summary
---------------------------------------------------------
Debtor: Simpex Safety & Apparels LLP
        FA/57/1 Narayan Tala West
        P.O. Deshbandhu Nagar
        Kolkata, West Bengal 700059

Insolvency Commencement Date: May 18, 2022

Court: National Company Law Tribunal, Kolkata Bench

Estimated date of closure of
insolvency resolution process: November 14, 2022

Insolvency professional: Rachana Agarwal

Interim Resolution
Professional:            Rachana Agarwal
                         5H Palm Avenue
                         Kolkata 700019
                         E-mail: 08rkassociates@gmail.com
                                 cirp.simpex@gmail.com

Last date for
submission of claims:    June 1, 2022


SUN ACRYLICS: Liquidation Process Case Summary
----------------------------------------------
Debtor: Sun Acrylics Private Limited
        Plot No. 34, Achhad
        Achhad Industrial Estate
        Tal-Talasari Achhad
        PO-Uplat, Thane 401606

Liquidation Commencement Date: May 5, 2022

Court: National Company Law Tribunal, Mumbai Bench

Date of closure of
insolvency resolution process: May 17, 2020

Insolvency professional: Megha Agrawal

Interim Resolution
Professional:            Megha Agrawal
                         001, Shivranjini Apartments
                         in Circle of Congress Nagar Garden
                         Congress Nagar, Nagpur 400012
                         E-mail: ip.meghaagrawal@gmail.com

                            - and -

                         Plot No. 72, C/o Dr. Prakashe
                         Opp. Dew Trinity Hospital
                         Hindustan Colony
                         Near Salai Mandir, Wardha Road
                         Nagpur 440015
                         E-mail: liquidation.sapl@gmail.com

Last date for
submission of claims:    June 6, 2022


TECPRO INFRA-PROJECTS: Liquidation Process Case Summary
-------------------------------------------------------
Debtor: Tecpro Infra-Projects Limited
        106 Viswadeep Tower, Plot No. 4
        District Centre, Janak Puri
        New Delhi 110058

Liquidation Commencement Date: December 1, 2021

Court: National Company Law Tribunal, New Delhi Bench V

Date of closure of
insolvency resolution process: November 24, 2021

Insolvency professional: CS Satyadevi Alamuri

Interim Resolution
Professional:            CS Satyadevi Alamuri
                         23 Lake Area, 3rd Cross Street
                         Opposite to Corporation Zonal Office
                         Nungambakkam, Chennai 600034
                         E-mail: satyadevifcs@gmail.com
                                 rp.tecproinfra@gmail.com

Last date for
submission of claims:    December 31, 2021




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

SERBA DINAMIK: Posts MYR434.49MM Net Loss in Q3 Ended March 31
--------------------------------------------------------------
theedgemarkets.com reports that Serba Dinamik Holdings Bhd posted
its third consecutive net loss for the third quarter ended March
31, 2022 (3QFY22), with a net loss of MYR434.19 million - its
largest to date.

Prior to this, Serba Dinamik posted a net loss of MYR290.33 million
for 2QFY22 and a net loss of MYR42.11 million for 1QFY22. The group
had changed its financial year end to June 30 from Dec. 31 last
year, the report discloses.

Consequently, 3QFY22 losses per share widened to 11.7 sen, its
bourse filing showed on May 30, compared with 7.88 sen for 2QFY22
and 1.14 sen for 1QFY22.

The wider net loss quarter-on-quarter (q-o-q) was despite gross
operating loss narrowing to MYR77.22 million in 3QFY22, from
MYR165.85 million in 2QFY22.

Instead, losses under "corporate expenses and consolidation
elimination" rose 180.46% q-o-q to MYR355.47 million, from
MYR126.74 million. No explanation was given by Serba Dinamik on the
matter, theedgemarkets.com notes.

According to the report, the weaker performance was despite revenue
for the quarter rising 16% q-o-q to MYR205.48 million, from
MYR177.14 million in 2QFY22.

The increase was mainly due to activities in the operations and
maintenance (O&M) segment, especially from Qatar, United Arab
Emirates (UAE) and Malaysia, it said.

This more than offset the 76.9% decrease in engineering,
procurement, construction and commissioning's (EPCC) revenue from
MYR7 million in 3QFY22 to MYR30.4 million in 2QFY22, which it said
was due to slower EPCC activities in Malaysia.

