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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, January 12, 2022, Vol. 25, No. 3

                           Headlines



A U S T R A L I A

ALDRED & CO: Second Creditors' Meeting Set for Jan. 18
CELLOS SOFTWARE: First Creditors' Meeting Set for Jan. 20
MCK TRANSPORT: Commences Wind-Up Proceedings
MESOBLAST LTD: Registers Additional 15M Ordinary Shares Under ESOP
NCELESTE PTY: Second Creditors' Meeting Set for Jan. 19

PREMIER FRUIT: Commences Wind-Up Proceedings


C H I N A

AGILE GROUP: Agrees to Sell 14 Properties for $439 Million
CHINA EVERGRANDE: Moves From Shenzhen HQ Building to Cut Costs
DAFA PROPERTIES: Moody's Cuts CFR to Caa2 & Alters Outlook to Neg.
IDEANOMICS INC: To Collaborate With InoBat on EV Battery Offerings
SHIMAO GROUP: Denies Report of Deal to Sell Shanghai Plaza

SHIMAO GROUP: Moody's Lowers CFR to B2, Ratings Remains on Review
SHIMAO GROUP: S&P Lowers ICR to 'B-' on Weak Liquidity
WISDOM EDUCATION: Fitch Withdraws B- Foreign Currency IDR
YANGO GROUP: Moody's Withdraws Caa2 CFR & Caa3 Note Ratings
YUZHOU GROUP: Fitch Lowers Foreign Currency IDR to 'CCC-'

YUZHOU GROUP: Moody's Lowers CFR to Caa2, Outlook Negative


H O N G   K O N G

CAS HOLDING 1: S&P Alters Outlook on 'BB' Debt Rating to Stable
CHINESE ESTATES: To Post Loss From Disposal of Evergrande Shares
GENTING HONG KONG: Says Subsidiary's Insolvency to Spark Defaults


I N D I A

BADAJENA IRON: CARE Lowers Rating on INR2.35cr LT Loan to B-
BALAMURUGAN ENGINEERING: CRISIL Reaffirms B Rating on INR6cr Loan
BHARATI MOTORS: CARE Keeps B Debt Rating in Not Cooperating
C K FOODS: CARE Reaffirms B+ Rating on INR11.70cr LT Loan
C.M. BUILDS: CARE Lowers Rating on INR10cr LT Loan to B-

DINESH OILS: Ind-Ra Keeps 'D' LT Issuer Rating in Non-Cooperating
ETHNIC AGROS: Insolvency Resolution Process Case Summary
ETHNIC SPICES: Insolvency Resolution Process Case Summary
ETHNIC TOBACCO: Insolvency Resolution Process Case Summary
HITECH HYDRAULICS: ICRA Keeps B+ Debt Ratings in Not Cooperating

IND TOB INTERNATIONAL: Insolvency Resolution Process Case Summary
JAI KRISHNA: CARE Keeps B+ Debt Rating in Not Cooperating
JCT LIMITED: CARE Assigns D Rating to INR14.98cr LT Loan
JR AGROTECH: Ind-Ra Keeps 'D' LT Issuer Rating in Non-Cooperating
JSW INFRASTRUCTURE: Fitch Assigns 'BB+' Foreign Currency IDR

JSW INFRASTRUCTURE: Moody's Assigns 'Ba2' CFR, Outlook Stable
KSHITIJ POLYLINE: CRISIL Withdraws B Rating on INR4cr Cash Loan
N E INFRA: CARE Lowers Rating on INR4.01cr LT Loan to B+
NIKI AGRO: CARE Keeps D Debt Rating in Not Cooperating Category
OCEAN HEALTHCARE: CARE Keeps D Debt Rating in Not Cooperating

PARAMOUNT COSMETICS: CARE Reaffirms B Rating on INR13.67cr Loan
PROMETRIK ENGINEERING: ICRA Keeps B+ Rating in Not Cooperating
S. S. NATH: CARE Lowers Rating on INR10cr LT Loan to B
SERVOCONTROLS: ICRA Keeps B+ Debt Ratings in Not Cooperating
SUN INDUSTRIAL: CARE Keeps B- Debt Rating in Not Cooperating

SUNBEAM DEALERS: CARE Keeps B- Debt Rating in Not Cooperating
TIRUPATI NIRYAT: CARE Keeps B- Debt Rating in Not Cooperating
TRADOHUB B2B: Ind-Ra Lowers Long-Term Issuer Rating to 'D'
URBANEDGE HOTELS: ICRA Lowers Rating on INR64.71cr Loan to D
USHDEV INTERNATIONAL: Ind-Ra Keeps 'D' Rating in Non-Cooperating

VENKATACHALAPATHY & CO: CARE Cuts Rating on INR10cr Loan to B-


I N D O N E S I A

GARUDA INDONESIA: Creditors Submit Claims of US$13.8 Billion


S I N G A P O R E

AERO VENDING: Court Enters Wind-Up Order
E.WYTE PTE: Court to Hear Wind-Up Petition on Jan. 14
ENTAIL HOLDINGS: Creditors' Proofs of Debt Due on Feb. 7
GARNET INT'L: Creditors' Proofs of Debt Due on Feb. 8
SIRIUS WELL: Creditors' Proofs of Debt Due on Feb. 8



S O U T H   K O R E A

SSANGYONG MOTOR: Sold to Edison Motors-Led Consortium for US$255MM


T H A I L A N D

KTBST SECURITIES: Fitch Raises Nat'l. LongTerm Rating to 'BB+(tha)'

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

ALDRED & CO: Second Creditors' Meeting Set for Jan. 18
------------------------------------------------------
A second meeting of creditors in the proceedings of Aldred & Co Pty
Ltd has been set for Jan. 18, 2022, at 10:30 a.m. via Zoom.

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 Jan. 17, 2022, at 5:00 p.m.

Paul Gerard Weston of DW Advisory was appointed as administrator of
Aldred & Co on Dec. 2, 2021.


CELLOS SOFTWARE: First Creditors' Meeting Set for Jan. 20
---------------------------------------------------------
A first meeting of the creditors in the proceedings of Cellos
Software Ltd will be held on Jan. 20, 2022, at 11:00 a.m. via Zoom
meeting.

Paul William Langdon and Ian Graham Grant of Vince & Associates
were appointed as administrators of Cellos Software on Jan. 10,
2022.


MCK TRANSPORT: Commences Wind-Up Proceedings
--------------------------------------------
Members of MCK Transport Solutions Pty Ltd, on Jan. 10, 2022,
passed a resolution to voluntarily wind up the company's
operations.

The company's liquidator is:

          Adam Francis Ward
          Worrells Solvency & Forensic Accountants
          Level 1, 160 Brisbane Street
          Ipswich, Queensland


MESOBLAST LTD: Registers Additional 15M Ordinary Shares Under ESOP
------------------------------------------------------------------
Mesoblast Limited filed with the Securities and Exchange Commission
a Form S-8 registration statement for the purpose of registering an
additional 15,000,000 ordinary shares of the company that may be
offered and sold under the Employee Share Option Plan.  

A full-text copy of the regulatory filing is available for free
at https://bit.ly/3ffxMOR

                          About Mesoblast

Headquartered in Melbourne, Australia, Mesoblast --
www.mesoblast.com -- is a developer of allogeneic (off-the-shelf)
cellular medicines for the treatment of severe and life-threatening
inflammatory conditions.  The Company has leveraged its proprietary
mesenchymal lineage cell therapy technology platform to establish a
broad portfolio of late-stage product candidates which respond to
severe inflammation by releasing anti-inflammatory factors that
counter and modulate multiple effector arms of the immune system,
resulting in significant reduction of the damaging inflammatory
process.  Mesoblast has locations in Australia, the United States
and Singapore and is listed on the Australian Securities Exchange
(MSB) and on the Nasdaq (MESO).

Mesoblast reported a net loss of US$98.81 million for the year
ended June 30, 2021, a net loss of US$77.94 million for the year
ended June 30, 2020, and a net loss of US$89.80 million for the
year ended June 30, 2019.  As of Sept. 30, 2021, the Company had
US$721.82 million in total assets, US$162.07 million in total
liabilities, and US$559.75 million in total equity.


NCELESTE PTY: Second Creditors' Meeting Set for Jan. 19
-------------------------------------------------------
A second meeting of creditors in the proceedings of Nceleste Pty
Ltd has been set for Jan. 19, 2022, at 11:30 a.m. via virtual
meeting only.

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 Jan.  18, 2022, at 4:00 p.m.

Andre Lakomy and Barry Wight of Cor Cordis were appointed as
administrators of Nceleste Pty on Dec. 3, 2021.


PREMIER FRUIT: Commences Wind-Up Proceedings
--------------------------------------------
Members of Premier Fruit & Vegetables Pty Ltd, on Jan. 10, 2022,
passed a resolution to voluntarily wind up the company's
operations.

The company's liquidator is:

          Jarvis Lee Archer
          Revive Financial
          PO Box 307
          Noosa Heads, Queensland 4567




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

AGILE GROUP: Agrees to Sell 14 Properties for $439 Million
----------------------------------------------------------
Caixin Global reports that Agile Group Holdings Ltd. entered
agreements to sell 14 noncore properties for CNY2.8 billion (US$439
million) in the second half of last year, according to a Hong Kong
stock exchange filing.

Caixin relates that the company said it collected CNY1.15 billion
of proceeds from the sales in 2021 and expects to collect the
remaining CNY1.65 billion in 2022, which will be used as general
working capital. Agile joined other cash-strapped Chinese
developers in selling assets to raise funds and avoid defaulting,
Caixin says.

China is encouraging state-owned property developers to buy assets
from stressed rivals to limit financial contagion from the
debt-stricken industry. The Guangdong government summoned several
developers to encourage deals between indebted developers and
state-owned companies. Agile was among companies participating the
meeting, according to Cailian Press, a media platform affiliated
with the state-backed newspaper Securities Times.

                        About Agile Group

China-based Agile Group Holdings Limited operates as a real estate
development company. The Company develops and markets residential
areas, office buildings, hotels, restaurants, and other related
areas. Agile Group Holdings also provides property management and
educational services.

As reported in the Troubled Company Reporter-Asia Pacific in
November 2021, S&P Global Ratings lowered its long-term issuer
credit rating on Agile Group Holdings Ltd. to 'BB-' from 'BB' and
long-term issue rating on the senior unsecured notes the company
guarantees to 'B+' from 'BB-'.  Agile's weakened access to offshore
capital markets will undermine its liquidity.

The TCR-AP also reported in November 2021 that Moody's Investors
Service has changed Agile Group Holdings Limited's rating outlook
to negative from stable.  At the same time, Moody's has affirmed
Agile's Ba2 corporate family rating and Ba3 senior unsecured
ratings.


CHINA EVERGRANDE: Moves From Shenzhen HQ Building to Cut Costs
--------------------------------------------------------------
Reuters reports that China Evergrande Group said on Jan. 10 that it
has moved out of its headquarters in Shenzhen to another property
in the city to cut costs and was still registered in the southern
Chinese city.

The company issued its statement after Chinese media outlet The
Paper reported that Evergrande had moved its headquarters from
Shenzhen to nearby Guangzhou, Reuters relays.

According to Reuters, Evergrande said it has moved out of
Shenzhen's Excellence Centre, which is owned by another company, to
a building that Evergrande owns in the city but gave no further
details on the new set-up.

Reuters notes that the world's most indebted developer, Evergrande
is struggling to repay more than $300 billion in liabilities
including nearly $20 billion in offshore bonds deemed in
cross-default by ratings agencies last month after it missed
payments.

On Monday afternoon [Jan. 10], the company's logo had been
partially removed on one side of the Excellence Centre. Security
personnel, accompanied by security vehicles, kept watch, and
several of them said that the company had left the building last
month.

Last September, the Shenzhen building was the scene of chaotic
protests when investors crowded its lobby to demand repayment of
loans and financial products, recalls Reuters.

Last year, the Guangzhou government sent a working team to
Evergrande, sources told Reuters.

Reuters relates that sources have also said that lawsuits against
the company from around China are being handled by a court in
Guangzhou, which is the capital of Guangdong province, where
Shenzhen is also located.

Evergrande was founded in Guangzhou, moving to Shenzhen only in
2017.

Last Tuesday [Jan. 4], protests also began at the Guangzhou
offices, with around 100 investors in financial products issued by
the company gathering to express their worries about getting their
money back.

Small crowds of protesters have continued to gather near the site
since, 10 protesters told Reuters.

                      About China Evergrande

China Evergrande Group is an integrated residential property
developer. The Company, through its subsidiaries, operates in
property development, investment, management, finance, internet,
health, culture, and tourism markets.

As reported in the Troubled Company Reporter-Asia Pacific in
December 2021, S&P Global Ratings lowered the issuer credit ratings
on China Evergrande Group and Tianji Holding Ltd. to 'SD' from
'CC'.  S&P also lowered the issuer rating on Tianji's bonds due
2022 and 2023 to 'D' from 'C'.  S&P subsequently withdrew all its
ratings on Evergrande, its subsidiary Hengda Real Estate Group Co.
Ltd., and Tianji, at the group's request.

The TCR-AP also reported that Fitch Ratings has downgraded to 'RD'
(Restricted Default), from 'C', the Long-Term Foreign-Currency
Issuer Default Ratings (IDR) of China Evergrande Group and its
subsidiaries, Hengda Real Estate Group Co., Ltd and Tianji Holding
Limited. Fitch has affirmed the senior unsecured ratings of
Evergrande and Tianji at 'C', with a Recovery Rating of 'RR6', as
well as the Tianji-guaranteed senior unsecured notes issued by
Scenery Journey Limited at 'C', with a Recovery Rating of 'RR6'.

The downgrades reflect the non-payment of coupons due Nov. 6, 2021
for Tianji's USD645 million 13% bonds and USD590 million 13.75%
bonds after the grace period lapsed on 6 December. The non-payment
is consistent with an 'RD' rating, signifying the uncured expiry of
any applicable grace period, cure period or default forbearance
period following a payment default on a material financial
obligation.


DAFA PROPERTIES: Moody's Cuts CFR to Caa2 & Alters Outlook to Neg.
------------------------------------------------------------------
Moody's Investors Service has downgraded the corporate family
rating (CFR) of DaFa Properties Group Limited to Caa2 from B2 and
its senior unsecured rating to Caa3 from B3.

At the same time, Moody's has changed its outlook on DaFa's ratings
to negative from stable.

"The downgrade reflects the company's increased liquidity risk,
because of its weakened cash buffer, large near-term debt maturity
and constrained access to funding," says Celine Yang, a Moody's
Vice President and Senior Analyst.

The rating downgrade follows DaFa's proposed consent solicitation
and tender offer to its noteholders.

"The negative outlook reflects uncertainty over the company's
ability to repay all of its debt that will mature or become
puttable over the coming 6-12 months," adds Yang.

RATINGS RATIONALE

On January 6, 2022, DaFa announced a consent solicitation and offer
to exchange its USD184.5 million bond maturing on January 18, 2022,
with a proposed new note maturing on 30 June 2022. It further
announced on January 7, 2022 a consent solicitation to amend
certain terms of two of its bonds maturing in July 2022 and April
2023. The proposed consent solicitation and exchange offer indicate
DaFa's tight liquidity, which heightens its refinancing risk.

Moody's expects DaFa will not be able to mobilize all of its cash
holdings to repay its maturing debts. In addition, DaFa's exposure
to its joint ventures is significant, which could limit its ability
to control its cash flow.

Moody's expects DaFa's contracted sales to weaken over the next
6-12 months, driven by weaker homebuyers' confidence and tight
funding conditions. This will, in turn, reduce the company's
operating cash flow for debt repayment.

