/raid1/www/Hosts/bankrupt/TCRAP_Public/220127.mbx        T R O U B L E D   C O M P A N Y   R E P O R T E R

                     A S I A   P A C I F I C

          Thursday, January 27, 2022, Vol. 25, No. 14

                           Headlines



A U S T R A L I A

ASTORYAN GROUP: Commences Wind-Up Proceedings
BD NSW: Second Creditors' Meeting Set for Feb. 4
INDUSTRY GLASS: Commences Wind-Up Proceedings
KIDS BUSINESS: Commences Wind-Up Proceedings
RELIANCE ONLINE: Court Finds Against Directors Over Brokerage Deal

ZAMABWE PTY: High Court Appoints Pitcher Partners as Liquidator


C H I N A

AGILE GROUP: To Sell Stake in Guangzhou Property JV for US$300MM
JINGRUI HOLDINGS: Moody's Cuts CFR to B3 & Sr. Unsec. Notes to Caa1
KAISA GROUP: To Resume Construction of Project in Foshan


H O N G   K O N G

THEVELIA HOLDINGS: Moody's Assigns First Time 'B2' CFR


I N D I A

ACCORD UDYOG: CARE Lowers Rating on INR8.00cr LT Loan to D
ADYA BHAWAN: CARE Keeps B Debt Rating in Not Cooperating
ANAND RICE: CARE Lowers Rating on INR6.14cr LT Loan to C
AUTOCZARS: CARE Lowers Rating on INR3.50cr LT Loan to C
AXIS BANK: S&P Alters Outlook to Positive, Affirms 'BB+/B' ICRs

BAJAJ FINANCE: S&P Affirms BB+ Issue Credit Rating, Outlook Stable
BALAJI TIMBER: CARE Lowers Rating on INR2.50cr LT Loan to C
BALAJI WIRE: CARE Lowers Rating on INR5.50cr LT Loan to B
BERIAL ENGINEERS: Insolvency Resolution Process Case Summary
BNAZRUM AGRO: CARE Keeps D Debt Ratings in Not Cooperating

DHAIRYA CONSTRUCTION: CARE Cuts Rating on INR10cr LT Loan to B-
EARTHEN TREASURES: CARE Keeps D Debt Rating in Not Cooperating
GONDIA EDUCATION: CARE Keeps C Debt Rating in Not Cooperating
GOVINDA INDUSTRIES: Insolvency Resolution Process Case Summary
HANKOOK TIRES: Voluntary Liquidation Process Case Summary

HARIHAR ALLOYS: CARE Lowers Rating on INR13.22cr LT Loan to B-
INDO ENTERPRISES: CARE Withdraws D Rating on Bank Facilities
INTERNATIONAL METAL: CARE Keeps B- Debt Rating in Not Cooperating
JAI MATA: CARE Lowers Rating on INR10.00cr LT Loan to C
KISAN UDYOG: CARE Keeps B- Debt Rating in Not Cooperating

LOGANAYAGI TIMBERS: CARE Lowers Rating on INR0.60cr LT Loan to C
NAJMUDDIN TRADING: CARE Lowers Rating on INR9.50cr LT Loan to C
NESCO HOSPITALITY: Voluntary Liquidation Process Case Summary
NIRUPAM ASSOCIATES: CARE Lowers Rating on INR8.0cr LT Loan to C
OSWAL KNITTING: CARE Keeps D Debt Ratings in Not Cooperating

PURVI CASHEW: CARE Keeps B- Debt Rating in Not Cooperating
RAMDEV COTTON: CARE Keeps D Debt Rating in Not Cooperating
SARASH EXPORTS: Liquidation Process Case Summary
SUSHEELA TEXFAB: CARE Lowers Rating on INR23.60cr LT Loan to D
TECHNICAL PRODUCT: CARE Lowers Rating on INR6.50cr ST Loan to D

TELEECARE NETWORK: CARE Lowers Rating on INR90cr LT Loan to B
UMANG TOWN: Insolvency Resolution Process Case Summary
UNION BANK OF INDIA: S&P Affirms BB+ ICR, Outlook Stable
VAAAN INFRA PRIVATE: Insolvency Resolution Process Case Summary
VSG VENTURES: CARE Keeps D Debt Ratings in Not Cooperating

YAKSHA KRAPA: CARE Lowers Rating on INR6.44cr LT Loan to C


I N D O N E S I A

GARUDA INDONESIA: Four Lessors Agree to Debt Restructuring Plan


J A P A N

IHI CORPORATION: Egan-Jones Keeps BB+ Senior Unsecured Ratings
KAWASAKI KISEN: Egan-Jones Keeps BB Senior Unsecured Ratings
KOBE STEEL: Egan-Jones Keeps B Senior Unsecured Ratings
TOYOBO CO: Egan-Jones Keeps BB+ Senior Unsecured Ratings
UNITIKA LTD: Egan-Jones Keeps CCC Senior Unsecured Ratings



N E W   Z E A L A N D

ANDREW BUCHANAN: Creditors' Proofs of Debt Due Feb. 25
ASJ COMMODITIES: Court to Hear Wind-Up Petition on Feb. 21
CUTHBERT EARTHMOVERS: Court to Hear Wind-Up Petition on Feb. 4
MAGIRE LIMITED: Creditors' Proofs of Debt Due Feb. 21


S I N G A P O R E

AGV GROUP: Placed Into Interim Judicial Management
DAFA SHIPPING: Creditors' Meeting Set for Feb. 10
DONG JIANG: Creditors' Meeting Set for Feb. 10
SAMTRADE FX: Files for Judicial Management in Singapore
SAMTRADE FX: Warns GIB Capital for Referring to ASIC License

TESCO DIGITAL: Members' Final Meeting Set for Feb. 24
XIN AN: Creditors' Meeting Set for Feb. 10

                           - - - - -


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A U S T R A L I A
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ASTORYAN GROUP: Commences Wind-Up Proceedings
---------------------------------------------
Members of Astoryan Group Pty Ltd, on Jan. 25, 2022, passed a
resolution to voluntarily wind up the company's operations.

The company's liquidator is:

          Philip Raymond Hosking
          Helm Advisory
          Suite 2, Level 16
          60 Carrington Street
          Sydney, NSW 2000


BD NSW: Second Creditors' Meeting Set for Feb. 4
------------------------------------------------
A second meeting of creditors in the proceedings of BD NSW Pty Ltd
has been set for Feb. 4, 2022, at 11:00 a.m. via Microsoft Teams.

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. 2, 2022, at 3:00 p.m.

Andrew Schwarz and Jon Howarth of AS Advisory were appointed as
administrators of BD NSW on Dec. 20, 2021.


INDUSTRY GLASS: Commences Wind-Up Proceedings
---------------------------------------------
Members of Industry Glass Pty Ltd, on Jan. 25, 2022, passed a
resolution to voluntarily wind up the company's operations.

The company's liquidators are:

          Rajiv Ghedia
          Shumit Banerjee
          Westburn Advisory
          Level 5, 115 Pitt Street
          Sydney, NSW 2000


KIDS BUSINESS: Commences Wind-Up Proceedings
--------------------------------------------
Members of Kids Business Enterprises Pty Ltd, on Jan. 25, 2022,
passed a resolution to voluntarily wind up the company's
operations.

The company's liquidator is:

          Martin Walsh
          Walsh & Associates
          Level 10, 53 Walker Street
          North Sydney, NSW 2060


RELIANCE ONLINE: Court Finds Against Directors Over Brokerage Deal
------------------------------------------------------------------
Insurance News reports that the Supreme Court of WA has found two
Reliance Online directors breached their duties in purchasing Phil
Doring Insurance Brokers (PDIB) in Queensland amid financial
troubles and opposition from other directors.

The AUD1.1 million deal involved AUD300,000 payable on completion
and with the AUD800,000 balance to be paid in monthly instalments
over the next three years.

According to the report, Justice Rene Le Miere said Andrew Paul
Donnelly and Kimberley James Hanson had committed Reliance Online
to a transaction that offered marginal benefit while exposing the
group to the risk of insolvency if it couldn't meet its
obligations.

Insurance News relates that the judgment found Mr. Donnelly had
kept two directors, Keith Muller and Jonathon Fogarty, uninformed
about the deal until it was complete and had not undertaken due
diligence despite knowing the transaction was "riddled with risk"
and that there was a deficit in the PDIB broking account.

"In negotiating and executing the Asset Sale Agreement, Mr.
Donnelly ignored the many red flags, that is indicators, that there
were potential problems with the PDIB business," Justice Le Miere
said.

The judgment also said Mr. Hanson knew other directors in holding
company Vantage Holdings Group (VHG) were against more acquisitions
due to the financial situation, but had committed to the
transaction without reading or seeing the contract before he
signed, the report relays.

Mr. Hanson knew the business was being acquired from receivers in
"a distressed sale" but had relied on Mr. Donnelly telling him the
"broad parameters of the proposed transaction" and advice from a
solicitor saying "all was in order" Justice Le Miere said.

"I find that Mr. Donnelly breached the common law duty of care and
skill he owed to each of Reliance Online and VHG as a director, and
Mr. Hanson breached the common law duty of care and skill he owed
to Reliance Online as a director," the report quotes Justice Le
Miere as saying.

Mr. Donnelly and Mr. Hanson also breached their statutory and
common law duties to act in good faith and in the best interests of
the companies, he found.

The judgment said Mr. Donnelly and Mr. Hanson started broking firm
West Coast Group in 1998, later changing its name to Australian
Reliance, which they operated as CEO and CFO. In 2012 they formed
broker network Reliance Franchise Partners, Insurance News relays.

The group grew rapidly and funding was provided by Fopar, an entity
related to Mr. Fogarty, who had previously been a friend of Mr.
Donnelly.

But Justice Le Miere said the financial position became "perilous",
Mr. Fogarty, a VHG director, had expressed dissatisfaction with the
way the group was being managed and frictions increased.

Insurance News relates that Mr. Fogarty wanted the Reliance group
to find a buyer for its business so funds could be obtained to
repay amounts owing to Fopar under convertible note deeds, the
judgment said.

A Heads of Agreement was entered into with Coverforce on September
4, 2015 for it to buy the business, apart from some entities
including Reliance Online, in a deal involving cash and scrip, and
giving Mr. Donnelly and Mr. Hanson equity.

But Mr. Fogarty, on behalf of Fopar, ended the agreement in early
December after Coverforce sought an exclusivity extension as it
looked to instead fund the deal by debt and was about to enter
talks with bankers. Fopar was a party as the convertible note deeds
would be repaid out of sale proceeds.

"It was not unreasonable for Mr. Fogarty to conclude that
Coverforce did not have the capacity to complete the acquisition
and to look for an alternative purchaser," the judgment, as cited
by Insurance News, said.

On January 15, 2016, VHG and its subsidiaries agreed instead to
sell most of their insurance broking businesses, excluding Reliance
Online, to PSC Insurance Group.

In the meantime, Mr. Donnelly was alerted in October 2015 to an
opportunity to buy PDIB, which was in receivership, but which he
said in an email to a lawyer he would like to pursue as it was a
25-year-old business in a regional centre where it would be good to
have representation.

The PDIB vendors agreed to sell to Reliance Online on November 6,
2015, with the deal to include partial payment on completion and
monthly instalments. VHG was guarantor of the Reliance Online
obligations.

According to the report, the judgment said Mr. Donnelly had
discussed the proposed PDIB purchase with Coverforce, while that
transaction was still expected to be completed, but not with other
members from his own board of directors who were opposed to further
acquisitions.

Early in 2016, PDIB vendors demanded payment from Reliance Online
of AUD30,000 GST and the first two instalments and claimed a breach
of the Asset Sale Agreement as they were not told of the PSC deal
and the effective exit of VHG as guarantor, the report recalls. The
dispute led to Victorian court action, which was settled later in
the year.

Reliance Online and VHG added Mr. Donnelly and Mr. Hanson to the
legal action, seeking damages or compensation on the grounds they
had breached their statutory and common law duties as directors or
officers in executing the PDIB Asset Sale Agreement, the report
notes.

Insurance News adds that Justice Le Miere said it was not proved
Reliance Online suffered any losses in operating the acquired PDIB
business, but made other orders, including for costs.

Mr. Donnelly and Mr. Hanson were liable for AUD75,000 related to
the Victorian court settlement and Mr. Donnelly was liable to VHG
for AUD90,654.24 for interest accrued on AUD1 million of debt owed
by VHG, as a result of a Victorian freezing order, he said.


ZAMABWE PTY: High Court Appoints Pitcher Partners as Liquidator
---------------------------------------------------------------
The Supreme Court of Western Australia entered an order on Jan. 25,
2022, to wind up the operations of Zamabwe Pty Ltd.

The court appointed Daniel Bredenkamp of Pitcher Partners as
liquidator of the company.




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C H I N A
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AGILE GROUP: To Sell Stake in Guangzhou Property JV for US$300MM
----------------------------------------------------------------
South China Morning Post reports that state-backed companies are
coming to the rescue of embattled Chinese developers pushed to the
edge of financial ruin by Beijing's "three red lines" borrowing
restrictions.

The Post relates that Agile Group, one of the country's top 20 home
sellers, said it will sell its 26.7 per cent stake in a Guangzhou
property joint venture for CNY1.84 billion (US$300 million) to a
unit of China Overseas Land & Investment (Coli).

Hong Kong-listed Coli is a property arm of China State Construction
Engineering, which is directly owned by the State-owned Assets
Supervision and Administration Commission of the State Council, the
report notes.

According to the Post, the Guangzhou-based developer said the deal
"would [help] the group to meet its working capital requirements
and future business development."

The Post notes that it comes after Shimao Group announced on Jan.
21 it had sold land in Shanghai to a company owned by the Shanghai
municipal government.

Agile is facing a growing pile of debts including US$1.1 billion in
offshore notes due this year, the report discloses.

State-owned Coli's takeover would at least ease the pressure on
Agile, which was downgraded by Moody's on Jan. 18 to Ba2, and offer
some liquidity to repay its US$500 million of offshore bonds coming
due in March, according to the Post.