On geographical segmentation, Serba Dinamik noted that the Middle
East region continued to be the highest revenue contributor for the
group at 64%, versus 23.2% in Asean, theedgemarkets.com relays.

It said the Middle East contributed 64% of the overall revenue for
the quarter or MYR205.5 million, with revenue mainly being
contributed by Qatar, followed by the UAE, of MYR100.1 million and
MYR30.6 million respectively.

It said Malaysia serves as the major contributor for the ASEAN
region with MYR44.5 million or 21.6% of revenue, with revenue
mainly contributed by O&M and EPCC activities. Indonesia meanwhile
contributed 1.5% of total revenue for the quarter or MYR3.1
million.

Subsequently, Serba Dinamik said Central and South Asia regions
contributed revenue of MYR21.5 million or 10.5% of total revenue
for the group, which were mainly derived from the country of
Turkmenistan, theedgemarkets.com discloses.

Separately, the United Kingdom contributed MYR4.8 million in
revenue for 3QFY22, mainly from O&M activities.

On prospects, Serba Dinamik said the group's annual general
meeting, which was held on Jan. 31, 2022, approved all resolutions,
which is a good sign of its shareholders' trust.

theedgemarkets.com notes that the cash-strapped company is
currently in court, seeking a restraining order against creditors
of its subsidiaries, as it plans to engage with creditors for a
proposed scheme of arrangement that it anticipates will provide
"100% return" to its creditors.

"Even though the group has now been classified as a Practice Note
17 company, the board is confident that the restructuring and
regularisation plan will benefit shareholders in the long run. The
board will be filing an application to seek leave from court to
convene its creditors meeting upon withdrawal of its application
for judicial management.

"Despite completion of the statutory audit, the board of directors
anticipates that the group's operations will remain challenging. On
the other hand, the board of directors pledges to resolve the
ongoing issue, including the restructuring and regularisation plan,
in the best interests of stakeholders," it added.

                        About Serba Dinamik

Serba Dinamik Holdings Berhad provides engineering solutions. The
Company offers operation and maintenance, system integration,
training, civil works, planning, procurement, construction, and
commissioning services. Serba Dinamik Holdings operates facilities
in Malaysia, Indonesia, UAE, Bahrain, and the United Kingdom.

Serba Dinamik slipped into PN17 status in January 2022, after its
external auditor Nexia SSY PLT expressed a disclaimer of opinion
over its audited financial statements for the 18-month financial
period ended June 30, 2021.

Nexia had said that a number of factors had constrained its
completion of the group's audit, including the non-availability of
a report on an independent review conducted by Ernst & Young
Consulting Sdn Bhd.



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

ADVANCE SCAFFOLD: Court to Hear Wind-Up Petition on June 3
----------------------------------------------------------
A petition to wind up the operations of Advance Scaffold (Auckland)
Limited will be heard before the High Court at Auckland on June 3,
2022, at 10:45 a.m.

The Commissioner of Inland Revenue filed the petition against the
company on April 13, 2022.

The Petitioner's solicitor is:

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


BRAVESIGHT LIMITED: Commences Wind-Up Proceedings
-------------------------------------------------
Members of Bravesight Limited, on May 30, 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


GLUED & SCREWED: Creditors' Proofs of Debt Due on July 4
--------------------------------------------------------
Creditors of Glued & Screwed Limited are required to file their
proofs of debt by July 4, 2022, to be included in the company's
dividend distribution.

The High Court at New Plymouth appointed Wendy Somerville and
Richard Nacey of PwC as joint and several liquidators of the
company on May 27, 2022.

The company's liquidators can be reached at:

          PwC
          PwC Waikato
          PO Box 191, Hamilton 3240


RED APPLE: Creditors' Proofs of Debt Due on July 8
--------------------------------------------------
Creditors of The Red Apple Limited are required to file their
proofs of debt by July 8, 2022, to be included in the company's
dividend distribution.

The company commenced wind-up proceedings on May 25, 2022.

The company's liquidator is:

          Kiran Bhikha
          Level 1, 103 Carlton Gore Road
          Newmarket, Auckland 1023


SMALES AUTOMOTIVE: Court to Hear Wind-Up Petition on July 22
------------------------------------------------------------
A petition to wind up the operations of Smales Automotive Repair
Limited will be heard before the High Court at Auckland on July 22,
2022, at 10:45 a.m.

