---

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

                     A S I A   P A C I F I C

          Wednesday, January 26, 2022, Vol. 25, No. 13

                           Headlines



A U S T R A L I A

ANNERLEY VIEWS: Second Creditors' Meeting Set for Feb. 1
AUSMECH PTY: Second Creditors' Meeting Set for Feb. 2
DIXON ADVISORY: Collapse Puts New Questions on Financial Advice
FROFFIN BUBBLES: Court Enters Wind-Up Order
JOE'S DINER: Court Enters Wind-Up Order

SUSTAINABLE ORGANIC: Second Creditors' Meeting Set for Feb. 2


C H I N A

CHINA EVERGRANDE: Asks Offshore Creditors to Avoid Hostile Actions
GUANGZHOU R&F: Fitch Raises Rating to 'CC' After Exchange Offer
GUORUI PROPERTIES: Fitch Cuts Rating to 'CCC+' on Refinancing Risk
JINGRUI HOLDINGS: S&P Withdraws 'B' Issuer Credit Rating
KAISA GROUP: Undergoes Audit on Order of Guangdong Government

SHIMAO GROUP: Gears Up Asset Sales for Debt Relief
YUZHOU GROUP: To Miss Bond Payments After Debt Exchange


H O N G   K O N G

GENTING HONG KONG: Crystal Symphony Diverts Trip on Arrest Warrant
THEVELIA HOLDINGS: S&P Assigns 'B' Long-Term ICR, Outlook Stable


I N D I A

AAVI COTTEX PRIVATE: Voluntary Liquidation Process Case Summary
ADHUNIK CORPORATION: Ind-Ra Lowers LT Issuer Rating to 'BB+'
DURGA LOHA: CRISIL Lowers Rating on INR10cr Cash Loan to B
ER TEXTILES LIMITED: Insolvency Resolution Process Case Summary
GANESH FIRE: Liquidation Process Case Summary

GENERAL NIPPON: Voluntary Liquidation Process Case Summary
GREEN PETRO: Ind-Ra Moves BB- LT Issuer Rating to Non-Cooperating
HARSHNA AGRO: CRISIL Lowers Rating on INR10cr Term Loan to C
INCREDIBLE INDUSTRIES: Ind-Ra Lowers LT Issuer Rating to 'BB+'
JANA HOLDINGS: Ind-Ra Assigns 'B+' Non-Convertible Debts Rating

JSW INFRASTRUCTURE: Fitch Rates $400MM Unsec. Notes Final 'BB+'
KHAGARIA AUTO: CRISIL Keeps B Debt Rating in Not Cooperating
KLER WINES: Ind-Ra Moves 'B+' LT Issuer Rating to Non-Cooperating
LAXME SAAI STEEL: Insolvency Resolution Process Case Summary
MAHARASHTRA FOODS: CRISIL Keeps B Debt Ratings in Not Cooperating

MANGALORE MARKETING: CRISIL Keeps B+ Rating in Not Cooperating
MITESH TRADING: Insolvency Resolution Process Case Summary
OMSHANKAR MILKFOOD: CRISIL Moves B+ Ratings to Not Cooperating
OPAL LUXURY: CRISIL Keeps D Debt Ratings in Not Cooperating
PCI LIMITED: CRISIL Keeps D Debt Ratings in Not Cooperating

POLIXEL SECURITY: Ind-Ra Moves BB Issuer Rating to Non-Cooperating
RAHIS COLD: CRISIL Keeps B Debt Ratings in Not Cooperating
RAMDEV STAINLESS: CRISIL Keeps B Debt Ratings in Not Cooperating
RAVISHANKAR VIDYA: CRISIL Lowers Rating on INR15cr Loan to B
ROHARSH MOTORS: Insolvency Resolution Process Case Summary

RUCHI OYSTER: CRISIL Keeps B+ Debt Ratings in Not Cooperating
S. K. BREEDING: CRISIL Keeps B Debt Ratings in Not Cooperating
SAI RAMA: CRISIL Keeps B Debt Ratings in Not Cooperating Category
SAMRAT PLASTIC: CRISIL Lowers Rating on INR7cr Cash Loan to B
SANSKRITI GOLDEN: Insolvency Resolution Process Case Summary

SHAH MOTILAL: CRISIL Keeps B+ Debt Ratings in Not Cooperating
SHIRIN EXPORTS: Insolvency Resolution Process Case Summary
SHIV SHARNAM: CRISIL Lowers Rating on INR5cr Loan to B
SPRING DYNAMICS: CRISIL Keeps B Debt Ratings in Not Cooperating
SUBRA INTERNATIONAL: CRISIL Keeps B Rating in Not Cooperating

SULOCHANA AGRO: CRISIL Keeps B+ Debt Ratings in Not Cooperating
TECH PAPRERS: CRISIL Keeps B+ Debt Rating in Not Cooperating
THREE C GREEN: Insolvency Resolution Process Case Summary
TRILOK SECURITY: Insolvency Resolution Process Case Summary
VIRAMAN BUILDCON: Insolvency Resolution Process Case Summary

YOGI DYEING: Voluntary Liquidation Process Case Summary


I N D O N E S I A

CIPUTRA DEVELOPMENT: Fitch Alters Outlook on 'B+' IDR to Positive


N E W   Z E A L A N D

10/7 SECURITY: Commences Wind-Up Proceedings
BARRA LIMITED: Creditors' Proofs of Debt Due on Feb. 21
IMMORTAL IMAGINATION: Creditors' Proofs of Debt Due on March 11
Y & Z SUPERMARKET: Court to Hear Wind-Up Petition on March 11


P H I L I P P I N E S

HIMLAYANG PILIPINO: Placed Under Conservatorship


S I N G A P O R E

DA GUANG: First Creditors' Meeting Set for Feb. 10
HITECH MINING: Court to Hear Wind-Up Petition on Feb. 4

                           - - - - -


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

ANNERLEY VIEWS: Second Creditors' Meeting Set for Feb. 1
--------------------------------------------------------
A second meeting of creditors in the proceedings of Annerley Views
Development Pty Ltd has been set for Feb. 1, 2022, at 10:30 a.m.
virtually at the offices of Worrells, Level 8, 102 Adelaide Street,
in Brisbane, Queensland.

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. 31, 2022, at 5:00 p.m.

Lee Crosthwaite of Worrells Solvency was appointed as administrator
of Annerley Views on Dec. 15, 2021.


AUSMECH PTY: Second Creditors' Meeting Set for Feb. 2
-----------------------------------------------------
A second meeting of creditors in the proceedings of Ausmech Pty Ltd
has been set for Feb. 2, 2022, at 10:00 a.m. via Zoom
Videoconferencing only.

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

Creditors wishing to attend are advised proofs and proxies should
be submitted to the Administrator by Feb. 1, 2022, at 4:00 p.m.

Bradd William Morelli and Emma Marie Mos of Jirsch Sutherland were
appointed as administrators of Ausmech Pty on Dec. 16, 2021.


DIXON ADVISORY: Collapse Puts New Questions on Financial Advice
---------------------------------------------------------------
Australian Financial Review reports that the failure of Dixon
Advisory Superannuation Services puts fresh question marks over the
future of Australia's troubled financial advice industry. A
once-respected retirement specialist firm, Dixon has collapsed into
voluntary administration under the weight of class actions by
clients who sustained heavy losses investing in in-house
fee-gouging products, the report says.

According to AFR, Dixon was once held up as the role model for the
kind of independent and affordable advice ordinary Australians need
to manage their superannuation nest egg. But in reality, its
vertically integrated wealth model was affordable only because its
advice wasn't independent at all.

This has flushed concerns that conflicted advice is widespread in
the industry and prompted calls for investment advice to be
separated from products by law, AFR relates.

AFR says the Hayne royal commission took the view that the existing
rules about declaring conflict of interests were sufficient. Hence,
Dixon's unethical behavior may not be reason for more red tape,
especially when the Hayne regulatory fallout has already made the
cost of financial advice unaffordable for many retirees.

However, Dixon's downfall demonstrates the need to be upfront and
transparent with clients about any and all conflicts, so that
financial planners maintain and strengthen the trust on which the
wealth industry rests, the report states.

Dixon Advisory & Superannuation Services Ltd operates as an
investment management company. The Company offers wealth
management, estate planning, funds, investment strategies, and
financial planning, services. Dixon Advisory & Superannuation
Services serves customers in the United States and Australia.

As reported in the Troubled Company Reporter-Asia Pacific on Jan.
21, 2022, E&P Financial Group's wholly owned subsidiary Dixon
Advisory and Superannuation Services (DASS) has appointed PwC
Partners Stephen Longley and Craig Crosbie as voluntary
administrators.  According to themarketherald.com.au, E&P said the
appointment was made after the DASS directors determined mounting
actual and potential liabilities were likely to result in DASS
becoming insolvent at some future time.

Actual or potential liabilities include possible damages arising
from the representative proceedings led by Piper Alderman and Shine
Lawyers, claims against DASS being determined by the Australian
Financial Complaints Authority (AFCA) and penalties agreed between
DASS and the Australian Securities and Investments Commission
(ASIC), themarketherald.com.au said.


FROFFIN BUBBLES: Court Enters Wind-Up Order
-------------------------------------------
The Supreme Court of Queensland entered an order on Jan. 20, 2022,
to wind up the operations of Froffin Bubbles Pty Ltd, formerly
known as Froff & Bubble Pty Ltd.

The company's liquidators are:

          Kaily Lyn Chua
          David James Hambleton
          Rodgers Reidy
          GPO Box 471
          Brisbane, Queensland 4001


JOE'S DINER: Court Enters Wind-Up Order
---------------------------------------
The Supreme Court of Queensland entered an order on Jan. 25, 2022,
to wind up the operations of Joe's Diner Surfer's Paradise Pty
Limited.

The company's liquidator:

          Matthew John Bookless
          SV Partners
          Level 3, 12 Short Street
          Southport, Queensland 4215


SUSTAINABLE ORGANIC: Second Creditors' Meeting Set for Feb. 2
-------------------------------------------------------------
A second meeting of creditors in the proceedings of Sustainable
Organic Solutions Pty Ltd, trading as Sosbio, has been set for Feb.
2, 2022, at 11:00 a.m. via Zoom teleconference facilities.

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 Feb. 1, 2022, at 5:00 p.m.

Domenic Calabretta and Mitchell Ball of Mackay Goodwin were
appointed as administrators of Sustainable Organic on Dec. 22,
2021.




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

CHINA EVERGRANDE: Asks Offshore Creditors to Avoid Hostile Actions
------------------------------------------------------------------
South China Morning Post reports China Evergrande Group is asking
its offshore creditors to refrain from taking hostile enforcement
actions to recover their debt as the developer makes "unremitting
efforts" to reorganize more than US$310 billion of liabilities.

The Post relates the group said in a stock exchange filing on Jan.
25, it will need more time to evaluate the number of potential
solutions before it can further engage in substantive negotiations
with offshore creditors, citing the large number of stakeholders
and debt complexities.

According to the Post, the statement came after reports saying
foreign creditors are preparing to take legal actions to compel the
Guangzhou-based developer to honor its obligations, having
defaulted on several payments on some of its US$20 billion worth of
foreign-currency bonds late last year.

"The group and its advisers have been proactive in communicating
with a wide range of offshore creditors," Evergrande said in a
separate statement on its website on Jan. 24. It asked offshore
creditors to "exhibit patience by refraining from taking aggressive
legal actions."

Evergrande faces at least US$186 million in offshore bond payments
this month, US$2 billion in March and US$1.045 billion in April.

                       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.

Evergrande had CNY1.97 trillion (US$311 billion) of liabilities at
the end of June 2021.  Once China's biggest developer by sales,
Evergrande fell into distress as cash dried up and the group
overstretched itself on borrowings and ventures into car
manufacturing.

Evergrande hired outside financial advisers Houlihan Lokey and
Admiralty Harbour Capital in September 2021 to engage with
creditors soon after it ran into a liquidity squeeze, the Post
recalls. It has since worked with more advisers in the past two
months by turning to China International Capital Corp, BOCI Asia
and Zhong Lun Law Firm on its debt workout plan.

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.

GUANGZHOU R&F: Fitch Raises Rating to 'CC' After Exchange Offer
---------------------------------------------------------------
Fitch Ratings has upgraded the Long-Term Foreign-Currency Issuer
Default Rating (IDR) of China-based Guangzhou R&F Properties Co.
Ltd. and its subsidiary, R&F Properties (HK) Company Limited
(RFHK), to 'CC' from 'RD' (Restricted Default) due to a
reassessment of the company's profile after the completion of an
exchange offer. Guangzhou R&F's and RFHK's senior unsecured ratings
have been upgraded to 'CC' from 'C' with a Recovery Rating of
'RR4'.

The upgrade reflects Guangzhou R&F's improved capital structure
after the exchange on 13 January 2022, which extended the bond
repayment by six months. However, Fitch believes it continues to
face liquidity challenges as a large amount of short-term debt is
maturing in 2022, while its access to funding could remain limited.
The company is planning asset sales to refinance the upcoming
maturities, but Fitch believes there is high execution risk due to
the challenging macroeconomic environment. A persistent drop in
contracted sales could also weaken the company's debt repayment
capability, as cash collected from contracted sales is a key source
of Guangzhou R&F's liquidity.

KEY RATING DRIVERS

Significant Capital-Market Obligations: Guangzhou R&F had an
available cash balance of around CNY13 billion at end-June 2021,
while its capital-market bond maturities in 2022, after the
exchange and including puttable bonds, amount to about CNY17.6
billion. Its ability to access its project companies' cash balance
for bond repayment is also uncertain.

Limited Capital-Market Access: Guangzhou R&F's access to onshore
and offshore bond markets appears limited. Fitch believes the
company could continue to find it challenging to access the
offshore bond market and may face difficulty issuing or extending
puttable onshore and offshore bonds under current market
conditions.

Uncertainty over Asset Disposals: There has been slow progress on
the sale of Guangzhou R&F's investment properties and hotel
operations. Fitch thinks its asset disposals are subject to
execution risk, increasing the uncertainty of cash inflow from
these sales.

Declining Contracted Sales: Guangzhou R&F's contracted sales fell
by 48% quarter-on-quarter in 4Q21, contributing to the 13% decline
in reported cumulative contracted sales to CNY120 billion in 2021.
Fitch believes a sustained decline in contracted sales will worsen
its ability to repay maturing debt. Fitch thinks recent news flow
on the company could further weaken the confidence of homebuyers
and damage Guangzhou R&F's liquidity.

DERIVATION SUMMARY

Guangzhou R&F's ratings reflect its tight liquidity and a default
of some kind appears probable.

