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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

          Thursday, January 20, 2022, Vol. 25, No. 9

                           Headlines



A U S T R A L I A

DYLDAM DEVELOPMENTS: First Creditors' Meeting Set for Jan. 28
F&M AUSTRALASIA: Commences Wind-Up Proceedings
LUXEDELUXE HOLDINGS: Second Creditors' Meeting Set for Jan. 25
MY TECH: Commences Wind-Up Proceedings
PRODIGG ASIA: Second Creditors' Meeting Set for Jan. 28



C H I N A

AGILE GROUP: Moody's Cuts CFR to B1 & Senior Unsecured Debt to B2
CHINA EVERGRANDE: Unloads Property Projects to Partners
KUAISHOU TECHNOLOGY: Names New Finance Chief as Losses Grow
SHIMAO GROUP: Founder to Sell Two Floors at The Center in HK
SHINSUN HOLDINGS: Fitch Drops Rating to CC as $292M Payment Nears



H O N G   K O N G

GENTING HONG KONG: Files for Liquidation in Bermuda


I N D I A

ADVENT ENTERPRISES: ICRA Keeps B Debt Rating in Not Cooperating
AGARWALS CARRIERS: CARE Lowers Rating on INR7.03cr Loan to B+
D J AGRO: CARE Lowers Rating on INR74cr LT Loan to D
DATACOM PRODUCTS: ICRA Keeps D Debt Ratings in Not Cooperating
FOODS AND FEEDS: ICRA Keeps D Debt Rating in Not Cooperating

G3 MOTORS: ICRA Keeps D Debt Ratings in Not Cooperating
GOLDSTAR METAL: ICRA Keeps D Debt Ratings in Not Cooperating
GURU KIRANA: ICRA Keeps B Debt Ratings in Not Cooperating
K. B. PRODUCTS: ICRA Keeps B Debt Ratings in Not Cooperating
MADHUSUDAN GARAI: ICRA Keeps B Debt Ratings in Not Cooperating

ODISHA SLURRY: NCLAT Approves Arcelormittal Resolution Plan
SARVODAYA POLYMERS: ICRA Keeps B+ Debt Ratings in Not Cooperating
SHRIRAM TRANSPORT: $475MM Bonds Get Fitch's BB Ratings
SIDDHARTH CARBOCHEM: ICRA Withdraws B+ Rating on INR4.94cr Loan
SUBAM TEXTILES: CARE Lowers Rating on INR13.22cr Loan to B+

TAYO ROLLS: Trading Part of 'Pump & Dump' Scheme, Analysts Say


I N D O N E S I A

MODERNLAND REALTY: Moody's Alters Outlook on 'Ca' CFR to Stable


N E W   Z E A L A N D

DATELINE CONTRACTORS: Creditors' Proofs of Debt Due on Feb. 8
J & K ORGANIC: Creditors' Proofs of Debt Due on Feb. 11
MEDICAL DEVICES: Creditors' Proofs of Debt Due on Feb. 18
NEW HOME DECORATORS: March 7 Hearing on Wind-Up Petition
NZ PROPERTY: Court to Hear Wind-Up Petition on Feb. 8

YIXUAN COMPANY: Creditors' Proofs of Debt Due on Feb. 11


S I N G A P O R E

FATEH PTE: Commences Wind-Up Proceedings
MATSUDO INVESTMENT: Creditors' Proofs of Debt Due on Feb. 14
RESOURCES PRIMA: EA Consulting Named as Provisional Liquidators
TRIPLE H: Court to Hear Wind-Up Petition on Jan. 28


S R I   L A N K A

SRI LANKA: Investors See High Default Risk as July Payment Looms

                           - - - - -


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A U S T R A L I A
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DYLDAM DEVELOPMENTS: First Creditors' Meeting Set for Jan. 28
-------------------------------------------------------------
A first meeting of the creditors in the proceedings of Dyldam
Developments Pty Ltd will be held on Jan. 28, 2022, at 2:00 p.m.
via teleconference only.

Andrew Blundell and Simon Cathro of Cathro & Partners were
appointed as administrators of Dyldam Developments on Jan. 18,
2022.


F&M AUSTRALASIA: Commences Wind-Up Proceedings
----------------------------------------------
Members of F&M Australasia Pty Ltd, on Jan. 19, 2022, passed a
resolution to voluntarily wind up the company's operations.

The company's liquidator are:

          Robert Michael Kirman
          Robert Conry Brauer
          McGrathNicol
          Level 19, 2 The Esplanade
          Perth, WA


LUXEDELUXE HOLDINGS: Second Creditors' Meeting Set for Jan. 25
--------------------------------------------------------------
A second meeting of creditors of Luxedeluxe Holdings Pty Limited,
trading as Luxe Deluxe Warehouse, has been set for Jan. 25, 2022,
at 10:00 a.m. via teleconference only.

The purpose of the meeting is (1) to receive the report by the
company's 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. 24, 2022, at 4:00 p.m.

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


MY TECH: Commences Wind-Up Proceedings
--------------------------------------
Members of My Tech Squad Pty Limited, on Jan. 17, 2022, passed a
resolution to voluntarily wind up the company's operations.

The company's liquidator is:

          Daniel Frisken
          O'Brien Palmer
          Level 9, 66 Clarence Street
          Sydney, NSW


PRODIGG ASIA: Second Creditors' Meeting Set for Jan. 28
-------------------------------------------------------
A second meeting of creditors in the proceedings of Prodigg Asia
Pacific Pty Ltd, formerly trading as Prodigg Asia Pacific & Prodigg
Bathroom, has been set for Jan. 28, 2022, at 11:00 a.m. via
teleconference facility.

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. 27, 2022, at 4:00 p.m.

Brendan Nixon of SM Solvency Accountants was appointed as
administrator of Prodigg Asia on Dec. 17, 2021.




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C H I N A
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AGILE GROUP: Moody's Cuts CFR to B1 & Senior Unsecured Debt to B2
-----------------------------------------------------------------
Moody's Investors Service has downgraded Agile Group Holdings
Limited's corporate family rating to B1 from Ba2 and its senior
unsecured rating to B2 from Ba3.

The outlook remains negative.

"The downgrade reflects Agile's increased refinancing risk due to
its sizable debt maturities over the next 6-12 months and
constrained funding access, which is unlikely to recover in the
near term," says Kaven Tsang, a Moody's Senior Vice President.

Moody's also expects Agile's contracted sales will decline in the
next 1-2 years, which will further weaken its liquidity and credit
quality.

"The negative outlook reflects the challenges for Agile to raise
new funding, through new borrowing or asset disposals, to manage
its refinancing needs in the next 6-12 months," adds Tsang.

RATINGS RATIONALE

Moody's expects Agile's liquidity to become inadequate in the next
12-18 months, in the absence of new external financing or funding
from asset disposals to address its sizable debt maturities and
weakening property sales.

Agile had unrestricted cash of RMB46.5 billion as of June 30, 2021.
However, Moody's believes the company will not likely use all the
cash to repay its debt as it has to keep a considerable amount at
the project and operating companies' levels for operations.

Agile's access to the offshore funding channels has weakened, as
reflected by the sharp decline in its bond prices and offshore
financiers' increased risk aversion toward Chinese property credit.
It is therefore unlikely that the company can raise sizable new
bonds or offshore bank loans at reasonable cost to refinance its
offshore maturing debt in the next 6-12 months.

Specifically, the company will have USD500 million in offshore
bonds coming due in March 2022 and USD600 million in August 2022.

Agile has been actively raising funds through asset disposals and
exchange bond issuances over the past 2-3 months that would address
part of its maturing debt in the next 6-12 months. However, the
timing of further asset disposals to repay debt and improve
liquidity is uncertain in view of the currently weak market
sentiment and tight funding conditions.

Agile's B1 CFR reflects (1) the company's established position and
long history in its core Guangdong and Hainan markets; (2) its
possession of recurring income from its property management
business; and (3) some benefits from its business and geographic
diversification.

At the same time, the company's CFR considers its modest financial
metrics and elevated refinancing uncertainty.

Moody's forecasts the company's contracted sales will decline to
around RMB125 billion in 2022 and RMB120 billion in 2023, from
RMB139 billion in 2021, considering the current weakened operating
conditions and Agile's reduced funds available for supporting its
operations due to its need to use internal resources to service its
debts.

Moody's also expects the company to offer price discounts to
accelerate sales and cash flow. This will further pressure its
profit margins.

As a result, Agile's EBIT/interest coverage will fall to 2.3x-2.5x
in 2022 and 2023, versus 2.7x for the 12 months ended June 2021.
This ratio, together with the company's weak liquidity, would
position the company at the B1 level.

Agile's senior unsecured bond rating is one notch lower than its
CFR because of the risk of structural subordination. This
subordination risk reflects the fact that most of Agile'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 factors, Moody's
has considered Agile's concentrated ownership by its key
shareholder, the Chen family, who held a total stake of 66.3% in
the company as of the end of June 2021. The family has a track
record of injecting equity of around HKD1.6 billion into the
company to support its liquidity and refinancing needs during tough
times for the property market in 2014.

