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

                     A S I A   P A C I F I C

          Wednesday, December 15, 2021, Vol. 24, No. 244

                           Headlines



A U S T R A L I A

AGATHA BLACK: First Creditors' Meeting Set for Dec. 22
AUSTRALIAN INSTITUTE: Second Creditors' Meeting Set for Dec. 21
LUXEDELUXE HOLDINGS: First Creditors' Meeting Set for Dec. 22
SANTANDER M1: Second Creditors' Meeting Set for Dec. 22
TWOTWO AUSTRALIA: First Creditors' Meeting Set for Dec. 23



C H I N A

BEIJING CAPITAL LAND: S&P Affirms 'BB+' ICR, Outlook Negative
FANTASIA HOLDINGS: Moody's Withdraws 'Ca' Corporate Family Rating
MODERN LAND: Moody's Withdraws 'Ca' Corporate Family Rating
SHIMAO GROUP: Bonds Plunge Renews Chinese Developers' Worry
SUNCITY GROUP: Ceases Junket Operations After Arrest of Founder



I N D I A

ADIG JEMTEX: CARE Keeps D Debt Rating in Not Cooperating
AJR INFRA: CARE Moves D Debt Rating to Not Cooperating
AMIT OILS: CARE Keeps B+ Debt Rating in Not Cooperating Category
BANSAL INFRACON: Insolvency Resolution Process Case Summary
BIHARILAL GREENWOOD: Insolvency Resolution Process Case Summary

COUPLE INTERNATIONAL: CARE Keeps D Debt Rating in Not Cooperating
DEVRISHI PAPERS: CARE Lowers Rating in INR20cr LT Loan to B+
DHANEE INTERNATIONAL: CARE Keeps D Debt Rating in Not Cooperating
DLS PAPERS: CARE Keeps D Debt Rating in Not Cooperating Category
ELECTROMECH MARITECH: CARE Reaffirms D Rating on INR17.48cr Loan

EXCEL COMPUTERISED: Insolvency Resolution Process Case Summary
GANESH AUTOMOTIVE: Insolvency Resolution Process Case Summary
GANGOTRI ENTERPRISES: Insolvency Resolution Process Case Summary
GONGLU AGRO: ICRA Lowers Rating on INR45.0cr LT Loan to D
INDO NABIN: CARE Reaffirms D Rating on INR7.50cr LT Loan

JUNEJA SONS: CARE Keeps B- Debt Rating in Not Cooperating
KAMSA STEEL: CARE Lowers Rating on INR3.0cr LT Loan to B-
KRISHNA EDUCATIONAL: CARE Keeps D Debt Ratings in Not Cooperating
M.P MINING: CARE Keeps D Debt Rating in Not Cooperating Category
MAYUR LEATHER: CARE Keeps D Debt Ratings in Not Cooperating

MUSLIM ALI: CARE Lowers Rating on INR2cr LT Loan to C
NIKKAMAL JEWELLERS: CARE Keeps B- Debt Rating in Not Cooperating
OMRV HOSPITALS: CARE Keeps B- Debt Rating in Not Cooperating
PANOPTES INDIA: Insolvency Resolution Process Case Summary
PARAMOUNT STEELS: CARE Keeps D Debt Rating in Not Cooperating

SADANAND RADHIKA: CARE Lowers Rating on INR30cr LT Loan to B+
SIMPLEX INFRA: CARE Moves Debt Ratings to Not Cooperating Category
SOLAR PRINT: Insolvency Resolution Process Case Summary
SPICEJET LTD: Madras High Court Stays Order of Winding Up Company
TECHNIC PROJECTS: Insolvency Resolution Process Case Summary

VAG BUILDTECH LIMITED: Insolvency Resolution Process Case Summary
VASAVI SOLAR: CARE Reaffirms D Rating on INR20.04cr LT Loan
WOG TECHNOLOGIES PRIVATE: Insolvency Resolution Case Summary


I N D O N E S I A

MEDCO ENERGI: Moody's Alters Outlook on 'B1' CFR to Stable


M A L A Y S I A

SERBA DINAMIK: Fitch Lowers LT Issuer Default Rating to 'RD'


N E W   Z E A L A N D

BADWAL ORCHARDS: Creditors' Proofs of Debt Due on Feb. 6
COASTAL KAYAKERS: Creditors' Proofs of Debt Due on Feb. 3
MARK TATTON: Creditors' Proofs of Debt Due on Feb. 6
STEVRYN HOLDINGS: Creditors' Proofs of Debt Due on Feb. 3


P H I L I P P I N E S

GRAND AGRI: Creditors Have Until Dec. 26 to File Claims
KALUYAGAN RURAL: Creditors Claims Deadline Set for Jan. 25


S I N G A P O R E

AGRINERGY PTE: Creditors' Proofs of Debt Due on Jan. 17
AIFRESH PTE: Commences Wind-Up Proceedings
MDAC 1: Creditors' Proofs of Debt Due on Jan. 10
NEW SILKROUTES: Receives Statutory Demand From Landlord
TAKASHIMAYA ADVERTISING: Creditors' Proofs of Debt Due on Jan. 11



S O U T H   K O R E A

DOOSAN BOBCAT: S&P Affirms 'BB' LT ICR on Steady Performance


S R I   L A N K A

SRI LANKA: India Set to Extend Urgent Economic Package


T A I W A N

TATUNG CO: Chairman, President Step Down

                           - - - - -


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

AGATHA BLACK: First Creditors' Meeting Set for Dec. 22
------------------------------------------------------
A first meeting of the creditors in the proceedings of Agatha Black
Pty Ltd, trading as Blackheath Bar and Bistro, will be held on Dec.
22, 2021, at 9:00 a.m. via virtual meeting technology

Michael Gregory Jones of Jones Partners was appointed as
administrator of Agatha Black on Dec. 13, 2021.


AUSTRALIAN INSTITUTE: Second Creditors' Meeting Set for Dec. 21
---------------------------------------------------------------
A second meeting of creditors in the proceedings of Australian
Institute of Professional Photography Limited has been set for Dec.
21, 2021, at 2:00 p.m. via online meeting.

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

Creditors wishing to attend are advised proofs and proxies should
be submitted to the Administrator by Dec. 17, 2021, at 5:00 p.m.

Mathew Gollant of CJG Advisory was appointed as administrator of
Australian Institute on Nov. 17, 2021.


LUXEDELUXE HOLDINGS: First Creditors' Meeting Set for Dec. 22
-------------------------------------------------------------
A first meeting of the creditors in the proceedings of Luxedeluxe
Holdings Pty Limited, trading as Luxe Deluxe Warehouse, will be
held on Dec. 22, 2021, at 10:00 a.m. via teleconference only.

Brent Kijurina and Richard Albarran of Hall Chadwick were appointed
as administrators of Luxedeluxe Holdings on Dec. 10, 2021.


SANTANDER M1: Second Creditors' Meeting Set for Dec. 22
-------------------------------------------------------
A second meeting of creditors in the proceedings of Santander M1
Pty Ltd, trading as Century 21 ResiComm, has been set for Dec. 22,
2021, at 9:00 a.m. via virtual meeting technology.

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

Creditors wishing to attend are advised proofs and proxies should
be submitted to the Administrator by Dec. 21, 2021, at 5:00 p.m.

Mervyn Jonathan Kitay of Worrells Solvency & Forensic Accountants
was appointed as administrator of Santander M1 on Nov. 25, 2021.


TWOTWO AUSTRALIA: First Creditors' Meeting Set for Dec. 23
----------------------------------------------------------
A first meeting of the creditors in the proceedings of Twotwo
Australia Pty. Ltd will be held on Dec. 23, 2021, at 10:30 a.m. via
Zoom.

Nedin Talic of Charles & Co. was appointed as administrator of
TWOTWO Australia on Dec. 13, 2021.




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

BEIJING CAPITAL LAND: S&P Affirms 'BB+' ICR, Outlook Negative
-------------------------------------------------------------
S&P Global Ratings, on Dec. 10, 2021, affirmed its long-term issuer
credit rating on Beijing Capital Group Co. Ltd. (BCG) at 'BBB-' and
long-term issue rating on the senior unsecured notes the company
guarantees at 'BBB-'. We also affirmed BCG's highly strategic
subsidiary Beijing Capital Land Ltd. (BCL) at 'BB+'.

S&P said, "The negative outlook on BCG and BCL reflects our view
that BCG's leverage may be unable to improve from the currently
elevated level over next six months due to high investments in the
environmental segment. It also reflects the significant weakening
in earnings generation arising from lower margins and sales from
its property segment.

"We affirmed the rating because we believe BCG has the potential to
bring down debt to a more reasonable level on accelerating asset
churn and a reduction of new investments. The property segment, the
most leveraged part of the group, has started sizable efforts in
this area. Since 2021, the group has significantly scaled back new
land investments in property development, with only Chinese
renminbi (RMB) 3.4 billion spent on two Shanghai projects so far,
against about RMB19 billion in 2020. We expect this more
conservative approach will persist, with land acquisitions
controlled at RMB3 billion-RMB5 billion in both 2021 and 2022."

These moves are also aligned with the company's strategy to lower
its property inventory amid a more challenging industry
environment. BCG will also continue to recycle its noncore
business, and selective property and environmental projects.

S&P said, "We estimate BCG's interest-bearing debts (including
perpetual bonds) will reduce by about 4%-6% in 2021 and 8%-10% in
2022, with BCL reducing debt by RMB20 billion in 2021 and RMB10
billion in 2022. For the first nine months of 2021, we estimate BCG
reduced interest-bearing debt by about 3%, a significant
improvement--especially since debt rose 13% during the first six
months. As such, we expect BCG's debt-to-EBITDA ratio to improve to
13.3x-13.8x in 2021 and 11.2x-11.7x in 2022, from 14.1x in 2020.

"In our view, BCG will maintain planned equity-raising to support
the debt reduction.The company is pushing through the listing of
its securities arm, Capital Securities. Its environmental segment
has also completed the first water utility REIT in China. Although
the equity-raising proceeds were only about RMB500 million, this is
a new equity funding channel for the asset-heavy business.

"The outlook remains negative to reflect execution risks for
delivering deleveraging targets. While BCG has laid out plans and
initiatives to reduce debt across the group, the majority of its
actions have been communicated over the last few months and real
debt reduction has only happened since the third quarter of 2021.
We still see execution risks for the group's multiple asset sales
or listing plan, as well as for the capital expenditure (capex)
plan of its growing environmental segment. BCG has only a short
track record of delivering its deleveraging target, in our view.

"The weak property market will hurt margins, hindering
deleveraging. By our estimate, the gross margin of BCG's property
segment will drop to 19%-21% in 2021 and 18%-20% in 2022, from
24.9% in 2020, mainly due to margin pressure from its property
development subsidiary, BCL. We also see further downside risks for
the segment's margin over the next two to three years as developers
are boosting sales and cash collection through various
promotions."

BCG's growing environmental segment adds to income stability. The
environmental and infrastructure businesses accounted for about 55%
of the group's EBITDA in 2020, against 48% in 2019 and 32% in 2018.
The group is among the top three companies in China's water and
sewage treatment industry; and has established its presence in the
waste treatment business. We believe cash generation from these
industries is relatively stable, especially as China's economic
activities continue to recover from the pandemic. BCG's operations
of Beijing metro lines and intercity highways around the city are
also mature.

S&P said, "We expect the two segments to generate stable revenue,
and cash flow and accounts will remain about 50%-60% of the group's
EBITDA. This factor will mitigate fluctuations in the property
business, especially given our expectation that the property
segment will be under pressure, and primary land development will
be delayed due to weak demand in the Tianjin market.

"Government and banking support remains, in our view. We believe
BCG's diversified funding channels and competitive funding costs
remain major advantages. As one of the biggest state-owned
enterprises (SOEs) under the Beijing Municipal State-Owned Assets
Supervision and Administration Commission, BCG and its major
subsidiaries maintain strong relationships with a large number of
financial institutions, including state-owned banks."

In 2021, despite tight funding conditions, the group was able to
tap bank funding and debt capital markets relatively unhindered. It
therefore raised additional financing with no significant increase
in costs. The average cost of the group's financing remained below
5%, materially more competitive than that for privately owned
conglomerates of similar scale with a significant exposure to
property development.

S&P said, "We affirmed the rating on BCL with a negative outlook
because we continue to assess the company as a highly strategic
subsidiary of BCG. BCL became a fully owned subsidiary of BCG after
being taken private in September 2021. We believe this action will
allow the company to be more fully integrated with BCG's long-term
development plan. However, due to BCL's margin compression, we
estimate the company's contribution to EBITDA will gradually
decline toward 30% over the next one to two years compared with
around 34% in 2020. That said, we still expect property development
to remain one of the pillars of BCG's earnings and stay an integral
part of the group's business strategy.

"BCL's scale will continue to moderate amid weak market sentiment
and its low growth aspirations. We expect the company's contracted
sales will reduce to around RMB63 billion-RMB66 billion in 2021,
and further to RMB55 billion–RMB60 billion in 2022, from RMB71
billion in 2020. This is aligned with developer peers' due to
weaker purchasers' sentiment. We also anticipate that BCL will keep
control over its land replenishment appetite for the next one to
two years, due to BCG's deleveraging initiatives, which should lead
to gradual depletion of saleable resources.

"In our estimation, the property segment will generate about RMB10
billion in cash for debt repayment annually over the next two
years. We expect BCG's property segment to gradually shift its
focus toward internal resources, given that Beijing Capital City
Development Group Co. Ltd. (BCCDG) is established and holds most of
the group's property-related resources. BCCDG includes the
privatized property development arm of BCL, the primary land
development and social housing Capital Jingzhong, and two smaller
subsidiaries focusing on rental housing and greening.

Beijing Capital Group

S&P said, "The negative outlook on BCG reflects our view that the
company's leverage may not improve over the next six months and
will stay at the current elevated level. This could be due to high
investment in the environmental segment, or weaker earnings
generation arising from lower margins and sales from is property
segment.

"We could lower the rating if BCG fails to execute its
debt-reduction plan, or its earnings and cash flow generation
weaken, such that its debt-to-EBITDA ratio further deteriorate from
the current level of 13x-14x.

"We may also lower the rating if our assessment of the likelihood
of extraordinary government support to BCG weakens, which may occur
if the company's strategic importance to the Beijing municipal
government weakens.

"We could revise the outlook to stable if BCG achieves stronger
operating performance and EBITDA growth compared with our base case
while prudently managing debt expansion, such that its leverage
starts to clearly improve toward 10x, or its EBITDA interest
coverage is consistently above 1.5x."

Beijing Capital Land

The negative outlook on BCL mirrors that on its parent, BCG, and
S&P's expectation that the company's leverage will stay high with
compressed margins.

S&P said, "At the same time, the negative outlook reflects our view
that BCG's leverage may not improve over the next six months and
will stay at the current elevated level. This could be due to high
investment in the environmental segment, or weaker earnings
generation arising from lower margins and sales from is property
segment.

"We could downgrade BCL if we lower the rating on BCG. In a
less-likely scenario, we may lower the rating on BCL if we believe
the company's importance to the group has slipped, or the group's
control of BCL has weakened.

"We could lower the rating if BCG fails to execute its
debt-reduction plan, or its earnings and cash flow generation
weaken, such that its debt-to-EBITDA ratio further deteriorate from
the current level of 13x-14x.

"We may also lower the rating if our assessment of the likelihood
of extraordinary governmental support to BCG weakens, which may
occur if the company's strategic importance to the Beijing
municipal government weakens."