KEY ASSUMPTIONS

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

-- Attributable contracted sales of CNY141 billion in 2021-2023;

-- EBITDA margin, excluding capitalized interest from cost of
    sales, of around 25% in 2021-2023;

-- CNY14 billion-21 billion a year for land acquisitions in 2021-
    2023;

-- CNY54 billion-56 billion a year for construction in 2021-2023;

-- 10%-12% of revenue for selling, general and administrative
    costs in 2021-2023.

KEY RECOVERY RATING ASSUMPTIONS

-- The recovery analysis assumes that Guangzhou R&F would be
    liquidated in a bankruptcy as it is an asset-trading company.
    The nature of homebuilding means the liquidation-value
    approach will always result in a much higher value than the
    going-concern approach.

-- Fitch has assumed a 10% administrative claim.

Liquidation Approach

The liquidation estimate reflects Fitch's view of the value of
balance-sheet assets that can be realised in sale or liquidation
processes conducted during a bankruptcy or insolvency proceeding
and distributed to creditors.

-- 80% advance rate to accounts receivable, which was raised from
    70%. This treatment is in line with Fitch's recovery rating
    criteria.

-- 60% advance rate to investment properties, which was raised
    from 54%. Guangzhou R&F's investment-property portfolio mainly
    consists of commercial buildings in the Guangzhou area with an
    implied yield of 7%-8% based on Fitch's assumed liquidation
    value, which is consistent with industry transaction
    valuation.

-- 50% advance rate to property, plant and equipment, which was
    lowered from 60%, mainly consisting of hotel operations.

-- 60% advance rate to net inventory, which was lowered from 65%.
    Guangzhou R&F's inventory mainly consists of completed
    properties held for sale, properties under development (PUD)
    and deposits or prepayments for land acquisitions. Different
    advance rates were applied to these different inventory
    categories to derive the blended advance rates for net
    inventory.

-- 70% advance rate to completed properties held for sale.
    Completed commodity housing units are closer to readily
    marketable inventory. Guangzhou R&F has been similar to peers
    in recent years in terms of a gross margin at 22%-25%. As
    such, the advance rate of 70% was applied, which is higher
    than the typical 50% mentioned in the criteria.

-- 50% advance rate to PUDs. Unlike completed projects, PUDs are
    more difficult to sell. These assets are also in various
    stages of completion. The PUD balance - prior to applying the
    advance rate - is net of margin-adjusted customer deposits.
    The 50% advance rate is in line with recovery rating criteria.

-- 90% advance rate to deposits or prepayments for land
    acquisitions. Around 51% of Guangzhou R&F's land is located in
    Tier 1 and Tier 2 cities in China and an additional 17% of the
    land is located in Tier 1 cities overseas. As such, a higher
    advance rate than the typical 50% mentioned in the criteria
    was considered.

-- 50% advance rate to joint-venture net assets, which typically
    include a combination of completed units, PUDs and land bank.
    The 50% advance rate was applied in line with the baseline
    advance rate for inventories.

-- 0% advance rate to excess cash after netting the amount of
    note payables and trade payables (construction fee and
    retention payables).

The allocation of value in the liability waterfall results in
recovery corresponding to 'RR3' for the senior unsecured offshore
bonds. However, the Recovery Rating is capped at 'RR4' because,
under Fitch's Country-Specific Treatment of Recovery Ratings
Criteria, China falls into Group D of creditor friendliness, and
instrument ratings of issuers with assets in the group are subject
to a soft cap at the issuer's IDR.

RATING SENSITIVITIES

For Guangzhou R&F

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

-- Clarity on plans to address the debt maturities in 2022;

-- Business operations remain intact.

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

-- Any announcement of a default or default-like process.

For RFHK

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

-- Upgrade of Guangzhou R&F's IDR.

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

-- A downgrade of Guangzhou R&F's IDR;

-- Weakened linkage with Guangzhou R&F.

BEST/WORST CASE RATING SCENARIO

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

ISSUER PROFILE

Guangzhou R&F, founded in 1994, is a developer focusing on medium-
and high-end properties. The company also engages in hotel
development, commercial operations, property management and
architectural and engineering design.

ESG CONSIDERATIONS

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

GUORUI PROPERTIES: Fitch Cuts Rating to 'CCC+' on Refinancing Risk
------------------------------------------------------------------
Fitch Ratings has downgraded China-based homebuilder Guorui
Properties Limited's Long-Term Foreign-Currency Issuer Default
Rating (IDR) to 'CCC+' from 'B-'. The senior unsecured rating has
also been downgraded to 'CCC+' from 'B-' with a Recovery Rating of
'RR4'.

Fitch has removed all the ratings from Under Criteria Observation
(UCO), which they were placed on 20 October 2021, following the
publication of the agency's updated Corporate Rating Criteria.

The downgrade reflects the heightened refinancing risk of the
company's USD323.75 million senior notes puttable in April 2022. It
also reflects Guorui's slowdown in contracted sales and sustained
weak liquidity position. The ratings are supported mainly by
sufficient sellable resources from a quality land bank to support
sales.

KEY RATING DRIVERS

High Refinancing Risk: Guorui has USD50 million in
private-placement notes puttable in March 2022 due March 2023 and
the USD323.75 million senior notes puttable in April due January
2024. Fitch estimates the company's available cash, excluding
regulated pre-sale proceeds, at end-2021 was insufficient to cover
these offshore notes.

The senior notes are guaranteed by the listed company, the chairman
and his spouse, and pledged with equity interest in two project
companies. Guorui has told Fitch it is communicating with
bondholders to avoid the exercising of the put option, potentially
by enhancing the credit terms. Fitch also understands the largest
shareholder, who directly and indirectly holds some of the senior
notes, may not exercise the put option.

Alternative Repayment Plan: Guorui is in the process of several
asset disposals and will try to speed up sales at development
projects that are mostly completed. Fitch thinks these cash
inflows, after deducting operating cash outflows, may not be
sufficient if bondholders decide to exercise the put option, which
means Guorui may need to use cash at the holding company to repay
debt, leaving it with a smaller liquidity buffer.

Tight Liquidity: Guorui's unrestricted cash-to-short-term debt
ratio has been consistently below 0.3x over the past three years,
which Fitch believes reflects aggressive liquidity management.
Fitch expects liquidity to remain tight in light of Fitch's
estimate of weaker sales and the company's small balance of
available cash, which is partly due to Guorui's repayment of debt.
Total debt fell to CNY22 billion in 1H21, from CNY30 billion in
2017.

Sales, Margin to Drop: Fitch expects Guorui's total contracted
sales to decrease 15% in 2022, given homebuyers' wait-and-see
attitude amid a nationwide price decline. Its total sales fell 17%
in 2021, excluding the impact of the deconsolidation of eight
projects in November 2020.

Sales increased by 10% in 1H21 but fell by 36% in 2H21. The large
sales drop in 2H21 was due to weak sector sentiment, a resurgence
of the Covid-19 pandemic in some cities, as well as a delay in
obtaining pre-sale permits for one project in Beijing in 4Q21.
Fitch estimates a narrower gross profit margin on sales in 2021 and
2022, as Guorui has been offering discounts, similar to other
developers in an industry downturn.

Moderate Leverage: Fitch expects Guorui's leverage, measured by net
debt/net development-property assets, to increase to 53%-56% over
the next two years as sales decrease and the cash collection rate
remains weak at around 75%. Still, Guorui's leverage is below the
60% mid-point for the 'b' category for financial structure as
described in Fitch's China Property Developers: Ratings Navigator
Companion. Fitch estimates Guorui's total debt decreased in 2021 as
the company prioritized addressing debt repayment by not buying
land.

Sufficient Quality Land Bank: Fitch estimates Guorui had total land
bank, excluding pre-sold gross floor area, of 6.6 million sq m by
end-1H21. This is sufficient to support sales for the next
six-seven years, giving the company flexibility in cutting land
purchases. Most of Guorui's land bank is located in Tier 1-2 cities
or satellite Tier 3 cities that benefit from spillover from core
cities, where demand remains relatively robust.

ESG - Governance: Guorui has an ESG Relevance Score of '4' for
Management Strategy - a level indicating that the company's rating
is affected by this environmental, social and governance (ESG)
sub-factor - in light of its weak liquidity management.

DERIVATION SUMMARY

Guorui's ratings are supported by its large land bank, which is
enough for six-seven years of development, longer than the industry
average of 2.5-three years. The quality of Guorui's land bank is
satisfactory, with an average selling price of about CNY15,000/sq m
and around 90% in Tier 1-2 cities or surrounding satellite cities.

Guorui can be compared with Beijing Hongkun Weiye Real Estate
Development Co., Ltd. (CCC+), which was downgraded in December 2021
from 'B'/Negative on limited access to capital-market funding amid
refinancing needs in the next 12 months. Fitch thinks Hongkun's
business profile is still in line with 'B' category peers. Hongkun
has higher attributable sales and return efficiency than Guorui.

Hongkun's leverage, measured by net debt/net development-property
assets, is also lower than that of Guorui. Hongkun's available
cash/short-term debt ratio appears higher than Guorui's, but
Hongkun's short-term debt is concentrated in capital-market debt
while Guorui is more reliant on bank loans. Around 25% of Hongkun's
short-term debt as of end-1H21 was from bank loans, compared with
50% for Guorui. Fitch thinks Guorui's liquidity risk is no higher
than Hongkun's if Guorui can successfully address its upcoming
puttable notes.

Xinhu Zhongbao Co., Ltd.'s (B-/Stable) refinancing risks are lower
than Guorui's because Xinhu Zhongbao has refinanced its US dollar
bonds due 1H22 with new issuance in September and October 2021.
Xinhu Zhongbao's financial flexibility, measured by available
cash/short-term debt ratio, of 0.7x at end-1H21 was better than
that of Guorui. Fitch also assesses Xinhu Zhongbao's business
profile as stronger due to its larger contracted sales and higher
margin, while its leverage of 65%-70% is higher than that of
Guorui.

KEY ASSUMPTIONS

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

-- No land acquisitions in 2022, as management said debt
    repayment will be prioritized and the company will not
    purchase any land;

-- Contracted sales to decrease 15% in 2022, given recent weak
    sales sentiment and Fitch's forecast of 10%-15% sales decrease
    for the sector;

-- Cash collection rate to stay weak at around 75%;

-- EBITDA margin to continue narrowing as the company has to
    offer price discounts to promote sales;

-- Average cost for new borrowings at 8.5%.

KEY RECOVERY RATING ASSUMPTIONS

-- The recovery analysis assumes that Guorui would be liquidated
    in a bankruptcy.

-- Fitch has assumed a 10% administrative claim.

Liquidation Approach

-- The liquidation estimate reflects Fitch's view of the value of
    balance-sheet assets that can be realized in sale or
    liquidation processes conducted during a bankruptcy or
    insolvency proceeding and distributed to creditors.

-- Advance rate of 100% applied to unrestricted cash as the
    amount is smaller than trade payables; trade payables are
    included in the first tranche of the distribution waterfall.

-- Advance rate on inventory lowered to 70% from 75% previously
    due to a decrease in the EBITDA margin. That said, the EBITDA
    margin (excluding capitalized interest) is still expected to
    be slightly above 20%.

-- Restricted cash, mostly from regulated pre-sale proceeds, is
    included in inventory as it will be used for construction and
    booked as inventory.

-- Advance rate of 60% applied to property, plant and equipment
    (buildings and construction in progress).

-- Advance rate of 45% applied to investment properties is
    supported by Guorui's investment properties in Beijing and
    Tier 2 cities that together generate rental yield of above 3%.

-- Offshore senior secured notes are included in second tranche
    of the distribution waterfall, i.e. secured borrowings.

-- Unsecured borrowings are domestic corporate bonds.

The allocation of value in the liability waterfall results in
recovery corresponding to an 'RR1' Recovery Rating for senior
unsecured debt. However, the Recovery Rating for senior unsecured
debt is capped at 'RR4' because under Fitch's Country-Specific
Treatment of Recovery Ratings Criteria, China falls into Group D of
creditor friendliness, and the Recovery Ratings of issuers with
assets in this group are subject to a cap of 'RR4'.

RATING SENSITIVITIES

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

-- Significant improvement in liquidity on a sustained basis.

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

-- Inability to address the USD323.75 million of senior notes
    puttable in April 2022, which means bondholders decide to
    exercise the put option and the company cannot repay the debt;

-- Deterioration in liquidity;

-- Deterioration in contracted sales and sales proceeds.

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

Tight Liquidity: Fitch estimates Guorui's unrestricted cash on hand
at end-2021 was insufficient to cover its short-term debt or
short-term capital-market maturities. Guorui's ratio of
unrestricted cash-to-short-term debt has been consistently low at
below 0.3x since 2017, which reflects aggressive liquidity
management, in Fitch's view.

Guorui relies heavily on secured bank loans, which mainly consist
of operational and development loans that are normally easy to
renew. These accounted for around 77% of total borrowings at
end-1H21. The company faces high costs for capital-market debt
refinancing, which can be tempered by lower costs for operational
loans.

In accordance with Fitch's policies, the issuer appealed and
provided additional information to Fitch that resulted in a rating
action that is different than the original rating committee
outcome.

ISSUER PROFILE

Guorui, founded in 1994 and listed on the Hong Kong Stock Exchange
in 2014, is a small developer that focuses on residential
properties and mixed-use complex developments in China. Its key
projects, branded Glory City, are spread in 14 cities. Guorui had
attributable sales of CNY9 billion in 2021.

SUMMARY OF FINANCIAL ADJUSTMENTS

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

ESG CONSIDERATIONS

Guorui's ESG Relevance Score for Management Strategy was lowered to
'4' from '5' as the ratings have been downgraded and no longer
capped by this factor. The Management Strategy score is '4' due to
its weak liquidity management, which has a negative impact on the
credit profile.

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.

JINGRUI HOLDINGS: S&P Withdraws 'B' Issuer Credit Rating
--------------------------------------------------------
S&P Global Ratings has withdrawn its 'B' issuer credit rating on
Jingrui Holdings Ltd. and the 'B-' issue rating on the company's
outstanding senior unsecured notes at the company's request. The
ratings on the China-based property developer had a negative
outlook at the time of withdrawal.


KAISA GROUP: Undergoes Audit on Order of Guangdong Government
-------------------------------------------------------------
Caixin Global reports PricewaterhouseCoopers audited the assets of
Kaisa Group Holdings Ltd. on the order of the government of
southeast China's Guangdong province to assess the troubled
developer's financial condition.