Moody's has also considered the presence of internal governance
structures and disclosure standards as required by the Corporate
Governance Code for companies listed on the Hong Kong Stock
Exchange.

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

An upgrade of Agile's ratings is unlikely, given negative rating
outlook. However, Moody's could stabilize the company's rating
outlook if Agile strengthens its access to funding and liquidity
and maintains stable operating cash flow and credit metrics.

Credit metrics that would indicate a stable rating outlook include
EBIT/interest coverage above 2.0x, revenue/adjusted debt above
60%-65%, and unrestricted cash/short-term debt above 1.25x, all on
a sustained basis.

On the other hand, Moody's could downgrade Agile's ratings if its
liquidity and refinancing risks heighten due to a further weakening
in funding access; it is unable to secure new funding; or its
operating cash flow materially declines because of a fall in
property sales.

Downward rating pressure could also develop if Agile's debt or
contingent liabilities increase materially, weakening its credit
metrics and liquidity.

Credit metrics that would indicate downgrade pressure include
EBIT/interest coverage falling below 2.0x, or unrestricted
cash/short-term debt below 1.0x-1.25x, all on a sustained basis.

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

Agile Group Holdings Limited (Agile) is one of China's major
property developers. As of June 30, 2021, the company had a land
bank with a planned gross floor area (GFA) of 53 million square
meters (sqm).

CHINA EVERGRANDE: Unloads Property Projects to Partners
-------------------------------------------------------
Caixin Global reports that China Evergrande Group transferred its
stakes in several property projects to partners as part of its debt
relief efforts.

An Evergrande unit in Kunming, Yunan province, transferred its
entire stake in a residential and commercial complex project in the
city Jan. 13 to Minmetals International Trust Co. Ltd. at a
valuation of CNY50 million ($7.87 million), Caixin relates citing
public records. A similar stake transfer was filed Jan. 12 between
an Evergrande unit in Foshan, Guangdong province, and Minmetals
Trust.

"The stake transfers were not asset sales but using the stake
transfer to repay debts to previous partners," Caixin quotes an
Evergrande employee as saying. The deals didn't bring any revenue
to the company.

The transfers also aim to ensure the delivery of the projects as
Minmetals Trust will continue their development, the person said.

Evergrande is struggling with more than $300 billion in liabilities
as of mid-2021. It was labeled a defaulter last month after missing
dollar-bond payments.

Caixin says regulators have urged the developer to prioritize
making payments to migrant workers and suppliers as well as
finishing the more than 1 million residences that buyers put
deposits on.

In a January statement, the company said construction resumed on
nearly 92% of its projects.

                       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.


KUAISHOU TECHNOLOGY: Names New Finance Chief as Losses Grow
-----------------------------------------------------------
Caixin Global reports that Kuaishou Technology Co. Ltd. has named a
new chief financial officer in the latest senior management shakeup
for a company that is struggling with widening losses and
plummeting market capitalization.

Jin Bing, 44, who had held senior management positions at several
companies including online tutor Zuoyebang and livestream-platform
operator Joyy Inc., officially replaced Nicholas Chong as
Kuaishou's new CFO on Jan. 17, Caixin relates citing an exchange
filing.

Kuaishou Technology Co. Ltd. offers internet media services. The
Company provides dynamic picture shooting, dynamic picture sharing,
short video community building, and other services. Beijing
Kuaishou Technology also provides software development, software
maintenance, and other services.


SHIMAO GROUP: Founder to Sell Two Floors at The Center in HK
------------------------------------------------------------
South China Morning Post reports that Shimao Group's founder is
putting two floors of the world's priciest office tower on the
market for sale.

Shimao's founder Hui Wing Mau and his daughter Hui Mei-mei are
asking for HK$1.6 billion (US$205 million) for levels 31 and 32 of
The Center in Hong Kong, with a combined floor plate of about
50,000 square feet (4,645 square meters), according to a sales kit
seen by South China Morning Post.

Hui, also known as Xu Rongmao in mainland China, was among the
nine-member consortium that bought the 73-storey tower in early
2018 for HK$40.2 billion, the Post relates. Hui paid HK$8 billion
for nine of the 73 floors at Hong Kong's fifth-tallest building.
The Post says Hui was not available for comment, and spokespeople
at Shanghai-based Shimao did not immediately respond to the Post's
requests for comment.

Shimao is "relying on asset disposals and extending some short-term
maturities to improve liquidity," said Fitch Ratings, which cut the
company's credit rating to B- from BB last week. "Shimao's ratings
reflect decreasing margin of safety in liquidity amid deteriorating
market confidence."

                        About Shimao Group

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

As reported in the Troubled Company Reporter-Asia Pacific on Jan.
12, 2022, S&P Global Ratings has 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.

The TCR-AP reported on Jan. 13, 2022, that Fitch Ratings has
downgraded Shimao Group's Issuer Default Rating (IDR) to 'B-', from
'BB', and the senior unsecured rating and outstanding senior
unsecured notes to 'B-', from 'BB', and assigned a Recovery Rating
of 'RR4'. All ratings remain on Rating Watch Negative (RWN).

The downgrade is driven by Shimao's lower margin of safety in
preserving liquidity, as evidenced by an announcement by subsidiary
Shanghai Shimao Jianshe Co., Ltd (Shimao Jianshe; not rated) that a
company 30% indirectly owned by Shimao Jianshe had not paid a trust
loan. Shimao Jianshe guarantees the loan. Shimao continues to meet
its public capital-market obligations. Negative news flow continues
to affect market confidence in the company. Shimao's ability to
meet the obligations could be challenged if its access to capital
and contracted sales weaken significantly.

SHINSUN HOLDINGS: Fitch Drops Rating to CC as $292M Payment Nears
-----------------------------------------------------------------
Fitch Ratings has downgraded China-based homebuilder Shinsun
Holdings (Group) Co., Ltd.'s Long-Term Foreign-Currency Issuer
Default Rating (IDR) to 'CC', from 'B-', on heightening refinancing
risks of its near-term US dollar bond maturities.

The downgrade reflects Fitch's belief that there is a high level of
credit risk, given insufficient cash to meet large capital market
maturities over the next five months, particularly the US$292
million notes due on January 23.

KEY RATING DRIVERS

Heightened Refinancing Risks: Fitch thinks that Shinsun's bond
exchange of the January 2022 notes indicates a high level of
refinancing risk, as Shinsun did not confirm whether it has
sufficient funds to repay the notes if the proposed exchange fails.
Shinsun sent an exchange memo to bondholders on 7 January 2022, and
expects the new notes to settle on 18 January 2022 if the exchange
is successful. However, Fitch is not able to obtain the details of
the exchange.

No Clear Refinancing Plan: Fitch has not received a clear
refinancing plan for Shinsun's June 2022 bonds. Fitch thinks that
Shinsun's sales collection in 1H22 may not be sufficient to repay
the notes, as the market condition may remain volatile. Management
has not mentioned any asset disposal plans to boost liquidity.

Weakening Non-Bank Financing Access: Fitch thinks that Shinsun's
ability to refinance trust loans may have deteriorated
significantly since the share price slump in November. Fitch
estimates that a sizeable amount of the cash was used to reduce
non-bank loans, which may have contributed to the Shinsun's
liquidity stress. Shinsun stopped land acquisitions in 4Q21 to
preserve cash.

Shinsun has a high reliance on non-bank financings. Trust and other
non-bank borrowings accounted for 51% of Shinsun's total borrowings
as of end 1H21, whereas bank loans and capital market debt
accounted for 38% and 11%, respectively.

ESG - Financial Transparency: Shinsun has an ESG Relevance Score of
'4' for Financial Transparency due to lack of details of its
cashflow and debt composition.

ESG - Group Structure: Shinsun has an ESG Relevance Score of '4'
for Group Structure due to its large related-party transactions.

ESG - Governance Structure: Shinsun has an ESG Relevance Score of
'4' for Governance Structure, as its shareholding is highly
concentrated in its largest shareholder, who owns a 78.1% equity
stake.

DERIVATION SUMMARY

Shinsun's business profile is supported by its leading market
position in Zhejiang province and large operating scale. However,
its rating is constrained by deteriorating liquidity and a
heightened refinancing risk of its upcoming bond maturities.

KEY ASSUMPTIONS

Fitch's key assumptions within its rating case for the issuer
include:

-- Implied cash collection of CNY44 billion in 2021 and CNY35
    billion in 2022 (2020: CNY37 billion);

-- Land premium accounting for 45% of sales receipts in 2021 and
    40% in 2022 (2020: 46%);

-- Construction expenditure accounting for 40% of sales receipts
    a year in 2021-2022 (2020: 45%).