We could revise the outlook on BCL to stable if we revise the
outlook on BCG to stable. This could be indicated by BCG achieving
a stronger operating performance and EBITDA growth compared with
our base case while prudently managing debt expansion, such that
its leverage starts to clearly improve towards 10x, or its EBITDA
interest coverage is consistently above 1.5x.


FANTASIA HOLDINGS: Moody's Withdraws 'Ca' Corporate Family Rating
-----------------------------------------------------------------
Moody's Investors Service has withdrawn Fantasia Holdings Group
Co., Limited's Ca Corporate Family Rating and the C senior
unsecured ratings on the notes.

Prior to the withdrawal, the ratings outlook on Fantasia was
negative.

RATINGS RATIONALE

Moody's has decided to withdraw the ratings because it believes it
has insufficient or otherwise inadequate information to support the
maintenance of the ratings.

COMPANY PROFILE

Fantasia Holdings Group Co., Limited is a property developer in
China (A1 stable). Established in 1996, the company listed on the
Hong Kong Stock Exchange in November 2009. In addition to property
development, Fantasia is engaged in property operation services,
property agency services and hotel services for its own properties
and properties of third parties.


MODERN LAND: Moody's Withdraws 'Ca' Corporate Family Rating
-----------------------------------------------------------
Moody's Investors Service has withdrawn Modern Land (China) Co.,
Limited's (Modern Land) Ca Corporate Family Rating and the C senior
unsecured ratings on the notes.

Prior to the withdrawal, the ratings outlook on Modern Land was
negative.

RATINGS RATIONALE

Moody's has decided to withdraw the ratings because it believes it
has insufficient or otherwise inadequate information to support the
maintenance of the ratings.

COMPANY PROFILE

Modern Land (China) Co., Limited was founded in Beijing in 2000 by
Mr. Zhang Lei, who is the company's current chairman. The company
specializes in developing green housing units and is among the few
early leaders in China's green and eco-lifestyle market.

Modern Land was listed on the Hong Kong Stock Exchange in July
2013. As of June 2021, it had a gross land bank of around 16.8
million square meters in terms of gross floor area.


SHIMAO GROUP: Bonds Plunge Renews Chinese Developers' Worry
-----------------------------------------------------------
Bloomberg News reports that a wave of selling swept through Chinese
developers' bonds and shares after the sudden plunge in a major
property firm's notes renewed concern over the health of the
sector.

Shimao Group Holdings Ltd.'s dollar notes dropped as much as 12
cents on the dollar, with the selloff spreading to other company
bonds including Sunac China Holdings Ltd. and KWG Group Holdings
Ltd, Bloomberg relates.  Trading was halted in six of Shimao's yuan
bonds after they plunged, with one falling more than 50%.  A
Bloomberg Intelligence stock index of real estate firms slumped
2.8%, led by an 12% drop by Shimao.

The company said it's looking into market rumors which it blamed
for causing the selloff, according to an emailed statement.
Bloomberg says the declines shattered the buoyant mood that
dominated trading last week, when Beijing's shift toward pro-growth
policies helped drive yields on Chinese junk dollar bonds down the
most in seven years.  Optimism over further easing steps had helped
counter the long-anticipated defaults by China Evergrande Group and
Kaisa Group Holdings Ltd.

According to Bloomberg, the inclusion of the phrase "housing is for
living in, not for speculation" by the Communist Party's top
decision makers at the end of an annual economic conference added
to concern.  The phrase -- which President Xi Jinping has stressed
many times -- hadn't been used in Politburo's preparatory meeting
last week.

The addition clarifies "overly optimistic views" about outright
easing of property policies, said Bruce Pang, head of macro-economy
and strategy research at China Renaissance Securities Hong Kong
Ltd.  "I don't think China will completely relax property
policies," he said.

Bloomberg says the selloff underscores the fragility of investor
sentiment toward China's troubled real estate sector, and the
nation's assets in general, as Xi pushes ahead with plans to reduce
risk in the financial system. The Hang Seng China Enterprises Index
of shares wiped out an intraday gain of 1.9% to close lower on Dec.
13, Bloomberg discloses.

Property stocks were among the biggest losers in Hong Kong.  Sunac
plunged more than 7%, while its dollar bonds fell as much as 5
cents on the dollar, Bloomberg notes citing credit traders.  Agile
Group Holdings Ltd. shares slid 6.4%. KWG's dollar bond due 2023
declined 2.8 cents to 82 cents.

Shimao is China's 13th biggest developer by contracted sales and
among the largest property debt issuers with about $10.1 billion in
outstanding local and offshore bonds.  

A bond issued by one of Shimao's local units suffered the largest
haircut in China's exchange-traded repo market last week, according
to Bloomberg-compiled data.  Borrowers putting up a Shanghai Shimao
Jianshe Co. note due 2025 for collateral get just 35% of the note's
face value as cash, down from 50% the prior week.

Shimao's dollar bond due 2022 fell 12.4 cents on the dollar to 75.7
cents, set for its lowest price in about month, Bloomberg-compiled
prices show.

"A major price collapse or a downfall of Shimao will cause lapse in
confidence in cross-over investment grade names in China property,
which acts as the final refuge for the sector," Bloomberg quotes
Anthony Leung, head of fixed income at Metropoly Capital HK, as
saying. The impact could be more devastating than debt crises at
Evergrande or Kaisa because they were of much lower credit quality,
he added.

Shimao's contracted sales will be weaker than S&P previously
forecast due to "tough" business conditions, while the company may
struggle to deleverage in the next 12 months, the credit assessor
said on Nov. 10, Bloomberg relays.

China's property developers remain under pressure from slowing
sales and a wall of bond maturities coming due in January,
according to Citigroup Inc. analysts. That means credit stress has
yet to reach a maximum and weaker firms are likely to default, the
analysts said.

                        About Shimao Group

Shimao Group Holdings Ltd, formerly Shimao Property Holdings Ltd,
is an investment holding company principally engaged in the sale of
properties. The Company operates its business through four
segments. The Sales of Properties segment is mainly engaged in the
development of residential real estate. The Property Management
Income and Others is mainly engaged in property management. The
Hotel Operation Income segment is mainly engaged in hotel
operations. The Commercial Properties Operation Income segment is
mainly engaged in the development, investment and operation of
commercial, office and industrial park property projects.

As reported in the Troubled Company Reporter-Asia Pacific on Nov.
24, 2021, Moody's Investors Service has placed on review for
downgrade the Ba1 corporate family rating of Shimao Group Holdings
Limited.  The outlook prior to the review for downgrade was
stable.

The TCR-AP reported on Nov. 11, 2021, that S&P Global Ratings
lowered its long-term issuer credit rating on Shimao Group Holdings
Ltd. to 'BB+' from 'BBB-'.  S&P also lowered the long-term issue
rating on the property developer's senior unsecured notes to 'BB'
from 'BB+'.

The negative outlook reflects the rising uncertainty over Shimao's
commitment to debt and leverage control.


SUNCITY GROUP: Ceases Junket Operations After Arrest of Founder
---------------------------------------------------------------
Bloomberg News reports that Suncity Group ceased its junket
operations as of Dec. 10, according to people familiar with the
matter, following the arrest of its founder amid Beijing's ongoing
crackdown on the casino hub.

Sun City Gaming Promotion Company Ltd., Suncity's junket business
arm, said it can't operate because partnerships with other casinos
were halted, and company systems were suspended due to legal
proceedings, according to an internal notice seen by Bloomberg
News.

Suncity employees were notified late on Dec. 10 and no follow-up
arrangement has been announced, said the people, who asked not to
be identified because the information is private. Employees have
yet to receive November salaries because company systems and
accounts are frozen under the investigation, the people said.

Alvin Chau, who controls Suncity Group, was arrested late last
month on allegations of establishing overseas gambling platforms
and carrying out illegal virtual betting activities, according to
Bloomberg.  Suncity has since closed all of its VIP gaming rooms in
Macau's casinos, and was said to have told some staff it will stop
paying them amid concerns over cash flow.

Suncity's travails have rocked the world's biggest gambling hub,
already reeling as the government intensified regulatory oversight.
Some casinos, including Wynn Macau Ltd. and Melco Resorts &
Entertainment Ltd., decided to close VIP gambling rooms run by
junkets given the scrutiny on Suncity, Bloomberg News reported
earlier.

Junkets, which have been in the cross-hairs of Beijing's crackdown
for allegedly facilitating money laundering, account for some 75%
of Macau's roughly $3 billion in annual VIP gaming revenue, the
report discloses.  They provide a service that is part upscale
travel agent and part money changer for big spenders in Macau.

Shares of Suncity Group's listed arm, which doesn't include its
junket operation, were halted on Dec. 9 and resumed trading on Dec.
13.  They have plunged 46% since Nov. 30, Bloomberg notes.  Mr.
Chau resigned on Dec. 1 from his posts as chairman of the board of
Suncity Group and as an executive director.  

Suncity Group Holdings Ltd is a China-based investment holding
company.  The Company mainly conducts its business through five
segments.  The Property Development segment engages in the
development and sales of office premises, residential and retail
properties.  The Property Leasing segment engages in the leasing of
retail residential properties and provision of property management
services.  The Hotel and Integrated Resort General Consultancy
Services segment mainly engages in the provision of hotel and
integrated resort general consultancy services.  The Travel Related
Products and Services segment mainly engaged in the sales of travel
related products and provision of travel agency services.  The
Others segment mainly engages in the provision of property
management services and transportation services in the
Philippines.




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I N D I A
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ADIG JEMTEX: CARE Keeps D Debt Rating in Not Cooperating
--------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Adig Jemtex
Private Limited (AJPL) continues to remain in the 'Issuer Not
Cooperating' category.

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank      27.43       CARE D; ISSUER NOT COOPERATING
   Facilities                      Rating continues to remain
                                   under ISSUER NOT COOPERATING
                                   category

Detailed Rationale & Key Rating Drivers

CARE had, vide its press release dated December 18, 2020, placed
the rating(s) of AJPL under the 'issuer non-cooperating' category
as AJPL 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. AJPL continues to be
noncooperative despite repeated requests for submission of
information through e-mails, phone calls and a letter/email dated
November 3, 2021, November 13, 2021, November 23, 2021.

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

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

Bhilwara (Rajasthan) based Adig Jemtex Private Limited (AJPL) was
incorporated by Mr. Nand Kishore Jindal and Mr. Madhur Jindal in
2010. Subsequently, there was change in shareholding pattern in
2014 with exit of Mr. Madhur Jindal and entry of two new directors
namely, Mr. Akash Jindal and Mrs. Kavita Jindal. Initially, AJPL
was engaged in the business of seizing of yarns (mainly starching
process) and trading of grey and finished fabrics. However, from
June 2017, it has started commercial production of grey fabrics.
The plant of the company is located at Bhilwara with an installed
capacity of 67 lakhs meters of cloth per annum for sizing and 56
lakhs kgs per annum for weaving. At present, the company has 52
airjet looms. The group concern includes Aarti Suitings Private
Limited (ASPL), incorporated in 1994, which is engaged in the
manufacturing and export of suiting, shirting, and fabrics from its
facility located at Bhilwara, Rajasthan. The installed capacity
stood at 62 Lakh Meters Per Annum (LMPA) as of March 31, 2018. At
present, ASPL has 42 Dornier rapier looms and 16 Rapier looms.


AJR INFRA: CARE Moves D Debt Rating to Not Cooperating
------------------------------------------------------
CARE Ratings has migrated the rating on bank facilities of AJR
Infra & Tolling Limited (AITL) formerly known as Gammon
infrastructure Projects Limited (GIPL) to Issuer Not Cooperating
category.

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank       25.00      CARE D; ISSUER NOT COOPERATING
   Facilities                      Rating moved to ISSUER NOT
                                   COOPERATING category

   Short Term Bank      35.00      CARE D; ISSUER NOT COOPERATING
   Facilities                      Rating moved to ISSUER NOT
                                   COOPERATING category

Detailed Rationale & Key Rating Drivers

CARE has been seeking information from AITL to monitor the
rating(s) vide e-mail communications/letters dated August 11,2021,
November 25, 2021 among others and numerous phone calls. However,
despite CARE's repeated requests, the company has not provided the
requisite information for monitoring the ratings. In line with the
extant SEBI guidelines, CARE has reviewed the rating on the basis
of the best available information which however, in CARE's opinion
is not sufficient to arrive at a fair rating. The rating on AITL.'s
bank facilities will now be denoted as CARE D/CARE D; ISSUER NOT
COOPERATING.

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

Detailed description of the key rating drivers

At the time of last rating on October 5, 2020 the following were
the rating strengths and weaknesses:

Key Rating Weaknesses

* Key Rating Weaknesses Ongoing delays in servicing of debt
obligations: As per the interaction with the lender, there are
on-going delays and defaults in the servicing of debt obligations
and overdraws in fund-based cash credit limits owing to strained
liquidity position of the company. As per FY21 audit report
(standalone and consolidated), there are defaults at standalone
level as well as in various SPVs (Special Purpose Vehicles) where
the accounts are classified as non-performing accounts (NPA) and
some of the SPVs are undergoing Insolvency Resolution Process
(IRP). During FY20, the consolidated revenue of AITL declined to
INR395 crore as compared to INR526 crore in FY19 mainly on account
of subdued performance of Vizag port, shortage of supply of bagasse
during FY20 leading to lower power generation as well as poor toll
collections in the MP road project and RGBL. Besides, the
operations at the SPVs levels are stressed on account of delayed
execution and stalled projects along with debt burden leading to
constrained liquidity position of the company.

AITL, formerly known as (Gammon Infrastructure Projects Limited
(GIPL)) is an infrastructure project development company, promoted
by Gammon India Limited (GIL) (CARE D/ INC), one of the largest
construction companies in India. Incorporated in 2001, AITL
undertakes the development of infrastructure projects on a
public-private partnership (PPP) basis under separate
project-specific Special Purpose Vehicles (SPVs), having presence
in project development, project advisory and sector-specific
operations and maintenance. AITL is publicly listed entity on both
recognized stock exchanges i.e BSE and NSE and its presence is
pan-India with two decades of experience and technical expertise in
the multi-purpose infrastructure segments with diverse portfolio
across Roads, Power and Port sectors. The company is presently
engaged in the development of various infrastructure projects in
sectors like transportation, energy and urban infrastructure
through several special purpose vehicles (SPVs). It is also engaged
in carrying out operation and maintenance (O&M) activities for the
transportation sector projects. The current portfolio of the
Company comprises of four operational assets into Power, Ports and
Road and six projects under different stages of development with
majorly into Road projects. The Company's projects are spread
across seven states in India.

AMIT OILS: CARE Keeps B+ Debt Rating in Not Cooperating Category
----------------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Amit Oils
Private Limited (AOPL) continues to remain in the 'Issuer Not
Cooperating' category.

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank      27.00       CARE B+; Stable; ISSUER NOT
   Facilities                      COOPERATING; Rating continues
                                   To remain under ISSUER NOT
                                   COOPERATING category  

Detailed Rationale & Key Rating Drivers

CARE had, vide its press release dated December 23, 2020, placed
the rating(s) of AOPL under the 'issuer non-cooperating' category
as AOPL 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. AOPL continues to be
non-cooperative despite repeated requests for submission of
information through e-mails, phone calls and a letter/email dated
November 8, 2021, November 18, 2021 and November 28, 2021.

