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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

          Friday, June 17, 2022, Vol. 25, No. 115

                           Headlines



A U S T R A L I A

BRC PROPERTY: First Creditors' Meeting Set for June 23
GREENPLAY AUSTRALIA: First Creditors' Meeting Set for June 27
LEMA AUSTRALIA: First Creditors' Meeting Set for June 28
MERHIS GROUP: Wingate Puts Parramatta Tower Into Receivership
OVENTUS MANUFACTURING: First Creditors' Meeting Set for June 24

SYDNEY SHADE: First Creditors' Meeting Set for June 27
YOUPLA GROUP: 'Grew and Grew' Off Welfare Payments, Then Collapsed


C H I N A

FOSUN INTERNATIONAL: Moody's Puts Ba3 CFR on Review for Downgrade
HIDILI INDUSTRY: Asks U.S. Recognition for $190-Mil. Debt Swap
HNA INNOVATION: Delisted from Shanghai Stock Exchange
[*] CHINA: Developers Face Mounting Debt Payments in Coming Months


I N D I A

AGL TELEVENTURES PRIVATE: Insolvency Resolution Case Summary
APURVA TEXTILE: Ind-Ra Moves B+ LT Issuer Rating to Non Cooperating
ARUNACHALA WEAVING: CARE Lowers Rating on INR23.13cr Loan to B+
AUROBINDO AUTOMOTIVE: CARE Keeps B- Debt Rating in Not Cooperating
BANKEY BIHARI: Ind-Ra Moves B+ LT Issuer Rating to Non Cooperating

BC SEN: Ind-Ra Downgrades Long Term Issuer Rating to 'BB'
BEST EDUCATION: CRISIL Keeps B Debt Ratings in Not Cooperating
BHODAY STEEL: CARE Keeps B- Debt Rating in Not Cooperating
BHUPINDER SINGH: CARE Lowers Rating on INR8.72cr Loan to B
CANOPY ESTATES: Insolvency Resolution Process Case Summary

DHABALESWAR TRADERS: CRISIL Keeps B+ Ratings in Not Cooperating
EASTERN SILK: Insolvency Resolution Process Case Summary
GALLANT JEWELRY: CARE Lowers Rating on INR14.76cr Loan to B/A4
GOKUL CERAMIC: Liquidation Process Case Summary
GSA RETAIL LIMITED: Insolvency Resolution Process Case Summary

HANUMAN LOHA: CRISIL Keeps B+ Debt Rating in Not Cooperating
HITKARI PACKAGING: Insolvency Resolution Process Case Summary
IL&FS TRANSPORTATION: Ind-Ra Keeps 'D' Rating in Non-Cooperating
JSM PROTEINS: CRISIL Keeps D Debt Ratings in Not Cooperating
K & J PROJECTS: CARE Lowers Rating on INR23.83cr Loan to C

K. K. FIBERS: CRISIL Keeps B+ Debt Ratings in Not Cooperating
KVK BIO: Ind-Ra Keeps 'D' Term Loan Rating in Non-Cooperating
LAXMI RICE: CARE Keeps B- Debt Rating in Not Cooperating
MAHA HYDRAULICS: CRISIL Keeps B Debt Rating in Not Cooperating
MAHABIR DYG: Ind-Ra Moves BB- LT Issuer Rating to Non-Cooperating

MAHESHWARI TRADERS: CARE Assigns B+ Rating to INR13.50cr Loan
MALWA AUTOMOTIVES: CARE Keeps B Debt Rating in Not Cooperating
MAQDOOM MOGHNY: Insolvency Resolution Process Case Summary
MODULUS COSMETICS: Ind-Ra Cuts Long-Term Issuer Rating to 'BB'
MS LUVISH: Ind-Ra Withdraws 'BB' Long-Term Issuer Rating

NEPTUNE INFLATABLES: Insolvency Resolution Process Case Summary
NOOR IMPEX: CARE Keeps D- Debt Rating in Not Cooperating
PACIFIC EDUCATION: CARE Keeps D Debt Rating in Not Cooperating
PARTH MOTORS: CARE Lowers Rating on INR4.00cr Loan to B
R SHELADIA: Ind-Ra Withdraws 'BB' Long-Term Issuer Rating

R. K. ENTERPRISE: CARE Lowers Rating on INR7.89cr Loan to B
RAJA BAHADUR: Ind-Ra Withdraws 'BB-' Long-Term Issuer Rating
RAJESH POWER: Ind-Ra Lowers Long-Term Issuer Rating to 'BB'
RASIKLAL SANKALCHAND: Insolvency Resolution Process Case Summary
S.K. HITECH: CARE Keeps D Debt Rating in Not Cooperating

SAI AUTOMOBILES: CARE Keeps B- Debt Rating in Not Cooperating
SAMRAT VIDEO: Voluntary Liquidation Process Case Summary
SELVEL MEDIA: Insolvency Resolution Process Case Summary
SHAH GROUP: Insolvency Resolution Process Case Summary
SHREEJI INFRASTRUCTURE: Ind-Ra Lowers Bank Loan Rating to 'BB'

STERLING FABORY: Voluntary Liquidation Process Case Summary
SUPERTECH LIMITED: NCLAT Limits Insolvency Process to One Project
SUPERTHARRM ENGINEERS: Insolvency Resolution Process Case Summary
SUPREME AHMEDNAGAR: Ind-Ra Keeps 'D' Loan Rating in Non-Cooperating
SUPREME BEST: Ind-Ra Keeps 'D' Term Loan Rating in Non-Cooperating

SUPREME INFRAPROJECTS: Ind-Ra Keeps D Rating in Non-Cooperating
SUPREME INFRASTRUCTURE: Insolvency Resolution Process Case Summary
SUPREME KOPARGAON: Ind-Ra Keeps D Loan Rating in Non-Cooperating
SUPREME PANVEL: Ind-Ra Keeps 'D' Loan Rating in Non-Cooperating
SUPREME SUYOG: Ind-Ra Keeps D Bank Loan Rating in Non-Cooperating

SUPREME VASAI: Ind-Ra Keeps D Bank Loan Rating to Non-Cooperating
SURESH KUMAR: CARE Keeps B- Debt Rating in Not Cooperating
SWATI CAST: Insolvency Resolution Process Case Summary
THIRUMALA SERVICE: Ind-Ra Assigns B+ Issuer Rating, Outlook Stable
VARSHA CORPORATION: Insolvency Resolution Process Case Summary

VIJAY TEXTILES: Ind-Ra Affirms D Long-Term Issuer Rating
VIRUTCHAM MICROFINANCE: Ind-Ra Affirms & Withdraws BB+ Rating
WAY AUTOMOTIVES: Insolvency Resolution Process Case Summary


I N D O N E S I A

TUNAS BARU: Moody's Affirms 'B2' CFR & Alters Outlook to Stable


J A P A N

MITSUI O.S.K: Egan-Jones Upgrades Senior Unsecured Ratings to BB+
NOMURA HOLDINGS: Egan-Jones Retains B Senior Unsecured Ratings


L A O S

LAOS: Moody's Cuts Issuer Ratings to Caa3, Alters Outlook to Stable


N E W   Z E A L A N D

DSBOUT LIMITED: Creditors' Proofs of Debt Due on Aug. 13
HEARTFOOD NZ: Creditors' Proofs of Debt Due on July 14
KINGSLEY PANEL: Creditors' Proofs of Debt Due on July 13
KUROW-DUNTROON IRRIGATION: Watershed Meeting Set for June 21
ROSS BROTHERS: Creditors' Proofs of Debt Due on July 22

TEAGUE'S COMMERCIAL: Creditors' Proofs of Debt Due on June 30


S I N G A P O R E

MESSAGE SYSTEMS: Creditors' Proofs of Debt Due on July 15
NANOTEC PREVENTIVE: Creditors' Meetings Set for July 1
NK CERAMIC: Creditors' Meetings Set for June 30
PJF PTE: Creditors' Proofs of Debt Due on July 15
VIETCO INTERNET: Creditors' Proofs of Debt Due on July 21



T A I W A N

WAN HAI: Moody's Upgrades CFR to Ba1, Outlook Remains Stable

                           - - - - -


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

BRC PROPERTY: First Creditors' Meeting Set for June 23
------------------------------------------------------
A first meeting of the creditors in the proceedings of BRC Property
Maintenance Ltd will be held on June 23, 2022, at 11:00 a.m. via
virtual meeting.

Ryan Bradbury of Nicols + Brien was appointed as administrator of
BRC Property on June 11, 2022.


GREENPLAY AUSTRALIA: First Creditors' Meeting Set for June 27
-------------------------------------------------------------
A first meeting of the creditors in the proceedings of Greenplay
Australia Pty Ltd will be held on June 27, 2022, at 10:00 a.m. via
Zoom.

Dominic Charles Cantone of Oracle Insolvency Services was appointed
as administrator of Greenplay Australia on June 15, 2022.


LEMA AUSTRALIA: First Creditors' Meeting Set for June 28
--------------------------------------------------------
A first meeting of the creditors in the proceedings of Lema
Australia Pty Ltd, trading as Lemas Restaurant & Rooftop Bar, will
be held on June 28, 2022, at 10:00 a.m. via teleconference
facilities.

Stephen Robert Dixon and Geoffrey Trent Hancock of Hamilton Murphy
Advisory were appointed as administrators of Lema Australia on June
16, 2022.


MERHIS GROUP: Wingate Puts Parramatta Tower Into Receivership
-------------------------------------------------------------
Australian Financial Review reports that financier Wingate has put
a Parramatta residential project that was hit last year with a
prohibition order by the NSW Building Commissioner into
receivership, taking it out of the hands of developer Merhis
Group.

AFR relates that Wingate, the provider of a senior debt facility to
Merhis' Imperial project at 9 Hassall Street, appointed Deloitte's
Jason Tracy, Sam Marsden and Tim Heenan as receivers and managers
of the 179-unit apartment project earlier this month.

According to AFR, Mr. Tracy said his priority was to complete work
required by the commissioner to complete the two-tower development
and secure the certificate of occupation that would allow the
pre-sold apartments to settle.

"Our focus will be on completing work required by the NSW Building
Commissioner, obtain the certificate of occupation, settle
pre-sales and get apartment owners into their new homes," Mr. Tracy
told The Australian Financial Review on June 14.

Wingate managing director Mark Harrison declined to comment, AFR
notes.


OVENTUS MANUFACTURING: First Creditors' Meeting Set for June 24
---------------------------------------------------------------
A first meeting of the creditors in the proceedings of Oventus
Manufacturing Pty Ltd, Oventus CRM Pty Ltd, and Oventus Medical
Limited, will be held on June 24, 2022, at 2:00 p.m. via Webinar/
Teleconference only.

Michael Gerard McCann and Graham Robert Killer of Grant Thornton
Australia Limited were appointed as administrators of Oventus
Manufacturing on June 14, 2022.


SYDNEY SHADE: First Creditors' Meeting Set for June 27
------------------------------------------------------
A first meeting of the creditors in the proceedings of Sydney Shade
Sails (NSW) Pty Ltd will be held on June 27, 2022, at 2:30 a.m. via
virtual meeting technology.

Edwin Narayan and Grahame Ward of Mackay Goodwin were appointed as
administrators of Sydney Shade on June 15, 2022.


YOUPLA GROUP: 'Grew and Grew' Off Welfare Payments, Then Collapsed
------------------------------------------------------------------
ABC News reports that funeral insurer the Aboriginal Community
Benefit Fund (ACBF) - also known as Youpla - has collapsed, leaving
thousands of customers without funeral cover.

ABC relates that customers include Euahlayi woman Beverley Roberts
who said she was the first person in Dubbo to sign up to ACBF, in
the mid-1990s. She is one of thousands of First Nations Australians
who for years put money aside to pay for their own funerals.

"I lost my father, brother, sister and nephew all within a 12-month
period, and we struggled to bury them," ABC quotes Ms. Roberts as
saying.  "That's why I was so happy when they came along and said
that they were an Aboriginal funeral fund."

But rather than transferring the money from her savings account to
pay her premiums, the ACBF salesperson gave her the option to take
the amount directly from her Centrelink payments, the report
relays.

"When they were going around all of our houses just signing us up,
they had the Centrelink forms for them to take direct debit out of
our Centrelink pay," Ms. Roberts said.

She estimates she paid more than AUD60,000 for policies for herself
and her family.

"I just thought that it was just a great thing for Aboriginal
people, as we struggle all the time to bury our loved ones."

From 2001 to 2017, ACBF was the only funeral fund to use the
government-run system Centrepay to debit millions of dollars from
Centrelink payments, according to the report.

According to the report, Aaron Davis from the Indigenous Consumer
Assistance Network (ICAN) said ACBF's access to Services
Australia's Centrepay system allowed the company to take off in
remote communities.

"The fact that ACBF was on the Centrepay system for so long meant
that the business was able to grow and grow and grow and thrive to
the point where we estimate that Indigenous people have lost over
AUD200 million."

The Australian Securities and Investments Commission on June 16
told the federal court whether it intends to continue a misleading
and deceptive conduct case it brought against the company in 2020,
for its behaviour between 2015 and 2018, the report relays.

Questions are also now being raised about how the company was able
to use the Centrepay system for years, even after two reports
warned about a possible lack of consumer protections, according to
ABC.

Advocates said it is time for the government to take responsibility
for its part in the disaster, ABC adds.

David Michael Stimpson and Terrence John Rose of SV Partners were
appointed as administrators of Youpla Group on March 11, 2022.



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

FOSUN INTERNATIONAL: Moody's Puts Ba3 CFR on Review for Downgrade
-----------------------------------------------------------------
Moody's Investors Service has placed the Ba3 corporate family
rating of Fosun International Limited on review for downgrade.

Moody's has also placed the Ba3 backed senior unsecured rating on
the bonds issued by Fortune Star (BVI) Limited on review for
downgrade. The bonds are unconditionally and irrevocably guaranteed
by Fosun.

The ratings outlook has been changed to ratings under review from
stable.

"The review for downgrade reflects our concern that public bond
market investors' increasing risk aversion will pressure Fosun's
already-tight liquidity and large onshore and offshore debt
maturities in the next 6–12 months. The domestic property
downturn will also increase credit contagion risk and add liquidity
pressure to Fosun's core property subsidiaries," says Lina Choi, a
Moody's Senior Vice President.

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

Fosun's liquidity is very weak at the holding company (holdco)
level. Its cash on hand at the holdco level as of end March 2022 is
insufficient to cover its short-term debt maturing over the next 12
months, and its recurring income, which comprises mainly dividends
from underlying investments, are inadequate to cover interest and
operating expenses.

Moody's expects Fosun to face challenges in accessing the public
bond market amid onshore and offshore investors' increasing risk
aversion toward high-yield privately owned companies with exposures
to the property sector. This will significantly increase Fosun's
refinancing risk. Fosun had around 45% of its debts at the holdco
level maturing within one year as of the end of March 2022.  

Around half of Fosun's maturing short-term debt consist of onshore
and offshore public bonds. But it will be difficult for Fosun to
issue new long term bonds in either markets. For instance, new
domestic bonds issued on clean basis this year were short-term and
with higher coupons. Fosun's increasing use of secured debt will
also weaken its financial flexibility.

Fosun has maintained access to bank funding to meet its refinancing
needs, and holds a large amount of marketable securities that could
provide alternative liquidity. Moody's expects the company to
increase its divestures and scale down its investments to preserve
liquidity for debt repayment. But there are uncertainties regarding
the timing of execution and the actual amount of proceeds to be
raised from these channels. Moody's is also concerned that
continual divestures will weaken Fosun's oncoming dividend income
and the size and quality of its investment portfolio, which may not
support its Ba3 rating profile.

Meanwhile, Moody's expects contagion risk from Fosun's property
investee, such as Shanghai Forte Land Company Limited (Forte), will
rise amid China's property downturn, despite the stable performance
of other investees in sectors such as pharmaceuticals, financial
services, metals and mining and tourism.

Moody's estimates that a meaningful proportion of Fosun's portfolio
consists of Chinese property businesses via Forte and its listed
subsidiary, Shanghai Yuyuan Tourist Mart Co., Ltd (Yuyuan).

Moody's review will focus on (1) Fosun's ability to raise funds,
either via the public bond market or through banks to meet its
refinancing needs, without materially increasing its funding costs
or shortening its debt maturity profile, (2) the execution of the
company's asset divestment plan, and (3) any contagion risk from
its property investees.

Moody's could confirm the ratings if (1) Fosun's access to the bond
market and bank facilities improves; (2) it executes its divestures
successfully to fund investment and debt repayment; (3) contagion
risk from its property investees do not materialize; and (4) the
company maintains a stable business and financial profile at the
holdco level, such that its adjusted (FFO+interest)/interest ratio
remains stable or its consolidated adjusted debt/capitalization
stays below 56-58%, all on a sustained basis.

Moody's could downgrade Fosun's rating if (1) the company's access
to funding weakens, as indicated by its reduced access to the
domestic bond market or difficulty in obtaining new bank
facilities; (2) its execution and market risk for asset divesture
increases; (3) contagion risk from property investees materializes;
and (4) the company's business and financial profiles weaken, as
indicated by a deterioration in its portfolio quality after the
asset divestures, lower  recurring income at the holdco level, and
a material drop in listed and unencumbered assets of the portfolio,
with a further weakening in its adjusted (FFO+interest)/interest,
or its consolidated adjusted debt/capitalization above 56-58%.