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 refinancing plans of debt due in 2022.

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

-- Any default on debt obligation or bond exchanges that Fitch
    views as distressed debt exchange.

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

Weak Liquidity: Shinsun reported CNY19.4 billion in unrestricted
cash at end-June 2021, equivalent to 0.9x of total short-term debt.
Fitch believes Shinsun's liquidity headroom has deteriorated, as
Fitch thinks some of the cash has been used to repay non-bank
borrowings in 2H21. Shinsun has also large upcoming maturities amid
limited access to capital market debt: 62% of its short-term
borrowings at end-June 2021 were non-bank borrowings, including
bonds of USD292 million due in January 2022 and USD200 million in
June 2022.

ISSUER PROFILE

Shinsun is a Hong Kong-listed property developer focused on
Zhejiang province and the Yangtze River Delta region. It was ranked
in the top-40 property developers by sales value in 2020, according
to China Real Estate Information Corporation and China Real Estate
Index System.

SUMMARY OF FINANCIAL ADJUSTMENTS

Fitch has excluded deposits in regulated accounts (1H21: CNY8
billion) from cash in Fitch's leverage calculation and included
this as inventory.

ESG CONSIDERATIONS

Shinsun has an ESG Relevance Score of '4' for Financial
Transparency, Group Structure and Governance Structure. 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.



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H O N G   K O N G
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GENTING HONG KONG: Files for Liquidation in Bermuda
---------------------------------------------------
South China Morning Post reports Genting Hong Kong has filed a
winding-up petition in Bermuda, after the bankruptcy of its
shipyard in Germany triggered US$2.78 billion of debt and forced
Asia's largest operator of sea cruises to be liquidated.

The owner of Dream Cruise Holding appointed Alvarez & Marsal's
Edward Simon Middleton and Tiffany Wong Wing-sze as provisional
liquidators, the Post discloses citing a filing on Jan. 19 to the
Hong Kong stock exchange.

"Certain business activities, including but not limited to the
operations of cruise lines by Dream Cruises, shall continue to
preserve and protect the core assets and maintain the value of the
[company]," Genting said, as financing is anticipated to dry up by
the end of January.  "However, it is anticipated that majority of
the existing operations will cease to operate."

Genting Hong Kong's winding-up petition and appointment of
liquidators will be heard by the Supreme Court of Bermuda at 2:30
p.m. local time on January 20, according to the Post.

                       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.





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ADVENT ENTERPRISES: ICRA Keeps B Debt Rating in Not Cooperating
---------------------------------------------------------------
ICRA has retained the long-term ratings of Advent Enterprises
Private Limited in the 'Issuer Not Cooperating' category. The
ratings are denoted as [ICRA]B (Stable); ISSUER NOT COOPERATING."

                     Amount
   Facilities      (INR crore)    Ratings
   ----------      -----------    -------
   Fund Based         12.50       [ICRA]B (Stable); ISSUER NOT
   Term Loan                      COOPERATING; Rating continues
                                  to remain under 'Issuer Not
                                  Cooperating' Category

ICRA has been trying to seek information from the entity so as to
monitor its performance, 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.
  
Advent Enterprises Private Limited was incorporated in 1997 by Mr.
Dinesh Agarwal. The company commenced trading in electrical home
appliances and kitchenware under its own brand, 'Demont', from 2011
onwards. It also trades welding consumables, equipment and spares
of Indian Railways to a small extent (~2% of total revenues for
FY2015 and FY2016). Under the home appliances segment, the company
has a pan India presence, with operations primarily concentrated in
Gujarat, Rajasthan, Maharashtra, Madhya Pradesh and Uttar Pradesh.
AEPL's registered office is in Mumbai, along with a warehouse at
Palghar, near Mumbai, and branch offices in Surat, Jaipur, Indore,
Lucknow and Mumbai, to facilitate distribution. AEPL also has a few
group companies who are involved in the same business sector.


AGARWALS CARRIERS: CARE Lowers Rating on INR7.03cr Loan to B+
-------------------------------------------------------------
CARE Ratings revised the ratings on certain bank facilities of
Agarwal's Carriers Corporation Of India (ACCI), as:

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term             7.03      CARE B+; Stable; ISSUER NOT
   Bank Facilities                 COOPERATING; Revised from
                                   CARE BB-; Stable and moved to
                                   ISSUER NOT COOPERATING category

   Short Term            3.87      CARE A4; ISSUER NOT
   Bank Facilities                 COOPERATING; Rating moved to
                                   ISSUER NOT COOPERATING category

Detailed Rationale & Key Rating Drivers

CARE Ratings Ltd. has been seeking information from ACCI to monitor
the rating(s) vide email communications dated January 5, 2022,
November 25, 2021 among others and numerous phone calls. However,
despite CARE's repeated requests, the firm has not provided the
requisite information for monitoring the ratings. 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. Further, Agarwals Carriers Corporation Of India has not
paid the surveillance fees for the rating exercise as agreed to in
its Rating Agreement. The rating on Agarwals Carriers Corporation
Of India's bank facilities will now be denoted as CARE B+/CARE A4;
ISSUER NOT COOPERATING.

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

Detailed description of the key rating drivers

At the time of last rating on October 28, 2020, the following were
the rating strengths and weaknesses:

Key Rating Weaknesses

* Modest scale of operations: The total operating income has
declined by ~25% and stood at INR51.00 crore in FY20 (prov.)
{vis-à-vis INR67.81 crore in FY19 (A)} on account of lower sales
generated in last quarter of FY20, as bills were raised by the
entity, however due to outbreak of covid19 pandemic payment were
received in next financial year. Further the scale of operations
continues to remain modest marked by the total income, gross cash
accruals and tangible net-worth of INR51.00 crore, INR7.56 crore
and INR28.44 crore respectively in FY20 (prov.), thereby limiting
the financial flexibility in times of stress and deprives it of
scale benefits.

* Fluctuating yet moderate profitability margins: The operating
margin of the firm improved by 476 bps and stood at 19.59% in FY20
(prov.) {vis-à-vis 14.83% in FY18 (A)} on account of reduction in
operating expenses (namely employee cost, misc. transportation
expenses, vehicle trip expenses etc.). Owing to improvement in
operating margin, net profit margin of the firm has slightly
improved by 28 bps and stood at 4.87% in FY20 (prov.) {vis-à-vis
4.59% in FY19 (A)} despite increase in depreciation cost due to
addition of fixed asset (namely girder bridge multi-modes and
pullers) and increase in interest cost due to additional term loans
availed for purchase of commercial vehicles.

* Working capital intensive nature of operations: ACCI's operations
are working-capital-intensive (leading to almost entire utilization
of working capital limits for past twelve months ended September
2020) mainly to fund its receivable cycle. Due to inherent nature
of its operations, the firm has to make upfront payment for the
services it avails (material handling, fuel, tyres, octroi and such
other charges), however, it, has to provide credit period of around
60 days due to low bargaining power and intense competition in the
low barrier industry. Moreover, due to cash basis accounting system
followed by ACCI, debtors and creditors are NIL.

Liquidity Position: Adequate – The liquidity position remained
adequate characterized by sufficient cushion in accruals vis-àvis
repayment obligation and moderate cash and bank balance of INR0.31
crore. Further liquidity position of the firm stood comfortable
marked by current ratio stood at 3.61x times as on March 31, 2020
(vis-à-vis 3.28x times as on March 31, 2019).  Further, the
investment in net working capital as a percentage of total capital
employed stood at 30.77% as on March 31, 2020 whereas the net cash
flow from operating activity stood positive at INR1.95 crore as of
March 31, 2020. During the lockdown period, the entity has not
requested for moratorium on existing limits from Canara Bank,
however, as per banker feedback debt servicing is done in timely
manner.

* Volatile nature of fuel prices: Being into transport industry
major cost is incurred on fuels whose prices are very volatile in
nature on account of demand and supply factor. Further to it, in
absence of escalation clause ACCI was not able to pass on the
fluctuation in prices of diesel to customer which may affect the
profitability of the firm.

* Present in competitive nature of industry: ACCI is engaged in the
business of providing logistic services which is highly competitive
in nature due to presence of large number of players. This leads to
price competition which can have an effect on profitability margins
& cash flows of ACCI. However, comfort can be drawn from the fact
that ACCI has been in this business for about four decade and have
established relationship with its customers.

* Constitution of entity being proprietorship firm: Being a
proprietorship firm, ACCI has inherent risk of withdrawal of
proprietor's capital at the time of personal contingency.
Furthermore, it has restricted access to external borrowings where
net worth as well as creditworthiness of the proprietor are the key
factors affecting credit decision of the lenders.

Key Rating Strengths:

* Experienced and resourceful proprietor and strong second line of
management: Proprietor Mr. Rajkumar Agarwal has about four decades
of experience into logistic management and standardized surface
transportation. Further ACCI has experienced and specialized second
line of management who are specialized in respective fields to
carry out day to day activities.