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

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

Uttar Pradesh based Amit Oils Private Limited (AOPL) (erstwhile
known as Amit Oils Limited) was incorporated in August, 1995. The
company is having one extraction unit running under the name and
style of "M/s Amit Solvex" under Amit Oils Private Limited. The
company is currently managed by Mr. Chandra Prakash Agarwal, Mr.
Deepak Kumar Agarwal, Mrs. Sweety Agarwal and Mrs. Kamla Devi
Agarwal. The company is engaged in the refining of edible oils
(rice bran, palm and soya bean). The company has its manufacturing
unit located at Jaunpur, Uttar Pradesh. The major raw materials
required by the company are crude edible oils (rice bran, palm and
soya bean) which the company procures from solvent extraction
plants based in Uttar Pradesh, West Bengal and Madhya Pradesh. The
company sells its products to local traders based in Varanasi,
Prayagraj, Jaunpur, Kanpur & Patna through brokers/commission
agents. Amit Solvex (a unit of Amit Oils Private Limited) is
engaged in the processing of rice bran & mustard cake for rice bran
oil, mustard oil and deoiled cake. It has its manufacturing
facility located in Kaimur, Bihar. The major raw materials required
by the Amit Solvex are rice bran & mustard cake which the company
procures from rice millers and farmers based in Bihar. Amit Solvex
sells its products to edible oil refineries based in West Bengal &
Bihar through brokers/commission agents. Further, the deoiled cake
is sold to manufacturers of poultry & animal feeds like Godrej
Agrovet Limited, Kissan Fodder Mills Private Limited, etc.

BANSAL INFRACON: Insolvency Resolution Process Case Summary
-----------------------------------------------------------
Debtor: Bansal Infracon Private Limited
        C 6 Summeru Township
        Opp. Varahi SOC
        Ghogha Road, Bhavnagar
        Gujarat 364001

Insolvency Commencement Date: November 29, 2021

Court: National Company Law Tribunal, Ahmedabad Bench

Estimated date of closure of
insolvency resolution process: May 28, 2022

Insolvency professional: Tejas Shah

Interim Resolution
Professional:            Tejas Shah
                         B 201, Narayan Krupa Avenue
                         Opp. Prernatirth Derasar
                         Jodhpur, Satellite
                         Ahmedabad, Gujarat 380015
                         E-mail: tejasshah44@yahoo.com

                            - and -

                         9/B, Vardan Complex
                         Lakhudi Circle, Navrangpura
                         Ahmedabad 380014
                         E-mail: iptejaskshah@gmail.com

Last date for
submission of claims:    December 20, 2021


BIHARILAL GREENWOOD: Insolvency Resolution Process Case Summary
---------------------------------------------------------------
Debtor: Biharilal Greenwood Private Limited
        Vill-Durgu Tali Centre Kotshila
        Purulia, West Bengal 723213

Insolvency Commencement Date: December 9, 2021

Court: National Company Law Tribunal, Kolkata Bench

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

Insolvency professional: Ms. Meera Prasad

Interim Resolution
Professional:            Ms. Meera Prasad
                         Flat No. 103, First Floor
                         Anurag Apartment
                         Ashok Asthali
                         Near Dibadih Flyover
                         Ranchi, Jharkhand 834002
                         E-mail: pdmeera@gmail.com

                            - and –

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

Last date for
submission of claims:    December 23, 2021


COUPLE INTERNATIONAL: CARE Keeps D Debt Rating in Not Cooperating
-----------------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Couple
International Private Limited (CIPL) continues to remain in the
'Issuer Not Cooperating' category.

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank        8.70      CARE D; ISSUER NOT COOPERATING
   Facilities                      Rating continues to remain
                                   under ISSUER NOT COOPERATING
                                   category

Detailed Rationale & Key Rating Drivers

CARE had, vide its press release dated December 22, 2020, placed
the rating(s) of CIPL under the 'issuer non-cooperating' category
as CIPL 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. CIPL continues to be
noncooperative despite repeated requests for submission of
information through e-mails, phone calls and a letter/email dated
November 7, 2021, November 17, 2021, November 27, 2021.

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

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

New Delhi based CIPL was incorporated in 1998. The company is
currently being managed by Mr. Rituraj Gupta and Ms. Kavita
Vardhan. CIPL is engaged in the manufacturing of garments and
accessories (scarfs). Its manufacturing plant is located in Noida,
Uttar Pradesh with a combined installed capacity of 70,000 pieces
per month as on March 31, 2017. CIPL is mainly an export-oriented
unit with major export destination being USA, Australia, Japan,
France, Denmark, Spain, Canada, China and Indonesia. The major raw
materials viz., knitted & woven fabrics are procured from
manufacturers located in Tamil Nadu and traders located in Delhi.

DEVRISHI PAPERS: CARE Lowers Rating in INR20cr LT Loan to B+
------------------------------------------------------------
CARE Ratings revised the ratings on certain bank facilities of
Devrishi Papers Private Limited (DPPL), as:

                       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 and
                                   Revised from CARE BB-; Stable

   Long Term/Short     10.00       CARE B+; Stable/CARE A4;
   Term Bank                       ISSUER NOT COOPERATING;
   Facilities                      Rating continues to remain
                                   under ISSUER NOT COOPERATING
                                   category and Revised from
                                   CARE BB-; Stable/CARE A4

Detailed Rationale & Key Rating Drivers

CARE had, vide its press release dated December 22, 2020, placed
the rating(s) of DPPL under the 'issuer non-cooperating' category
as DPPL 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. DPPL continues to be
noncooperative despite repeated requests for submission of
information through e-mails, phone calls and a letter/email dated
November 7, 2021, November 17, 2021, November 27, 2021.

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

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

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

The rating also factored in decline in scale of operation and
increase in overall debt during FY20.

Uttarkhand based, Devrishi Papers Private Limited (DPPL) was
incorporated on August 17, 2004 and is currently being managed by
Mr. Rishi Kumar Agarwal, Mr. Amit Agarwal, Ms. Meera Agrawal, Mr.
Sachin Agarwal and Mr. Nitin Agarwal. The company is engaged in
manufacturing of kraft paper at its manufacturing facility located
in Uttarkhand. The product manufactured by DPPL is used for
manufacturing corrugated boxes and the same is sold to manufactures
of packaging materials and dealers located PAN India. The main raw
material for the company is waste paper and the same is procured
from scrap traders located in Uttarkhand, Bihar and Uttar Pradesh
region.


DHANEE INTERNATIONAL: CARE Keeps D Debt Rating in Not Cooperating
-----------------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Dhanee
International (DHI) continues to remain in the 'Issuer Not
Cooperating' category.

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank        5.25      CARE D; ISSUER NOT COOPERATING
   Facilities                      Rating continues to remain
                                   under ISSUER NOT COOPERATING
                                   category

Detailed Rationale & Key Rating Drivers

CARE had, vide its press release dated December 23, 2020, placed
the rating(s) of DHI under the 'issuer non-cooperating' category as
DHI 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. DHI continues to be
non-cooperative despite repeated requests for submission of
information through e-mails, phone calls and a letter/email dated
November 8, 2021, November 18, 2021, November 28, 2021.

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

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

Dhanee International (DHI) is a proprietorship firm established in
2006 by Mrs. Aruna Bindra. DHI is engaged in the manufacturing of
readymade garments at its manufacturing facility located at
Ludhiana, Punjab which has a total installed capacity of 4.5 Lakh
pieces of textiles per annum. The firm is also engaged in trading
of fabric (constituted ~40% of the total sales in FY14). The
product line of the firm mainly comprises cotton fabric, acrylic
fabric, polyester fabric, sinker fabric, tshirts, trousers, shirts,
lowers etc. DHI ventured into export business majorly w.e.f April,
2014 and the same constituted ~78% of the total sales in FY15
(prov.). The firm sells its products to various wholesalers located
in UAE and also supplies the same to wholesalers and retailers
located in Punjab. DHI mainly requires cotton fabric, acrylic
fabric and polyester fabric as raw materials which are procured
directly from the suppliers based in Punjab. Besides this, the
proprietor is also engaged in another group concern namely, Fashion
Flo, a proprietorship firm (boutique) established in 1993.

DLS PAPERS: CARE Keeps D Debt Rating in Not Cooperating Category
----------------------------------------------------------------
CARE Ratings said the rating for the bank facilities of DLS Papers
Private Limited (DPPL) continues to remain in the 'Issuer Not
Cooperating' category.

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank      11.22       CARE D; ISSUER NOT COOPERATING
   Facilities                      Rating continues to remain
                                   under ISSUER NOT COOPERATING
                                   category

Detailed Rationale & Key Rating Drivers

CARE had, vide its press release dated December 22, 2020, placed
the rating(s) of DPPL under the 'issuer non-cooperating' category
as DPPL 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. DPPL continues to be
non-cooperative despite repeated requests for submission of
information through e-mails, phone calls and a letter/email dated
November 7, 2021, November 17, 2021, November 27, 2021.

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

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

Muzzafarnagar, Uttar Pradesh, based, DLS Paper Private Limited
(DLSPPL) was incorporated in March, 2013 and started its commercial
operation in October, 2015 by Mr. Laxman Singh and Mr. Dinesh
Kumar. The company is being managed by Mr Laxman Singh, Mr Dinesh
Kumar, Mr. Aamir Ahmed and Mr. Arshad Ali. The company is engaged
in manufacturing of craft paper at its manufacturing facility
located in Muzzafarnagar with installed capacity of 80 tonnes per
day as on March 31, 2018. The product manufactured by DLS is used
for manufacturing corrugated boxes and the same is sold to
manufactures of packaging materials and dealers in NCR region. The
main raw materials for the company are waste paper and waste
corrugated boxes and the same is procured from scrap traders
located in NCR and Muzaffarnagar region.


ELECTROMECH MARITECH: CARE Reaffirms D Rating on INR17.48cr Loan
----------------------------------------------------------------
CARE Ratings reaffirmed ratings on certain bank facilities of
Electromech Maritech Private Limited, as:

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank
   Facilities           17.48      CARE D Reaffirmed

Detailed Rationale & Key Rating Drivers

The reaffirmation of rating assigned to the bank facilities of
Electromech factors in the likelihood of default owing to its poor
liquidity profile with expected lower generation of cash accruals
vis-à-vis debt repayment obligations in FY22 (refers to the period
from April 1 to March 31).

Rating Sensitivities

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

* Ability of the company to improve operational performance thereby
leading to sufficient generation of accruals and improvement in the
liquidity profile.

Detailed description of the key rating drivers

Key Rating Weaknesses

* Below average financial risk profile: The company has below
average financial risk profile with highly leveraged capital
structure. The leveraged capital structure is largely due to high
debt and erosion of net worth which is largely due to accumulated
losses for FY20 and FY21. The company's net losses increased and
stood at INR 3.35 crore during FY21 on account of high interest and
depreciation charge.  The interest coverage ratio of the company
moderated in FY21 at 1.19x (PY: 1.44x) due to decline in PBILDT.
The overall gearing deteriorated from 4.24x as on March 31, 2020 to
6.88x as on March 31, 2021 owing to decrease in tangible net
worth.

* Subdued operational performance: The operational performance of 5
MW grid connected solar photovoltaic (SPV) power plant constructed
by Electromech at Askandra Village, Jaisalmer district, Rajasthan
which was commissioned on January 10, 2012 remained subdued with
CUF (Capacity utilization factor) of 8.46% during FY21 (PY:
10.81%). This was mainly on account of fire accident in two of the
inverters of 2 MW translating into 40% of the installed capacity.
Even during the 4MFY22 (refers to period from April 1 to July 31),
the CUF remained lower in comparison to the previous year levels of
the same time period. It stood at 9.31% in 4MFY22 as against 10.88%
in 4MFY21.

Liquidity: Poor

Owing to the past trend of subdued operational performance with no
visible improvement in the current year, the liquidity profile
continues to remain poor with lower generation of cash accruals
envisaged vis-a-vis debt repayments for the fiscal FY22. Further,
the company had no working capital limits with low cash and bank
balance of INR 0.63 crore and DSRA in the form of fixed deposits
amounting to INR1.54 crore as on July 31, 2021.

Electromech is a 51:49 joint venture between Golden Infraprojects
Pvt Ltd (GIPL) and Lanco Solar Energy Private Limited (LSEPL) was
incorporated on January 2, 2008. Both GIPL and LSEPL are companies
of Lanco group. Electromech is a 5 MW solar energy project located
at Askandra Village, Jaisalmer district, Rajasthan. The project was
funded in debt equity ratio of 63:37. The project achieved
Commercial Operations Date (COD) on January 10, 2012. The company
has signed a long term PPA with NVVNL for 25 years at a fixed
tariff rate of INR11.60/kwh in January 2011.


EXCEL COMPUTERISED: Insolvency Resolution Process Case Summary
--------------------------------------------------------------
Debtor: Excel Computerised Embroidery Private Limited
        A 254 Okhla Industrial Area
        Phase 1
        New Delhi 110020

Insolvency Commencement Date: November 30, 2021

Court: National Company Law Tribunal, Court No. IV
       New Delhi Bench

Estimated date of closure of
insolvency resolution process: May 29, 2022

Insolvency professional: Piyush Moona

Interim Resolution
Professional:            Piyush Moona
                         Flat no. 04034 ATS Advantage
                         Ahinsa Khand 1, Indirapuram
                         Ghaziabad 201014
                         E-mail: piyushmoona@gmail.com

                            - and -

                         J Mandal & Co.
                         A-9, Sector 9
                         Noida 201301
                         E-mail: ecepl.cirp@gmail.com

Last date for
submission of claims:    December 14, 2021


GANESH AUTOMOTIVE: Insolvency Resolution Process Case Summary
-------------------------------------------------------------
Debtor: Sri Ganesh Automotive Impex Private Limited

        Registered office:
        P-39, Second floor
        (Rear Block)
        South Extension Part-II
        New Delhi 110049

        Manufacturing Facility:
        SPL-1/O, Phase 1
        Nearby Bank of Baroda
        RIICO Chowk, Industrial Area
        Bhiwadi, Alwar 301019

Insolvency Commencement Date: November 30, 2021

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

Estimated date of closure of
insolvency resolution process: May 29, 2022

Insolvency professional: Umesh Chand Goyal

Interim Resolution
Professional:            Umesh Chand Goyal
                         E-10A, Kailash Colony
                         New Dehi 110048
                         E-mail: goyaluc.ip@gmail.com

                            - and -

                         AAA Insolvency Professionals LLP
                         E-10A, Kailash Colony
                         New Delhi 110048
                         E-mail: sriganesh@aaainsolvency.com

Last date for
submission of claims:    December 21, 2021


GANGOTRI ENTERPRISES: Insolvency Resolution Process Case Summary
----------------------------------------------------------------
Debtor: Gangotri Enterprises Limited
        B-158, Sector-A
        Mahanagar Lucknow 226006
        Uttar Pradesh
        India

Insolvency Commencement Date: December 6, 2021

Court: National Company Law Tribunal, Allahabad Bench

Estimated date of closure of
insolvency resolution process: June 4, 2022
                               (180 days from commencement)

Insolvency professional: CS Babita Jain

Interim Resolution
Professional:            CS Babita Jain
                         35B/6, Madhokunj
                         Ram Mohan Plaza
                         Katra Allahabad 211002
                         Uttar Pradesh
                         India
                         E-mail: jainbabita06@gmail.com
                                 cirp.gangotri21@gmail.com

Last date for
submission of claims:    December 21, 2021


GONGLU AGRO: ICRA Lowers Rating on INR45.0cr LT Loan to D
---------------------------------------------------------
ICRA has revised the ratings on certain bank facilities of Gonglu
Agro Private Limited, as:

                     Amount
   Facilities      (INR crore)   Ratings
   ----------      -----------   -------
   Long Term-          45.00     [ICRA]D; ISSUER NOT COOPERATING;
   Fund based                    Rating downgraded from [ICRA]B+
   Working Capital               (CE)(Stable) and Continues to
   Facilities                    remain under 'Issuer Not
                                 Cooperating' category

   Long Term-          15.02     [ICRA]D; ISSUER NOT COOPERATING;
   Fund based                    Rating downgraded from [ICRA]B+
   Term Loan                     (CE)(Stable) and Continues to
                                 remain under 'Issuer Not
                                 Cooperating' category

   Short Term–          5.00     [ICRA]D; ISSUER NOT
COOPERATING;
   Non Fund Based                Rating downgraded from
                                 [ICRA]A4 (CE) and Continues to
                                 remain under 'Issuer Not
                                 Cooperating' category

   Long Term/Short      1.00     [ICRA]D/[ICRA]D; ISSUER NOT
   Term–Unallocated              COOPERATING; Rating downgraded
                                 from [ICRA]B+ (CE)(Stable)/
                                 [ICRA]A4 (CE) and Continues to
                                 remain under 'Issuer Not
                                 Cooperating' category

Rationale

The rating downgrade reflects delays in debt servicing as mentioned
in the mail received from Banker directly.  The rating is based on
limited information on the entity's performance since the time it
was last rated in April 2021. The lenders, investors and other
market participants are thus advised to exercise appropriate
caution while using this rating as the rating may not adequately
reflect the credit risk profile of the entity, despite the
downgrade.