The credit ratings company based its downgrade on the increased
refinancing risk of Agile's sizeable debt maturities.

The Post says the three red lines, outlined by the central
government in August 2020, define strict thresholds on borrowing.
They are a liability-to-asset ratio excluding advance receipts of
less than 70 per cent, a net debt-to-equity ratio of less than 100
per cent and a cash to short-term debt ratio of one.

According to the rules, companies are allowed to borrow more from
banks and increase their debt level by 5 per cent annually for each
red line that they meet, subject to a maximum yearly increase of 15
per cent. The rule has been backdated to January 1, 2020.

Many developers -- even financially sound ones -- have been
reluctant to conduct mergers and acquisitions, fearing they might
fail to meet the three red lines after absorbing the debts of their
beleaguered peers, the Post states.

For example, Yuexiu Property, a unit of state-owned Guangzhou
Yuexiu Holdings, dropped plans to buy China Evergrande's
headquarters building in Hong Kong, the report says. Sunac Holdings
Group cancelled its planned buyout of First Services, the property
management unit of troubled Modern Land.

However, the central government recently decided to give
cash-strapped property firms some breathing space, according to the
Post. Policymakers plan to exclude debt raised by a developer to
acquire distressed assets of another home builder when calculating
their compliance with the three red lines, Cailianshe reported
earlier in January.

The Post adds that the easing of the three red lines has encouraged
more M&A activity in the sector, which may explain why Agile is not
the only developer to have been saved recently by a white knight in
the form of a state-owned company.

                          About Agile Group

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

As reported in the Troubled Company Reporter-Asia Pacific on Jan.
19, 2022, S&P Global Ratings lowered its long-term issuer credit
rating on Agile Group Holdings Ltd. to 'B+' from 'BB-'. The outlook
is negative. At the same time, S&P lowered its long-term issue
rating on the senior unsecured notes Agile issued to 'B' from
'B+'.

The negative outlook on Agile reflects S&P's view that the
company's liquidity could further deteriorate over the next 12
months due to weaker-than-expected cash generation from operations
and asset sales, as well as declining funding access. Also, the
company's leverage could rise due to margin compression.

The TCR-AP reported on Jan. 20, 2022, that Moody's Investors
Service has downgraded Agile Group Holdings Limited's corporate
family rating to B1 from Ba2 and its senior unsecured rating to B2
from Ba3. The outlook remains negative.

JINGRUI HOLDINGS: Moody's Cuts CFR to B3 & Sr. Unsec. Notes to Caa1
-------------------------------------------------------------------
Moody's Investors Service has downgraded to B3 from B2 the
corporate family rating of Jingrui Holdings Limited, and to Caa1
from B3 the senior unsecured ratings.

The outlook remains negative.

"The downgrade of Jingrui's CFR to B3 reflects the company's
weakened operations and heightened refinancing risks because of its
reduced funding access and sizable debt maturities over the next
12-18 months," says Cedric Lai, a Moody's Vice President and Senior
Analyst.

"The negative outlook reflects the uncertainties around Jingrui's
ability to address its debt maturities over the next 6-12 months,"
adds Lai.

RATINGS RATIONALE

Moody's expects Jingrui's refinancing risks to heighten as it faces
difficulties in raising new funds from onshore and offshore
channels to address its maturing debts amid a tight credit
environment. Jingrui is highly reliant on the offshore bond market
as its major funding channel, which accounted for 37% of its total
debt as of June 30, 2021. In particular, the company had offshore
bonds of USD950 million maturing or becoming puttable before the
end of December 2022.

Moody's forecasts that Jingrui's contracted sales will decline
notably over the next 6-12 months, driven by weaker homebuyer
confidence and diminishing saleable resources as a result of its
slowdown in land acquisitions and tight funding conditions. In
November and December 2021, Jingrui's contracted sales dropped by
74% and 70% year-over-year respectively, which under-performed the
market. A fall in contracted sales will weaken the company's
operating cash flow and, in turn, its liquidity.

Jingrui had unrestricted cash of RMB11.1 billion as of the end of
June 2021, but uncertainty remains high if the company could use
all such cash resources for debt repayment. In addition, the
company has a high exposure to joint ventures, which could limit
its ability to control its cash flow.

Jingrui's credit metrics will also remain weak over the next 12-18
months. Moody's expects its debt leverage, as measured by
revenue/adjusted debt, will decline to 55%-60% over this period
from 58% for the 12 months ended June 2021, as its revenue will
decline because of a drop in contracted sales and a slowdown in
construction activities to preserve liquidity. Meanwhile, its
interest-servicing ability, as measured by EBIT interest coverage,
will weaken to around 1.2x from 1.4x over the same period.

Jingrui's B3 CFR considers the company's weakening operating
performance, deteriorated funding access and high refinancing needs
over the next 6-12 months.

On the other hand, the B3 CFR considers Jingrui's long track record
of developing residential properties in the Yangtze River Delta
region.

The Caa1 senior unsecured debt rating is one notch lower than its
CFR due to structural subordination risk. This risk reflects the
fact that the majority of claims are at the operating subsidiaries
and have priority over Jingrui's senior unsecured claims in a
bankruptcy scenario. In addition, the holding company lacks
significant mitigating factors for structural subordination. As a
result, the expected recovery rate for claims at the holding
company will be lower.

In terms of environmental, social and governance (ESG) factors,
Moody's has considered Jingrui's concentrated ownership by its key
shareholders, Mr. Chen Xin Ge and Mr. Yan Hao, who held an
approximate 67.9% stake in the company as of the end of June 2021.

Moody's has also considered (1) the fact that independent directors
chair Jingrui's audit and remuneration committees; (2) the low
level of related-party transactions and dividend payouts; and (3)
the presence of other internal governance structures and standards
as required by the Hong Kong Stock Exchange, on which the company
is listed.

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

An upgrade is unlikely, given the negative outlook.

However, Moody's could return the outlook to stable if Jingrui
improves its access to funding, maintains stable operating cash
flow and strengthens its liquidity.

On the other hand, Moody's could downgrade the ratings if Jingrui's
access to funding and liquidity deteriorate further.

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

Jingrui Holdings Limited is a Shanghai-based property developer.
The company was listed on the Hong Kong Stock Exchange in October
2013. It was originally established in 1993 as Shanghai Jingrui
Property Development Company by a group of businessmen, including
its current key shareholders and executive directors, Mr. Chen Xin
Ge and Mr. Yan Hao.

The company engages in property development, with a focus on
residential projects in the Yangtze River Delta and other
second-tier cities in China. As of June 2021, Jingrui had a total
land bank of about 5.3 million square meters across 18 cities in
China, including Beijing, Shanghai, Tianjin, Hangzhou, Suzhou,
Nanjing and Ningbo.

KAISA GROUP: To Resume Construction of Project in Foshan
--------------------------------------------------------
South China Morning Post reports that Kaisa Group has pledged to
resume construction at a project in Foshan in the southern province
of Guangdong after funds held in escrow accounts were returned to
it.

The Post says the development comes hot on the heels of reports
last week that China was moving to ease a severe crash crunch in
the property sector, giving developers much-needed breathing
space.

"After friendly negotiations with the government and regulatory
banks, the presale payments [for the project] have been returned
and will be used for resumption of work and production of the
project," Kaisa Foshan said in a statement on its official WeChat
account on Jan. 24.   "Our company will make every effort to ensure
that the project is delivered on time!"

Reuters reported on Jan. 19 that China was drafting nationwide
rules to make it easier for property developers to access funds
from sales still held in escrow accounts, the Post recalls.

The new rules would help developers meet their debt obligations,
pay suppliers and finance operations by letting them use the funds
in escrow that are currently controlled by municipal governments
with no central oversight. The Reuters report cited four people
with knowledge of the matter.

While Chinese developers are allowed to sell residential projects
before completing them, they are required to put the proceeds in
escrow accounts, the report states.

A day after news of the rules change broke, China lowered its
five-year loan prime rate, a reference rate for mortgages, for the
first time since April 2020, the Post relates.

A lower loans rate gives developers much-needed breathing room, as
they face US$38.3 billion of offshore bond payments in the first
six months of 2022, according to the Post.

Earlier this month, the Foshan municipal government said it would
be "open to and welcome investment by property firms" and would
take steps to help lower their costs of fundraising, according to
an announcement labelled "measures for a good start of economic
development in the first quarter."

The report relates that the government said it would also try to
allocate presale funds to developers in a more timely fashion as
part of its proposal to stimulate the local economy.

Many big developers in the province, including China Evergrande and
Kaisa Group, have teetered near collapse since the central
government imposed its "three red lines" policy in August 2020 to
rein in excessive leverage, the Post notes.

                         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'.




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H O N G   K O N G
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THEVELIA HOLDINGS: Moody's Assigns First Time 'B2' CFR
------------------------------------------------------
Moody's Investors Service has assigned a first-time B2 corporate
family rating to Thevelia Holdings Limited. At the same time,
Moody's has assigned a B2 rating to the USD760 million senior
secured first lien term loan due 2029, which will be issued by
Thevelia (US) LLC and guaranteed by the vast majority of group
companies.

The outlook on all ratings is stable.

The ratings are dependent on the satisfactory documentation and
successful completion of the acquisition financing, including the
$760 million first lien term loan, the $130 million revolving
facility and $260 million second lien term loan due 2030. These
will be used to partially fund Baring Private Equity Asia's (BPEA)
approximately $2.76 billion acquisition of Trivium Holding Limited.
The balance of the purchase price is provided through an equity
injection of $1.8 billion by BPEA. Failure to meet such conditions
could pressure the ratings.

RATINGS RATIONALE

Thevelia Holdings Limited is the parent and intermediate holding
company for Trivium Holding Limited, which wholly owns key
operating subsidiaries - Tricor Holdings Limited and Trivium
Madison Pacific Investment Limited (Hong Kong) (together known as
"Tricor").

"The B2 CFR reflects Tricor's strong market position in Asia,
healthy growth prospects and good revenue visibility because of
limited cyclicality in demand and its high recurring revenue. The
rating also accounts for the company's strong profitability and low
capital expenditure, which supports positive free cash flow (FCF)
generation," says Stephanie Lau, a Moody's Vice President and
Senior Credit Officer.

"On the other hand, the rating is constrained by Tricor's small
revenue scale, high financial leverage, event risks related to
potential debt-funded acquisitions and its private company status,"
adds Lau.

Tricor is a leader in the fragmented business process services
industry in Asia, and benefits from thriving cross-border
investment and business activities in Asia, as well as its
comprehensive product offerings.

Tricor's credit profile is also supported by its large share of
recurring revenue, long-standing customer relationships and high
customer diversification. This results in good revenue visibility.

Tricor has a track record of increasing its margins and positive
FCF generation over the past few years, despite economic
disruptions from the pandemic. Moody's expects the company to
generate FCF of around $40 million to $54 million annually over the
next two years, underpinned by steady revenue growth, strong
profitability and modest capital expenditure.

Tricor's adjusted debt/EBITDA for 2021 will rise to about 7.7x (pro
forma for the completion of the acquisition financing) from 4.6x in
2020. However, Moody's expects mid-to-high single digit revenue
growth and stable margins will drive adjusted debt/EBITDA to
decline to about 6.8x by 2023, without significant debt-funded
acquisitions. This level of leverage is weak for the B2 CFR, but is
mitigated by its operating stability and good ability to generate
positive FCF.

Unlike its global peers, Tricor is less exposed to risks
originating from tax and regulatory changes, given its Asia-focused
operations.

Tricor's ratings also take into consideration its history of active
acquisitions, its private company status and full ownership by a
private equity firm, leading to a degree of event risks and the
lack of transparency.

These risks are mitigated by Moody's expectation that the company
will prioritize deleveraging given its currently high financial
leverage.

Tricor's liquidity will be good upon the completion of the
acquisition financing. Liquidity is underpinned by its cash
holding, a $130 million undrawn revolving credit facility, its
ability to generate positive FCF and no debt maturity until 2028
except for debt amortization of 1% per year on its first lien term
loan.

The first lien term loan, which ranks pari passu with a $130
million revolving facility, is rated in line with the CFR. This
reflects Moody's view that the $260 million second lien term loan
does not provide adequate junior cushion to the first lien
facilities, given that the first lien facilities will account for
the clear majority of total debt.

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

The stable outlook incorporates Moody's expectation that (1)
Tricor's financial leverage will improve to a level consistent with
the B2 rating over the next two years; and (2) the company will
maintain good liquidity and continue to generate positive FCF.

Moody's would consider upgrading Tricor's rating if the company
sustains solid organic growth and margin improvement while
maintaining good liquidity and a prudent approach to acquisitions,
such that its debt/EBITDA (Moody's-adjusted) declines toward 5.0x
and FCF remains positive, all on a sustained basis.

A rating downgrade is possible if the growth in Tricor's revenue
and earnings is sluggish, or if the company undertakes material
acquisitions. Specifically, Moody's could downgrade Tricor's
ratings if its debt/EBITDA sustains above 6.5x-7.0x for an extended
period; adjusted EBITA/interest expense remains below 2.0x; or its
FCF turns negative on a sustained basis. Tricor's rating could also
be downgraded if the company's liquidity deteriorates
significantly.

The principal methodology used in these ratings was Business and
Consumer Services published in November 2021.

Founded in 2000 and headquartered in Hong Kong SAR, China, Tricor
is a leading business expansion specialist in Asia for the business
process services industry, providing business, corporate, investor
and other services to corporates and multinational corporations.



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

ACCORD UDYOG: CARE Lowers Rating on INR8.00cr LT Loan to D
----------------------------------------------------------
CARE Ratings has revised the ratings on certain bank facilities of
Accord Udyog Private Limited (AUPL), as:

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

Detailed Rationale & Key Rating Drivers

CARE had, vide its press release dated February 12, 2021, placed
the rating(s) of AUPL under the 'issuer non-cooperating' category
as AUPL had failed to provide information for monitoring of the
rating and had not paid the surveillance fees for the rating
exercise as agreed to in its Rating Agreement. AUPL continues to be
non-cooperative despite repeated requests for submission of
information through e-mails, phone calls and a letter/email dated
December 29, 2021, January 8, 2022, January 20, 2022.