DaFa's Caa3 senior unsecured debt rating is one notch lower than
its CFR because of structural subordination risk. This risk
reflects the fact that most of DaFa's claims are at its operating
subsidiaries and have priority over its senior unsecured claims at
the holding company in a bankruptcy scenario. In addition, the
holding company lacks significant mitigating factors for structural
subordination. As a result, the likely recovery rate for claims at
the holding company will be lower.

With respect to environmental, social and governance (ESG) factors,
Moody's has taken into account the concentrated ownership by DaFa's
key shareholder, Ge Hekai, and his family, who together held a
total 72.5% stake in the company as of the end of June 2021.

Moody's has also considered (1) the presence of three independent
nonexecutive directors on the board, who chair the audit and
remuneration committees; (2) the company's moderate 20%-25%
dividend payout ratio over the past three years; and (3) the
presence of other internal governance structures and standards as
required under the Corporate Governance Code for companies listed
on the Hong Kong Exchange.

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

Moody's could downgrade DaFa's rating if the company's liquidity
weakens further or it defaults on its debt. An upgrade of the
ratings is unlikely, given the negative outlook. However,the
ratings could return to stable if DaFa materially improves its
liquidity and funding access, and materially reduces its
refinancing risks.

DaFa Properties Group Limited is a Shanghai-based residential
property developer. As of June 30, 2021, the company had developed
86 property development projects, with a gross floor area of 6.7
million square meters. Its key operating cities include Wenzhou,
Huzhou, Hefei, and Ningbo.

As of the end of June 2021, DaFa Properties was 72.5% owned by its
founder, Mr. Ge Hekai, and his family.


IDEANOMICS INC: To Collaborate With InoBat on EV Battery Offerings
------------------------------------------------------------------
Ideanomics announced its strategic investment in InoBat Auto, a
European-based premium battery technology and manufacturing
company. The funding will support the completion of InoBat's R&D
center and pilot battery plant located in Voderady, Slovakia by the
end of 2022.

In conjunction with the investment, Ideanomics and InoBat will also
collaborate to develop, produce, and distribute integrated battery
pack solutions for the US market.  The collaboration is intended to
accelerate Ideanomics subsidiaries' continued growth and deliver
potential revenue opportunities targeting other U.S. commercial EV
fleet customers.

InoBat specializes in the pioneering research, development,
manufacturing, and provision of premium innovative electric
batteries custom-designed to meet customers' specific requirements
within the automotive, commercial vehicle, motorsport, and
aerospace sectors.  Andy Palmer, former Aston Martin CEO and
ex-Nissan COO and Chief Planning Officer and pioneer of the 100%
electric Nissan LEAF, joined InoBat to drive the development of a
European-based R&D and battery production center.

InoBat is actively pursuing plans to build several gigafactories on
additional sites across Europe and other global locations through
2024 in order to support and serve the international market at
scale.  Recently, InoBat also welcomed financial investments to
deliver its facility and pilot battery line from Rio Tinto, a
global mining and metals company, and Amara Raja, a leading
industrial and automotive battery company in India.

"We have been seeking an innovative battery partner to support our
electrification strategy.  We hope that this investment and
partnership will help future-proof our battery and supply needs to
realize our commitment towards making EV the natural mobility
successor," said Robin Mackie, president of Ideanomics Mobility.
"With Rio Tinto and Amara Raja's recent strategic investments and
relationships in Europe and Asia, we believe that InoBat will have
access to the materials and rare-earth metals necessary to produce
batteries at scale and help to minimize supply chain risks across
our Ideanomics Mobility operating companies.  We look forward to a
close collaboration with the InoBat team."

"InoBat prides itself on providing innovative solutions across the
entire battery value chain thanks to our own "cradle-to-cradle"
approach.  We are thrilled to join hands with Ideanomics, a
like-minded company with vehicles across a wide range of
industries," said Marian Bocek, chief executive officer of InoBat
Auto.  "This strategic partnership allows us to expand our battery
technology for both on- and off-road commercial EVs while
increasing our capacity and future opportunities to support the US
e-mobility market."

                         About Ideanomics

Ideanomics, Inc. is a diversified solutions provider for electric
mobility.  The company provides turn-key vehicle, finance and
leasing, and energy management services for commercial fleet
operators.  The Company is headquartered in New York, NY, with
operations in the U.S., China, Ukraine, and Malaysia.

Ideanomics reported a net loss of $106.04 million for the year
ended Dec. 31, 2020, a net loss of $96.83 million for the year
ended Dec. 31, 2019, a net loss of $28.42 million for the year
ended Dec. 31, 2018, and a net loss of $10.86 million for the year
ended Dec. 31, 2017.  As of Sept. 30, 2021, the Company had $595.88
million in total assets, $62.01 million in total liabilities, $1.26
million in convertible redeemable preferred stock, and $532.60
million in total equity.


SHIMAO GROUP: Denies Report of Deal to Sell Shanghai Plaza
----------------------------------------------------------
Reuters reports that shares of Shimao Group Holdings fell 5% in
early Asian trading on Jan. 11 after it denied a media report that
it has entered into a preliminary agreement to sell a Shanghai
plaza.

Shimao said in a filing, however, it is in talks with some
potential buyers and may consider disposing off some properties in
order to reduce its indebtedness, Reuters relates.

According to the report, the Shanghai-based developer said it
defaulted a trust loan last week after missing a CNY645 million
(US$101.10 million) payment that it guaranteed.

Caixin reported over the weekend that Shimao had struck a
preliminary deal with a state-owned company to sell its Shimao
International Plaza Shanghai, for more than CNY10 billion, Reuter
recalls.

The report said the firm has put on sale all of its real estate
projects, including both residential and commercial properties, and
it is also in talks with China Vanke to dispose some assets,
Reuters relays.

In the filing, Shimao said it has no outstanding asset-backed
securities (ABS) due and payable as of Jan. 11.

Reuters reported last week Shimao Group's unit Shanghai Shimao
Construction has proposed extensions on maturities for two ABS due
this month totaling CNY1.17 billion.

                         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 in
December 2021, Moody's Investors Service has downgraded Shimao
Group Holdings Limited's corporate family rating (CFR) to Ba3 from
Ba1.  Shimao's CFR remains on review for further downgrade.

The TCR-AP reported in November 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.


SHIMAO GROUP: Moody's Lowers CFR to B2, Ratings Remains on Review
-----------------------------------------------------------------
Moody's Investors Service has downgraded Shimao Group Holdings
Limited's corporate family rating (CFR) to B2 from Ba3.

The rating remains on review for further downgrade.

"The rating action reflects our expectation that Shimao's liquidity
risks will be elevated, driven by its weakening access to funding
and large near-term debt maturities," says Celine Yang, a Moody's
Vice President and Senior Analyst.

Moody's downgrade also considers Shimao's slow progress on its
fundraising and refinancing activities recently, which has
increased uncertainties over the company's ability to address its
refinancing needs.

"The review for downgrade reflects the uncertainty over the
company's ability to generate new funds, through new borrowing or
asset disposals, to address all its near-term debt maturities in
the coming 6-12 months amid challenging funding conditions, " adds
Yang.

RATINGS RATIONALE

Shimao, at the holding company level, has a large number of debt
maturities coming due or puttable in 2022, including sizable
offshore bank loans, offshore bonds of around USD1.7 billion, and
onshore bonds of around RMB8.9 billion.

Meanwhile, Moody's believes there is uncertainty for Shimao to
utilize a significant part of its cash for debt repayment,
particularly for the cash holdings at the project and operating
companies' levels.

Moody's forecasts that Shimao's contracted sales will decline
notably over the next 6-12 months, driven by weaker homebuyer
confidence and diminishing saleable resources driven by its
slowdown in land acquisitions and tight funding conditions. In
October and November 2021, Shimao's contracted sales dropped by 32%
and 49%, respectively, compared with the same period the year
before. A decline in contracted sales will weaken the company's
operating cash flow and, in turn, its liquidity.

In terms of environmental, social and governance (ESG) factors,
Moody's has considered Shimao's concentrated ownership by its key
shareholder, Mr. Hui Wing Mau, who held a 65% stake as of 30 June
2021.

Moody's has also considered the company's established internal
governance structures and standards, as required by the Corporate
Governance Code for companies listed on the Hong Kong Stock
Exchange. In particular, the company has three independent
non-executive directors (INEDs) on its nine-member board, and its
board has established three committees with specific written terms
of reference to oversee particular aspects of the company's
affairs. All three committees are composed of INEDs only.

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

Moody's review will focus on (1) Shimao's liquidity, funding
access, specifically its ability to raise new funds to address its
maturing debt (including puttable bonds); and (2) the progress on
its asset disposal to improve its liquidity.

Moody's could confirm the rating if Shimao strengthens its funding
access and liquidity, demonstrates an ability to refinance or repay
its maturing debt without impairing its balance sheet liquidity,
and maintains healthy credit metrics.

On the other hand, Moody's could downgrade Shimao's rating if (1)
the company's liquidity and refinancing risks heighten; (2) its
access to onshore or offshore funding weakens; or (3) if its
operating cash flow declines materially due to falling property
sales.

Shimao Group Holdings Limited is a Chinese property developer that
listed on the Hong Kong Stock Exchange in July 2006. It develops
residential properties and owns a portfolio of investment
properties, including hotels. As of the end of June 2021, the
company, together with its 64%-owned Shanghai A-share listed
subsidiary, Shanghai Shimao Co., Ltd, held an attributable land
bank of 44.2 million square meters (sqm) in China. Shanghai Shimao
mainly develops commercial properties.


SHIMAO GROUP: S&P Lowers ICR to 'B-' on Weak Liquidity
------------------------------------------------------
S&P Global Ratings, on Jan. 10, 2022, lowered its long-term issuer
credit rating on Shimao Group Holdings Ltd. to 'B-' from 'B+'. S&P
also lowered the long-term issue rating on the company's senior
unsecured notes to 'CCC+' from 'B'. S&P placed all the ratings on
CreditWatch with negative implications.

S&P said, "We expect to resolve the CreditWatch as quickly as
practically possible after we have greater visibility on Shimao's
asset disposals to assess their effect on liquidity restoration. We
will also consider the company's ability to maintain its bank and
nonbank financing channels.

"Shimao's liquidity has significantly deteriorated--the decline is
worse than we previously anticipated. We now assess the company's
liquidity to be weak. This reflects our view that Shimao's cash
position will continue to erode for a prolonged period as it may
need to repay its debt maturities with internal resources (about
Chinese renminbi [RMB] 55 billion was due in 2022 as at end of
2021, by our estimate).

"The company is facing heightened refinancing risks due to
still-tight regulatory conditions, apart from the materially
weakened capital markets access. We don't believe the company will
be able to access capital markets in the next six months given the
volatility in prices of its capital market instruments, both
domestically and offshore."

Furthermore, Shimao's recent dispute with a trust company over a
loan extension signals the property developer's increasing
difficulty in managing its exposure to nonbank project financing,
both on-balance-sheet and off-balance-sheet.

Shimao's cash balance is largely trapped at the project level;
regulatory restrictions may curtail use of such cash for debt
servicing. S&P believes the company is having difficulty in
mobilizing most of its cash from the project level as there remains
uncertainty surrounding the accessibility to funds in project
escrow accounts due to regulatory hurdles.

Furthermore, joint venture partners or banks could also be cautious
in letting Shimao upstream cash from the project level,
particularly when sales are sluggish, given the tough business
environment.

The holding company's cash balance is marginal, considering the
amount of upcoming debt maturities and the need to manage other
operational spending. Only about 23% (RMB16.1 billion) of Shimao's
total cash was unrestricted and accessible as of Nov. 30, 2021,
while the balance (RMB52.9 billion) was regulated to some extent.
This was according to a response made by the company to the onshore
regulator at the end of 2021.

S&P said, "We believe Shimao is working on contingent plans to
restore liquidity. This includes accelerating sales of residential
and commercial projects and reducing discretionary investments such
as land acquisitions.

"Apart from the recently announced disposal of a Hong Kong
residential project for about HK$2 billion, we believe the company
has started some bigger project sales. This includes the transfer
of controlling ownership in projects, which could help Shimao
deconsolidate some project trust loans. The timing and magnitude of
cash inflow from disposals remain uncertain, while the Hong Kong
project sale did not restore market confidence or sufficiently
boost liquidity.

"Relationships with trust companies and banks will be key for
Shimao to sustain its liquidity. Early repayments or a general
inability to roll over trust loans or any other liabilities could
further tighten the company's liquidity. We estimate Shimao has
RMB7 billion-RMB10 billion in on-balance-sheet trust loans due
within 2022.

"While we don't anticipate that banks will call for early debt
repayment, given that bank loans are generally secured by project
assets, such risk could increase as sales deteriorate. According to
industry data, Shimao's 2021 total contracted sales were about
RMB270 billion. This was at the lower end of our forecast of RMB270
billio-RMB280 billion, and reflected a more than a 60% year-on-year
drop in contracted sales in December 2021."

CreditWatch

S&P aims to resolve the CreditWatch as quickly as practically
possible. The CreditWatch reflects the heightened risk of a
downgrade by one notch or more if:

-- By end of February 2022, Shimao's asset disposals are slower
than S&P expects, while the net proceeds substantially fall short
of RMB10 billion-RMB15 billion to help manage its upcoming debt
maturities;

-- Shimao's banking and trust company relationships deteriorate
while access to capital markets is effectively suspended,
increasing refinancing pressure; or

-- Shimao's contracted sales are materially weaker than our
expectation.

S&P said, "Shimao may be able to sustain its credit quality in line
with our 'B-' ratings if it efficiently executes its asset disposal
plan and brings a significant amount of liquidity to facilitate
debt maturity management. In such a scenario, we would also expect
the company to maintain its relationships with banks and trust
companies, such that banking lines and trust funding continue to be
stable. In the meantime, Shimao will need to sustain satisfactory
property sales."


WISDOM EDUCATION: Fitch Withdraws B- Foreign Currency IDR
---------------------------------------------------------
Fitch Ratings has withdrawn Wisdom Education International Holdings
Company Limited's Long-Term Foreign-Currency Issuer Default Rating
(IDR) of 'B-'. The rating is on Rating Watch Negative.

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

KEY RATING DRIVERS

No longer relevant, as the rating has been withdrawn.

RATING SENSITIVITIES

No longer relevant, as the rating has been withdrawn.

BEST/WORST CASE RATING SCENARIO

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

ESG CONSIDERATIONS

Wisdom has an ESG Relevance Score of '4' for Management Strategy as
it has not delivered a detailed business reorganisation plan in
light of China's Implementation Rules of the Law for Promoting
Private Education. This has a negative impact on the credit
profile, and is relevant to the rating in conjunction with other
factors.

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

Following the withdrawal of the rating for Wisdom, Fitch will no
longer be providing the associated ESG Relevance Scores.

YANGO GROUP: Moody's Withdraws Caa2 CFR & Caa3 Note Ratings
-----------------------------------------------------------
Moody's Investors Service has withdrawn Yango Group Co., Ltd's Caa2
corporate family rating (CFR) and the Caa3 backed senior unsecured
ratings on the notes issued by Yango Justice International Limited.
The bonds are unconditionally and irrevocably guaranteed by Yango.

Prior to the withdrawal, the rating outlooks were ratings under
review.

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

Founded in 1995 in Fuzhou, Yango Group Co., Ltd (Yango) is a
Chinese property developer that focuses on the Greater Fujian area
and the Yangtze River Delta region. The company was listed on the
Shenzhen Stock Exchange in 2002 and had a market capitalization of
around RMB12.9 billion as of January 7, 2022.