Kaisa is one of a raft of liquidity-squeezed major property
developers in China including China Evergrande Group whose tenuous
condition is shaking global bond markets, Caixin says. Known as
China's first developer to default on dollar debt back in 2015,
Kaisa was labeled a defaulter again after it failed to repay a $400
million dollar bond that matured Dec. 7, recalls Caixin.

                    About Kaisa Group

Kaisa Group Holdings Ltd engages in real estate development in
China, including urban redevelopment projects in the GBA.  As of
June 30, 2021, the company's land bank comprised an aggregate gross
floor area of 31.1 million square meters of saleable resources
across over 50 cities in China.

As recently reported in the Troubled Company Reporter-Asia Pacific,
Fitch Ratings has downgraded Kaisa Group Holdings Limited's
Long-Term Foreign-Currency Issuer Default Rating (IDR) to 'RD' from
'C'. Fitch has affirmed Kaisa's senior unsecured rating and the
ratings on its outstanding US dollar bonds at 'C', with the
Recovery Rating remaining at 'RR4'.


SHIMAO GROUP: Gears Up Asset Sales for Debt Relief
--------------------------------------------------
Caixin Global reports Shimao Group Holdings Ltd. is moving to
offload 34 projects, joining a growing parade of developers seeking
to ease liquidity crises by selling assets.

The assets up for sale include residential, office, commercial and
hotel projects wholly or partly owned by Shimao, according to
documents seen by Caixin. The projects are in 17 cities including
Beijing, Shanghai and Hangzhou and in the Greater Bay Area, Caixin
says.  

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.


YUZHOU GROUP: To Miss Bond Payments After Debt Exchange
-------------------------------------------------------
Yuzhou Group Holdings Co. said it won't pay off two dollar bonds
due this week, Bloomberg News reports.

The company earlier this month offered to swap the notes for new
debt, and investors exchanged most of their holdings, the report
says. There's $104.9 million of combined principal remaining,
Yuzhou said in a stock exchange filing on Jan. 24, and it is opting
not to pay the amount while planning to relaunch the exchange offer
this week.

"Certain events of default will occur in respect of" the two dollar
bonds, the company said, but that won't be the case for its other
such debt. Yuzhou has $5.7 billion of dollar notes outstanding,
according to data compiled by Bloomberg.

Bloomberg notes the company's pending missed payments follow peer
DaFa Properties Group Ltd. saying it didn't pay off the remainder
of a dollar bond due last week that was part of its own debt swap.
Such exchanges have been among the ways Chinese builders have been
attempting to avoid defaults, as missed payments in the sector hit
a record last year. Questions about their ability to meet debt
obligations helped fuel big swings last week in developers' dollar
bonds.

                        About Yuzhou Group

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

As reported in the Troubled Company Reporter-Asia Pacific on Jan.
12, 2022, Fitch Ratings has downgraded Yuzhou Group Holdings
Company Limited's Long-Term Foreign-Currency Issuer Default Rating
(IDR) to 'CCC-' from 'B'/Negative. Fitch has also downgraded the
senior unsecured rating and the ratings on the outstanding
US-dollar senior unsecured notes to 'CCC-', from 'B', with a
Recovery Rating of 'RR4'.

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

The TCR-AP reported on Jan. 12, 2022, that Moody's Investors
Service has downgraded the corporate family rating (CFR) of Yuzhou
Group Holdings Company Limited to Caa2 from B2. At the same time,
Moody's has downgraded the company's senior unsecured rating on the
bonds to Caa3 from B3.  The outlook on the ratings remains
negative.



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

GENTING HONG KONG: Crystal Symphony Diverts Trip on Arrest Warrant
------------------------------------------------------------------
Bloomberg News reports the Crystal Symphony, a vessel operated by
Genting Hong Kong, over the weekend diverted its final voyage to
end in the Bahamas instead of landing on Saturday [Jan. 22] in
Miami as planned.

A US marshall and court-appointed custodian are ready to arrest the
ship if it lands in the Florida city after a US federal district
judge in Miami issued the arrest warrant for the Crystal Symphony
on Jan. 20, according to Stephen Simms, the lead attorney
representing Peninsula Petroleum Far East Pte Ltd, Bloomberg
relays.

Bloomberg relates Peninsula filed a lawsuit in the US district
court seeking to recoup US$4.6 million in total unpaid fees for
bunker fuel it had delivered to three of Genting's ships since
2017.

About 300 passengers on the Crystal Symphony had their voyage
extended by a day and were transferred by ferry to Port Everglades
in Fort Lauderdale where they were provided transport to local
airports, according to a statement from Crystal Cruises. Guests are
now on their way home.

"This end to the cruise was not the conclusion to our guests'
vacation we originally planned for," Crystal Cruises said.

Dream Cruises, another Genting Hong Kong brand, stopped taking new
bookings on its website on Jan. 17. The company has temporarily
suspended bookings until Feb 4, a move implemented to protect the
interests of Dream Cruises guests, the Straits Times reported,
citing the company, adds Bloomberg.

                      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.

As reported in the Troubled Company Reporter-Asia Pacific on Jan.
20, 2022, 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, South China Morning Post disclosed citing a filing on
Jan. 19 to the Hong Kong stock exchange.


THEVELIA HOLDINGS: S&P Assigns 'B' Long-Term ICR, Outlook Stable
----------------------------------------------------------------
S&P Global Ratings assigned its 'B' long-term issuer rating to
Thevelia Holdings Ltd., and 'B' issue level rating and '3' recovery
rating to the proposed first-lien term loan B at the company's
financing subsidiary, Thevelia (US) LLC.

The stable outlook reflect S&P's expectation that Thevelia will
deliver EBITDA growth that exceeds GDP expansion rates, while
lowering its debt-to-EBITDA ratio toward the mid-7.0x level over
the next 12 months.

Financial sponsor Baring Private Equity Asia Pte Ltd. (BPEA) is
acquiring Hong Kong-based corporate and trust service provider
Tricor Holdings Ltd. Thevelia will be the new parent company of
Tricor.

The 'B' issuer rating on Thevelia reflects S&P's view that the
company will steadily grow EBITDA as the largest regional corporate
and trust service provider in Asia. The company has good revenue
visibility thanks to high customer retention typical of the
industry. It also enjoys an above-industry margin, benefiting from
its scale in Asia. However, the company is operating in fragmented
markets with limited service differentiation among major industry
players. It is also smaller than several rated peers. This aspect,
combined with its financial sponsor ownership and high leverage,
constrains its rating.

BPEA is acquiring Tricor, a corporate and trust service provider,
for US$2.76 billion. Thevelia is the holding company for Tricor.
The proposed transaction will be funded by equity of US$1.8 billion
and a proposed term loan B of US$1.15 billion. The 'B' issue level
rating on the term loan is subject to S&P's review of the final
loan agreement.

Largest corporate service provider in Asia with good revenue
visibility. S&P estimates Tricor has about a 10% share of the US$3
billion Asian market in terms of service revenue. Founded in 2000,
Tricor has over 46,000 clients. It has a strong footprint in Asia,
but lacks the global presence of peers such as Vistra Group
Holdings (BVI) I Ltd. and TMF Sapphire Midco B.V. As such, while
the company is good at attracting regional corporations and
regional headquarters as clients, it lacks the presence to cater to
clients requiring global service delivery. Partly due to its
regional focus, the company's revenue scale is smaller than that of
several rated peers.

As corporate and trust service revenues tend to be recurring,
Tricor has fairly good revenue visibility and high customer
retention. Although there are typically no long-term contracts, the
average length of customer relationship is more than 7-10 years, on
par with peers. Over 90% of the company's revenue is related to
ongoing maintenance work (such as company secretarial accounting,
payroll, and tax filing), which is resilient to economic cycles.
This is demonstrated by the company's ability to maintain steady
revenue growth during the pandemic. Tricor achieved organic revenue
growth of 7% yearly for the past five years.

That said, Tricor's investor service and trust service are highly
concentrated in Hong Kong and New Zealand, respectively. Revenues
from these segments could be more volatile, subject to local
economic and capital market activities. S&P's base case assumes
revenue growth of 5%-10% in 2022-2023, largely driven by economic
growth in Asia-Pacific and some market share gains bolstered by
small, bolt-on acquisitions.

Above-industry margin, benefiting from exposure in Asia. Thevelia's
adjusted EBITDA margin of about 40% is materially higher than most
of its direct peers at 25%-30%. This is driven by its business
focus in Asia, which has a lower cost base. Similar to peers, staff
cost is the biggest chunk of operating expenses at 70%-80%. S&P
believes Tricor has lower corporate overhead costs than the peers
that usually need to maintain a larger infrastructure to service
clients globally. While Tricor also works with multinational
companies, it focuses on clients that purchase businesses services
locally. Client engagement is done locally in markets where
services are provided. Tricor has critical scale in its key
markets, including Hong Kong, mainland China, Singapore, and
Malaysia, as one of the largest service providers in those
markets.

S&P's base case assumes EBITDA margin to slightly increase to
40%-42% in the next 24 months. This considers the industry-wide
margin following the pandemic, and the company's cost initiatives,
including utilization of shared services, streamlining technology
to standardize processes, and a rationalization of its lease base.
That said, the company's ability to sustain its margin at this high
level for the coming three to five years is yet to be tested.

Competitive environment and limited service differentiation
constraints Tricor's business profile. The market is fragmented and
at a relatively early stage of consolidation, with the services
provided largely commoditized among major industry players.
Tricor's share gains are largely coming from smaller local service
providers with its more extensive service capability. Should market
dynamics change, Tricor could see revenue or profitability erode,
resulting in weaker cash flow. This may occur due to slower market
growth, global service providers expanding into Asia, or any major
regulatory changes that shift customer demand or the competitive
landscape.

The company is exposed to reputation and regulatory risk associated
with the industry. Regulatory changes in key operating markets or
reputational damage due to operational missteps could result in a
rapid loss of customers. The company would have to maintain a
conservative approach to compliance to mitigate the risks. For
example, Tricor's operations in tax havens such as the Cayman
Islands and the British Virgin Islands are limited to entity
formation and business registration services. It is not active in
the high-net-worth client segment.

Leverage will likely remain elevated given the financial sponsor
ownership. S&P said, "Thevelia's ratio of adjusted debt to EBITDA
will be 7.0x-8.0x upon completion of the transaction in 2022, we
estimate. Pro forma leverage at the end of 2021 was about 8.5x. Its
financial sponsor ownership could constrain leverage improvement.
Though we do not expect a large acquisition over the coming 12-24
months, we anticipate small bolt-on acquisitions funded by
internally generated cash and revolver borrowings. We believe the
group will accelerate expansion in product offerings (such as
corporate trust and business advisory) and geographical coverage
(in Asia and other regions) to cater to growing customer needs that
could hinder margin expansion." The group has used acquisitions to
achieve its goal of expansion.

Thevelia's high cash conversion rate (defined as EBITDA minus
working capital and capital expenditure) of 85%-90% could support
debt reduction in the absence of major acquisitions. S&P forecasts
the company will generate free operating cash flow of HK$350
million-HK$450 million in 2022. This includes cash interest payment
of about HK$400 million. Given the company's small scale and high
leverage, its free operating cash flow generation could deteriorate
rapidly. This may happen due to higher leverage used for large
acquisitions, a possible inability to sustain its profitability, or
potentially significant rate hikes.

S&P said, "The stable outlook reflects our expectation that
Thevelia will deliver greater-than-GDP EBITDA growth, benefiting
from higher economic growth in Asia. This should enable the group
to gradually lower its debt-to-EBITDA ratio toward mid-7x over the
next 12 months.

"We could lower our rating if Thevelia sees a material
deterioration in its market position or adopts a more aggressive
financial policy than we expect. This may involve increasing
leverage for large-scale acquisitions, resulting in weaker free
operating cash flow, potentially straining liquidity. EBITDA
interest coverage approaching 2x or free operating cash flow
turning negative would indicate such a deterioration in credit
quality.

"Rating upside is limited in the next 12 months. We could raise the
rating if Thevelia's debt-to-EBITDA falls below 5x and we assess
that the sponsor will commit to maintaining leverage at that
level."

Founded in 2000 and headquartered in Hong Kong, Thevelia's
operating subsidiary Tricor is a corporate and trust service
provider in Asia. It operates in 47 cities across 21 markets and
offers services to over 46,000 client entities. Thevelia is owned
by financial sponsor BPEA.

-- Asia Pacific GDP to grow 5.1% in 2022, compared with 6.7% in
2021.

-- The trust and corporate service industry in Asia to show
continued steady growth of 5%-6%, driven by an increasing demand
for international structures across client types, and with rising
standards of complexity to handle laws and regulations across
jurisdictions.

-- Tricor's annual revenue to grow 5%-10% over the next three
years, largely due to organic growth, bolstered by small, bolt-on
acquisitions.

-- Adjusted EBITDA margin to increase incrementally to 40%-42%
over the next three years from 39.9% in 2020, supported by a rising
industry-wide margin following the pandemic, and the company's
multiple cost-saving initiatives, including the use of shared
service, streamlining technology to standardize processes, and the
rationalization of its lease base.

-- Annual capital expenditure of 3%-4% of revenue over the next
three years, amounting to HK$70 million–HK$100 million.

-- Annual working capital outflow of HK$20 million–HK$50
million.

-- Spending on small bolt-on acquisitions to be HK$100
million–HK$300 million annually over the next three years, in
line with past acquisition trends.

-- No distributions to shareholders.

S&P said, "We assess Thevelia's liquidity as adequate. Although
Thevelia's liquidity sources exceed liquidity uses by over 9x in
2022, we do not consider its liquidity score to be strong. We
believe the company lacks a record as a private issuer in capital
markets relative to publicly listed companies. In addition, given
Thevelia's modest size and high leverage, we believe it is less
likely to be able to absorb high-impact, low-probability events
without refinancing." Nonetheless, the company's adequate liquidity
also takes into account Thevelia's well-staggered debt maturity
profile.

Principal liquidity sources:

-- HK$350 million to HK$400 million of unrestricted cash upon deal
completion by end of first quarter of 2022.

-- Full availability under its committed revolving credit facility
(RCF) of US$130 million expiring in 2028.

-- Cash funds from operations of HK$400 million–HK$500 million
in 2022.

Principal liquidity uses:

-- Debt maturities of about HK$60 million over the 12 months
ending December 2022.

-- Working capital outflow not exceeding HK$50 million over the
period.

-- Capital expenditure of HK$80 million–HK$120 million over the
period.

Thevelia does not have any financial maintenance covenants on its
term loans and is subject to one springing covenant on the RCF. If
the utilization of the RCF is greater than 35%, the company is
required to maintain first-lien net leverage below 8.0x. This
translates to an S&P Global Ratings adjusted EBITDA of roughly
10x-11x under the current capital structure.