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

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

The ratings assigned to the bank facilities of AUPL have been
revised on account of on-going delays in debt servicing recognized
from publicly available information i.e. audit report of FY21.

Incorporated in December 2009, Accord Udyog Private Limited (AUPL)
was promoted by Mr. Avinash Singh and Mrs. Jyoti Singh. The company
has been engaged in trading of channels, pipes, angles, plates,
chequer plates, galvanised plain and corrugated sheets,
thermo-mechanically treated bars, bars, and other such products
majorly in the states of Jharkhand, Orissa and West Bengal. The
major client profile of the company includes reputed names like
TATA Motors Ltd., Usha Martin Ltd., etc. Mr. Avinash Singh, having
more than a decade of experience in this line of business, looks
after the day to day operations of the company. He is supported by
other promoter Mrs. Jyoti Singh, also has a decade experience along
with a team of experienced professional.


ADYA BHAWAN: CARE Keeps B Debt Rating in Not Cooperating
--------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Adya Bhawan
Limited (ABL) continues to remain in the 'Issuer Not Cooperating '
category.

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank       4.67       CARE B; Stable; ISSUER NOT
   Facilities                      COOPERATING; Rating continues
                                   to remain under ISSUER NOT
                                   COOPERATING category

Detailed Rationale & Key Rating Drivers

CARE Ratings Ltd. had, vide its press release dated January 15,
2021, placed the rating(s) of ABL under the 'issuer
non-cooperating' category as ABL had failed to provide information
for monitoring of the rating and had not paid the surveillance fees
for the rating exercise as agreed to in its Rating Agreement. ABL
continues to be non-cooperative despite repeated requests for
submission of information through e-mails, phone calls and a
letter/email dated December 1, 2021, December 11, 2021, December
30, 2021.

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

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

Adya Bhawan Limited (ABL), incorporated in February 2008 by the
Kolkata-based Seth family, is a part of the Keya Seth group. The
company is into retailing of readymade garments. The company also
sells cosmetics, bags, wallets, junk jewelry, and other items, and
presently operates through 4 outlets completely owned by it. ABL
has commenced operations from July 2015 onwards. The apparel and
junk jewelry products are primarily sold under its group brand,
Keya Seth Exclusive, whereas cosmetics are sold under the brands
Keya Seth Aromatics and Keya Seth Cosmetics, which are owned by
group entities.


ANAND RICE: CARE Lowers Rating on INR6.14cr LT Loan to C
--------------------------------------------------------
CARE Ratings has revised the ratings on certain bank facilities of
Anand Rice Mill (ARM), as:

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

Detailed Rationale & Key Rating Drivers

CARE Ratings Ltd. had, vide its press release dated January 27,
2021, placed the rating(s) of ARM under the 'issuer
non-cooperating' category as ARM had failed to provide information
for monitoring of the rating and had not paid the surveillance fees
for the rating exercise as agreed to in its Rating Agreement. ARM
continues to be non-cooperative despite repeated requests for
submission of information through e-mails, phone calls and a
letter/email dated December 13, 2021, December 23, 2021, January 2,
2022.

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

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

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

Nagpur (Maharashtra) based, ARM was established as a partnership
firm on June 11, 2015 by Mr. Ravindranath Yadlapati and Ms. Sridevi
Srinivasrao Yarlavarthi. The entity took over the operations of a
proprietorship entity led by Mr. Srinivasrao Yarlavarthi which was
established in the year 1992 and was engaged in rice milling. ARM
is engaged in processing of rice at its processing facility located
at Nagpur, Maharashtra, having an installed capacity to process 4
metric tonnes per day (MTPD) of paddy.


AUTOCZARS: CARE Lowers Rating on INR3.50cr LT Loan to C
-------------------------------------------------------
CARE Ratings has revised the ratings on certain bank facilities of
AUTOCZARS (A), as:

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank       3.50       CARE C; Stable; ISSUER NOT
   Facilities                      COOPERATING; Rating continues
                                   to remain under ISSUER NOT
                                   COOPERATING category and
                                   Revised from CARE B-

   Short Term Bank      3.00       CARE A4; ISSUER NOT
   Facilities                      COOPERATING; Rating continues
                                   to remain under ISSUER NOT
                                   COOPERATING category

Detailed Rationale & Key Rating Drivers

CARE Ratings Ltd. had, vide its press release dated January 15,
2021, placed the rating(s) of AUTOCZARS (A) under the 'issuer
non-cooperating' category as A had failed to provide information
for monitoring of the rating and had not paid the surveillance fees
for the rating exercise as agreed to in its Rating Agreement. A
continues to be non-cooperative despite repeated requests for
submission of information through e-mails, phone calls and a
letter/emails dated December 1, 2021, December 11, 2021, December
30, 2021.

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

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

The rating has been revised on account of non-availability of
requisite information.

Delhi-based Auto Czars was established as a partnership firm in
2008 and is currently being managed by Mr. Amit Jain and Mr. Vishnu
Bhargava as the partners sharing profit and losses in the ratio 49%
and 51% respectively. The firm is an authorized distributor of
spare parts of Maruti Suzuki India Limited in West Delhi. The
customer base comprises authorized service centers and retailers
and workshops. Auto Czars also operates ten retail outlets in and
around West Delhi.


AXIS BANK: S&P Alters Outlook to Positive, Affirms 'BB+/B' ICRs
---------------------------------------------------------------
S&P Global Ratings revised the outlook on Axis Bank Ltd. to
positive from stable. At the same time, S&P affirmed its 'BB+'
long-term and 'B' short-term issuer credit ratings on the bank. S&P
also affirmed the 'BB+' long-term issue rating on the bank's
outstanding debt.

The affirmation of S&P's ratings on the bank follows a revision to
its criteria for rating banks and nonbank financial institutions
and for determining a Banking Industry Country Risk Assessment
(BICRA). The changes in criteria do not affect the rating.

S&P's assessments of Axis Bank's stand-alone credit profile (SACP)
and the likelihood of extraordinary external support are unchanged
under its revised criteria.

The outlook revision reflects S&P's view of a one-in-three chance
that Axis Bank's asset quality could continue to improve such that
the bank's credit costs and level of weak loans are commensurate
with those of higher-rated Indian and international peers.

Axis Bank's loan growth, asset quality, and profitability should
improve as economic activity gains pace in India over the next two
years. Under S&P's base-case scenario, it forecasts the bank's weak
loans, defined as nonperforming loans (NPLs) and restructured
loans, will decline to 3.3%-3.5% over the next 12 months from about
3.8% of total loans as of Dec. 31, 2021, supported by stabilizing
credit conditions. Credit costs will likely moderate to 1.3%-1.5%,
lower than 2.3% in fiscal 2021 (year ended March 31, 2021), given
the bank has accelerated provisioning on weak loans in recent
quarters.

As of Dec. 31, 2021, Axis Bank had restructured a small 0.6% of its
total loans, mainly from retail and corporate segments.
Additionally, the bank has identified at-risk exposures (rated 'BB'
and below plus restructured loans) of about 0.9% of loans. Some of
these loans could become nonperforming, especially in sectors such
as hotels and trading, which were hit hard by the pandemic.
However, recoveries from existing NPLs should help offset the
negative effect.

Since a change in senior management, Axis Bank has pursued
calibrated growth, prudent provisioning and maintained adequate
capital buffers. The bank's tighter risk management along with
improving operating conditions in India should help sustain the
decline in its credit costs and weak loans. If this trend persists,
the bank's asset quality should remain better than the sector
average in India. If the bank's weak loans and credit costs decline
below our base-case forecasts, they could be comparable to
international peers.

The bank's asset quality has historically been at the lower end
when compared with international peers'. This reflects the severe
corporate debt downturn that Indian banks faced in pre-pandemic
years and Axis Bank's high exposure to stressed corporates. The
bank's credit costs are declining given that legacy weak loans have
been largely provided for, and pandemic-related weak loans have
been manageable.

S&P said, "We expect Axis Bank to proactively recognize and
provision for weak assets. Cumulative provisions covered about 2%
of loans classified as standard as of Dec. 31, 2021. The bank has
prudently boosted provision coverage on restructured loans with
100% provided for unsecured retail loans.

"Our risk-adjusted capital (RAC) ratio estimate on the bank remains
comfortable at 7.5%-8.5% over the next 12-18 months.

"We see good growth prospects for the Indian economy over the next
couple of years. However, a resurgence of COVID-19 cases remains a
key risk to economic recovery. Barring major economic disruptions
caused by COVID-19, the banking sector's asset quality should start
improving gradually. By our estimates, the system's weak loans
ratio has peaked, at close to 9% as of Sept. 30, 2021. That said,
residual stress remains for the small to midsize enterprise (SME)
and retail sectors, given that their recovery has been uneven, so
far."

The positive outlook reflects a one-in-three chance that Axis Bank
can sustain the improvements in its asset quality over the next
12-18 months. The bank's strong market position and stable deposit
base underpin its credit profile.

S&P said, "We could raise our ratings on Axis Bank if the bank's
asset quality improves sustainably such that it is commensurate
with higher-rated Indian and international peers' over the next
12-18 months.

"We could revise the outlook to stable if the bank's asset quality
deteriorates, reversing the improvements seen over the last few
quarters. This could happen if the economic recovery in India
derails, resulting in asset quality pain for the bank."


BAJAJ FINANCE: S&P Affirms BB+ Issue Credit Rating, Outlook Stable
------------------------------------------------------------------
S&P Global Ratings affirmed its issuer and issue credit ratings on
four Indian nonbank finance companies. Our rating outlooks on these
companies remain unchanged. The companies are:

  Bajaj Finance Ltd.
  Hero FinCorp Ltd.
  Manappuram Finance Ltd.
  Muthoot Finance Ltd.

S&P said, "The affirmations follow a revision to our criteria for
rating banks and nonbank financial institutions and for determining
a Banking Industry Country Risk Assessment (BICRA.

"Our assessments of economic risk and industry risk in India remain
unchanged at '7' and '5', respectively. These scores determine the
BICRA and the anchor, or starting point, for our ratings on
financial institutions that operate primarily in India. The trends
we see for economic risk and industry risk remain stable.

"The starting point--or anchor--for our ratings on nonbank
financial institutions in India remains 'bb-'. The anchor is two
notches below our 'bb+' anchor for India banks to reflect our view
that Indian finance companies face greater industry risk than banks
because the finance companies generally have no access to central
bank funding. While regulations for finance companies are
tightening, the sector remains subject to less-onerous regulations
than banks, notwithstanding some requirements on capital adequacy,
liquidity, and asset quality management. Several finance companies
in India have created strong niches, domain expertise, and
economies of scale to support revenue stability and mitigate
competitive pressure.

"In addition, the stand-alone credit profiles (SACPs) of the four
finance companies and our assessment of the likelihood of
extraordinary external support remain unchanged under our revised
criteria. Consequently, we have affirmed all our ratings on these
companies.

"We reviewed separately our ratings on Shriram Transport Finance
Co. Ltd."

Bajaj Finance Ltd.

S&P's affirmed ratings on Bajaj Finance reflect the company's
healthy capital levels, strong market position in consumer durables
and two- and three-wheeler financing, and adequate liquidity. The
company's high credit costs and its reliance on wholesale sources
for funding constrain the ratings.

Outlook

S&P said, "The stable outlook on Bajaj Finance reflects our view
that the company will maintain its strong market position and
healthy capitalization over the next 12-18 months. We also expect
the company's liquidity and funding profile to remain adequate over
the period.

"We do not factor any extraordinary support from the Bajaj group
into our rating on Bajaj Finance. That's because the group
companies are regulated or listed entities, which restricts their
ability to provide direct support to Bajaj Finance in the case of
an extraordinary event."

Downside scenario: S&P may downgrade Bajaj Finance if the
deterioration in its asset quality is significantly higher than its
expectation.

S&P said, "Besides, we believe stress in the wider Bajaj group
could spill over to Bajaj Finance given the benefits to the
company's market position and funding access from the common brand
name. We will therefore lower the rating on Bajaj Finance if the
group credit profile weakens substantially--although this is not
our base case." The group credit profile may weaken substantially
if the credit profile of either the group company Bajaj Auto Ltd.
or the ultimate parent, Bajaj Holdings and Investment Ltd.,
deteriorates significantly.

Upside scenario: S&P may raise the ratings on Bajaj Finance if the
company's already strong risk-adjusted capitalization (RAC) ratio
of 14.4% improves to, and stays, above 15%. That said, S&P views
this as unlikely in the next 12-18 months.

  Ratings score snapshot

-- Issuer Credit Rating: BB+/Stable/B
-- Stand-alone credit profile: bb+
-- Anchor: bb-
-- Business Position: Strong (+1)
-- Capital and Earnings: Strong (+1)
-- Risk Position: Adequate (0)
-- Funding and Liquidity: Adequate and Adequate (0)
-- Comparable Rating Analysis: 0
-- Support: 0
-- ALAC Support: 0
-- GRE Support: 0
-- Group Support: 0
-- Sovereign Support: 0
-- Additional Factors: 0

Hero FinCorp Ltd.

The affirmed ratings on Hero FinCorp reflect the company's
strategic importance to the wider Hero MotoCorp group and the
associated promoters. The SACP reflects Hero FinCorp's small
business franchise, stressed asset quality, sound capitalization,
and relatively low funding costs due to its association with Hero
MotoCorp.

Outlook

The stable outlook reflects S&P's view that Hero FinCorp is likely
to remain strategically important to, and supported by, the
stronger Hero MotoCorp group. S&P expects such support to continue
over the next 12-18 months.

Downside scenario: S&P said, "We would lower the ratings on Hero
FinCorp if the company's RAC ratio deteriorates and stays
significantly below 10% on sustainable basis. This could happen if
the company's asset quality deteriorates more than our current
expectation and it is unable to raise fresh capital. We could also
lower the ratings if the deterioration in the company's asset
quality is significantly more than our expectation.