YUZHOU GROUP: Fitch Lowers Foreign Currency IDR to 'CCC-'
---------------------------------------------------------
Fitch Ratings has downgraded Yuzhou Group Holdings Company
Limited's Long-Term Foreign-Currency Issuer Default Rating (IDR) to
'CCC-' from 'B'/Negative. Fitch has also downgraded the senior
unsecured rating and the ratings on the outstanding US-dollar
senior unsecured notes to 'CCC-', from 'B', with a Recovery Rating
of 'RR4'.

The downgrade reflects the diminishing likelihood of Yuzhou
refinancing its USD590 million public senior notes due January 2022
and the difficulty the company is likely to face in addressing its
capital-market maturity wall in the next six to nine months, given
its limited funding access.

Yuzhou has not provided further information to Fitch beyond its
public announcements.

KEY RATING DRIVERS

Large Maturities, Lack of Funding Access: Yuzhou's capital-market
debt to be repaid in 2022 includes USD242 million bonds maturing on
23 January and USD347 million bonds maturing on 25 January. This is
in addition to a CNY3.5 billion onshore puttable bond due in April,
CNY990 million in asset based securities, a CNY3.0 billion onshore
bond due in July and a USD420 million offshore bond due in
September.

Fitch believes the capital market is largely inaccessible for
Yuzhou and that it will have to depend on asset sales, debt
exchanges or internal cash resources to address its debt servicing.
Fitch expects the company to face continued refinancing pressure on
its capital-market debt for the next six to nine months. Yuzhou may
use up its internal cash resources to address its onshore and
offshore capital-market maturities if markets remain shut.

Limited Financial Flexibility: The company had cash and cash
equivalents of CNY20.9 billion as of 1H21, excluding restricted
cash and restricted deposits for project construction, but did not
provide the cash balance that is freely available to repay its
capital-market debt. Fitch believes a majority of the cash is
likely to be at the project level, but Fitch is unable to verify
this from the company.

Non-Property Development Business Disposal: Yuzhou announced on the
Stock Exchange of Hong Long that it has entered a framework
agreement where it will sell Yuzhou Property Services Co., Ltd.,
and some other subsidiaries that also provide property services to
China Resources Mixc Lifestyle Services Limited (CR Mixc Lifestyle)
for a consideration of CNY1.06 billion. CR Mixc Lifestyle is 72.29%
owned by China Resources Land Ltd (BBB+/Stable).

Fitch does not believe the deal will relieve Yuzhou's liquidity
stress in the short term, as CR Mixc Lifestyle's announced that the
acquisition will be paid in multiple phases into an escrow
account.

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

DERIVATION SUMMARY

Yuzhou's ratings are constrained by the rising refinancing risk of
its upcoming capital-market maturities, especially amid the
negative capital-market sentiment. Fitch believes the company may
need to rely on non-core business and asset disposals, or debt
exchanges to address its capital-market maturities, which are
subject to execution risk.

KEY ASSUMPTIONS

-- Total annual contracted sales of CNY95 billion-105 billion in
    2021-2024 (2020: CNY105 billion), with a consolidated ratio in
    the 35%-40% range;

-- The average selling price to rise by 2%-9% a year on average
    in 2021-2024, from CNY16,756/square metres in 2020;

-- Land bank life to remain below 2.0 years in 2021-2022 (2020:
    2.5 years);

-- Stable land costs over 2021-2023;

-- Selling, general and administrative expenses at 2.8% of
    contracted sales in 2021-2023.

KEY RECOVERY RATING ASSUMPTIONS

Liquidation Approach

-- 10% administrative claim.

-- 70% advance rate to accounts receivable.

-- 20% advance rate to investment properties, as the 1H21
    annualised rental yield was only 1.3%.

-- 60% advance rate to adjusted inventory, based on our
    expectation of an EBITDA margin of around 13%.

-- 60% advance rate to net property, plant and equipment.

-- 100% advance rate to restricted cash. Restricted cash is for
    the normal operation and loan repayments of specific projects
    and is unavailable for non-operational activities, like
    investment or profit sharing.

-- Excess cash, after deducting payables from available cash, at
    a 30% advanced rate.

The Recovery Rating is capped at 'RR4' because, under Fitch's
Country-Specific Treatment of Recovery Ratings Criteria, China
falls into Group D of creditor friendliness, and instrument ratings
of issuers with assets in the group are subject to a soft cap at
the issuer's Issuer Default Rating.

Guarantees to joint ventures are excluded from the recovery
calculation.

RATING SENSITIVITIES

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

-- Repayment of bonds due in January 2022 and greater clarity on
    the repayment plans for capital-market maturities for the rest
    of 2022.

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

-- Failure to repay the bonds due in January 2022.

BEST/WORST CASE RATING SCENARIO

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

LIQUIDITY AND DEBT STRUCTURE

Large Maturities: Yuzhou had cash and cash equivalent of CNY20.9
billion as of 1H21, which excluded restricted cash and restricted
deposits for project construction. This was sufficient to cover
short-term debt of CNY15.2 billion. However, Fitch believes the
company may not be able to access all of the reported cash to repay
debt. Yuzhou's next capital-market maturity is in January 2022,
during which around USD590 million of bonds will mature, and will
have more than CNY9 billion of offshore and onshore capital-market
debt due in the next nine months.

ISSUER PROFILE

Yuzhou develops projects in six metropolitan areas in the Yangtze
River Delta Region, West Strait Economic Zone, Bohai Rim region and
Greater Bay Area as well as in China's central and southwest
regions. The group is the leading property enterprise in Xiamen in
southern China and the Yangtze River Delta. The company had 179
projects at end-1H21, with total floor area of 22 million square
metres.

SUMMARY OF FINANCIAL ADJUSTMENTS

Fitch has excluded deposits in designated accounts from cash in
Fitch's leverage calculation and included this as inventory.
Restricted bank deposits are included in cash to calculate net
debt, as these are mainly pledged for obtaining bank loans.

ESG CONSIDERATIONS

Yuzhou Group Holdings Company Limited has an ESG Relevance Score of
'4' for Group Structure due to {DESCRIPTION OF ISSUE/RATIONALE},
which has a negative impact on the credit profile, and is relevant
to the rating[s] 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.


YUZHOU GROUP: Moody's Lowers CFR to Caa2, Outlook Negative
----------------------------------------------------------
Moody's Investors Service has downgraded the corporate family
rating (CFR) of Yuzhou Group Holdings Company Limited to Caa2 from
B2. At the same time, Moody's has downgraded the company's senior
unsecured rating on the bonds to Caa3 from B3.

The outlook on the ratings remains negative.

"The downgrade reflects Yuzhou's increased refinancing risks driven
by its weakened funding access and sizable amount of maturing
debt," says Celine Yang, a Moody's Vice President and Senior
Analyst.

"The negative outlook reflects the uncertainty over the company's
ability to mobilize all of its cash to manage its refinancing needs
over the next 6-12 months," adds Yang.

RATINGS RATIONALE

Moody's expects Yuzhou's refinancing risks to heighten as it faces
difficulties in raising new funds from onshore and offshore
channels to address its maturing debts amid a tight credit
environment. In particular, the company has a large amount of
onshore and offshore debt maturing by the end of December 2022 --
including around USD700 million of offshore bonds and RMB6.5
billion of onshore bond maturing or becoming puttable during the
period. In particular, Yuzhou has a total of around USD590 million
bonds maturing in January 2022.

As of June 30, 2021, the company had unrestricted cash of RMB25
billion, compared with reported short-term debt of RMB15.2 billion.
But Moody's believes there is uncertainty for the company to
mobilize all the cash, particularly for the cash holdings at the
project and operating companies' levels, for debt repayment.

Moody's also expects Yuzhou's contracted sales to decline over the
next 6-12 months, driven by weaker homebuyer confidence amid tight
funding conditions. This will weaken the company's operating cash
flow and, in turn, its liquidity.

Yuzhou's Caa2 CFR is constrained by its high refinancing risk,
weakened liquidity and funding access, as well as its weak credit
metrics and high reliance on sales from joint ventures (JVs) and
associates, which constrain its corporate transparency and
increases uncertainty over its accessibility to the cash at the JV
level.

Yuzhou's Caa3 senior unsecured bond rating is one notch below its
CFR because of the risk of structural subordination. This
subordination risk reflects the fact that most of Yuzhou's claims
are at the operating subsidiaries and have priority over claims at
the holding company in a bankruptcy scenario. In addition, the
holding company lacks significant mitigating factors for structural
subordination. As a result, the expected recovery rate for claims
at the holding company will be lower.

In terms of environmental, social and governance (ESG) factors,
Moody's has considered Yuzhou's concentrated ownership given the
controlling shareholder, Mr. Lam Lung On, holds a 58.81% stake in
the company as of June 30, 2021. Yuzhou had a relatively high
dividend payout ratio of 46.8% in 2019, compared with 35%-36.5% in
the previous four years.

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

Moody's could downgrade the ratings if Yuzhou's funding access
further weakens or if it defaults on its upcoming maturities.

Given the negative outlook, a rating upgrade is unlikely. However,
positive rating momentum could develop if the company strengthens
its liquidity and significantly improves its operating cash flow.

Yuzhou Group Holdings Company Limited is a property developer that
focuses on residential housing in the Yangtze River Delta and the
West Strait Economic Zone. Established in Xiamen in the mid-1990s,
Yuzhou is one of the city's largest developers. The company moved
its headquarters to Shanghai in 2016, and launched
Shanghai-Shenzhen dual headquarters in 2020.

Yuzhou listed its shares on the Hong Kong Stock Exchange in 2009.
As of June 30, 2021, Yuzhou's land bank totaled 22 million square
meters in saleable gross floor area.




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

CAS HOLDING 1: S&P Alters Outlook on 'BB' Debt Rating to Stable
---------------------------------------------------------------
S&P Global Ratings revised the outlook on CAS Holding No. 1 Ltd. to
stable. At the same time, S&P affirmed its 'BBB-' long-term issuer
credit rating on CAS Holding and 'BB' long-term issue rating on the
perpetual subordinated securities the company guarantees.

PCCW Ltd., parent of CAS Holding No. 1 Ltd., has made meaningful
progress in deleveraging with deconsolidation of a property
developer and sale of data centers. Its debt-to-EBITDA ratios
should improve to around 4.2x on a pro forma basis for 2021, versus
5.0x in 2020.

The stable outlook reflects S&P's view that PCCW's debt leverage
will stay below 4.5x over the next two years.

PCCW's deconsolidation of PCPD and data center divestments support
deleveraging and lower execution risks.

S&P said, "We estimate PCCW's debt-to-EBITDA ratio will remain
4.2x-4.5x over the next two years, from 4.1x-4.3x in 2021 on a pro
forma basis and down from 5.0x in 2020. This reflects the company's
substantive progress in executing its deleveraging plan over the
past one year, including the deconsolidation of Pacific Century
Premium Developments Ltd. (PCPD) through reducing its shareholding
to about 30% (from 70.9%) over the past 15 months and the sale of
its data center business for US$750 million in December 2021. We
believe some of the proceeds from the data center sale could be
used to repay debt. The deconsolidation of PCPD also reduces PCCW's
exposure to a small-scale business with less predictable cash
flows, allowing the company to focus on its core telecom and media
segments.

"While PCCW has fully deconsolidated PCPD, we still see some
lingering connections between the two companies. Particularly, PCCW
remains the single largest shareholder of PCPD and both companies
share the same chairman. Moreover, PCCW has offered letters of
support for certain debts held by PCPD in the past. As a result, we
partially consolidate PCPD when calculating PCCW's adjusted
financial metrics based on PCCW's 30% shareholding of its
subsidiary.

"PCCW's leverage may return to a modest upward trajectory on
dividend payments over the next two years. We believe the company
will maintain its shareholder-friendly policy with dividend payment
at above HK$5.0 billion each year. This will result discretionary
cash flow deficit of HK$1 billion-HK$2 billion annually. Despite
that, the leverage ratio should remain below our downgrade trigger.
And we believe PCCW will closely monitor its leverage, considering
its recent execution of its deleveraging plan."

CAS Holding's credit profile is aligned with that of PCCW. S&P
continues to view CAS Holding as a core subsidiary of PCCW because
it holds the parent's entire interest (51.94%) in HKT Trust and HKT
Ltd. (HKT Trust) and Hong Kong Telecommunications (HKT) Ltd. (HKT;
BBB/Stable/--). As an immediate parent of HKT Trust, CAS Holding
sits outside of the subsidiary's trust structure. Hence CAS Holding
is subject to PCCW's financial policy and credit risk exposure.

S&P said, "The stable outlook on CAS Holding is based on our view
that PCCW's debt leverage will stay below 4.5x over the next two
years. We believe PCCW will closely monitor its financial policy
and leverage.

"We could lower the rating on CAS Holding if PCCW's leverage rises
above 4.5x. This could happen if the operating performance of PCCW
or CAS Holding's key subsidiaries HKT and HKT Trust deteriorates
materially or if the companies make debt-funded investments and
dividend payments that are significantly higher than our base
case.

"The upside potential is limited for CAS Holding. Despite that, we
could upgrade the company if PCCW's leverage constantly stays below
3.5x. This could happen if PCCW adopts a more conservative leverage
tolerance and executes ambitious deleveraging initiatives with
stringent dividend policy or equity financing, and significantly
improves profitability."


CHINESE ESTATES: To Post Loss From Disposal of Evergrande Shares
----------------------------------------------------------------
South China Morning Post reports that Chinese Estates Holdings is
expected to post its biggest loss in more than a decade, mainly due
to losses arising from the sale of shares in the struggling China
Evergrande Group.

The Post relates that the company, which is 79% owned by the family
of Hong Kong tycoon Joseph Lau Luen-hung, said it will post an
annual loss of HK$1.5 billion (US$192 million) for 2021, its
biggest since it lost HK$8.85 billion in 2010.

Last year, the company sold certain securities investments and
treasury products which mainly comprised equity securities, bonds
and structured products, the report notes. "As a result of the
disposal, it is estimated that a net realised loss of approximately
HK$1.50 billion would be recognised" for 2021, it said in a
statement to the Hong Kong stock exchange on Jan. 7, the Post
relays.

Chinese Estates Holdings Limited (HKSE:0127) --
https://www.chineseestates.com/ -- through its subsidiaries,
invests in and develops real estate properties. The Company also
invests in securities and provides brokerage and money lending
services.


GENTING HONG KONG: Says Subsidiary's Insolvency to Spark Defaults
-----------------------------------------------------------------
Bloomberg News reports that Genting Hong Kong, the troubled cruise
operator controlled by Malaysian tycoon Lim Kok Thay, warned Jan.
11 of more defaults due to the insolvency of its German
shipbuilding subsidiary.

The company "considers that it has exhausted all reasonable
efforts" to negotiate with counter-parties under the current
financing arrangements, it said in a filing to the Hong Kong stock
exchange, Bloomberg relays.

That came after MV Werften, an indirect wholly-owned subsidiary,
filed for insolvency on Jan. 10 to a local court in Germany, as
salvage talks between the local governments and Genting came to a
dead end, the report says.

According to Bloomberg, Genting said potential cross defaults
arising from that insolvency could amount to US$2.8 billion, and
relevant creditors affected "may have the right" to either demand
payment or take actions regarding the financing terms.

Bloomberg says the cruise operator's financial health rapidly
deteriorated after the Covid-19 pandemic prompted a string of
restrictions that have led to restructurings and insolvencies at
travel industry companies around the world.