* Long track record of operation and reputed clientele base: The
extensive experience of proprietor in transportation industry with
its existence since 1980, have helped to developed business
relationship with existing as well as new clients & have generate
sizeable business on continual basis. Over the years they have
developed established strong relationship with the reputed
customers from varied industries.

* Comfortable capital structure and moderate debt coverage
indicator: The capital structure of ACCI's marked by debt
to equity and overall gearing ratio has improved and stood at 0.45x
times and 0.48x times respectively as on March 31, 2020 (vis-à-vis
0.79x times and 0.92x times respectively as on March 31, 2019)
owing to scheduled repayment of commercial vehicle loans coupled
with lower utilization of its working capital limits. Further owing
to this total debt to gross cash accruals has also improved and
stood at 1.83x times in FY20 (prov.) {vis-à-vis 2.47x times in
FY19 (A)}. However interest coverage ratio deteriorated and stood
at 3.93x times in FY20 (prov.) {vis-à-vis 5.28x times in FY19 (A)}
on account of increase in interest cost due to additional term
loans availed for purchase of commercial vehicles.

Agarwal's Carriers Corporation Of India (ACCI) is a proprietorship
firm established by Mr. Raj Kumar Agarwal in 1980, and is engaged
into providing road and water transportation services (loading,
transportation of goods from one place to other and unloading of
goods). ACCI has fleet size of 250 Hydraulic Axle, 23 Puller and 1
Barge. It provides logistics services to various industries,
primarily petrochemical, refineries and fertilizer industry. It has
own land at Shilfata, Kalyan wherein the axles are parked. The
entity has 23 drivers, 23 operators and 56 helpers to carry out the
business operations. The entity is registered with and is a member
of Bombay Goods Transport Association & All India Motor Transport
Congress.


D J AGRO: CARE Lowers Rating on INR74cr LT Loan to D
----------------------------------------------------
CARE Ratings revised the ratings on certain bank facilities of D J
Agro Industrial Project Private Limited (DJAIPPL), as:

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term            74.00      CARE D Revised from CARE BB-;
   Bank Facilities                 Stable

Detailed Rationale & Key Rating Drivers

The revision in the rating assigned to the bank facilities of
DJAIPPL takes into account the delay in servicing of interest of
the term loan for the period upto October 2021. The rating is also
constrained by delay in project implementation, susceptibility of
profitability to volatility in raw-material prices, highly
fragmented industry with low entry barriers and exposure to risk
related to the regulated nature of jute industry.

Rating Sensitivities

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

* Regularization of debt servicing for a continuous period of 3
months.

Detailed description of the key rating drivers

Key Rating Weaknesses

* Delay in debt servicing: There has been delay in the servicing of
interest component of term loan for the period upto October'21. As
discussed with the banker, the interest servicing has been
regularised, with slight delay. The account is regular now.

* Delay in project implementation: The Company has set up a jute
mill of 50 tpd. Earlier, the project was envisaged to commence from
October 2020, however due to lockdown imposed amid COVID-19
pandemic, the execution was delayed. The project completed the
trial run in February 2021 and the project has started commercial
operation from March 15, 2021. The project is expected to be funded
through promoters' fund of INR36.93 crore, term loan of INR44.00
crore and interest free unsecured loan from group companies of
INR6.84 crore. As on March 01, 2021, the company has already spent
INR79.02 crore on the aforesaid project which has been funded
through term loans to the tune of INR39.79 crore, promoters'
contribution of INR34.99 crore, unsecured loan of INR3.21 crore and
sundry creditors of INR1.03 crore.

* Susceptibility to volatility in raw-material prices: Raw-material
(i.e. raw jute) is the largest cost component of jute bags and the
same is expected to be ~70% of cost of sales. The price of raw-jute
is volatile in nature due to agro-commodity nature of product
(which is dependent upon vagaries of nature). Given that raw-jute
is the largest cost driver and the prices of same are volatile in
nature, the profitability margin is susceptible to fluctuation in
prices of raw material.

Liquidity: Poor

There has been delay in servicing of interest on term loan post
moratorium.

D J Agro Industrial Project Private Limited (DJAIPPL) was
incorporated in April 2012 with an objective to enter into the
business of manufacturing of jute bags from raw jute. The
manufacturing unit of the company is located at Mandakata (North
Guwahati, Assam) with a proposed installed capacity of 50 Metric
Ton Per Day (17,500 tpa). Promoters of the company, Mr. Dipjyoti
Mahanta and Mrs. Mili Mahanta having long experience in similar
line of business, proposes to look after the day to day operation
of the company along with adequate support from a team of
experienced personnel. The company also has three associate
companies in the name of "Apex Yarn Private Limited", "Ashoka
Weaving Private Limited" and "Atlanta Modular Private Limited". All
the three companies were incorporated on August 7, 1997.

DATACOM PRODUCTS: ICRA Keeps D Debt Ratings in Not Cooperating
--------------------------------------------------------------
ICRA has retained the long term and short-term ratings of Datacom
Products (India) Pvt. Ltd. in the 'Issuer Not Cooperating'
category. The ratings are denoted as [ICRA]D/[ICRA]D; ISSUER NOT
COOPERATING".

                    Amount
   Facilities     (INR crore)    Ratings
   ----------     -----------    -------
   Long term–
   Fund based         4.00       [ICRA]D; ISSUER NOT COOPERATING;
                                 Rating continues to remain under
                                 'Issuer Not Cooperating'
                                 Category

   Short term–        2.00       [ICRA]D; ISSUER NOT COOPERATING;

   Non Fund based                Rating continues to remain under
                                 'Issuer Not Cooperating'
                                 Category

   Short term–       (1.25)      [ICRA]D; ISSUER NOT COOPERATING;
  
   Interchangeable               Rating continues to remain under
                                 'Issuer Not Cooperating'
                                 Category

   Long term/         4.00       [ICRA]D/[ICRA]D; ISSUER NOT  
   Short term–                   COOPERATING; Rating continues to
  
   Unallocated                   remain under 'Issuer Not
                                 Cooperating' category

ICRA has been trying to seek information from the entity so as to
monitor its performance, 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.
  
Datacom Products (India) Private Limited (DPIPL) was established in
1990 and grew over the years to become an independent system
integration company with dealership of products from companies like
Avaya India, Tadiran, Cisco, Extreme and other international
companies. It is an enterprise communication provider and solution
integrator delivering customized communication solutions for
organizations. The company has three major lines of business -
Unified Communications, Call Centre & CRM Solutions and Customer
Service.


FOODS AND FEEDS: ICRA Keeps D Debt Rating in Not Cooperating
------------------------------------------------------------
ICRA has retained the Long-term ratings of Foods And Feeds in the
'Issuer Not Cooperating' category. The ratings are denoted as
[ICRA]D; ISSUER NOT COOPERATING".

                     Amount
   Facilities     (INR crore)    Ratings
   ----------     -----------    -------
   Fund Based:       13.00       [ICRA]D; ISSUER NOT COOPERATING;
   Cash Credit                   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 January, 2014, Foods and Feeds (F&F) is a
partnership concern engaged in trading of wheat flour and soyabased
products like liquid lecithin, DOC (D Oil Cake) and Acid Oil. Until
FY14, the business was carried out through the proprietorship firm
in the name of Mr. Sandeep Maniyar since 2007. In Apr-14, the
assets and liabilities of the proprietorship  concern was taken
over by F&F. The ownership of the firm continues to be with the
Maniyar family with Raj Maniyar and Brij Maniyar being the other
two partners, apart from the erstwhile proprietor.

G3 MOTORS: ICRA Keeps D Debt Ratings in Not Cooperating
-------------------------------------------------------
ICRA has retained the Long-term and Short-term ratings of G3 Motors
Limited (Erstwhile G3 Motors Pvt. Ltd.) in the 'Issuer Not
Cooperating' category. The ratings are denoted as [ICRA]D/[ICRA]D;
ISSUER NOT COOPERATING".

                    Amount
   Facilities     (INR crore)    Ratings
   ----------     -----------    -------
   Fund Based:       12.00       [ICRA]D; ISSUER NOT COOPERATING;
   Cash Credit                   Rating continues to remain under
                                 'Issuer Not Cooperating'
                                 Category

   Fund Based:        2.72       [ICRA]D; ISSUER NOT COOPERATING;
   Term Loan                     Rating continues to remain under
                                 'Issuer Not Cooperating'
                                 Category

   Letter of Credit  20.00       [ICRA]D; ISSUER NOT COOPERATING;
                                 Rating continues to remain under
                                 'Issuer Not Cooperating'
                                 Category

   Unallocated       15.28       [ICRA]D; ISSUER NOT COOPERATING;
                                 Rating continues to remain under
                                 'Issuer Not Cooperating'
                                 Category

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

GML is an authorized dealer for M&M. The company started dealership
business of passenger vehicles (PV) manufactured by Mahindra &
Mahindra (M&M) in 2007. The company has seven show rooms and eight
workshops in Mumbai, Navi Mumbai and Surat.