The principal methodology used in these ratings was Investment
Holding Companies and Conglomerates published in July 2018.

Fosun International Limited (Fosun) is headquartered in Shanghai
and listed on the Hong Kong Stock Exchange in 2007.

Fosun has diversified businesses spanning four broad categories:
(1) integrated finance (Wealth); (2) tourism, leisure and consumer
(Happiness); (3) pharmaceuticals, medical services and health
products (Health) and (4) resources, environment and technology
(Intelligent Manufacturing).

The estimated market value of Fosun's investment portfolio totaled
around RMB289 billion at the end of 2021. The consolidated group's
revenue totaled RMB161 billion in 2021.

HIDILI INDUSTRY: Asks U.S. Recognition for $190-Mil. Debt Swap
--------------------------------------------------------------
A Chinese coal mining company is asking a New York bankruptcy court
for U.S. recognition of a $190 million debt for equity swap
recently approved by a Hong Kong court, saying the deal is the
result of more than 6.5 years of talks with creditors.

Hidili Industry International Development Ltd. filed for Chapter 15
recognition of the Hong Kong court order approving what it said was
a nearly unanimously-approved restructuring support agreement with
its noteholders.

On Nov. 4, 2010, Hidili issued the 8.625% senior notes due 2015
under the Indenture in the principal amount of US$400 million, and
the Subsidiary Guarantors guaranteed Hidili's obligations under the
Notes and the Indenture. The Notes are secured by certain stock
pledges, including a pledge by Hidili of the stock of the
Subsidiary Guarantors.  Since April 8, 2011, the Notes have been
listed on the Singapore Exchange Securities Trading Limited.

Although Hidili took steps to streamline the Group's operations and
attempted to sell assets -- including its 50% equity stake in the
Yunnan mining joint venture -- to improve the Group's operational
efficiency and to raise the cash necessary to pay the Notes at
their Nov. 4, 2015 maturity, Hidili's efforts were unsuccessful and
it defaulted on the Notes.  As of that date (the "Default Date"),
the principal outstanding under the Notes was US$182,751,000 and
the accrued and unpaid interest was US$7,989,098.

On Oct. 30, 2015, Hidili announced that it would not be in a
position to pay the principal and accrued interest on the Notes at
maturity. Thereafter, Hidili engaged in initial discussions with
certain Noteholders.

On Jan. 19, 2016, Roche & Owen Associates (PTE) Limited, a holder
of the Notes issued by the Debtor, presented a winding up petition
against Hidili in the Hong Kong Court for the outstanding principal
and interest due to the Noteholders (the "Winding Up Proceeding").

On Nov. 17, 2017, the Hong Kong Court adjourned the hearing on the
winding up petition, and to date, no substantive argument on the
petition in the Winding Up Proceeding has occurred.

On Nov. 1, 2021, the Steering Committee of Noteholders and Hidili
agreed on the terms of a Restructuring Support Agreement, under
which the executing Noteholders have agreed to take all actions
reasonably necessary to support, facilitate, implement or otherwise
give effect to a Notes Restructuring.  Capital Limited, Barclays
Bank PLC, and Haitong International Financial Products Limited are
the members of the steering committee.

On Jan. 31, 2022, the Debtor filed an ex parte originating summons
seeking orders convening a meeting to consider and, if thought fit,
approve a scheme of arrangement in respect of the Debtor.  Upon a
hearing held before the High Court of Hong Kong Special
Administrative Region, Court of First Instance on Feb. 9, 2022, the
Hong Kong Court entered an order that, among other things,
authorized Hidili to convene a meeting of creditors of the Debtor
whose claims would be affected by the Scheme to consider and, if
thought fit, approve the Scheme.

The Scheme contemplates a restructuring in which each Scheme
Creditor that has submitted the necessary documentation to prove
its claim in respect of the Notes and the Indenture (a "Scheme
Claim") is entitled to consideration comprised of is pro rata share
of ordinary shares issued by Hidili (the "Scheme Shares"), a cash
payment equal to 3/16 of the Total Accrued Interest Amount, and US
dollar denominated zero-coupon bonds to be issued by Hidili in a
principal amount of 13/16 of the Total Accrued Interest Amount (the
"Zero-Coupon Bonds" and together with the Scheme Shares and the
Cash Payment, the "Scheme Consideration").  The Scheme Shares will,
in aggregate, constitute 46.1% of the entire issued shares in
Hidili on a fully diluted basis as of the Restructuring Effective
Date and shall be listed and tradable on the SEHK.

The Scheme affects only the rights of the holders of Notes (the
"Noteholders" or "Scheme Creditors") and does not affect the rights
of any other creditors of Hidili or the Group.

The Scheme and the Notes Restructuring are components of a broader
financial restructuring that includes the restructuring (the
"Onshore Restructuring") of the liabilities of certain members of
the Group (the "Onshore Financing Liabilities") to banks (the "PRC
Lending Banks") based in the People's Republic of China.  The
completion of the Onshore Restructuring is a condition to the
effectiveness of the Scheme.  The Onshore Restructuring will be
implemented in a process that is separate from the Scheme.

                       About Hidili Industry

Hidili Industry International Development Ltd. is a Chinese coal
mining company.  Hidili owns a group of companies engaged in the
coal and coke business in China, operating coal mines, and coal
washing.

Hidili's headquarters are at 16th Floor, Dingli Mansion, No. 185
Renmin Road, Panzhihua, Sichuan 617000, China. Hidili maintains an
office at Room 1306, 13th Floor, Tai Tung Building, 8 Fleming Road,
Wanchai, Hong Kong, which serves as its principal place of business
in Hong Kong.

The Group's audited consolidated financial statements for the year
Ended Dec. 31, 2021, reflects that the Group's total current assets
are US$240.39 million and total non-current assets are US$1,628.51
million, for total assets of US$1,868.90 million.  Hidili's audited
consolidated financial statements for the year ended Dec. 31, 2021,
reflects that the Group's total current liabilities are US$1,674.74
million and total non-current liabilities are US$51.98 million, for
total liabilities of
US$1,726.72 million.

Hidili Industry International Development Ltd. sought Chapter 15
bankruptcy protection (Bankr. S.D.N.Y. Case No. 1:22-bk-10736) on
June 10, 2022 to seek recognition of its proceedings before the
High Court of Hong Kong Special Administrative Region, Court of
First Instance.  

Chu Lai Kuen, the Chief Financial Officer and Company Secretary of
the Company, has been appointed as legal foreign representative to
represent the Debtor in the Chapter 15 proceedings.

Hidili's U.S. counsel:

      Stephen M. Wolpert
      Dechert LLP
      212-698-3836
      stephen.wolpert@dechert.com


HNA INNOVATION: Delisted from Shanghai Stock Exchange
-----------------------------------------------------
Caixin Global reports that a former unit of bankrupt HNA Group Co.
Ltd. received a delisting notice from the Shanghai Stock Exchange
as 2021 revenue fell below the minimum of CNY100 million (US$14.9
million) and the company reported four consecutive years of
losses.

As required by the exchange, the company's shares will begin a
delisting period June 16, and the final trading date is expected to
be July 6. On April 29, the last trading day before a suspension,
HNA Innovation's stock closed at CNY1.22 per share, giving the
enterprise a market value of CNY1.59 billion, Caixin notes.

HNA Innovation Co Ltd is a company engaged in tourism hotel
catering service industry. The Company's business mainly includes
tourism catering service business and scenic spot development,
construction, operation, investment and other businesses. The
tourism catering service business refers to the Company's use of
hotels, clubs and related activities to provide tourism products
and services in the scenic spot. The scenic spot development,
construction, operation, investment and other businesses mean that
the Company cooperates with multi industry partners such as
entertainment, sports and training services to carry out a number
of activities such as cycling events, golf training and other
sports, camping, wedding photography, international exhibitions and
so on.


[*] CHINA: Developers Face Mounting Debt Payments in Coming Months
------------------------------------------------------------------
Caixin Global reports that Chinese property developers face
imminent deadlines to repay multibillion-dollar debts, underscoring
the urgency for many distressed companies to seek extensions amid
limited access to new funding and a market slowdown.

Two hundred major developers in China will need to repay debts
totaling CNY175.5 billion ($26 billion) in June and July, about 61%
of the total maturities in the second half of the year, Caixin
discloses citing data from property consultancy China Real Estate
Information Corp. (CRIC).





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

AGL TELEVENTURES PRIVATE: Insolvency Resolution Case Summary
------------------------------------------------------------
Debtor: AGL Televentures Private Limited
        S-206, 1st Floor
        Panchseel Park
        New Delhi 110017

Insolvency Commencement Date: June 9, 2022

Court: National Company Law Tribunal, Gurugram Bench

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

Insolvency professional: Vikky Dang

Interim Resolution
Professional:            Vikky Dang
                         B-11, Near Mangal Bazar
                         Gurudwara, Vishnu Garden
                         New Delhi 110018
                         E-mail: vikkydang@gmail.com

                            - and -

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

Last date for
submission of claims:    June 23, 2022


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

The instrument-wise rating actions are:

-- INR75 mil. Fund-based working capital limit migrated to non-
     cooperating category with IND B+ (ISSUER NOT COOPERATING)/IND

     A4 (ISSUER NOT COOPERATING) rating; and

-- INR59.58 mil. Term loans due on September 2024 migrated to
     non-cooperating category with IND B+ (ISSUER NOT COOPERATING)

     rating.

Note: ISSUER NOT COOPERATING: The ratings were last reviewed on
April 23, 2021. Ind-Ra is unable to provide an update, as the
agency does not have adequate information to review the ratings.

Company Profile

Apurva Textile was established in 1999 as a partnership firm. The
firm is engaged in the trading of readymade garments. It has two
outlets in Chittoor and Tirupati, Andhra Pradesh.


ARUNACHALA WEAVING: CARE Lowers Rating on INR23.13cr Loan to B+
---------------------------------------------------------------
CARE Ratings has revised the ratings on certain bank facilities of
Arunachala Weaving Mills (AWM), as:

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank      23.13       CARE B+; Stable; ISSUER NOT
   Facilities                      COOPERATING; Rating continues
                                   To remain under ISSUER NOT
                                   COOPERATING category and
                                   Revised from CARE BB-; Stable

   Short Term Bank      2.87       CARE A4; ISSUER NOT
   Facilities                      COOPERATING; Rating continues
                                   to remain under ISSUER NOT
                                   COOPERATING category

Detailed Rationale & Key Rating Drivers

CARE Ratings Ltd. had, vide its press release dated March 25, 2021,
placed the rating(s) of AWM under the 'issuer non-cooperating'
category as AWM had failed to provide information for monitoring of
the rating and had not paid the surveillance fees for the rating
exercise as agreed to in its Rating Agreement. AWM continues to be
non-cooperative despite repeated requests for submission of
information through e-mails, phone calls and a letter/email dated
February 8, 2022, February 18, 2022, February 28, 2022.

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

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

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

Arunachala Weaving Mills (AWM) was established in the year 2004 by
Mr. Prabhu Muthukannan V.K. (Managing Partner) and his wife, Mrs.
Punitha Prabhu in Coimbatore, Tamil Nadu. The firm is engaged in
manufacturing of grey fabrics which are used for garments and
industrial uses. The firm has its manufacturing facility located at
Neelambur, Coimbatore, Tamil Nadu.


AUROBINDO AUTOMOTIVE: CARE Keeps B- Debt Rating in Not Cooperating
------------------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Sri
Aurobindo Automotive Components (SAAC) continues to remain in the
'Issuer Not Cooperating' category.

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

   Long Term/           3.25       CARE B-; Stable/CARE A4;
   Short Term                      ISSUER NOT COOPERATING;
   Bank Facilities                 Rating continues to remain
                                   Under ISSUER NOT COOPERATING
                                   Category

   Short Term Bank      2.00       CARE A4; ISSUER NOT
   Facilities                      COOPERATING; Rating continues
                                   to remain under ISSUER NOT
                                   COOPERATING category

Detailed Rationale & Key Rating Drivers

CARE Ratings Ltd. had, vide its press release dated April 05, 2021,
placed the rating(s) of SAAC under the 'issuer non-cooperating'
category as SAAC had failed to provide information for monitoring
of the rating and had not paid the surveillance fees for the rating
exercise as agreed to in its Rating Agreement. SAAC continues to be
non-cooperative despite repeated requests for submission of
information through e-mails, phone calls and a letter/email dated
February 19, 2022, March 1, 2022, March 11, 2022.

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

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

Sri Aurobindo Automotive Components was established in the year
1986 as a proprietorship firm by Mr. Piush Gupta who has around
three decades of experience in the industry. Sri Aurobindo
Automotive Components is engaged in manufacturing of auto parts for
four wheelers through hot forging process.


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

The instrument-wise rating action is:

-- INR68.7 mil. Fund-based working capital limits migrated to
     non-cooperating category with IND B+ (ISSUER NOT COOPERATING)

     rating.

Note: ISSUER NOT COOPERATING: The ratings were last reviewed on
April 23, 2021. Ind-Ra is unable to provide an update, as the
agency does not have adequate information to review the ratings.

Company Profile

Incorporated on November 20, 2012, Shri Bankey Bihari Plastics is a
partnership firm. The firm is a del credere agent and consignment
stockist for OPaL-polymer products in Punjab.


BC SEN: Ind-Ra Downgrades Long Term Issuer Rating to 'BB'
---------------------------------------------------------
India Ratings and Research (Ind-Ra) has downgraded BC Sen & Company
Limited's (BC Sen) Long-Term Issuer Rating to 'IND BB (ISSUER NOT
COOPERATING)' from 'IND BBB- (ISSUER NOT COOPERATING)'.

The instrument-wise rating actions are:

-- INR295 mil. Fund-based limits downgraded with 'IND BB (ISSUER
     NOT COOPERATING)'/ IND A4+ (ISSUER NOT COOPERATING)' rating;
     and

-- INR100 mil. Non-fund-based limits downgraded with IND A4+
     (ISSUER NOT COOPERATING) rating.

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

Key Rating Drivers

The downgrade is pursuant to the Securities and Exchange Board of
India's circular SEBI/HO/MIRSD/CRADT/CIR/P/2020/2 dated January 3,
2020. As per the circular, any issuer with an investment-grade
rating remaining non-cooperative with a rating agency for more than
six months should be downgraded to a sub-investment grade rating.


The current outstanding rating of 'IND BB (ISSUER NOT COOPERATING)'
might not reflect BC Sen's credit strength, as the company has been
non-cooperative with the agency since August 16, 2021. Therefore,
investors and other users are advised to take appropriate caution
while using these ratings.

Company Profile

BC Sen has been trading gold jewelry since 1888. It has six
showrooms in Kolkata and one in Gurugram.


BEST EDUCATION: CRISIL Keeps B Debt Ratings in Not Cooperating
--------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Best
Education Trust (BET) continue to be 'CRISIL B/Stable/CRISIL A4
Issuer Not Cooperating'.

                         Amount
   Facilities         (INR Crore)     Ratings
   ----------         -----------     -------
   Long Term Loan          2.5        CRISIL B/Stable (Issuer Not
                                      Cooperating)

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

   Long Term Loan          2.5        CRISIL B/Stable (Issuer Not
                                      Cooperating)

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

   Overdraft Facility      0.75       CRISIL A4 (Issuer Not       
                                      Cooperating)

   Proposed Long Term      3.45       CRISIL B/Stable (Issuer Not
   Bank Loan Facility                 Cooperating)

CRISIL Ratings has been consistently following up with BET for
obtaining information through letters and emails dated March 14,
2022 and May 9, 2022 among others, apart from telephonic
communication. However, the issuer has remained non cooperative.

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

Detailed Rationale

Despite repeated attempts to engage with the management, CRISIL
Ratings failed to receive any information on either the financial
performance or strategic intent of BET, which restricts CRISIL
Ratings' ability to take a forward-looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on BET
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the ratings on bank facilities of
BET continues to be 'CRISIL B/Stable/CRISIL A4 Issuer Not
Cooperating'.

BET was founded in fiscal 2007 by Mr Muniraju D (founder secretary
and principal). It operates Attibele Public School in Bengaluru.


BHODAY STEEL: CARE Keeps B- Debt Rating in Not Cooperating
----------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Bhoday
Steel Rolling Mills (BSRM) continues to remain in the 'Issuer Not
Cooperating ' category.

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

Detailed Rationale & Key Rating Drivers

CARE Ratings Ltd. had, vide its press release dated May 26, 2021,
placed the rating(s) of BSRM under the 'issuer non-cooperating'
category as BSRM had failed to provide information for monitoring
of the rating and had not paid the surveillance fees for the rating
exercises agreed to in its Rating Agreement. BSRM continues to be
non-cooperative despite repeated requests for submission of
information through e-mails, phone calls and a letter/email dated
April 11, 2022, April 21, 2022, May 1, 2022.