The Commissioner of Inland Revenue filed the petition against the
company on Aug. 5, 2021.

The Petitioner's solicitor is:

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




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

PAKISTAN: Faces US$6.4BB in Foreign Debt as IMF Talks Drag On
-------------------------------------------------------------
Bloomberg News reports that Pakistan faces $6.4 billion in dollar
debt due over the next three years as Prime Minister Shehbaz
Sharif's new government is trying to meet bailout terms set by the
International Monetary Fund.

The country, under pressure to keep its economy afloat and avert a
sovereign default, needs about $3.16 billion to pay dollar bonds
and loans this year, $1.52 billion next year and $1.71 billion in
2024, according to data compiled by Bloomberg.

With a $45 billion trade deficit in the current fiscal year to June
and foreign-exchange reserves at $10.1 billion, or less than two
months of imports, Pakistan faces the prospect of default for the
second time in its history, Bloomberg says.

The external debt due in the coming fiscal year starting July is
estimated to be bigger by Fitch Ratings. The ratings firm includes
bilateral obligations of $3 billion owed to Saudi Arabia in time
deposits and $4 billion from China's State Administration of
Foreign Exchange, said Jeremy Zook, a Fitch analyst.

In a move aimed at meeting a key bailout condition set by the IMF
to unlock the remaining $3 billion from a loan program, the
government raised the cost of gasoline and diesel by 30 rupees a
liter effective May 27, according to Bloomberg.

"The resumption of its IMF program is necessary to avoid a balance
of payments crisis," Bloomberg quotes Patrick Curran, senior
economist at Tellimer Ltd., a London-based emerging markets
investment research firm, as saying.

Tellimer has a buy recommendation on Pakistan's 2031 dollar bonds,
which are trading at mid-60 cents per dollar and yields 15%, as
"risks are now largely priced in," Mr. Curran said.




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

CHEY LLC: Court to Hear Wind-Up Petition on June 24
---------------------------------------------------
A petition to wind up the operations of Chey LLC will be heard
before the High Court of Singapore on June 24, 2022, at 10:00 a.m.


Yat Guan Private Limited filed the petition against the company on
March 23, 2022.

The Petitioner's solicitors are:

          August Law Corporation
          12 Eu Tong Sen Street
          #04-166 The Central
          Singapore 059819


CP-SH1 PTE: Creditors' Proofs of Debt Due on July 1
---------------------------------------------------
Creditors of CP-SH1 Pte Ltd are required to file their proofs of
debt by July 1, 2022, to be included in the company's dividend
distribution.

The company commenced wind-up proceedings on May 23, 2022.

The company's liquidator is:

          Ong Kok Yeong David
          c/o 80 Robinson Road #02-00
          Singapore 068898


DIGITAL ASSET: Placed in Provisional Liquidation
------------------------------------------------
Neo Ban Chuan of BC Neo Business Advisory on May 20, 2022, was
appointed as Provisional Liquidator of Digital Asset Management 1
Pte. Ltd.

The Provisional Liquidator can be reached at:

          Neo Ban Chuan
          BC Neo Business Advisory Pte. Ltd.
          151 Chin Swee Road
          #14-04 Manhattan House
          Singapore 169876


FRESH SG: Court to Hear Wind-Up Petition on July 1
--------------------------------------------------
A petition to wind up the operations of Fresh SG Pte Ltd will be
heard before the High Court of Singapore on July 1, 2022, at 10:00
a.m.

DBS Bank Ltd filed the petition against the company on May 24,
2022.

The Petitioner's solicitors are:

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


MFSG ORCHARD: Commences Wind-Up Proceedings
-------------------------------------------
Members of MFSG Orchard Central Pte Ltd, on May 25, 2022, passed a
resolution to voluntarily wind up the company's operations.

The company's liquidators are:

          Mr. Abuthahir Abdul Gafoor
          Ms. Yessica Budiman
          144 Robinson Road
          #14-02 Robinson Square
          Singapore 068908





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

SRI LANKA: PM Stresses Urgency for Economic Reform Plan
-------------------------------------------------------
Associated Press reports that Sri Lanka's prime minister said on
May 26 that he will quickly prepare an economic reform program and
seek approval from the International Monetary Fund - because global
inflation and the financial impact of Russia's invasion of Ukraine
on other countries could limit their ability to help the island
nation.