If the RCF utilization exceeds 35%, S&P estimates Thevelia will
have sufficient buffer, such that a 15% decline in EBITDA would not
lead to a breach of this covenant in 2022.

S&P said, "Governance factors are a moderately negative
consideration in our credit rating analysis of Thevelia, as it is
for most rated entities owned by private-equity sponsors. Thevelia
is wholly owned by BPEA. We believe the company's financial risk
profile, reflecting a high leverage, points to corporate
decision-making that could prioritize the interests of the
controlling owners. This also reflects private-equity sponsors'
generally finite holding periods and focus on maximizing
shareholder returns. Environmental and social factors have no
material influence on our rating analysis, largely due to the
service-oriented nature of Thevelia's business operations in
corporate and trust services.

"Our recovery analysis for Thevelia contemplates a hypothetical
simulated default in the first half of 2025. The recovery rating of
'3' and issue rating of 'B' on the first-lien term loan facility
guaranteed by the company and its operating subsidiaries reflect
our expectation for meaningful recovery of 65% in the event of a
default.

"At the time of the hypothetical default, we expect weaker
macroeconomic conditions, particularly in Asia, to pressure the
group's operations. This coupled with the highly competitive
corporate and trust services sector--which is characterized by
limited service differentiation among major industry players--could
erode the company's competitive position and significantly reduce
its EBITDA.

"We value Thevelia as a going concern because we believe the
company is likely to be reorganized following a payment default,
given the long-term value that would be ascribed to its niche
service offerings and recognized brand name. It has established a
solid customer base in Asia. We have applied a 6.5x valuation
multiple to an estimated distressed emergence EBITDA of about
HK$750 million to estimate a gross enterprise value of about
HK$4.85 billion.

"The debt issuing entity Thevelia (US) LLC is domiciled in the U.S.
The group's key income generating operations and the guarantor
subsidiaries are in several Asian jurisdictions. Therefore, we
assume the creditors would file for reorganization proceedings in
Hong Kong at the time of default. The company is headquartered in
Hong Kong and generates over 35% of its EBITDA from this
jurisdiction."

-- Simulated year of default: 2025
-- EBITDA multiple: 6.5x
-- EBITDA at emergence: About HK$750 million
-- Jurisdiction: Hong Kong

All debt amounts include six months of prepetition interest

-- Gross enterprise value at emergence: HK$4.85 billion

-- Net value attributable to creditors (after 5% administrative  
costs): HK$4.6 billion

-- Estimated first-lien debt claims (including prepetition
interest): HK$6.8 billion

-- Recovery expectation: 50%-70% (rounded estimate: 65%)

-- Recovery rating '3'




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

AAVI COTTEX PRIVATE: Voluntary Liquidation Process Case Summary
---------------------------------------------------------------
Debtor: AAVI Cottex Private Limited
        Akshar Medical Store, Ground Floor
        Survey No. 1293/2, Plot No. 13
        Near Gayatri Mandir
        Atkot Road, Jasdan Rajkot 360050
        Gujarat, India

Liquidation Commencement Date: January 18, 2022

Court: National Company Law Tribunal, Ahmedabad Bench

Insolvency professional: CS & IP Keyur J. Shah

Interim Resolution
Professional:            CS & IP Keyur J. Shah
                         1007, Sun Avenue One
                         Bhudarpura, Ayojannagar
                         Manekbaug, Ahmedabad
                         Gujarat 380015
                         E-mail: cs.keyurshah@gmail.com
                                 liquidator.acpl@gmail.com
                         Tel: 7434852508

Last date for
submission of claims:    February 17, 2022


ADHUNIK CORPORATION: Ind-Ra Lowers LT Issuer Rating to 'BB+'
------------------------------------------------------------
India Ratings and Research (Ind-Ra) has downgraded Adhunik
Corporation Ltd.'s (ACL) Long-Term Issuer Rating to 'IND BB+' from
'IND BBB-' and has simultaneously migrated it to the
non-cooperating category. The Outlook was Stable. The issuer did
not participate in the rating exercise despite continuous requests
and follow-ups by the agency. Thus, the rating is based on the best
available information. Therefore, investors and other users are
advised to take appropriate caution while using these ratings. The
rating will now appear as 'IND BB+ (ISSUER NOT COOPERATING)' on the
agency's website.

The instrument-wise rating actions are:

-- INR100 mil. Fund-based limits downgraded and migrated to non-
     co-operating category with IND BB+ (ISSUER NOT COOPERATING)
     rating; and

-- INR35 mil. Non-fund-based limits downgraded and migrated to
     non-co-operating category with IND A4+ (ISSUER NOT
     COOPERATING) rating.

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

The downgrade reflects a rise in standalone debt of ACL's parent
Incredible Industries Limited ('IND BB+ (ISSUER NOT CO-OPERATING)')
to INR406 million at FYE21 to fund its increased working capital
requirement.

KEY RATING DRIVERS

Ind-Ra has migrated the ratings to the non-cooperating category as
the company did not participate in the surveillance exercise and
has not-submitted the no-default statement for the last two months
despite continuous follow-ups.

COMPANY PROFILE

Kolkata-based ACL operates a 60,000 metric-tons-per-annum sponge
iron facility and a 97,500 metric-tons-per-annum alloy steel billet
facility with five induction furnaces in West Bengal. In 1QFY21,
ACL's revenue was INR523.7 million.


DURGA LOHA: CRISIL Lowers Rating on INR10cr Cash Loan to B
----------------------------------------------------------
CRISIL Ratings has revised the ratings on bank facilities of Shri
Durga Loha Bhandar Private Limited (SDLBPL) to 'CRISIL B/Stable
Issuer Not Cooperating' from 'CRISIL BB/Stable Issuer Not
Cooperating'.

                      Amount
   Facilities       (INR Crore)     Ratings
   ----------       -----------     -------
   Cash Credit            10        CRISIL B/Stable (ISSUER NOT
                                    COOPERATING; Revised from
                                    'CRISIL BB/Stable ISSUER NOT
                                    COOPERATING')

CRISIL Ratings has been consistently following up with SDLBPL for
obtaining information through letters and emails dated October 16,
2021 and December 4, 2021 among others, apart from telephonic
communication. However, the issuer has remained non cooperative.

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

Detailed Rationale

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

Incorporated in September 2009, SDLB commenced operations in April
2011. The Dehradun-based company trades in iron and steel products,
including mild bars, hot and cold rolled sheets, steel plates,
beams, angles, channels, mild steel pipes, and thermos-mechanically
treated bars.


ER TEXTILES LIMITED: Insolvency Resolution Process Case Summary
---------------------------------------------------------------
Debtor: ER Textiles Limited
        1/433, Gariahat Road
        Block-4A (4th Floor)
        Jodhpur Park
        Kolkata 700068
        WB, IN

Insolvency Commencement Date: January 14, 2022

Court: National Company Law Tribunal, Kolkata Bench

Estimated date of closure of
insolvency resolution process: July 12, 2022
                               (180 days from commencement)

Insolvency professional: Mr. Anup Kumar Singh

Interim Resolution
Professional:            Mr. Anup Kumar Singh
                         162/D/702 Lake Gardens
                         Kolkata, West Bengal 7000045
                         E-mail: anup_singh@stellarinsolvency.com

                            - and -

                         Suite-1B, 1st Floor, 22/28A
                         Manoharpukur Road
                         Deshopriya Park
                         Kolkata 700029
                         E-mail: ertextiles.sipl@gmail.com

Last date for
submission of claims:    January 28, 2022


GANESH FIRE: Liquidation Process Case Summary
---------------------------------------------
Debtor: M/s Shri Ganesh Fire Equipments Private Limited

        Registered office:
        6/205, Second Floor Didar Comemrcial Complex
        DLF Indl, Area Moti Nagar
        New Delhi 11001

        Unit I:
        6/6 Didar Comm. Complex D.L.F.
        Indl. Area, Moti Nagar
        New Delhi 110015

        Unit II:
        Plot No. 27F/1A, Khasra No. 93/10
        Mundka Indl. Area
        New Delhi 110041

        Unit III:
        Plot No. D-4, E.P.I.P. Hajipur
        Distt. Vaishali 844101 (Bihar)

Liquidation Commencement Date: December 23, 2021

Court: National Company Law Tribunal, Delhi, Bench IV

Estimated date of closure of
insolvency resolution process: February 18, 2022
                               (180 days from commencement)

Insolvency professional: Prabhakar Kumar

Interim Resolution
Professional:            Prabhakar Kumar
                         E-18, Ground Floor, Guru Nanak Pura
                         Janakpuri, New Delhi 110058
                         E-mail: prabhakar_acs@rediffmail.com
                                 liq.shriganesh@gmail.com

Last date for
submission of claims:    February 18, 2022


GENERAL NIPPON: Voluntary Liquidation Process Case Summary
----------------------------------------------------------
Debtor: General Nippon India Private Limited
        311, Midas, Sahar Plaza Complex
        J B Nagar Andheri Kurla Road
        Andheri East Mumbai
        Mumbai City, MH 400059
        IN

Liquidation Commencement Date: January 19, 2022

Court: National Company Law Tribunal, Nagpur Bench

Insolvency professional: CA Charudutt Marathe

Interim Resolution
Professional:            CA Charudutt Marathe
                         Gomed, 915, Khare Town
                         Dharampeth, Nagpur
                         Maharashtra 440010
                         E-mail: charuduttm@yahoo.co.in
                         Tel: 9371432369

Last date for
submission of claims:    February 18, 2022


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

The instrument-wise rating actions are:     

-- INR2.17 mil. Term loan due on March 2021 migrated to non-
     cooperating category with IND BB- (ISSUER NOT COOPERATING)
     rating;

-- INR68 mil. Fund-based working capital limits migrated to non-
     cooperating category with IND BB- (ISSUER NOT COOPERATING)
     rating; and

-- INR20 mil. Non-fund-based working capital limits migrated to
     non-cooperating category with IND A4+ (ISSUER NOT
     COOPERATING) rating.

Note: ISSUER NOT COOPERATING: The ratings were last reviewed on
December 18, 2020. Ind-Ra is unable to provide an update, as the
agency does not have adequate information to review the ratings.

COMPANY PROFILE

Established in May 2014, Green Petro Fuels manufactures light
diesel oils for industrial use. Ankit Agrawal and Thirubala
Chemicals Pvt Ltd are the partners of the firm, which has a
production capacity of 40,000 metric tons.


HARSHNA AGRO: CRISIL Lowers Rating on INR10cr Term Loan to C
------------------------------------------------------------
CRISIL has revised the ratings on certain bank facilities of
Harshna Agro Fresh Private Limited (HAFPL; part of the Harshna
group) (previously known as Harshna Ice and Cold Storage Pvt Ltd),
as:

                      Amount
   Facilities       (INR Crore)    Ratings
   ----------       -----------    -------
   Term Loan              10       CRISIL C (ISSUER NOT
                                   COOPERATING; Revised from
                                   'CRISIL B/Stable ISSUER NOT
                                   COOPERATING')

CRISIL Ratings has been consistently following up with HAFPL,
through letters and emails dated November 13, 2021, and January 11,
2022, among others, apart from telephonic communication, for
obtaining information. However, the issuer has remained
non-cooperative.

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

Detailed Rationale

Despite repeated attempts to engage with the company's management,
CRISIL Ratings did not receive any information on the financial
performance or strategic intent of HAFPL, which restricts the
ability of CRISIL Ratings to take a forward-looking view on the
entity's credit quality. CRISIL Ratings believes the rating action
on HAFPL is consistent with 'Assessing Information Adequacy Risk'.

On account of liquidity issues in the account conduct of the group
(as per publicly available information), CRISIL Ratings has revised
its rating on the long-term bank facility of HAFPL to 'CRISIL C
Issuer Not Cooperating' from 'CRISIL B/Stable Issuer Not
Cooperating'.

Analytical Approach

For arriving at the rating, CRISIL Ratings has combined the
business and financial risk profiles of HAFPL, Bhola Nath Naresh
Kumar (BNNK), Harshna Fruits (HF) and Bhola Nath Rakesh Kumar
(BNRK). This is because all these entities, collectively referred
to as the Harshna group, are in the same business, have operational
and financial linkages, including fungible cash flows, and are
under common management.

The Harshna group was established in 1993 by Mr. Rakesh Bhola Nath
Kohli and Mr. Naresh Bhola Nath Kohli through BNRK and BNNK. The
firms are commission agents for trading in apples in Delhi's
Azadpur mandi. In 1999, the group decided to start its own cold
storage facility in Sonipat, Haryana, for which it set up HAFPL.
The company, HAFPL, has a multi-product cold storage facility, with
capacity of 11,500 tonne, along with ripening chambers. In 2004,
the group set up HF, which supplies fruits to retail stores.


INCREDIBLE INDUSTRIES: Ind-Ra Lowers LT Issuer Rating to 'BB+'
--------------------------------------------------------------
India Ratings and Research (Ind-Ra) has downgraded Incredible
Industries Limited's (IIL; formerly Adhunik Industries Limited)
Long-Term Issuer Rating to 'IND BB+' from 'IND BBB-' and has
simultaneously migrated it to the non-cooperating category. The
Outlook was Stable. The issuer did not participate in the rating
exercise despite continuous requests and follow-ups by the agency.
Thus, the rating is based on the best available information.
Therefore, investors and other users are advised to take
appropriate caution while using these ratings. The rating will now
appear as 'IND BB+ (ISSUER NOT COOPERATING)' on the agency's
website.

The instrument-wise rating actions are:

-- INR253 mil. Fund-based limits downgraded and migrated to non-
     co-operating category with IND BB+ (ISSUER NOT COOPERATING)
     rating; and

-- INR216.5 mil. Non-fund-based limit downgraded and migrated to
     non-co-operating category with IND A4+ (ISSUER NOT
     COOPERATING) rating.

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

The downgrade reflects a rise in IIL's standalone debt to INR406
million at FYE21, owing to fund its increased working capital
requirement.

KEY RATING DRIVERS

Ind-Ra has migrated the ratings to the non-cooperating category as
the company did not participate in the surveillance exercise and
has not-submitted the no-default statement for the last two months
despite continuous follow ups.

COMPANY PROFILE

Kolkata-based IIL (formerly Adhunik Industries Limited)
manufactures rolled products, mainly thermo-mechanically treated
bars, rounds and wire rods at its plant located in Durgapur, West
Bengal with an annual installed capacity of 234,000 metric tons.