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

Gonglu Agro Private Limited, incorporated in April 2013, is a
subsidiary of Capricorn Food Products India Limited. GAPL is
involved in the processing of mango pulp, besides other products
including tomato, gherkins, etc. Its manufacturing facility is in
Nashik, Maharashtra. The company commenced operations in FY2015 and
has an installed capacity of 200 MT per day.


INDO NABIN: CARE Reaffirms D Rating on INR7.50cr LT Loan
--------------------------------------------------------
CARE Ratings reaffirmed ratings on certain bank facilities of Indo
Nabin Projects Limited (INPL), as:

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank
   Facilities            7.50      CARE D Reaffirmed

   Long Term/
   Short Term
   Bank Facilities       8.00      CARE C; Stable/CARE A4
                                   Reaffirmed

Detailed Rationale & Key Rating Drivers

The rating assigned to the bank facilities Indo Nabin Projects
Limited (INPL) continue to constrained by ongoing delays in debt
servicing with one of the lenders, decline in scale of operations
in FY21 (refers to the period April 1 to March 31) with net loss
incurred by the company, continued high receivables level, decline
in order book position, weak debt-protection metrics and exposure
to volatility in input prices.

The ratings also factor in the gradual reduction in debt level by
the company, experience of the promoters in the industry and stable
demand outlook.

Rating Sensitivities

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

* Increase in the scale of operations on a sustained basis with
improvement in PBILDT margins leading to improvement in debt
coverage indicators.

* Successful biding of new orders and timely execution of the order
book.

* Improvement in working capital cycle below 500 days.

* Improvement in liquidity position.

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

* Inability to improve profitability or realize pending dues
leading to further deterioration in liquidity.

Detailed Rationale & Key Rating Drivers

Detailed description of the key rating drivers

Key Rating Weakness

* Delays in debt servicing: There are ongoing delays in servicing
of the Guaranteed Emergency Credit Line (GECL) from one of the
lenders due to weak liquidity position of the company.

* Decline in financial performance in FY21: The operating income
substantially reduced to INR18.33 crore in FY21 (prov) from
INR24.23 crore in FY20 and from INR58.55 crore in FY19 on account
of lower execution of existing orders and absence of new orders in
the last two years due to conscious decision by management not to
bid for EPC orders (which has resulted in losses in the past).
Going ahead, the management would bid only for consultancy
projects. The company incurred operating loss of INR3.98 crore in
FY21(prov) as against operating loss of INR7.26 crore in FY20 on
account of under-absorption of fixed costs along with cost overrun
in raw material consumption due to theft and pilferage in some of
the projects.  The company reported net loss of INR10.99 crore in
FY21 as against net loss of INR15.38 crore in FY20 as against net
profit of INR2.00 crore in FY19. In H1FY22, the company reported
operating income of INR0.68 crore.

* Decline in order book position: The outstanding order book of the
company substantially reduced from INR23.74 crore as on August 31,
2020 to INR5.4 crore as on September 30, 2021. The reduction was
due to conscious decision by management not to bid for EPC orders
(which has resulted in losses in the past).

* Elongation of average collection period: The operating cycle of
the company remained high at 661 days in FY21 (prov) vis a vis from
1003 days in FY20 on account of higher average collection period of
691 days and decline in operating income.  However, on absolute
level, overall debtors reduced to INR28.93 crore as on March 31,
2021 from INR39.54 crore as on March 31, 2020. The average
inventory period also remained high at 119 days in FY21 (135 days
in FY20).

* Weak debt-protection metrics: The overall gearing of the company
deteriorated to 2.78x as on March 31, 2021 from to 1.65x as on
March 31, 2020 due to reduction in networth on account of loss
incurred. Total debt/GCA remained weak on account negative GCA in
FY21. Further, the interest coverage was also negative in FY21.

* Volatility in input prices: Raw material cost incurred by the
company accounted for about 40% of total cost of sales in FY21
(prov). The major components of raw material consumed by INPL
include steel, aluminium, copper, etc. which are subject to price
fluctuations and can impact profitability. INPL incorporates price
escalation clause in all of its contracts which hedges it from
adverse variances in cost to a certain extent.

Key Rating Strength

* Experienced promoters: INPL, incorporated on 1978, was promoted
by Mr. Amalendu Sen (an electrical engineer from IIT Kharagpur),
having around five decades of experience in the field of electrical
turnkey project execution and Mr. R. Chandramouli. All directors of
INPL are professionally qualified and involved in the field of
execution of electrical installation for more than three decades.
Going forward, the company proposes to utilise its credentials to
garner orders through joint ventures.

* Gradual reduction in debt level: The overall debt level
substantially reduced to INR33.94 crore as on March 31, 2021 from
Rs.38.52 crore as on March 31, 2020. INPL has reduced debt during
FY21 through collections received from long pending debtors.

* Stable demand outlook: In Union Budget 2020-21, INR 15,322 crore
was allocated to the Ministry of Power and INR3,600 crore to Deen
Dayal Upadhyay Gram Jyoti Yojana (DDUGJY) and INR5,300 crore to
Integrated Power Development Scheme (IPDS) which, in turn, will
provide opportunities in power generation, distribution,
transmission and equipment. The company providing engineering &
construction services for electrification projects primarily under
DDUGJY scheme of the Government of India.

Liquidity: Poor

The liquidity of the company is poor which is reflected through
high utilisation of working capital limits and inability to timely
service the GECL with one lender. The average month-end utilization
of fund based limits remained high through the past 12 months ended
September 2021. In FY22, realisation from debtors and unsecured
loan from promoter are expected to support liquidity.

INPL, which is promoted by Mr. Amalendu Sen & Mr. R. Chandramouli,
is a construction company engaged in providing engineering &
construction services (which includes design & engineering, supply
of materials, erection & maintenance and commissioning of
sub-stations (33/11KV)) for electrification projects primarily
under DDUGJY scheme of the Government of India. The company
specializes in execution of electrical construction contracts on
turnkey basis and has executed several contracts involving ETC
(Erection, Testing and Commissioning) of sub-stations and operation
& maintenance projects.


JUNEJA SONS: CARE Keeps B- Debt Rating in Not Cooperating
---------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Juneja Sons
Steel Processors (JSS) continues to remain in the 'Issuer Not
Cooperating' category.

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank       9.12       CARE B-; Stable; ISSUER NOT
   Facilities                      COOPERATING; Rating continues
                                   To remain under ISSUER NOT
                                   COOPERATING category  

Detailed Rationale & Key Rating Drivers

CARE had, vide its press release dated December 23, 2020, placed
the rating(s) of JSS under the 'issuer non-cooperating' category as
JSS 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. JSS continues to be
non-cooperative despite repeated requests for submission of
information through e-mails, phone calls and a letter/email dated
November 8, 2021, November 18, 2021, November 28, 2021.

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

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

Juneja Sons Steel Processors (JSS) was established in April 2010 as
a proprietorship concern and is currently being managed by Mr.
Jagmeet Singh Juneja. JSS is engaged in the processing (mainly
cutting) of iron and steel products like H.R. and C.R. coils,
sheets, strips, bars, plates, channels, angles etc. at its facility
located at Ludhiana, Punjab, having a total processing capacity of
70,000 tonnes of products per annum. Besides JSS, the proprietor is
engaged in another group concern namely, Radiant Auto Comp (RAC)
was established as partnership firm in 2017 and is engaged in
manufacturing of auto components.


KAMSA STEEL: CARE Lowers Rating on INR3.0cr LT Loan to B-
---------------------------------------------------------
CARE Ratings revised the ratings on certain bank facilities of
Kamsa Steel Private Limited (KSPL), as:

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank       3.00       CARE B-; Stable; ISSUER NOT
   Facilities                      COOPERATING; Rating continues
                                   To remain under ISSUER NOT
                                   COOPERATING category and
                                   Revised from CARE B; Stable

Detailed Rationale & Key Rating Drivers

CARE had, vide its press release dated December 9, 2020, placed the
rating(s) of KSPL under the 'issuer non-cooperating' category as
KSPL 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. KSPL continues to be
non-cooperative despite repeated requests for submission of
information through e-mails, phone calls and a letter/email dated
October 25, 2021, November 4, 2021, November 14, 2021.

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

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

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

The ratings also factored in significant decline in scale of
operations as well as capital structure during FY20.

Kamsa Steel Private Limited (KSPL) was incorporated in May, 1999 by
Mr. Manoj Kumar Sharma and Mr. Pawan Kumar Kadwashra. The company
is engaged in manufacturing of MS Ingots with its factory located
at Plot No.M-44(P), 4th Phase, Adityapur Industrial area, Gamharia,
Jamshedpur – 832108. It has a current installed capacity of 7200
MTPA. Mr. Manoj Kumar Sharma (aged, 43 years) and Mr. Pawan Kumar
Kadwashra (aged, 45 years) having more than two decades of
experience in the same line of industry, looks after the day to day
operations of the company and they are ably supported by a team of
team of experienced professionals.


KRISHNA EDUCATIONAL: CARE Keeps D Debt Ratings in Not Cooperating
-----------------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Shree
Krishna Educational & Charitable Society (SKECS) continues to
remain in the 'Issuer Not Cooperating' category.

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank        3.61      CARE D; ISSUER NOT COOPERATING
   Facilities                      Rating continues to remain
                                   under ISSUER NOT COOPERATING
                                   category

   Short Term Bank       1.85      CARE D; ISSUER NOT COOPERATING
   Facilities                      Rating continues to remain
                                   under ISSUER NOT COOPERATING
                                   category

Detailed Rationale & Key Rating Drivers

CARE had, vide its press release dated December 7, 2020, placed the
rating(s) of SKECS under the 'issuer non-cooperating' category as
SKECS 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. SKECS continues to
be non-cooperative despite repeated requests for submission of
information through emails, phone calls and a letter/email dated
October 23, 2021, November 2, 2021, November 12, 2021.

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

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

Shree Krishna Educational and Charitable Society (SKE) got
registered under the Society Registration Act – 1860 in 2008 and
is currently being managed by Mr. R.K. Gupta, Mr. Vicky Singhal and
Mr. Inderpal Goyal. The society was formed with an objective to
provide higher education in the field of engineering, computer
science, management, agriculture etc. The society has established
two separate colleges, namely, Aryabhatta Engineering College and
Aryabhatta Group of Colleges. Both the colleges of SKE are in
Barnala, Punjab. SKE offers graduate and post graduate courses like
B.A., B.Com, B.C.A., B.B.A., B.Sc. (Non-Medical), B.Sc.
(Agriculture), B.Tech (Computer Science and Engineering, Mechanical
Engineering, Electronics and Communications and Electricals),
M.B.A., M.Com, M.Sc. (Mathematics), M.A. (English), M.A.
(Economics), M.Sc. (IT), PGDCA (+1 & +2). The different courses
offered are duly approved by AICTE (All India Council of Technical
Education) and UGC (University Grants Commission). SKE is also
affiliated to Maharaja Ranjit Singh Punjab Technical University,
Bathinda (MRSPTU).


M.P MINING: CARE Keeps D Debt Rating in Not Cooperating Category
----------------------------------------------------------------
CARE Ratings said the rating for the bank facilities of M.P Mining
and Energy Limited (MMEL) continues to remain in the 'Issuer Not
Cooperating' category.

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank       10.00      CARE D; ISSUER NOT COOPERATING
   Facilities                      Rating continues to remain
                                   under ISSUER NOT COOPERATING
                                   category

Detailed Rationale & Key Rating Drivers

CARE had, vide its press release dated December 11, 2020, placed
the rating(s) of MMEL under the 'issuer non-cooperating' category
as MMEL 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. MMEL continues to be
noncooperative despite repeated requests for submission of
information through e-mails, phone calls and a letter/email dated
October 27, 2021, November 6, 2021, November 16, 2021.

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

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

Incorporated in September 2011, M.P Mining and Energy Limited
(MMEL) is engaged in manufacturing of steel shot and grit which is
used in the process of metal surface cleaning, metal surface
finishing, improving the surface tension of metal and it also finds
application in construction, automobile and steel industry etc. The
facility of the company is located at Deoghar, Jharkhand with an
aggregate installed capacity of 9,000 Metric Tonne Per Annum
(MTPA). The company started its commercial operations from February
2016. Mr. Rajesh Bajoria, having around two decades of experience
in the steel industry, looks after the overall management of the
company along with the other directors Mr. Rajiv Tekriwal and Mr.
Puneet Jain and supported by the team of experienced
professionals.


MAYUR LEATHER: CARE Keeps D Debt Ratings in Not Cooperating
-----------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Mayur
Leather Products Limited (MLPL) continues to remain in the 'Issuer
Not Cooperating' category.

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank       0.66       CARE D; ISSUER NOT COOPERATING
   Facilities                      Rating continues to remain
                                   under ISSUER NOT COOPERATING
                                   category

   Long Term/           8.00       CARE D/CARE D; ISSUER NOT
   Short Term                      COOPERATING; Rating continues
   Bank Facilities                 to remain under ISSUER NOT
                                   COOPERATING category

   Short Term Bank      1.05       CARE D; ISSUER NOT COOPERATING
   Facilities                      Rating continues to remain
                                   under ISSUER NOT COOPERATING
                                   category

Detailed Rationale & Key Rating Drivers

CARE had, vide its press release dated December 21, 2020, placed
the rating(s) of MLPL under the 'issuer non-cooperating' category
as MLPL 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. MLPL continues to be
non-cooperative despite repeated requests for submission of
information through e-mails, phone calls and a letter/email dated
November 6, 2021, November 16, 2021, November 26, 2021.

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

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

Jaipur (Rajasthan) based MLPL was formed in 1987 by Mr. Rajender
Singh Poddar. The company is engaged in manufacturing and export of
leather shoe and shoe uppers. The company has its manufacturing
facility located at Jaipur and exports its products to Europe,
Middle East and Canada.