Genting Hong Kong halted debt payments to creditors totalling
US$3.4 billion in August 2020 and was in default of that amount as
of Dec. 31 that year. The firm, which has offered "seacations" amid
a global cruise-to-nowhere trend, reported a record loss of US$1.7
billion last May, Bloomberg discloses.

In its filing on Jan. 11, Genting Hong Kong said that the board is
in discussion with bankers, shareholder partners in Dream Cruises
Holding and professional advisers to evaluate available options,
Bloomberg reports. Shares of the company have been suspended from
trading since Jan 7 until further notice.

Germany's federal government has blamed Genting Hong Kong for MV
Werften's insolvency and 1,900 jobs lost as a result, saying that
an offer of aid was turned down by the company, Bloomberg adds.

                      About Genting Hong Kong

Genting Hong Kong Limited is a Hong Kong-based investment holding
company principally engaged in cruise businesses. The Company
operates through two segments. Cruise and Cruise-related Activities
segment is engaged in the sales of passenger tickets, the sales of
foods and beverages onboard, shore excursion, as well as the
provision of onboard entertainment and other onboard services.
Non-cruise Activities segment is engaged in onshore hotel
businesses, travel agency, aviation businesses, entertainment
businesses and shipyard businesses, among others. The Company
operates businesses in Asia Pacific, North America and Europe,
among others.




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

BADAJENA IRON: CARE Lowers Rating on INR2.35cr LT Loan to B-
------------------------------------------------------------
CARE Ratings revised the ratings on certain bank facilities of
Badajena Iron and Steel Industries Private Limited (BISIPL), as:

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term            2.35       CARE B-; Stable; ISSUER NOT
   Bank Facilities                 COOPERATING; Rating continues
                                   to remain under ISSUER NOT
                                   COOPERATING category and
                                   Revised from CARE B; Stable

   Short Term Bank      5.00       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 09, 2020, placed
the rating(s) of BISIPL under the 'issuer non-cooperating' category
as BISIPL 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. BISIPL 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 04, 2021, November 14, 2021.

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

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

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

Badajena Iron and Steel Industries Private Limited (BISIPL) was
incorporated in 2013 as a Private Limited Company promoted by Mr.
Ranjit Kumar Badajena and Mrs. Aiswarika Badajena. However, the
company has started its commercial operation from May 2015. The
company is primarily engaged in civil construction and also
involved in logistics business with its service facility located
atHIG-165, KananVihar, Phase-1, Patia, Bhubaneshwar, Odisha-751031.
Mr. Ranjit Kumar Badajena (Managing director) having a business
experience of more than a decade, he looks after the day to day
activities of the business with adequate support a team of
experienced professionals.

BALAMURUGAN ENGINEERING: CRISIL Reaffirms B Rating on INR6cr Loan
-----------------------------------------------------------------
CRISIL Ratings has reaffirmed its 'CRISIL B/Stable/CRISIL A4'
ratings on the bank facilities of Sri Balamurugan Engineering Works
Private Limited (SBEW).

                         Amount
   Facilities         (INR Crore)    Ratings
   ----------         -----------    -------
   Bank Guarantee          0.72      CRISIL A4 (Reaffirmed)
   Long Term Loan          0.21      CRISIL B/Stable (Reaffirmed)
   Open Cash Credit        6.00      CRISIL B/Stable (Reaffirmed)
   Proposed Term Loan      5.07      CRISIL B/Stable (Reaffirmed)

The ratings continue to reflect the company's modest scale of
operations with high customer concentration in revenues and
leveraged capital structure. These weaknesses are partially offset
by the extensive experience of the promoter in the boiler
fabrication industry.

Key Rating Drivers & Detailed Description

Weaknesses:

* Modest scale of operations with high customer concentration in
revenues: Due to high customer concentration, and impact in demand
from this key customers, scale of operations have declined to
INR1.34 crore in fiscal 2021 which has resulted in operating losses
in FY 2021. The co. was in anticipation of few orders from their
key customer- which did not come through in FY 21 and FY20. With
addition of new customers, the operating revenue is expected to
improve over the medium term. Despite the long presence in the
industry the scale of operations has remained small in the past due
to the tender based nature of operations and this shall continue to
constrain the operating flexibility.

* Leveraged capital structure: The capital structure is leveraged
as reflected in its eroding networth at INR0.72 crore due to the
continuous operating losses incurred in the past 2 fiscal years
ending Fiscal 2021.  As a consequence, gearing was high at 7.88
times as on March 31, 2021.

Strength:

* Extensive experience of the promoters: Benefits from the
decade-long experience of the promoters and healthy relationships
with customers should continue to support the business risk
profile.

Liquidity: Poor

Poor liquidity marked by inadequate cash accruals to support their
debt obligations. However the liquidity profile is supported
largely on account of unsecured loans to fund their working capital
operations, and meet their debt obligations. Cushion in bank limits
further supports the liquidity profile.

Outlook: Stable

CRISIL Ratings believes SBEW will continue to benefit from the
promoter's extensive experience.

Rating Sensitivity Factors

Upward factors:

* Sustained improvement in scale by about 20% and improvement in
margin improvement in capital structure

Downward factors:

* Decline in revenue by 20%
* Any debt funded capex further weakening the financial risk
profiles especially liquidity.

Incorporated in 1977, Tiruchirappalli (Tamil Nadu)-based SBEW
undertakes heavy structural fabrication for boilers. Mr SMP Selvam
is the promoter.

BHARATI MOTORS: CARE Keeps B Debt Rating in Not Cooperating
-----------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Bharati
Motors Private Limited (BMPL) continues to remain in the 'Issuer
Not Cooperating' category.

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term            8.75       CARE B; Stable; ISSUER NOT
   Bank Facilities                 COOPERATING; Rating continues
                                   to remain under ISSUER NOT
                                   COOPERATING category

   Short Term Bank      0.70       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 08, 2020, placed
the rating(s) of BMPL under the 'issuer non-cooperating' category
as BMPL 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. BMPL 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 Ratings Ltd. has
reviewed the rating on the basis of the best available information
which however, in CARE Ratings Ltd.'s opinion is not sufficient to
arrive at a fair rating.

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

Bharati Motors Private Limited was established in year 2007 with an
objective to enter into four-wheeler dealership business. The
entity started its operation from 2007 and managed by two directors
namely Mrs. Bharati Brahma and Mr. Rameshwar
Basumatary. The entity is authorized dealer of Maruti Suzuki India
Limited (four-wheeler division) with its main showroom located at
Chapaguri Road, Dist- Bongaigaon, Assam. Currently the entity has
two showroom cum workshop located at Barpeta and Goalpara and two
customer sales outlet located at Duburi and Kokrajhar. The day to
day activities are looked after by both the directors both having
more than a decade of experience in the automobile industry along
with a team of experience professionals.


C K FOODS: CARE Reaffirms B+ Rating on INR11.70cr LT Loan
---------------------------------------------------------
CARE Ratings reaffirmed ratings on certain bank facilities of C K
Foods Industries (CKFI), as:

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank
   Facilities           11.70      CARE B+; Stable Reaffirmed

Detailed Rationale & Key Rating Drivers

The reaffirmation in the ratings assigned to the bank facilities of
CKFI continue to remain tempered on account of its growing albeit
nascent scale of operation, low profitability along with leveraged
capital structure with weak debt coverage indicators. The ratings
also continue to remain tempered on account of elongated operating
cycle, seasonality associated with agro commodities in the highly
fragmented and government regulated industry and its constitution
as partnership firm.  The rating, however, continues to draw
comfort from the experienced promoters.

Rating Sensitivities

Positive Factors

* Increase in the scale of operations with a total operating income
exceeding INR100 crore on a sustained basis

* Improvement in profit margins with PBILDT margin exceeding 9.00%
and reporting net profit with PAT margin exceeding 1.50%
respectively on a sustained basis

* Improvement in total debt to GCA to improve and stood below 5.00x
on a sustained basis
* Improvement in the capital structure with overall gearing ratio
reaching below 2.00 on a sustained basis

Negative factors

* Significant decrease in total operating income due to adverse
climatic condition on the back of heavy or untimely monsoons
leading to unfavorable climate for paddy harvest
* Deterioration in interest coverage ratio below unity leading to
stress in debt repayment
* Any major debt-funded capex putting pressure on profitability and
liquidity of the company

Detailed description of the key rating drivers

Key rating Weaknesses

* Growing albeit nascent scale of operation and low profitability:
CKFI has commenced the commercial operation of the project
undertaken towards setting up of rice mill from November 2019
onwards and during 5MFY20, CKF achieved TOI of Rs 13.87 crore which
has further grown to INR51.16 crore in FY21 backed by successful
commencement of project and better demand position. This has led to
higher cash accruals to Rs.1.23 crore. Further, the firm has
achieved sales of INR33.77 crore in 8MFY22 (refers to period April
1, 2021 to November 30, 2021). However, the PBILDT margin has
deteriorated and stood at 6.52% in FY21 vis-à-vis 8.35% in FY20,
wherein the dip is primarily due to increase in various overheads
expenses. The firm has reported net loss of INR0.06 crore in FY21
vis-à-vis PAT of INR0.03 crore in FY20.

* Leveraged capital structure with modest debt coverage indicators:
The capital structure of CKF remained leveraged mainly on account
of high debt level in its initial stage of operation with low net
worth base. Despite improvement in tangible net worth base, the
overall gearing has deteriorated further to 3.53x as of March 31,
2021 vis-a-vis gearing of 3.25x as on March 31, 2020 owing to
increase in debt level led by increase in term loans availed along
with higher reliance on working capital bank borrowings.  Further,
on back of low profitability with leveraged gearing position backed
by higher debt along with decline in gross cash accruals, the debt
coverage indicators remained weak as marked by interest coverage
ratio of 1.58x in FY21 vis-a-vis 2.68x and total debt to GCA of
26.52x as on March 31, 2021 vis-à-vis 13.10 times as on March 31,
2020.

* Elongated operating cycle: The operating cycle stood elongated
marked by nascent stage of operations leading to higher inventory
period resulting from bulk purchase and storage of inventory to
suffice for the demand of customers. Collection days stood at 12
days however creditor days were on higher side at 56 days in FY21.
Thus, on account of the same and due to initial state of operations
of business, the working capital cycle stood elongated in FY21.

* Seasonality associated with agro commodities in highly fragmented
and government regulated industry: As the firm is engaged in the
business of processing of agriculture commodities, the prices of
agriculture commodities remained fluctuating and depend on
production yield, demand of the commodities and vagaries of
weather. Hence, profitability of the firm is exposed to
vulnerability in prices of agriculture commodities.

The rice milling industry is characterized by limited value
addition, highly fragmented and competitive in nature as evident by
the presence of numerous unorganized and few organized players. The
entry barriers in this industry are very low on account of low
capital investment and technological requirement. Due to this, the
players in the industry do not have any pricing power. Further, the
industry is characterized by high degree of government control both
in procurement and sales for rice. The government of India (GoI)
decides the Minimum Support Price (MSP) payable to farmers and also
procures rice under the levy route from rice mills.

* Constitution as a partnership concern: Being a partnership firm,
ACO is exposed to inherent risk of partners' capital being
withdrawn at the time of personal contingency, and firm being
dissolved upon the death/retirement/insolvency of key partner.

Key Rating Strengths

* Experienced promoters: CKF was formed by Mr. Sunil Sharma and Mr.
Gaurav Sharma, both are jointly liable for overall management of
the firm. Mr. Sunil Sharma is graduate by profession and has
experience of more than two decades in the same industry. Mr.
Gourav Sharma is Bachelor in Engineering (B.E.) by profession and
has experience of around 8 years in the same industry. Hence, the
promoters are well-versed with the industry which will help CKF in
establishing its customer base.

Liquidity Analysis: Poor

Liquidity remained Poor as marked by low cushion of cash accruals
against its repayment obligation, negative cash flow from
operation, low cash and bank balance on hand along with moderate
utilization of its working capital limit. Further, cash and bank
balance on hand remained low at INR0.14 crore as of March 31, 2021
vis-à-vis Rs.0.10 crore as on March 31, 2020, while its cash flow
from operating activity remained negative of INR9.75 crore in FY21
vis-a-vis negative CFO of Rs.16.91 crore in FY20. However, average
utilization of its working capital limit remained moderately high
at 80% for past one year ended November 2021. Further, CKF has
availed moratorium as per Government Guidelines under COVID relief
Package for the period of 6 months i.e. March 2020 to August 2020
in its term loan as well cash credit limit. The entity has availed
GECL (Guaranteed Emergency Credit Line) loans from Indian Overseas
Bank amounting to INR2.10 crore and State Bank of India amounting
to INR2.00 crore. Also, the firm has availed commodity pledge
limits from SBI and YES Bank amounting to INR20.00 crore.

Raisen-based (Madhya Pradesh), C K Food Industries (CKF) was
established in April 2017 as a partnership concern by Mr. Sunil
Sharma and Mr. Gaurav Sharma sharing profit & loss in the ratio of
51:49. The firm was formed with an objective to set up a Rice Mill.
The activity includes mainly processing of rice and CKF is
operating through its sole manufacturing facility at Mandideep,
Raisen (MP) with an installed capacity of processing of 5 metric
ton per hour. It procures the raw material i.e. raw paddy from
local farmers and will sell all over India. Further, it will sell
its product under the brand name of 'Golden Bird'.

During FY21, CKF posted total operating income of INR51.16 crore
(vis-à-vis INR13.87 crore in FY20) whereas it reported net loss of
INR0.06 crore during FY21 vis-à-vis PAT of INR0.03 crore in FY20.
Furthermore, during the period April 01, 2021 to November 30, 2021,
the company has achieved a total sales of INR33.77 crore.


C.M. BUILDS: CARE Lowers Rating on INR10cr LT Loan to B-
--------------------------------------------------------
CARE Ratings revised the ratings on certain bank facilities of C.M.
Builds Private Limited (CBPL), as:

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term           10.00       CARE B-; Stable; ISSUER NOT
   Bank 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 7, 2020, placed the
rating(s) of CBPL under the 'issuer non-cooperating' category as
CBPL 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. CBPL continues to be
non-cooperative despite repeated requests for submission of
information through e-mails, phone calls and a letter/email dated
October 23, 2021, November 2, 2021 and 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).

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

C M Builds private limited (CBPL) is a Private Limited company
incorporated in February 1994 by its directors Mr. M. H. K.
Kaleelur Rahuman, Mr. M. Fackeer Mohideen, Mr. M. Jahir Hussain and
Mrs. M. H. K. Hyrunnisa having its registered office at Chennai.
The company involves in constructing residential properties in and
around Tamilnadu. CBPL having property development as its core
portfolio, have executed over 10 projects in and around Chennai,
primarily residential space since
incorporation.


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

The instrument-wise rating actions are:

-- INR600 mil. Fund-based limits (Long-term/Short-term)
     maintained in non-cooperating category with
     IND D (ISSUER NOT COOPERATING) rating;

-- INR1.082 bil. Non-fund-based working capital limits (Long-
     term/Short-term) maintained in non-cooperating category with
     IND D (ISSUER NOT COOPERATING) rating; and

-- INR10 mil. Term loan (Long-term) maintained in non-cooperating

     category with IND D (ISSUER NOT COOPERATING) rating.

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

COMPANY PROFILE

Incorporated in 1986, Dinesh Oils primarily manufactures refined
edible oils, mainly refined palm olein oil and refined palm oil,
and vanaspati.