According to the AP, Prime Minister Ranil Wickremesinghe said that
officials have reached agreement on basic reforms concepts with the
IMF and that he plans to have the economic reform program ready
within two weeks. After it is finalized, an IMF delegation will
visit Sri Lanka to evaluate the program.

"I have placed my special attention on this because of the present
global situation, the war in Ukraine and global inflation. From
what we can see a number of countries may have to face economic
problems like ours," the report quotes Mr. Wickremesinghe as
saying.

He added: "At the moment the United States and the Europe are
spending a lot on the war and there is a possibility of the aid
given to us being reduced."

Sri Lanka is nearly bankrupt with an acute foreign currency crisis
that resulted in a foreign debt default, the report notes. The
country announced last month that it is suspending nearly $7
billion foreign debt repayment due for this year out of about $25
billion due through 2026. Sri Lanka's total foreign debt stands at
$51 billion.

AP relates that the IMF said in a statement May 26 said that a team
remotely concluded initial discussions about Sri Lanka's reform
plan on May 24.

"The team made good progress in assessing the economic situation
and in identifying policy priorities to be taken going forward,"
the statement said.

The statement added that discussions focused on restoring fiscal
sustainability while protecting the vulnerable and poor; ensuring
monetary policy credibility and exchange rate regimes; preserving
financial sector stability; and structural reforms to enhance
economic growth and strengthen governance.

"We expect that these discussions will help the authorities
formulate their reform program," the IMF said.

Sri Lanka's former finance minister Ali Sabry has said that badly
timed tax cuts led to a reduction in government revenue, reducing
the country's ability to borrow and releasing existing reserves to
maintain the US dollar at a fixed rate against the local currency -
and that those factors triggered the foreign currency crisis, the
AP recalls. Also the COVID-19 pandemic nearly severely reduced
tourism revenue, one of the country's economic lifelines.

AP says the economic crisis has caused a reduction of imports of
goods and industrial raw material, prompting an acute shortage of
essential items like food, medicine, cooking gas and other fuel,
toilet paper and even matches.

Sri Lankans for months have been forced to wait in lines lasting
hours outside stores to buy fuel and cooking gas.

AP relates that protesters have occupied the entrance to President
Gotabaya Rajapaksa's office for nearly 50 days, demanding his
resignation because they blame him and his powerful, and
politically connected family for the economic crises.

The protests have nearly dismantled the powerful Rajapaksa
political dynasty after the president's brother resigned as prime
minister amid countrywide violence earlier this month, when his
supporters attacked peaceful protesters. Two of the president's
other siblings and nephew resigned from their Cabinet posts.

Mr. Wickremesinghe has promised to propose constitutional changes
to curtail presidential powers, strengthen Parliament and resolve
Sri Lanka's economic difficulties, the AP adds.

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.




===============
T H A I L A N D
===============

PHUTTHATHAM INSURANCE: Ordered to Suspend Non-Life Insurance Biz
----------------------------------------------------------------
Bangkok Post reports that the board committee of the Office of
Insurance Commission (OIC) has ordered Phutthatham Insurance Co to
temporarily suspend its non-life insurance business due to the
company's dire financial position.

According to the report, OIC secretary-general Suttipol
Taweechaikarn said the board of directors approved the decision for
Phutthatham Insurance to temporarily suspend non-life insurance
business as of May 27 because the company's financial position is
unstable.

Its capital funds fell below the legal limit, meaning that it has
more liabilities than assets.

The company also faces delays in compensation payments to
policyholders who wish to make a claim, Bangkok Post relates.

Additionally, it has an insufficient amount of liquid assets to
cover the claims and the capital adequacy ratio is lower than the
criteria required by the law.

Bangkok Post says the OIC told Phutthatham Insurance it had 30 days
to fix the capital issue to be at a sufficient level and required
the firm to expedite its investigations as well as its records
regarding filed insurance claims.

In addition, Phutthatham Insurance must prepare reports on its
insurance policy, the amount of owed payables and unearned premium
reserve for its policyholders.

Phutthatham Insurance must amend various matters according to the
OIC's orders and submit daily reports to the OIC.