MUSLIM ALI: CARE Lowers Rating on INR2cr LT Loan to C
-----------------------------------------------------
CARE Ratings revised the ratings on certain bank facilities of
Muslim Ali (MA), as:

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank       2.00       CARE C; Stable; ISSUER NOT
   Facilities                      COOPERATING; Rating continues
                                   To remain under ISSUER NOT
                                   COOPERATING category and
                                   Revised from CARE B-; Stable

   Short Term Bank      4.00       CARE A4; ISSUER NOT
   Facilities                      COOPERATING; Rating continues
                                   to remain under ISSUER NOT
                                   COOPERATING category

Detailed Rationale & Key Rating Drivers

CARE had, vide its press release dated December 8, 2020, placed the
rating(s) of MA under the 'issuer noncooperating' category as MA
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. MA continues to be
non-cooperative despite repeated requests for submission of
information through e-mails, phone calls and a letter/email dated
October 24, 2021, November 3, 2021, November 13, 2021.

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

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

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

Muslim Ali was established in 1970 by Mr. Muslim Ali with an
objective to enter into undertaking infrastructure and civil
construction business. Since its inception, the entity has been
engaged in civil construction business in the segment like PWD
projects, water supply projects, irrigation projects etc. Mr.
Muslim Ali (Proprietor) has around 48 years of experience in civil
construction industry, looks after the day to day operations of the
entity.

NIKKAMAL JEWELLERS: CARE Keeps B- Debt Rating in Not Cooperating
----------------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Nikkamal
Jewellers Private Limited (NJPL) continues to remain in the 'Issuer
Not Cooperating' category.

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank      18.00       CARE B-; Stable; ISSUER NOT
   Facilities                      COOPERATING; Rating continues
                                   To remain under ISSUER NOT
                                   COOPERATING category  

Detailed Rationale & Key Rating Drivers

CARE had, vide its press release dated December 21, 2020, placed
the rating(s) of NJPL under the 'issuer non-cooperating' category
as NJPL 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. NJPL continues to be
non-cooperative despite repeated requests for submission of
information through e-mails, phone calls and a letter/email dated
November 6, 2021, November 16, 2021, November 26, 2021.

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

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

Nikkamal Jewellers Private Limited (NJPL), incorporated in year
1991, is engaged in the business of manufacturing and trading of
gold jewelry, diamond/precious stones, gold bars/coins etc. The
company sells jewelry and precious stones to retail customers at
its showroom located in Ludhiana under the brand name- 'Nikkamal
Jewellers'. NJPL started its operations in 1991 with a showroom in
New Delhi. However, in the year 2010, the company shifted its
operations to Ludhiana.


OMRV HOSPITALS: CARE Keeps B- Debt Rating in Not Cooperating
------------------------------------------------------------
CARE Ratings said the rating for the bank facilities of OMRV
Hospitals Private Limited (OHPL) continues to remain in the 'Issuer
Not Cooperating' category.

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank       6.14       CARE B-; Stable; ISSUER NOT
   Facilities                      COOPERATING; Rating continues
                                   To remain under ISSUER NOT
                                   COOPERATING category  

Detailed Rationale & Key Rating Drivers

CARE had, vide its press release dated November 27, 2020, placed
the rating(s) of OHPL under the 'issuer non-cooperating' category
as OHPL 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. OHPL continues to be
non-cooperative despite repeated requests for submission of
information through e-mails, phone calls and a letter/email dated
October 13, 2021, October 23, 2021, and November 2, 2021.

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

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

OMRV Hospitals Private Limited (OHPL) was incorporated in 2011,
promoted by Dr Govind Verma (Managing Director). The hospital is
functioning by the name 'PACE Hospital' in Hyderabad. The hospital
is specialized in 'Gastroenterology and Kidney care'. The hospital
provides diagnostic, outpatient, surgery and inpatient services to
the customers. OHPL is accredited by National Accreditation Board
for Hospitals & Healthcare Providers (NABH) which grants hospitals
certifications based on various quality standards and processes
followed by hospitals. OHPL is managed by a team of experts from
all related fields like Gastroenterology, Urology, Vitreo Retina
and Liver Transplant Surgery.


PANOPTES INDIA: Insolvency Resolution Process Case Summary
----------------------------------------------------------
Debtor: Panoptes India Private Limited
        C-30, Chirag Enclave
        New Delhi, DL 110048

Insolvency Commencement Date: December 6, 2021

Court: National Company Law Tribunal, New Delhi Bench

Estimated date of closure of
insolvency resolution process: June 4, 2022
                               (180 days from commencement)

Insolvency professional: Mr. Deepak Kumar Garg

Interim Resolution
Professional:            Mr. Deepak Kumar Garg
                         Shanti Niketan
                         Tibra Road, Street No. 4
                         Modi Nagar 201204
                         Distt. Ghaziabad
                         E-mail: deepakgarg07@rediffmail.com

                            - and -

                         411, 4th Floor, Essel House
                         Asaf Ali Road
                         New Delhi 110002
                         E-mail: irp.panoptes@gmail.com

Last date for
submission of claims:    December 19, 2021


PARAMOUNT STEELS: CARE Keeps D Debt Rating in Not Cooperating
-------------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Paramount
Steels Limited (PSL) continues to remain in the 'Issuer Not
Cooperating' category.

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank      10.00       CARE D; ISSUER NOT COOPERATING
   Facilities                      Rating continues to remain
                                   under ISSUER NOT COOPERATING
                                   category

Detailed Rationale & Key Rating Drivers

CARE had, vide its press release dated December 3, 2020, placed the
rating(s) of PSL under the 'issuer non-cooperating' category as PSL
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. PSL continues to be
noncooperative despite repeated requests for submission of
information through e-mails, phone calls and a letter/email dated
October 19, 2021, October 29, 2021, November 8, 2021.

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

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

Paramount Steels Limited (PSL) previously Sriyansh Steel Limited
was originally incorporated on June, 1981. The name of the company
was changed in March 1999. PSL was established with an aim to set
up a manufacturing facility at Ludhiana, Punjab for manufacturing
of steel items like steel rounds, steel bright bars, steel rods,
wire drawing etc. with an installed capacity of 30,000 metric
tonnes per annum.

SADANAND RADHIKA: CARE Lowers Rating on INR30cr LT Loan to B+
-------------------------------------------------------------
CARE Ratings revised the ratings on certain bank facilities of
Sadanand Radhika Mangal Charitable Trust (SRMCT), as:

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank      30.00       CARE B+; Stable; ISSUER NOT
   Facilities                      COOPERATING; Revised from
                                   CARE BB-; Stable and moved to
                                   ISSUER NOT COOPERATING category

Detailed Rationale & Key Rating Drivers

CARE has been seeking information from SRMCT to monitor the rating
vide email communications dated October 18, 2021, October 27, 2021,
November 8, 2021 and numerous phone calls. However, despite CARE's
repeated requests, the entity has not provided the requisite
information for monitoring the rating. In line with the extant SEBI
guidelines, CARE has reviewed the rating on the basis of the best
available information which however, in CARE's opinion is not
sufficient to arrive at a fair rating. Further, SRMCT has not paid
the surveillance fees for the rating exercise as agreed to in its
Rating Agreement. The rating on SRMCT's bank facilities will now be
denoted as CARE B+; Stable; ISSUER NOT COOPERATING.

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

The rating has been revised and moved to issuer non-cooperating
category on account of non-availability of requisite information
for monitoring the rating. The rating continues to be constrained
by its post project implementation operational risk including
student enrollment, shortage of teaching staff in the sector and
highly regulated nature of the education sector
with intense competition. However, the rating derives comfort from
experienced management team, tied up financial closure for entire
debt, strategic location of the school and association with reputed
brand name.

Detailed description of the key rating drivers: At the time of last
rating on September 15, 2020, the following were the rating
strengths and weaknesses:

Key Rating Weaknesses

* Post project implementation; operational risk including sustained
student enrollment: SRMCT is setting up a school with all modern
amenities and hostel facilities at Araji 6-7 KM from Siliguri with
an aggregate project cost of INR44.17 crore. The project is
estimated to be funded through term loan of INR30.00 crore,
unsecured loans of INR7.09 crore and Trustee capital of INR7.09
crore. The financial closure for the debt portion of the project
has already been tied-up and SRMCT has already completed
construction of the school and only some interior work including
assembling of furniture is under process. SRMCT has already spent
INR40.00 crore towards the project till July 31, 2020 which was
funded through term loan of INR30.00 crore, Trust Capital of
INR7.09 crore and unsecured loan of INR2.91 crore. Currently, the
school has total sanctioned seat of 4000 students. SRMCT had
started taking admission from mid of March 2020; however, due to
sudden spread of COVID 19 and across country lockdown; only 19
students were enrolled for the current academic year and SRMCT is
currently providing online classes to these students. SRMCT also
has hostel facilities (currently having capacity to accommodate 52
students) for its students. Going forward; the ability of the trust
to attract students and improve its enrollment ratio and achieve
envisaged revenue and profit margins on a sustained basis will
remain crucial.

* Shortage of teaching staff in the sector: The fortune of all
educational institutes is directly correlated to availability of
teaching staff. Hence, the shortage of teaching staff is the most
critical problem faced by the educational institutes. The shortage
of teachers is being felt across all the educational segments
resulting in lower student-teacher ratio as compared to the other
developed nations of the world. However, in view of numerous other
lucrative employment opportunities on offer, the students seeking
their career as teachers have been decreasing over a period of time
resulting in shortage of teaching staff. However, SRMCT is
associated with reputed brand which will attract and retain the
teaching staff and currently SRMCT has 33 teaching staff.

* Highly regulated nature of the education sector with intense
competition: The Central Government is also encouraging private
sector participation in the education sector which will further
intensify the level of competition. Increasing competition may lead
to decline in student enrolment which will directly impact the
revenue visibility for the Trust. Moreover, the educational sector
in India is placed in the concurrent list of the constitution and
thus comes under the purview of both Central and State Government.
The sector is regulated by Ministry of Human Resource at the
national level, by the education ministries in each state, as well
as by Central bodies like University Grant Commission (UGC) and 14
other professional councils. The operating and financial
flexibility of the education sector are limited, as regulations
govern almost all aspects of operations, including fee structure,
number of seats, changes in curriculum and infrastructure
requirements. The GoI guidelines requires the educational
institutes falling under the purview of K-12 & Higher education to
be run on 'not-for -profit' motive. This in turn has deterred the
entry of private schools & colleges in the country. SRMCT being in
the education sector is also highly regulated by the norms of
governing bodies, these regulations on operations put limitation on
revenue growth of the trust.

Key Rating Strengths

* Experienced management team: The school is run and managed
through a board of management which has 9 members. A chairman is
appointed by SRMCT whereas Co. Chairman is appointed by DWF and
other members, of whom 4 is nominated by the chairman of DWF and
remaining 3 is nominated by SRMCT. Mr. Dilip Sharma (Managing
Trustee) who has around three decades of experience in trading and
hotel business looks after overall management of the trust. He is
supported by other trustee and a qualified and experienced board of
management.

* Strategic location of the school and association with reputed
brand name: The school is situated at Araji, which is about 6-7 KM
from Siliguri. Siliguri is one of the fast-developing cities in
West Bengal. SRMCT has entered into an MOU with the Delhi World
Foundation (DWF; owns Delhi World Public School" brand) to run the
school under its brand name of "Delhi World Public School" in
Siliguri, West Bengal. The trustees of DWF are Salman Khurshid,
Montek Singh Ahluwalia, Ashok Gandotra, Louise Khurshid and Rajeev
Talwar are well-known names in the education sector. SRMCT has
already paid onetime fee of INR35.00 lakhs to DWF to run the school
under the brand of Delhi World Public School".

* Financial closure for debt has already been tied up: The
financial closure for the debt portion of the project has already
been tied up and the entity has already availed and spent the term
loan of INR30.00 crore towards the project.

Established in 2019, Sadanand Radhika Mangal Charitable Trust
(SRMCT) was promoted by Mr. Dilip Sharma and his spouse Mrs. Babita
Sharma for imparting primary and secondary education. SRMCT has
entered into an MOU with the Delhi World Foundation (DWF; owns
Delhi World Public School" brand) to run the school under its brand
name of "Delhi World Public School" in Siliguri, West Bengal. The
trustees of DWF are Salman Khurshid (Former External Affairs
Minister, Government of India), Montek Singh Ahluwalia (Former
Deputy Chairman, Planning Commission), Ashok Gandotra, Louise
Khurshid (Chairperson of DWF) and Rajeev Talwar are well-known
names in the education sector. SRMCT is setting up a school with
all modern amenities and hostel facilities at Araji with an
aggregate project cost of INR44.17 crore. The project is estimated
to be funded through term loan of INR30.00 crore, unsecured loans
of INR7.09 crore and Trustee capital of INR7.09 crore. The
financial closure for the debt portion of the project has already
been tied-up and SRMCT has completed construction of the school and
only some interior work including assembling of furniture is under
process. The school is run and managed through a board of
management which has 9 members. Mr. Dilip Sharma (Managing Trustee)
who has around three decades of experience in trading and hotel
business looks after overall management of the trust. He is
supported by other trustee and a qualified and experienced board of
management.


SIMPLEX INFRA: CARE Moves Debt Ratings to Not Cooperating Category
------------------------------------------------------------------
CARE Ratings has migrated the rating on bank facilities of Simplex
Infrastructures Limited (SIL) to Issuer Not Cooperating category.

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank     2,675.40     CARE D; ISSUER NOT COOPERATING
   Facilities                      Rating moved to ISSUER NOT
                                   COOPERATING category

   Long Term/         7,900.00     CARE D/CARE D; ISSUER NOT
   Short Term Bank                 COOPERATING; Rating moved to
   Facilities                      ISSUER NOT COOPERATING
                                   Category

   Non Convertible      170.00     CARE D; ISSUER NOT COOPERATING
   Debentures                      Rating moved to ISSUER NOT
                                   COOPERATING category

   Non Convertible      200.00     CARE D; ISSUER NOT COOPERATING
   Debentures                      Rating moved to ISSUER NOT
                                   COOPERATING category

   Non Convertible       75.00     CARE D; ISSUER NOT COOPERATING
   Debentures                      Rating moved to ISSUER NOT
                                   COOPERATING category

   Non Convertible       50.00     CARE D; ISSUER NOT COOPERATING
   Debentures                      Rating moved to ISSUER NOT
                                   COOPERATING category

Detailed Rationale & Key Rating Drivers

CARE has been seeking information from SIL to monitor the rating(s)
vide e-mail communications/letters dated November 15, 2021,
November 23, 2021, among others and numerous phone calls. However,
despite CARE's repeated requests, the company has not provided the
requisite information for monitoring the ratings. In line with the
extant SEBI guidelines, CARE has reviewed the rating on the basis
of the best available information which however, in CARE's opinion
is not sufficient to arrive at a fair rating. Further, SIL has not
paid the surveillance fees for the rating exercise as agreed to in
its Rating Agreement. The rating on SIL's bank facilities and
instruments will now be denoted as CARE D/CARE D; ISSUER NOT
COOPERATING.

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 take into account the on-going delays in debt servicing
due to stressed liquidity position on account of slowdown in
recoveries from clients along with delays in approvals of bills.

Detailed description of the key rating drivers

At the time of last rating on December 10, 2020, the following were
the rating strengths and weaknesses (updated for the information
available from Registrar of Companies, stock exchange etc.):

Key Rating Weakness

* Delay in servicing of debt obligations: There are on-going delays
in debt servicing obligation of the company. The slowdown in
recoveries from clients, delays in approvals of bills from
government clients resulted in stretched liquidity position of the
company, thus resulting into delays. The total overdue stood at
INR2,908.37 crore (including interest) as on September 30, 2021, in
its cash credit account, defaults in redemption of NCDs and term
loan repayment obligations.