ETHNIC AGROS: Insolvency Resolution Process Case Summary
--------------------------------------------------------
Debtor: M/s. Ethnic Agros Limited
        D.No. 6-23-6/C
        Jaya Towers 5th Lane
        4th Cross Road
        Arundalpet Guntur
        AP 522002
        IN

Insolvency Commencement Date: December 23, 2021

Court: National Company Law Tribunal, Amaravati Bench

Estimated date of closure of
insolvency resolution process: June 21, 2022

Insolvency professional: Kasi Srinivas

Interim Resolution
Professional:            Kasi Srinivas
                         1-2-37/4B, Flat No. 4B
                         Jains Bhavani Residency
                         St No. 3
                         Kakatiya Nagar, Habsiguda
                         Hyderabad 500007
                         E-mail: srinivaskashyap111080@gmail.com

                            - and -

                         Flat No. 104
                         Kavuri Supreme Enclave
                         Kavuri Hills
                         Hyderabad 500033
                         Telangana
                         E-mail: cirp.ethnicagros@gmail.com

Last date for
submission of claims:    January 6, 2022


ETHNIC SPICES: Insolvency Resolution Process Case Summary
---------------------------------------------------------
Debtor: M/s. Ethnic Spices Private Limited
        6-23-6/B, Jaya Towers 5/4
        Arundelpet Guntur
        AP 522002
        IN

Insolvency Commencement Date: December 23, 2021

Court: National Company Law Tribunal, Amaravati Bench

Estimated date of closure of
insolvency resolution process: June 21, 2022

Insolvency professional: Kasi Srinivas

Interim Resolution
Professional:            Kasi Srinivas
                         1-2-37/4B, Flat No. 4B
                         Jains Bhavani Residency
                         St No. 3
                         Kakatiya Nagar, Habsiguda
                         Hyderabad 500007
                         E-mail: srinivaskashyap111080@gmail.com

                            - and -

                         Flat No. 104
                         Kavuri Supreme Enclave
                         Kavuri Hills
                         Hyderabad 500033
                         Telangana
                         E-mail: cirp.ethnicspices@gmail.com

Last date for
submission of claims:    January 6, 2022


ETHNIC TOBACCO: Insolvency Resolution Process Case Summary
----------------------------------------------------------
Debtor: M/s. Ethnic Tobacco (India) Limited
        D.No. 6-23-6/A
        Jaya Towers 5th Lane
        4th Cross Road
        Arundalpet Guntur
        AP 522002
        IN

Insolvency Commencement Date: December 23, 2021

Court: National Company Law Tribunal, Amaravati Bench

Estimated date of closure of
insolvency resolution process: June 21, 2022

Insolvency professional: Kasi Srinivas

Interim Resolution
Professional:            Kasi Srinivas
                         1-2-37/4B, Flat No. 4B
                         Jains Bhavani Residency
                         St No. 3
                         Kakatiya Nagar, Habsiguda
                         Hyderabad 500007
                         E-mail: srinivaskashyap111080@gmail.com

                            - and -

                         Flat No. 104
                         Kavuri Supreme Enclave
                         Kavuri Hills
                         Hyderabad 500033
                         Telangana
                         E-mail: cirp.ethnictobacco@gmail.com

Last date for
submission of claims:    January 6, 2022


HITECH HYDRAULICS: ICRA Keeps B+ Debt Ratings in Not Cooperating
----------------------------------------------------------------
ICRA has retained the long-term ratings of Hitech Hydraulics in the
'Issuer Not Cooperating' category. The ratings are denoted
as "[ICRA]B+(Stable); ISSUER NOT COOPERATING".

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

   Long Term-           0.95        [ICRA]B+ (Stable); ISSUER NOT
   Fund Based TL                    COOPERATING; Rating continues
                                    to remain under 'Issuer Not
                                    Cooperating' category

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

   Long Term-           3.05        [ICRA]B+ (Stable); ISSUER NOT
   Unallocated                      COOPERATING; Rating continues
                                    to remain under 'Issuer Not
                                    Cooperating' category

ICRA has been trying to seek information from the entity so as to
monitor its performance, 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.

Hitech Hydraulics (HH, the firm) was incorporated in the year 1997
by Mr.A.Srinivasa Rao & Mr.K.Rama Mohan Rao. The firm is involved
in the business of manufacture of various Hydraulics & Pneumatics
systems for the aerospace and defence sector. The firm has a
manufacturing unit in IE Kukatpally, Hyderabad. HH's clients
include many reputed players like Defence Research Development
Laboratory, Bharat Dynamics Limited, Bharat Electronics Limited
etc.


IND TOB INTERNATIONAL: Insolvency Resolution Process Case Summary
-----------------------------------------------------------------
Debtor: M/s. IND TOB International Private Limited
        Door No. 6-5-15
        5th Line 4th Cross Road
        Arundelpet Guntur
        AP 522002
        IN

Insolvency Commencement Date: December 23, 2021

Court: National Company Law Tribunal, Amaravati Bench

Estimated date of closure of
insolvency resolution process: June 21, 2022

Insolvency professional: Kasi Srinivas

Interim Resolution
Professional:            Kasi Srinivas
                         1-2-37/4B, Flat No. 4B
                         Jains Bhavani Residency
                         St No. 3
                         Kakatiya Nagar, Habsiguda
                         Hyderabad 500007
                         E-mail: srinivaskashyap111080@gmail.com

                            - and -

                         Flat No. 104
                         Kavuri Supreme Enclave
                         Kavuri Hills
                         Hyderabad 500033
                         Telangana
                         E-mail: cirp.indtob@gmail.com

Last date for
submission of claims:    January 6, 2022


JAI KRISHNA: CARE Keeps B+ Debt Rating in Not Cooperating
---------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Jai Krishna
Steel Private Limited (JKSPL) continues to remain in the 'Issuer
Not Cooperating' category.

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term            8.00       CARE B+; Stable; ISSUER NOT
   Bank Facilities                 COOPERATING; Rating continues
                                   to remain under ISSUER NOT
                                   COOPERATING category

Detailed Rationale & Key Rating Drivers

CARE had, vide its press release dated January 04, 2021, placed the
rating(s) of JKSPL under the 'issuer non-cooperating' category as
JKSPL 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. JKSPL continues to
be non-cooperative despite repeated requests for submission of
information through e-mails, phone calls and a letter/email dated
November 20, 2021, November 30, 2021, and December 10, 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).

Jai Krishna Steels Private Limited (JKSPL) was incorporated in
September 2010 and started its commercial operations from 2012. The
registered office of the company is situated at Patna, Bihar. JSPL
has been engaged in manufacturing and trading of MS structure and
MS TMT bars at its plant located at Patna district of Bihar with an
installed capacity of 46,500 metric tons per annum (MTPA). The
company derives major revenue from manufacturing activities and
very minor revenue from trading activities.


JCT LIMITED: CARE Assigns D Rating to INR14.98cr LT Loan
--------------------------------------------------------
CARE Ratings has assigned rating to the bank facilities of JCT
Limited, as:

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term
   Bank Facilities     14.98       CARE D Assigned

   Long Term
   Bank Facilities     86.51       CARE D Reaffirmed

   Short Term
   Bank Facilities     74.58       CARE D Reaffirmed

Detailed Rationale & Key Rating Drivers

The rating assigned to the bank facilities of JCT continues to
factor in delays in debt servicing by the company.

Rating Sensitivities

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

* Timely track record of debt servicing by the company for more
than 3 months.
* Sustainable improvement in operations of the company.

Detailed description of the key rating drivers

Key Rating Weaknesses

* Instances of delays in servicing of debt obligation: The
liquidity position of the company continues to remain weak on
account of weak operational and financial performance leading to
delay in debt servicing.

Liquidity: Poor

The liquidity of the company is poor, leading to delays in debt
servicing.

JCT Limited (JCT) was incorporated as Jagatjit Cotton Textile Mills
Limited in October 1946 and subsequently renamed to JCT in 1989.
JCT is the part of Punjab-based Thapar group. JCT is engaged in
manufacturing of cotton, synthetic & blended fabrics and nylon
filament yarn at its integrated textile facility in Phagwara
(Punjab) and filament yarn facilities in Hoshiarpur (Punjab). JCT
has installed capacity of 1,50,000 meters per day of cotton/blended
fabrics and 50,000 meters per day of synthetic fabrics at its plant
at Phagwara and 16000 Tonnes Per Annum (TPA) of nylon filament yarn
at Hoshiarpur plant.


JR AGROTECH: Ind-Ra Keeps 'D' LT Issuer Rating in Non-Cooperating
-----------------------------------------------------------------
India Ratings and Research (Ind-Ra) has maintained  J.R. Agrotech
Pvt. Ltd.'s Long-Term Issuer Rating in the non-cooperating
category. The issuer did not participate in the rating exercise
despite continuous requests and follow-ups by the agency.
Therefore, investors and other users are advised to take
appropriate caution while using the rating. The rating will
continue to appear as 'IND D (ISSUER NOT COOPERATING)' on the
agency's website.

The instrument-wise rating actions are:

-- INR2.80 bil. Fund-based limits (Long-term/short-term)
     maintained in non-cooperating category with IND D (ISSUER NOT

     COOPERATING) rating; and

-- INR150 mil. Term loan (Long-term) maintained in non-
     cooperating category with IND D (ISSUER NOT COOPERATING)
     rating.

Note: ISSUER NOT COOPERATING: The ratings were last reviewed on
October 1, 2018. Ind-Ra is unable to provide an update, as the
agency does not have adequate information to review the ratings.

COMPANY PROFILE

Formed in 1998, J.R. Agrotech is a rice milling company. The
company has plants in Dinanagar, Gurdaspur, for the purpose of
drying, parboiling, sorting, milling and grading paddy.


JSW INFRASTRUCTURE: Fitch Assigns 'BB+' Foreign Currency IDR
------------------------------------------------------------
Fitch Ratings has published India-based JSW Infrastructure
Limited's (JSWIL) Long-Term Foreign-Currency Issuer Default Rating
(IDR) of 'BB+'. The Outlook is Stable. Fitch has also assigned the
company's proposed senior unsecured US dollar bonds an expected
rating of 'BB+(EXP)' with Stable Outlook. The bondholders will
benefit from equity pledges and guarantees from key operating
subsidiaries. The final rating on the proposed bonds is contingent
upon the receipt of final documents conforming to information
already received.

RATING RATIONALE

The ratings reflect JSWIL's geographically diversified port
locations, expected ramp up in cargo volumes, reasonable tariffs
and take-or-pay contracts for about 41% of total revenue. The
company also operates 24 million tonnes per annum of Fujairah
Terminal. The group has significant exposure to only a few
commodities and counterparties; however, its financial profile is
strong with an average leverage (debt/EBITDA) of 4.1x in Fitch's
rating case. The rating case takes into consideration significant
ramp up in cargo volumes, supported by growth at Jaigarh, Dharamtar
and Paradip ports, and operations starting at the Paradip East Quay
Coal Terminal and JSW Mangalore Container Terminal Private
Limited.

JSW Steel Limited (BB-/Positive) contributes about 50% of JSWIL's
cargo volumes. However, JSWIL's credit assessment is not linked to
that of JSW Steel. The group plans to increase exposure to non-JSW
group companies to 40%, from 30%. There are no infrastructural
constraints at the ports, which link to national highways; hence,
the group can service third-party customers at existing ports, if
required. Moreover, cash flow available from third parties would be
enough for JSWIL to service and repay its debt over the
weighted-average life of concessions per Fitch's estimates.

KEY RATING DRIVERS

Portfolio of Geographically Diverse, Strategic Ports - Revenue Risk
(Volume): Midrange

JSWIL is a large commercial port operator and developer in India.
It has increased capacity by 4.5 times in past six years. JSWIL's
ports and terminals are well-diversified geographically along both
the eastern and western coastline of India. These ports are also
strategically located to meet the cargo-handling requirements of
JSW group companies, supporting the group's entire value chain,
from sourcing to logistics to manufacturing and export of the
finished steel. JSWIL also provides operational efficiency to JSW
group business, resulting in cost savings for the group.

The company has entered into take-or-pay contracts, which accounted
for about 41% of its port revenue in the financial year ended March
2021 (FY21) with a revenue-weighted remaining contract term of
about 26 years. Take-or-pay contracts insulate revenue from
throughput volatility.

Non-JSW group customers' contribution in JSWIL's revenue was up to
30% of cargo in FY21, against 10% in FY20. However, high
medium-term dependence on JSW group companies, along with exposure
to commodity cycles - steel and coal being nearly 90% of the total
cargo handled in FY21 - constrains Fitch's volume assessment to
'Midrange'.

Mix of Unregulated and Regulated Tariffs - Revenue Risk (Price):
Midrange

JSWIL's Jaigarh and Dharamtar ports contribute more than 50% of the
group's EBITDA. The tariff for these two ports is unregulated and
based on market pricing. JSW group cargo constitutes the majority
of volume at these ports. The pricing for group companies is also
maintained at arm's length, according to management.

The rest of JSWIL's portfolio includes public ports, which have
limited flexibility to fix their own tariffs and are required to
share about 21% to 31% of revenue, except the newly acquired Ennore
Coal and Ennore Bulk terminal for which it is 53% and 36%,
respectively. However, the tariffs remain broadly competitive as
regulations allow port operators a return on capital employed of
about 16%.

Fully Funded Capex - Infrastructure Development and Renewal:
Stronger

JSWIL has incurred substantial capex in the recent past to augment
its capacity of 33 million tonnes in FY15 to 150 million tonnes by
December 2021, excluding capacity under operations at Fujairah
Terminal. Currently, all ports and terminals are operational with
the exception of JSW Mangalore Container Terminal Private Limited,
which would start operations in the first half of this year. So
JSWIL's medium-term capex requirement is mostly maintenance capex,
which may be funded via operating cash flow. Any new acquisition by
the company will be treated as an event risk.

No Structural Subordination, Restrictive Covenants - Debt
Structure: Midrange

The proposed US dollar bonds will constitute 74% of JSWIL's
consolidated debt with the balance mainly at Jaigarh Port, which
accounts for more than 35% of the group's EBITDA. However, the
structural subordination is mitigated by senior unsecured
guarantees provided by the group's five key subsidiaries, including
the one housing Jaigarh. The five subsidiaries hold the group's
entire debt. The bondholders will further benefit from the equity
pledge of these five subsidiaries. Fitch expects the group's
business strengths, access to Indian rupee-denominated issues and
relationships with banks to mitigate refinancing risk.

The proposed bonds' indenture will have restrictions on the group
limiting additional indebtedness and cash leakages. Additional
indebtedness is allowed only if the group's leverage - gross
debt/tangible net worth - is less than 3.0x, aside from certain
carve-outs. Restricted payments are also allowed only if leverage
is lower than 3.0x and if the total of restricted payments is less
than 50% of cumulative accrued net income, aside from certain
exceptions.

However, the proposed bonds do not benefit from reserve accounts.
The company also relies on only natural hedging to manage its
foreign-exchange risk. Nevertheless, a fifth of the group's revenue
is in US dollars, which should be sufficient to cover its US dollar
debt-servicing.

PEER GROUP

Adani Ports and Special Economic Zone Limited (APSEZ,
BBB-/Negative; underlying credit profile: bbb) is India's largest
commercial port operator and benefits from a diverse portfolio,
royalty income from sub-concession agreements and long-term cargo,
which accounts for about 56% of total cargo. The diverse throughput
and counterparty mix, and the large scale of operations, means
APSEZ is assessed at two notches higher than JSWIL for a similar
financial profile.

JSWIL can also be compared with Port of Newcastle (PoN, Port of
Newcastle Investments (Financing) Pty Ltd, BBB-/Stable). Both JSWIL
and PoN are significantly dependent on specific cargo. JSWIL is
dependent on coal and iron ore cargo, while PoN is reliant on coal
exports, which results in a 'Midrange' volume risk for both. JSWIL
is rated a notch below PoN in spite of the latter's higher
leverage, given JSWIL's exposure to limited counterparties along
with few commodities and PoN's overall stronger qualitative
attributes for price.