"Although unlikely, we would also downgrade Hero FinCorp if its
linkages to the wider group diminish or if the group credit profile
weakens."

Upside scenario: S&P would raise the ratings on Hero FinCorp if the
company's and the wider group's credit profile improves. S&P sees
this as unlikely over the next 12-18 months.

Ratings score snapshot

-- Issuer Credit Rating: BB+/Stable/B
-- Stand-alone credit profile: b+
-- Anchor: bb-
-- Business Position: Moderate (-1)
-- Capital and Earnings: Strong (+1)
-- Risk Position: Moderate (-1)
-- Funding and Liquidity: Adequate and Adequate (0)
-- Comparable Rating Analysis: 0
-- Support: +3
-- ALAC Support: 0
-- GRE Support: 0
-- Group Support: +3
-- Sovereign Support: 0
-- Additional Factors: 0

Manappuram Finance Ltd.

The affirmed ratings on Manappuram are driven by the company's very
strong capital and earnings, with a RAC ratio of more than 30%. The
company is one of the leaders in gold-backed financing, although it
is relatively small in the overall financial sector in India. S&P
said, "Manappuram also maintains a material non-gold loan portfolio
that we believe has higher risk than gold loans. The company's
assets and liabilities are well matched. However, given the
short-term nature of its borrowings, Manappuram needs to
continually refinance its funding to meet its lending needs. We
recognize the company's relative outperformance since the onset of
the pandemic via a one-notch benefit to the rating."

Outlook

The stable outlook on Manappuram reflects S&P's view that the
company will largely maintain its financial profile over the next
12 months, supported by improving economic conditions in India.

Downside scenario: S&P could downgrade Manappuram if the company's
credit costs increase substantially more than it expects,
particularly in microfinance loans.

Upside scenario: S&P sees limited upside for the ratings on
Manappuram over the next 12 months. We would upgrade the company if
it believes its funding profile has become more stable. Increased
access to longer-term funding that reduces the rollover risk
associated with short-term wholesale funding could indicate such
improvement.

Ratings score snapshot

-- Issuer Credit Rating: BB-/Stable/B
-- Stand-alone credit profile: bb-
-- Anchor: bb-
-- Business Position: Moderate (-1)
-- Capital and Earnings: Very Strong (+2)
-- Risk Position: Moderate (-1)
-- Funding and Liquidity: Moderate and Adequate (-1)
-- Comparable Rating Analysis: (+1)
-- Support: 0
-- ALAC Support: 0
-- GRE Support: 0
-- Group Support: 0
-- Sovereign Support: 0
-- Additional Factors: 0

Muthoot Finance Ltd.

The affirmed ratings on Muthoot are driven by the company's very
strong capital and earnings, with a RAC ratio of more than 40%.
Muthoot also has a strong market position in loans taken against
household gold jewelry (gold loans), though it is relatively small
in the overall financial sector in India. The company's assets and
liabilities are well matched. However, given the short-term nature
of its borrowings, Muthoot needs to continually refinance its
funding to meet its lending needs. S&P recognizes the company's
relative outperformance since the onset of the pandemic via a
one-notch benefit to the rating.

Outlook

S&P negative outlook reflects its view that Muthoot is not immune
to heightened economic risks in India's financial system over the
next 12-18 months. The company is the market leader in gold-backed
loans, maintains very high capitalization and earnings, and holds
gold as collateral for most of its loans. Offsetting these
strengths are the company's exposure to operating risks and
reliance on short-term funding, which faces continual rollover
risk.

Downside scenario: S&P would lower the ratings on Muthoot if its
credit costs increase substantially relative to peers', or the
company's ability to roll over its short-term funding
deteriorates.

Upside scenario: S&P would revise the outlook back to stable if
Muthoot continues to outperform the industry and its peers over the
next six to 12 months without any material deterioration in credit
costs.

Ratings score snapshot

-- Issuer Credit Rating: BB/Negative/B
-- Stand-alone credit profile: bb
-- Anchor: bb-
-- Business Position: Adequate (0)
-- Capital and Earnings: Very Strong (+2)
-- Risk Position: Moderate (-1)
-- Funding and Liquidity: Moderate and Adequate (-1)
-- Comparable Rating Analysis: (+1)
-- Support: 0
-- ALAC Support: 0
-- GRE Support: 0
-- Group Support: 0
-- Sovereign Support: 0
-- Additional Factors: 0

  Ratings List

  RATINGS AFFIRMED

  BAJAJ FINANCE LTD.
   Issuer Credit Rating      BB+/Stable/B

  HERO FINCORP LTD.
   Issuer Credit Rating      BB+/Stable/B

  MANAPPURAM FINANCE LTD.
   Issuer Credit Rating      BB-/Stable/B

  MUTHOOT FINANCE LTD.
   Issuer Credit Rating      BB/Negative/B


BALAJI TIMBER: CARE Lowers Rating on INR2.50cr LT Loan to C
-----------------------------------------------------------
CARE Ratings has revised the ratings on certain bank facilities of
Sri Balaji Timber Mart (SBTM), as:

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank        2.50      CARE C; Stable; ISSUER NOT
   Facilities                      COOPERATING; Rating continues
                                   to remain under ISSUER NOT
                                   COOPERATING category and
                                   Revised from CARE B; Stable

   Short Term Bank      14.50      CARE A4; ISSUER NOT
   Facilities                      COOPERATING; Rating continues
                                   to remain under ISSUER NOT
                                   COOPERATING category

Detailed Rationale & Key Rating Drivers

CARE Ratings Ltd. had, vide its press release dated January 11,
2021, placed the rating(s) of SBTM under the 'issuer
non-cooperating' category as SBTM had failed to provide information
for monitoring of the rating and had not paid the surveillance fees
for the rating exercise as agreed to in its Rating Agreement. SBTM
continues to be non-cooperative despite repeated requests for
submission of information through e-mails, phone calls and a
letter/email dated November 27, 2021, December 7, 2021, December
17, 2021.

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

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

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

Tamil Nadu-based, Sri Balaji Timber Mart (SBTM) was established in
2001 as a proprietorship concern by Mr. I.S. Murugan who is the key
managerial personnel for Sri Balaji Timber Mart and Sri Loganayagi
Timbers. Both the firms are engaged in trading and processing of
different types of timber logs, sawn timber and timber products.
The timber logs are imported from Malaysia, Singapore, Burma,
Brazil etc., which are subsequently sized into various commercial
sizes as per requirement of the customers and sells the end
products to wholesalers, retailers and others. The firm's has
presence and widespread distribution network in the states of Tamil
Nadu, Kerala and Karnataka.


BALAJI WIRE: CARE Lowers Rating on INR5.50cr LT Loan to B
---------------------------------------------------------
CARE Ratings has revised the ratings on certain bank facilities of
Shri Balaji Wire (SBW), as:

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank       5.50       CARE B; Stable; ISSUER NOT
   Facilities                      COOPERATING; Rating continues
                                   to remain under ISSUER NOT
                                   COOPERATING category and
                                   Revised from CARE B+; Stable

Detailed Rationale & Key Rating Drivers

CARE Ratings Ltd. had, vide its press release dated January 11,
2021, placed the rating(s) of SBW under the 'issuer
non-cooperating' category as SBW had failed to provide information
for monitoring of the rating and had not paid the surveillance fees
for the rating exercise as agreed to in its Rating Agreement. SBW
continues to be non-cooperative despite repeated requests for
submission of information through e-mails, phone calls and a
letter/email dated November 27, 2021, December 7, 2021, December
17, 2021.

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

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

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

Katni (Rajasthan) based SBW was formed in April 2015 by Mr. Manoj
Kumar Tanwani and Mr. Raj Kumar Tanwani and agreed to share profit
and loss in the ratio of 51:49 by converting into proprietorship
firm of Mr. Manoj Kumar Tanwani which is engaged into manufacturing
of wire products since 2008. The major products of the firm include
Barbed Wire, Wired Nails, M.S. Wire and Chain Jali. SBW purchases
raw material from Raipur and Bhilai and sells its finished products
to dealers located majorly in Uttar Pradesh and Madhya Pradesh. The
firm uses brand name of Tiger Super and ShaktiMaan for barbed wire
and wired nails respectively.


BERIAL ENGINEERS: Insolvency Resolution Process Case Summary
------------------------------------------------------------
Debtor: Berial Engineers Pvt Ltd
        Zoo Narangi Road
        Dist. Kamrup, Guwahati
        Assam 781021

Insolvency Commencement Date: December 10, 2021

Court: National Company Law Tribunal, Guwahati Bench

Estimated date of closure of
insolvency resolution process: June 8, 2022
                               (180 days from commencement)

Insolvency professional: CA Purshotam Gaggar

Interim Resolution
Professional:            CA Purshotam Gaggar
                         P Gaggar & Associates
                         Chartered Accountants
                         3rd Floor, Advika
                         Opp. Sukreswar Ghat Garden
                         M G Road, Panbazar
                         Guwahati, Assam 781001
                         E-mail: purshotamgaggar@hotmail.com
                                 irp.berial@gmail.com

Last date for
submission of claims:    January 20, 2022


BNAZRUM AGRO: CARE Keeps D Debt Ratings in Not Cooperating
----------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Bnazrum
Agro Exports Private Limited (BAEPL) continues to remain in the
'Issuer Not Cooperating ' category.

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank       22.92      CARE D; ISSUER NOT COOPERATING
   Facilities                      Rating continues to remain
                                   under ISSUER NOT COOPERATING
                                   category

   Short Term Bank       9.00      CARE D; ISSUER NOT COOPERATING
   Facilities                      Rating continues to remain
                                   under ISSUER NOT COOPERATING
                                   category
  
Detailed Rationale & Key Rating Drivers

CARE Ratings Ltd. had, vide its press release dated January 7,
2021, placed the rating(s) of BAEPL under the 'issuer
non-cooperating' category as BAEPL had failed to provide
information for monitoring of the rating and had not paid the
surveillance fees for the rating exercise as agreed to in its
Rating Agreement. BAEPL continues to be non-cooperative despite
repeated requests for submission of information through e-mails,
phone calls and a letter/email dated November 23, 2021, December
03, 2021, December 13, 2021.

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

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

Dindigul (Tamil Nadu) based Bnazrum Agro Exports Private Limited
(BAEPL) was incorporated in August, 1998 by Mr. K S M Mohammed
Saleem, Mrs. M Zakira Saleem and Mr. N Dawood Mariyam Shehnaz.
BAEPL is engaged in processing of Gherkins. The company purchases
its 60% raw material i.e. gherkins from local farmers located in
Dindigul region, Tamil Nadu and remaining 40% from agents located
in Andhra Pradesh and Karnataka. BAEPL is Export Oriented Unit
(EOU) i.e., 100% of the exports mainly to Middle East countries
like Iran, Iraq, United Arab Emirates (UAE) and European countries.
The lender informed that the company has availed moratorium for
COVID-19 for its rated facilities.


DHAIRYA CONSTRUCTION: CARE Cuts Rating on INR10cr LT Loan to B-
---------------------------------------------------------------
CARE Ratings has revised the ratings on certain bank facilities of
Dhairya Construction (DC), as:

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

Detailed Rationale & Key Rating Drivers

CARE Ratings Ltd. had, vide its press release dated January 15,
2021, placed the rating(s) of DC under the 'issuer non-cooperating'
category as DC had failed to provide information for monitoring of
the rating and had not paid the surveillance fees for the rating
exercise as agreed to in its Rating Agreement. DC continues to be
non-cooperative despite repeated requests for submission of
information through e-mails, phone calls and a letter/email dated
December 1, 2021, December 11, 2021, December 30, 2021.

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

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

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

Bhuj-based (Gujarat) DC, proprietorship firm was established in
2013, for carrying out the business of civil construction by Mr.
Birju Chhotalal Shah. Mr. Birju Shah aged 46 years, is a graduate
in civil engineering (B. E. Civil) and has an experience of more
than 2 decades in the civil construction industry. DC undertakes
civil construction work, allotted directly or sublet by other
construction contractors (mainly group entites comprising Cube
Construction Engineering Limited (CCEL) and Katira Construction
Limited (KCL)). It constructs commercial and residential buildings
viz. government housing projects, residential bungalows, PPP
(Public Private Partnership) projects viz. bus stands, museums and
other civil construction work, mainly in Saurashtra region and
Bhuj-Kutch, Ahmedabad and Surat districts of Gujarat.


EARTHEN TREASURES: CARE Keeps D Debt Rating in Not Cooperating
--------------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Earthen
Treasures Natural Resources Private Limited (ETNRPL) continues to
remain in the 'Issuer Not Cooperating ' category.

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

Detailed Rationale & Key Rating Drivers

CARE Ratings Ltd. had, vide its press release dated January 28,
2021, placed the rating(s) of ETNRPL under the 'issuer
non-cooperating' category as ETNRPL had failed to provide
information for monitoring of the rating and had not paid the
surveillance fees for the rating exercise as agreed to in its
Rating Agreement. ETNRPL continues to be non-cooperative despite
repeated requests for submission of information through e-mails,
phone calls and a letter/email dated December 14, 2021, December
24, 2021, January 3, 2022.

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

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

ETNRPL was established in April 2013. Promoted by Mr Aniket Jain
and Mr Pratyush Bharatiya, operations of the company began from
April 22, 2013. ETNRPL is currently engaged in quarrying,
production and trading of granite. ETNRPL has leased the quarry
measuring 2.13 acres from M/S Brothers Granite Exporter and has
acquired rights of selling, supplying, and transporting of black
granite blocks for a lease period of 7 years. The quarry of the
entity is located in Chamrajnagar, Karnataka.


GONDIA EDUCATION: CARE Keeps C Debt Rating in Not Cooperating
-------------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Gondia
Education Society (GES) continues to remain in the 'Issuer Not
Cooperating ' category.