JANA HOLDINGS: Ind-Ra Assigns 'B+' Non-Convertible Debts Rating
---------------------------------------------------------------
India Ratings and Research (Ind-Ra) has taken the following rating
actions on Jana Holdings Limited's (JHL) non-convertible debentures
(NCDs):

-- INR0.5 mil. NCDs*^ assigned with IND B+/Stable rating; and

-- INR5.2 mil. (reduced from INR6.3 mil.) NCDs* affirmed with
     IND B+/Stable rating.

^Yet to be issued

*Details in Annexure

Analytical Approach: To arrive at the ratings, Ind-Ra continues to
take a consolidated view of the credit profiles of JHL and  Jana
Capital Limited (JCL; debt rated 'IND B+'/Stable) and considers the
parent -subsidiary linkage to arrive at the rating of the holding
company of Jana Small Finance Bank (JSFB). JCL, a non-deposit
taking non-bank finance company-core investment company, holds 100%
stake in JHL. JHL, a subsidiary of JCL, has limited financial
strength. It is a non-operating financial holding company of JSFB
(42.08% stake held by JHL) and the value of its investments is
derived solely from its shareholding in JSFB. The value of the
stake in JSFB is largely subject to the bank's incremental
performance (banking operations commenced in March 2018) and its
ability to manage the credit costs that may emanate due to
pandemic-led disruptions.

The rated NCDs are held by Centrum Group, Manipal Health Systems
Pvt. Ltd. and TPG  Asia VI SF Pte Ltd  and are junior to JHL's
other issues. The NCDs held by Centrum Group will mature by
February 2022, followed by JHL's other NCDs (not rated by Ind-Ra)
which are held by GIC Pte. Ltd (INR1 billion), Edelweiss Capital
Limited (INR1.55 billion) and TPG Asia VI India Markets Pte Ltd
(INR4.03 billion), and lastly those held by Manipal Health Systems.


A common independent director serving on the boards of JHL and
Ind-Ra did not participate in the rating process.

KEY RATING DRIVERS

COVID-19 Continues to Weigh on JSFB's Asset Quality: JSFB's asset
quality, which improved when its gross non-performing assets
(GNPAs) reduced to 3.2% in FY20 (FY19: 8.1%) on account of reported
write-downs of INR3 billion, came under pressure amid the first and
the second wave of COVID-19. The GNPAs increased to 7.2% in March
2021. Also, the provision coverage ratio including technical
write-offs was at 82% and excluding technical write-offs was at
27.9% at end-March 2021 (end-March 2020: 56.2%). The bank has made
lower provisions on incremental GNPAs as it expects material
recoveries or limited loss given defaults  over the near term.
Also, about 8% of the portfolio was restructured for JSFB at
end-March 2021. In case recoveries do not pan out as per the bank's
expectations, JSFB could see incremental credit costs (4%-8%) in
FY22 on the unsecured loans (share of unsecured at end-1QFY22:
59%). Also, the collection efficiencies & recoveries picked up in
the unsecured segment over June-August 2021, supported by the
gradual relaxation of state-wise lockdowns.

Near-term Profitability for JSFB may Remain Constrained due to High
Credit Costs: JSFB reported a net profit of INR843 million in FY21
(FY20: INR301 million). The bank's performance and liability
structure improved in FY20 and FY21. However, due to the lingering
effects of the first and second wave COVID-19-led lockdowns and low
provisions, the bank could face high credit costs which could
impact its profitability at least over the medium term. Under
stress case, the effects of the scale and repricing of deposits at
lower levels could be offset by incremental credit costs.

High Refinancing and Valuation Risks for Holding Companies: The
issued NCDs face refinancing risks. The NCDs need to be refinanced
to the extent of the principal and the rate of return promised to
the investors. The company successfully refinanced its NCDs which
were maturing in December 2021 and January 2022 through the
issuance of new NCDs. The funds being raised now will  be partly
used towards the refinance of existing instruments due in February
2022  and rest is intended towards infusion as equity in JSFB; the
agency will continue to monitor JHL's  further refinancing efforts.
The next set of repayments is due in May 2023. Furthermore, an
increase in JHL's shareholding alone on account of the proposed
infusion might be insufficient to repay the existing obligations;
hence, the valuation risk is significant and depends on the bank's
standalone performance.

Raising Funds over Near Term Crucial: At FYE21, JSFB reported a
tier 1 capital ratio of 11.75% (FYE20: 13.12%) and a total capital
adequacy ratio of 15.51% (19.31%) which are lower than its peers'.
Furthermore, given the bank's low provisioning levels, its net
NPA/equity stood high at 54.9% at end-March 2021 (end-March 2020:
13.5%) and hence the bank would need to build higher capital
buffers, especially if the recovery slows. JSFB had disclosed in
the Draft Red Herring Prospectus filed with the Securities &
Exchange Board of India in March 2021 that it will undertake a
total capital raise of INR7 billion as part of pre-IPO and the IPO.
Either JHL or JCL is likely to contribute INR4 billion of the same
when the refinance transaction goes through. This capital raise is
crucial over the near term. Also, JSFB has been supported by
regular equity infusions in the past from investors.  The bank had
raised INR3.4 billion equity in FY20, INR10.9 billion in FY19 and
INR16.4 billion in FY18 from existing and new investors. As per the
licensing guidelines, the bank was going to list itself on the
stock exchanges by March 2021. However, it has been delayed due to
the pandemic and thus is still under process.

Liquidity Indicator for JHL - Poor: JHL does not have cash flows to
service its debt obligations and will have to depend on the
monetization of its stake in JSFB or the secondary sale of shares,
refinance among other options, before the maturity date of the
respective instruments. JHL holds a 42.08% stake in JSFB and is in
the process of listing the bank. JHL and JCL are also in the
process of getting merged for which the consent from the 90%
creditors is pending. Ind-Ra expects this merger to be completed
over the near term. Furthermore, the debt raised by both the
holding companies are in the form of zero-coupon bonds that would
have lumpy pay-outs on maturity, adding to the liquidity demands.

Liquidity Indicator for JSFB – Adequate; Deposits Continue to See
Traction: JSFB maintained excess statutory liquidity reserves of
around INR32 billion over FY21, in addition to the cash reserves
that it needs to maintain as part of the regulatory requirement.
The bank's liquidity coverage ratio stood at 1,199.67% at FYE21
(FYE20: 743.98%). Basis the bank's asset liability mismatch
statement at end-March 2021, there were no cumulative mismatches
for the period of up to 1 year.

JSFB has also been able to mobilize substantial deposits, with the
term deposits increasing to INR103.1 billion in FY21 (FY20: INR89.4
billion), and the current and savings accounts to INR20.8 billion
(INR7.1 billion). The total deposits stood at INR123.9 billion at
end-March 2021, of which 87.4% have a tenor of more than one year.
Given the substantial traction in low-cost deposits, the cost of
funds for JSFB also improved to 8.3% in FY21 (FY20: 9.4%, FY19:
10.2%). In addition, the bank lowered its interest on deposits in
FY21, which will help it to further reduce its cost of deposits as
they come up for renewals.

Portfolio Mix Changing in Favor of Secured Loans: JSFB is
strategically shifting towards a secured loan portfolio and the
share of secured portfolio in its portfolio increased to 40% at
end-March 2021 from 29% at end-March 2020.  JSFB has also been
lowering its group loan exposure continuously, which came down to
36% at end-March 2021 from around 46% at end-March 2020. Also, the
disbursements increased towards the secured portfolio in 2HFY21.
Ind-Ra believes the group loan portfolio will continue to decline
with the share of secured portfolio going up. Ind-Ra believes this
will improve the asset quality of the bank over the medium term.

RATING SENSITIVITIES

Positive: Timely successful merger with JCL and raising of funds as
planned could lead to a positive rating action. A significant
improvement in the bank's asset quality, the capitalization and
leverage (advances to equity) and an achievement of material
profitability earlier than as expected by the agency could also
result in a positive rating action.

Negative: The following events could individually or collectively
lead to a negative ratings action:

- an inability to raise adequate funds before refinancing

- a sustained weakness in the bank's asset quality, its capital
levels close to the regulatory minimum consistently or a weakness
in the deposit/liquidity profile

- any unrelated diversification of the holding company, although
unlikely

COMPANY PROFILE

JHL is registered as a non-operating financial holding company
according to the regulatory guidelines and is promoted by JCL, to
hold the promoter stake in JSFB.


JSW INFRASTRUCTURE: Fitch Rates $400MM Unsec. Notes Final 'BB+'
---------------------------------------------------------------
Fitch Ratings has assigned India-based port operator JSW
Infrastructure Limited's (JSWIL, BB+/Stable) USD400 million senior
unsecured notes due 2029 a final rating of 'BB+' with a Stable
Outlook. The bondholders benefit from equity pledges and guarantees
from key operating subsidiaries.

The final rating follows the receipt of documents conforming to
information already received and is in line with the expected
rating assigned on 10 January 2022.

RATING RATIONALE

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

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

KEY RATING DRIVERS

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

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

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

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

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

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

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

Fully Funded Capex - Infrastructure Development and Renewal:
Stronger

JSWIL has incurred substantial capex in the recent past to augment
its capacity of 33 million tonnes in FY15 to 150 million tonnes by
December 2021, excluding capacity under operations at Fujairah
Terminal. Currently, all ports and terminals are operational with
the exception of JSW Mangalore Container Terminal Private Limited,
which will start operations in the first half of this year. So
JSWIL's medium-term capex requirement is mostly maintenance capex,
which may be funded via operating cash flow. Any new acquisition by
the company will be treated as an event risk. The group's
weighted-average life of concession is about 26 years.

No Structural Subordination, Restrictive Covenants - Debt
Structure: Midrange

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

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

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

PEER GROUP

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

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

RATING SENSITIVITIES

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

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

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

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

BEST/WORST CASE RATING SCENARIO

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

TRANSACTION SUMMARY

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

FINANCIAL ANALYSIS

The Fitch base case assumes an increase in throughput in FY22 and
FY23, in line with management estimates, supported by commencement
of operations at new ports and expansion of JSW group's
requirements. The actual realized cargo in 1HFY22 was about 30
million tonnes, against management's full-year projection of 63
million tonnes for FY22. Historically, the ports have higher 2HFY
throughput.

Under Fitch's base case, Fitch expects a modest 3% average increase
in throughput from FY24.

Fitch caps the tariff growth rate at 2.5% in the base case. Fitch
assumes capex is 5% higher than management projections. Fitch's
base case projects the debt/operating EBITDA will decrease to 2.9x
in FY24 from 4.2x in 2022.

Fitch's rating case assumes a marginal haircut of around 5% on the
throughput from the base case in FY22 and a 10% haircut from FY23.
Fitch also applies a 5% stress to Fitch's base-case tariff
assumption for FY22 and a 10% cut beyond that. Fitch's rating case
projects the debt/operating EBITDA will decrease to 3.7x in FY24
from 4.9x in 2022.

SECURITY

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

ESG CONSIDERATIONS

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

KHAGARIA AUTO: CRISIL Keeps B Debt Rating in Not Cooperating
------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Khagaria Auto
Agency (KAA) continue to be 'CRISIL B/Stable Issuer Not
Cooperating'.

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

CRISIL Ratings has been consistently following up with KAA for
obtaining information through letters and emails dated October 16,
2021 and December 4, 2021 among others, apart from telephonic
communication. However, the issuer has remained non cooperative.

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

Detailed Rationale

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

KAA is a proprietorship firm of Mr. Vinay Kumar and is an
authorized dealer of two-wheelers of HMCL in Khagaria, Bihar.


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

The instrument-wise rating action is:

-- INR70 mil. Fund-based working capital limit migrated to non-
     cooperating category with IND B+ (ISSUER NOT COOPERATING)/IND

     A4 (ISSUER NOT COOPERATING) rating.

Note: ISSUER NOT COOPERATING: The ratings were last reviewed on
December 30, 2020. Ind-Ra is unable to provide an update, as the
agency does not have adequate information to review the ratings.

COMPANY PROFILE

Kler Wines was incorporated in February 2016 as a partnership firm
between Darshan Singh Kler and Karamjeet Kler. The Chandigarh,
Punjab-based the firm engages in wholesale and retail trade of
liquor.


LAXME SAAI STEEL: Insolvency Resolution Process Case Summary
------------------------------------------------------------
Debtor: Laxme Saai Steel Private Limited
        D.No. 3-156 A, Old Garividi
        Sriram Nagar, Garividi Mandalam
        Vizianagaram AP 535101

Insolvency Commencement Date: January 18, 2022

Court: National Company Law Tribunal, Amaravti Bench

Estimated date of closure of
insolvency resolution process: July 16, 2022
                               (180 days from commencement)

Insolvency professional: Chillale Rajesh

Interim Resolution
Professional:            Chillale Rajesh
                         B-421, Western Plaza
                         O.U. Colony, H.S. Darga
                         Hyderabad 500008
                         Telengana
                         E-mail: chillalerajesh@yahoo.co.in
                                 laxme.cirp@gmail.com

Last date for
submission of claims:    February 1, 2022


MAHARASHTRA FOODS: CRISIL Keeps B Debt Ratings in Not Cooperating
-----------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Maharashtra
Foods Processing and Cold Storage (MFPCS) continue to be 'CRISIL
B/Stable Issuer Not Cooperating'.

                       Amount
   Facilities       (INR Crore)     Ratings
   ----------       -----------     -------
   Cash Credit          1.25        CRISIL B/Stable (Issuer Not
                                    Cooperating)

   Export Packing      13.50        CRISIL B/Stable (Issuer Not
   Credit                           Cooperating)

   Proposed Long Term   0.25        CRISIL B/Stable (Issuer Not
   Bank Loan Facility               Cooperating)

CRISIL Ratings has been consistently following up with MFPCS for
obtaining information through letters and emails dated October 16,
2021 and December 4, 2021 among others, apart from telephonic
communication. However, the issuer has remained non cooperative.

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

Detailed Rationale

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

MFPCS, setup in 2011 as a partnership firm by Mr. Sunny Khattar and
Mr. Matlub Qureshi, started production from December 2015. The firm
operates an integrated slaughterhouse to process, freeze and sell
buffalo meat and its by-products in Satara (Maharashtra).


MANGALORE MARKETING: CRISIL Keeps B+ Rating in Not Cooperating
--------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Mangalore
Marketing (MM) continues to be 'CRISIL B+/Stable Issuer Not
Cooperating'.