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

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

Bhoday Steel Rolling Mills (BSR) was established in 1992 as a
partnership firm and is currently being managed by Mr. Gurmeet
Singh and Mr. Balwinder Singh, as its partners, sharing profit and
losses equally. The firm is engaged in the manufacturing of iron
and steel products like steel flat bars, mild steel flat bars,
steel round bars, iron bars, stainless steel flat bars etc. at its
manufacturing facility located in Mandi Gobindgarh, Punjab.


BHUPINDER SINGH: CARE Lowers Rating on INR8.72cr Loan to B
----------------------------------------------------------
CARE Ratings has revised the ratings on certain bank facilities of
Bhupinder Singh (BS), as:

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank       8.72       CARE B; Stable; ISSUER NOT
   Facilities                      COOPERATING; Rating continues
                                   To remain under ISSUER NOT
                                   COOPERATING category and
                                   Revised from CARE B+; Stable

   Short Term Bank      0.30       CARE A4; ISSUER NOT
   Facilities                      COOPERATING; Rating continues
                                   to remain under ISSUER NOT
                                   COOPERATING category

Detailed Rationale & Key Rating Drivers

CARE Ratings Ltd. had, vide its press release dated April 8, 2021,
placed the rating(s) of BS under the 'issuer non-cooperating'
category as BS had failed to provide information for monitoring of
the rating and had not paid the surveillance fees for the rating
exercise as agreed to in its Rating Agreement. BS continues to be
non-cooperative despite repeated requests for submission of
information through e-mails, phone calls and a letter/email dated
February 22, 2022, March 4, 2022, March 14, 2022.

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

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

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

Howrah (West Bengal) based, M/S Bhupinder Singh (BS) was
constituted as a partnership firm on June 25, 2011. The firm is an
associate concern of Gujral Group of companies. The group is
promoted by Mr. Bhupinder Singh Gujral and engaged in
transportation of LPG tankers for the major oil companies such as
Bharat Petroleum Corporation Limited (BPCL), Indian Oil Corporation
Limited (IOCL) and Hindustan Petroleum Corporation Limited (HPCL)
and hotel and restaurant business. The group is having 975 LPG
tankers and the loading point is Haldia, West Bengal.


CANOPY ESTATES: Insolvency Resolution Process Case Summary
----------------------------------------------------------
Debtor: M/s Canopy Estates Private Limited
        No. 969, 5th A Cross
        H.R.B.R., 1st Block
        Kalyan Nagar
        Bengaluru 560043
        Karnataka

Insolvency Commencement Date: June 9, 2022

Court: National Company Law Tribunal, Bangalore Bench

Estimated date of closure of
insolvency resolution process: December 3, 2022

Insolvency professional: Girish Kambadaraya

Interim Resolution
Professional:            Girish Kambadaraya
                         No.36, Chatura Homes
                         2nd Main, Meenakshinagar
                         Near Krishna Kalayana Mantapa
                         Basaveshwaranagar
                         Bangalore 560079
                         E-Mail: cmagirish999@gmail.com
                         Tel: 9980695702

                         No.207, Bindu Galaxy
                         No. 2, 1st Main
                         Chord Road, Industrial Town
                         Rajajinagar
                         Bengaluru 560010
                         E-Mail: cepl.cirp@gmail.com
                         Mobile: 9980695702

                            - and -

                         The Insolvency and Bankruptcy Board of
                         India, 7th Floor
                         Mayur Bhawan, Shankar Market
                         Connaught Circus, New Delhi 110001

Classes of creditors:    Allottees under real estate projects

Insolvency
Professionals
Representative of
Creditors in a class:    Mr. Chandra Sekhar Kandukoori
                         Vivekananda Nilaya, No. 41/A2
                         3rd Cross, Navy Layout
                         Chikkabanavara Post
                         Opp. Sapthagiri Engineering College
                         Bangalore 560090, Karnataka

                         Mr. Motappa Thimmarayaswamy
                         228, 5th Main, 5th Cross
                         Shiva Krupa, K.G. Nagar
                         Bengaluru 560019, Karnataka
                         E-Mail: swamymotappa@gmail.com

                         Mr. TVS Siva Prasad
                         Flat No. C-339, Mahaveer ZEPHYR
                         Kodi Chikkana Halli
                         Near Easyday
                         Bangalore 560076, Karnataka
                         E-Mail: sipra5860@gmail.com

Last date for
submission of claims:    June 20, 2022


DHABALESWAR TRADERS: CRISIL Keeps B+ Ratings in Not Cooperating
---------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Dhabaleswar
Traders (DT) continue to be 'CRISIL B+/Stable Issuer Not
Cooperating'.

                         Amount
   Facilities         (INR Crore)    Ratings
   ----------         -----------    -------
   Cash Credit              5        CRISIL B+/Stable (Issuer Not
                                     Cooperating)

   Proposed Long Term       5        CRISIL B+/Stable (Issuer Not
   Bank Loan Facility                Cooperating)

CRISIL Ratings has been consistently following up with DT for
obtaining information through letters and emails dated March 14,
2022 and May 09, 2022 among others, apart from telephonic
communication. However, the issuer has remained non cooperative.

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

Detailed Rationale

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

DT, incorporated in the year 2005 is a partnership firm and is
engaged in trading of agricultural commodities primarily pulses.


EASTERN SILK: Insolvency Resolution Process Case Summary
--------------------------------------------------------
Debtor: Eastern Silk Industries Limited
        19 R N Mukherjee Road
        Kolkata, West Bengal 700001

Insolvency Commencement Date: June 10, 2022

Court: National Company Law Tribunal, Kolkata Bench

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

Insolvency professional: Mr. Anil Agarwal

Interim Resolution
Professional:            Mr. Anil Agarwal
                         Unit No. 508, 5th Floor
                         1865, Rajdanga Main Road
                         Kolkata, West Bengal 700107
                         E-mail: anil@dvaonline.in

                            - and -

                         AAA Insolvency Professionals LLP
                         Mousumi Co.Op. Housing Society
                         15B, Ballygunge Circular Road
                         Kolkata 700019
                         E-mail: easternsilk@aaainsolvency.com

Last date for
submission of claims:    June 24, 2022


GALLANT JEWELRY: CARE Lowers Rating on INR14.76cr Loan to B/A4
--------------------------------------------------------------
CARE Ratings has revised the ratings on certain bank facilities of
Gallant Jewelry (GJ), as:

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term/Short     14.76       CARE B; Stable/CARE A4;
   Term Bank                       ISSUER NOT COOPERATING;
   Facilities                      Rating continues to remain
                                   under ISSUER NOT COOPERATING
                                   category and Revised from
                                   CARE B+; Stable/CARE A4

Detailed Rationale & Key Rating Drivers

CARE Ratings Ltd. had, vide its press release dated May 12, 2021,
placed the rating(s) of GJ under the 'issuer non-cooperating'
category as GJ had failed to provide information for monitoring of
the rating and had not paid the surveillance fees for the rating
exercise as agreed to in its Rating Agreement. GJ continues to be
non-cooperative despite repeated requests for submission of
information through e-mails, phone calls and a letter/email dated
March 28, 2022, April 7, 2022, April 17, 2022.

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

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

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

Jaipur (Rajasthan) based Gallant Jewelry (GJY) was formed in
October 2001 by Mr. Arvind Gupta and Mr. Banwari Lal Gupta.
Subsequently, the partnership deed reconstituted in 2007 by
admission of three new partners and retirement of one partner and
therefore, Mr. Arvind Gupta, Mr. Jugal Kishore Gupta, Mrs.
Kaushalya Devi Gupta and Mrs.Alka Gupta agreed to share profit and
loss in the ratio of 70%, 20%, 5% and 5% respectively. GJY is an
ISO 9001:2015 certified firm and is engaged in the business of
manufacturing, wholesale, retailing as well as trading of gold,
silver, diamond and platinum hallmark jewelry. The firm offers wide
range of products that include rings, earrings, pendants,
necklaces, bracelets, bangles, color stones and medallions.

GOKUL CERAMIC: Liquidation Process Case Summary
-----------------------------------------------
Debtor: Gokul Ceramic Private Limited
        8-A National Highway
        Village: Dhuva, Wankaner
        Rajkot, Gujarat 363622
        India

Liquidation Commencement Date: June 8, 2022

Court: National Company Law Tribunal, Ahmedabad Bench

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

Insolvency professional: Mr. Keyur Jagdishbhai Shah

Interim Resolution
Professional:            Mr. Keyur Jagdishbhai Shah
                         1007, Sun Avenue One
                         Near Shreyas Foundation
                         Manekbaug Society
                         Ambawadi, Ahmedabad
                         Gujarat 380015
                         E-mail: cs.keyurshah@gmail.com
                                 cirp.gokul@gmail.com

Last date for
submission of claims:    July 7, 2022


GSA RETAIL LIMITED: Insolvency Resolution Process Case Summary
--------------------------------------------------------------
Debtor: GSA Retail Limited
        116 F, B.T. Road
        NTC Compound
        Kamarhati
        Kolkata 700058

Insolvency Commencement Date: June 7, 2022

Court: National Company Law Tribunal, Kolkata Bench

Estimated date of closure of
insolvency resolution process: December 3, 2022

Insolvency professional: Vishnu Kumar Tulsyan

Interim Resolution
Professional:            Vishnu Kumar Tulsyan
                         A-404, VIP Enclave
                         Baguiati, Kolkata 700059
                         E-mail: tulsyanvk@gmail.com

                            - and -

                         Aradhanna Building
                         2nd Floor Unit 210, P-2
                         New CIT Road
                         Kolkata 700073
                         E-mail: gsa.cirp@gmail.com

Last date for
submission of claims:    June 21, 2022


HANUMAN LOHA: CRISIL Keeps B+ Debt Rating in Not Cooperating
------------------------------------------------------------
CRISIL Ratings said the rating on bank facilities of Shree Hanuman
Loha Limited (SHLL; part of the Balajee group) continues to be
'CRISIL B+/Stable Issuer Not Cooperating'.

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


CRISIL Ratings has been consistently following up with SHLL for
obtaining information through letters and emails dated March 14,
2022 and May 9, 2022 among others, apart from telephonic
communication. However, the issuer has remained non cooperative.

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

Detailed Rationale

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

For arriving at the rating, CRISIL Ratings has combined the
business and financial risk profiles of Balajee Loha Ltd (BLL),
SHLL, and Balajee Structurals (India) Ltd (BSIL). This is because
these companies, collectively referred to as the Balajee group,
have a common management and fungible cash flow, and are in the
same business.

Promoted by Raipur-based Agrawal family, the Balajee group
manufactures ingots and billets, steel long products, and
structural products. The group utilises ingots/billets manufactured
in-house for its rolling mills.


HITKARI PACKAGING: Insolvency Resolution Process Case Summary
-------------------------------------------------------------
Debtor: Hitkari Packaging Private Limited
        339-340, GIDC Estate
        Waghodia, Vadodara
        Gujarat 391760

Insolvency Commencement Date: June 10, 2022

Court: National Company Law Tribunal, Surat Bench

Estimated date of closure of
insolvency resolution process: November 27, 2022

Insolvency professional: Mr. Mukesh Ramjibhai Dayani

Interim Resolution
Professional:            Mr. Mukesh Ramjibhai Dayani
                         302, Laxmi Enclave-1
                         Opp. Gajera School
                         Katargam, Surat 395004
                         E-mail: mukeshdayani.ip@gmail.com
                                 cirp.hitkari@gmail.com

Last date for
submission of claims:    June 25, 2022


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

The instrument-wise rating actions are:

-- INR8.00 mil. Non-convertible debentures (NCDs) (long-term)*
     maintained in non-cooperating category with IND D (ISSUER NOT

     COOPERATING) rating; and

-- INR1.19 mil. Long-term loan due on December 31, 2018
     maintained in non-cooperating category with IND D (ISSUER NOT

     COOPERATING) rating.

*Details in the annexure

Note: ISSUER NOT COOPERATING: The ratings were last reviewed on May
28, 2021. Ind-Ra is unable to provide an update, as the agency does
not have adequate information to review the ratings.

Company Profile

IL&FS Transportation Networks is a surface transportation
infrastructure company and the largest private sector road operator
in India under the build-operate-transfer model.


JSM PROTEINS: CRISIL Keeps D Debt Ratings in Not Cooperating
------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of JSM Proteins
Private Limited continue to be 'CRISIL D/CRISIL D Issuer Not
Cooperating'.

                         Amount
   Facilities         (INR Crore)     Ratings
   ----------         -----------     -------
   Bank Guarantee        0.5          CRISIL D (Issuer Not
                                      Cooperating)

   Cash Credit           8.5          CRISIL D (Issuer Not
                                      Cooperating)

   Letter of Credit      4            CRISIL D (Issuer Not
                                      Cooperating)

   Letter of Credit     11            CRISIL D (Issuer Not
                                      Cooperating)

CRISIL Ratings has been consistently following up with JSM for
obtaining information through letters and emails dated March 14,
2022 and May 9, 2022 among others, apart from telephonic
communication. However, the issuer has remained non cooperative.

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

Detailed Rationale

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

Set up by Mr. Manoj Wadhwa in 2010, JSM is a trader and distributor
of edible oil, dairy products, and sugar, mainly in Haryana. The
company commenced commercial operations in February 2011 after the
edible oil trading business of its group entity, Shubh Marketing,
was transferred to it.


K & J PROJECTS: CARE Lowers Rating on INR23.83cr Loan to C
----------------------------------------------------------
CARE Ratings has assigned rating to the bank facilities of K & J
Projects Private Limited (KJPPL), as:

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank      23.83       CARE C; Stable; ISSUER NOT
   Facilities                      COOPERATING; Rating continues
                                   To remain under ISSUER NOT
                                   COOPERATING category and
                                   Revised from CARE BB+; Stable

Detailed Rationale & Key Rating Drivers

CARE Ratings Ltd. had, vide its press release dated March 25, 2021,
placed the rating(s) of KJPPL under the 'issuer non-cooperating'
category as KJPPL had failed to provide information for monitoring
of the rating and had not paid the surveillance fees for the rating
exercise as agreed to in its Rating Agreement. KJPPL continues to
be noncooperative despite repeated requests for submission of
information through e-mails, phone calls and a letter/email dated
February 8, 2022, February 18, 2022, February 28, 2022 and June 8,
2022.

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

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

The rating assigned to the bank facilities of KJPPL have been
revised on account of qualification made by the auditor with
regards to debt servicing in the FY21 audit report available for
registrar of company.

Nagpur based, KJPPL [formerly known as Kaware & Jawade Projects
Private Limited] incorporated in the year 2004 is promoted by Mr.
Narendra Kaware and Mr. Milind Jawade. The company is engaged in
the business of providing consultancy services in all aspects of
civil engineering like road construction, outline design for
planning and building control applications, detailed design and
construction management.


K. K. FIBERS: CRISIL Keeps B+ Debt Ratings in Not Cooperating
-------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of K. K. Fibers
(KKF; part of the KK group) continue to be 'CRISIL B+/Stable Issuer
Not Cooperating'.

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

   Proposed Long Term      1.31      CRISIL B+/Stable (Issuer Not
   Bank Loan Facility                Cooperating)

CRISIL Ratings has been consistently following up with KKF for
obtaining information through letters and emails dated March 14,
2022 and May 9, 2022 among others, apart from telephonic
communication. However, the issuer has remained non cooperative.

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

Detailed Rationale

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

For arriving at the rating, CRISIL Ratings has combined the
business and financial risk profiles of KKF and KK Finecot Private
Limited (KKPL). This is because both the entities, together
referred to as the KK group, are engaged in a similar business,
managed by common promoters, and have operational linkages in the
form of common procurement.

The KK group, based in Khargone, Madhya Pradesh, is promoted by the
Agrawal family. KKF, a partnership firm established in 2006, gins
and presses raw cotton and sells cotton seeds. It has an in-house
oil mill for extracting oil from cotton seeds. KKFL, incorporated
in fiscal 2012, also gins and presses raw cotton.


KVK BIO: Ind-Ra Keeps 'D' Term Loan Rating in Non-Cooperating
-------------------------------------------------------------
India Ratings and Research (Ind-Ra) has maintained KVK Bio Energy
Private Limited's term loan in the non-cooperating category. The
issuer did not participate in the rating exercise despite
continuous requests and follow-ups by the agency. Therefore,
investors and other users are advised to take appropriate caution
while using these ratings. The rating will continue to appear as
'IND D (ISSUER NOT COOPERATING)' on the agency's website.

The instrument-wise rating action is:

-- INR35 mil. Working capital facility (long-term) maintained in
     non-cooperating category with IND D (ISSUER NOT COOPERATING)
     rating.

Note: ISSUER NOT COOPERATING: the ratings were last reviewed on
March 27, 2017. Ind-Ra is unable to provide an update, as the
agency does not have adequate information to review the ratings.

Company Profile

KVK Bio Energy, sponsored by MMS Steel & Power Pvt Ltd (95% stake)
and KVK Energy & Infrastructure Private Limited (5% stake), owns a
15MW biomass-based power plant in Chhattisgarh.



LAXMI RICE: CARE Keeps B- Debt Rating in Not Cooperating
--------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Laxmi Rice
Mills- Muktsar (LRMM) continues to remain in the 'Issuer Not
Cooperating ' category.