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

Detailed Rationale & Key Rating Drivers

CARE Ratings Ltd. had, vide its press release dated January 27,
2021, placed the rating(s) of GES under the 'issuer
non-cooperating' category as GES had failed to provide information
for monitoring of the rating and had not paid the surveillance fees
for the rating exercise as agreed to in its Rating Agreement. GES
continues to be non-cooperative despite repeated requests for
submission of information through e-mails, phone calls and a
letter/email dated December 13, 2021, December 23, 2021, January 2,
2022.

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

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

Gondia Education Society (GES) was established on December 8, 1958.
The society was formed by Late Shri Manoharbhai Patel in the region
of Bhandara and Gondia district of Maharashtra. Currently, the
society is managed by its president Mrs. Varsha Prafulbhai Patel
who has around 20 years of experience in the field of education.


GOVINDA INDUSTRIES: Insolvency Resolution Process Case Summary
--------------------------------------------------------------
Debtor: Govinda Industries Private Limited
        401, Devpooja
        North Avenue Road
        Santacruz (W)
        Mumbai 400054

           - and -

        S No. 262/1, 3 and 5
        Costal Highway
        Village Dunetha
        Nani Daman
        Daman and Diu 396210

Insolvency Commencement Date: December 15, 2021

Court: National Company Law Tribunal, Mumbai Bench

Estimated date of closure of
insolvency resolution process: June 13, 2022

Insolvency professional: Nitin Agrawal

Interim Resolution
Professional:            Nitin Agrawal
                         D-604, RNA Regency Park
                         CHS Ltd., M. G. Road
                         Dahanukarwadi, Kandivali West
                         Mumbai 400067
                         E-mail: cirp.govinda@gmail.com
                                 nitinagrawal206@gmail.com

Last date for
submission of claims:    February 3, 2022


HANKOOK TIRES: Voluntary Liquidation Process Case Summary
---------------------------------------------------------
Debtor: Hankook Tires India LLP
        Plot No. 24, Kh. No. 20/19, Ground Floor
        Naveen Vihar Extension
        Village Begampur
        North Delhi 110086

Liquidation Commencement Date: December 29, 2021

Court: National Company Law Tribunal, Delhi Bench

Insolvency professional: Mr. Sapan Mohan Garg

Interim Resolution
Professional:            Mr. Sapan Mohan Garg
                         C-585 Basement, # Z-94
                         Defence Colony, New Delhi
                         National Capital Territory of Delhi
                         110024
                         E-mail: sapan10@yahoo.com
                                 liquidator.hankook@gmail.com
                         Tel: 9810502994

Last date for
submission of claims:    February 10, 2022


HARIHAR ALLOYS: CARE Lowers Rating on INR13.22cr LT Loan to B-
--------------------------------------------------------------
CARE Ratings has revised the ratings on certain bank facilities of
Harihar Alloys Private Limited (HAPL), as:
                      Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank       13.22      CARE B-; Stable; ISSUER NOT
   Facilities                      COOPERATING; Rating continues
                                   to remain under ISSUER NOT
                                   COOPERATING category and
                                   Revised from CARE B

Detailed Rationale & Key Rating Drivers

CARE Ratings Ltd. had, vide its press release dated January 8,
2021, placed the rating(s) of HAPL under the 'issuer
non-cooperating' category as HAPL had failed to provide information
for monitoring of the rating and had not paid the surveillance fees
for the rating exercise as agreed to in its Rating Agreement. HAPL
continues to be noncooperative despite repeated requests for
submission of information through e-mails, phone calls and a
letter/email dated November 24, 2021, December 4, 2021 and December
14, 2021.

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

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

The ratings assigned to the bank facilities of HAPL have been
revised on account of non-availability of requisite information.
The rating also factored in significant decline in profitability,
capital structure and debt coverage indicators during FY20 over
FY19.

Harihar Alloys Private Limited (HAPL) is primarily engaged in
manufacture of carbon steel castings, low alloy steel castings and
forged components. The castings and forging components manufactured
by HAPL include valve components, oil field equipment components,
etc. HAPL mainly caters to oil & gas, earth moving and engineering
industries in domestic and international market.


INDO ENTERPRISES: CARE Withdraws D Rating on Bank Facilities
------------------------------------------------------------
CARE has reaffirmed and withdrawn the outstanding ratings of 'CARE
D' assigned to the bank facilities of Indo Enterprises Private
Limited (IEPL) with immediate effect. Furthermore, the ratings have
been withdrawn at the request of Indo Enterprises Private Limited
and 'No Objection Certificate' received from the lender that has
extended the facilities rated by CARE. The reaffirmation in the
ratings takes into account the delay in debt servicing due to poor
liquidity position.

Detailed description of the key rating drivers

Key rating Weaknesses

* On-going delays in debt servicing: As per banker interaction, the
account has been classified as Non Performing Asset (NPA) due to
poor liquidity position.

Key Rating Strengths

* Long track record of operations and experienced promoters: IEPL
was incorporated in the year 1993 by Deshmukh family. The directors
of the company are having more than two decades of experience in
the printing and advertisement industry. Over the years of their
presence, they have established strong relations with the customers
and suppliers. The directors are supported by experienced
management team to carry out day to day activities.

Incorporated in April 1993, Indo Enterprises Private Limited (IEPL)
was founded by Late Mr. Vilasrao Deshmukh, and currently run by
Deshmukh family. IEPL derives, revenue from varied sources i.e.
operating printing press, providing print media advertisement
services and rental income. IEPL has printing press located at
Latur having an installed capacity of 15000 newspapers per day. It
prints and sells regional newspaper (Marathi) namely "Purogami
Vicharache Dainik Ekmat" across Aurangabad, Marathwada, Solapur,
Osmanabad and Latur region. Further advertisement revenue is
generated through local orders received. IEPL has leased out one
property at Aurangabad to PVR Limited.

INTERNATIONAL METAL: CARE Keeps B- Debt Rating in Not Cooperating
-----------------------------------------------------------------
CARE Ratings said the rating for the bank facilities of
International Metal Industries (IMI) continues to remain in the
'Issuer Not Cooperating ' category.

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

Detailed Rationale & Key Rating Drivers

CARE Ratings Ltd. had, vide its press release dated January 15,
2021, placed the rating(s) of IMI under the 'issuer
non-cooperating' category as IMI had failed to provide information
for monitoring of the rating and had not paid the surveillance fees
for the rating exercise as agreed to in its Rating Agreement. IMI
continues to be non-cooperative despite repeated requests for
submission of information through e-mails, phone calls and a
letter/email dated December 1, 2021, December 11, 2021, December
30, 2021.

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

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

Himachal Pradesh-based, International Metal Industries (IMI) was
established in February 2012 as a proprietorship concern by Mr.
Jinender Kumar Jain and commenced its commercial operations in
August 2014. The firm is engaged in manufacturing of Stainless
Steel cold and hot rolled sheets. The manufacturing facility of the
firm is located at Bilaspur District, Himachal Pradesh with an
installed capacity of 700 metric tons as of November 30, 2018. The
major raw materials required for manufacturing stainless steel
cold/hot rolled sheets is stainless steel sheets which it procures
from V S Manufacturers, Butler Steel Private Limited, Aman Steel,
Pooja Trading firm etc. Stainless Steel hot/cold rolled sheets
produced by IMI are supplied to manufacturing companies located in
Delhi and NCR viz. namely Siddhi Traders, Gaurav Steel Industries,
Haryana Impex and Moksh Exim etc.


JAI MATA: CARE Lowers Rating on INR10.00cr LT Loan to C
-------------------------------------------------------
CARE Ratings has revised the ratings on certain bank facilities of
Jai Mata Di Paper Mills Private Limited (JMDPMPL), as:

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

Detailed Rationale & Key Rating Drivers

CARE had, vide its press release dated February 1, 2021, placed the
rating(s) of JMDPMPL under the 'issuer non-cooperating' category as
JMDPMPL had failed to provide information for monitoring of the
rating and had not paid the surveillance fees for the rating
exercise as agreed to in its Rating Agreement. JMDPMPL continues to
be non-cooperative despite repeated requests for submission of
information through e-mails, phone calls and a letter/email dated
December 18, 2021, December 28, 2021, January 7, 2022.

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

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

The ratings assigned to the bank facilities of JMDPMPL have been
revised on account of non-availability of requisite information.
The ratings also factored in decline in scale of operations as well
as profitability.

Jai Mata Di Paper Mills Private Limited (JMDPMPL) incorporated in
September 2008, was promoted by one Sharma family of Raipur.
JMDPMPL is engaged in the manufacturing of Kraft paper with an
installed capacity of 13,200 MTPA. The manufacturing facility of
the company is located near Bilaspur in Chhattisgarh. The
day-to-day affairs of the company are looked after by Mr. S B
Sharma, Director, with adequate support from other director- Mr.
Aditya Sharma.


KISAN UDYOG: CARE Keeps B- Debt Rating in Not Cooperating
---------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Kisan Udyog
(KU) continues to remain in the 'Issuer Not Cooperating '
category.

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank       9.00       CARE B-; Stable; ISSUER NOT
   Facilities                      COOPERATING; Rating continues
                                   to remain under ISSUER NOT
                                   COOPERATING category

Detailed Rationale & Key Rating Drivers

CARE Ratings Ltd. had, vide its press release dated January 27,
2021, placed the rating(s) of KU under the 'issuer non-cooperating'
category as KU had failed to provide information for monitoring of
the rating and had not paid the surveillance fees for the rating
exercise as agreed to in its Rating Agreement. KU continues to be
non-cooperative despite repeated requests for submission of
information through e-mails, phone calls and a letter/email dated
December 13, 2021, December 23, 2021, January 2, 2022.

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

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

Kisan Udyog (KU) based out of Nagpur, Maharashtra is a
proprietorship concern promoted by Mr. Rameshkumar Sitaram Agarwal
was established in the year 1996. The entity is engaged in the
business of processing of pulses at its processing facility located
at Nagpur, Maharashtra, having an installed capacity to process
wholegrain toor of 30 tonnes per day.


LOGANAYAGI TIMBERS: CARE Lowers Rating on INR0.60cr LT Loan to C
----------------------------------------------------------------
CARE Ratings has revised the ratings on certain bank facilities of
Sri Loganayagi Timbers (SLT), as:

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank       0.60       CARE C; Stable; ISSUER NOT
   Facilities                      COOPERATING; Rating continues
                                   to remain under ISSUER NOT
                                   COOPERATING category and
                                   Revised from CARE B; Stable

   Short Term Bank      6.00       CARE A4; ISSUER NOT
   Facilities                      COOPERATING; Rating continues
                                   to remain under ISSUER NOT
                                   COOPERATING category

Detailed Rationale & Key Rating Drivers

CARE Ratings Ltd. had, vide its press release dated January 29,
2021, placed the rating(s) of SLT under the 'issuer
non-cooperating' category as SLT had failed to provide information
for monitoring of the rating and had not paid the surveillance fees
for the rating exercise as agreed to in its Rating Agreement. SLT
continues to be non-cooperative despite repeated requests for
submission of information through e-mails, phone calls and a
letter/email dated December 15, 2021, December 25, 2021, January 4,
2022.

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

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

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

Sri Loganayagi Timbers was established in 2003 as a partnership
firm by Mr. I.S. Murugan, Ms. M. Arunachala Vadivu and Mr. M.
Shivgan Balaji. Mr. Shunmugam Murugan (Managing Partner) who is the
key managerial personnel for Sri Loganayagi Timbers and Sri Balaji
Timber Mart. Both the firms are engaged in trading and processing
of different types of timber logs, sawn timber and timber products.
The timber logs are imported from Malaysia, Singapore, Burma,
Brazil etc., which are subsequently sized into various commercial
sizes as per requirement of the customers and sells the end
products to wholesalers, retailers and others. The firm's has
presence and widespread distribution network in the states of Tamil
Nadu, Kerala and Karnataka.


NAJMUDDIN TRADING: CARE Lowers Rating on INR9.50cr LT Loan to C
---------------------------------------------------------------
CARE Ratings has revised the ratings on certain bank facilities of
Najmuddin Trading Co. (NTC), as:

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank       9.50       CARE C; Stable; ISSUER NOT
   Facilities                      COOPERATING; Rating continues
                                   to remain under ISSUER NOT
                                   COOPERATING category and
                                   Revised from CARE B-; Stable

Detailed Rationale & Key Rating Drivers

CARE Ratings Ltd. had, vide its press release dated January 18,
2021, placed the rating(s) of NTC under the 'issuer
non-cooperating' category as NTC had failed to provide information
for monitoring of the rating and had not paid the surveillance fees
for the rating exercise as agreed to in its Rating Agreement. NTC
continues to be non-cooperative despite repeated requests for
submission of information through e-mails, phone calls and a
letter/email dated December 4, 2021, December 14, 2021, December
24, 2021.

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

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

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

Dahod (Gujarat) based Najmudding trading Co. (NTC) is a
proprietorship firm established in 1975. Operations of NTC are
managed by proprietor Mr. Najmuddin. NTC is established for trading
of sugar pan India. NTC also established its branch in FY19 at
Kohlapur, Maharashtra.


NESCO HOSPITALITY: Voluntary Liquidation Process Case Summary
-------------------------------------------------------------
Debtor: Nesco Hospitality Private Limited
        Hall-01, Nesco Complex
        Western Express Highway
        Goregaon East
        Mumbai 400063

Liquidation Commencement Date: January 17, 2022

Court: National Company Law Tribunal, Mumbai Bench

Insolvency professional: Ajay Kumar

Interim Resolution
Professional:            Ajay Kumar
                         103, A.S. Dias Building, 1st Floor
                         268/272, Dr. Cawasji Hormasji Street
                         Marine Lines, Mumbai 400002
                         E-mail: ajayfcs@gmail.com
                         Tel: 022-22078438

Last date for
submission of claims:    February 15, 2022


NIRUPAM ASSOCIATES: CARE Lowers Rating on INR8.0cr LT Loan to C
---------------------------------------------------------------
CARE Ratings has revised the ratings on certain bank facilities of
Nirupam Associates (NA), as:

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

Detailed Rationale & Key Rating Drivers

CARE Ratings Ltd. had, vide its press release dated January 18,
2021, placed the rating(s) of NA under the 'issuer non-cooperating'
category as NA had failed to provide information for monitoring of
the rating and had not paid the surveillance fees for the rating
exercise as agreed to in its Rating Agreement. NA continues to be
non-cooperative despite repeated requests for submission of
information through e-mails, phone calls and a letter/email dated
December 4, 2021, December 14, 2021, December 24, 2021.