                      Amount
   Facilities       (INR Crore)     Ratings
   ----------       -----------     -------
   Cash Credit          9.00        CRISIL B+/Stable (Issuer Not
                                    Cooperating)

CRISIL Ratings has been consistently following up with MM for
obtaining information through letters and emails dated October 16,
2021 and December 4, 2021 among others, apart from telephonic
communication. However, the issuer has remained non cooperative.

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

Detailed Rationale

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

MM, set up in 2001 by Mr. Basheer, is a partnership firm based in
Mangalore. The firm distributes electronics equipment of LG,
Preethi and Ajanta Stabilisers, and is the distributor for dish
TV.


MITESH TRADING: Insolvency Resolution Process Case Summary
----------------------------------------------------------
Debtor: Mitesh Trading Private Limited
        Flat No. 22 Dharti Maa Society
        Bhandewadi, Wathod Road
        Nagpur MH 440008
        IN

Insolvency Commencement Date: January 19, 2022

Court: National Company Law Tribunal, Mumbai Bench

Estimated date of closure of
insolvency resolution process: July 18, 2022
                               (180 days from commencement)

Insolvency professional: Rajesh Lohia

Interim Resolution
Professional:            Rajesh Lohia
                         414, Manas Bhawan Ext.
                         11 RNT Marg, Indore
                         MP 452001
                         E-mail: rlohiaandcompany@gmail.com

Last date for
submission of claims:    February 5, 2022


OMSHANKAR MILKFOOD: CRISIL Moves B+ Ratings to Not Cooperating
--------------------------------------------------------------
CRISIL Ratings has migrated the rating on bank facilities of
Omshankar Milkfood Industries Private Limited (OMIPL) to 'CRISIL
B+/Stable Issuer not cooperating'.

                      Amount
   Facilities       (INR Crore)     Ratings
   ----------       -----------     -------
   Proposed Cash          8         CRISIL B+/Stable (ISSUER NOT
   Credit Limit                     COOPERATING; Rating Migrated)

   Term Loan              7         CRISIL B+/Stable (ISSUER NOT
                                    COOPERATING; Rating Migrated)

CRISIL Ratings has been consistently following up with OMIPL for
obtaining information through letters and emails dated October 29,
2021 and November 24, 2021 among others, apart from telephonic
communication. However, the issuer has remained non cooperative.

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

Detailed Rationale

Despite repeated attempts to engage with the management, CRISIL
Ratings failed to receive any information on either the financial
performance or strategic intent of OMIPL, which restricts CRISIL
Ratings' ability to take a forward-looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on OMIPL
is consistent with 'Assessing Information Adequacy Risk'.
Therefore, on account of inadequate information and lack of
management cooperation, CRISIL Ratings has migrated the rating on
bank facilities of OMIPL to 'CRISIL B+/Stable Issuer not
cooperating'.

OMIPL manufactures ghee and skimmed milk powder. The company is
promoted by Mr. Ankur Agarwal, Mr. Ankur Jain, Ms Manju Agarwal,
and Mr. Ramesh Chand Jain. It started operations in December 2018.


OPAL LUXURY: CRISIL Keeps D Debt Ratings in Not Cooperating
-----------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Opal Luxury
Time Products Limited (OLTPL) continues to be 'CRISIL D/CRISIL D
Issuer Not Cooperating'.

                    Amount
   Facilities     (INR Crore)   Ratings
   ----------     -----------   -------
   Bank Guarantee       1       CRISIL D (Issuer Not Cooperating)
   Cash Credit          8       CRISIL D (Issuer Not Cooperating)
   Letter of Credit     5       CRISIL D (Issuer Not Cooperating)

CRISIL Ratings has been consistently following up with OLTPL for
obtaining information through letters and emails dated October 16,
2021 and December 4, 2021 among others, apart from telephonic
communication. However, the issuer has remained non cooperative.

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

Detailed Rationale

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

Based in Pune (Maharashtra), OLTPL was incorporated in 2007. The
company was listed on the National Stock Exchange's SME (small and
medium enterprise) platform in fiscal 2013. The business was
earlier carried out under a partnership firm, Opal Industries,
established in 1996. OLTPL manufactures a variety of premium wall
clocks under its registered brands, Opal and Caliber.


PCI LIMITED: CRISIL Keeps D Debt Ratings in Not Cooperating
-----------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of PCI Limited
(PCI; part of the Prime group) continue to be 'CRISIL D/CRISIL D
Issuer Not Cooperating'.

                      Amount
   Facilities       (INR Crore)     Ratings
   ----------       -----------     -------
   Cash Credit            18        CRISIL D (Issuer Not
                                    Cooperating)

   Cash Credit            10        CRISIL D (Issuer Not
                                    Cooperating)

   Letter of credit       32        CRISIL D (Issuer Not
   & Bank Guarantee                 Cooperating)

   Letter of credit       20        CRISIL D (Issuer Not
   & Bank Guarantee                 Cooperating)

   Rupee Term Loan         1.31     CRISIL D (Issuer Not
                                    Cooperating)

   Rupee Term Loan         4.62     CRISIL D (Issuer Not
                                    Cooperating)

CRISIL Ratings has been consistently following up with PCI for
obtaining information through letters and emails dated October 16,
2021 and December 4, 2021 among others, apart from telephonic
communication. However, the issuer has remained non cooperative.

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

Detailed Rationale

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

For arriving at the ratings, CRISIL Ratings has combined the
business and financial risk profiles of PCI and its fully owned
subsidiaries-PCI Middle East FZE, PCI Europe GmbH, and PCI Asia
Pacific Pvt Ltd. This is because all these entities, collectively
referred to as the Prime group, have common promoters, the same
marketing network, and strong business and financial linkages with
each other. CRISIL has not combined Prime Hi-tech Engineering Ltd
(PHEL) although the company is a 51% subsidiary of PCI, because of
management's stance that PCI and PHEL do not provide any financial
support to each other. The two companies operate at arm's length.

                          About the Group

PCI, set up in 1986 by Mr. Surinder Mehta, is the flagship company
of the Prime group. It provides technology-related solutions to
various industries, especially the power sector. Its activities
include marketing, distribution, and after-sales service support
for power testing, maintenance, and conditioning equipment, and
machine tools. Furthermore, it owns three windmills with combined
capacity of 4.5 megawatt in Kutch, Gujarat.


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

The instrument-wise rating actions are:

-- INR25 mil. Fund-based working capital limit migrated to non-
     cooperating category with IND BB (ISSUER NOT COOPERATING)/IND

     A4+ (ISSUER NOT COOPERATING) rating; and

-- INR60 mil. Non-fund-based working capital limit migrated to
     non-cooperating category with IND A4+ (ISSUER NOT
     COOPERATING) rating.

Note: ISSUER NOT COOPERATING: The ratings were last reviewed on
December 7, 2020. Ind-Ra is unable to provide an update, as the
agency does not have adequate information to review the ratings.

COMPANY PROFILE

Incorporated on February 15, 2010, Polixel Security Systems is a
100% subsidiary of Himachal Futuristic Communications Ltd. The
company is engaged in the business of integrated security and
surveillance solutions such as closed-circuit television, traffic
management, fire alarms, among others. It also provides turnkey
solutions for the electronic security, safety, and video
surveillance and safety needs of businesses across verticals.


RAHIS COLD: CRISIL Keeps B Debt Ratings in Not Cooperating
----------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Rahis Cold
Storage Private Limited (RCS) continue to be 'CRISIL B/Stable
Issuer Not Cooperating'.

                      Amount
   Facilities       (INR Crore)     Ratings
   ----------       -----------     -------
   Cash Credit           7.5        CRISIL B/Stable (Issuer Not
                                    Cooperating)

   Long Term Loan        4.5        CRISIL B/Stable (Issuer Not
                                    Cooperating)

   Term Loan             3.5        CRISIL B/Stable (Issuer Not
                                    Cooperating)

CRISIL Ratings has been consistently following up with RCS for
obtaining information through letters and emails dated October 16,
2021 and December 21, 2021 among others, apart from telephonic
communication. However, the issuer has remained non cooperative.

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

Detailed Rationale

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

Incorporated in August 2014 by Mr. SK Jakir Ali and Ms Tasmina
Begam, RCS provides cold storage facilities to potato farmers and
traders.


RAMDEV STAINLESS: CRISIL Keeps B Debt Ratings in Not Cooperating
----------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Ramdev
Stainless Strips Private Limited (RSSPL) continue to be 'CRISIL
B/Stable Issuer Not Cooperating'.

                       Amount
   Facilities       (INR Crore)     Ratings
   ----------       -----------     -------
   Cash Credit           10.5       CRISIL B/Stable (Issuer Not
                                    Cooperating)

   Term Loan              1.0       CRISIL B/Stable (Issuer Not
                                    Cooperating)

CRISIL Ratings has been consistently following up with RSSPL for
obtaining information through letters and emails dated October 16,
2021 and December 4, 2021 among others, apart from telephonic
communication. However, the issuer has remained non cooperative.

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

Detailed Rationale

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

Incorporated in May, 2010, Ramdev stainless strips private limited
is involved in the manufacturing of Stainless Steel (SS) sheets &
circles and utensils from SS flats. The company has manufacturing
unit in Jodhpur, Rajasthan. The day to day operations are managed
by Mr. Raghav Agarwal and Mr. Sanwarmal Agarwal. The company had
taken the plant & machineries of its group concerns, Jupiter
Industries (JPI) and Jupiter Enterprises (JPE), on lease basis to
manufacture stainless steel products. The installed capacity is
about 750 tonnes per month of SS pattas/circles and 350 tonnes per
month of SS utensils.


RAVISHANKAR VIDYA: CRISIL Lowers Rating on INR15cr Loan to B
------------------------------------------------------------
CRISIL Ratings has revised the ratings on bank facilities of Sri
Sri Ravishankar Vidya Mandir Trust (Unit-Sri Sri University)
(SSRVMT) to 'CRISIL B/Stable Issuer Not Cooperating' from 'CRISIL
BB-/Stable Issuer Not Cooperating'.

                       Amount
   Facilities        (INR Crore)    Ratings
   ----------        -----------    -------
   Proposed Long Term     4.59      CRISIL B/Stable (ISSUER NOT
   Bank Loan Facility               COOPERATING; Revised from
                                    'CRISIL BB-/Stable ISSUER NOT
                                    COOPERATING')

   Secured Overdraft      4.50      CRISIL B/Stable (ISSUER NOT
   against term                     COOPERATING; Revised from
   deposits                         'CRISIL BB-/Stable ISSUER NOT
                                    COOPERATING')

   Term Loan             15.00      CRISIL B/Stable (ISSUER NOT
                                    COOPERATING; Revised from
                                    'CRISIL BB-/Stable ISSUER NOT
                                    COOPERATING')

CRISIL Ratings has been consistently following up with SSRVMT for
obtaining information through letters and emails dated October 16,
2021 and December 4, 2021 among others, apart from telephonic
communication. However, the issuer has remained non cooperative.

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

Detailed Rationale

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

SSU is a subsidiary of the SSRVMT, founded in 1999 by Sri Sri
Ravishankar as the educational wing of the Art of Living
foundation. Based in Cuttack, SSU offers MBA courses in general
management, agricultural business, and entrepreneurship.


ROHARSH MOTORS: Insolvency Resolution Process Case Summary
----------------------------------------------------------
Debtor: Roharsh Motors Private Limited
        GPT Complex, 517-E
        Old Pune-Bangalore Road
        Kolhapur, Maharashtra 416001

Insolvency Commencement Date: January 19, 2022

Court: National Company Law Tribunal, Mumbai Bench

Estimated date of closure of
insolvency resolution process: July 18, 2022
                               (180 days from commencement)

Insolvency professional: Mr. Hajari Lal Saini

Interim Resolution
Professional:            Mr. Hajari Lal Saini
                         704 A Wing N.G. Sterling
                         Opp. Queen Marry High School
                         Old Golden Nest
                         Mira Bhayander Road
                         Mira Road (E) 401107
                         Thane, Maharashtra
                         E-mail: cahlsaini@rediffmail.com

                            - and -

                         D/003 Sheetal Sangeet Sheetal Nagar
                         Mira Road (E) 401107
                         Thane, Maharashtra
                         E-mail: cirp.roharsh@gmail.com

Last date for
submission of claims:    February 5, 2022


RUCHI OYSTER: CRISIL Keeps B+ Debt Ratings in Not Cooperating
-------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Ruchi Oyster
Mushroom (ROM) continues to be 'CRISIL B+/Stable Issuer Not
Cooperating'.

                      Amount
   Facilities       (INR Crore)     Ratings
   ----------       -----------     -------
   Cash Credit            2         CRISIL B+/Stable (Issuer Not
                                    Cooperating)

    Long Term Loan        2.91      CRISIL B+/Stable (Issuer Not
                                    Cooperating)

   Proposed Long Term
   Bank Loan Facility     5.09      CRISIL B+/Stable (Issuer Not
                                    Cooperating)

CRISIL Ratings has been consistently following up with ROM for
obtaining information through letters and emails dated October 16,
2021 and December 28, 2021 among others, apart from telephonic
communication. However, the issuer has remained non cooperative.

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

Detailed Rationale

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

ROM was setup in 1998 and is promoted Mr. Shriram Munshi Thakur.
The firm manufactures bio-fertilisers, bio-pesticides and
micronutrients for organic farming activities.


S. K. BREEDING: CRISIL Keeps B Debt Ratings in Not Cooperating
--------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of S. K.
Breeding Farm (SKBF) continue to be 'CRISIL B/Stable Issuer Not
Cooperating'.

                      Amount
   Facilities       (INR Crore)     Ratings
   ----------       -----------     -------
   Cash Credit          0.6         CRISIL B/Stable (Issuer Not
                                    Cooperating)

   Term Loan            1.4         CRISIL B/Stable (Issuer Not
                                    Cooperating)

CRISIL Ratings has been consistently following up with SKBF for
obtaining information through letters and emails dated October 16,
2021 and December 4, 2021 among others, apart from telephonic
communication. However, the issuer has remained non cooperative.

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

Detailed Rationale

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

SKBF was set up in 2015 as a partnership between Mr. Krishnan
Kumar, Mr. Shispal Shera and Mr. Surender Rathi. This Panipat-based
firm is engaged in the poultry and hatchery business.


SAI RAMA: CRISIL Keeps B Debt Ratings in Not Cooperating Category
-----------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Sai Rama Sea
Foods (SRSF) continue to be 'CRISIL B/Stable Issuer Not
Cooperating'.

                      Amount
   Facilities       (INR Crore)     Ratings
   ----------       -----------     -------
   Cash Credit          5.25        CRISIL B/Stable (Issuer Not
                                    Cooperating)

   Proposed Working     4.75        CRISIL B/Stable (Issuer Not
   Capital Facility                 Cooperating)

CRISIL Ratings has been consistently following up SRSF for
obtaining information through letters and emails dated October 16,
2021 and December 4, 2021 among others, apart from telephonic
communication. However, the issuer has remained non cooperative.