It also needs to file a financial progress and capital maintenance
report every seven days, Bangkok Post relays.

In terms of the company's directors and executives, OIC will
continue to monitor their performance.

If found to have committed any offence, these higher-ups will face
legal consequences, the report notes.

Bangkok Post adds that Mr. Suttipol urged policyholders who have
any doubts or believe that they have been treated unfairly to
contact the OIC hotline on 1186 or via www.oic.or.th.




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

PETROVIETNAM POWER: Fitch Affirms 'BB' Foreign Currency IDR
-----------------------------------------------------------
Fitch Ratings has affirmed Vietnam-based PetroVietnam Power
Corporation - Joint Stock Company's (PV Power) Long-Term
Foreign-Currency Issuer Default Rating (IDR) at 'BB' with a
Positive Outlook.

PV Power's rating, based on its Standalone Credit Profile (SCP)
assessment of 'bb', is on a par with the IDR of its parent, Vietnam
Oil and Gas Group (PVN, BB/Positive), which owns around 80% of the
company.

PV Power's SCP is driven by its strong market position as the
second-largest electricity producer in Vietnam, accounting for
around 7% of the country's total electricity output and 6% of
installed capacity in 2021. It also benefits from diversified fuel
sources, long-term power-purchase agreements (PPAs) with Vietnam
Electricity (EVN, BB/Positive) for more than 80% of its electricity
output and a strong financial profile. PV Power's Positive Outlook
is driven by that on EVN's IDR, which constrains PV Power's SCP,
even though PV Power's financial profile is stronger than its SCP
assessment indicates.

KEY RATING DRIVERS

Gas Power PLFs to Improve: PV Power's plant load factors (PLFs) at
its gas plants were affected in 2021 by lower demand during the
Covid-19 pandemic as a result of higher gas fuel cost. Fitch
expects a PLF rebound at its Nhon Trach I plant to 22% in 2022 from
11% in 2021, supported by an electricity demand recovery, and
higher gas plant PLFs over the medium term.

Production Decline at Coal Plant: Fitch expects PV Power's
electricity sales volume to decline by 9% in 2022 after a 24% drop
in 2021, as a result of a generator turbine issue at the S1 unit of
its Vung Ang 1 Thermal Power Plant in September 2021 when the unit
was shut for repairs. Fitch expects the PLF to drop to 36% in 2022
from 53% in 2021 before rebounding in 2023 once the repairs are
completed.

EBITDA Margin to Decline: Fitch estimates 2022 EBITDA will drop by
13.7% after a 16% decline in 2021 before recovering by 22% in 2023.
Fitch forecasts an EBITDA margin of around 17% in 2022 (2021:
21.2%) as PV Power expects around 10% of electricity volume from
the Ca Mau 1 and 2 plant to be sold in a competitive market from
2022. However, most of PV Power's capacity benefits from the
long-term PPAs with EVN, which include capacity payments and a cost
pass-through mechanism, supporting its relatively stable operating
cash flows.

Moderate Leverage Despite Capex: Fitch expects group net leverage,
measured by net debt/EBITDA, to peak at around 4.0x in 2024 as the
Nhon Trach 3 and 4 projects are constructed, before decreasing
after the projects are commissioned (2021: net cash, 2022 estimate:
1.2x, 2023 estimate: 2.4x). Fitch consequently expects capex to
rise from 2022 (2021: VN286 billion; 2020: VND146 billion). The
total capex estimate for the Nhon Trach 3 and 4 projects is around
VND32 trillion over the next three years.

The liquefied natural gas (LNG) for Nhon Trach 3 and 4 will be
imported and converted into natural gas by PetroVietnam Gas Joint
Stock Corporation (PV Gas), a PVN group entity. PV Power signed an
engineering, procurement and construction (EPC) contract in March
2022 and expects to start construction on the projects in
mid-2022.

PPAs Provide High Visibility: PV Power's long-term PPAs with EVN
provide high revenue and cash-flow visibility. The PPAs have 20-25
year tenors and a capacity weighted-average remaining tenor of
around 12 years. The long-term PPAs account for 85%-90% of PV
Power's revenue, with the remaining power sold in the wholesale
electricity market. The tariffs' capacity payments cover debt
servicing and fixed operating costs, return on equity, variable
payments and operation and maintenance charges for fuel, repair and
maintenance costs.