GOLDSTAR METAL: ICRA Keeps D Debt Ratings in Not Cooperating
------------------------------------------------------------
ICRA has retained the Long Term and Short-Term ratings of Goldstar
Metal Solutions Private Limited in the 'Issuer Not Cooperating'
category. The ratings are denoted as [ICRA]D/[ICRA]D; ISSUER NOT
COOPERATING".

                     Amount
   Facilities     (INR crore)    Ratings
   ----------     -----------    -------
   Fund Based-      (10.00)      [ICRA]D; ISSUER NOT COOPERATING;
   Cash Credit                   Rating continues to remain under
                                 'Issuer Not Cooperating'
                                 Category

   Fund based–       10.00       [ICRA]D; ISSUER NOT
COOPERATING;
   Packaging                     Rating continues to remain under
   Credit                        the '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, Goldstar Metal Solutions Pvt. Ltd. (GMSPL) is
promoted by Mr. Prem Prakash Saraogi. The firm was earlier involved
in trading of iron ore in domestic and international markets from
three mines located in Satheli village in Sinddhudurg district of
Maharashtra. However, in December 2013, Samruddha Resources Limited
(SRL) acquired the iron ore trading business of GMSPL. SRL paid
sales consideration of INR5.01 crore via slump sale and acquired
excess of liabilities over assets to the tune of INR29.73 crore.
Currently, the company is involved in trading of TMT bars.


GURU KIRANA: ICRA Keeps B Debt Ratings in Not Cooperating
---------------------------------------------------------
ICRA has retained the ratings for the bank facilities of Guru
Kirana Motors in the 'Issuer Not Cooperating' category. The rating
is denoted as "[ICRA]B (Stable); ISSUER NOT COOPERATING".

                    Amount
   Facilities     (INR crore)     Ratings
   ----------     -----------     -------
   Long-term–         2.00        [ICRA]B(Stable); ISSUER NOT
   Fund based/CC                  COOPERATING; Rating continues
                                  to remain under 'Issuer Not
                                  Cooperating' category

   Long-term–         4.00        [ICRA]B(Stable); ISSUER NOT
   Fund based/TL                  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.

Established in December 2014 as a partnership firm by Mr. Thanmaya
M and Mrs. Arpitha, Guru Kirana Motors is an authorized dealer of
Yamaha Motor Private Limited (YMPL). The firm started its
operations in October 2015 with sales, spares
and service facility in Tumkur, Karnataka and became a certified
dealer of YMPL in May 2016. The firm has six subdealers under it
spread across Karnataka. It has an employee base of around 35
people.


K. B. PRODUCTS: ICRA Keeps B Debt Ratings in Not Cooperating
------------------------------------------------------------
ICRA has retained the Long-Term ratings of K. B. Products Private
Limited in the 'Issuer Not Cooperating' category. The ratings are
denoted as [ICRA]B (Stable); ISSUER NOT COOPERATING".

                     Amount
   Facilities      (INR crore)    Ratings
   ----------      -----------    -------
   Fund Based          5.45       [ICRA]B (Stable); ISSUER NOT
   Cash Credit                    COOPERATING; Rating continues
                                  to remain under 'Issuer Not
                                  Cooperating' Category

   Unallocated Limit   1.55       [ICRA]B (Stable); ISSUER NOT
                                  COOPERATING; Rating continues
                                  to remain under 'Issuer Not
                                  Cooperating' Category

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

K.B. Products Private Limited (KBPL) was setup by Mr. Kewalchand
Jain and his brother Mr. Jagdish Jain in the year 1978 as a trading
and distribution firm for milk products in Masjid Bunder. In 2007,
the company was converted from a sole proprietorship into a private
limited company. KBPL is primarily engaged in trading and marketing
of ghee and dairy products.

KBPL has been a distributor for various dairy brands like
Gowardhan, Milko, Madhur Ghee, Gopal Ghee, Vijaya, Nandini etc. in
the past, however, since the last few years, the company is
focussing on marketing and distribution of ghee and dairy products
under its own brand name 'Nakoda'. Some of the main products which
the company sells under its brand name 'Nakoda' include buffalo
ghee, cow ghee, coconut oil, skimmed milk powder, refined sunflower
oil, 2 groundnut oil, sesame oil and mustard oil. KBPL's products
are distributed mainly in Maharashtra and in some other states like
Gujarat, Haryana, Rajasthan, Uttar Pradesh, Chhattisgarh through
their widespread dealer network.

The company also has a manufacturing facility located at Bhiwandi
for processing of ghee, butter and oil with a storage capacity of
300 TPD and a packing capacity of 50 TPD which is currently run in
a single shift.


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

                     Amount
   Facilities      (INR crore)    Ratings
   ----------      -----------    -------
   Fund Based          3.00       [ICRA]B(Stable); ISSUER NOT
   Cash Credit                    COOPERATING; Rating continues
                                  to remain under 'Issuer Not
                                  Cooperating' Category

   Non Fund Based      3.50       [ICRA]B(Stable); ISSUER NOT
   Bank Guarantee                 COOPERATING; Rating continues
                                  to remain under 'Issuer Not
                                  Cooperating' Category

Rationale

The rating continues to remain under "Issuer Not Cooperating
category" because of lack of adequate information regarding
Madhusudan Garai's performance and hence the uncertainty around its
credit risk. ICRA assesses whether the information available about
the entity is commensurate with its rating and reviews the same as
per its "Policy in respect of non-cooperation by a rated entity"
available at www.icra.in. The lenders, investors and other market
participants are thus advised to exercise appropriate caution while
using this rating as the rating may not adequately reflect the
credit risk profile of the entity.

As part of its process and in accordance with its rating agreement
with Madhusudan Garai, 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. In the absence of requisite information and in
line with the aforesaid policy of ICRA, a rating view has been
taken on the entity based on the best available information.

MG was established as a proprietorship concern in 1979 by the
Nadia-based Mr. Madhusudan Garai, who has an experience of more
than four decades in constructing and maintaining roads, car sheds,
buildings, bridges, subways, structural steel sheds, etc.


ODISHA SLURRY: NCLAT Approves Arcelormittal Resolution Plan
-----------------------------------------------------------
The Hindu BusinessLine reports the National Company Law Appellate
Tribunal (NCLAT) has dismissed various appeals challenging the
approval of the resolution plan filed by ArcelorMittal India for
the corporate insolvency resolution process of Odisha Slurry
Pipeline Infrastructure Ltd (OSPIL).

The Bench comprising of HMJ Jarat Kumar Jain (Member Judicial) and
Kanthi Narahari (Member Technical) approved the plan in an oral
order on Jan. 18, according to BusinessLine.

OSPIL owns and operates a 253-km slurry pipeline, which is a
critical asset for ArcelorMittal Nippon Steel (AMNS) India. It
connects AMNS India's iron ore beneficiation plant in Dabuna with
the 12-million tonne pellet plant in Paradip. It was leased to
Essar and the arrangement captured in the right to use agreement.

However, OSPIL landed up in National Company Law Appellate Tribunal
(NCLT) and ArcelorMittal submitted a INR2,359 crore resolution
plan, which was approved by the Cuttack Bench of the NCLT earlier
this year, BusinessLine relates.

Srei Infra challenged the plan before NCLAT. Incidentally, India
Growth Opportunities Fund, a scheme of Srei Multiple Asset
Investment Trust, held a 69% equity in OSPIL while the balance was
with Essar Steel.

According to Srei, if the payments were made in a timely manner,
OSPIL would have serviced its debts due to its lenders and there
would have been no occasion for it to be taken for insolvency as
the lenders/shareholders of OSPIL would not have suffered any
losses, according to BusinessLine.

ArcelorMittal Group was represented by Senior Advocates Harish N.
Salve and Neeraj Kishan Kaul.

Odisha Slurry Pipeline Infrastructure Limited owns and operates a
pipeline that connects iron ore mines to a pellet plant.


SARVODAYA POLYMERS: ICRA Keeps B+ Debt Ratings in Not Cooperating
-----------------------------------------------------------------
ICRA has retained the ratings for the bank facilities of Sarvodaya
Polymers Pvt Ltd in the 'Issuer Not Cooperating' category. The
rating is denoted as "[ICRA]B+ (Stable); ISSUER NOT COOPERATING".