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

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

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

Bhopal (Madhya Pradesh) based NA was formed as a proprietorship
concern by Mr. Ram Babu Singh in 1997 with an objective to develop
real estate projects. NA is the renowned real estate developer in
Bhopal being present in the industry since 1997 and executed
multiple real estate projects in and around Bhopal city. It has
completed its Nirupam Royal Palms (NRP) in Bhopal project with
total 150 bungalows. The firm undertook expansion project of NRP
namely 'Nirupam Royal Palms - I' (NRP-I) and 'Nirupam Royal Palms
– II' (NRP-II). Further, it undertook one commercial project
'Nirupam Yadav Trade Centre' (NYTC) in Sehore (Madhya Pradesh).


OSWAL KNITTING: CARE Keeps D Debt Ratings in Not Cooperating
------------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Oswal
Knitting and Spinning Industries Limited (OKSIL) continues to
remain in the 'Issuer Not Cooperating' category.

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

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

Detailed Rationale & Key Rating Drivers

CARE Ratings Ltd. had, vide its press release dated January 29,
2021, placed the rating(s) of OKSIL under the 'issuer
non-cooperating' category as OKSIL had failed to provide
information for monitoring of the rating and had not paid the
surveillance fees for the rating exercise as agreed to in its
Rating Agreement. OKSIL continues to be non-cooperative despite
repeated requests for submission of information through e-mails
dated December 15, 2021, December 25, 2021, January 4, 2022.

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

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

Promoted by Oswal family of Ludhiana, Oswal Knitting and Spinning
Industries Limited (OKS), was incorporated in 1992. OKS is engaged
in the trading of various types of yarn and fabric as well as
manufacturing of hosiery and woolen apparels for men and women at
its manufacturing facility located at Ludhiana, Punjab. The company
sells its readymade garments under the brand name of 'Oswal'
through its exclusive showrooms and through various wholesalers and
retailers.


PURVI CASHEW: CARE Keeps B- Debt Rating in Not Cooperating
----------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Purvi
Cashew Industries (PCI) continues to remain in the 'Issuer Not
Cooperating ' category.

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank       7.31       CARE B-; Stable; ISSUER NOT
   Facilities                      COOPERATING; Rating continues
                                   to remain under ISSUER NOT
                                   COOPERATING category

Detailed Rationale & Key Rating Drivers

CARE Ratings Ltd. had, vide its press release dated January 15,
2021, placed the rating(s) of PCI under the 'issuer
non-cooperating' category as PCI had failed to provide information
for monitoring of the rating and had not paid the surveillance fees
for the rating exercise as agreed to in its Rating Agreement. PCI
continues to be non-cooperative despite repeated requests for
submission of information through e-mails, phone calls and a
letter/email dated December 1, 2021, December 11, 2021 and December
30, 2021.

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

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

Mangalore (Karnataka) based Purvi Cashew Industries (PCI) is a
partnership concern established by Mr M Prashanth Prabhu, Ms
Lakshmi Prabhu and Mr Prashanth Bhat on December 1, 2015 and the
commercial operations of the firm started in July, 2016.  The firm
is engaged in processing and trading of cashew nuts.


RAMDEV COTTON: CARE Keeps D Debt Rating in Not Cooperating
----------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Ramdev
Cotton Industries (RCI) continues to remain in the 'Issuer Not
Cooperating ' category.

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank        9.50      CARE D; ISSUER NOT COOPERATING
   Facilities                      Rating continues to remain
                                   under ISSUER NOT COOPERATING
                                   category

Detailed Rationale & Key Rating Drivers

CARE Ratings Ltd. had, vide its press release dated January 18,
2021, placed the rating(s) of RCI under the 'issuer
non-cooperating' category as RCI had failed to provide information
for monitoring of the rating and had not paid the surveillance fees
for the rating exercise as agreed to in its Rating Agreement. RCI
continues to be non-cooperative despite repeated requests for
submission of information through e-mails, phone calls and a
letter/email dated December 4, 2021, December 14, 2021, December
24, 2021.

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

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

Rajkot based Ramdev Cotton Industries (RCI) was established in 2009
as a partnership firm by Mr Ashwinbhai M. Chovatiya, Mr Jagdishbhai
M. Sakaria, Mr Kishorbhai N. Sakaria and Mr Ramjibhai K. Sakaria.
All the partners are actively involved in the management of RCI as
functional heads. RCI is engaged in business of cotton ginning &
pressing to produce cotton bales and cotton seeds with an installed
capacity to produce 6048 MTPA (Metric Tonnes per Annum) for cotton
bales and 10,500 MTPA for cotton seeds as on March 31, 2017.


SARASH EXPORTS: Liquidation Process Case Summary
------------------------------------------------
Debtor: M/s Sarash Exports Services Private Limited
        M-70, Greater Kailash-1
        New Delhi, DL 110048
        IN

Liquidation Commencement Date: December 23, 2021

Court: National Company Law Tribunal, New Delhi Bench

Estimated date of closure of
insolvency resolution process: December 23, 2021

Insolvency professional: Mr. Umesh Chand Goyal

Interim Resolution
Professional:            Mr. Umesh Chand Goyal
                         AAA Insolvency Professionals LLP
                         E-10A, Kailash Colony
                         Near Greater Kailash-1
                         New Delhi 110048
                         E-mail: goyaluc.ip@gmail.com
                                 sarash@aaainsolvency.com

Last date for
submission of claims:    February 18, 2022


SUSHEELA TEXFAB: CARE Lowers Rating on INR23.60cr LT Loan to D
--------------------------------------------------------------
CARE Ratings has revised the ratings on certain bank facilities of
Susheela Texfab Private Limited (STPL), as:

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank       23.60      CARE D; ISSUER NOT COOPERATING
   Facilities                      Rating continues to remain
                                   under ISSUER NOT COOPERATING
                                   category and Revised from  
                                   CARE B-; Stable

Detailed Rationale & Key Rating Drivers

CARE Ratings Ltd. had, vide its press release dated July 2, 2021,
placed the rating(s) of STPL under the 'issuer non-cooperating'
category as STPL had failed to provide information for monitoring
of the rating and had not paid the surveillance fees for the rating
exercise as agreed to in its Rating Agreement. STPL continues to be
noncooperative despite repeated requests for submission of
information through e-mails, phone calls and letter/email dated
January 19, 2022.

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

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

The rating assigned to the bank facilities of STPL have been
revised on account of ongoing delay in debt servicing recognized
from lender feedback.

Pilkhuwa (Uttar Pradesh) based Susheela Texfab Private Limited
(STPL) was incorporated in 2012 by Mr Anil Kumar Tanwar and Mr
Randheer Singh Rana. SPL is currently engaged in manufacturing of
various types of knitted fabrics. The manufacturing unit is located
at Pilkhuwa, Uttar Pradesh, with installed capacity of 3,500 metric
tonne per annum as of February 28, 2018. The major raw materials
are cotton yarn and dyes which the company procures from various
spinning mills across the country. The company caters to domestic
as well as international market.

TECHNICAL PRODUCT: CARE Lowers Rating on INR6.50cr ST Loan to D
---------------------------------------------------------------
CARE Ratings has revised the ratings on certain bank facilities of
Technical Product Corporation (TPC), as:

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Short Term
   Bank Facilities       6.50      CARE D Revised from CARE A4+

Detailed Rationale & Key Rating Drivers

The revision in the ratings of Technical Products Corporation takes
into consideration delay in servicing of its debt obligations.

Rating Sensitivities

Positive Factors

* Improvement in the liquidity position of the firm as reflected
from timely servicing of its debt obligations.

Detailed description of the key rating drivers

Key Rating Weaknesses

* Delays in debt servicing: There has been delay in the servicing
of its debt obligations as, bill due on December 16, 2021, is still
unpaid.

Liquidity: Stretched

The firm has stretched liquidity marked by low current ratio and
the quick ratio which stood at 1.71x and 1.49x, respectively as on
March 31, 2021. The firm has negative cash flow from operating
activities (1.35) crore. Further, the average utilization of
working capital limit stood at 75% for the last 12 months period
ended December 2021.

Technical Product Corporation (TPC) was established in 1975 as a
Proprietorship firm by Mr. Ramesh Dudani. TPC is engaged in
manufacturing of furniture, bedding and swimming pool components
made of plastic and steel-like fasteners, springs and coils at its
manufacturing facility located in Mohali, Punjab with a total
installed capacity of 2045 metric tonne per annum as on
December 30, 2020. The firm exports its products to U.S.A., Canada
and Europe (income from exports constituted ~95% of the total
operating income in FY20). The firm has group concerns – Star
Resort Pvt. Ltd., which is into hospitality business in Shimla
since 2000.

TELEECARE NETWORK: CARE Lowers Rating on INR90cr LT Loan to B
-------------------------------------------------------------
CARE Ratings has revised the ratings on certain bank facilities of
Teleecare Network India Private Limited (TNIPL), as:

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank       90.00      CARE B; Stable; ISSUER NOT
   Facilities                      COOPERATING; Rating continues
                                   to remain under ISSUER NOT
                                   COOPERATING category and
                                   Revised from CARE B+; Stable

Detailed Rationale & Key Rating Drivers

CARE Ratings Ltd. had, vide its press release dated January 25,
2021, placed the rating(s) of TNIPL under the 'issuer
non-cooperating' category as TNIPL had failed to provide
information for monitoring of the rating and had not paid the
surveillance fees for the rating exercise as agreed to in its
Rating Agreement. TNIPL continues to be non-cooperative despite
repeated requests for submission of information through e-mails,
phone calls and a letter/email dated December 11, 2021, January 10,
2022, January 12, 2022.

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

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

The ratings for TNIPL have been revised on account of
non-availability of requisite information. The ratings further
consider a decline in scale of operations in FY20 compared to
FY19.

TNIPL was incorporated in 2009 and is part of the Optiemus Group.
OIL holds 46.22% in TNILP and the remaining share are held by
promoters and associates as on March 31, 2019. The company owns and
distributes "Zen" brand of mobile handsets. Optiemus Infracom
Limited (OIL) was originally incorporated in the year 1993 as
Akanksha Finvest Limited (AFL) as a Non-Banking Financial Company
(NBFC). The name of the merged entity was subsequently changed to
the current one: Optiemus Infracom Limited in June 2011. OIL is the
flagship company of the Optiemus Group and has been engaged in
distribution of mobile handsets of reputed brands like Nokia and
Samsung for last 25 years. OIL had started operations with
distribution of Nokia handsets from 1995 till 2006. Thereafter, in
2006, the Company left Nokia to take the distribution of Samsung.


UMANG TOWN: Insolvency Resolution Process Case Summary
------------------------------------------------------
Debtor: Umang Town Planner Private Limited
        79A, Pocket A-3
        Mayur Vihar, Phase-III
        New Delhi 110096

Insolvency Commencement Date: December 21, 2021

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

Estimated date of closure of
insolvency resolution process: June 19, 2022
                               (180 days from commencement)

Insolvency professional: Kapil Aggarwal

Interim Resolution
Professional:            Kapil Aggarwal
                         SF 09, 2nd Floor
                         Cross River Mall
                         Karkardooma
                         New Delhi 110092
                         E-mail: kapil_gsp@yahoo.com

                            - and -

                         SCO-61, 3rd Floor
                         Old Judicial Complex
                         Sector-15, Civil Lines
                         Gurgaon 122001
                         E-mail: cirp.utpl@gmail.com

Last date for
submission of claims:    February 4, 2022


UNION BANK OF INDIA: S&P Affirms BB+ ICR, Outlook Stable
--------------------------------------------------------
S&P Global Ratings affirmed its issuer and issue credit ratings on
the following six Indian banks and their subsidiaries. Our rating
outlooks on these remain stable.

  Bank of India
  HDFC Bank Ltd.
  ICICI Bank Ltd.
  Indian Bank
  Kotak Mahindra Bank
  Union Bank of India

S&P said, "The affirmations follow a revision to our criteria for
rating banks and nonbank financial institutions and for determining
a Banking Industry Country Risk Assessment (BICRA).

"Our assessments of economic risk and industry risk of the banking
industry in India remain unchanged at '7' and '5', respectively.
These scores determine the BICRA and the anchor, or the starting
point for our ratings on financial institutions that operate
primarily in India. The trends we see for economic risk and
industry risk remain stable.

"In addition, the stand-alone credit profiles (SACPs) of the above
listed banks and our assessment of the likelihood of extraordinary
external support remain unchanged under our revised criteria.

"We reviewed separately our ratings on State Bank of India and Axis
Bank Ltd.

Bank of India (BOI)

S&P said, "Our affirmed ratings on BOI reflect the bank's good
funding profile and very high likelihood of government support
because of state ownership. In our view, BOI will maintain its
capital buffers over the next 12-18 months, thanks to moderate
credit growth, an increase in capital through government infusion
and qualified institutional placement in 2021, and adequate profit
retention over the period. BOI's strong deposit franchise should
continue to support its credit profile.

"We equalize the ratings and outlook on Bank of India (New Zealand)
Ltd. with those on BOI, reflecting the parent's unconditional and
irrevocable guarantee of BOI New Zealand's obligations. In our
view, operating arrangements between BOI New Zealand and BOI should
facilitate timely payment, if required, under the guarantee. The
unconditional guarantee covers a broad scope of debt obligations,
is unlimited in amount, and includes clear demand provisions for
creditors."

Outlook

The stable outlook on BOI reflects S&P's expectation that the
likelihood of government support for the bank will remain very high
over the next 12-18 months. The ratings and outlook on BOI New
Zealand will move in tandem with those on BOI.