RATING SENSITIVITIES

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

-- Prolonged deterioration of Fitch's rating case debt/EBITDA to
    above 4.5x due to underperformance or a material reduction of
    average concession life.

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

-- Fitch does not expect positive rating action in the near term
    because of JSWIL's exposure to limited commodities and
    counterparties.

BEST/WORST CASE RATING SCENARIO

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

TRANSACTION SUMMARY

JSWIL will use proceeds of the proposed bonds to largely refinance
most of its debt at its operating subsidiaries through
inter-company loans. The entire group is classified as restricted
group with the covenants applicable at the group level. The
proposed bonds will be guaranteed by five key subsidiaries of
JSWIL; namely JSW Jaigarh Port Ltd., JSW Dharamtar Port Pvt. Ltd.,
SouthWest Port Ltd., JSW Paradip Terminal Pvt. Ltd. and Paradip
East Quay Coal Terminal Pvt. Ltd. The bondholders will also benefit
from the equity pledge of the five subsidiaries.

FINANCIAL ANALYSIS

The Fitch base case and rating case assumes around 35% increase in
throughput in FY22, in line with management estimates, supported by
commencement of operations at new ports and expansion of JSW
group's requirements.

Beyond FY23, Fitch expects modest increase in throughput at an
average rate of 3%. The actual realised cargo in 1HFY22 was about
30 million tonnes, against a full-year projection of 63 million
tonnes.

Historically, the ports have had higher throughput in the 2HFY as
well.

For tariffs, Fitch caps the growth rate at 2.5% in the base case.
Fitch assumes capex 5% higher than management projections. Fitch's
base case generates a three-year average debt/operating EBITDA of
3.4x with a maximum of 4.1x.

Fitch's rating case assumes the same throughput as the base case in
FY22 and then a 10% haircut. Fitch also applies a 5% stress to
Fitch's base-case tariff assumption for FY22 and 10% cut beyond
that. Fitch's rating case generates a three-year average
debt/operating EBITDA of 4.1x with a maximum of 4.7x.

SECURITY

The bondholders will benefit from the equity pledge of the five
subsidiaries and an exclusive charge over the inter-company loans.

ESG CONSIDERATIONS

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


JSW INFRASTRUCTURE: Moody's Assigns 'Ba2' CFR, Outlook Stable
-------------------------------------------------------------
Moody's Investors Service has assigned a first-time Ba2 corporate
family rating (CFR) to JSW Infrastructure Limited (JSWIL) and a Ba2
senior secured rating to JSWIL's proposed 7-year USD senior secured
notes.

The outlook for the ratings is stable.

The proceeds from the proposed USD issuance will be used
principally to refinance existing debt at JSWIL and its
subsidiaries, with the balance to fund capital expenditure.

In the context of the proposed transaction, JSWIL and its
subsidiaries form a restricted group comprising JSWIL and
Subsidiary Guarantors:

(1) JSW Jaigarh Port Limited

(2) JSW Dharamtar Port Private Limited

(3) South West Port Limited

(4) JSW Paradip Terminal Private Limited

(5) Paradip East Quay Coal Terminal Private Limited

RATINGS RATIONALE

"JSWIL's ratings reflect the following credit strengths: (1) the
company's take-or-pay (TOP) contracts and the long remaining tenor
of the concessions, which support revenue predictability; (2) good
hinterland connections to key customers, providing a strong
competitive advantage in its service area; and, (3) the increasing
scale and diversity of its revenue base," says Ray Tay, a Moody's
Senior Vice President.

JSWIL's revenue growth through trade and commodity cycles, and the
recent pandemic, is credit positive. JSWIL's revenue is supported
by TOP contracts that provide some revenue stability, while
portfolio size and offtaker requirements drive incremental revenue.
JSWIL's proximity to key customers is a key value proposition and
facilitates cargo growth in tandem with offtakers' business
growth.

Moody's expects tariffs to be broadly stable over the next two
years despite policy reform currently being implemented for major
ports, whose tariffs are regulated by the Tariff Authority for
Major Ports. Some of JSWIL's tariffs are denominated in USD and
primarily relate to vessel and berth handling charges. These can
account for around 16% to 18% of revenues, a level that is credit
supportive in relation to cash flow predictability and servicing of
USD-denominated debt.

Most of JSWIL's port concessions have a long remaining tenor, which
will help facilitate debt refinancing. The weighted-average
remaining concession life is more than 26 years as of the fiscal
year ended 31 March 2021. However, JSWIL's reliance on key TOP
counterparties exposes it to concentration risks. The reliance on
commodity cargoes also exposes it to environmental, social and
governance (ESG) risks since the key offtakers are in
carbon-intensive industries such as steel making, thermal power
generation and cement manufacturing. In response, JSWIL is
diversifying into container port operations and is developing its
first container port in Mangalore Karnataka.

"However, the rating also takes into consideration: (1) Moody's
view that JSWIL's capital expenditure to diversify its revenue base
increases funding requirements and can result in execution and
ramp-up risks, notwithstanding the company's experience in
developing ports; (2) JSWIL's lower margins and weaker financial
metrics as compared with historical levels during this recent
capital expansion phase," adds Tay.

Moody's expects delays in volume ramp-up for FY22 and FY23, which
has been factored into JSWIL's credit quality. Portfolio expansion
also exposes the company to new port concession arrangements in
other geographies within India and new cargo types such as
containers. New port concessions in the current portfolio expansion
phase also comes with moderate to high revenue share.

As a result, margins and financial metrics have weakened as
compared with historical levels during this recent capital
expansion phase. Moody's expects the company's funds from
operations (FFO)/adjusted debt to be in the moderate to strong
range of 8% to 18% and cash interest coverage to be in the
2.2x-3.53x range over the next three years. The relatively wide
ranges take into account the potential for further opportunistic
expansion. JSWIL's liquidity is manageable but weak because the
company will need external financing for any major incremental
capital expenditure.

The proposed notes will benefit from a pledge of 100% of the shares
in each of the Subsidiary Guarantors and a first and exclusive
charge by way of hypothecation over the unsecured senior
inter-entity loans and the rights of the issuer under these loans.
The inter-entity loans relate to the proceeds on lent by the issuer
to the subsidiaries.

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

The stable outlook reflects Moody's expectations that JSWIL's
expertise and experience will enable it to manage the execution and
ramp-up risks of the current capital expenditure while
strengthening its financial metrics. The stable outlook also
reflects Moody's view that the deregulation proposed for the major
ports will not materially affect JSWIL's revenue predictability.

JSWIL's rating could be upgraded if the company (1) continues to
diversify its customer mix; (2) improves liquidity; and (3)
strengthens its financial metrics such that FFO/debt rises above
12% and cash interest coverage is above 2.7x on a sustained basis.

JSWIL's rating could be downgraded if its financial metrics fall
short of Moody's projections on a sustained basis. For example,
this scenario could occur because of (1) corporate actions by JSWIL
or an extended significant capital spending programme or (2)
operational performance weakens as a result of ramp-up risks
resulting in throughput growth below expectations. Metrics
indicative of a downgrade include FFO/debt falling below 5% and
cash interest coverage below 2x on a sustained basis.

JSW Infrastructure Limited (JSWIL) is a leading port operator in
India. It operates nine port concessions around the country.
Jaigarh Port and Dharamtar Port in the state of Maharashtra are the
largest in JSWIL's portfolio by capacity and throughput. JSWIL is
developing the Paradip East Quay Coal Terminal and the New
Mangalore Container Terminal, both of which are slated to begin
commercial operations before end fiscal 2022. With the completion
of the new projects, JSWIL's total port handling capacity will
reach 180 million tonnes per annum (MTPA). This includes an
operations and maintenance concession for a 24 MTPA terminal in
Fujairah in the United Arab Emirates.

JSWIL is wholly owned by the Sajjan Jindal Family Trust. Related
JSW entities such as JSW Steel Limited (JSWSL, Ba2 positive) and
JSW Energy Limited are key offtakers for JSWIL.


KSHITIJ POLYLINE: CRISIL Withdraws B Rating on INR4cr Cash Loan
---------------------------------------------------------------
Due to inadequate information, CRISIL Ratings, in line with SEBI
guidelines, had migrated the rating of Kshitij Polyline Limited
(KPPL) to 'CRISIL B/Stable Issuer Not Cooperating'. CRISIL Ratings
has withdrawn its rating on bank facility of KPPL following a
request from the company and on receipt of a 'no dues certificate'
from the banker. Consequently, CRISIL Ratings is migrating the
rating on bank facilities of KPPL from 'CRISIL B/Stable Issuer Not
Cooperating to 'CRISIL B/Stable'. The rating action is in line with
CRISIL Ratings’ policy on withdrawal of bank loan ratings.

                       Amount
   Facilities       (INR Crore)     Ratings
   ----------       -----------     -------
   Cash Credit            4         CRISIL B (Migrated from
                                    'CRISIL B/Stable ISSUER NOT
                                    COOPERATING'; Rating
                                    Withdrawn)

   Long Term Loan         2.18      CRISIL B (Migrated from
                                    'CRISIL B/Stable ISSUER NOT
                                    COOPERATING'; Rating
                                    Withdrawn)

   Proposed Long Term     2.82      CRISIL B (Migrated from
   Bank Loan Facility               'CRISIL B/Stable ISSUER NOT
                                    COOPERATING'; Rating
                                    Withdrawn)

Incorporated in 2008, KPPL is promoted by Mr. Bharat Gala. The
company manufactures and distributes various products such as smart
identity cards, binding and lamination equipment, and related
material and accessories, along with stationery products. Its
manufacturing facility is at Silvasa.


N E INFRA: CARE Lowers Rating on INR4.01cr LT Loan to B+
--------------------------------------------------------
CARE Ratings revised the ratings on certain bank facilities of N E
Infra (NEI), as:

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term            4.01       CARE B+; Stable; ISSUER NOT
   Bank Facilities                 COOPERATING; Rating continues
                                   to remain under ISSUER NOT
                                   COOPERATING category and
                                   Revised from CARE BB-; Stable

   Long Term/           6.00       CARE B+; Stable/CARE A4;
   Short Term                      ISSUER NOT COOPERATING;
   Bank 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 January 4, 2021, placed the
rating(s) of NEI under the 'issuer noncooperating' category as NEI
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. NEI continues to be
non-cooperative despite repeated requests for submission of
information through e-mails, phone calls and a letter/email dated
November 20, 2021, November 30, 2021, December 10, 2021.

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

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

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

N E Infra (NEI) was established as a partnership firm in the year
2012 and currently; the firm is being managed by Mr. Ismailur
Rahman and Mr. Nilotpol Sharma based out of Guwahati, Assam. Since
its inception, the firm has been engaged in civil construction
activities in the segment like construction of bridge, building,
etc. NEI is classified as 'Class 1(A)' contractor by the Assam
Government which enables it to participate in higher value
contracts. NEI secures work contracts through tender and executes
orders mainly for Public Work Department (PWD), Assam Tourism
Development Corporation Limited and various departments of Assam
Government.


NIKI AGRO: CARE Keeps D Debt Rating in Not Cooperating Category
---------------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Niki Agro
Products Private Limited (NAPPL) continues to remain in the 'Issuer
Not Cooperating' category.

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank      12.24       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 January 20, 2021, placed the
rating(s) of NAPPL under the 'issuer non-cooperating' category as
NAPPL 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. NAPPL continues to
be non-cooperative despite repeated requests for submission of
information through e-mails, phone calls and a letter/email dated
December 6, 2021, December 16, 2021, December 30, 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 2001, NAPPL is a Jalgaon based company promoted by
Mr. Kantilal Jain and Mr. Deepak Jain. The company is engaged in
the processing and trading of pulses comprising of Toor dal, Moong
dal, Urad dal, Masoor dal, Lobia, Chana, Rajma, dried peas etc.


OCEAN HEALTHCARE: CARE Keeps D Debt Rating in Not Cooperating
-------------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Ocean
Healthcare Private Limited (OHPL) continues to remain in the
'Issuer Not Cooperating' category.

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank      13.10       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 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 27, 2021, November 06, 2021 and 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).

Ocean Healthcare Private Limited (OHPL) was incorporated in 2013
and is currently being managed by Mr. Siddharth Baid and Mr.
Venkateesh Veera. The company started trial productions in December
2015 with commercial productions from April 2016. OHP is engaged in
manufacturing of pharmaceutical formulations which are available in
multiple dosage forms including tablets, capsules, gels and dry
powder.

PARAMOUNT COSMETICS: CARE Reaffirms B Rating on INR13.67cr Loan
---------------------------------------------------------------
CARE Ratings reaffirmed ratings on certain bank facilities of
Paramount Cosmetics (India) Limited, as:

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term
   Bank Facilities     13.67       CARE B; Stable Reaffirmed

   Short Term
   Bank Facilities      1.00       CARE A4 Reaffirmed

Detailed Rationale & Key Rating Drivers

The rating assigned to the bank facilities of Paramount Cosmetics
(India) Limited continues to be tempered by modest scale of
operations, low cash accruals against debt servicing obligations,
weak debt coverage metrics, stretched working capital cycle and
intense competition from large number of unorganized players.
However, the rating derives strength from the long vintage of over
3 decades of the company and established brand presence under
'Shilpa' brand name in the cosmetics industry.

Rating Sensitivities

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

Improvement in cash accruals that is sufficient to cover the
repayment obligations
Negative Factors- Factors that could lead to negative rating
action/downgrade:

Significant deterioration in the debt profile – Interest coverage
ratio < 1

Detailed description of the key rating drivers

Key Rating Weaknesses

* Small scale of operations: The TOI of the company has been
impacted post GST implementation due to the conscious decision
taken by the management to cater only to GST compliant segment and
the scale of operations is yet to reach pre-GST levels. Due to
impact of Covid pandemic and subsequent lockdowns, FY21 income
declined by 27%. The company has achieved Rs.7.56 crore during
H1FY22.

* Weak debt coverage metrics: Though the company is operating at
good PBIDT margin of 15.54%(FY21), PAT margins are thin due to
higher interest expense and depreciation. The PBILDT margins
widened in H1FY22 due to loss of sales in Apr-21 and May-21 on
account of lockdown and most of the selling & marketing
expenses for the entire year is already incurred. The company had
applied for restructuring under OTR during Sep-20 and the bank
facilities were restructured during March-21. The reduction in the
limits was funded by disposing the non-operational manufacturing
unit at Vapi, Gujarat. TOL/TNW and TDGCA remains high at 3.05x and
12.82x and weak Interest coverage at 1.19x as of March 31, 2021.

* Stretched operating cycle: The operating cycle is stretched to
540 days attributed to high finished goods inventory holding of 483
days. The company has the practice of holding the finished goods at
higher levels because of the nature of business. Bindi's has
to be made available to end users at the stores at all point of
times. Inadequate stock will lead to immediate switch over to
available brands by the end user segment.

* Highly fragmented industry with intense competition from large
number of players: PCIL faces stiff competition in the business
from large number of unorganised players in the market with
duplicity of products. High level of competition calls for higher
advertisement and sales promotion expenditure. Further, traditional
cosmetics market remains highly fragmented with widespread use of
unbranded and homemade products in rural market wherein small and
medium manufacturers also a competition to established player.

Key Rating Strengths

* Experienced management and long track record of operations: PCIL
was incorporated in 1985 and managed by Mr. Hiitesh  Topiiwaalla
who has a rich experience of over three decades in the cosmetics
industry and is currently holding the position of chairman. All the
directors of the company have experience of more than two decades
in the similar line of business. PCIL has a long track record of
more than three decades in the beauty and personal care industry
which has helped in establishing a strong marketing network with a
proven track record and an established brand name. The promoters
are in the same line of business for over 3 decades. The company
claims to be the market leader and the only organised player in
Bindi segment which is largely dominated by unorganised players.