* Stable industry outlook: The focus of the government on
infrastructure development is expected to translate into a
significant business potential for the construction industry in the
long run. In the short to medium term, projects from infrastructure
sector are expected to dominate the overall business for
construction companies.

Liquidity Position - Poor

The company has poor liquidity position and there have been
on-going delays in the debt servicing. The company incurred cash
loss of INR572 crore in FY21 vis-à-vis debt repayment obligation
of INR305.38 crore in FY21. The company has total overdue of INR
2,908.37 crore (including interest) as on September 30, 2021. The
company has a scheduled debt repayment obligation of INR520.34
crore in FY22.

SIL, incorporated in 1924, is one of the leading construction
companies of the country, belonging to Mundhra family of Kolkata.
The company is primarily engaged in EPC contracts, turnkey projects
related to civil construction across various sectors. Over the
decades, Simplex has completed large number of prestigious
contracts and has received commendation certificates from many of
its clients. The company also has overseas presence in countries
like Saudi Arabia, Bangladesh, Bahrain, UAE, Qatar, Ethiopia and
Sri Lanka.


SOLAR PRINT: Insolvency Resolution Process Case Summary
-------------------------------------------------------
Debtor: Solar Print Process Private Limited

        Registeresd office:
        D-10/7, Okhla Industrial Area
        Phase-II
        New Delhi 110020

        Works:
        C-10, Sector-85
        Phase-II
        Noida 210305 (UP)

Insolvency Commencement Date: November 30, 2021

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

Estimated date of closure of
insolvency resolution process: May 29, 2022
                               (180 days from commencement)

Insolvency professional: Santanu Kumar Samanta

Interim Resolution
Professional:            Santanu Kumar Samanta
                         C-170, Golf View Apartments
                         Saket, New Delhi 110017
                         E-mail: santanukumar@yahoo.com

                            - and -

                         Immaculate Resolution Professionals
                         Private Limited
                         Unit No. 112, First Floor, Tower A
                         Spazedge Commercial Complex
                         Sector-47, Sohna Road
                         Gurgaon 122018
                         E-mail: cirp.solarprint@gmail.com

Last date for
submission of claims:    December 20, 2021


SPICEJET LTD: Madras High Court Stays Order of Winding Up Company
-----------------------------------------------------------------
MoneyControl News reports that Madras High Court vide its order
dated December 6, 2021, has stayed the earlier order of winding up
SpiceJet and appointing an official liquidator, for a period of
three weeks.

According to the report, SpiceJet in its official statement also
informed that the High Court's stay is subject to the condition
that the company deposits an amount equivalent to $5 million within
a period of two weeks.

"The Company is examining the order and shall initiate appropriate
remedial steps including preferring an appeal before the appellate
jurisdiction within the time frame allowed by the Madras High
Court.  The Company believes it has a good case on merits and is
hopeful of having favourable outcome in the appeal", read
SpiceJet's statement on December 7, MoneyControl relays.

Earlier on December 6, the Madras High Court allowed Credit Suisse
AG's winding petition against SpiceJet for failing to pay around
$20 million in dues to Switzerland-based SR Technics, which
undertakes maintenance, repair and overhauling of Air Craft Engines
for airlines, MoneyControl says.

The court has also directed the official liquidator to take over
the assets of SpiceJet.

MoneyControl says Credit Suisse AG had moved HC under Section 433
(e) of the Companies Act 1956, under which court can order winding
up the company if it fails to pay the dues.

Allowing the petition, Justice Subramanian noted that Spicejet had
accepted its liabilities, in terms of an agreement entered between
the two companies for a period of 10 years in 2011, by executing
certificates of acceptance.

According to MoneyControl, the petitioning firm argued before the
court that a winding-up process against a debtor can be initiated
if the elements of debt and inability to pay the same are present.
These requirements are squarely fulfilled in the case of SpiceJet,
it contended.

However, SpiceJet sought to argue that the debt, basis which
winding up is sought, is not enforceable and is in fact against
public policy of India, the report relays.

Questioning the validity of unstamped bills of exchange raised by
SR Technics, SpiceJet argued that when existence of debt cannot be
proved in the absence of stamped documents, then the question of
ability to pay the same would not arise.

Moreover, the petitioning firm was in breach of the agreement
between the two, SpiceJet, as cited by MoneyControl, claimed.

MoneyControl adds that the single-Judge delved into the law invoked
in this case and examined exactly when a notice for winding up of a
company can be issued under Section 434 of the Companies Act.

If there is an outstanding debt of more than INR500 and a written
notice for clearing this debt is made but to no avail within three
weeks' period, the requirements of the law are fulfilled.

The case of SpiceJet falls within this framework, the court
concluded.

                           About Spicejet

SpiceJet Limited -- http://www.spicejet.com/-- is an India-based
low-budget air carrier.  The Company operates daily flights between
major cities in India. The carrier is India's second-biggest budget
airline, after IndiGo.

As reported in the Troubled Company Reporter-Asia Pacific on Aug.
16, 2021, SpiceJet said that it has deferred payments to various
parties, including lessors and other vendors and its dues to
statutory authorities. The defaults were on account of its
operational and financial position, and the impact of the ongoing
Covid-19 pandemic, the airline said in a regulatory filing on Aug.
13, according to Livemint.com.


TECHNIC PROJECTS: Insolvency Resolution Process Case Summary
------------------------------------------------------------
Debtor: Technic Projects Contructions Private Limited
        503, The Affaires
        Plot No. 9, Sector-17
        Palm Beach Road
        Near Moraj Residency
        Sanpada, Navi Mumbai
        Thane, Maharashtra 400705

Insolvency Commencement Date: December 6, 2021

Court: National Company Law Tribunal, Mumbai Bench

Estimated date of closure of
insolvency resolution process: June 4, 2022
                               (180 days from commencement)

Insolvency professional: Dhanshyam Patel

Interim Resolution
Professional:            Dhanshyam Patel
                         322, Zest Business Spaces
                         M G Road, Ghatkopar East
                         Mumbai 400077
                         E-mail: dpatel@ckpatel.com
                                 tpc@ckpatel.com

Last date for
submission of claims:    December 21, 2021


VAG BUILDTECH LIMITED: Insolvency Resolution Process Case Summary
-----------------------------------------------------------------
Debtor: Vag Buildtech Limited
        (Previously known as Vag Buildtech Private Limited)
        Saba Palace, 3rd Floor
        Flat no. 301 Khar West Mumbai
        Mumbai City, Maharashtra 400054

Insolvency Commencement Date: November 16, 2021

Court: National Company Law Tribunal, Mumbai Bench

Estimated date of closure of
insolvency resolution process: May 25, 2022

Insolvency professional: Mr. Ashish Vyas

Interim Resolution
Professional:            Mr. Ashish Vyas
                         B-1A Viceroy Court CHS
                         Thakur Village
                         Kandivali (East)
                         Mumbai Suburban
                         Maharashtra 400101
                         E-mail: ashishvyas2006@gmail.com

                            - and -

                         A-402 Suashish IT Park
                         Dattapada Road
                         Borivali (East)
                         Mumbai 400066
                         E-mail: cirp.vagbl@gmail.com

Last date for
submission of claims:    December 15, 2021


VASAVI SOLAR: CARE Reaffirms D Rating on INR20.04cr LT Loan
-----------------------------------------------------------
CARE Ratings reaffirmed ratings on certain bank facilities of
Vasavi Solar Power Private Limited (VSSPL), as:

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank
   Facilities           20.04      CARE D Reaffirmed

Detailed Rationale & Key Rating Drivers

The reaffirmation of rating assigned to the bank facilities of
Vasavi Solar Power Private Limited (VSSPL) continues to take into
account the instances of delay in servicing of debt obligations by
the company.

Rating Sensitivities

Positive Factors

* Ability to improve operational performance thereby leading to
generation healthy cash accruals.

* Timely servicing of debt obligations for more than three months
and improvement in the liquidity profile of the company.

Detailed description of the key rating drivers

Key Rating Weaknesses

* Instances of delay in the servicing of debt obligations: VSPPL
has term loan borrowing from PFC and ICICI bank. As per No Default
Statement (NDS) for month of October 2021, company has defaulted on
its interest payment of term loan for ICICI Bank which was due on
October 14, 2021. As per banker feedback, the company currently
reported no over-dues during the past 12 months except for one
instance of delay in interest servicing for month of October 2021
which was serviced with a delay of 1 month.

* Below average financial risk profile: The company has a below
average financial risk profile characterized by leveraged capital
structure and low debt coverage indicators. The leveraged capital
structure is largely due to high debt and low net worth which is
largely due to accumulated losses. The company reported losses at
the net level amounting to INR 1.53 crore for FY21 (PY: Loss of INR
2.75 cr.) largely due to high interest and depreciation cost for
the company. The interest coverage ratio of the company slightly
improved to 1.85x during FY21 (PY: 1.46x) on account of increase in
PBILDT owing to higher generation levels resulting in better total
operating income. The overall gearing of the company as of March
31, 2021, was negative due to negative net worth which eroded due
to continuous losses.

* Subdued operational performance: The operational performance of 5
MW grid-connected solar photovoltaic (SPV) power plant constructed
by VSPPL at Askandra Village, Jaisalmer district, Rajasthan which
was commissioned on January 09, 2012 remained on the lower side,
though improved from FY20 with CUF (Capacity utilization factor) of
14.84% during FY21 (PY: 13.13%).

Liquidity: Poor

The liquidity profile of the company continues to remain poor. This
is mainly on account of continuous lower generation of cash
accruals vis-à-vis debt repayments for the fiscal FY22. The
company had cash and bank balance of INR 1.22 crore as of March 31,
2021 in form of DSRA.

Analytical approach: Standalone

VSPPL is a 51:49 joint venture between Vasavi Power Services
Private Limited (VPSPL) and Lanco Solar Energy Private Limited.
LSEPL was incorporated on June 29, 2010. LSEPL, a Lanco group
company, was established in June 2009 and is engaged in providing
design & engineering, procurement of equipment, and complete
construction of solar power projects. The company has executed
turnkey EPC contracts for ~250 MW solar power projects located
majorly in Rajasthan, Gujarat and Maharashtra.


WOG TECHNOLOGIES PRIVATE: Insolvency Resolution Case Summary
------------------------------------------------------------
Debtor: WOG Technologies Private Limited

        Current Registered office:
        BF-72, Pankha Road
        Janakpuri West
        Delhi 110058

        Former Registered office:
        Unit No. 751, Aggarwal Metro Heights
        Plot No. E-5, Netaji Subhash Place
        Pitampura, New Delhi 110034

Insolvency Commencement Date: November 30, 2021

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

Estimated date of closure of
insolvency resolution process: May 29, 2022
                               (180 days from commencement)

Insolvency professional: Brijesh Singh Bhadauriya

Interim Resolution
Professional:            Brijesh Singh Bhadauriya
                         C-II/08, Mangal Apartment
                         Vasundhara Enclave
                         Near Dharamshila Naryayan
                         Superspeciality Hospital
                         New Delhi 110096
                         E-mail: bsb@bsbandassociates.in

                            - and -

                         Immaculate Resolution Professionals
                         Private Limited
                         Unit No. 112, First Floor, Tower-A
                         Spazedge Commercial Complex
                         Sector-47, Sohna Road
                         Gurgaon 122018
                         E-mail: wogtechnologies.cirp@gmail.com

Last date for
submission of claims:    December 20, 2021




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

MEDCO ENERGI: Moody's Alters Outlook on 'B1' CFR to Stable
----------------------------------------------------------
Moody's Investors Service has affirmed the B1 corporate family
rating of Medco Energi Internasional Tbk (P.T.) (Medco).

Moody's has also affirmed the B1 ratings on the backed senior
unsecured bonds issued by Medco Platinum Road Pte. Ltd., Medco Oak
Tree Pte. Ltd., Medco Bell Pte. Ltd. and Medco Laurel Tree Pte.
Ltd. These bonds are unconditionally and irrevocably guaranteed by
Medco.

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

The rating actions follow Medco's announcement on 8 December that
it will acquire ConocoPhillips Indonesia Holding Ltd (CIHL) from a
subsidiary of ConocoPhillips (A3 positive) for purchase
consideration of $1.355 billion. CIHL indirectly owns a 54%
interest in the Corridor Production Sharing Contract (PSC) in
Indonesia (Baa2 stable) and a 35% interest in Transasia Pipeline
Company Pvt Ltd. The transaction is expected to close in the first
quarter of 2022 and completion is subject to conditions such as
securing shareholder and customary approvals.

"The rating affirmation reflects the greater clarity on Medco's
growth plans and consequently its credit profile following the
acquisition announcement. The transaction will enhance Medco's
business profile by boosting its production scale, increasing the
proportion of gas production in its energy mix and strengthening
its protection against oil price volatility as most gas sales at
Corridor PSC are underpinned by long-term fixed price contracts
with quality counterparties," says Hui Ting Sim, a Moody's
Analyst.

"The change in rating outlook to stable reflects our expectation
that Medco will maintain very good liquidity and that its credit
metrics will improve in 2022-23 because of strong earnings
accretion from Corridor PSC, despite the debt-funded nature of the
acquisition," adds Sim.

RATINGS RATIONALE

Moody's estimates the acquisition will increase Medco's production
volume by 60-70 thousand barrels of oil equivalent per day (kboepd)
from 93 kboepd in the nine months of this year. Proved reserves
will also increase by 80-90 million barrels of oil equivalent
(mmboe) from 207 mmboe at Medco as of June 2021. The Corridor PSC
primarily produces gas, which are sold via long-term offtake
contracts with fixed pricing to mostly high quality counterparties.
Cash costs at the target assets are also low at $4-$5 per barrel of
oil equivalent.

Moody's forecasts that the acquisition will increase Medco's
proportion of gas in its production mix to 70%-75% from its current
60%-65%. The fixed-price portion of its production mix will also
rise to 50%-55% from its current 33%-37%. However, Medco's exposure
to geographic concentration risk will also increase as over 85% of
its production will be from Indonesia post-acquisition, compared
with around 77% in the first half of 2021.

Medco plans to fund the acquisition using proceeds from the $400
million US dollar bond that it issued in November this year, and
another $450 million from an amortizing bank loan facility. Based
on Moody's medium-term Brent crude price assumption of $50-$70 per
barrel, Moody's estimates that Medco's debt/EBITDA will improve to
2.5x-3.0x over 2022-23 following the acquisition, from 4.4x as of
the 12 months ended June 2021.

Post-acquisition, Medco will take over as operator of Corridor PSC,
which is located onshore at South Sumatera with two producing oil
fields and seven producing gas fields. Moody's views that Medco is
likely able to manage the execution risks arising from the
acquisition, given its familiarity with the area since its existing
operations at South Sumatera are located near Corridor PSC. The
company plans for limited capital spending to develop reserves in
2022-23 at Corridor PSC given its current high proportion of proved
developed reserves.

However, Moody's expects execution risk will grow in 2024 as
Corridor PSC will transition to the gross split scheme at the end
of 2023 from its current cost-recovery scheme. The gross split
scheme will require operators to manage all costs within their
share of revenue to make a profit, as costs associated with
investment and production are wholly borne by PSC holders and not
shared with the government.