Downside scenario: S&P said, "We may lower the ratings on BOI if
our assessment of the bank's SACP weakens by two notches to 'b+'.
We could lower the SACP if the bank's capitalization weakens such
that the risk-adjusted capital (RAC) ratio falls below 5% on a
sustainable basis, possibly due to continually weak internal
capital generation. We could also revise downward our assessment of
BOI's SACP due to delays in resolution of the bank's bad loans,
weakness in the finance company exposures, or a protracted economic
slowdown in India that leads to sharp deterioration in BOI's asset
quality. We also expect a weaker SACP assessment if the bank is
unable to sustain the qualitative and quantitative improvements in
its funding profile."

Upside scenario: S&P may upgrade BOI if the bank's asset quality
and operating conditions improve significantly.

Ratings Score Snapshot

-- Issuer Credit Rating: BB+/Stable/B
-- Stand-alone credit profile: bb
-- Anchor: bb+
-- Business Position: Adequate (0)
-- Capital and Earnings: Moderate (0)
-- Risk Position: Constrained (-2)
-- Funding and Liquidity: Strong and Strong (+1)
-- Comparable Rating Analysis: 0
-- Support: +1
-- ALAC Support: 0
-- GRE Support: +1
-- Group Support: 0
-- Sovereign Support: 0
-- Additional Factors: 0

HDFC Bank Ltd.

S&P said, "We affirmed our ratings on HDFC Bank to reflects its
solid business franchise as the second-largest bank in India with
leadership position in many of the product categories, superior
risk management practices, and strong funding and liquidity
profile. These factors underscore HDFC Bank's strong credit profile
compared to other Indian banks. The bank has so far managed
stresses from COVID-19 well. It is also increasingly focusing on
strengthening its digital capabilities. We believe this is
imperative for long-term growth."

Outlook

S&P said, "The stable outlook on HDFC Bank reflects our view that
the bank will maintain its strong market position, low credit
costs, and favorable funding and liquidity metrics over the next 24
months. The ratings on the bank are capped by our sovereign credit
rating on India." The rating on the bank will therefore move in
tandem with that on the sovereign.

S&P Global Ratings does not rate Indian banks above the sovereign
because of the direct and indirect influence that a sovereign has
on banks operating in the country.

Downside scenario: S&P said, "We could lower the ratings on HDFC
Bank if we downgrade India. We will lower our assessment of the
bank's SACP if challenging operating conditions in India lead to a
sharp rise in the bank's nonperforming loans (NPLs) and credit
costs.

"We could also lower the SACP if we lower our assessment of
economic or industry risks in the Indian banking sector, leading to
a downward revision in our starting point for rating banks in
India.

"Beyond a change to the sovereign rating, the bank's SACP would
have to drop by three notches to result in a downgrade, which is
unlikely over the next two years, in our view."

Upside scenario: S&P would raise its ratings on HDFC Bank if it
upgrades the sovereign.

Ratings Score Snapshot

-- Issuer Credit Rating: BBB-/Stable/A-3
-- Stand-alone credit profile: bbb+
-- Anchor: bb+
-- Business Position: Strong (+1)
-- Capital and Earnings: Adequate (0)
-- Risk Position: Strong (+1)
-- Funding and Liquidity: Strong and Strong (+1)
-- Comparable Rating Analysis: 0
-- Support: 0
-- ALAC Support: 0
-- GRE Support: 0
-- Group Support: 0
-- Sovereign Support: 0
-- Additional Factors: -2

ICICI Bank Ltd.

S&P said, "Our ratings on ICICI Bank reflect the bank's strong
market position and good capitalization. ICICI is one of the
largest private sector banks in India. Given ICICI's strong
business franchise and digital prowess, we expect the bank to
continue to gain market share over the next two years. We expect
ICICI bank's capital and earnings to remain strong aided by: (1)
gradual improvement in profitability and quality of earnings to
levels comparable to international peers'; and (2) profit from
sales of stakes in subsidiaries."

Outlook

S&P said, "The stable outlook reflects our view that ICICI's
capitalization and earnings will remain strong over the next 24
months. In our base case, the bank will maintain its strong market
position, strong capital, better-than-system asset quality, and
good funding and liquidity over the period."

Downside scenario: S&P said, "We could lower our ratings on ICICI
if the bank's RAC ratio dips substantially below 10% on a sustained
basis along with a deterioration in earnings quality. The decline
in the RAC ratio could be due to higher credit growth than we
expect, a sharp rise in credit costs, or sales of stakes in
subsidiaries not progressing as planned."

Upside scenario: An upgrade of ICICI is unlikely in the next one to
two years because that would require an improvement in the bank's
financial profile as well as the sovereign credit rating on India.

S&P's assessment of ICICI's financial profile may improve if: (1)
the bank's asset quality improves to levels in line with
international peers'; and (2) the bank maintains its capitalization
at a strong level.

Ratings Score Snapshot

-- Issuer Credit Rating: BBB-/Stable/A-3
-- Stand-alone credit profile: bbb-
-- Anchor: bb+
-- Business Position: Strong (+1)
-- Capital and Earnings: Strong (+1)
-- Risk Position: Moderate (-1)
-- Funding and Liquidity: Adequate and Adequate (0)
-- Comparable Rating Analysis: 0
-- Support: 0
-- ALAC Support: 0
-- GRE Support: 0
-- Group Support: 0
-- Sovereign Support: 0
-- Additional Factors: 0

Indian Bank

The affirmed ratings on Indian Bank reflects S&P's assessment of a
very high likelihood that the bank will receive government support
if needed. Indian Bank's SACP is supported by its recently
strengthened capitalization and stable deposit base, with a
liquidity position that provides a comfortable cushion to meet
short-term obligations.

The ratings also reflect Indian Bank's still-high level of stressed
assets and credit costs following its merger in 2020 with Allahabad
Bank.

Outlook

S&P said, "The stable outlook reflects our expectation that the
likelihood of support from the government for Indian Bank will
remain very high over the next 24 months. We also believe Indian
Bank's strengthened capital position can weather asset quality
pressures while the bank maintains its financial profile in line
with our ratings. In our view, Indian Bank is likely to maintain
its solid funding and liquidity profile over the next 18-24
months."

Downside scenario: S&P could lower the ratings by one notch if: (1)
Indian Bank's RAC ratio falls below 5% on a sustained basis,
possibly due to higher credit growth or higher provisioning than
our expectation, especially in the absence of the sufficient
capital infusions; or (2) its weak loans ratio or credit costs
worsen beyond its baseline expectation.

Upside scenario: An upgrade of Indian Bank is unlikely in the next
one to two years because that would require a higher sovereign
credit rating on India. S&P Global Ratings does not rate Indian
banks above the sovereign because of the direct and indirect
influence a distressed sovereign would have on banks' operations,
including their ability to service foreign currency obligations.

S&P's assessment of Indian Bank's SACP may improve if the bank's
asset quality strengthens to levels in line with international
peers'.

Ratings Score Snapshot

-- Issuer Credit Rating: BBB-/Stable/A-3
-- Stand-alone credit profile: bb+
-- Anchor: bb+
-- Business Position: Adequate (0)
-- Capital and Earnings: Moderate (0)
-- Risk Position: Moderate (-1)
-- Funding and Liquidity: Strong and Strong (+1)
-- Comparable Rating Analysis: 0
-- Support: +1
-- ALAC Support: 0
-- GRE Support: +1
-- Group Support: 0
-- Sovereign Support: 0
-- Additional Factors: 0

Kotak Mahindra Bank

S&P said, "The affirmed ratings on Kotak Mahindra Bank reflect our
expectations that the bank will gain market share in the domestic
banking industry over the next 12-24 months. Our assessment is
based on Kotak Mahindra Bank's strong capitalization, diversified
customer base and product offerings, good service quality, and
superior risk management. The bank is likely to be a key
beneficiary of increasing digitization in the banking industry. We
expect Kotak Mahindra Bank to maintain its current capitalization
due to its high profit generation, adequate provisions for existing
bad loans, high profit retention, and limited backlog of loans
restructured due to COVID-19-related factors."

Outlook

S&P said, "The stable outlook on Kotak Mahindra Bank reflects our
view that the bank will be able to withstand our current projection
for operating conditions over the next 12-24 months. This is
because we assess Kotak Mahindra Bank's risk management, earnings,
and capitalization buffers to be better than the industry
averages."

Downside scenario: S&P said, "We would lower the ratings if Kotak
Mahindra Bank's RAC ratio declines below 10% on a sustained basis.
We could also downgrade the bank if its asset quality deteriorates
sharply. This could happen due to a prolonged and deeper economic
slowdown in India."

Upside scenario: An upgrade of Kotak Mahindra Bank is unlikely in
the next one to two years because that would require an improvement
in the bank's operating conditions, as well as raising of S&P's
sovereign credit rating on India.

Ratings Score Snapshot

-- Issuer Credit Rating: BBB-/Stable/A-3
-- Stand-alone credit profile: bbb-
-- Anchor: bb+
-- Business Position: Adequate (0)
-- Capital and Earnings: Strong (+1)
-- Risk Position: Adequate (0)
-- Funding and Liquidity: Adequate and Adequate (0)
-- Comparable Rating Analysis: 0
-- Support: 0
-- ALAC Support: 0
-- GRE Support: 0
-- Group Support: 0
-- Sovereign Support: 0
-- Additional Factors: 0

Union Bank of India

S&P said, "The affirmed ratings on Union Bank reflect our
assessment of a very high likelihood that the bank will receive
government support if needed. Our ratings also consider the bank's
high level of stressed assets and credit costs. In our view, Union
Bank's capital level has been improving but remains weaker than
that of other rated peers in India. The bank will require further
capital raising as its business growth recovers from the prolonged
credit cycle in past decade. Union Bank's SACP is supported by its
stable deposit base with a liquidity position that provides a
comfortable cushion to meet the bank's short-term obligations."

Outlook

S&P said, "The stable outlook on Union Bank reflects our view that
the bank will maintain its financial profile over the next 12-18
months amid uneven, though broadening, economic recovery. We also
expect the likelihood of government support to continue to underpin
the ratings. We classify Union Bank as a government-related entity
and see a very high likelihood that the bank would receive support
from the Indian government if needed."

Downside scenario: S&P said, "We would lower the ratings by a notch
if Union Bank's RAC ratio falls below 3% on a sustained basis.
Large unanticipated asset quality shocks or prolonged operating
losses could also lead us to downgrade of the bank."

Upside scenario: S&P believes an upgrade is highly unlikely over
the next 12-18 months because that will need the SACP to improve by
at least a couple of notches, which is unlikely over the next 12-18
months, in its view.

Ratings Score Snapshot

-- Issuer Credit Rating: BB+/Stable/B
-- Stand-alone credit profile: bb-
-- Anchor: bb+
-- Business Position: Adequate (0)
-- Capital and Earnings: Constrained (-1)
-- Risk Position: Constrained (-2)
-- Funding and Liquidity: Strong and Strong (+1)
-- Comparable Rating Analysis: 0
-- Support: +2
-- ALAC Support: 0
-- GRE Support: +2
-- Group Support: 0
-- Sovereign Support: 0
-- Additional Factors: 0

  Ratings List

  RATINGS AFFIRMED

  BANK OF INDIA

   Issuer Credit Rating          BB+/Stable/B

  BANK OF INDIA (NEW ZEALAND) LTD.
  
   Issuer Credit Rating          BB+/Stable/B

  HDFC BANK LTD.

   Issuer Credit Rating          BBB-/Stable/A-3

  ICICI BANK LTD.

   Issuer Credit Rating          
    Foreign Currency             BBB-/Stable/A-3

  INDIAN BANK

   Issuer Credit Rating          BBB-/Stable/A-3

  KOTAK MAHINDRA BANK

   Issuer Credit Rating          BBB-/Stable/A-3

  UNION BANK OF INDIA

   Issuer Credit Rating          BB+/Stable/B


VAAAN INFRA PRIVATE: Insolvency Resolution Process Case Summary
---------------------------------------------------------------
Debtor: Vaaan Infra Private Limited

        Registered office:
        206, Saral Cooperative Group
        Housing Society Ltd
        Plot No. 15, Sector-10
        Dwarka, New Delhi 110075

        Principal office:
        Villa-8, Block-II
        Eros Garden Charmwood Village
        Surajkund Road, Faridabad
        Haryana 121009

Insolvency Commencement Date: January 19, 2022

Court: National Company Law Tribunal, New Delhi Bench

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

Insolvency professional: Satya Prakash

Interim Resolution
Professional:            Satya Prakash
                         B-277, Gali No. 14
                         Tomar Colony, Burari
                         Delhi 110084
                         E-mail: cs.satyaprakash@gmail.com
                                 cirp.vaaainfra@gmail.com

Last date for
submission of claims:    February 2, 2022


VSG VENTURES: CARE Keeps D Debt Ratings in Not Cooperating
----------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Vsg
Ventures Private Limited (VVPL) continues to remain in the 'Issuer
Not Cooperating ' category.

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

   Short Term Bank      3.00       CARE D; ISSUER NOT COOPERATING
   Facilities                      Rating continues to remain
                                   under ISSUER NOT COOPERATING
                                   category

Detailed Rationale & Key Rating Drivers

CARE Ratings Ltd. had, vide its press release dated January 12,
2021, placed the rating(s) of Vsg Ventures Private Limited
(VVPL) under the 'issuer non-cooperating' category as VVPL had
failed to provide information for monitoring of the rating and had
not paid the surveillance fees for the rating exercise as agreed to
in its Rating Agreement. VVPL continues to be noncooperative
despite repeated requests for submission of information through
e-mails, phone calls and a letter/email dated
November 28, 2021, December 8, 2021, December 18, 2021.