* Established Brand presence: The flagship bindi brand Shilpa; is a
household name in the bindi segment and has been in the market for
over 2 decades. The products of the company under the Brand name
Shilpa; are enjoying good brand equity and market repute in the
Indian traditional cosmetic range of products and are well accepted
by the market and customers. The company is also dealing in other
brands namely Instinct, Kromme, Sunspot.

Liquidity analysis : Stretched

Stretched liquidity marked by tightly matched accruals to repayment
obligations, 89% utilized bank limits during last 12 months and
modest cash balance of INR1.69 crore as on September 30, 2021.

Paramount Cosmetics (India) Limited, the flagship company of
Paramount group was incorporated in 1985 by Mr. B D Topiwala. PCIL
with existence of over more than 3 decades, has diversified itself
from being a single product to a multiproduct and multi-brand
company. The company is engaged in manufacturing of beauty and
personal care products like bindi, kumkum, kajal and deodrants etc.
The company is well known for its flagship brand Shilpa bindis
along with various other brands Sunspot (Sticker bindi's and
Liquid kumkum), Kromme (Instant eye shadow applicator) and Instinct
(men's Deodorants) among others.


PROMETRIK ENGINEERING: ICRA Keeps B+ Rating in Not Cooperating
--------------------------------------------------------------
ICRA has retained the long-term and short-term ratings of Prometrik
Engineering Limited (formerly Andhra Sinter Limited) in the 'Issuer
Not Cooperating' category. The ratings are denoted as "[ICRA]B+
(Stable)/[ICRA]A4; ISSUER NOT COOPERATING."

                     Amount
   Facilities      (INR crore)      Ratings
   ----------      -----------      -------
   Long Term-           2.50        [ICRA]B+ (Stable); ISSUER NOT
   Fund Based/CC                    COOPERATING; Rating continues
                                    to remain under 'Issuer Not
                                    Cooperating' category

   Long Term-          10.00        [ICRA]B+ (Stable); ISSUER NOT
   Fund Based TL                    COOPERATING; Rating continues
                                    to remain under 'Issuer Not
                                    Cooperating' category

   Short Term-          5.00        [ICRA]A4; ISSUER NOT
   Non Fund Based                   COOPERATING; Rating continues
                                    to remain under 'Issuer Not
                                    Cooperating' category

   Long Term/          12.50        [ICRA]B+ (Stable)/[ICRA]A4;
   Short Term-                      ISSUER NOT COOPERATING;
   Unallocated                      Rating continues to remain
                                    under 'Issuer Not
                                    Cooperating' category

ICRA has been trying to seek information from the entity so as to
monitor its performance, 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.

Prometrik Engineering Limited (formerly known as Andhra Sinter
Limited) was incorporated in the year 1985 and is involved in the
manufacturing of high precision components and assemblies which
cater to the needs of defense, automotive and other general
engineering industries. PEL is equipped with tool room machines,
CNC production machines, production general machines and host
specialized facilities for task like, metalizing equipment,
welding, short peening, vibro finishing etc. The company is one of
the two suppliers for batch clutch plates used in battle tanks for
Ministry of Defence.


S. S. NATH: CARE Lowers Rating on INR10cr LT Loan to B
------------------------------------------------------
CARE Ratings revised the ratings on certain bank facilities of S.
S. Nath & Company (SSNC), as:

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank      10.00       CARE B; ISSUER NOT COOPERATING
   Facilities                      Rating continues to remain
                                   under ISSUER NOT COOPERATING
                                   category and Revised from
                                   CARE B+

Detailed Rationale & Key Rating Drivers

CARE had, vide its press release dated January 13, 2021, placed the
rating(s) of SSNC under the 'issuer non-cooperating' category as
SSNC 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. SSNC continues to be
non-cooperative despite repeated requests for submission of
information through e-mails, phone calls and a letter/email dated
November 29, 2021, December 9, 2021, December 19, 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 have been revised on account of non-availability of
requisite information.

SSN, constituted as a partnership firm in 1974 is currently being
managed by Mr. Rajnish Jain, Mr. Manish Jain, Ms Aarti Jain, Ms
Pooja Jain and Mr. Satpal Jain (sharing profit and loss equally).
The firm is engaged in operating multi-brand readymade garments
showrooms in Chandigarh, Mohali and Panchkula under the brand name
of 'Meena Bazaar' and 'Aliyana'. All the showrooms are currently
engaged in the retail trade of readymade garments and houses
renowned brands of men's, kids and women's wear like Tommy
Hilfiger, Reebok, Van Heusen, Adidas, Levis, Gini & Jony, Pepe,
Zardozi, Sanskriti, etc. Besides this, the firm is also engaged in
the trading of bridal wear and ethnic clothing which are sourced
from local manufacturers.


SERVOCONTROLS: ICRA Keeps B+ Debt Ratings in Not Cooperating
------------------------------------------------------------
ICRA has retained the long-term and short-term ratings of
Servocontrols and Hydraulics (I) Private Limited in the 'Issuer Not
Cooperating' category. The ratings are denoted as [ICRA]B+
(Stable)/[ICRA]A4; ISSUER NOT COOPERATING,

                     Amount
   Facilities      (INR crore)      Ratings
   ----------      -----------      -------
   Long Term-           6.50        [ICRA]B+ (Stable); ISSUER NOT
   Fund Based/CC                    COOPERATING; Rating continues
                                    to remain under 'Issuer Not
                                    Cooperating' category

   Long Term-           0.83        [ICRA]B+ (Stable); ISSUER NOT
   Fund Based TL                    COOPERATING; Rating continues
                                    to remain under 'Issuer Not
                                    Cooperating' category

   Long Term-           3.05        [ICRA]B+ (Stable); ISSUER NOT
   Unallocated                      COOPERATING; Rating continues
                                    to remain under 'Issuer Not
                                    Cooperating' category

   Short Term-          3.40        [ICRA]A4; ISSUER NOT
   Non Fund Based                   COOPERATING; Rating continues
                                    to remain under 'Issuer Not
                                    Cooperating' category

   Short Term-         (0.75)       [ICRA]A4; ISSUER NOT
   Interchangeable                  COOPERATING; Rating continues
                                    to remain under 'Issuer Not
                                    Cooperating' category

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

Incorporated in 2005, SHIPL is an ISO 9001:2000 certified company,
which is involved in the designing and manufacturing of hydraulic
valves, servo valves, manifold block systems, hydraulic servo
actuators, temposonic sensors etc. These products find applications
primarily in automotive, construction equipment & mining and
power-generation sectors. The company also manufactures hydraulic
power packs (comprising joysticks) and wire-harnessing systems for
construction equipment industry. The company is promoted by Mr.
Deepak Dhadoti and his brother Mr. Dinesh Dhadoti, who are
qualified engineers with extensive experience in the engineering
industry.


SUN INDUSTRIAL: CARE Keeps B- Debt Rating in Not Cooperating
------------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Sun
Industrial Automation and Solutions (SIAS) continues to remain in
the 'Issuer Not Cooperating' category.

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

   Short Term Bank      3.00       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 3, 2020, placed the
rating(s) of SIAS under the 'issuer non-cooperating' category as
SIAS 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. SIAS continues to be
non-cooperative 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).

Chennai Based, Sun Industrial Automation and Solutions (SIAS) was
established in the year 2000. Currently, the firm is managed by its
partners Mr. Venkataramanan and Mrs. V Manjula. The firm is engaged
in assembling and trading of Power Factor Meters, Temperature
Indicators and Tachometers by purchasing raw materials like Panels,
Enclosures, and Cables, Lugs and Meters from Schneider Electric
India Private Limited (Purchase 75% of material) and some other
local suppliers. The firm sells its products to L & T
Infrastructure Projects Developments Limited, Megha Engineering and
Infrastructure Limited, Mahindra and Mahindra Limited, Ashok
Leyland Limited and Tamil Nadu Water Supply Board.

SUNBEAM DEALERS: CARE Keeps B- Debt Rating in Not Cooperating
-------------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Sunbeam
Dealers Private Limited (SDPL) continues to remain in the 'Issuer
Not Cooperating' category.

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term           10.00       CARE B-; Stable; ISSUER NOT
   Bank 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 SDPL under the 'issuer non-cooperating' category as
SDPL 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. SDPL 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 Ratings Ltd. has
reviewed the rating on the basis of the best available information
which however, in CARE Ratings Ltd.'s opinion is not sufficient to
arrive at a fair rating.

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

Ranchi based Sunbeam Dealers Private Limited (SDPL) was
incorporated in August 2013 by the Sarawgi family to initiate a
trading business of fabrics. Since its inception, the company has
been engaged in trading of cotton, synthetic and grey fabrics. Mr.
Amit Sarawgi (aged about 34 years), having around a decade of
experience in this line of business, looks after the day to day
operations of the company. He is supported by other director Ms.
Swati Sarawgi along with a team of experienced professional.


TIRUPATI NIRYAT: CARE Keeps B- Debt Rating in Not Cooperating
-------------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Tirupati
Niryat Private Limited (TNPL) continues to remain in the 'Issuer
Not Cooperating' category.

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

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

Detailed Rationale & Key Rating Drivers

CARE had, vide its press release dated December 07, 2020, placed
the rating(s) of TNPL under the 'issuer non-cooperating' category
as TNPL 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. TNPL continues to be
non-cooperative despite repeated requests for submission of
information through e-mails, 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).

Tirupati Niryat Private Limited (TNPL), incorporated in July 1993,
was taken over by Mr. Aditya Sarda of Kolkata in the year 2006.
Since 2010 the company is engaged in trading of raw jute. Prior to
this the company was engaged in the business of infrastructure and
real estate activities.


TRADOHUB B2B: Ind-Ra Lowers Long-Term Issuer Rating to 'D'
----------------------------------------------------------
India Ratings and Research (Ind-Ra) has downgraded Tradohub B2B
Limited's (Tradohub; formerly Ingenius E-Commerce Private Limited)
Long-Term Issuer Rating to 'IND D (ISSUER NOT COOPERATING)' from
'IND BB (ISSUER NOT COOPERATING)'. The issuer did not participate
in the rating exercise despite continuous requests and follow-ups
by the agency. Thus, the rating is based on the best available
information. Therefore, investors and other users are advised to
take appropriate caution while using the rating.

The instrument-wise rating actions are:

-- INR52.4 mil. Fund-based working capital limits downgraded with
     IND D (ISSUER NOT COOPERATING) rating;

-- INR5.0 mil. Non-fund-based working capital limits downgraded
     with IND D (ISSUER NOT COOPERATING) rating; and

-- INR62.6 mil. Proposed fund-based working capital limits
     downgraded with IND D (ISSUER NOT COOPERATING) rating.

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

KEY RATING DRIVERS

The downgrade reflects Tradohub's account having been categorized
as a non-performing asset by its lender for the past two years.
Ind-Ra was informed of this categorization by the lender on January
5, 2022.

RATING SENSITIVITIES

Positive: Timely debt servicing for at least three consecutive
months could result in an upgrade.

COMPANY PROFILE

Incorporated in 2014, Tradohub is an e-distributor of food and
agricultural products, chemicals, pharmaceutical products, polymers
and additives, metal and minerals, and other industrial raw
materials.


URBANEDGE HOTELS: ICRA Lowers Rating on INR64.71cr Loan to D
------------------------------------------------------------
ICRA Ratings reaffirmed ratings on certain bank facilities of
Urbanedge Hotels Private Limited (UHPL), as:

                     Amount
   Facilities      (INR crore)     Ratings
   ----------      -----------     -------
   Fund-based-        64.71        [ICRA]D; Rating downgraded
   Term Loan                       from [ICRA]C+

Rationale

The rating action follows delays in debt servicing by UHPL, owing
to weak demand amid the pandemic and consequent impact on cash
flows. The company had initially availed moratorium for the period
of March–August 2020. Post that, UHPL applied for a loan
restructuring relief under the resolution framework for
pandemic-related stress specified by the Reserve Bank of India
(RBI). While the restructuring proposal was not invoked by the
lender and the same was communicated to the company on December 28,
2020, UHPL had cleared all the principal and interest obligations
for the period of March 2020–December 2020, using the proceeds
from the sale of its Ahmedabad property.

Additionally, the company had received sanction of INR30.0 crore
under ECLGS 2.0 and ECLGS 3.0 from its lender, which supported its
operational and financial commitments during February to October
2021. Post that, UHPL was expected to fund its operating and
financial commitments through asset monetization. In the absence of
timely closure of the property sale and the weak ramp-up in demand,
the company delayed on its debt repayment obligations. ICRA had
earlier received a written confirmation from the company on regular
debt servicing for November 2021. However, basis the debt servicing
declaration received on  January 5, 2022 and subsequent discussions
with the company and its lender, ICRA understands that the company
currently has overdues of INR6.8 crore, pertaining to interest
obligations for the months of November and December 2021 and the
principal payment for December 2021.

Key rating drivers and their description

Credit strengths

* Periodic equity fund infusion till FY2021: The company is yet to
achieve break-even at the operating level and requires constant
financial support. The company has had equity infusion of INR353.4
crore over the past nine years (since April 1, 2013
till March 31, 2021) for loss funding and towards servicing of debt
obligations. With the company's accruals likely to remain under
pressure in the near term, timely and adequate equity infusion or
asset monetization will be critical for timely repayment of
principal and interest obligations going forward.

* Strategic location of hotels: UHPL's hotel properties are
strategically located near business/information technology parks,
airport, etc., attracting corporate customers and business
travellers. The company's overall occupancy is presently low, given
the steep fall in the demand amid the pandemic and the company's
high dependence on the IT sector for two of its properties (in
Chennai and Bangalore). Nevertheless, its strategy to focus on
corporate customers is expected to drive improvement in occupancy
over the longer term.

Credit challenges

* Delay in debt servicing; financial profile characterized by
modest scale of operations, stretched coverage indicators and
insufficient cash flows from operations to meet debt obligations:
UHPL has a modest scale of operations and has been incurring net
losses since its inception in FY2007 resulting in stretched
capitalization and coverage indicators. The company's operating
cash flows were not sufficient to meet the term loan obligations
(both interest and principal) and has resulted in delays in debt
servicing.

* Sharp deterioration in performance amid the impact of pandemic on
the Indian hospitality industry; vulnerability of revenues to
inherent industry cyclicality and economic cycles: The Covid-19
pandemic had a severe impact on the hospitality industry for the
past two years, with a sharp decline in international tourist
arrivals and domestic travel. Further, with corporate customers and
business travelers being the primary demand driver for the
company's properties, UHPL witnessed a sharper dip in revenues as
compared to the properties which were located in leisure
destinations. With the emergence of the Omicron variant and sharp
rise in infections, several states have imposed partial lockdowns,
which is expected to curtail business travel over the next few
weeks at least. The situation is evolving, and prolonged lockdowns
and high infection rates will impact demand in Q4 FY2022.

Liquidity position: Poor

The company's liquidity is poor with net losses since its
inception, resulting in negative cash flow from operations. The
company has cash and bank balances of INR1.7 crore as of December
31, 2021. ICRA understands that the term loan outstanding of
INR33.0 crore is expected to be prepaid in Q4 FY2022 with the sale
proceeds of the Coimbatore property, post which the company is
likely to have INR5.6 crore of debt obligations in FY2023 (INR3.8
crore of principal and INR1.8 crore interest obligations) and
INR8.6 crore of debt obligations in FY2024 (INR6.6 crore of
principal and INR2.0 crore interest obligations) pertaining to
ECLGS loans. Part of the sale proceeds is likely to be used for
meeting the operational and financial commitments in FY2023.