                     Amount
   Facilities      (INR crore)    Ratings
   ----------      -----------    -------
   Fund Based          8.00       [ICRA]B+(Stable); ISSUER NOT
   Cash Credit                    COOPERATING; Rating continues
                                  to remain under 'Issuer Not
                                  Cooperating' Category

   Fund Based          5.00       [ICRA]B+(Stable); ISSUER NOT
   Term Loan                      COOPERATING; Rating continues
                                  to remain under 'Issuer Not
                                  Cooperating' Category

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

Sarvodaya Polymers Pvt. Ltd. (SPPL) was incorporated in 2011 by
members of the Anjana family. The company is engaged in the
business of manufacturing polypropylene (PP) woven sacks and the
manufacturing facility of the company is located in RIICO
Industrial Area in Nimbahera, District (Rajasthan). The company
commenced its manufacturing operations during FY13.  The promoter
group of SPPL has been involved in various businesses such as
construction, real estate, edible oil extraction and limestone
mining. The promoters do not have any previous experience in
manufacturing of PP woven bags and entered into this business owing
to the large number of cement manufacturers (which are the end
consumers of PP woven bags) located in this region.


SHRIRAM TRANSPORT: $475MM Bonds Get Fitch's BB Ratings
------------------------------------------------------
Fitch Ratings has assigned India-based Shriram Transport Finance
Company Limited's (STFC, BB/Stable) USD475 million 4.15% senior
secured bonds due 2025 a final rating of 'BB'.

This follows the receipt of final documentation conforming to
information previously received. The final rating is in line with
the expected rating assigned on January 6, 2022.

The bonds are secured by a fixed charge over specified accounts
receivable, in line with STFC's domestic secured bonds and its
rupee-denominated senior secured bonds issued overseas. The bonds
are also subject to maintenance covenants that require STFC to meet
regulatory capital requirements at all times, maintain a net stage
3 asset ratio equal to or less than 7%, and ensure its security
coverage ratio is equal to or greater than 1x at all times.

The bonds are issued in the international market under the Reserve
Bank of India's external commercial borrowings (ECB) framework. The
issuer has a call option on the bonds, although as per the ECB
framework, the call option can be exercised only after three years
from issuance.

KEY RATING DRIVERS

STFC's US dollar-denominated senior secured bonds are rated at the
same level as its Long-Term Foreign-Currency Issuer Default Rating
(IDR) of 'BB', in accordance with Fitch's rating criteria.

Most of STFC's debt is secured and Fitch believes that non-payment
of the company's senior secured debt would best reflect uncured
failure of the entity. STFC can issue unsecured debt in the
overseas market, but such debt is likely to constitute a small
portion of its funding and thus cannot be viewed as its primary
financial obligation.

RATING SENSITIVITIES

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

-- Any positive action on STFC's Long-Term Foreign-Currency IDR
would result in similar action on the rating on the bonds.

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

-- Any negative action on STFC's Long-Term Foreign-Currency IDR
would drive similar action on the bond rating.

BEST/WORST CASE RATING SCENARIO

International scale credit ratings of Financial Institutions and
Covered Bond 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

STFC has an ESG Relevance Score of '3' for Customer Welfare,
compared with the standard score of '2' for the finance and leasing
sector. This reflects its retail-focused operation, which exposes
it to risks around fair-lending, pricing-transparency,
repossession, foreclosure and collection practices. Aggressive
practices in these areas may subject the company to legal,
regulatory and reputational risk that may affect its credit profile
negatively. The relevance score of '3' for this factor reflects
Fitch's view that these risks are adequately managed and have had a
low impact on STFC's credit profile to date.

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.

SIDDHARTH CARBOCHEM: ICRA Withdraws B+ Rating on INR4.94cr Loan
---------------------------------------------------------------
ICRA has withdrawn the ratings assigned to the bank facilities of
Siddharth Carbochem Products Limited at the request of the company
and based on the No Objection Certificate (NOC) received from its
banker. However, ICRA does not have information to suggest that the
credit risk has changed since the time the rating was last
reviewed. The Key Rating Drivers, Liquidity Position, Rating
Sensitivities, Key financial indicators have not been captured as
the rated instruments are being withdrawn.

                     Amount
   Facilities      (INR crore)     Ratings
   ----------      -----------     -------
   Long Term          4.94         [ICRA]B+ (Stable); ISSUER NOT
   Fund Based–                     COOPERATING; Withdrawn
   Cash Credit        
                                   
   Short Term-       38.06         [ICRA]A4; ISSUER NOT
   Non-Fund                        COOPERATING; Withdrawn
   Based Limits      
                                   
Established in 1984, SCPL is engaged in manufacture and trading of
a range of specialty chemicals and bulk drugs. The company is
promoted and managed by Mr. Ashesh Jain. The company currently
markets three main products viz. Methyl Salicylate (various
grades), Salicylic acid & Aspirin (acetyl salicylic acid) catering
to the analgesic therapeutic segment, and the flavour & fragrance
applications. The manufacturing facility of SCPL is located in
Jalgaon, Maharashtra and is GMP (Good Manufacturing Practices)
compliant, approved by FDA (US Food and Drug Administration) and
ISO 9001, 14001 & 18001 accredited.


SUBAM TEXTILES: CARE Lowers Rating on INR13.22cr Loan to B+
-----------------------------------------------------------
CARE Ratings revised the ratings on certain bank facilities of Sri
Subam Textiles (SST), as:

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term            13.22      CARE B+; Stable; ISSUER NOT
   Bank Facilities                 COOPERATING; Revised from
                                   CARE BB-; Stable and moved to
                                   ISSUER NOT COOPERATING category

Detailed Rationale & Key Rating Drivers

CARE Ratings Ltd has been seeking information from SST to monitor
the ratings vide e-mail communications dated August 4, 2021,
September 30, 2021, October 26, 2021, among others and numerous
phone calls. However, despite CARE's repeated requests, the firm
has not provided the requisite information for monitoring the
ratings. In line with the extant SEBI guidelines, CARE has reviewed
the ratings on the basis of the best available information which
however, in CARE's opinion is not sufficient to arrive at a fair
rating. The rating on Sri Subam Textiles bank facilities will now
be denoted as CARE B+; Stable; ISSUER NOT COOPERATING.

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

The revision in rating takes into account the non-availability of
requisite information due to non-cooperation by Sri Subam Textiles
with CARE's efforts to undertake a review of the outstanding
ratings as CARE views information availability risk as key factor
in its assessment of credit risk profile.

Detailed description of the key rating drivers

At the time of last rating on December 21, 2020 the following were
the rating strengths and weaknesses.

Key Rating Weaknesses

* Leveraged capital structure: The capital structure of the firm
remained leveraged during the review period. The overall gearing of
the firm deteriorated from 2.98x as of March 31, 2018 to 3.25x as
of March 31, 2019 due to fresh long-term loans availed by the firm
for the purpose of purchase of machineries and value additions, so
as to enhance its production capacity. In addition to that it has
also availed business loans/working capital term loans to meet out
its day to day business needs, primarily for purchase of cotton.
However, the facility has remained closed during FY19. Further in
FY20 (Prov.) the firm has purchased a windmill for its captive
consumption with the total project cost of INR14.00 Crore which is
to be funded through the term loan of INR9.20 Crore from bank and
rest from internal accruals. This along with increased utilization
level of working capital bank borrowings as on balance sheet date
FY20 (Prov.), the overall gearing continued to be in par with
previous fiscal at 3.23x as on March 31, 2020.

* Susceptibility of profits at volatile price fluctuation and
seasonality associated with availability of cotton: The cotton
industry is highly fragmented in nature with several organized and
unorganized players. Prices of raw cotton are highly volatile in
nature and depend upon the factors like area under cultivation,
crop yield, and demand-supply scenario. The cotton processing
operators procure raw materials in bulk quantities to avail
discount from suppliers to mitigate the seasonality associated with
availability of cotton resulting in higher inventory holding
period. Further, the profitability margins of the firm are
susceptible due to fluctuation in raw material prices.

* Highly fragmented industry with intense competition from large
number of players: The firm is engaged in manufacturing of cotton
yarn which is highly fragmented industry due to presence of large
number of organized and unorganized players in the industry
resulting in huge competition.

* Constitution of the entity as proprietorship concern with
inherent risk of withdrawal of capital: SST, being a proprietorship
concern, is exposed to inherent risk of the promoter's capital
being withdrawn at time of personal contingency and firm being
dissolved upon the death/retirement/insolvency of the proprietor.
Moreover, proprietorship business has restricted avenues to raise
capital which could prove a hindrance to its growth. The proprietor
has withdrawn an amount of INR0.29 cr. during FY20.

Key Rating Strengths

* Experience of the promoter for more than three-decade in the
textile industry: SST was incorporated in the year 1991 and is
managed by Mr. B. P. S Eshawaran, who is a graduate by
qualification and has more than three decades of experience in
textile business. Due to long term presence and experience of the
proprietor in textile industry, he has established relationship
with suppliers and customers.

* Growth in total Operating Income: The firm has improved its scale
of operations at a CAGR of 12.09% over FY18-FY20 period. Total
operating income (TOI) of the firm improved by 31.54% in FY19 to
INR84.66 Crore as against INR64.36 Crore in FY18 aided by increase
in sale of yarn as well as from cloth vertical. Further, in FY20
(prov.), the TOI has surged to INR90.65 crore primarily driven by
increase in sale of cloth on the back of increase in order inflows
both from existing and new clientele.