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

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

Delhi-based GAPL (erstwhile Yash Ceramics Private Limited Ltd, name
changed on April 25, 2013), incorporated in June 4, 1997, was
promoted by Mr Suresh Chand Garg and Mr Atul Chanana. Currently,
the company is engaged in the manufacturing of aluminum wires,
aluminum alloy wires and copper clad aluminum wires. The
manufacturing facility of the unit is located at Bahadurgarh,
Haryana. The company mainly caters to the domestic market. The
company has an associate concern "Garg Inox Limited" also engaged
in the business of manufacturing of stainless-steel wires, bright
bars, zinc wires, aluminum wires, and copper clad aluminum wires.


YAKSHA KRAPA: CARE Lowers Rating on INR6.44cr LT Loan to C
----------------------------------------------------------
CARE Ratings has revised the ratings on certain bank facilities of
Yaksha Krapa Cashew Industries (YKCI), as:

                      Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank       6.44       CARE C; Stable; ISSUER NOT
   Facilities                      COOPERATING; Rating continues
                                   to remain under ISSUER NOT
                                   COOPERATING category and
                                   Revised from CARE B; Stable

Detailed Rationale & Key Rating Drivers

CARE Ratings Ltd. had, vide its press release dated January 13,
2021, placed the rating(s) of YKCI under the 'issuer
non-cooperating' category as YKCI had failed to provide information
for monitoring of the rating and had not paid the surveillance fees
for the rating exercise as agreed to in its Rating Agreement. YKCI
continues to be noncooperative despite repeated requests for
submission of information through e-mails, phone calls and a
letter/email dated November 29, 2021, December 9, 2021 and December
19, 2021.

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

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

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

Karnataka based Yakshakrapa Cashew Industries (YKCI) was
established as a partnership firm in August, 2016 and promoted by
Mr. N Seetharam Shetty, Mr. Prafullaraj Shetty, Mr. Priyadarshan
Shetty, Mrs. Prema S Shetty and Mrs. Priyadarshini A Shetty. The
managing partner is Mr. N Seetharam Shetty who has an experience of
more than a decade in cashew manufacturing industry. The firm is
engaged in processing of raw cashew nuts into cashew kernels. The
firm sells the processed cashew kernels in Karnataka and also
exports to other states.




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

GARUDA INDONESIA: Four Lessors Agree to Debt Restructuring Plan
---------------------------------------------------------------
The Jakarta Post reports that four aircraft lessors have reportedly
agreed to a debt restructuring proposal from PT Garuda Indonesia
that would allow the government to proceed with its effort to save
the debt-laden flag carrier.

According to the Jakarta Post, State-Owned Enterprises (SOE)
Minister Erick Thohir said on Jan. 25 that 35 other lessors had yet
to back the proposal, but the ministry estimated it only needed to
secure support from three more lessors for a majority of the debt.


"The good news is, these four lessors, which have agreed to the
proposal, are big lessors. Considering the percentage, if we could
acquire three more, we could assume the majority of them agree,
because the rest are small in size [of debt]," Erick told lawmakers
during a meeting with the House of Representatives.

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

As reported in the Troubled Company Reporter-Asia Pacific on Dec.
14, 2021, Bloomberg News said the airline entered a
court-supervised debt restructuring process after a Jakarta court
on Dec. 9, 2021, accepted a debt petition filed against it.  Garuda
and its creditors have 45 days to complete negotiations, which can
be extended to 270 days.

Garuda finalized a restructuring proposal in November 2021 and is
in discussion with creditors and lessors to reduce its liabilities
to US$3.7 billion, from US$9.8 billion, Kartika Wirjoatmodjo, a
deputy at Indonesia's state-owned enterprises ministry, told a
parliamentary hearing.




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

IHI CORPORATION: Egan-Jones Keeps BB+ Senior Unsecured Ratings
--------------------------------------------------------------
Egan-Jones Ratings Company on December 30, 2021, maintained its
'BB+' foreign currency and local currency senior unsecured ratings
on debt issued by IHI Corporation.

Headquartered in Tokyo, Japan, IHI Corporation manufactures heavy
machinery.


KAWASAKI KISEN: Egan-Jones Keeps BB Senior Unsecured Ratings
------------------------------------------------------------
Egan-Jones Ratings Company on December 28, 2021, maintained its
'BB' foreign currency and local currency senior unsecured ratings
on debt issued by Kawasaki Kisen Kaisha Ltd.

Headquartered in Chiyoda City, Tokyo, Japan, Kawasaki Kisen Kaisha,
Ltd. operates marine cargo and passenger transportation around the
world.



KOBE STEEL: Egan-Jones Keeps B Senior Unsecured Ratings
-------------------------------------------------------
Egan-Jones Ratings Company on December 29, 2021, maintained its 'B'
foreign currency and local currency senior unsecured ratings on
debt issued by Kobe Steel, Ltd.

Headquartered in Kobe, Hyogo, Japan, Kobe Steel, Ltd. is a supplier
of aluminum and copper product including core products.


TOYOBO CO: Egan-Jones Keeps BB+ Senior Unsecured Ratings
--------------------------------------------------------
Egan-Jones Ratings Company on December 29, 2021, maintained its
'BB+' foreign currency and local currency senior unsecured ratings
on debt issued by Toyobo Co Ltd.

Headquartered in Osaka, Japan, Toyobo Co., Ltd. manufactures and
sells natural and synthetic fibers.


UNITIKA LTD: Egan-Jones Keeps CCC Senior Unsecured Ratings
----------------------------------------------------------
Egan-Jones Ratings Company on December 29, 2021, maintained its
'CCC' foreign currency and local currency senior unsecured ratings
on debt issued by Unitika Ltd. EJR also maintained its 'C' rating
on commercial paper issued by the Company.

Headquartered in Osaka, Osaka, Japan, UNITIKA LTD manufactures and
sells synthetic fibers and textile products used as apparel and
industrial materials.




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

ANDREW BUCHANAN: Creditors' Proofs of Debt Due Feb. 25
------------------------------------------------------
Creditors of Andrew Buchanan Engineering Limited (trading as AB
Engineering Limited), which is in voluntary liquidation, are
required to file their proofs of debt by Feb. 25, 2022, to be
included in the company's dividend distribution.

Hamish John Pryde -- hamishpryde@coombesmith.co.nz -- of CS
Insolvency, a division of Coombe Smith (PN) Limited, was appointed
liquidator of the company on Jan. 25, 2022.


ASJ COMMODITIES: Court to Hear Wind-Up Petition on Feb. 21
----------------------------------------------------------
A petition to wind up the operations of ASJ Commodities LP will be
heard before the High Court at Whangarei on Feb. 21, 2022, at 10:00
a.m.

Australian Quality Exporters Pty Limited filed the petition against
the company on Oct. 27, 2021.

The Petitioner's solicitors are:

          Turner Hopkins
          400 Lake Road
          Takapuna, Auckland


CUTHBERT EARTHMOVERS: Court to Hear Wind-Up Petition on Feb. 4
--------------------------------------------------------------
A petition to wind up the operations of Cuthbert Earthmovers
Limited will be heard before the High Court at Auckland on Feb. 4,
2022, at 10:00 a.m.

The Commissioner of Inland Revenue filed the petition against the
company on June 10, 2021.

The Petitioner's solicitor is:

          Cloete Van der Merwe
          Inland Revenue, Legal Services
          5 Osterley Way
          Manukau City, Auckland 2104


MAGIRE LIMITED: Creditors' Proofs of Debt Due Feb. 21
-----------------------------------------------------
Creditors of Magire Limited, 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's shareholder, on Jan. 21, 2022, appointed Kelera
Nayacakalou as liquidator.




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

AGV GROUP: Placed Into Interim Judicial Management
--------------------------------------------------
The Board of Directors of AGV Group Limited said that at the
hearing for the Interim Judicial Management Application on Jan. 24,
2022, the Court had granted the IJM Application to place the
Company into interim judicial management.

As such, Mr. Leow Quek Shiong and Mr. Gary Loh Weng Fatt of BDO
Advisory Pte Ltd have been appointed, jointly and severally, as
interim judicial managers of the Company with immediate effect.

The Company will update shareholders as and when there are material
developments on the JM Application and IJM Application and as
required under the Catalist Rules.

Trading in the Company's securities on the SGX-ST had been
voluntarily suspended by the Company on Nov. 24, 2021.

AGV Group Limited provides hot dip galvanizing services. The
Company offers its products and services to the steel and iron
industries in Singapore.

DAFA SHIPPING: Creditors' Meeting Set for Feb. 10
-------------------------------------------------
Dafa Shipping (Pte) Ltd will hold a meeting for its creditors on
Feb. 10, 2022, at 11:45 a.m. via electronic means.

Agenda of the meeting includes:

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

   b. to appoint Liquidator(s);

   c. to consider the judicial managers' remuneration and expenses

      as an expense of the winding-up; and
  
   d. to be authorised to appoint solicitors to (i) assist the
      liquidators in the liquidators' duties; and/or (ii) to bring

      or defend any action or legal proceeding in the name and on
      behalf of the Company.

Paresh Tribhovan Jotangia and Ho May Kee of Grant Thornton
Singapore Private Limited have been appointed joint and several
provisional liquidators of Dafa Shipping on Jan. 13, 2022.


DONG JIANG: Creditors' Meeting Set for Feb. 10
----------------------------------------------
Dong Jiang Tankers (Pte) Ltd will hold a meeting for its creditors
on Feb. 10, 2022, at 11:00 a.m. via electronic means.

Agenda of the meeting includes:

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

   b. to appoint Liquidator(s);

   c. to consider the judicial managers' remuneration and expenses

      as an expense of the winding-up; and
  
   d. to be authorised to appoint solicitors to (i) assist the
      liquidators in the liquidators' duties; and/or (ii) to bring

      or defend any action or legal proceeding in the name and on
      behalf of the Company.

Paresh Tribhovan Jotangia and Ho May Kee of Grant Thornton
Singapore Private Limited have been appointed joint and several
provisional liquidators of Dong Jiang Tankers on Jan. 13, 2022.


SAMTRADE FX: Files for Judicial Management in Singapore
-------------------------------------------------------
FinanceFeeds reports that Samtrade FX has announced its court
application for judicial management and the appointment of interim
judicial managers amid the Singapore authorities' crackdown on the
renowned FX and CFD broker for allegedly not holding a proper
license to operate in the jurisdiction.

According to the report, the brokerage firm has previously
published a FAQ on its website in order to provide clarity to
concerned customers with regards to deposits, withdrawals, and
overseas investors.

FinanceFeeds says the country's financial watchdog, the Monetary
Authority of Singapore (MAS), added Samtrade FX to its caution list
in July 2021 and issued a direction to prohibit the company from
onboarding new investors.

FinanceFeeds relates that MAS said the agency will further review
and take necessary actions if its inspection uncovers lapses or
Samtrade FX had breached regulations. Of the group of companies, no
entity is regulated in Singapore as a capital markets services
licensee.

S.A.M. Trade is an online trading brokerage that provides Forex
Trading and other related services.

SAMTRADE FX: Warns GIB Capital for Referring to ASIC License
------------------------------------------------------------
FinanceFeeds reports that Samtrade FX has complained against an
entity called GIB & Capital Group Pty -- whose brand name is GIB
Capital -- for stating the FX broker's ASIC license number on its
website.

GIB Capital states that it "is a company incorporated in Australia
and that holds an Australian Financial Services Licence (AFSL)
number 338647 issued by the Australia Securities and Investments
Commission (ASIC) to carry on financial services business in
Australia. You may request financial services from GIB & Capital
Group Pty via its official website here https://gib.group/".

The AFSL number 338647, however, is held by S.A.M. Financial Group
(Australia) Pty Ltd, Samtrade FX's affiliate company in Australia,
the report says.

"We wish to bring to the immediate attention of and alert the
public and clients that S.A.M. Financial Group (Australia) Pty Ltd
is the rightful and legal owner of this licence. GIB & Capital
Group Pty has no right to use or to refer to the Australian
Financial Services Licence number 338647", said Samtrade FX in a
statement, FinanceFeeds relays.

"S.A.M Financial Group (Australia) Pty Ltd has not authorised GIB &
Capital Group Pty, or given permission in any form, or established
partnership/collaboration/cooperation with GIB & Capital Group Pty
to carry out financial services business in Australia. GIB &
Capital Group Pty does not represent S.A.M. Financial Group
(Australia) Pty Ltd, act for and/or act on behalf of S.A.M.
Financial Group (Australia) Pty Ltd.

"In addition, S.A.M. Financial Group (Australia) Pty Ltd has no
affiliation with any third party entities claiming to be associated
with GIB & Capital Group. Any claims by any such entities to be in
part of or in some way authorised, endorsed or approved by, or
affiliated or connected with S.A.M. Financial Group (Australia) are
false," the broker added.

Samtrade FX is consulting its lawyers to take urgent and necessary
action to protect the public, clients, and the company, the report
adds.

S.A.M. Trade is an online trading brokerage that provides Forex
Trading and other related services.


TESCO DIGITAL: Members' Final Meeting Set for Feb. 24
-----------------------------------------------------
Members of Tesco Digital Ventures Pte Ltd will hold their final
meeting on Feb. 24, 2022, at 10:00 a.m., at One Raffles Quay North
Tower 18th Floor, in Singapore.

At the meeting, Aaron Loh Cheng Lee, the company's liquidator, will
give a report on the company's wind-up proceedings and property
disposal.


XIN AN: Creditors' Meeting Set for Feb. 10
------------------------------------------
Xin An Shipping (Pte) Ltd will hold a meeting for its creditors on
Feb. 10, 2022, at 9:30 a.m. via electronic means.

Agenda of the meeting includes:

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

   b. to appoint Liquidator(s);

   c. to consider the judicial managers’ remuneration and
expenses
      as an expense of the winding-up; and
  
   d. to be authorised to appoint solicitors to (i) assist the
      liquidators in the liquidators' duties; and/or (ii) to bring

      or defend any action or legal proceeding in the name and on
      behalf of the Company.

Paresh Tribhovan Jotangia and Ho May Kee of Grant Thornton
Singapore Private Limited have been appointed joint and several
provisional liquidators of Xin An Shipping on Jan. 13, 2022.



                           *********


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.



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