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank      12.83       CARE B-; Stable; ISSUER NOT
   Facilities                      COOPERATING; Rating continues
                                   To remain under ISSUER NOT
                                   COOPERATING category  

Detailed Rationale & Key Rating Drivers

CARE Ratings Ltd. had, vide its press release dated May 25, 2021,
placed the rating(s) of LRMM under the 'issuer non-cooperating'
category as LRMM had failed to provide information for monitoring
of the rating and had not paid the surveillance fees for the rating
exercise as agreed to in its Rating Agreement. LRMM continues to be
non-cooperative despite repeated requests for submission of
information through e-mails, phone calls and a letter/email dated
April 10, 2022, April 20, 2022, April 30, 2022.

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

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

Laxmi Rice Mills (LRM) was established as partnership firm in 1995
and is currently being managed by Mr. Darshan Lal Garg and Mrs.
Anita Rani. The firm is engaged in processing of paddy at its
manufacturing facility located in Muktsar, Punjab.


MAHA HYDRAULICS: CRISIL Keeps B Debt Rating in Not Cooperating
--------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Maha
Hydraulics Private Limited (MHPL) continue to be 'CRISIL
B/Stable/CRISIL A4 Issuer Not Cooperating'.

                         Amount
   Facilities         (INR Crore)     Ratings
   ----------         -----------     -------
   Bank Guarantee          5          CRISIL A4 (Issuer Not
                                      Cooperating)

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

   Letter of Credit        2          CRISIL A4 (Issuer Not
                                      Cooperating)

CRISIL Ratings has been consistently following up with MHPL for
obtaining information through letters and emails dated March 14,
2022 and May 9, 2022 among others, apart from telephonic
communication. However, the issuer has remained non cooperative.

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

Detailed Rationale

Despite repeated attempts to engage with the management, CRISIL
Ratings failed to receive any information on either the financial
performance or strategic intent of MHPL, which restricts CRISIL
Ratings' ability to take a forward-looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on MHPL
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the ratings on bank facilities of
MHPL continue to be 'CRISIL B/Stable/CRISIL A4 Issuer Not
Cooperating'.

Based in Chennai, MHPL manufactures hydraulic systems for hydraulic
motors, hydraulic power packs, and hydraulic cylinders. The company
was incorporated in November 1999 by promoters Mr R Venkata
Krishnan and Mr Ramesh Babu.


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

The instrument-wise rating action is:

-- INR300 mil. Fund-based limits migrated to Non-Cooperating
     category with IND BB- (ISSUER NOT COOPERATING) rating.

Note: ISSUER NOT COOPERATING: The rating was last reviewed on May
7, 2021. Ind-Ra is unable to provide an update, as the agency does
not have adequate information to review the ratings.

Company Profile

Incorporated in 1982, Shri Mahabir Dyg & Ptg Mills manufactures
sarees and dress materials at its 1,00,000 meters per day plant.
The company has a registered office in Mumbai. Subhash Kumar
Ganeriwal, Saroj S Ganeriwal, Naresh Kumar Agarwal and Shiv Prakash
Agarwal are the directors.


MAHESHWARI TRADERS: CARE Assigns B+ Rating to INR13.50cr Loan
-------------------------------------------------------------
CARE Ratings has assigned rating to the bank facilities of Shree
Maheshwari Traders (SMT), as:

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank      13.50       CARE B+; Stable; Assigned
   Facilities     
                  
Detailed Rationale & Key Rating Drivers

The ratings assigned to the bank facilities of SMT are constrained
on account of weak financial risk profile marked by low net worth
base, leveraged capital structure, stressed debt service coverage
indicators along with modest scale of operations. The ratings are
also partially offset by the presence of the firm in highly
fragmented and competitive industry, geographical concentration of
sales and the constitution of SMT as a HUF (Hindu Undivided
Family).

However, the ratings, derives strength from the experienced and
resourceful promoter with an established track record of operations
in the industry and diversified product offerings of highly reputed
brands.

Rating Sensitivities

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

* Scaling up of operations resulting in growth in total operating
income (TOI) to more than Rs.120 crores along with
improvement in profitability

* Improvement in overall gearing and debt coverage indicators on a
sustained basis

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

* Decline in scale of operations by more than 20% on sustained
basis

* Decline in PBILDT margin by more than 200 bps on a sustained
basis

Detailed description of the key rating drivers

Key Rating Weaknesses

* Modest scale of operations: The total operating income of SMT
remained modest at Rs.85.54 crore in FY22 (Prov.) (refers to the
period April 01 to March 31) (PY: Rs. 78.41 crore) and has reported
CAGR growth of 5.75% in TOI over past four years ending FY22. The
PBILDT margin remains moderate in the range of 8%-9% during past
five years ended FY22 expect for FY21 on account of dip in
incentive income. Further, owing to higher finance cost the PAT
margins remains thin at below 1% over the period of five years
ending FY22.

* Leveraged capital structure and weak debt coverage indicators:
The financial risk profile of SMT is marked by lower net worth base
and leveraged capital structure with an overall gearing of 3.17x as
on March 31, 2022 (3.73x as on March 31, 2021). The debt coverage
indicators remains weak marked by total debt to GCA and interest
coverage of 90.92x (PY:233.88x) and 1.05 times (PY: 0.56 times)
respectively in FY22.

* Geographical concentration of sales: SMT is exposed to supplier
concentration risk, as almost 50% of its purchases are from top 5
suppliers. This exposes the firm to price volatility risk, where it
has to rely on few suppliers for spot purchases to cater to its
customer commitments. Further, SMT has majority of its clientele
base in the state of Madhya Pradesh (MP) and during FY22, SMT
derived around 92% of its total sales from the state of Madhya
Pradesh, reflecting its high geographical concentration.

* Constitution as a Hindu Undivided Family (HUF): The constitution
of SMT as a HUF restricts the firm's financial flexibility in terms
of limited access to external funding or raise finance at
competitive rates primarily on account of an inherent risk of
withdrawal of capital. Any significant withdrawals from
the capital account will affect its capital structure.

* Highly fragmented and competitive nature of industry: SMT is
engaged in trading business and faces intense competition from the
organized as well as the unorganized in the trading segment which
restricts the firms pricing flexibility and bargaining power The
firm is exposed to high fragmentation in the trading industry,
which has numerous players at the bottom of the value chain due to
low entry barriers and low capital requirements.

Key Rating Strengths

* Experienced and resourceful promoter: SMT has an established
track record of operations in trading of automotive, industrial and
specialty lubricants and is currently being managed by Mr.
Jagdishchandra Nyati, having more than three decades in the
industry. The promoter have been regularly supporting the
operations of the firm with timely infusion of funds in the form of
unsecured loans.

* Diversified product offerings of highly reputed brands along with
low customer concentration risk: SMT offers wide range of products
like diesel engine oil, passenger car motor oils, passenger car
genuine oils, four stroke engine oil and two strokes engine oils
along with auto care products. SMT offers automotive and industrial
lubricants of highly reputed brands like Total, Savsol, Palco,
Petronas, Tafe, Escort, Ranol, Arrowmax, Xforce, Autorun, Reliance
and Simpson etc. The customer base of the firm is diversified
marked by 15.38% of its total sales being sold to the top 5
customers in FY22 (FY21: 13.08%).

Liquidity: Stretched

SMT's liquidity position remains stretched characterized by its
working capital intensive nature of operations, low cash accruals
vis-à-vis debt repayment obligations, high utilisation of
fund-based limits averaging to around 85-90% during the trailing 12
months ended April 302022 and low cash and bank balance of Rs.0.48
crore as on March 31, 2022. SMT's working capital cycle remained
elongated at 310 days in FY22 owing to its practice of maintaining
buffer inventory of 10-11 months. The firm has reported cash flow
from operations of Rs.6.04 crore in FY22 as against negative cash
flow from operations in FY21.

Established by Mr. Jagdishchandra Nyati in 1984, Shree Maheshwari
Traders (SMT) is a well-known stockiest, distributor and supplier
of Automotive, Industrial & Speciality Lubricants of highly reputed
brands like Total, Savsol, Palco, Tafe, Escort, Ranol, Xforce,
Autorun, Reliance, Simpson etc. It also trades products under its
own brands named 'Arrowmax' and 'Petronas'. SMT also deals in auto
care products such as "Super Palco".


MALWA AUTOMOTIVES: CARE Keeps B Debt Rating in Not Cooperating
--------------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Malwa
Automotives Private limited (MAPL) continues to remain in the
'Issuer Not Cooperating ' category.

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank      20.00       CARE B; Stable; ISSUER NOT
   Facilities                      COOPERATING; Rating continues
                                   To remain under ISSUER NOT
                                   COOPERATING category  

Detailed Rationale & Key Rating Drivers

CARE Ratings Ltd. had, vide its press release dated April 1, 2021,
placed the rating(s) of MAPL under the 'issuer non-cooperating'
category as MAPL had failed to provide information for monitoring
of the rating and had not paid the surveillance fees for the rating
exercise as agreed to in its Rating Agreement. MAPL continues to be
noncooperative despite repeated requests for submission of
information through e-mails, phone calls and a letter/email dated
February 15, 2022, February 25, 2022, March 7, 2022.

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

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

Delhi based Malwa Automotives Private Limited (MAPL) was
incorporated in September, 2012 as a private limited company. The
company is currently managed by Mr Chandra Mohan Sharma and Mr Bal
Kishan Sharma. The company is engaged in sale of motor vehicles
which includes retail sale of passenger cars. MAPL is an authorized
dealer and distributor of Jaguar Land Rover (from year 2014). MAPL
operates a 3S facility (Sales, Spares and Service) and has one
showroom and one service center located in Delhi.


MAQDOOM MOGHNY: Insolvency Resolution Process Case Summary
----------------------------------------------------------
Debtor: Maqdoom Moghny Enterprises Private Limited
        H.No. 18-2-479, Maqdoom Villa
        Jangampet, Falaknuma
        Hyderabad 500053

Insolvency Commencement Date: May 13, 2022

Court: National Company Law Tribunal, Hyderabad Bench

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

Insolvency professional: Bhupatipalli Vijaya Kumar

Interim Resolution
Professional:            Bhupatipalli Vijaya Kumar
                         Flat 101 & 103, Sri Shailaja Nivas
                         Bhavani Nagar, Dilsukh Nagar
                         Hyderabad 500060
                         E-ail: bvijayakumarca@gmail.com

Last date for
submission of claims:    June 7, 2022


MODULUS COSMETICS: Ind-Ra Cuts Long-Term Issuer Rating to 'BB'
--------------------------------------------------------------
India Ratings and Research (Ind-Ra) has downgraded Modulus
Cosmetics' Long-Term Issuer Rating to 'IND BB (ISSUER NOT
COOPERATING)' from 'IND BBB- (ISSUER NOT COOPERATING)'. The issuer
did not participate in the rating exercise despite continuous
requests and follow-ups by the agency. Thus, the rating is based on
the best available information. Therefore, investors and other
users are advised to take appropriate caution while using these
ratings.

The instrument-wise rating actions are:

-- INR7 mil. Working capital term loan due on June 2022
     downgraded with IND BB (ISSUER NOT COOPERATING) rating;

-- INR240 mil. Fund-based limits downgraded with IND BB (ISSUER
     NOT COOPERATING)/IND A4+ (ISSUER NOT COOPERATING) rating; and

-- INR160 mil. Non-fund-based limits downgraded with IND A4+
     (ISSUER NOT COOPERATING) rating.

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

Key Rating Drivers

The downgrade is pursuant to the Securities and Exchange Board of
India's circular SEBI/HO/MIRSD/CRADT/CIR/P/2020/2 dated January 3,
2020. As per the circular, any issuer with an investment-grade
rating remaining non-cooperative with a rating agency for more than
six months should be downgraded to a sub-investment grade rating.

The current outstanding rating of 'IND BB (ISSUER NOT COOPERATING)'
may not reflect  Modulus Cosmetics' credit strength as the company
has been non-cooperative with the agency since September 2021.
Therefore, investors and other users are advised to take
appropriate caution while using these ratings.

Company Profile

Established in 2010 by Rajan Dhir, Modulus Cosmetics manufactures
soap noodles for major fast-moving consumer goods companies such as
Hindustan Unilever Limited and ITC Limited. The company has an
installed capacity of 250 metric tons per day.


MS LUVISH: Ind-Ra Withdraws 'BB' Long-Term Issuer Rating
--------------------------------------------------------
India Ratings and Research (Ind-Ra) has withdrawn M.S. Luvish
Infosystems Private Limited's Long-Term Issuer Rating of 'IND BB'.


The instrument-wise rating action is:

-- The 'IND BB' rating on the INR1,101.76 bil. Term loan (long-
     term) due on November 28, 2031 is withdrawn.

Key Rating Drivers

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

Company Profile

M.S. Luvish Infosystems rents and leases its immovable properties.
Its properties are in Pune and has a total area of 231,089 square
feet. The company has six promoters and is a part of the Sani
group.


NEPTUNE INFLATABLES: Insolvency Resolution Process Case Summary
---------------------------------------------------------------
Debtor: M/s. Neptune Inflatables Limited
        5/259, Old Mahabalipuram Road
        Thoraipakkam, Chennai 600096

Insolvency Commencement Date: February 1, 2022

Court: National Company Law Tribunal, Chennai Bench

Estimated date of closure of
insolvency resolution process: July 31, 2022
                               (180 days from commencement)

Insolvency professional: Mr. Mudappalur Varieth Gangadharan

Interim Resolution
Professional:            Mr. Mudappalur Varieth Gangadharan
                         M.V. Gangadharan & Associates
                         Chartered Accountants
                         No. 341, 6th Floor, Fountain Plaza
                         Pantheon Road, Chennai 600008
                         E-mail: mvgfca@gmail.com
                         Tel: 9381020638

Last date for
submission of claims:    February 15, 2022


NOOR IMPEX: CARE Keeps D- Debt Rating in Not Cooperating
--------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Noor Impex
Private Limited (NIPL) continues to remain in the 'Issuer Not
Cooperating ' category.

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term/          18.00       CARE D/CARE D; ISSUER NOT
   Short Term                      COOPERATING; Rating continues
   Bank Facilities                 to remain under ISSUER NOT
                                   COOPERATING category

Detailed Rationale & Key Rating Drivers

CARE Ratings Ltd. had, vide its press release dated March 25, 2021,
placed the rating(s) of NIPL under the 'issuer non-cooperating'
category as NIPL had failed to provide information for monitoring
of the rating and had not paid the surveillance fees for the rating
exercise as agreed to in its Rating Agreement. NIPL continues to be
non-cooperative despite repeated requests for submission of
information through e-mails, phone calls and a letter/email dated
February 8, 2022, February 18, 2022, February 28, 2022.

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

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

Gandhidham-based (Gujarat), NIPL was incorporated in the year 2009
by Latiwala family by Mr Allaudin Latiwala, his two sons Mr Shabbir
Latiwala and Mr Yusuf Latiwala and his wife, Mrs Shaheda Latiwala
which afterwards operated by Mr. Shabbir Latiwala and Ms. Arvaben
Shabbir Latiwala. The wood logs are imported from Malaysia, New
Zealand and Africa while the processed timbers are sold to the
customers based in Maharashtra, Gujarat, Madhya Pradesh and Uttar
Pradesh.


PACIFIC EDUCATION: CARE Keeps D Debt Rating in Not Cooperating
--------------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Pacific
Education Trust (PET) continues to remain in the 'Issuer Not
Cooperating ' category.

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank       3.19       CARE D; ISSUER NOT COOPERATING
   Facilities                      Rating continues to remain
                                   under ISSUER NOT COOPERATING
                                   category

Detailed Rationale & Key Rating Drivers

CARE Ratings Ltd. had, vide its press release dated May 17, 2021,
placed the rating(s) of PET under the 'issuer non-cooperating'
category as PET had failed to provide information for monitoring of
the rating and had not paid the surveillance fees for the rating
exercise as agreed to in its Rating Agreement. PET continues to be
non-cooperative despite repeated requests for submission of
information through e-mails, phone calls and a letter/email dated
April 2, 2022, April 12, 2022, April 22, 2022.

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

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

Ahmedabad based Pacific Education Trust (PET) was set up by the
Pacific Group of Udaipur (Rajasthan) on July 22, 2010 to impart
education in the field of engineering. The trust is managed by Mrs
Leela Devi Agarwal (Chairman) and Mr Rahul Agarwal (Vice-chairman)
having experience of more than a decade in managing various
educational institutions. PET provides education in the field of
engineering through 'Pacific School of Engineering, Surat (PSE)
from the Academic Year (AY) 2012-13. PSE offers degree courses in
Civil, Mechanical, Electrical, Chemical and Computer Science while
it also offers diploma course in Mechanical, Civil and Electrical
engineering.