* Healthy profitability margins: The profitability margins of the
firm were seen improving during the review period. The PBILDT
margin of the firm declined marginally from 6.85% in FY18 to 6.28%
in FY19 due to increase in material costs. However, the same has
improved by 900 bps to 15.28% in FY20 Prov. due to increase in
total operating income on absolute basis coupled with reduced
material costs. The PAT margin of the firm remained almost in flat
with previous fiscals, and stood at 1.27% in FY20 Prov. (1.10% and
1.15% in FY18 and FY19 respectively).

* Satisfactory debt protection metrics: The Debt coverage
indicators of the firm improved and stood satisfactory during
review period. Total debt/GCA of the firm improved from 6.45x in
FY18 to 5.47x in FY19 due to increase in cash accruals to the firm
albeit increase in total debt levels. It further continues to
improve and stood at 1.96x in FY20 Prov. due to sufficient cash
accruals generated during the year. The PBILDT Interest coverage
ratio of the firm improved from 3.42x as on FY18 to 3.82x in FY19
due to increase absolute terms of PBILDT. It further improved to
6.89x in FY20 Prov. due to continued increase in absolute PBILDT.

* Satisfactory operating cycle days: The operating cycle of the
firm remained comfortable at 8 days in FY20 (19 days in FY19) due
to satisfactory collection and creditors period. The firm usually
makes the payments to its suppliers within 10-30 days. Also, the
firm receives the payment from its customers within 30-60 days. The
firm maintains the stock of raw cotton for a period of 30 days to
meet out the orders on time. The average collection and creditor's
period has elongated to 52 days and 64 days respectively in FY20
(Prov.). Though the collection days of firm has elongated to 52
days, it has stretched its creditor's period up to 64 days availed
credit period for payment of the materials purchased. Hence the
reliance on working capital bank borrowings are relatively moderate
and the average utilization for the last 12 months ended November
30, 2020 stood at 75%.

Liquidity analysis: Adequate

Adequate liquidity characterized by sufficient cushion in accruals
vis-à-vis repayment obligations and cash balance of INR0.87 crore
as of March 31, 2020(Prov.). Adding, the firm has liquidity cushion
with nearly 25% (i.e. INR1.88 Crore) of working capital limits
unutilized as on November 30, 2020. Further, the current ratio
stood moderate at 1.01x as of March 31, 2020 (Prov.) to meet out
its short-term debt obligations. The firm has availed moratorium on
its Term loan facilities from March to August 2020 as per COVID-19
RBI guidelines.

Tamilnadu based, Sri Subham Textiles (SST) is a proprietorship
entity, established and commenced commercial operations in the year
1991. The firm is managed by P S Eshwaran. SST is engaged in
manufacturing of cotton yarn and Fabrics. The firm has its
registered office located at Tirupur and had its manufacturing
facilities in Erode District with an installed capacity of 1.85
crore meters of cloth per annum and 24 Lakh kgs of yarn per annum
(as on March 31, 2020). The firm purchases raw material from
Karnataka, Maharashtra, Telangana and Andhra Pradesh.


TAYO ROLLS: Trading Part of 'Pump & Dump' Scheme, Analysts Say
--------------------------------------------------------------
The Economic Times of India reports Tayo Rolls, a Tata group firm,
has not generated any revenue since FY18 and is currently
undergoing the corporate insolvency resolution process. That has
not stopped a section of market punters from trading vigorously in
its stock, which has soared nearly 230% since October 1, ET says.

In the absence of a running business operation, analysts said the
trading frenzy in the stock could be part of a 'pump and dump'
strategy by operators, according to ET.

According to ET, Tayo shares, which mostly remained in a range
between INR30 and INR50 apiece for almost three years, have seen a
sudden spike since October 2021 amid the growing investor appetite
for Tata group stocks.  On Jan. 17, Tayo shares declined 2.6% to
close at INR190.50.

"Retail investors must resist the lure of buying these types of
stocks as they are not a risk worth taking," ET quotes Arun
Kejriwal, CEO, KRIS Research & Advisory, as saying. "These are
called pump and dump schemes, where operators manipulate prices
using new marketing techniques."

Shares of another loss-making Tata Group firm, Tata Teleservices
Maharashtra (TTML), were among the top performers in 2021. The
stock rallied 3,000% in one year and 12,800% in two years, but the
momentum has reversed of late. In the past four trading sessions,
the stock has fallen 5% --- the lowest tradable limit every day.
About 30 million shares were on the block in the absence of
buyers.

                        About Tayo Rolls

India-based Tayo Rolls Limited was a metal fabrication and
processing company. Tayo Rolls is a subsidiary of Tata Steel.

Tayo Rolls suspended its operations in May 2016, and is currently
undergoing corporate insolvency resolution process.  According to
Tayo Rolls' annual report, the insolvency process commenced
following an order passed by the Kolkata bench of the National
Company Law Tribunal on April 5, 2019. In July 2019, the National
Company Law Appellate Tribunal dismissed the petition by the
company's employees against the ongoing insolvency process.

The Economic Times of India reports Tata Steel owned a 54.45% stake
in the company as of December 31, while Japan's Yadogawa Steel held
14.98%. Public shareholders held 26.78%.



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

MODERNLAND REALTY: Moody's Alters Outlook on 'Ca' CFR to Stable
---------------------------------------------------------------
Moody's Investors Service has affirmed the corporate family rating
of Modernland Realty Tbk (P.T.) (Modernland) at Ca.

At the same time, Moody's has affirmed the Ca backed senior secured
rating of the restructured $179 million 2025 notes issued by JGC
Ventures Pte. Ltd. and the restructured $268 million 2027 notes
issued by Modernland Overseas Pte. Ltd.

JGC Ventures Pte. Ltd. and Modernland Overseas Pte. Ltd. are wholly
owned subsidiaries of Modernland, and the notes are guaranteed by
Modernland and most of its subsidiaries.

Moody's has also changed the outlook to stable from negative.

"The change in outlook to stable reflects Modernland's completion
of the restructuring of its US dollar notes, which led to an
improvement in the company's liquidity over the next 12-18 months.
Modernland's liquidity is further supported by proceeds of around
IDR1 trillion from the sale of its 33% stake in PT Astra
Modernland," says Jacintha Poh, a Moody's Senior Vice President.

"The affirmation of Modernland's Ca rating reflects its
unsustainable capital structure, as indicated by its extremely high
leverage because of weak operating performance," adds Poh.

RATINGS RATIONALE

In December 2021, Modernland completed the restructuring of its US
dollar notes. The original $150 million notes due August 2021,
issued by JGC Ventures Pte. Ltd., was amended and restated to $179
million due June 2025. In addition, the original $240 million notes
due April 2024, issued by Modernland Overseas Pte. Ltd., was
amended and restated to $268 million due April 2027.

The coupon rates on the original notes were also amended such that
they now comprised a cash and payment-in-kind component. The cash
coupon starts at 0% in the first year and increases by one
percentage point annually to a maximum of 3% in the fourth year,
while the payment-in-kind coupon is fixed at 3%.

The restructured notes are secured by first priority liens on a
number of land parcels that will provide a security coverage ratio
of 60%. Modernland is also required to complete $40 million of
asset sales on or prior to June 30, 2023 and another $160 million
on or prior to December 31, 2024, in which 75% of the proceeds from
such asset sales must be used towards redeeming the restructured US
dollar notes.

Modernland's liquidity improved significantly following the
restructuring completion of its US dollar notes as well as the sale
of its 33% stake in PT Astra Modernland, a joint venture with Astra
International and Hongkong Land, for IDR1 trillion on December 29,
2021.

Moody's expects Modernland's liquidity to be good over the next
12-18 months. As of September 30, 2021, Modernland had cash and
cash equivalents of IDR130 billion. This, together with its
operating cash flow, which Moody's estimates to be around IDR3
billion over the next 18 months, and IDR1 trillion from the stake
sale of PT Astra Modernland, will be sufficient to cover its
maturing debt obligations of around IDR100 billion and estimated
capital spending of around IDR60 billion.

Modernland achieved only IDR566 billion of marketing sales in the
first nine months of 2021, a significant decline from IDR1.5
trillion pre-pandemic in 2019. Moody's expects the company's
marketing sales to remain weak at around IDR750 billion in 2021 and
IDR900 billion in 2022 because demand for industrial projects is
unlikely to recover over the next 12-18 months.

Modernland's leverage, measured by debt/homebuilding EBITDA will
remain elevated at 56x in 2021 and 41x in 2022, indicating an
unsustainable capital structure. The company's homebuilding EBIT
interest coverage will improve to 0.1x in 2021 and 3.1x in 2022
because of the lower coupon rate on its restructured US dollar
notes. For the 12 months ended September 30, 2021, Modernland had a
leverage of 71x and homebuilding EBIT interest coverage of 0x.