Pro forma for the $450 million bank loan facility and acquisition,
Medco's liquidity is very good over the next 18 months. As of June
30, 2021, there were unrestricted cash and cash equivalents of $253
million, cash in escrow for debt and interest repayment of $116
million and undrawn credit facilities of close to $500 million at
Medco, excluding Medco Power. Moody's expects the company's cash
holdings, proceeds from its issued bonds, its $450 million
amortizing bank loan facility, cash flow from operations of around
$700-$750 million and asset divestment of around $100 million will
be sufficient to address its acquisition payment for Corridor PSC,
debt maturities of around $600 million and spending of close to
$340 million over the next 18 months.

ENVIRONMENTAL, SOCIAL AND GOVERNANCE (ESG) CONSIDERATIONS

Medco's ESG Credit Impact Score is Moderately Negative (CIS-3).
This reflects Moody's assessment that ESG attributes are overall
considered to have limited impact on Medco's current rating, with
greater potential for future negative impact over time. This is
mainly driven by the company's highly negative environmental risks
and highly negative social risks, but mitigated partially by its
governance practices of proactive financial management.

Medco has a highly negative exposure to environmental risk (E-4
Issuer Profile Score) primarily because of its high exposure to
carbon transition risk, physical climate risk and natural capital
risk. The company has a sizeable power arm with renewable
operations that are not within the restricted group of its US
dollar bonds. However, at present, most of Medco's earnings are
still generated through its oil and gas operations, reflecting its
elevated exposure to environmental risk.

Medco has a highly negative exposure to social risk (S-4 Issuer
Profile Score), because of high responsible production risks
inherent to the nature of upstream operations and the need to
develop relationships with local communities.

Medco's moderately negative governance risk score (G-3 Issuer
Profile Score) reflects its growth appetite as shown by its history
of debt-funded acquisitions, complex organizational structure and
concentrated ownership. But this is balanced by the company's track
record of proactive financial management to refinance debt
maturities in advance and increase the average weighted maturity
profile of its debt.

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

An upgrade of Medco's rating will require an increase in the
company's scale and a further improvement in its credit metrics
while maintaining very good liquidity. Credit metrics supportive of
a higher rating include adjusted net debt/EBITDA falling below
3.0x, retained cash flow (RCF)/adjusted net debt rising above 20%
and EBITDA/interest expense increasing above 4.5x.

Downward pressure on Medco's rating could build if the company's
credit metrics are weak for its rating level or its liquidity
deteriorates. Debt-funded acquisitions could also exert downward
pressure on the company's rating.

Quantitative metrics indicative of downward pressure include
adjusted net debt/EBITDA rising above 4.0x, adjusted RCF/adjusted
net debt falling below 10%, or adjusted EBITDA/interest expense
falling below 3.5x.

The principal methodology used in these ratings was Independent
Exploration and Production published in August 2021.

Established in 1980 and headquartered in Jakarta, Medco Energi
Internasional Tbk (P.T.) is a Southeast Asian integrated energy and
natural resource company listed in Indonesia with three key
business segments -- oil and gas, power and mining.




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

SERBA DINAMIK: Fitch Lowers LT Issuer Default Rating to 'RD'
------------------------------------------------------------
Fitch Ratings has downgraded Malaysia-based energy-service provider
Serba Dinamik Holdings Berhad's (SDHB) Long-Term Issuer Default
Rating to 'RD' (Restricted Default) from 'C'.

The downgrade follows the expiry of the 30-day grace period after
the non-payment of the coupon on the group's USD222 million senior
unsecured sukuk due in 2022. Potential cross-acceleration clauses
in its other debt may be triggered by the non-payment of the 2022
notes. The 'RD' rating indicates an issuer that in Fitch's opinion
has experienced an uncured payment default, but has not entered
into bankruptcy filings and has not ceased operating.

At the same time, Fitch has affirmed the ratings on the May 2022
sukuk issued by SD International Sukuk Limited and the sukuk due
March 2025 issued by SD International Sukuk II Limited at 'C', with
the Recovery Rating remaining at 'RR4'.

KEY RATING DRIVERS

Missed Coupon, Grace Period Expired: SDHB did not pay its
semi-annual coupon payment due on 9 November 2021 for its US dollar
sukuk maturing in May 2022 during the 30-day grace period.

No Resolution Plans Articulated: SDHB has not articulated how these
outstanding amounts will be resolved.

Delayed Financials, Legal Tussles: SDHB's audited June 2021
financial statements have not been published despite several
delays, including a change in its financial year-end from December
to June. There are also ongoing legal suits with its ex-auditor
KPMG, with Ernst & Young, which was hired to conduct an independent
review, and with the stock exchange regulator. This has created
uncertainty and clouds refinancing prospects. Trading of SDHB's
shares remains suspended.

ESG - Governance: SDHB has an ESG Relevance Score of '4' for
Management Strategy due to an ongoing independent review requested
by its auditors, on certain aspects of its business, including
clarity on suppliers, customers, inventories and account
receivables. This has a negative impact on the credit profile, and
is relevant to the ratings in conjunction with other factors.

ESG - Governance: SDHB has an ESG Relevance Score of '4' for
Financial Transparency due to a delay in the publication of its
audited financial reports, which has a negative impact on the
credit profile, and is relevant to the ratings in conjunction with
other factors.

DERIVATION SUMMARY

SDHB's ratings reflect that the interest on the May 2022 sukuk
remains unpaid after the end of the grace period.

KEY ASSUMPTIONS

KEY RECOVERY RATING ASSUMPTIONS

The recovery analysis assumes that SDHB would be reorganised as a
going-concern in bankruptcy rather than liquidated.

Fitch has assumed a 10% administrative claim.

The going-concern EBITDA estimate reflects Fitch's view of a
sustainable, post-reorganisation EBITDA level upon which Fitch
bases the enterprise valuation.

Fitch estimates EBITDA at MYR660 million, which considers EBITDA in
2018 to 2019, and factors in queries raised by KPMG over the
earnings quality from certain customers, including inventory and
receivables.

An enterprise value multiple of 4x EBITDA is applied to the
going-concern EBITDA to calculate a post-reorganisation enterprise
value. In determining the multiple, Fitch has taken into
consideration SDHB's customer quality as well as revenue and cash
flow history and outlook, although its high working-capital and
capex requirements will constrain free cash flow generation.

The going-concern enterprise value corresponds to a 'RR4' Recovery
Rating for the senior unsecured notes after adjusting for
administrative claims.

RATING SENSITIVITIES

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

-- Fitch would reassess the company's credit profile if there is
    a successful resolution to the current default.

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

-- The IDR will be further downgraded to 'D' if SDHB enters into
    bankruptcy proceedings, administration, receivership,
    liquidation and other formal winding-up procedures or it is
    ceases operations.

BEST/WORST CASE RATING SCENARIO

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

ISSUER PROFILE

SDHB is one of Malaysia's leading oil-and-gas service and equipment
companies, ranked fourth by sales in 2019. It has operational
facilities in Malaysia, Indonesia, United Arab Emirates and the UK
.

ESG CONSIDERATIONS

SDHB has an ESG Relevance Score of '4' for Management Strategy due
to an ongoing independent review requested by its auditors. This
has a negative impact on the credit profile, and is relevant to the
ratings in conjunction with other factors.

SDHB has an ESG Relevance Score of '4' for Financial Transparency
due to a delay in the publication of its audited financial reports,
which has a negative impact on the credit profile, and is relevant
to the ratings in conjunction with other factors.

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




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

BADWAL ORCHARDS: Creditors' Proofs of Debt Due on Feb. 6
--------------------------------------------------------
Creditors of Badwal Orchards Limited, which is in liquidation, are
required to file their proofs of debt by Feb. 6, 2022, to be
included in the company's dividend distribution.

The company commenced wind-up proceedings on Dec. 6, 2021.

The company's liquidators are:

          Vivian Judith Fatupaito
          Elizabeth Helen Keene
          KPMG Auckland
          18 Viaduct Harbour Avenue (PO Box 1584)
          Shortland Street
          Auckland 1140
          New Zealand


COASTAL KAYAKERS: Creditors' Proofs of Debt Due on Feb. 3
---------------------------------------------------------
Creditors of Coastal Kayakers Limited, which is in liquidation, are
required to file their proofs of debt by Feb. 3, 2022, to be
included in the company's dividend distribution.

Geoff Brown and Lynda Smart of Rodgers Reidy (NZ) Limited, were
appointed jointly and severally as liquidators of the company by
special shareholders’ resolution on Dec. 9, 2021.

The company's liquidator can be reached at:

          Lynda Smart
          Geoff Brown
          Rodgers Reidy (NZ) Limited
          PO Box 39090
          Harewood, Christchurch 8545
          New Zealand


MARK TATTON: Creditors' Proofs of Debt Due on Feb. 6
----------------------------------------------------
Creditors of Mark Tatton Architecture Limited, which is in
liquidation, are required to file their proofs of debt by Feb. 6,
2022, to be included in the company's dividend distribution.

The company commenced wind-up proceedings on Dec. 6, 2021.

The company's liquidators are:

          Vivian Judith Fatupaito
          Elizabeth Helen Keene
          KPMG Auckland
          18 Viaduct Harbour Avenue (PO Box 1584)
          Shortland Street
          Auckland 1140
          New Zealand


STEVRYN HOLDINGS: Creditors' Proofs of Debt Due on Feb. 3
---------------------------------------------------------
Creditors of Stevryn Holdings Limited, which is in liquidation, are
required to file their proofs of debt by Feb. 3, 2022, to be
included in the company's dividend distribution.

Cavell Leitch Limited and Kiwirail Limited filed the petition
against the company.

The company's liquidators are:

          Lynda Smart
          Geoff Brown
          Rodgers Reidy (NZ) Limited
          PO Box 39090
          Harewood, Christchurch 8545
          New Zealand




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

GRAND AGRI: Creditors Have Until Dec. 26 to File Claims
-------------------------------------------------------
The Philippine Deposit Insurance Corporation (PDIC) reminded
creditors of the closed Grand Agri Rural Bank, Inc. that they only
have until December 26, 2021 to file their claims against the
bank's assets. PDIC reiterated that claims filed after said date
shall be disallowed. Creditors refer to any individual or entity
with a valid claim against the assets of a closed bank and include
depositors with uninsured deposits that exceed the maximum deposit
insurance coverage (MDIC) of PHP500,000.

The PDIC said that various ways to file claims are available to
creditors and depositors with uninsured deposits. Claims may be
filed:

1. Online through email at grandrb-pad@pdic.gov.ph;

2. Through mail addressed to the PDIC Public Assistance Department,
3rd Floor, SSS Bldg., 6782 Ayala Avenue corner V.A. Rufino St.,
Makati City 1226. Claims filed by mail must have a postmark dated
not later than December 26, 2021; or

3. Personal filing on appointment basis at the PDIC Public
Assistance Center located at the 3rd Floor, SSS Bldg., 6782 Ayala
Avenue corner V.A. Rufino St., Makati City, Monday to Friday, 8:00
AM to 5:00 PM.

To make an appointment, clients may call the Public Assistance
Hotline at (02) 8841-4141 or at Toll Free number 1-800-1-888-7342
or 1-800-1-888-PDIC, send an email to grandrb-pad@pdic.gov.ph, or
send a private message at PDIC's official Facebook page,
www.facebook.com/OfficialPDIC.

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

Claims filed after December 26, 2021 shall be disallowed. PDIC, as
Receiver, shall notify creditors of denial of claims through mail.
Claims denied or disallowed by the PDIC may be filed with the
liquidation court within 60 days from receipt of final notice of
denial of claim or within 20 days from date of publication of the
Order setting the Petition for Assistance in the Liquidation
Proceeding for initial hearing, whichever is later.

In addition, PDIC said that depositors with account balances of
more than the maximum deposit insurance coverage (MDIC) of
PHP500,000 who have already filed claims for the insured portion of
their deposits as of December 26, 2021 are deemed to have filed
their claims for the uninsured portion or the amount in excess of
the MDIC.

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

Grand Agri Rural Bank, Inc. was ordered closed by the Monetary
Board (MB) of the Bangko Sentral ng Pilipinas on September 23,
2021, and PDIC, as the designated Receiver, was directed by the MB
to proceed with the takeover and liquidation of the closed bank in
accordance with Section 12(a) of Republic Act No. 3591, as amended.
It is a single-unit rural bank located at 25 Juarez St. cor.
Bonifacio St., Brgy. 5 (Poblacion), Lucena City, Quezon.

All requests and inquiries relating to Grand Agri Rural Bank, Inc.
shall be addressed to the PDIC Public Assistance Department through
email at grandrb-pad@pdic.gov.ph, or through telephone number (02)
8841-4141. Depositors and creditors outside Metro Manila may call
the PDIC Toll Free Hotline during office hours at 1-800-1-888-PDIC
(7342). Inquiries may also be sent as private message at Facebook
through www.facebook.com/OfficialPDIC


KALUYAGAN RURAL: Creditors Claims Deadline Set for Jan. 25
----------------------------------------------------------
All creditors of the closed Kaluyagan Rural Bank, Inc. have until
January 25, 2022 to file their claims against the assets of the
closed bank either by e-mail, mail, or personally. Creditors refer
to any individual or entity with a valid claim against the assets
of the closed Kaluyagan Rural Bank, Inc. and include depositors
whose deposits exceed the maximum deposit insurance coverage (MDIC)
of PHP500,000.
  
The Philippine Deposit Insurance Corporation (PDIC) said that
various ways to file claims are available to creditors and
depositors with uninsured deposits. Claims may be filed:

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

2. Through mail addressed to the PDIC Public Assistance Department,
3rd Floor, SSS Bldg., 6782 Ayala Avenue corner V.A. Rufino St.,
Makati City 1226. Claims filed by mail must have a postmark dated
not later than January 25, 2022; or

3. Personal filing on an appointment basis at the PDIC Public
Assistance Center located at the 3rd Floor, SSS Bldg., 6782 Ayala
Avenue corner V.A. Rufino St., Makati City, Monday to Friday, 8:00
AM to 5:00 PM.

To make an appointment, clients may call the Public Assistance
Hotline at (02) 8841-4141 or at Toll Free number 1-800-1-888-7342
or 1-800-1-888-PDIC, send an e-mail to kaluyagan-pad@pdic.gov.ph,
or send a private message at PDIC's official Facebook page,
www.facebook.com/OfficialPDIC.

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

Claims filed after January 25, 2022 shall be disallowed. PDIC, as
Receiver, shall notify creditors of denial of claims through mail.
Claims denied or disallowed by the PDIC may be filed with the
liquidation court within 60 days from receipt of final notice of
denial of claim or within 20 days from date of publication of the
Order setting the Petition for Assistance in the Liquidation
Proceeding for initial hearing, whichever is later.

In addition, PDIC said that depositors with account balances of
more than the maximum deposit insurance coverage (MDIC) of
PHP500,000 who have already filed claims for the insured portion of
their deposits as of January 25, 2022 are deemed to have filed
their claims for the uninsured portion or the amount in excess of
the MDIC.

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

Kaluyagan Rural Bank, Inc. was ordered closed by the Monetary Board
(MB) of the Bangko Sentral ng Pilipinas on October 28, 2021 and
PDIC, as the designated Receiver, was directed by the MB to proceed
with the takeover and liquidation of the closed bank in accordance
with Section 12(a) of Republic Act No. 3591, as amended. It is a
two-unit rural bank with Head Office located at 01 Mabini St.,
Brgy. Mabini (Pob.), City of San Carlos, Pangasinan. Its lone
branch is located along Perez Blvd., Brgy. Herrero, Dagupan City.