PARTH MOTORS: CARE Lowers Rating on INR4.00cr Loan to B
-------------------------------------------------------
CARE Ratings has revised the ratings on certain bank facilities of
Parth Motors (PM), as:

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank       4.00       CARE B; Stable; ISSUER NOT
   Facilities                      COOPERATING; Rating continues
                                   To remain under ISSUER NOT
                                   COOPERATING category and
                                   Revised from CARE B+; Stable

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

Detailed Rationale & Key Rating Drivers

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

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

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

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

PM was formed in the year 2009 by Mr. Rakesh Parmar, proprietor at
Dahod, Gujarat. The firm has obtained dealership of Atul Auto
Limited, a three-wheeler manufacturer for auto rickshaws and
agriculture tractors of Eicher group from Tractors and Farm
Equipment Limited (TAFE). PM has a showroom located in Dahod city.
The proprietor also manages two other proprietorship firms, namely,
'Parth Auto Finance' (engaged in providing financial assistance for
purchase of three wheelersincorporated in April 2015) and 'Kaushik
Motors' (engaged in dealership of three wheelers- incorporated in
April 2016).

R SHELADIA: Ind-Ra Withdraws 'BB' Long-Term Issuer Rating
---------------------------------------------------------
India Ratings and Research (Ind-Ra) has withdrawn R. Sheladia
Construction's Long-Term Issuer Rating of 'IND BB (ISSUER NOT
COOPERATING)'.

The instrument-wise rating action is:         

-- The 'IND BB' rating on the INR175 mil. Term loan due on
     September 2021 is withdrawn.

Key Rating Drivers

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

Company Profile

Formed in 2015, R. Sheladia Construction is a partnership firm
engaged in the construction of commercial shops and office spaces.



R. K. ENTERPRISE: CARE Lowers Rating on INR7.89cr Loan to B
-----------------------------------------------------------
CARE Ratings has revised the ratings on certain bank facilities of
R. K. Enterprise (Howrah) (RKE), as:

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank       7.89       CARE B; Stable; ISSUER NOT
   Facilities                      COOPERATING; Rating continues
                                   To remain under ISSUER NOT
                                   COOPERATING category and
                                   Revised from CARE B+; Stable

   Short Term Bank      0.30       CARE A4; ISSUER NOT
   Facilities                      COOPERATING; Rating continues
                                   to remain under ISSUER NOT
                                   COOPERATING category

Detailed Rationale & Key Rating Drivers

CARE Ratings Ltd. had, vide its press release dated April 7, 2021,
placed the rating(s) of RKE under the 'issuer non-cooperating'
category as RKE had failed to provide information for monitoring of
the rating and had not paid the surveillance fees for the rating
exercise as agreed to in its Rating Agreement. RKE continues to be
non-cooperative despite repeated requests for submission of
information through e-mails, phone calls and a letter/email dated
February 21, 2022, March 3, 2022, March 13, 2022.

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

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

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

Howrah (West Bengal) based, R.K. Enterprise (RKE) was constituted
as a partnership firm on June 10, 2011. The firm is an associate
concern of Gujral Group of companies. The group is promoted by Mr.
Bhupinder Singh Gujral and engaged in transportation of LPG tankers
for the major oil companies such as Bharat Petroleum Corporation
Limited (BPCL), Indian Oil Corporation Limited (IOCL) and Hindustan
Petroleum Corporation Limited (HPCL) and hotel and restaurant
business. The group is having 975 LPG tankers and the loading point
is Haldia, West Bengal.


RAJA BAHADUR: Ind-Ra Withdraws 'BB-' Long-Term Issuer Rating
------------------------------------------------------------
India Ratings and Research (Ind-Ra) has withdrawn Raja Bahadur
International Limited's (RBIL) Long-Term Issuer Rating of 'IND
BB-'. The Outlook was Stable.

The instrument-wise action is:

-- The 'IND BB-' rating on the INR2.0 bil. Proposed term loan is
     withdrawn.

Key Rating Drivers

Ind-Ra has withdrawn the ratings on the issuer's request as no debt
was raised against the rated facility. Ind-Ra will no longer
provide analytical and rating coverage for RBIL.

Company Profile

Incorporated in 1926, RBIL is engaged in real estate development.
The company's project is situated in Sangamwadi, Pune.




RAJESH POWER: Ind-Ra Lowers Long-Term Issuer Rating to 'BB'
-----------------------------------------------------------
India Ratings and Research (Ind-Ra) has downgraded Rajesh Power
Services Private Limited's (RPSPL) Long-Term Issuer Rating to 'IND
BB (ISSUER NOT COOPERATING)' from 'IND BBB (ISSUER NOT
COOPERATING)'. The issuer did not participate in the rating
exercise despite continuous requests and follow-ups by the agency.


The instrument-wise rating actions are:

--170.0 mil. Fund-based limits downgraded with IND BB (ISSUER NOT

    COOPERATING) rating; and

--300.0 mil. Non-fund-based limits downgraded with IND A4+
    (ISSUER NOT COOPERATING) rating.

Note: ISSUER NOT COOPERATING: Issuer not cooperating; based on the
best-available information.

Key Rating Drivers

The downgrade is pursuant to the Securities and Exchange Board of
India's Circular SEBI/HO/MIRSD/CRADT/CIR/P/2020/2 dated January 3,
2020. As per the circular, any issuer having an investment-grade
rating remaining non-cooperative with a rating agency for more than
six months should be downgraded to a sub-investment grade rating.

The current outstanding rating of 'IND BB (ISSUER NOT COOPERATING)'
may not reflect the company's credit strength, as the issuer has
been non-cooperative with the agency. Therefore, investors and
other users are advised to take appropriate caution while using
these ratings.

Company Profile

Incorporated in 1972 as a partnership firm, RPSPL was established
as a private limited company in 2010 by Ramachandra Dharambhai
Panchal and Badevbhai Somabhai Patel. The company is a turnkey
erection contractor for government and private bodies and an
authorized dealer for electrical switchgear products. It has also
set up a 1MW solar power plant in Patadi (Gujarat).


RASIKLAL SANKALCHAND: Insolvency Resolution Process Case Summary
----------------------------------------------------------------
Debtor: Rasiklal Sankalchand Jewellers Private Limited
        Show Room, Ground Floor, Skyline Status
        Opp. Pooja Hotel, M.G. Road
        Ghatkopar East, Mumbai 400077

Insolvency Commencement Date: June 7, 2022

Court: National Company Law Tribunal, Mumbai Bench

Estimated date of closure of
insolvency resolution process: December 4, 2022

Insolvency professional: Mr. Santanu T Ray

Interim Resolution
Professional:            Mr. Santanu T Ray
                         AAA Insolvency Professionals LLP
                         A-301, BSEL Tech Park, Sector 30A
                         Opp. Vashi Railway Station
                         Vashi, Navi Mumbai 400703
                         E-mail: santanutray@aaainsolvency.com
                                 rasiklalsakalchandjewelers@
                                 aaainsolvency.com
                         Tel: 022-42667394

Last date for
submission of claims:    June 21, 2022


S.K. HITECH: CARE Keeps D Debt Rating in Not Cooperating
--------------------------------------------------------
CARE Ratings said the rating for the bank facilities of S.K. Hitech
Industries (SHI) continues to remain in the 'Issuer Not Cooperating
' category.

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank       15.00      CARE D; ISSUER NOT COOPERATING
   Facilities                      Rating continues to remain
                                   under ISSUER NOT COOPERATING
                                   category

Detailed Rationale & Key Rating Drivers

CARE Ratings Ltd. had, vide its press release dated April 15, 2021,
placed the rating(s) of SHI under the 'issuer non-cooperating'
category as SHI had failed to provide information for monitoring of
the rating and had not paid the surveillance fees for the rating
exercise as agreed to in its Rating Agreement. SHI continues to be
non-cooperative despite repeated requests for submission of
information through e-mails, phone calls and a letter/email dated
March 1, 2022, March 11, 2022 and March 21, 2022.

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

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

Davanagere (Karnataka) based S K Hitech Industries (SHI) was
established in the year 2014 as Partnership Firm by Mr. H Syed
Jameel, Ms. Syeda Rehana, Ms. Shahataj Banu and Mr. Shaik Abdul
Khuddus. The firm is engaged in processing of paddy to produce
rice, broken rice, bran and husk with the installed capacity of 14
ton per hour. Ms. Syeda Rehana, the Managing Partner, of the firm
looks after the day-to-day operations.


SAI AUTOMOBILES: CARE Keeps B- Debt Rating in Not Cooperating
-------------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Sai
Automobiles (SAI) continues to remain in the 'Issuer Not
Cooperating ' category.

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

Detailed Rationale & Key Rating Drivers

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

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

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

Berally (Karnataka) based SAI was established in 1994 by Mr.
Gonaguntla Jayaprakash as an authorized dealer & distributor of
Bajaj Auto Limited for passenger vehicles and MAN Trucks India
Private Limited for commercial vehicle segment. SAI has total of 11
outlets based in two districts of Karnataka namely Berally and
Koppal. SAI is also engaged into providing service and selling
spare for the vehicles.


SAMRAT VIDEO: Voluntary Liquidation Process Case Summary
--------------------------------------------------------
Debtor: Samrat Video Vision Private Limited
        34-H, Ashoka Avenue
        Sainik Farm
        New Delhi 110062

Liquidation Commencement Date: May 17, 2022

Court: National Company Law Tribunal, New Delhi Bench

Insolvency professional: Puneet Sachdev

Interim Resolution
Professional:            Puneet Sachdev
                         A-5/105-C Paschim Vihar
                         Delhi 110063
                         E-mail: psachdev78@gmail.com
                         Tel: 9811528310

Last date for
submission of claims:    June 16, 2022


SELVEL MEDIA: Insolvency Resolution Process Case Summary
--------------------------------------------------------
Debtor: Selvel Media Services Private Limited
        96, Garden Reach Road
        7th Floor, Flat no. 7-d
        Hasting Court, Kolkata 700023
        West Bengal

Insolvency Commencement Date: June 9, 2022

Court: National Company Law Tribunal, Kolkata Bench

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

Insolvency professional: Surendra Kumar Agarwal

Interim Resolution
Professional:            Surendra Kumar Agarwal
                         Bhawani Enclave, 3D
                         99C Girish Ghosh Road
                         Liluah, Howrah 711204
                         E-mail: surendraca@gmail.com

                            - and -

                         18 Rabindra Sarani
                         Poddar Court, Gate No. 1
                         8th Floor, Room No. 816
                         Kolkata 700001
                         E-mail: cirp.sms@gmail.com

Last date for
submission of claims:    June 23, 2022


SHAH GROUP: Insolvency Resolution Process Case Summary
------------------------------------------------------
Debtor: Shah Group Builders & Infraprojects Limited
        323-329, Arenja Corner
        Sector 17, Plot No. 71
        Vashi, Navi Mumbai
        MH 400705
        IN

Insolvency Commencement Date: June 6, 2022

Court: National Company Law Tribunal, Kolkata Bench

Estimated date of closure of
insolvency resolution process: December 3, 2022

Insolvency professional: Mr. Manish Jain

Interim Resolution
Professional:            Mr. Manish Jain
                         Manish Mahavir & Co.
                         2B, Grant Lane
                         Room No. 303, 3rd floor
                         Bajrang Kunj
                         Kolkata 700012
                         E-mail: manishmahavir@gmail.com
                                 cirp.shahgroupbuilders@gmail.com
                         Tel: 9830248684
                              8582806221

Last date for
submission of claims:    June 20, 2022


SHREEJI INFRASTRUCTURE: Ind-Ra Lowers Bank Loan Rating to 'BB'
--------------------------------------------------------------
India Ratings and Research (Ind-Ra) has downgraded Shreeji
Infrastructure India Private Limited's (Shreeji) Long-Term Issuer
Rating to 'IND BB (ISSUER NOT COOPERATING)' from 'IND BBB+ (ISSUER
NOT COOPERATING)'.

The instrument-wise rating actions are:             

-- INR140 mil. Fund-based limits downgraded with IND BB (ISSUER
     NOT COOPERATING) rating; and

-- INR1.850 bil. Non-fund-based limits downgraded with IND A4+
     (ISSUER NOT COOPERATING) rating.

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

Key Rating Drivers

The downgrade is pursuant to the Securities and Exchange Board of
India's circular SEBI/HO/MIRSD/CRADT/CIR/P/2020/2 dated January 3,
2020. As per the circular, any issuer with an investment-grade
rating remaining non-cooperative with a rating agency for more than
six months should be downgraded to a sub-investment grade rating.

The current outstanding rating of 'IND BB (ISSUER NOT COOPERATING)'
might not reflect Shreeji's credit strength as the company has been
non-cooperative with the agency since September 2021. Therefore,
investors and other users are advised to take appropriate caution
while using these ratings.

Company Profile

Shreeji was incorporated in 1999 as a private limited company. It
undertakes civil construction work and develops real estate
projects in Chhattisgarh and Madhya Pradesh.


STERLING FABORY: Voluntary Liquidation Process Case Summary
-----------------------------------------------------------
Debtor: Sterling Fabory India Private Limited
        Unit No. 515, DLF Tower-A
        Jasola District Centre
        New Delhi 110025

Liquidation Commencement Date: June 3, 2022

Court: National Company Law Tribunal, New Delhi Bench

Insolvency professional: Mr. Chetan Gupta

Interim Resolution
Professional:            Mr. Chetan Gupta
                         604-605, PP City Centre
                         Road No. 44, Pitampura
                         Delhi 110034
                         E-mail: chetan.gupta@
                                 apacandassociates.com
                         Tel: 9818188855

Last date for
submission of claims:    July 2, 2022


SUPERTECH LIMITED: NCLAT Limits Insolvency Process to One Project
-----------------------------------------------------------------
India Today reports that the National Company Law Appellate
Tribunal (NCLAT), in its interim order on June 10, limited the
scope of the Corporate Insolvency Resolution Process (CIRP) to one
project, Eco Village-II, with the condition that construction will
be carried out by Supertech Limited.

According to India Today, the Appellate Tribunal has considered the
interest of homebuyers who had opposed the initiation of CIRP as
they were skeptical about continuation of construction activities
of projects under CIRP. The Corporate Debtor Company Supertech Ltd
had submitted a resolution plan to pay off Union Bank and all other
banks and give possession to homebuyers in a phased manner.

R K Arora, Chairman of Supertech Group expressed satisfaction over
the order.  The report relates that Arora said that it is
heartening to learn that NCLAT has considered the interests of
homebuyers who have invested in the projects of the company,
trusting its promoters.

India Today says the company will now focus on implementing the
resolution plan by clearing the debts, completing the projects and
delivering the units to allottees. Supertech has earned a
reputation for delivering units to allottees for more than 30 years
and the latest order from the Appellate Tribunal is an
acknowledgement of company's dedication to its customers, Arora
added, the report relays.

Acting on a petition filed by the Union Bank of India for
non-payment of around Rs 432 crore worth dues, the bankruptcy court
had ordered the initiation of insolvency proceedings or Corporate
Insolvency Resolution Process (CIRP) against real estate firm
Supertech Ltd one of the companies of Supertech group, India Today
notes.

Notably, Supertech is not alone as many real estate companies are
facing insolvency proceedings, including Jaypee Infratech and
Mumbai-based HDIL.

Amrapali group and Unitech group have also defaulted in delivering
many projects, particularly in Delhi-NCR, affecting thousands of
homebuyers, notes India Today.

                           About Supertech

Supertech Ltd is a Noida-based property developer.

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


SUPERTHARRM ENGINEERS: Insolvency Resolution Process Case Summary
-----------------------------------------------------------------
Debtor: Supertharrm Engineers Private Limited
        Gat No. 172/2, Village Salumbre
        Tal: Maval, Talegaon
        Pune 410506
        Maharashtra, India

Insolvency Commencement Date: June 7, 2022

Court: National Company Law Tribunal, Pune Bench

Estimated date of closure of
insolvency resolution process: December 4, 2022

Insolvency professional: Sunil Gajanan Nanal

Interim Resolution
Professional:            Sunil Gajanan Nanal
                         Flat No. 8, Priyanjali
                         Lane No. 6, Dahanukar Colony
                         Kothrud, Pune
                         E-mail: sunil.nanal@kanjcs.com

                            - and -

                         3-4, Aishwarya Sarkul
                         17 G.A. Kulkarni Path
                         Opp. Josh's Railway Museum
                         Kothrud, Pune 411038
                         E-mail: sunil.nanal@ka.njcs.com

Last date for
submission of claims:    June 21, 2022


SUPREME AHMEDNAGAR: Ind-Ra Keeps 'D' Loan Rating in Non-Cooperating
-------------------------------------------------------------------
India Ratings and Research (Ind-Ra) has maintained Supreme
Ahmednagar Karmala Tembhurni Tollways Private Limited's bank loans'
rating in the non-cooperating category. The issuer did not
participate in the surveillance exercise despite continuous
requests and follow-ups by the agency. Therefore, investors and
other users are advised to take appropriate caution while using the
rating. The rating will continue to appear as 'IND D (ISSUER NOT
COOPERATING)' on the agency's website.

The detailed rating action is:

-- INR4.050 bil. Bank loans (Long-term) maintained in non-
     cooperating category with IND D (ISSUER NOT COOPERATING)
     rating.

Note: ISSUER NOT COOPERATING: The rating was last reviewed on March
23, 2017. Ind-Ra is unable to provide an update, as the agency does
not have adequate information to review the rating.