In terms of environmental, social and governance (ESG) risks, the
rating incorporates governance risks based on Modernland's weak
financial management, which resulted in missed payments and the
restructuring of all its debt in 2020 and 2021. Moody's also
considered the founding family's concentrated ownership of
Modernland and the company's board, where only two of five members
are independent.

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

An upgrade of Modernland's ratings would depend on the company
establishing a sustainable capital structure and business
operations.

Modernland's ratings could be downgraded if the risk of default
increases and if Moody's estimates that expected losses for the
company's creditors will be higher than those implied by the Ca
rating.

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

Modernland Realty Tbk (P.T.) is an integrated property developer in
Indonesia that focuses on industrial town, residential and township
developments. It also has small exposures to the hospitality and
commercial property segments. The company listed on the Jakarta
Stock Exchange in 1993 and is controlled by the Honoris family.



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

DATELINE CONTRACTORS: Creditors' Proofs of Debt Due on Feb. 8
-------------------------------------------------------------
Creditors of Dateline Contractors Limited, 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 Jan. 10, 2022.

The company's liquidators are:

          Steven Khov
          Kieran Jones
          Thomas Rodewald
          Khov Jones Limited
          PO Box 302261
          North Harbour, Auckland


J & K ORGANIC: Creditors' Proofs of Debt Due on Feb. 11
-------------------------------------------------------
Creditors of J & K ORGANIC LIMITED, which is in voluntary
liquidation, are required to file their proofs of debt by Feb. 11,
2022, to be included in the company's dividend distribution.

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

The company's liquidator is Kelera Nayacakalou.


MEDICAL DEVICES: Creditors' Proofs of Debt Due on Feb. 18
---------------------------------------------------------
Creditors of Medical Devices & Testing Limited, which is in
voluntary liquidation, are required to file their proofs of debt by
Feb. 18, 2022, to be included in the company's dividend
distribution.

Geoff Falloon of Biz Rescue Limited was appointed liquidator of the
above company by special resolution of the shareholder on 13
January 2022.

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

The company's liquidators are:

          Geoff Falloon
          Biz Rescue Limited
          PO Box 27, Nelson 7040


NEW HOME DECORATORS: March 7 Hearing on Wind-Up Petition
--------------------------------------------------------
A petition to wind up the operations of New Home Decorators Limited
will be heard before the High Court at Hamilton on March 7, 2022,
at 10:00 a.m.

Hamilton Hardware Retail Limited (trading as Mitre 10 Mega
Hamilton) filed the petition against the company on Dec. 21, 2021.

The Petitioner's solicitor is:

          Catherine Louise Waugh
          Credit Consultants Group NZ Limited
          Level 12, 15 Willeston Street
          Wellington Central, Wellington


NZ PROPERTY: Court to Hear Wind-Up Petition on Feb. 8
-----------------------------------------------------
A petition to wind up the operations of NZ Property Maintenance
Solutions Limited will be heard before the High Court at Wellington
on Feb. 8, 2022, at 10:00 a.m.

Quang Nguyen filed the petition against the company on Nov. 12,
2021.

The Petitioner's solicitors are:

          Brett Leeson Martelli
          HC Legal Limited
          Level 1, 19 Mauranui Avenue
          Newmarket, Auckland


YIXUAN COMPANY: Creditors' Proofs of Debt Due on Feb. 11
--------------------------------------------------------
Creditors of Yixuan Company Limited, which is in voluntary
liquidation, are required to file their proofs of debt by Feb. 11,
2022, to be included in the company's dividend distribution.

The company commenced wind-up proceedings on Dec. 23, 2021.

The company's liquidator is:

          Craig Andrew Young
          Restructuring Services Limited
          PO Box 87340, Auckland




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

FATEH PTE: Commences Wind-Up Proceedings
----------------------------------------
Members of Fateh Pte. Ltd., on Jan. 11, 2022, passed a resolution
to voluntarily wind up the company's operations.

The company's liquidators are:

          Mr. Imran Assan
          Ms. Zalinah Samade
          M/s MGI Accountants and Advisors Pte. Ltd.
          80 Robinson Road #15-02
          Singapore 068898


MATSUDO INVESTMENT: Creditors' Proofs of Debt Due on Feb. 14
------------------------------------------------------------
Creditors of Matsudo Investment Pte. Ltd., which is in voluntary
liquidation, are required to file their proofs of debt by Feb. 14,
2022, to be included in the company's dividend distribution.

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

The company's liquidator is:

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


RESOURCES PRIMA: EA Consulting Named as Provisional Liquidators
---------------------------------------------------------------
Saw Meng Tee and Ong Shyue Wen of EA Consulting Pte Ltd were
appointed as provisional liquidators of Resources Prima Group
Limited on Jan. 13, 2022.

The Provisional Liquidators may be reached at:

          EA Consulting Pte Ltd
          1 North Bridge Road
          #23-05, High Street Centre
          Singapore 179094



TRIPLE H: Court to Hear Wind-Up Petition on Jan. 28
---------------------------------------------------
A petition to wind up the operations of Triple H Technology Pte.
Ltd. will be heard before the High Court of Singapore on Feb. 4,
2022, at 10:00 a.m.

Hong Leong Finance Limited filed the petition against the company
on Jan. 14, 2022.

The Petitioner's solicitors are:

          Michael BB Ong & Co
          No. 10 Anson Road
          #33-06 International Plaza
          Singapore 079903




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

SRI LANKA: Investors See High Default Risk as July Payment Looms
----------------------------------------------------------------
Bloomberg News reports that global investors are growing more
skeptical that Sri Lanka will be able to repay its long-term debt
as the island nation turns to bilateral aid to help it meet
obligations.

The South Asian country's dollar bonds maturing toward the end of
this decade are trading near record lows and default risk is
holding near an all-time high, data compiled by Bloomberg show. The
first test would be a $1 billion maturity in July, which policy
makers say they will repay in time after drawing down a swap
facility from China to help meet a $500 million payment this week,
the report relates.

According to Bloomberg, Sri Lankan President Gotabaya Rajapaksa
said in a speech to parliament on Jan. 18 the country cannot
adequately import its needs without raising foreign-exchange
reserves. His administration has been looking to China and India
for financial assistance, with the pandemic slamming crucial
tourism revenue and making it hard to pay for key food purchases.
Rajapaksa is also unwilling to seek International Monetary Fund
bailout.  He has chosen to boost pay for state employees and soothe
public anger as inflation accelerates.

"While in theory they should be able to repay debt maturing in July
this year from the FX reserve, this will certainly affect the
repayment of debts later on," Bloomberg quotes Arthur Lau, head of
Asia ex-Japan fixed income at PineBridge Investments in Hong Kong,
as saying. "Talk of obtaining a meaningful bilateral financing
arrangement do not seem sufficient right now."

Sri Lanka's reserves stood at $3.1 billion last month. It has
external obligations of $6.9 billion for 2022, including the $500
million bonds repaid on Jan. 18 and the July notes, according to
Fitch Ratings.

Dollar-denominated notes maturing in March 2030 are trading at
48.53 cents on the dollar, nearing the record low 47.91 cents
reached in May 2020. Securities due in March 2029 are at 48.63
cents, near its weakest price of 47.99 cents also in more than a
year, Bloomberg discloses.

Losses in Sri Lanka bonds have accelerated in the last six months
with a drop of almost 19%, the most among 10 sovereign
emerging-market dollar bond markets in Asia, according to a
JPMorgan Chase & Co. index.

Ek Pon Tay, BNP Paribas Asset Management's senior portfolio manager
in Singapore, predicts Sri Lanka will raise interest rates when it
reviews policy Jan. 20. Three of six economists surveyed by
Bloomberg expect no change, while the rest predict tightening of at
least 50 basis points. Sri Lanka's inflation rate is among the
fastest in Asia at more than 12%, the report notes.

Tay said the country's ability to repay its July bond is "less
certain" than the January repayment. Sri Lanka will face an "uphill
battle" to repay the debt, according to Nivedita Sunil, a fund
manager at Lombard Odier, Bloomberg relates. Citigroup Global
Markets Inc. warned in a note this month there's rising risk of a
"future potentially disorderly default" in Sri Lanka.  

"We have not held Sri Lankan debt for close to a year, troubled by
the current-account developments -- much weaker tourism and
remittances than expected, weak economic growth and lack of
commitment to an IMF program, which we would see as essential,"
Bloomberg quotes Matthew Vogel, London-based portfolio manager and
head of sovereign research at FIM Partners, as saying.



                           *********


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

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

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

This material is copyrighted and any commercial use, resale or
publication in any form (including e-mail forwarding,
electronic re-mailing and photocopying) is strictly prohibited
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Information contained herein is obtained from sources believed
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mail.  Additional e-mail subscriptions for members of the same
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thereof are US$25 each.  For subscription information, contact
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                *** End of Transmission ***