All requests and inquiries relating to Kaluyagan Rural Bank, Inc.
shall be addressed to the PDIC Public Assistance Department through
e-mail at kaluyagan-pad@pdic.gov.ph, or through telephone number
(02) 8841-4141. Depositors and creditors outside Metro Manila may
call the PDIC Toll Free Hotline during office hours at
1-800-1-888-PDIC (7342). Inquiries may also be sent as private
message at Facebook through www.facebook.com/OfficialPDIC




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

AGRINERGY PTE: Creditors' Proofs of Debt Due on Jan. 17
-------------------------------------------------------
Creditors of Agrinergy Pte Ltd, which is in voluntary liquidation,
are required to file their proofs of debt by Jan. 17, 2022, to be
included in the company's dividend distribution.

The company's liquidator can be reached at:

          Chee Fung Mei
          c/o Chee FM & Associates
          138 Cecil Street #05-03
          Singapore 069538


AIFRESH PTE: Commences Wind-Up Proceedings
------------------------------------------
Members of Aifresh Pte Ltd, on Dec. 3, 2021, passed a resolution to
voluntarily wind up the company's operations.

The company's liquidators are:

          Abuthahir Abdul Gafoor
          Yessica Budiman
          AAG Corporate Advisory
          144 Robinson Road
          #14-02 Robinson Square
          Singapore 068908


MDAC 1: Creditors' Proofs of Debt Due on Jan. 10
------------------------------------------------
Creditors of MDAC 1 Pte Ltd and MDAC 3 Pte Ltd, which are in
voluntary liquidation, are required to file their proofs of debt by
Jan. 10, 2022, to be included in the company's dividend
distribution.

The company commenced wind-up proceedings on Dec. 1, 2021.

The company's liquidators are:

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


NEW SILKROUTES: Receives Statutory Demand From Landlord
-------------------------------------------------------
The Business Times reports that New Silkroutes Group said on Dec.
13 that it was served a letter of statutory demand from its
landlord Fragrance Regal for an alleged total sum of around
SGD146,234.73 after it failed to respond to an earlier letter of
demand.

According to the report, the sum demanded is in relation to the
tenancy agreement between Fragrance Regal and the company in
respect of the premises at Fragrance Empire Building located at 456
Alexandra Road.

Due to work from home arrangements in compliance with Covid-19
regulations, New Silkroutes said that the letter of demand for an
alleged sum of SGD98,652.69 to be paid by Nov. 18 was only
retrieved from the company's mailbox on Dec. 13, BT relates.

The landlord had therefore alleged that there has been an event of
default based on a clause in the tenancy agreement and had issued
the statutory demand with the sum due on 12:00 p.m., Dec 17.

"The company has engaged the leasing and finance department of the
landlord since September 2021, but the landlord has not responded
to multiple requests from the company for a meeting," said New
Silkroutes.

BT says the company is currently reviewing the letter of demand and
statutory demand with its legal and financial advisers and will
take appropriate action accordingly.

The board will keep shareholders updated as and when there are any
material developments in relation to the above, said the company,
BT adds.

Based in Singapore, New Silkroutes Group Limited (SGX:BMT) --
http://www.newsilkroutes.org/-- is an investment holding company
focused on healthcare and energy. The Company owns and operates
primary care medical and dental facilities in Singapore and
Vietnam, as well as pharmacy management systems in Singapore and
China. New Silkroutes's energy division is involved in physical oil
trades in SEA and North Asia.


TAKASHIMAYA ADVERTISING: Creditors' Proofs of Debt Due on Jan. 11
-----------------------------------------------------------------
Creditors of Takashimaya Advertising & Promotions Pte Ltd, which is
in voluntary liquidation, are required to file their proofs of debt
by Jan. 11, 2022, to be included in the company's dividend
distribution.

The company commenced wind-up proceedings on Dec. 1, 2021.

The company's liquidators are:

          Ho Lon Gee
          c/o 80 Robinson Road #02-00
          Singapore 068898




=====================
S O U T H   K O R E A
=====================

DOOSAN BOBCAT: S&P Affirms 'BB' LT ICR on Steady Performance
------------------------------------------------------------
S&P Global Ratings, on Dec. 13, 2021, affirmed its 'BB' long-term
issuer credit rating on Doosan Bobcat Inc. (DBI).  At the same
time, S&P maintained its recovery rating on the compact
construction equipment maker's senior secured debt at '3' and
affirmed our 'BB' long-term issue ratings on the senior secured
term loan B due in 2024 and senior secured notes due in 2025.

DBI's leverage should remain around 2x over the next 12-24 months.
The company's ratio of debt to EBITDA will likely increase to about
2x at the end of 2021, up from 1.5x at end-2020. A debt-financed
acquisition of the forklift business from its parent company as
part of the restructuring accounts for the increase. While the
forklift business increases DBI's operating scale and gives the
company a large presence in Korea, the opportunity for synergy may
be limited. The clientele for compact construction equipment (DBI's
strength) and forklifts is fairly different.

S&P said, "We forecast DBI's revenue will rise amid a favorable
business environment. The company's core market and strength are in
the North America, where we expect construction and housing demand
to remain strong. North America accounted for more than 70% of
revenues and vast majority of EBITDA over the first three quarters
of 2021. We forecast revenue will rise by more than 30% in 2021 and
6%-8% in 2022 amid a recovery from pandemic-related disruptions and
the addition of the forklift business from the third quarter of
2021."

DBI's EBITDA margin will likely remain stable at 12.5%-13.0% in
2021, before narrowing to 11.5%-12.0% in 2022 as higher raw
material and freight costs eat into margins. Initial costs for
product and geographical diversity will also add some pressure on
margins.

DBI's parent, Doosan Heavy Industries & Construction Co. Ltd.
(DHIC), is in midst of a restructuring and business transformation
to improve its capital structure and focus more on renewable
energy. As part of the restructuring, DHIC is reducing its debt
leverage, but the execution risk on the process is formidable, in
our view.

S&P said, "We anticipate a high level of execution risk in DHIC's
business restructuring and deleveraging over the next 12 months.We
assess DHIC's group credit profile (GCP) as 'b+'. While DHIC has a
good position in Korea's power facility equipment market (i.e.,
nuclear, thermal, wind), its global presence is fairly limited. The
company is also going through a business transformation where it is
reducing its presence in coal-based and nuclear power, and shifting
toward renewables. This transformation will take several years to
come to fruition and involves a relatively high level of execution
risk.

"More importantly, DHIC is highly leveraged. We estimate that the
company's leverage would be in the mid-6x range by the end of 2021,
and about 6x during 2022." This is a significant decrease from
18.5x in 2020 and 7.6x in 2019. DHIC's elevated leverage ratio in
2020 was a result of additional expenses such as labor reduction
and write off of offshore projects incurred as part of the
restructuring. DHIC began to reduce its debt leverage in 2021 after
coming under pressure by Korean policy banks.

In exchange for additional lending from Korean policy banks in
2020, DHIC began to raise equity and sell real estate and other
assets. This should remain a focus in the near future.
Additionally, the company announced a plan to raise additional
funding through share issuance in February 2022, intending to use
about half of the proceeds for debt reduction. S&P has not fully
built in this deleveraging in its forecast credit measures.

S&P said, "We see no material change in DBI's relationship with
other broader group companies. Our issuer credit rating on DBI
remains two notches higher than that on its parent, post group
restructuring. We believe DHIC has a strong economic incentive to
preserve DBI's credit strength."

DBI is operationally separated from DHIC, and its financial
performance and funding are highly independent of the group. DBI
mainly operates in the U.S. compact construction equipment market
under its "Bobcat" brand through its wholly owned subsidiary Clark
Equipment Co. This subsidiary accounts for the bulk of DBI's
revenue and most of its operating income. DHIC focuses on its power
plant facilities business in Korea. The two companies have limited
business reliance on each other.

DHIC exercises limited control over DBI. While DHIC owns a 51%
interest in DBI, the company has significant and notable minority
shareholders. These include Korea's national pension services and
other large institutional investors. Additionally, three out of
five members of the board are independent. These factors, together
with Korea's increasing attention on fair trade, should prevent
negative intervention in DBI by DHIC.

S&P said, "DBI's purchase of the forklift business from the
ultimate holding company Doosan Corp. in July has not affected our
view on DBI's relationship with the group. The transaction was
completed on an arm's-length basis. The broader group was under
pressure to deleverage. It is possible that DBI saw an opportunity
to diversify its business operations. Nonetheless, if we see more
transactions between DBI and broader group companies, this could
negatively affect our view of two-notch insulation.

"Our negative rating outlook on DBI is driven by the weaker credit
measures at its parent DHIC. While credit measures at DHIC have
improved over the last 18 months, further improvement would require
good execution amid its restructuring and business transformation.

"We could lower the rating on DBI if we lower our assessment of
DHIC's GCP. This could occur if DHIC's ratio of debt to EBITDA
approaches or stays over 7x during the next six to 12 months, or if
an improvement in liquidity is slower than we anticipate following
the group's restructuring. We could also downgrade DBI if we see a
higher possibility that DHIC will increase control or negatively
intervene in DBI.

"We may also lower the rating if DBI's debt-to-EBITDA ratio
approaches 4.0x on a sustained basis. A severe economic downturn in
the U.S., intensifying competition, or the company's weakening
market position could result in such a scenario.

"We may revise the rating outlook on DBI to stable if DHIC's ratio
of debt to EBITDA trends well below 7x with an improving liquidity
position. This may be a result of successful debt reduction through
further deleveraging or steady performance and cash flow
generation."




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

SRI LANKA: India Set to Extend Urgent Economic Package
------------------------------------------------------
The Economic Times of India reports that India is working out a
package on an urgent basis to assist Sri Lanka, following finance
minister Basil Rajapaksa's New Delhi visit that focused on measures
to tide over an economic crisis that the island nation is facing.

India is expected to extend a food & health security package to Sri
Lanka on an urgent basis, along with an energy security package and
currency swap, and also push Indian investments, officials told ET.
It was agreed during Rajapaksa's visit that the procedures to
realise these objectives would be finalised early, within a
mutually agreed time. The food and health security package would
envisage the extension of a line of credit to cover the import of
food, medicines and other essential items from India.  The energy
package would also comprise a line of credit to cover import of
fuel from India, and an early modernisation of Trincomalee Oil Tank
Farm.  There is also an offer of a currency swap to help Sri Lanka
address its current balance of payment issues, the officials said.


It was also decided to facilitate Indian investments in different
sectors in Sri Lanka that would contribute to growth and expand
employment, ET relates.  Rajapaksa and finance minister Nirmala
Sitharaman and foreign minister S Jaishankar agreed to open direct
lines of communication and to be in direct and regular contact with
each other in order to coordinate delivery of the package,
according to the report.

"The Sri Lankan finance minister's discussions with his Indian
counterpart and the external affairs minister focussed on a whole
gamut of issues of mutual importance pertaining to the bilateral
relationship with particular attention on the economic cooperation
aspect. Both sides expressed satisfaction over the evolving
trajectory of the bilateral relationship. During the discussions,
they identified ways and means through which the existing bilateral
economic relationship between the two the two countries could be
further broadened and deepened," according to a Lankan government
statement, ET relays.

Rajapaksa briefed the Indian side of the economic situation in Sri
Lanka and his government's approach to addressing post-Covid
challenges.  This was the first overseas visit of finance minister
Rajapaksa since he assumed office in July this year, ET notes.

During the two-day visit, Rajapaksa had two rounds of joint
discussions with Sitharaman and Jaishankar.  He also met with the
minister for petroleum & natural gas Hardeep Singh Puri and
national security advisor Ajit Kumar Doval.

Sri Lanka, reeling under an economic crisis following Covid and
mounting debt due to heavy borrowing from China, had reached out to
India to boost its sagging economy, according to ET.

India recently bailed out Sri Lanka with fertilisers for the
island's farmers after China-made fertilisers had to be rejected on
grounds of quality.

ET says Lanka's oil bill has jumped 41.5% to $2 billion in the
first seven months of this year, compared with last year. The
country is facing a severe foreign exchange crisis after the
pandemic hit the nation's earnings from tourism and remittances.
Its gross domestic product has contracted by 3.6% in 2020 and its
foreign exchange reserves plunged by over a half in one year
through July to just $2.8 billion. This has led to a 9%
depreciation of the Sri Lankan rupee against the dollar during the
past year. The tourism industry, which represents over 10% of the
country's GDP and brings in foreign exchange, has been hit hard by
the coronavirus pandemic.

India has traditionally been among Sri Lanka's largest trade
partners and Sri Lanka remains among the largest trade partners of
India in the Saarc, ET notes.  In 2020, India was Sri Lanka's
second largest trading partner with the bilateral merchandise trade
amounting to about $3.6 billion. India is also one of the largest
contributors to foreign direct investment in the neighbouring
country. A number of leading companies from India have invested and
established their presence in Sri Lanka. FDI from India amounted to
about $1.7 billion during the period 2005 to 2019. The main
investments from India are in petroleum retail, tourism & hotel,
manufacturing, real estate, telecommunication, banking and
financial services.




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

TATUNG CO: Chairman, President Step Down
----------------------------------------
Taipei Times reports that Tatung Co chairman Lu Ming-kuang and
president Chaney Ho on Dec. 13 announced their resignations, adding
further uncertainty at the troubled conglomerate which has
undergone several changes to its management team since last year.

When he took the job late last year, 72-year-old Lu had envisioned
implementing a five-year plan to turn the company around before
retiring again. On Dec. 13, he said he was proud of what he had
achieved since returning to the company, the report says.

"I've not done wrong by the largest shareholder, the employees or
the investors who came in because they believed in my management
team," Lu told a news conference in Taipei.

Taipei Times relates that Lu came out of retirement to take over as
chairman in December last year after his predecessor, Lin Wen-yuan,
stepped down from the position after 50 days in office amid a
disagreement with major shareholder Shanyuan Group chairman Wang
Kuang-hsiang.

Under Lu's leadership, Tatung's nine business units all returned to
profitability, Ho said.

"We did our level best to save Tatung" said Ho, who joined the
company in June, Taipei Times relays. "We took a company that was
going backward and turned it into a company that was making a slow
forward motion."

However, that was not enough for Wang, who on Dec. 13 thanked,
praised and bowed to Lu and Ho, before escorting them out of the
news conference.

It is time for Tatung to start paying a dividend again and develop
its substantial real-estate assets, said Wang, who is a director of
Tatung and also chairs the company's real-estate subsidiary, Shan
Chih Asset Development Co.

"Tatung shareholders are like paupers sitting in a house made of
gold," the report quotes Mr. Wang as saying.

There are rumors that Wang is likely to take over as Tatung
chairman when the company holds a board meeting on Dec. 21, the
report notes.

"We will now comprehensively develop our real-estate portfolio, our
renewable energy business and our electric bus," Wang, as cited by
Taipei Times, said. "Chairman Lu was hardworking and conscientious,
but it's been 20 years since Tatung paid a dividend, we will not
let our investors wait another five."

Chung Yi-wen, who made way for Ho in June, is expected to return as
president.

"The fundamental principle of business is profitability," Chung
said.

Based in Taiwan, Tatung Co., Ltd. manufactures and markets computer
and communication products, electronics and industrial equipment,
as well as home appliances. The Company's products include
computers, motherboards, monitors, computer peripherals, rice
cookers, refrigerators, air conditioners, microwave ovens,
transformers, switch gears, wires, and cables. Tatung sells its
products worldwide.



                           *********


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 2021.  All rights reserved.  ISSN: 1520-9482.

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

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



                *** End of Transmission ***