Leading Market Position: PV Power is Vietnam's second-largest
electricity producer. Its market position is supported by having
two-thirds of its capacity in the country's southern region, which
faces a shortage in power generation. The company expects to
maintain its market position in the medium term through capacity
additions, even as the country's installed capacity increases.

Diversified Fuel Sources: PV Power's plants benefit from diverse
fuel sources, including gas (64%), coal (29%), hydropower (7%) and
solar (less than 1%) as of end-2021. The proportion of gas and LNG
in the fuel mix will increase to 73% after the commissioning of the
1,500MW Nhon Trach 3 and 4 thermal power plants. However, unlike
other domestic gas-based plants, the new plants will use imported
LNG as fuel. PV Power has fuel-supply arrangements for all its
plants to ensure timely availability of fuel. Most of the required
gas is supplied by PV Gas.

DERIVATION SUMMARY

EVN is similar to PV Power as its ratings also reflect its SCP,
which is at the same level as the Vietnam sovereign rating
(BB/Positive). EVN owns and operates most of the country's
installed power generation capacity and has a monopoly over
Vietnam's electricity transmission and distribution. However,
Fitch's assessment of EVN's SCP is constrained by the lack of a
record of consistent application of electricity regulatory reform,
including tariff adjustments that reflect cost changes.

NTPC Limited (BBB-/Negative), India's largest power-generation
company, accounts for 17% of the country's installed
power-generation capacity and 23% of its electricity generation.
Fitch assesses its SCP at 'bbb-', the same level as its IDR. NTPC's
two-notch higher SCP assessment than that of PV Power reflects its
stable operating profit due to a well-established regulatory return
framework, which allows for timely pass-through of cost changes,
despite its higher leverage.

KEY ASSUMPTIONS

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

-- Around 85% to 90% of the power generated to be sold through
    PPAs with EVN and balance in the wholesale market;

-- Revenue from long-term PPAs to include capacity charges to
    recover initial costs and return on investment as well as
    variable charges to cover fuel, operating and maintenance
    costs;

-- Average interest rate of 6% from 2022 to 2025;

-- No dividend payout from 2022 to 2025.

RATING SENSITIVITIES

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

-- Improvement in the IDR on EVN, the key counterparty.

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

-- Weakening of EVN's IDR.

For EVN's rating, the following sensitivities were outlined by
Fitch in a rating action commentary on September 13, 2021:

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

-- Positive rating action on the sovereign, provided the
    likelihood of state support does not deteriorate
    significantly.

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

-- Negative rating action on the sovereign;

-- Deterioration in EVN's SCP, along with significant weakening
    in likelihood of support the state. Fitch sees this as a
    remote prospect in the medium term.

BEST/WORST CASE RATING SCENARIO

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

LIQUIDITY AND DEBT STRUCTURE

Adequate Liquidity: PV Power had VND8.7 trillion in cash and cash
equivalents at end-2021, against current debt maturities of VND4.8
trillion, including VND2.9 trillion in short-term loans. Fitch
expects the company to generate negative free cash flow in the
near-to-medium term due to capex for its Nhon Trach 3 and 4
projects. However, Fitch does not think liquidity will be a problem
for the company, as it has direct and indirect linkages to PVN and
the state, respectively, and sound banking relationships with both
domestic and international banks.

ISSUER PROFILE

PV Power, the second-largest electricity producer in Vietnam, has
total capacity that accounts for around 6% of national installed
capacity. Its energy output in 2021 was 14,701 billion kWh,
equivalent to around 7% of the nation's commercial electricity
output.

PUBLIC RATINGS WITH CREDIT LINKAGE TO OTHER RATINGS

The ratings on PV Power are directly linked to the credit quality
of its key counterparty, EVN. A change in Fitch's assessment of
EVN's IDR would automatically result in a change in the ratings on
PV Power.

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.

   DEBT                      RATING               PRIOR
   ----                      ------               -----
PetroVietnam Power     LT IDR   BB     Affirmed     BB
Corporation -
Joint Stock Company



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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-
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Marites O. Claro, Joy A. Agravante, Rousel Elaine T. Fernandez,
Julie Anne L. Toledo, Ivy B. Magdadaro and Peter A. Chapman,
Editors.

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

This material is copyrighted and any commercial use, resale or
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