Company Profile

Supreme Ahmednagar Karmala Tembhurni Tollways is a special purpose
vehicle incorporated to implement a 61.71km-lane extension (two to
four lanes) on the Ahmednagar-Karmala-Tembhurni section of State
Highway 141 in Maharashtra, under a 22.78-year concession from the
state government. The project is sponsored by Supreme
Infrastructure India Ltd.


SUPREME BEST: Ind-Ra Keeps 'D' Term Loan Rating in Non-Cooperating
------------------------------------------------------------------
India Ratings and Research (Ind-Ra) has maintained Supreme Best
Value Kolhapur (Shiroli) Sangli Tollways Private Limited's term
loan in the non-cooperating category. The issuer did not
participate in the surveillance exercise, despite continuous
requests and follow-ups by the agency. Therefore, investors and
other users are advised to take appropriate caution while using the
rating. The rating will now appear as 'IND D (ISSUER NOT
COOPERATING)' on the agency's website.

The detailed rating action is:

-- INR2.475 bil. Term loan due on March 31, 2027 - March 31, 2029

     maintained in non-cooperating category with IND D (ISSUER NOT

     COOPERATING) rating.

Note: ISSUER NOT COOPERATING: The ratings were last reviewed on
March 23, 2017. Ind-Ra is unable to provide an update, as the
agency does not have adequate information to review the ratings.

Company Profile

Supreme Best Value Kolhapur was set up by Supreme Infrastructure
BOT Holdings Private Limited, a subsidiary of Supreme
Infrastructure India Ltd ('IND D (ISSUER NOT COOPERATING')) to
complete the construction and operate and maintain the 52km stretch
of state highway connecting Shiroli and Sangli under a concession
from the public works department, the government of Maharashtra.


SUPREME INFRAPROJECTS: Ind-Ra Keeps D Rating in Non-Cooperating
---------------------------------------------------------------
India Ratings and Research (Ind-Ra) has maintained Supreme
Infraprojects Private Ltd.'s term loan in the non-cooperating
category. The issuer did not participate in the surveillance
exercise, despite continuous requests and follow-ups by the agency.
Therefore, investors and other users are advised to take
appropriate caution while using the rating. The rating will
continue to appear as 'IND D (ISSUER NOT COOPERATING)' on the
agency's website.

The detailed rating action is:

-- INR646.9 mil. Term loans (Long-term) due on March 31, 2022
     maintained in non-cooperating category with IND D (ISSUER NOT
  
     COOPERATING) rating.

Note: ISSUER NOT COOPERATING: The ratings were last reviewed on
March 27, 2017. Ind-Ra is unable to provide an update, as the
agency does not have adequate information to review the ratings.

Company Profile

Supreme Infraprojects is a special purpose company owned by Supreme
Infrastructure BOT Private Limited, a 100% subsidiary of Supreme
India Infrastructure Limited ('IND D (ISSUER NOT COOPERATING)'). It
was set up to complete the construction of, and operate and
maintain, the 55.77km state highway connecting Patiala and
Malerkotla under a re-assigned concession from Public Works
Department, the government of Punjab. The project commenced
operations on June 25, 2012.


SUPREME INFRASTRUCTURE: Insolvency Resolution Process Case Summary
------------------------------------------------------------------
Debtor: Supreme Infrastructure BOT Private Limited
        4th Floor, CTS No. 16/4, Supreme House
        Jain Mandir Road, Powai
        Opp. IIT Main Gate
        Mumbai, Maharashtra 400076

Insolvency Commencement Date: February 28, 2022

Court: National Company Law Tribunal, Mumbai Bench

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

Insolvency professional: Ms. Poonam Basak

Interim Resolution
Professional:            Ms. Poonam Basak
                         201, 2nd Floor, Regus
                         Alpha Building
                         Hiranandani Gardens
                         Powai, Mumabi 400076
                         E-mail: poonamb.irp@gmail.com
                                 supreme.infra.bot@gmail.com

Last date for
submission of claims:    March 14, 2022


SUPREME KOPARGAON: Ind-Ra Keeps D Loan Rating in Non-Cooperating
----------------------------------------------------------------
India Ratings and Research (Ind-Ra) has maintained Supreme
Kopargaon Ahmednagar Tollways Private Ltd.'s term loan rating in
the non-cooperating category. The issuer did not participate in the
surveillance exercise despite continuous requests and follow-ups by
the agency. Therefore, investors and other users are advised to
take appropriate caution while using the rating. The rating will
continue to appear as 'IND D (ISSUER NOT COOPERATING)' on the
agency's website.

The detailed rating action is:

-- INR1.750 bil. Term loan (Long-term) due on June 30, 2019
     maintained in non-cooperating category with IND D (ISSUER NOT

     COOPERATING) rating.

Note: ISSUER NOT COOPERATING: The rating was last reviewed on March
28, 2017. Ind-Ra is unable to provide an update as the agency does
not have adequate information to review the rating.

Company Profile

Supreme Kopargaon Ahmednagar Tollways was set up by Supreme Infra
BOT Private Ltd (a 100% subsidiary of Supreme India Infrastructure
Limited to complete the construction of, and operate and maintain
the 55km stretch of state highway SH-10 that connects Kopargaon and
Ahmednagar.


SUPREME PANVEL: Ind-Ra Keeps 'D' Loan Rating in Non-Cooperating
---------------------------------------------------------------
India Ratings and Research (Ind-Ra) has maintained Supreme Panvel
Indapur Tollways Private Limited's bank loans' rating in the
non-cooperating category. The issuer did not participate in the
rating exercise despite continuous requests and follow-ups by the
agency. Therefore, investors and other users are advised to take
appropriate caution while using the rating. The rating will
continue to appear as 'IND D (ISSUER NOT COOPERATING)' on the
agency's website.

The detailed rating action is:

-- INR9.0 mil. Bank loans (Long-term) maintained in non-
     cooperating category with IND D (ISSUER NOT COOPERATING)
     rating.

Note: ISSUER NOT COOPERATING: The rating was last reviewed on March
23, 2017. Ind-Ra is unable to provide an update, as the agency does
not have adequate information to review the rating.

Company Profile

Supreme Panvel Indapur Tollways is a special purpose company
incorporated to implement a 84km-lane expansion (from two lanes to
four lanes) project on a design, build, finance, operate and
transfer basis, under a 21-year concession from National Highways
Authority of India ('IND AAA'/Stable). The company is a joint
venture between Supreme Infrastructure India Ltd (64%), China State
Construction Engineering Hong Kong Limited (26%) and Mahavir Road
and Infrastructure Pvt Limited (10%).


SUPREME SUYOG: Ind-Ra Keeps D Bank Loan Rating in Non-Cooperating
-----------------------------------------------------------------
India Ratings and Research (Ind-Ra) has maintained Supreme Suyog
Funicular Ropeways Private Ltd.'s bank loans in the non-cooperating
category. The issuer did not participate in the surveillance
exercise, despite continuous requests and follow-ups by the agency.
Therefore, investors and other users are advised to take
appropriate caution while using the rating. The rating will
continue to appear as 'IND D (ISSUER NOT COOPERATING)' on the
agency's website.

The instrument-wise rating action is:

-- INR600 mil. Bank loans (long-term) maintained in non-
     cooperating category with IND D (ISSUER NOT COOPERATING)
     rating.

Note: ISSUER NOT COOPERATING: The ratings were last reviewed on
March 27, 2017. Ind-Ra is unable to provide an update, as the
agency does not have adequate information to review the ratings.

Company Profile

Supreme Suyog Funicular Ropeways is a special purpose vehicle
incorporated to construct a funicular railway at Haji Malanggad,
Ambernath (Maharashtra) on a build, operate and transfer basis
under a 24.5-year concession agreement with the government of
Maharashtra. The company is sponsored by Supreme Infra BOT Private
Limited (98%), which is a 100% subsidiary of Supreme Infrastructure
India Limited; Suyog Telematics Private Ltd (1%) and Yashita
Automotive Engineering Private Ltd (1%).

SUPREME VASAI: Ind-Ra Keeps D Bank Loan Rating to Non-Cooperating
-----------------------------------------------------------------
India Ratings and Research (Ind-Ra) has maintained Supreme Vasai
Bhiwandi Tollways Private Limited's senior project bank loans'
rating in the non-cooperating category. The issuer did not
participate in the surveillance exercise despite continuous
requests and follow-ups by the agency. Therefore, investors and
other users are advised to take appropriate caution while using the
rating. The rating will continue to appear as 'IND D (ISSUER NOT
COOPERATING)' on the agency's website.

The detailed rating action is:

-- INR1.540 bil. Bank loan (long-term) maintained in non-
     cooperating category with IND D (ISSUER NOT COOPERATING)
     rating.

Note: ISSUER NOT COOPERATING: The rating was last reviewed on March
23, 2017. Ind-Ra is unable to provide an update, as the agency does
not have adequate information to review the rating.

Company Profile

Supreme Vasai Bhiwandi Tollways is a special purpose vehicle that
was acquired by Supreme Infra BOT Private Limited in October 2013.


SURESH KUMAR: CARE Keeps B- Debt Rating in Not Cooperating
----------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Suresh
Kumar & Sons Trading Private Limited (SKSTPL) continues to remain
in the 'Issuer Not Cooperating' category.

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank       6.00       CARE B-; Stable; ISSUER NOT
   Facilities                      COOPERATING; Rating continues
                                   To remain under ISSUER NOT
                                   COOPERATING category  

Detailed Rationale & Key Rating Drivers

CARE Ratings Ltd. had, vide its press release dated April 5, 2021,
placed the rating(s) of SKSTPL under the 'issuer non-cooperating'
category as SKSTPL had failed to provide information for monitoring
of the rating and had not paid the surveillance fees for the rating
exercise as agreed to in its Rating Agreement. SKSTPL continues to
be non-cooperative despite repeated requests for submission of
information through e-mails, phone calls and a letter/email dated
February 19, 2022, March 1, 2022, March 11, 2022.

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

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

Pilibhit (Uttar Pradesh) based Suresh Kumar & Sons Trading Private
Limited (SKSTPL) was incorporated on May 15, 2013 by Mr. Suresh
Kumar Agarwal. The company is currently being managed by
Mr. Suresh Kumar Agarwal and Mr. Rahul Agarwal. The company is
engaged in the wholesale trading of Apple Products i.e. Iphone,
Ipad, MacBook, Mac Mini, Ipod, Mac Pro and accessories.


SWATI CAST: Insolvency Resolution Process Case Summary
------------------------------------------------------
Debtor: M/s Swati Cast & Forge Private Limited
        D-100-101, Phase V
        Focal Point, Ludhiana
        PB 141010
        IN

Insolvency Commencement Date: June 3, 2022

Court: National Company Law Tribunal, Zirakpur Bench

Estimated date of closure of
insolvency resolution process: November 30, 2022

Insolvency professional: Pawan Sharma

Interim Resolution
Professional:            Pawan Sharma
                         SOHO 332, 3rd Floor
                         Block A, CCC
                         Zirakpur, Punjab
                         India
                         E-mail: pawansharmairp@gmail.com

                            - and -

                         Pawan Sharma, St No. 13
                         Dashmesh Marg, Dhobiana Road
                         Bathinda 151001
                         E-mail: swaticfpl2011@gmail.com

Last date for
submission of claims:    June 17, 2022


THIRUMALA SERVICE: Ind-Ra Assigns B+ Issuer Rating, Outlook Stable
------------------------------------------------------------------
India Ratings and Research (Ind-Ra) has assigned Thirumala Service
Station's (TSS) a Long-Term Issuer Rating of 'IND B+'. The Outlook
is Stable.

The instrument-wise rating actions are:

-- INR77 mil. Fund-based limits assigned with IND B+/Stable/IND
     A4 rating; and

-- INR23 mil. Proposed Fund based limits assigned with IND B+/
     Stable/IND A4 rating.

Key Rating Drivers

The ratings reflect TSS's small scale of operations. The revenue
fell to INR1,004.79 million in FY21 (FY20: INR1,315.98 million),
due to the business impact of the COVID-19 pandemic. Till 11MFY22,
TSS booked revenue of INR1,172 million. In near term. Ind-Ra and
management expect the revenue to improve in the near term due to
stable market conditions.

The ratings also factor in TSS's modest EBITDA margin of 1.60% in
FY21 (FY20: 1.68%) with a return on capital employed of 8% (
12.10%). Ind-Ra expects the EBITDA margin to have remained at a
similar level in FY22 as there is no major change in the cost
structure.

The ratings also reflect TSS's weak credit metrics, as reflected by
the interest coverage (operating EBITDA/gross interest expenses) of
1.14x in FY21 (FY20: 1.42x) and the net leverage (total adjusted
net debt/operating EBITDAR) of 8.99x (5.95x). In FY21, the interest
coverage and  the net leverage  declined  due to a decline in the
operating EBITDA to INR16.12 million (FY20: INR22.06million) and an
increase in debt level to INR146.10 million (INR134.73 million). In
FY22, Ind-Ra expects the credit metrics to  remain at a similar
level owing to the scheduled repayment of loans.

Liquidity Indicator - Poor: TSS's peak average maximum utilization
of the fund-based limits was 87.41%  during the 12 months ended
March 2022. The cash flow from operations fell to negative INR4.06
million in FY21 (FY20: INR2.62 million), owing to the deterioration
in EBITDA and unfavorable changes in working capital. Furthermore,
the free cash flow stood at negative INR11.23 million (FY20:
negative INR9.07 million). The working capital cycle stretched to
48 days in FY21 (FY20: 34 days), on account of a stretch in
receivable days to 48 (35). The cash and cash equivalents stood at
INR1.26 million at FYE21 (FYE20: INR3.53 million). TSS has
repayment obligations of around INR13 million and INR8.80 million,
respectively, in FY23  and FY24. TSS  availed a guaranteed
emergency credit line of INR8.20 million during FY22. However, TSS
does not have any capital market exposure and relies on banks and
financial institutions to meet its funding requirements.

However, the ratings are supported by the promoters' nearly three
decades of experience in the fuel retailing industry and their
longstanding association with Indian Oil Corporation Ltd since
inception.

Rating Sensitivities

Positive: An increase in the scale of operations, along with an
improvement in the overall credit metrics and liquidity profile,
all on a sustained basis, could lead to a positive rating action.

Negative: A decline in the scale of operations, leading to a
deterioration in the overall credit metrics with the interest
coverage falling below 1.1x, all on a sustained basis could lead to
a negative rating action.

Company Profile

TSS was set up in 1988 as a proprietorship firm by A J Ranganath,
located in Bommasandra, Bengaluru Urban, Karnataka. The firm has an
authorized dealership of Indian Oil Corporation and operates a fuel
pump in Hosur, Karnataka. TSS supplies diesel to industries and
corporates in the Bommasandra Industrial Area.   


VARSHA CORPORATION: Insolvency Resolution Process Case Summary
--------------------------------------------------------------
Debtor: Varsha Corporation Limited
        Varsha, 13 Adarsh Society
        Ramchandandra Lane Extension
        Malad (West), Mumbai 400064

Insolvency Commencement Date: June 11, 2022

Court: National Company Law Tribunal, Mumbai Bench, Court-I

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

Insolvency professional: Vinod Kumar Pukhraj Ambavat

Interim Resolution
Professional:            Vinod Kumar Pukhraj Ambavat
                         Room No. 40, 9/15 Morarji Velji Bldg.
                         1st Floor, Dr. M.B. Velkar Street
                         Kalbadevi Road, Mumbai 400002
                         Maharashtra
                         E-mail: vinod.ambavat@ajallp.com

                            - and –

                         Areion Resolution and Turnaround
                         Private Limited
                         D-511, 5th Floor, Kanakia Zillion
                         Junction of LBS Road & CST Road
                         BKC Annexe, Kurla (West)
                         Mumbai 400070
                         E-mail: cirp.varshacorporation@gmail.com

Last date for
submission of claims:    June 25, 2022


VIJAY TEXTILES: Ind-Ra Affirms D Long-Term Issuer Rating
--------------------------------------------------------
India Ratings and Research (Ind-Ra) has affirmed Vijay Textiles
Ltd.'s (VTL) Long-Term Issuer Rating at 'IND D'.

The instrument-wise rating actions are:

-- INR121.2 mil. (reduced from INR270.5 mil.) Term loan (Long-
     term) due on December 2022 affirmed with IND D rating;

-- INR644.5 mil. (reduced from INR665.7 mil.) Fund-based working
     capital limit (Long-term/Short-term) affirmed with IND D
     rating; and

-- INR10 mil. Non-fund-based working capital limit (Long-
     term/Short-term) affirmed with IND D rating.

Key Rating Drivers

The rating reflects continued classification of VTL as a
non-performing asset by the lenders.

Rating Sensitivities

Positive: Timely debt servicing for at least three consecutive
months will be positive for the ratings.

Company Profile

Incorporated in 1990, VTL has a 15 million-meter-per-annum home
textile printing, dyeing and embroidery facility in the Mahbubnagar
district near Hyderabad. The company is listed on the BSE Ltd.


VIRUTCHAM MICROFINANCE: Ind-Ra Affirms & Withdraws BB+ Rating
-------------------------------------------------------------
India Ratings and Research (Ind-Ra) has affirmed Virutcham
Microfinance Limited's (VML) bank loan ratings at IND BB+/Stable
and simultaneously withdrawn the ratings.