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

Detailed Rationale

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

SRSF, set up in 2006 and based in Amalapuram, Andhra Pradesh, sells
raw shrimp to shrimp processing companies.


SAMRAT PLASTIC: CRISIL Lowers Rating on INR7cr Cash Loan to B
-------------------------------------------------------------
CRISIL Ratings has revised the ratings on bank facilities of Samrat
Plastic Industries (SPI) to 'CRISIL B/Stable Issuer Not
Cooperating' from 'CRISIL BB/Stable Issuer Not Cooperating'.

                      Amount
   Facilities       (INR Crore)     Ratings
   ----------       -----------     -------
   Cash Credit            7         CRISIL B/Stable (ISSUER NOT
                                    COOPERATING; Revised from
                                    'CRISIL BB/Stable ISSUER NOT
                                    COOPERATING')

  Long Term Loan          1.11      CRISIL B/Stable (ISSUER NOT
                                    COOPERATING; Revised from
                                    'CRISIL BB/Stable ISSUER NOT
                                    COOPERATING')

CRISIL Ratings has been consistently following up with SPI for
obtaining information through letters and emails dated October 16,
2021 and December 4, 2021 among others, apart from telephonic
communication. However, the issuer has remained non cooperative.

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

Detailed Rationale

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

SPI, set up in 2007, manufactures a wide range of PVC pipes,
unplasticised PVC pipes and fittings, and chlorinated PVC pipes and
fittings at its plant in Paddhari (Rajkot); the products are sold
under the brand, King Pipes and Fittings. Mr. Paresh Kasundra, Mr.
Rajesh Kasundra and Mr. Bipin Kasundra are the partners.


SANSKRITI GOLDEN: Insolvency Resolution Process Case Summary
------------------------------------------------------------
Debtor: Sanskriti Golden Oak Real Estate Private Limited
        House No. 639, Sector 11-B
        Chandigarh 160011

Insolvency Commencement Date: December 21, 2021

Court: National Company Law Tribunal, Chandigarh Bench

Estimated date of closure of
insolvency resolution process: June 19, 2022

Insolvency professional: Mr. Navneet Kakkar

Interim Resolution
Professional:            Mr. Navneet Kakkar
                         SCO 145, 2nd Floor
                         Sector 28 D
                         Chandigarh 160002
                         E-mail: kakkarchd@rediffmail.com
                                 ipsanskriti@gmail.com

Last date for
submission of claims:    January 4, 2022


SHAH MOTILAL: CRISIL Keeps B+ Debt Ratings in Not Cooperating
-------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Shah Motilal
Foods Limited (SMFL) continues to be 'CRISIL B+/Stable Issuer Not
Cooperating'.

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

   Long Term Loan         3         CRISIL B+/Stable (Issuer Not
                                    Cooperating)

   Long Term Loan         2.87      CRISIL B+/Stable (Issuer Not
                                    Cooperating)

   Long Term Loan         1.80      CRISIL B+/Stable (Issuer Not
                                    Cooperating)

   Proposed Long Term     2.33      CRISIL B+/Stable (Issuer Not
   Bank Loan Facility               Cooperating)

CRISIL Ratings has been consistently following up with SMFL for
obtaining information through letters and emails dated October 16,
2021 and December 4, 2021 among others, apart from telephonic
communication. However, the issuer has remained non cooperative.

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

Detailed Rationale

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

Based in Hyderabad (Telangana) and set up in April 2012, SMFL is
engaged in processing and trading of milk and milk products. The
day-to-day operations of SMFL are managed by Mr. Rajesh Gandhi.


SHIRIN EXPORTS: Insolvency Resolution Process Case Summary
----------------------------------------------------------
Debtor: Shirin Exports Private Limited
        Shop No. 2, Raj Umang II
        Co-op Hsg Soc Ltd
        Shiv Vallabh Road
        Rawalpada, Dahisar (East)
        Mumbai, MH 400068
        IN

Insolvency Commencement Date: January 3, 2022

Court: National Company Law Tribunal, Amritsar Bench

Estimated date of closure of
insolvency resolution process: July 2, 2022

Insolvency professional: Mr. Jatin Mehra

Interim Resolution
Professional:            Mr. Jatin Mehra
                         E-455, Ranjit Avenue
                         Amritsar 143001
                         E-mail: jatinmehraassociates@gmail.com
                                 shirinexports.cirp@gmail.com

Last date for
submission of claims:    February 1, 2022


SHIV SHARNAM: CRISIL Lowers Rating on INR5cr Loan to B
------------------------------------------------------
CRISIL Ratings has revised the ratings on bank facilities of Shiv
Sharnam Handlooms Private Limited (SSHPL) to 'CRISIL B/Stable
Issuer Not Cooperating' from 'CRISIL BB+/Stable Issuer Not
Cooperating'.

                      Amount
   Facilities       (INR Crore)     Ratings
   ----------       -----------     -------
   Cash Credit           1.5        CRISIL B/Stable (ISSUER NOT
                                    COOPERATING; Revised from
                                    'CRISIL BB+/Stable ISSUER NOT
                                    COOPERATING')

   Drop Line             5          CRISIL B/Stable (ISSUER NOT
   Overdraft Facility               COOPERATING; Revised from
                                    'CRISIL BB+/Stable ISSUER NOT
                                    COOPERATING')

   Proposed Fund-        1.71       CRISIL B/Stable (ISSUER NOT
   Based Bank Limits                COOPERATING; Revised from
                                    'CRISIL BB+/Stable ISSUER NOT
                                    COOPERATING')

   Rupee Term Loan       1.79       CRISIL B/Stable (ISSUER NOT
                                    COOPERATING; Revised from
                                    'CRISIL BB+/Stable ISSUER NOT
                                    COOPERATING')

CRISIL Ratings has been consistently following up with SSHPL for
obtaining information through letters and emails dated October 16,
2021 and December 4, 2021 among others, apart from telephonic
communication. However, the issuer has remained non cooperative.

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

Detailed Rationale

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

CRISIL Ratings has combined the business and financial risk
profiles of SSHPL and Mukesh Furnishing Pvt Ltd (MFPL). This is
because the two companies, together referred to herein as the MFPL
group, have a common management and operational synergies.

                          About the Group

Incorporated in 1997, MFPL manufactures home textile fabric such as
velvet and lycra, while SSHPL, set up in 2007, manufactures and
retails flock velvet, lycra, soft, animal printed, pattern,
furnishing and embossed fabric. The companies, promoted by Mr.
Mukesh Naraang and family, have their manufacturing units in
Panipat, Haryana.


SPRING DYNAMICS: CRISIL Keeps B Debt Ratings in Not Cooperating
---------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Spring
Dynamics Private Limited continue to be 'CRISIL B/Stable Issuer Not
Cooperating'.

                       Amount
   Facilities       (INR Crore)     Ratings
   ----------       -----------     -------
   Term Loan            0.25        CRISIL B/Stable (Issuer Not
                                    Cooperating)

   Term Loan            0.05        CRISIL B/Stable (Issuer Not
                                    Cooperating)

   Term Loan            0.03        CRISIL B/Stable (Issuer Not
                                    Cooperating)

   Term Loan            1.07        CRISIL B/Stable (Issuer Not
                                    Cooperating)

CRISIL Ratings has been consistently following up with Spring
Dynamics for obtaining information through letters and emails dated
October 16, 2021 and December 04, 2021 among others, apart from
telephonic communication. However, the issuer has remained non
cooperative.

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

Detailed Rationale

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

Spring Dynamics was incorporated in July 2013 and is promoted Mr.
B. V. Srinivas Prasad, Mr. Guruprasad and Mr. Srinath. The company
is engaged in the manufacturing of automobile and industrial
springs and has its facility at Bengaluru.


SUBRA INTERNATIONAL: CRISIL Keeps B Rating in Not Cooperating
-------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Subra
International Private Limited (SIPL) continue to be 'CRISIL
B/Stable Issuer Not Cooperating'.

                       Amount
   Facilities        (INR Crore)    Ratings
   ----------        -----------    -------
   Proposed Long Term     24        CRISIL B/Stable (Issuer Not
   Bank Loan Facility               Cooperating)

CRISIL Ratings has been consistently following up with SIPL for
obtaining information through letters and emails dated October 16,
2021 and December 4, 2021 among others, apart from telephonic
communication. However, the issuer has remained non cooperative.

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

Detailed Rationale

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

SIPL was set up in 1994 as a proprietorship concern by Mr.
Maninder. It was later in 2011 converted into a private limited
company. The company is engaged in selling of handmade gold
jewelry.


SULOCHANA AGRO: CRISIL Keeps B+ Debt Ratings in Not Cooperating
---------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Sulochana
Agro and Infratech Private Limited (SAIPL) continue to be 'CRISIL
B+/Stable Issuer Not Cooperating'.


                      Amount
   Facilities       (INR Crore)     Ratings
   ----------       -----------     -------
   Cash Credit          9.00        CRISIL B+/Stable (Issuer Not
                                    Cooperating)

   Proposed Long Term   6.00        CRISIL B+/Stable (Issuer Not
   Bank Loan Facility               Cooperating)

CRISIL Ratings has been consistently following up with SAIPL for
obtaining information through letters and emails dated October 16,
2021 and December 4, 2021 among others, apart from telephonic
communication. However, the issuer has remained non cooperative.

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

Detailed Rationale

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

Incorporated in 2006, SAIPL manufactures rice bran oil and de-oiled
rice bran, which are used as animal feed. The processing facilities
are in Nalgonda (Telangana). Mr. T Mahender Reddy and Mr. B
Chandrasekhar Reddy are the promoters.


TECH PAPRERS: CRISIL Keeps B+ Debt Rating in Not Cooperating
------------------------------------------------------------
CRISIL Ratings said the rating on bank facilities of Shree Tech
Paprers (SHPL) continues to be 'CRISIL B+/Stable Issuer Not
Cooperating'.

                      Amount
   Facilities       (INR Crore)     Ratings
   ----------       -----------     -------
   Cash Credit           5.75       CRISIL B+/Stable (Issuer Not
                                    Cooperating)

CRISIL Ratings has been consistently following up with SHPL for
obtaining information through letters and emails dated October 16,
2021 and December 4, 2021 among others, apart from telephonic
communication. However, the issuer has remained non cooperative.

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

Detailed Rationale

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

SHPL was set up in 2008 by Gurugram-based Mr. Ramesh Khurana and
Mr. S N Virmani. The company runs a boutique hotel, Treehouse
Queens Pearl, in Gurugram.


THREE C GREEN: Insolvency Resolution Process Case Summary
---------------------------------------------------------
Debtor: Three C Green Developers Private Limited

        Registered office:
        C-23, Greater Kailash Enclave, Part-I
        New Delhi 110048

        Principal office for Books of Accounts:
        Ground Floor, Tower B, Lotus Business Park
        Plot No. 8, Sector 127
        Noida, Uttar Pradesh 201304

Insolvency Commencement Date: December 23, 2021

Court: National Company Law Tribunal, Bench IV, Delhi

Estimated date of closure of
insolvency resolution process: June 21, 2022
                               (180 days from commencement)

Insolvency professional: Mr. Vikram Bajaj

Interim Resolution
Professional:            Mr. Vikram Bajaj
                         308, 3rd Floor, Pearl Business Park
                         Netaji Subhash Place
                         Pitampura, Delhi 110034
                         E-mail: bajaj.vikram@gmail.com
                                 ip.threecgreen@gmail.com

Classes of creditors:    Financial Creditors (Homebuyers)

Insolvency
Professionals
Representative of
Creditors in a class:    Mr. Sanjeev Ahuja
                         Mr. Rakesh Kumar Jindal
                         Mr. Ashok Kumar Gupta

Last date for
submission of claims:    February 3, 2022


TRILOK SECURITY: Insolvency Resolution Process Case Summary
-----------------------------------------------------------
Debtor: Trilok Security Systems India Private Limited
        #6-8-1227, NGO's Colony
        Khadi Circle, Tirupathi
        Andhra Pradesh 517501
        India

Insolvency Commencement Date: January 18, 2022

Court: National Company Law Tribunal, Amaravati Bench

Estimated date of closure of
insolvency resolution process: July 17, 2022

Insolvency professional: Mr. Gopikrishna Byadigera

Interim Resolution
Professional:            Mr. Gopikrishna Byadigera
                         2-2-271/73/1, Plot No. 73
                         Lakshmi Enclave, Phase 2
                         Near Sanjive Reddy Garden
                         Macha Bolarum City
                         Hyderabad, Telangana 500010
                         India
                         E-mail: bgopikrishna2000@gmail.com
                                 trilok.cirp@gmail.com

Last date for
submission of claims:    February 1, 2022


VIRAMAN BUILDCON: Insolvency Resolution Process Case Summary
------------------------------------------------------------
Debtor: Viraman Buildcon and Developers Private Limited
        Business Unit No. 530, 5th Floor
        HBN Office D Mall, Plot D
        District Centre, Paschim Vihar
        New Delhi 110087

Insolvency Commencement Date: January 12, 2020

Court: National Company Law Tribunal, New Delhi Bench VI

Estimated date of closure of
insolvency resolution process: July 11, 2022
                               (180 days from commencement)

Insolvency professional: Pawan Garg

Interim Resolution
Professional:            Pawan Garg
                         14054, ATS One Hamlet
                         Sector 104, Noida
                         Uttar Pradesh 201304
                         E-mail: cspawan.garg@gmail.com

                            - and -

                         581, Top Floor
                         Sector-27, Gurugram
                         Haryana 122022
                         E-mail: viraman.cirp@gmail.com

Last date for
submission of claims:    February 2, 2022


YOGI DYEING: Voluntary Liquidation Process Case Summary
-------------------------------------------------------
Debtor: Yogi Dyeing Limited
        86-88 Mahavir Industrial Colony
        Tajpur Road, Ludhiana

Liquidation Commencement Date: January 19, 2022

Court: National Company Law Tribunal, Ludhiana Bench

Insolvency professional: Rajesh Kumar Loomba

Interim Resolution
Professional:            Rajesh Kumar Loomba
                         K-208, Kismat Complex
                         G.T. Road, Miller Ganj
                         Ludhiana 141003
                         Mobile: 9216510901
                         E-mail: yogidyeingvl@gmail.com

Last date for
submission of claims:    February 18, 2022




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

CIPUTRA DEVELOPMENT: Fitch Alters Outlook on 'B+' IDR to Positive
-----------------------------------------------------------------
Fitch Ratings has revised the Outlook on Indonesia-based property
developer PT Ciputra Development Tbk's (CTRA) Long-Term Issuer
Default Rating (IDR) to Positive, from Stable, and has affirmed the
rating at 'B+'. The agency has also affirmed the long-term rating
on CTRA's SGD150 million unsecured notes due 2 February 2026 at
'B+' and its Recovery Rating at RR4'.