Rating sensitivities

Positive factors: ICRA could upgrade the ratings upon timely
servicing of debt obligations for an adequate period of time aided
by improvement in cash flows and liquidity position.

UHPL was incorporated in 2006 as a special purpose vehicle (SPV)
between Auromatrix Hotels Private Limited (Auromatrix 1.67% stake)
and CPI India I Limited (CPI). CPI, a fund managed by Apollo Global
Management LLC1, owns a 98.35% stake in UHPL. UHPL owns three
hotels, operated under franchisee with the 'Aloft' brand, one each
in Chennai (Old Mahabalipuram Road IT Expressway), Bangalore
(Whitefield) and Coimbatore (Singanallur) with a total inventory of
462 rooms. In December 2020, the company sold its hotel at
Ahmedabad (SG Road) for a total consideration of INR67.5 crore. The
company is the midst of sale of the Coimbatore property, which is
likely to be concluded shortly.

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

The instrument-wise rating actions are:

-- INR500 mil. Term loan (Long-term) due on FY19-FY21 maintained
     in the non-cooperating category with IND D (ISSUER NOT
     COOPERATING) rating;

-- INR5.0 bil. Fund-based working capital limits (Long-term)
     maintained in the non-cooperating category with IND D (ISSUER

     NOT COOPERATING) rating; and

-- INR20.0 bil. Non-fund-based working capital limits (Short-
     term) maintained in the non-cooperating category with IND D
     (ISSUER NOT COOPERATING) rating.

Note: ISSUER NOT COOPERATING: The ratings were last reviewed on
September 27, 2019. Ind-Ra is unable to provide an update, as the
agency does not have adequate information to review the ratings.

COMPANY PROFILE

Founded in 1994, Ushdev International is a metal trading company
that mainly trades nickel, ferrous flat products and long products.



VENKATACHALAPATHY & CO: CARE Cuts Rating on INR10cr Loan to B-
--------------------------------------------------------------
CARE Ratings revised the ratings on certain bank facilities of Sri
Venkatachalapathy & Co (SVC), as:

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term           10.00       CARE B-; Stable; ISSUER NOT
   Bank Facilities                 COOPERATING; Rating continues
                                   to remain under ISSUER NOT
                                   COOPERATING category and
                                   Revised from CARE B+; Stable

   Short Term Bank      5.00       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 29, 2020, placed
the rating(s) of SVC under the 'issuer non-cooperating' category as
SVC 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. SVC continues to be
non-cooperative despite repeated requests for submission of
information through e-mails, phone calls and a letter/email dated
November 14, 2021, November 24, 2021, December 4, 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 SVC have been
revised on account of non-availability of requisite information.

Erode (Tamil Nadu) based Sri Venkatachalapathy & Co (SVC) was
established in 2002 as a partnership firm by Mr. P. Karthikeyan,
Ms. K Ramya and Ms. K Manimekalai. In 2015, the firm has
reconstituted by retirement of Ms. K Manimekalai and admission of
minor partner Mr. K Ponkavin. The partners are decided to carry on
business with same name and style of business. The firm is engaged
in civil engineering contracts for government bodies like Tamil
Nadu Housing Board and Tamil 3 CARE Ratings Limited Press Release
Nadu Slum Clearance Board.




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

GARUDA INDONESIA: Creditors Submit Claims of US$13.8 Billion
------------------------------------------------------------
Bloomberg News reports that creditors of PT Garuda Indonesia have
submitted about IDR198 trillion (US$13.8 billion) in claims as part
of a debt restructuring, according to court-appointed
administrators.

The administrators for the flag carrier received claims from more
than 470 creditors by the end of a Jan. 5 deadline, Martin Patrick
Nagel and Jandri Siadari, members of the team of administrators,
wrote in replies to questions from Bloomberg. They will now verify
the provisional claims and decide on Jan. 19 what amount are valid
and can be included in the restructuring process.

State-owned Garuda is among a string of airlines globally that have
been hit by an unprecedented crisis in the aviation industry as
pandemic travel curbs sent passenger traffic plunging, Bloomberg
says. Renewed restrictions in a number of countries after the
omicron variant outbreak are now further complicating the outlook.
In Asia, Philippine Airlines Inc. is trying to cut $2 billion of
debt after exiting bankruptcy. Elsewhere, Chile-based Latam
Airlines, Aeromexico and Colombia's Avianca Holdings sought court
protection in 2020.

Blooomberg relates that Garuda took steps to try and save more
time. The company is seeking to extend the maturity of its dollar
sukuk, Islamic debt securities, by 10 years. Currently, they are
expected to mature next year. A sign of market concerns about the
airline's recovery prospects, the listed price of the sukuk
recently fell to a record low below 23 cents on the dollar.

Blooomberg says the airline is a major employer and vital mode of
transportation for Indonesia, made up of 17,000 islands in an area
spanning the distance from New York to London. The state-owned
airline was already struggling to stay profitable even before the
pandemic stopped travel. The company began a court-supervised debt
restructuring process after a court in Jakarta accepted a petition
filed against it in December.

A deputy from the country's public enterprises ministry said in
November that Garuda was "technically bankrupt" and planned to cut
its liabilities by more than 60% through a restructuring process in
order to survive the pandemic, Blooomberg notes. According to its
proposal, the company planned to reduce its liabilities to $3.7
billion from $9.8 billion.

The higher figure presented by creditors was in part due to the
fact that some lessors submitted Garuda's total and future
liabilities and did not discount or calculate the present value of
those debts, and the carrier will stick to its liabilities of $9.8
billion on his books, CFO Prasetio said when Bloomberg asked him
about creditors' claims.

                      About Garuda Indonesia

Headquartered in Jakarta, Indonesia, government-owned airline PT
Garuda Indonesia -- http://www.garuda-indonesia.com/-- currently
has a fleet of about 77 aircraft offering service to some 27
domestic and 33 international destinations.  Under its Citilink
brand, it serves 10 other domestic routes.  Garuda also ships about
200,000 tons of cargo a month and operates a computerized tracking
system.

As reported in the Troubled Company Reporter-Asia Pacific on July
21, 2021, Nikkei Asia said Garuda Indonesia posted a net loss of
$2.4 billion in 2020, with its auditor raising concerns over the
continuity of the Southeast Asian country's flagship airline.

The net loss is Garuda's biggest since at least 2005, the oldest
available data on Quick-Factset, and marks a staggering increase
from the $38.9 million loss it reported the previous year, Nikkei
Asia noted.




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

AERO VENDING: Court Enters Wind-Up Order
----------------------------------------
The High Court of Singapore entered an order on Dec. 31, 2021, to
wind up the operations of Aero Vending Private Limited.

The Comptroller of Income Tax and The Comptroller Of Goods And
Services Tax filed the petition against the company.

The company's liquidator is:

          Mr. Lin Yueh Hung
          Ms. Oon Su Sun
          M/s RSM Corporate Advisory Pte Ltd
          8 Wilkie Road
          #03-08 Wilkie Edge
          Singapore 228095


E.WYTE PTE: Court to Hear Wind-Up Petition on Jan. 14
-----------------------------------------------------
A petition to wind up the operations of E.Wyte Pte. Ltd will be
heard before the High Court of Singapore on Jan. 14, 2022, at 10:00
a.m.

Clarinet Holdings Pte. Ltd filed the petition against the company
on Oct. 22, 2021.

The Petitioner's solicitors are:

          Dentons Rodyk & Davidson LLP
          80 Raffles Place
          #33-00 UOB Plaza 1
          Singapore 048624


ENTAIL HOLDINGS: Creditors' Proofs of Debt Due on Feb. 7
--------------------------------------------------------
Creditors of Entail Holdings Pte Ltd, which is in voluntary
liquidation, are required to file their proofs of debt by Feb. 7,
2022, to be included in the company's dividend distribution.

The company commenced wind-up proceedings on Dec. 31, 2021.

The company's liquidators are:

          Goh Yeow Kiang Victor
          Khor Boon Hong
          c/o Baker Tilly TFW LLP
          600 North Bridge Road
          #05-01 Parkview Square
          Singapore 188778


GARNET INT'L: Creditors' Proofs of Debt Due on Feb. 8
-----------------------------------------------------
Creditors of Garnet International Marketing Pte. Ltd., which is in
voluntary liquidation, are required to file their proofs of debt by
Feb. 8, 2022, to be included in the company's dividend
distribution.

The company commenced wind-up proceedings on Dec. 30, 2021.

The company's liquidator is:

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


SIRIUS WELL: Creditors' Proofs of Debt Due on Feb. 8
----------------------------------------------------
Creditors of Sirius Well Manufacturing Services Pte Ltd, which is
in voluntary liquidation, are required to file their proofs of debt
by Feb. 8, 2022, to be included in the company's dividend
distribution.

The company commenced wind-up proceedings on Dec. 29, 2021.

The company's liquidator is:

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




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

SSANGYONG MOTOR: Sold to Edison Motors-Led Consortium for US$255MM
------------------------------------------------------------------
Reuters reports that a consortium led by South Korean electric
carmaker Edison Motors Co has agreed to acquire debt-ridden
SsangYong Motor Co Ltd for KRW305 billion (US$254.65 million),
SsangYong Motor said on Jan. 10.

SsangYong is burdened with high debt and its vehicle sales last
year fell to 84,496, down about 21% from a year earlier, Reuters
discloses citing a regulatory filing from the automaker.

The automaker reported a January-September 2021 operating loss of
KRW238 billion from revenue of KRW1.8 trillion, the report
discloses.

SsangYong has been under court receivership since April in an
attempt to rehabilitate the carmaker after majority owner Mahindra
and Mahindra failed to secure a buyer.

Indian automaker Mahindra, which owned about 75% of SsangYong as at
the end of September, has been looking for a buyer for all or most
of its stake, which it bought when the South Korean automaker was
near-bankruptcy in 2010.

                        About SsangYong Motor

Headquartered in Kyeonggi-Do, South Korea, Ssangyong Motor Co. Ltd.
engages in the manufacture and sale of automobiles. The Company
mainly manufactures and sells recreational vehicles (RVs), sports
utility vehicles (SUVs), multi-purpose vehicles (CDVs) and
passenger cars under the brand name of Rexton Sports, Korando,
Korando Sports, Korando Turismo, Tivoli, Tivoli Air and others. The
Company also provides automobile parts. The Company distributes its
products within domestic market and to overseas markets.

Mahindra & Mahindra Ltd. acquired a 70% stake in SsangYong for
KRW523 billion in 2011 and now holds a 74.65% stake in the
carmaker.

On Dec. 21, 2020, SsangYong Motor filed for court receivership as
it struggles with snowballing debts amid the COVID-19 pandemic,
according to Yonhap News Agency. The decision comes after SsangYong
Motor failed to pay KRW60 billion (US$54.8 million) worth of debts
to its three creditor banks.

On April 15, 2021, SsangYong Motor Co. was placed under court
receivership as its Indian parent Mahindra & Mahindra failed to
attract an investor amid the prolonged COVID-19 pandemic and its
financial status is further worsening.

SsangYong and its lead manager, the EY Hanyoung accounting firm,
recently selected a local consortium led by Edison Motors Co. as
the preferred bidder for the debt-laden carmaker.




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

KTBST SECURITIES: Fitch Raises Nat'l. LongTerm Rating to 'BB+(tha)'
-------------------------------------------------------------------
Fitch Ratings (Thailand) has upgraded the National Long-Term Rating
of KTBST Securities Public Company Limited (KTBSTSEC) to 'BB+(tha)'
from 'BB(tha)'. The Outlook is Stable. Fitch has also affirmed the
company's National Short-Term Rating and subordinated debt rating
at 'B(tha)'.

The upgrade is based on Fitch's view that the company's earnings
capacity has sustainably improved on an enhanced franchise and
greater business diversity.

KEY RATING DRIVERS

National Ratings

KTBSTSEC's National Ratings reflect a small domestic franchise,
with a market share in securities trading volume at slightly above
1%. Nevertheless, the company's brokerage market share has been
broadly stable through market fluctuations. Furthermore, KTBSTSEC's
management has successfully broadened the company's non-brokerage
fee income sources, in Fitch's view. Non-brokerage revenue made up
around 68% of total revenue in 1H21, up from 39% in 2017.

KTBSTSEC has benefited from strong market conditions in 2021, in a
similar way to other securities firms. The company's financial
performance in 1H21 improved significantly, with operating
profit-to-average equity rising to 37.4% (from 18.6% in 2020).
Fitch expects a decline in this metric over the next 12-18 months,
but the company's medium-term earnings prospects should remain
commensurate with Fitch's expectations for similarly rated peers in
comparable operating environments.

The ratings also reflect the company's smaller capital base and
higher leverage compared with Fitch-rated peers. Furthermore, Fitch
perceives that KTBSTSEC remains more exposed to funding and
liquidity risks relative to higher-rated peers because of the
less-established funding stability and more limited history of
capital-market access.

Subordinated Debt

The National Short-Term Rating of 'B(tha)' for the company's
subordinated debentures is derived from the implied National
Long-Term Rating of 'BB(tha)', based on Fitch's standard ratings
correspondence table for short-term and long-term ratings.

The implied National Long-Term Rating of the subordinated
debentures of 'BB(tha)' is one notch below KTBSTSEC's National
Long-Term Rating of 'BB+(tha)' to reflect the subordinated
debentures' higher loss-severity risk relative to senior unsecured
instruments. This arises from the debentures' subordinated status,
as subordinated noteholders rank after senior creditors in the
priority of claims.

Additional notching has not been applied due to the lack of
going-concern loss-absorption and equity-conversion features. Fitch
uses the Corporate Hybrids Treatment and Notching Criteria for this
assessment, in line with Fitch's approach for other Thai securities
firms.

RATING SENSITIVITIES

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

-- A further rating upgrade appears unlikely in the near term,
    given the recent upgrade.

-- In the longer term, KTBSTSEC's ratings could be upgraded if
    the company demonstrates additional improvement in its
    financial performance, in line with a stronger company
    profile, while maintaining a consistent risk appetite. This
    should be evident in sustained market share gains and adequate
    revenue diversity supporting stronger and better-quality
    earnings, combined with enhanced capital and liquidity
    buffers.

-- The National Short-Term Rating of the subordinated debentures
    is sensitive to changes in KTBSTSEC's National Long-Term
    Rating, which is the anchor rating. However, an upgrade is
    only likely if KTBSTSEC's National Long-Term Rating is
    upgraded to 'BBB(tha)' or above, in line with Fitch's ratings
    correspondence table for Thai national ratings.

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

-- Fitch does not expect a rating downgrade in the near term,
    given the rating has recently been upgraded.

Nonetheless, a substantial reversal of KTBSTSEC's improving
financial trends, such as a significant weakening in profitability
that deviates from Fitch's expectations and industry trends, could
put downward pressure on the ratings. Such deterioration could
indicate a weaker business profile than Fitch expects, along with
potentially increased challenges in the company's funding profile.
A significant worsening in operating conditions or an increasingly
competitive environment could also be negative for the ratings
because of KTBSTSEC's small franchise.

A multi-notch downgrade of KTBSTSEC's National Long-Term Rating to
the 'B(tha)' category would result in a downgrade of the
subordinated debenture rating, although Fitch does not foresee such
material deterioration in the near term.



                           *********


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

Troubled Company Reporter-Asia Pacific is a daily newsletter co-
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Copyright 2022.  All rights reserved.  ISSN: 1520-9482.

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