The instrument-wise rating action is:

-- The IND BB+/Stable rating on the INR300 mil. Bank loans is
     affirmed and withdrawn.

Ind-Ra is no longer required to maintain the ratings as the agency
has received a no-objection certificate from the rated facilities'
lenders. The agency will no longer provide ratings or analytical
coverage for VML.

Key Rating Drivers

Small Scale of Operations and High Geographic Concentration: VML's
book of INR463 million at end-December 2021 (March 2021: INR511
million; March 2020: INR608 million) remained skewed towards Tamil
Nadu, with 83% of its assets under management (AUM) concentrated in
the state, followed by Kerala (12%) and Pondicherry (5%), exposing
it to high geographical concentration risk. However, the entity is
looking for further expansion (own book and business correspondence
book) in the neighboring southern states over the medium term.
Ind-Ra is of the opinion that contiguous expansion is better;
non-contiguous expansion may present operational and
control-related challenges.

Modest Profitability Profile; likely to Improve: During 9MFY22, the
company reported a modest profit of INR5.2 million (FY21: INR10.7
million; FY20: INR12.2 million), with a return on average assets of
1.2% (2.27%; 2.47%). The profitability remained moderate, due to
continued high operating expenditure/assets of 7.3% during 9MFY22
(FY21: 10.6%; FY20: 9.4%) and constrained spreads resulting from
the capping of interest rates by the regulators at which the
company can lend. The profitability is partly supported by the
company's low credit costs of under 1% historically. With the
scaling up of operations, Ind-Ra expects the profitability to
improve modestly; however, the removal of lending caps after the
implementation of harmonization guidelines will contribute
substantially to the company's profitability and increase the
viability of small-sized microfinance institutions (MFIs) across
India.

Moderate Asset Quality: VML's gross non-performing assets (GNPAs)
stood at 1.04% at end-December 2021 (FYE21: 1.16%; FYE20: 0.2%;
FYE19: 0.1%), similar to those of its peers with a comparable
portfolio size in the microfinance segment. Ind-Ra opines the
company's relatively smaller portfolio, and a smaller area of
operations than other larger non-banking finance company
(NBFC)-MFIs' would have provided it a better ability to control its
portfolio quality.

Adequate Capitalization and Reasonable Leverage: VML maintained a
comfortable capital-to-risk weighted asset ratios (CRAR) ratio of
44.39% at end-December 2021 (FYE21: 37.18%; FYE20: 32.63%; FYE19:
23.75%) since it received an equity capital of INR80 million from
various investors over FY19-FY20 and had limited disbursements in
FY21 and 1HFY22.

The company's leverage (debt/equity) stood at 2x in December 2021
(FY21: 2.6x; FY20: 3.1x; FY19: 3.1x), equity to assets at 32.2%
(FY21: 27.2%) and equity to AUM at 37.4% (FY21: 32.8%). Ind-Ra
believes the company's leverage levels are likely to increase given
its plans of growing the AUM significantly over the medium term,
but will remain under 5x.

Diversified Funding Source for Scale of Operations: VML's funding
profile remains reasonably diversified with its loans sourced from
both NBFCs (27% of the total funding) and banks (73%) at
end-January 2022, demonstrating the company's funding flexibility.
While the company's cost of funds declined to 12% during 9MFY22
(FY21: 15.7%; FY20: 17.4%), it was able to raise funds at low
interest rates of 9.2%-9.3% mainly through public sector banks in
FY22 under government guarantee-backed loans to MFIs. VML's ability
to maintain diversified funding sources (beyond government
guaranteed loans) with continued healthy relationships with public
sector banks are the key determinants to its continued diversity
and a broadening of its liability profile.

Liquidity Indicator – Adequate: At end-December 2021, VML had
maintained a cumulative surplus of around 18% of its total assets
in up to one-year bucket. The company also had INR100 million of
unutilized bank lines at end-February 2022 with low cash of INR5.9
million, adequately covering bank repayments of INR36 million over
the next month. The company practices to maintain liquidity for a
month on the balance sheet. VML has also indicated that the
promoters can infuse INR10 million-15 million in it, when needed.
Considering the unsecured nature of lending and high geographic
concentration risk, the agency views maintaining adequate liquidity
buffers to be extremely crucial.

Stable Outlook on Small-Mid NBFC-MFIs: The agency has revised the
rating outlook on small-mid NBFC-MFIs (including those with over
50% of AUM in microfinance) to Stable for FY23 from Negative, while
maintaining large NBFC-MFIs (group-owned entities or AUM > INR50
billion) on a Stable rating Outlook. Ind-Ra has also revised its
outlook on the microfinance sector to neutral for FY23 from
negative. Ind-Ra opines that the COVID-19 impact on credit costs
has been largely absorbed, there is a likelihood of normalized
growth for MFIs, collections especially on post-COVID-19
disbursements have recovered and refinance has become relatively
easy. Moreover, there are increased viability expectations for
small-mid NBFC-MFIs after the implementation of new regulations, as
entities can implement risk-based pricing of loans. Ind-Ra opines,
this could improve pre-provision operating profit margins and
provide higher tolerance to withstand credit costs.

Company Profile

VML was incorporated as an NBFC on July 8, 2008 and was converted
into an NBFC-MFI on June 6, 2014. The company started its
microfinance operations in November 2008. It primarily provides
micro finance services to women in the rural areas of India.


WAY AUTOMOTIVES: Insolvency Resolution Process Case Summary
-----------------------------------------------------------
Debtor: Way Automotives Private Limited
        Near Bariniput, N.H. 43
        Jeypore, Odisha 764006

Insolvency Commencement Date: June 6, 2022

Court: National Company Law Tribunal, Bhubaneswar Bench

Estimated date of closure of
insolvency resolution process: December 3, 2022

Insolvency professional: CS Ardhendu Shekhar Raut

Interim Resolution
Professional:            CS Ardhendu Shekhar Raut
                         Plot No. N/3, Lane 2
                         SBI Colony, Soubhagya Nagar
                         Siripur, Bhubaneswar 751003
                         Odisha
                         E-mail: ipasraut@gmail.com

Last date for
submission of claims:    June 20, 2022




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

TUNAS BARU: Moody's Affirms 'B2' CFR & Alters Outlook to Stable
---------------------------------------------------------------
Moody's Investors Service has affirmed Tunas Baru Lampung Tbk
(P.T.)'s (TBLA) B2 corporate family rating.

At the same time, Moody's has revised the outlook on the rating to
stable from negative.

"The revision in outlook to stable from negative reflects the
reduction in near-term refinancing risk following TBLA's plan to
prepay its IDR1.3 trillion bonds this month. The bonds were
originally scheduled to mature in March 2023," says Maisam Hasnain,
a Moody's Vice President and Senior Analyst.

"At the same time, the affirmation of TBLA's B2 rating reflects the
favorable long-term domestic demand fundamentals of its dual
commodity business of palm oil and sugar," adds Hasnain, who is
also Moody's Lead Analyst for TBLA.

RATINGS RATIONALE

TBLA intends to fund its IDR1.3 trillion bond repayment with IDR950
billion undrawn under its long-term syndicated loan signed in
January 2022, and internal cash. The company had IDR730 billion in
cash as of March 31, 2022, with another IDR2.1 trillion undrawn
under committed short-term credit facilities.

Nonetheless, while its near-term bond refinancing risk will abate,
TBLA's liquidity remains weak over the next 12-18 months because
internal cash sources are insufficient to meet projected cash uses
due to its large outstanding short-term working capital
facilities.

Moody's expects the company to maintain its track record of rolling
over its short-term debt because of its long-term banking
relationships with major domestic banks, such as Bank Mandiri
(Persero) Tbk (P.T.) (Baa2 stable). Support from banks was
demonstrated in 2020 at the height of the coronavirus pandemic when
TBLA maintained banking lines with all its existing banks and
obtained loans from four additional banks. The company also signed
a $235 million-equivalent syndicated loan with seven banks in
January 2022 with a long-dated maturity in December 2026 that TBLA
can extend by up to two years.

TBLA's resilient operations continue to support its credit quality,
with reported revenue and EBITDA for the 12 months ended March 2022
increasing around 40% and 5% to IDR16.3 trillion and IDR2.7
trillion, respectively, from the previous 12 months, driven by
higher prices and solid demand for its products.

Moody's expects TBLA's leverage – as measured by adjusted
debt/EBITDA – to improve to around 3.5x over the next 12-18
months from 3.9x in March 2022 on stable earnings and debt
reduction.

However, TBLA's earnings and cash flow are exposed to operational
headwinds over the next 12 months including the risk of lower
internal crude palm oil production, rising raw material prices and
regulatory policies that seek to curb the selling price of TBLA's
palm oil products.

Nonetheless, the favorable long-term domestic demand fundamentals
of its dual commodity business of palm oil and sugar will continue
to support TBLA's earnings over the next few years.

Overall, despite the underlying strength of TBLA's business
profile, the company's reliance on short-term debt constrains its
CFR to the B2 rating level.

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

Moody's could upgrade the rating if TBLA (1) improves its liquidity
such that its cash sources are sufficient to meet its planned needs
over the next 12 months, with adequate headroom remaining under its
financial covenants; and (2) generates positive free cash flow
while improving its credit metrics.

Specific indicators that Moody's will consider for a change in
outlook to positive include adjusted debt/EBITDA staying below 4.0x
and adjusted EBITA/interest expense above 2.5x, both on a sustained
basis.

Moody's could downgrade the rating if (1) TBLA is unable to roll
over its short-term debt maturities or experiences a reduction in
its undrawn credit facilities; (2) it pursues aggressive financial
policies, including large debt-funded investments or shareholder
returns; or (3) there is protracted weakness in TBLA's credit
metrics due to declining palm oil and sugar prices or sales
volumes.

Specific indicators for a downgrade include adjusted debt/EBITDA
above 5.0x or adjusted EBITA/interest expense below 1.5x, on a
sustained basis.

The principal methodology used in this rating was Protein and
Agriculture published in November 2021.

Headquartered in Jakarta and incorporated in 1973, Tunas Baru
Lampung Tbk (P.T.) (TBLA) is a producer of palm oil and sugar
products. As of March 31, 2022, the company was 28% owned by Sungai
Budi (P.T.) and 27% owned by Budi Delta Swakarya (P.T.). These two
major shareholders are equally owned by Mr. Widarto, who serves as
executive chairman of TBLA, and Mr. Santoso Winata, who is
president commissioner of TBLA.



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

MITSUI O.S.K: Egan-Jones Upgrades Senior Unsecured Ratings to BB+
-----------------------------------------------------------------
Egan-Jones Ratings Company on May 27, 2022, upgraded the foreign
currency and local currency senior unsecured ratings on debt issued
by Mitsui O.S.K. Lines, Ltd. to BB+ from BB.

Headquartered in Minato City, Tokyo, Japan, Mitsui O.S.K. Lines,
Ltd. provides marine transportation, warehousing, and cargo
handling services.


NOMURA HOLDINGS: Egan-Jones Retains B Senior Unsecured Ratings
--------------------------------------------------------------
Egan-Jones Ratings Company on May 27, 2022, retained 'B' foreign
currency and local currency senior unsecured ratings on debt issued
by Nomura Holdings, Inc. EJR also retains 'B' rating on commercial
paper issued by the Company.

Headquartered in Tokyo, Japan, Nomura Holdings, Inc. is a holding
company which manages financial operations for its subsidiaries.




=======
L A O S
=======

LAOS: Moody's Cuts Issuer Ratings to Caa3, Alters Outlook to Stable
-------------------------------------------------------------------
Moody's Investors Service has downgraded the Government of Laos's
long-term local- and foreign-currency issuer ratings to Caa3 from
Caa2 and changed the outlook to stable from negative.

The decision to downgrade the rating to Caa3 reflects the elevated
liquidity and external vulnerability risks that Laos continues to
be exposed to and its high debt metrics, together with
institutional and governance weaknesses that compound these
vulnerabilities. In the face of narrowing financing options, even
to meet limited financing needs, Laos's reliance on external and
domestic commercial financing will increase, resulting in a higher
exposure to market sentiment. A rapidly climbing rate of inflation,
currency depreciation, and material contingent liabilities add
risks around securing, and ultimately repaying, debt obligations.
These factors all point to a higher probability of default than
previously captured at a Caa2 level.

The stable outlook is based on Moody's view that fundamentals will
begin to normalize around current levels, in turn allowing default
risks to stabilize at levels consistent with a Caa3 rating. Fiscal
and external imbalances as reflected in the structural budget
deficit and current account deficit remain contained. Growth
prospects are somewhat favorable, as the economy opens up to
tourism and the inauguration of the China-Laos railway improves the
outlook for trade. All of this suggests some possibility of debt
stabilization. However, default risk will remain high given very
weak governance, a very high debt burden and insufficient coverage
of external debt maturities by FX reserves.

Concurrently, Moody's has lowered Laos's long-term local-currency
country ceiling to Caa1 from B3, maintaining the existing two-notch
gap with the sovereign rating to reflect the low predictability of
institutions and government policies, weak policy effectiveness,
large and financially unsound public sector enterprises, and high
external vulnerabilities. Moody's has also lowered the foreign
currency ceiling to Caa3 from Caa2 currently, maintaining a
two-notch gap to the local currency ceiling, based on an assessment
of transfer and convertibility risks given Laos's weak external
position.

RATINGS RATIONALE

RATIONALE FOR THE DOWNGRADE TO Caa3

LIQUIDITY RISKS REMAIN ELEVATED FOR THE FORSEEABLE FUTURE

Taking into consideration the maturity schedule and the possible
financing options available to Laos, Moody's expects that
government liquidity risks will remain elevated, at least for the
next three years. Debt service repayments amount to $1.1 billion in
2022 and $1.4 billion in 2023. About a third of this is to
commercial lenders (bonds and loans).

While low fiscal deficits keep overall gross borrowing requirements
relatively contained, at 9-10% of GDP in the next few years
according to Moody's estimates, Laos will likely continue to rely
heavily on market borrowings in order to finance these
requirements. Given the absence of any ongoing budgetary or balance
of payments support from key international financial institutions
such as the IMF or World Bank, the government will likely depend on
a combination of re-negotiating loan terms with bilateral lenders
– at commercial rates -, continuing to issue debt in the Thai
Baht (THB) market, and/or securing loans from commercial banks.

While Laos's recent access to the THB market will alleviate
immediate liquidity risks, Moody's assess that the government's
higher reliance on a commercial source of financing leaves future
financing more exposed to external market appetite. This risk is
compounded by uncertainty around the status of bilateral
discussions on recent and upcoming bilateral loan maturities.

Inflation and currency movements will also increase risks to
domestic market funding. The Laotian kip has materially depreciated
(-18% depreciation in the official rate between December 2021 and
June 2022) while inflation climbed to 12.8% in May 2022 from 5.3%
at the end of 2021. Meanwhile, in December 2021, domestic banks'
funding of the government increased by 122% year-on-year,
indicating narrowing financing options for Laos. If the government
relies more heavily on domestic borrowing in the absence of other
external financing sources materializing, it could face difficult
policy choices between curbing inflationary pressures and
addressing repayment on domestic debts or public services at a time
when the population faces a sharp increase in cost of living. In
addition, capacity for the banking system to fund additional
government borrowing is limited.

Moreover, given that nearly all of Laos's debt is denominated in
foreign currency, further currency depreciation will add to debt
servicing costs; while refinancing foreign-currency debt in
local-currency will weigh on already thin reserves.

In general, the absence of a transparent financing strategy and
opacity around how maturing debt obligations have and will continue
to be met, raise uncertainty about the capacity for the government
to secure financing in time and at affordable costs.

DEBT AND EXTERNAL METRICS CONTINUE TO CONSTRAIN THE CREDIT PROFILE

Over the past years, the government has made considerable efforts
to restrain spending and tamp down deficits. Moody's estimates that
the fiscal deficit will likely average around 2.5-3.0% of GDP in
the next 2-3 years, higher than the government's own projections of
deficits remaining under 2.0% of GDP over the next five years.

Despite moderate deficit forecasts, however, government debt will
rise at least in 2022, given an increase in the issuance of
domestic debt. By Moody's estimate, debt stood at 81% of GDP in
2021 and will peak at 87.9% of GDP in 2022, before edging lower to
settle at around 84% by 2025. This compares to the Caa median of
74.5% of GDP. These estimates include direct government debt as
well as a portion of guaranteed debt to the energy sector, that is
associated with a high risk of materialization. In relation to
revenue, government debt is amongst the highest for sovereigns
rated by Moody's, at 653% estimated for 2021, and likely to rise
further to 709% in 2022, according to Moody's estimates.

External fragilities also remain. Following a steady erosion in
foreign reserves since 2020, Moody's expects reserves to hover
around similar levels in 2022 and 2023, at $1.2 billion and $1.0
billion respectively, representing around 1.5-2.0 months of total
imports, and lower than the total external debt amounts due every
year. The weak reserve position is driven entirely by weaknesses in
the financial account, as in recent years the current account
position has in fact strengthened.

RATIONALE FOR THE STABLE OUTLOOK

The stable outlook balances Laos's still favorable growth prospects
and modest current and fiscal deficits, against very weak public
finances, weak governance, and heightened liquidity risks.