The Positive Outlook reflects Fitch's view that CTRA will sustain
its attributable contracted sales, excluding minorities' share, at
above IDR5 trillion over the medium term. The company's contracted
sales scale would then be comparable with that of higher-rated
peers. This, combined with its low leverage, would support a rating
upgrade in 12-18 months.

CTRA's IDR is underpinned by its domestically diversified operating
cash flow and land bank across several key cities, projects and
price points. This has allowed the company to tailor its products
to suit changing demand patterns through economic cycles.

KEY RATING DRIVERS

Strong Contracted Sales Growth: Fitch expects contracted sales to
reach IDR5.5 trillion in 2022 and to continue rising, supported by
an improving operating environment as more of the population is
vaccinated for Covid-19, further supported by the wealth-effect
from elevated commodity export prices. CTRA reported attributable
contracted sales of IDR5.0 trillion in 2021. This represented a 33%
yoy rise and was higher than Fitch's estimate of IDR4.5 trillion,
despite limited large-scale project launches amid the mobility
restrictions imposed during July-August 2021 to curb the
coronavirus spread.

Low Leverage: Fitch expects leverage - defined as net debt/adjusted
inventory - to remain at around 15% in the next 12-18 months
(end-September 2021: 14%), as Fitch thinks CTRA will maintain a
cautious approach to land banking and capex until there is more
visibility around a sustained economic recovery. Leverage is thus
likely to remain well below the 40% threshold required for a rating
upgrade in the next 12-18 months. This will leave headroom for
further investment, but Fitch expects a measured approach in line
with the company's record.

Risks to Sustained Higher Sales: CTRA reports that over 25% of its
2021 contracted sales were driven by the VAT rebate. The government
has extended the rebate until June 2022, albeit at half the
discount. However, the pace of CTRA's presales growth may slow if
the VAT rebate is not extended beyond June 2022 or if domestic
interest rates rise faster the market expects. Further operational
disruption from new coronavirus variants could also derail the
positive trajectory.

Mortgages Boost Cash Collection: Fitch expects cash flow from
operation to improve in 2022 on better presales and a higher mix of
mortgage-loan funded sales. The loosening of mortgage-loan rules
since early 2021, which allow banks to disburse up to 90% of loans
to developers up front, have been a key driver of stronger cash
collection. CTRA reported consolidated cash collection of IDR6.3
trillion in 9M21, up by 40% yoy, with mortgage-funded sales rising
to 58%, from 50%, over the period, displacing instalment-funded
sales.

Neutral Free Cash Flow: Fitch assumes that CTRA will pay out all of
its profit in the form of dividends, such that free cash flow (FCF)
remains neutral to marginally negative in 2022-2024. This will
exceed the 10%-15% pay-out ratio seen historically. The company has
not announced any specific expansion or acquisition plans and Fitch
believes it may invest in business growth over the longer term
should strong cash collection continue amid a sustained economic
recovery.

Gradual Recovery at Malls and Hotels: Uneven vaccination rates
across Indonesia pose a risk to the recovery of CTRA's
non-development cash flow, which mainly stem from shopping malls
and hotels. CTRA's hospitals have partly offset the weakness in
malls and hotels due to high demand for Covid-19 tests and related
care. Meanwhile, non-Covid-19 revenue has rebounded.
Non-development revenue fell to 18% of total revenue in 9M21, but
Fitch thinks it will return to around 25% from 2023 - the pre-2020
level, if the pandemic is brought under control.

Large Land Bank; Joint Operations: CTRA owns more than 2,300
hectares of land, with a large presence in the main urban areas of
Greater Jakarta and Greater Surabaya. The large land bank ensures
project longevity and healthy cash flow, especially amid rising
land prices. CTRA develops projects with other land owners on a
profit- or revenue-sharing basis. It reports joint operations on a
proportionally consolidated basis, while Fitch proportionally
consolidates its key joint ventures (JV) -- reported using the
equity method - when calculating credit metrics. The JVs have
limited debt and cash.

DERIVATION SUMMARY

CTRA's rating may be compared with that of Indonesia-based PT
Pakuwon Jati Tbk (BB/Stable) and PT Bumi Serpong Damai Tbk (BSD;
BB-/Stable), as well as Vietnam-based BIM Land Joint Stock Company
(B/Stable).

Pakuwon is one of Indonesia's leading shopping-mall owners and is
also a mixed-use property developer. The majority of its operating
cash flow stems from its portfolio of shopping malls, hotels and
offices. Pakuwon is rated two notches higher than CTRA because of
its large non-development cash flow and more conservative capital
structure, which supports strong credit metrics during periods of
low property demand. This offsets Pakuwon's smaller
property-development scale, which it manages prudently, with most
of its construction funded by customer presales rather than debt.

BSD is rated one notch above CTRA to reflect its larger
property-development scale. Fitch expects its attributable presales
to be sustained at more than IDR5 trillion in the medium term. This
is despite CTRA's property-development business being more
geographically diversified, as BSD draws most of its presales from
the Tangerang region in Greater Jakarta. Both issuers have a record
of maintaining low leverage and strong liquidity. The Positive
Outlook on CTRA factors in the likelihood that its annual
attributable presales scale could converge with that of BSD's and
lead to an upgrade in 12-18 months.

CTRA is rated one notch higher than BIM Land, underpinned by its
residential property-development cash flow, greater diversification
across economic regions and large project portfolio. In contrast,
about half of BIM Land's sales stem from tourism-led properties,
such as condotels and rental villas, for which demand is more
cyclical than for residential units. In addition, BIM Land's
presales are concentrated to three locations, two of are still at
the early stages of development.

KEY ASSUMPTIONS

-- Attributable presales, excluding minority shares, of IDR5.5
    trillion in 2022 and IDR5.9 trillion in 2023;

-- Attributable cash collection of IDR6.4 trillion in 2022 and
    IDR7.4 trillion in 2023 (2021 estimate: IDR5.9 trillion);

-- Attributable construction costs of IDR2.8 trillion in 2022 and
    IDR3.3 trillion in 2023 (2021 estimate: IDR2.6 trillion);

-- Attributable land costs of IDR650 billion in 2022 and IDR850
    billion in 2023 (2021 estimate: IDR450 billion);

-- Dividends rising to IDR1.7 trillion in 2022 and IDR2.0
    trillion in 2023, such that FCF is neutral to marginally
    negative. Alternatively, Fitch believes FCF may channelled
    towards growth if the operating environment remains conducive.

RATING SENSITIVITIES

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

-- Annual attributable presales sustained above IDR5.0 trillion.

Factors that could, individually, or collectively, lead to negative
rating action/downgrade, including the Outlook being revised to
Stable:

-- Inability to sustain attributable presales at above IDR5.0
    trillion;

-- Net debt/adjusted inventory at above 40% for a sustained
    period, so long as non-development gross profit before
    depreciation and amortisation/net interest costs remain at or
    above 1.5x (2020: 1.6x; 2021 estimate: 2.2x). Alternatively,
    if non-development gross profit coverage of net interest is
    below 1.5x, net debt/adjusted inventory at above 35% for a
    sustained period could trigger negative rating action.

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

Strong Liquidity, Diversified Funding: CTRA reported IDR6.5
trillion in cash and cash equivalents and large committed undrawn
bank facilities as of end-September 2021, compared with IDR789
billion of current debt maturities due in the next 12 months. The
near-term maturities include short-term working capital funding of
IDR290 billion, which Fitch expects will be rolled over by lenders
over the normal course of business. Fitch forecasts strong
operating cash flow, but for FCF to remain neutral, as Fitch
assumes that the company will either expand its investments
prudently to capitalise on forecast economic growth and maintain an
efficient capital structure, or pay higher shareholder dividends
rather than let cash accumulate.

CTRA has the most diversified funding sources among rated
Indonesian developers in terms of access to domestic banks, with
its cross-border unsecured medium-term notes accounting for just
17% of total debt. The company issued a new SGD150 million 6%
unsecured medium-term note due in February 2026 to prepay an
existing note that was due in September 2021.

ISSUER PROFILE

CTRA is an Indonesia-based homebuilder with over 2,300 hectares in
landbank, well-spread across several areas in the country. The
company is also one of the most diversified Indonesian homebuilders
in terms of number of projects, locations and price-points, with
over 80 projects in 34 cities, and presales spread across low, mid
and upper-income customer segments.

ESG CONSIDERATIONS

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



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

10/7 SECURITY: Commences Wind-Up Proceedings
--------------------------------------------
Members of 10/7 Security Limited on Jan. 24, 2022, passed a
resolution to voluntarily wind up the company's operations.

The company's liquidator is:

          Grant Reynolds
          Reynolds & Associates Limited
          PO Box 259059
          Botany, Auckland 2163


BARRA LIMITED: Creditors' Proofs of Debt Due on Feb. 21
-------------------------------------------------------
Creditors of Barra Limited (trading as Holistic Medical Centre),
which is in voluntary liquidation, are required to file their
proofs of debt by Feb. 21, 2022, to be included in the company's
dividend distribution.

The company commenced wind-up proceedings on Jan. 20, 2022.

The company's liquidators are:

          Gareth Russel Hoole
          Clive Robert Bish
          Ecovis KGA Limited
          PO Box 37223
          Parnell, Auckland


IMMORTAL IMAGINATION: Creditors' Proofs of Debt Due on March 11
---------------------------------------------------------------
Creditors of Immortal Imagination Motion Pictures Limited, which is
in voluntary liquidation, are required to file their proofs of debt
by March 11, 2022, to be included in the company's dividend
distribution.

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

The company's liquidator is:

          Garry Whimp
          Blacklock Rose Limited
          PO Box 6709
          Victoria Street West, Auckland 1142


Y & Z SUPERMARKET: Court to Hear Wind-Up Petition on March 11
-------------------------------------------------------------
A petition to wind up the operations of Y & Z Supermarket Limited
will be heard before the High Court at Auckland on March 11, 2022,
at 10:00 a.m.

Sunmax Trading Limited filed the petition against the company on
Oct. 18, 2022.

The Petitioner's solicitor is:

          Alden Ho
          Crimson Legal
          Level 1, 19 Mauranui Avenue
          Epsom, Auckland




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

HIMLAYANG PILIPINO: Placed Under Conservatorship
------------------------------------------------
Inquirer.net reports the Philippines' Insurance Commission (IC) has
placed Himlayang Pilipino Plans Inc. under conservatorship.

In a statement on Jan. 24, the IC said Insurance Commissioner
Dennis Funa's conservatorship order on Dec. 13, 2021, came after
the pre-need firm's failures to not only address insolvency issues
but also fill-up trust fund deficiencies.

Prior to the conservatorship order, Mr. Funa slapped Himlayang
Pilipino Plans with a cease-and-desist order due to its "continuing
inability or unwillingness to comply" with the IC's earlier orders
to resolve the PHP112.3-million insolvency and P184.9-million
deficiency shown by the company's 2020 financial statement,
Inquirer.net relays.

"The IC gave Himlayang Pilipino Plans ample time to comply with
these instructions. Despite extensions granted by the commission,
Himlayang Pilipino Plans still failed to abide by its
undertakings," Inquirer.net quotes Mr. Funa as saying.

Mr. Funa disclosed that Himlayang Pilipino Plans had "requested for
various regulatory reliefs after it was apprised of the results of
the verification of its 2020 annual statement." These included,
among others, requests for authority to venture into high-yielding
investment portfolios, suspension of the directive to fund
deficiencies, and withdrawal of the excess of the trust funds for
both education and pension plans.

"The requests were denied due to various legal considerations,
which eventually led to the issuance of the cease-and-desist order,
and, later, the conservatorship order," Mr. Funa added.

Inquirer.net relates Mr. Funa pointed to Section 49 of Republic Act
(RA) No. 9829 or the Pre-Need Code of the Philippines which allows
the IC as the  industry's regulator to put under conservatorship
any pre-need provider which was "in a state of continuing inability
or unwillingness to comply with the requirements of the code and/or
orders of the commission."

"By placing Himlayang Pilipino Plans under conservatorship, we aim
to restore the company to financial viability with the ultimate
objective of protecting the interest of its plan holders," Mr. Funa
said.

The IC usually places troubled pre-need companies, insurers, as
well as health maintenance organizations (HMO) in its supervision
under conservatorship to preserve their value, shepherd them to a
return to financial health, or before ultimately placing them under
receivership.

According to Inquirer.net, the latest IC data had shown the
pre-need industry swung to profitability as of end-September 2021,
reversing 2020's pandemic-induced losses, as sales of life plans
jumped by almost half year-on-year.

The 12 licensed pre-need players posted a total net income of
PHP369.2 million during the first nine months of last year. In
contrast, the sector in 2020 recorded an end-September net loss
amounting to PHP2.3 billion, Inquirer.net discloses.

The report notes the improved nine-month bottom line, being
sustained since the second quarter of 2021, came on the back of the
47.5% jump in the number of plans that pre-need firms sold, to
414,496 from 281,055 in 2020. Pre-need plans sold from January to
September 2019 reached 687,236.



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

DA GUANG: First Creditors' Meeting Set for Feb. 10
--------------------------------------------------
A first meeting of the creditors in the proceedings of Da Guang
Tankers (Pte) Ltd will be held on Feb. 10, 2022.

Paresh Tribhovan Jotangia and Ho May Kee of Grant Thornton
Singapore Private Limited were appointed joint and several
provisional liquidators of the Da Guang Tankers on Jan. 13, 2022.

HITECH MINING: Court to Hear Wind-Up Petition on Feb. 4
-------------------------------------------------------
A petition to wind up the operations of Hitech Mining Asia Pte Ltd
will be heard before the High Court of Singapore on Feb. 4, 2022,
at 10:00 a.m.

EFA RET Management Pte Ltd (as Trustee of EFA Real Economy Income
Trust) filed the petition against the company on Jan. 11, 2022.

The Petitioner's solicitors are:

          BlackStone & Gold LLC
          70 Shenton Way
          #10-11/12 Eon Shenton
          Singapore 079118



                           *********


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
without prior written permission of the publishers.
Information contained herein is obtained from sources believed
to be reliable, but is not guaranteed.

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



                *** End of Transmission ***