Moody's expects that the probability of default will remain high
but contained at a level consistent with a Caa3 rating. Upcoming
maturities on commercial debt are limited, related mainly to
borrowings in the THB bond market and bank loans. Risks around
refinancing these THB bond maturities have been mitigated by Laos's
recent funding in the THB bond market.

Moreover, a fragile economic recovery is underway. A complete
relaxation of restrictions for incoming travelers in early May, the
inauguration of the Laos-China railway, and other major
infrastructure projects will support the growth recovery. Moody's
expect real GDP to expand 3.9% in 2022 and 4.3% in 2023, from
around 3.5% estimated by the government for 2021.  At these rates,
GDP growth supports a stabilization in the debt burden, albeit at
high ratios.

However, the growth outlook is subject to downside risks. Improved
connectivity with China will benefit trade and investment flows but
also faces risks from a growth slowdown in China, Laos's
second-largest trading partner. Moreover, rising inflationary
pressures on the back of the military conflict in Russia and
Ukraine as well as the scarcity of foreign exchange - as reflected
in marked currency depreciation – will weigh on domestic demand.
Inflation will reduce purchasing power, particularly impacting the
rural sector as Moody's are seeing now with food and severe fuel
shortages.

In general, default risk will remain high related to a very high
debt burden contributing to high liquidity risks despite limited
financing requirements, compounded by weak governance indicating
that debt management is not strong enough to anticipate changes in
the financing environment.

ENVIRONMENTAL, SOCIAL, GOVERNANCE CONSIDERATIONS

Laos's ESG Credit Impact Score is Very Highly Negative (CIS-5)
reflecting its exposure to environmental and social risks, as well
as its weak governance profile. Weak institutions and very weak
fiscal strength constrain the government's capacity to address ESG
risks.

Exposure to environmental risk is Moderately Negative (E-3 issuer
profile score). Natural disasters, including storms, floods,
landslides and droughts, adversely affect agricultural conditions
and weigh on economic growth. An abundance of natural capital
mitigates this exposure, but an increased frequency of droughts due
to climate change may also reduce Laos's hydropower production
potential. Furthermore, substantial reconstruction and
rehabilitation costs following natural disasters constrain fiscal
flexibility.

Exposure to social risk is Highly Negative (S-4 issuer profile
score), driven by a low level of human capital and limited access
to basic services, healthcare and education. That said, the country
benefits from a young population, while per capita incomes have
doubled over the past 10 years given strong and stable economic
growth.

Laos's governance risk exposure is Very Highly Negative (G-5 issuer
profile score). The country's rankings on the Worldwide Governance
Indicators are low and point to weak rule of law and control of
corruption. Transparency and accountability in government
policymaking remain limited owing to the institutional setup that
is closely intertwined with the political structure. The government
has also struggled to implement many aspects of its financing plan,
indicating constraints on its ability to execute policy. Large,
unprofitable state-owned enterprises also reflect institutional
deficiencies.

GDP per capita (PPP basis, US$): 8,488.8 (also known as Per Capita
Income)

Real GDP growth (% change): 3.5% (2021) (also known as GDP Growth)

Inflation Rate (CPI, % change Dec/Dec): 5.3% (2021)

Gen. Gov. Financial Balance/GDP: -3% (2021) (also known as Fiscal
Balance)

Current Account Balance/GDP: 1.7% (2021) (also known as External
Balance)

External debt/GDP: 119.5% (2021 Estimate)

Economic resiliency: b3

Default history: No default events (on bonds or loans) have been
recorded since 1983.

On June 09, 2022, a rating committee was called to discuss the
rating of the Laos, Government of. The main points raised during
the discussion were: The issuer's economic fundamentals, including
its economic strength, have not materially changed. The issuer's
institutions and governance strength, have not materially changed.
The issuer's fiscal or financial strength, including its debt
profile, has not materially changed. The issuer's susceptibility to
event risks has not materially changed.

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

FACTORS THAT COULD LEAD TO AN UPGRADE

Over time, upward pressure on the rating could emerge if government
liquidity pressures abate as a result of strengthening liquidity
management capacities. An improvement in public finances, which in
turn facilitated more reliable sources of financing at affordable
rates would also create upward pressure on the rating.

FACTORS THAT COULD LEAD TO A DOWNGRADE

Downward rating pressures would arise in the event of a larger or
more rapid fall in foreign exchange reserves and/or further
increases in liquidity stress that would point to a very high
probability of default by the government on its debt payments.

The principal methodology used in these ratings was Sovereign
Ratings Methodology published in November 2019.



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

DSBOUT LIMITED: Creditors' Proofs of Debt Due on Aug. 13
--------------------------------------------------------
Creditors of DSBOUT Limited (formerly Pool Magic Limited) are
required to file their proofs of debt by Aug. 13, 2022, to be
included in the company's dividend distribution.

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

The company's liquidators are:

          Christopher Carey McCullagh
          Stephen Mark Lawrence
          PKF Corporate Recovery & Insolvency (Auckland)
          PO Box 3678
          Auckland 1140


HEARTFOOD NZ: Creditors' Proofs of Debt Due on July 14
------------------------------------------------------
Creditors of Heartfood NZ Limited (trading as Kaiaroha Vegan Deli
and Eatery) are required to file their proofs of debt by July 14,
2022, to be included in the company's dividend distribution.

The company commenced wind-up proceedings on June 7, 2022.

The company's liquidators are:

          Rachel Mason-Thomas
          Jeffrey Philip Meltzer
          Meltzer Mason, Chartered Accountants
          PO Box 6302
          Victoria Street West, Auckland 1141


KINGSLEY PANEL: Creditors' Proofs of Debt Due on July 13
--------------------------------------------------------
Creditors of Kingsley Panel & Paint Limited are required to file
their proofs of debt by July 13, 2022, to be included in the
company's dividend distribution.

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

The company's liquidator is:

          Brenton Hunt
          PO Box 13400
          City East, Christchurch 8141


KUROW-DUNTROON IRRIGATION: Watershed Meeting Set for June 21
------------------------------------------------------------
Otago Daily Times reports that a meeting has been called by the
administrators of Kurow-Duntroon Irrigation Company Ltd (KDIC) to
decide on its future. The meeting will be held on June 21 in
Christchurch.

Last month, the North Otago irrigation company was put into
receivership and voluntary administration by Crown Irrigation
Investments Ltd.

KDIC had been undertaking a $45 million upgrade to the
Kurow-Duntroon irrigation scheme, ODT says.

ODT relates that the project, which began construction in 2019,
involved laying 59km of piped irrigation infrastructure that would
double the irrigation area from just under 2000ha to 4000ha, with a
capacity to expand to service 5500ha.

In August 2019, KDIC was issued an abatement notice by the Waitaki
District Council because a section of the new pipeline blocked the
view of the Waitaki River west of Kurow, which breached its
consent, ODT recalls.

Work then had to be carried out to move the section underground and
out of sight.

Since then, KDIC and the project's designer Monadelphous have been
involved in a dispute over who is liable for the increased cost
caused by the consent breach.

On June 15, a public notice was issued stating that a watershed
meeting had been called by joint administrator Colin Gower, of BDO
Partners, to be held next week, according to the report.

The notice said the meeting would consider the administrators'
report and opinion about the company's business, property, affairs
and financial circumstances.

Creditors would also consider and vote on whether the company
should execute a deed of company arrangement, whether it should be
placed into liquidation and whether the administration should end,
ODT relays.

Late last month, the first meeting of creditors was held in
Oamaru.


ROSS BROTHERS: Creditors' Proofs of Debt Due on July 22
-------------------------------------------------------
Creditors of Ross Brothers Limited are required to file their
proofs of debt by July 22, 2022, to be included in the company's
dividend distribution.

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

The company's liquidator is:

          Andrew Marchel Oorschot
          Ashton Wheelans Chartered Accountants
          PO Box 13042, Christchurch


TEAGUE'S COMMERCIAL: Creditors' Proofs of Debt Due on June 30
-------------------------------------------------------------
Creditors of Teague's Commercial and Domestic Services Limited are
required to file their proofs of debt by June 30, 2022, to be
included in the company's dividend distribution.

The company commenced wind-up proceedings on June 1, 2022.

The company's liquidators are:

          Trevor Edwin Laing
          Emma Margaret Laing
          Trevor Laing & Associates Limited
          PO Box 2468
          Dunedin 9044




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

MESSAGE SYSTEMS: Creditors' Proofs of Debt Due on July 15
---------------------------------------------------------
Creditors of Message Systems Pte. Ltd are required to file their
proofs of debt by July 15, 2022, to be included in the company's
dividend distribution.

The company commenced wind-up proceedings on June 10, 2022.

The company's liquidator is:

          Joal Christian Barbehenn
          c/o 8 Wilkie Road
          #03-01 Wilkie Edge
          Singapore 228095


NANOTEC PREVENTIVE: Creditors' Meetings Set for July 1
------------------------------------------------------
Nanotec Preventive Healthcare Pte Ltd will hold a meeting for its
creditors on July 1, 2022, at 11:00 a.m., via video conference.

Agenda of the meeting includes:

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

   b. to nominate Liquidator(s) or confirm members’ nomination
of
      Liquidator; and

   c. to consider and if thought fit, appoint a Committee of
      Inspection ("COI") for the purpose of winding up the
      Company.

Bernard Juay of Complete Corporate Services was appointed
Provisional Liquidator of the company on June 10, 2022.


NK CERAMIC: Creditors' Meetings Set for June 30
-----------------------------------------------
NK Ceramic Pte Ltd, which is in Provisional Liquidation, will hold
a meeting for its creditors on June 30, 2022, at 3:00 p.m., via
Zoom.

Agenda of the meeting includes:

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

   b. to appoint Liquidator; and

   c. to appoint a Committee of Inspection of not more than 5
      members, if thought fit; and

   d. any other business.


PJF PTE: Creditors' Proofs of Debt Due on July 15
-------------------------------------------------
Creditors of PJF Pte. Limited are required to file their proofs of
debt by July 15, 2022, to be included in the company's dividend
distribution.

The company commenced wind-up proceedings on June 10, 2022.

The company's liquidators are:

          Chan Li Shan
          Thio Khiaw Ping Kelvin
          c/o Agile 8 Solutions  
          133 Cecil Street
          #14-01 Keck Seng Tower
          Singapore 069535


VIETCO INTERNET: Creditors' Proofs of Debt Due on July 21
---------------------------------------------------------
Creditors of Vietco Internet Pte Ltd are required to file their
proofs of debt by July 21, 2022, to be included in the company's
dividend distribution.

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

The company's liquidators are:

          Don M Ho
          David Ho Chjuen Meng
          C/o DHA+ pac
          63 Market Street
          #05-01A Bank of Singapore Centre
          Singapore 048942




===========
T A I W A N
===========

WAN HAI: Moody's Upgrades CFR to Ba1, Outlook Remains Stable
------------------------------------------------------------
Moody's Investors Service has upgraded Wan Hai Lines Ltd.'s
corporate family rating to Ba1 from Ba2.

The outlook on the rating remains stable.

"The upgrade reflects our expectation that Wan Hai will maintain
its improved credit profile with a low adjusted net debt leverage,
improved capital structure and a strong liquidity position to
weather volatility in the shipping industry," says Chenyi Lu, a
Moody's Vice President and Senior Credit Officer.

"The upgrade also reflects our expectation that Wan Hai will
continue to generate robust earnings over the next two years, which
are well above the levels prior to the coronavirus pandemic. The
strong earnings are mainly driven by solid industry demand and
better business diversification, leading to elevated average
freight rates," adds Lu.

Wan Hai's adjusted net debt/EBITDA improved to a net cash position
of about NTD41 billion as of the end of 2021 from 1.5x with an
adjusted net debt of NTD28.5 billion in 2020, driven by strong
positive free cash flows owing to a 639% increase in adjusted
EBITDA to NTD142 billion.

RATINGS RATIONALE

Wan Hai's Ba1 CFR reflects the company's leading position in the
intra-Asia liner market; good track record of operating through
container shipping industry cycles since 1976; good access to the
domestic capital and banking markets; proactive operational and
financial management; and sound liquidity through shipping industry
cycles.

Wan Hai's rating is constrained by the company's lack of business
diversification, which is partly tempered by its established and
wide customer base. The company's single-segment liner operations
expose it to cyclicality in performance.

Wan Hai reported robust year-on-year revenue growth of about 178%
to NTD228 billion ($7.6 billion) in 2021 mainly because of a 171 %
increase in average freight rates and a 6.2% increase in volume as
a result of: (1) strong demand from the improved global economy and
(2) congestions in major ports amid the coronavirus pandemic. The
company also launched new shipping routes in 2021 to meet strong
demand and expand its operations, contributing to volume growth.

The company improved its business diversification and increased its
volume contributions from the United States and South America to
account for 14% and 6%, respectively, of total operating volume
(4.79 million 20-foot equivalent units [TEUs]), in 2021 from 5% and
4% of total operating volume (4.51 million TEUs) in 2020.

Moody's expects Wan Hai's revenue to increase about 15%-20% in 2022
but decrease around 25%-30% in 2023. The growth assumption in 2022
is mainly underpinned by elevated freight rates amid tight capacity
in the container shipping industry, strong container shipping
demand to support growth in the global economy, and Wan Hai's
improved business diversification.

The decline assumption in 2023 is based on lower freight rates
because demand for container shipping will gradually return to
normal. The container shipping industry will add new capacity and
gradually clear traffic jams in major ports around the world in
2023; therefore, average freight rates will be lower in 2023 than
those in 2022 and 2021.

Wan Hai's adjusted EBITDA margin increased to 62.3% in 2021 from
23.5% in 2020, mainly driven by stronger gross margins owing to
higher freight rates and a lower expense/revenue ratio because of
higher operating efficiencies from increased revenue. Therefore,
the company's adjusted EBITDA grew significantly by 639% to NTD142
billion in 2021 from NTD19 billion in 2020.

Moody's also expects Wan Hai's adjusted EBITDA margin to decline to
16% to 17% over the next two years on the back of lower freight
rates and higher short-term charter hiring costs. This will be
partially offset by the company's continued implementation of
expense controls and cost-improvement measures. Therefore, its
adjusted EBITDA will drop to about NTD113 billion in 2022 and about
NTD35 billion in 2023, which are well above the average of NTD9.2
billion per year from 2016 to 2019, prior to the coronavirus
pandemic.

Moody's projects Wan Hai's adjusted net debt/EBITDA will increase
toward 0.5x over the next two years mainly because of a decrease in
its cash position to support the large capital spending required to
fund its expanding operations and dividend payments. This level of
leverage will be appropriate for Wan Hai's Ba1 CFR, further
supported by the company's long track record of holding strong
liquidity over the years.

Moody's forecasts that Wan Hai's adjusted net debt will increase
toward NTD5 billion over the next two years to fund: (1) its large
capital spending programs mostly to purchase 32 new vessels, which
will be delivered over 2022-23; used vessels to increase the size
of its owned fleets to support the current, favorable operating
environment; and container boxes to replace its aged boxes; and (2)
its dividend payments. The new vessel purchase programs form part
of the company's multiyear replacement cycle of aged and
uneconomical vessels, and will support its expanding operations.

Wan Hai improved its adjusted debt/book capitalization to 27.6% in
2021 from 47.8% in 2020, supported by higher retained earnings from
stronger net income.

Moody's also projects Wan Hai's adjusted debt/book capitalization
will improve to 26% over the next two years, underpinned by higher
retained earnings from solid earnings and a prudent dividend
policy.

Wan Hai's liquidity position is very good. As of the end of March
2022, the company held NTD154 billion in cash and cash equivalents
and short-term marketable investments of NTD7.0 billion. This
amount, together with Moody's estimated operating cash flow for the
company of NTD70 billion to NTD75 billion in the next 12 months,
provides a strong liquidity reserve for the repayment of NTD8.2
billion in short-term maturing debt and Moody's projected capital
spending of about NTD52.3 billion for the company over the same
period.

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

The stable rating outlook reflects Moody's expectation that Wan Hai
will maintain its strong market position in the intra-Asia liner
market, prudent vessel acquisition strategy and sound liquidity.

Wan Hai's rating could be upgraded if the company maintains a
prudent investment and operating strategy, and improves its credit
metrics, such that its adjusted net debt/EBITDA falls below 0.5x on
a sustained basis.

Wan Hai's rating could be downgraded if the company's liquidity
reserve depletes significantly; or its debt leverage rises, such
that its adjusted net debt/EBITDA exceeds 2.0x on a sustained
basis, as a result of declining revenue, deteriorating
profitability or debt-funded acquisitions.

The principal methodology used in this rating was Shipping
published in June 2021.

Wan Hai Lines Ltd., listed on the Taiwan Stock Exchange since May
1996, operated a fleet of 148 container vessels (95 wholly owned
and 53 chartered) as of the end of March 2022, offering intra-Asia,
Asia-Middle East and trans-Pacific liner services.

With 39 dedicated service routes as of the end of March 2022, Wan
Hai is the leading provider of intra-Asia container shipping
services, with an estimated 15% market share.


                           *********


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

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

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

This material is copyrighted and any commercial use, resale or
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