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

                     A S I A   P A C I F I C

          Friday, January 28, 2022, Vol. 25, No. 15

                           Headlines



A U S T R A L I A

DFL GROUP: Commences Wind-Up Proceedings
INDUSTRY GLASS: Commences Wind-Up Proceedings
SHEEPWASH HOLDINGS: Commences Wind-Up Proceedings


C H I N A

CHINA EVERGRANDE: Aims Restructuring Proposal Within Six Months


I N D I A

A. KISHORE: CRISIL Keeps B Debt Ratings in Not Cooperating
ANNAPURNA POULTRIES: CRISIL Keeps B+ Ratings in Not Cooperating
ARYAN VILLA: CRISIL Lowers Rating on INR25cr Cash Loan to D
CHINTAPALLY SAI: CRISIL Keeps D Debt Rating in Not Cooperating
COMPACT LAMPS: CRISIL Lowers LT/ST Debt Ratings to D

CUBE INDIA: CRISIL Keeps D Debt Ratings in Not Cooperating
FUTURE GROUP: Moves Supreme Court on Lenders' Insolvency Notice
GANAPATHY ENTERPRISES: CRISIL Keeps B+ Ratings in Not Cooperating
GANESH EPC PRIVATE: Liquidation Process Case Summary
HARSH CONSTRUCTIONS: CRISIL Withdraws B Rating on INR30cr Loan

HINDUSTHAN NATIONAL: NCLAT Lifts Stay on Constitution of CoC
INDUS MOTORS: CRISIL Raises Rating on INR6.5cr Loan to B+
JAGDAMBA INDUSTRIES: CRISIL Keeps B+ Ratings in Not Cooperating
JCB HOSPITALS: CRISIL Lowers Rating in INR4.5cr LT Loan to B+
K N INDUSTRIES: CRISIL Lowers Rating on INR5.2cr Cash Loan to D

KANERI AGRO: CRISIL Lowers Rating on INR18cr Cash Loan to D
KAVYARC TRADEX: CRISIL Lowers Rating on INR8cr Loans to D
MAHARAJA RESOURCES: CRISIL Keeps B Ratings in Not Cooperating
MAHARASHTRA ALUMINIUM: CRISIL Reaffirms B+ Rating on INR10cr Loan
NITIN FIRE: NCLT Enters Liquidation Order

POULOMI ESTATES: CRISIL Withdraws D Rating on INR20cr Loans
PRIYANKSHI FASHIONS: CRISIL Keeps B+ Ratings in Not Cooperating
RADHEY NARAYAN: CRISIL Hikes Rating on INR1.40cr Loan to B-
RAJARATHNAM CONSTRUCTION: CRISIL Withdraws D Debt Ratings
RAMACHANDRAPURAM: CRISIL Keeps D Debt Ratings in Not Cooperating

SANJANA CRYOGENIC: CRISIL Lowers Rating on INR20cr Loans to B
SHAMSHREE LIFESCIENCES: CRISIL Withdraws D Debt Ratings
SPICEJET LTD: Supreme Court to Hear Plea Against Madras HC Order
STERLING PUBLISHERS: CRISIL Withdraws B Rating on INR21.57cr Loan
TRAVANCORE EARTH: CRISIL Keeps D Debt Ratings in Not Cooperating



N E W   Z E A L A N D

DQ INTERNATIONAL: Creditors' Proofs of Debt Due March 4
FEDERAL COFFEE: Creditors' Proofs of Debt Due Feb. 25
PREMIER TYRE: Creditors' Proofs of Debt Due March 8
TITAN BULK: Court to Hear Wind-Up Petition on March 3


S I N G A P O R E

ASIARETAIL II: Members' Final Meeting Set for Feb. 28
FENNOTECH PTE: Court Enters Wind-Up Order
LIGHTHOUSE DEVELOPMENTS: Commences Wind-Up Proceedings
NAN FANG: Court to Hear Wind-Up Petition on Feb. 7
REBUN SHIPPING: Creditors' Proofs of Debt Due Feb. 27



S R I   L A N K A

SRI LANKA: 'Trying All Options' to Avoid Default, FM Says


V I E T N A M

BANK FOR FOREIGN TRADE OF VIETNAM: S&P Affirms 'BB-' ICR

                           - - - - -


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

DFL GROUP: Commences Wind-Up Proceedings
----------------------------------------
Members of DFL Group Australia Pty Limited, on Jan. 27, 2022,
passed a resolution to voluntarily wind up the company's
operations.

The company's liquidator is:

          Simon Patrick Nelson
          BPS Reconstruction and Recovery
          Level 5, Suite 6
          350 Collins Street
          Melbourne 3000


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
          c/o Westburn Advisory
          Level 5, 115 Pitt Street
          Sydney, NSW


SHEEPWASH HOLDINGS: Commences Wind-Up Proceedings
-------------------------------------------------
Members of Sheepwash Holdings Pty Ltd, on Jan. 25, 2022, passed a
resolution to voluntarily wind up the company's operations.

The company's liquidator is:

          Clifford John Sanderson
          Dissolve Pty Ltd
          Level 8, 80 Clarence St
          Sydney, NSW




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

CHINA EVERGRANDE: Aims Restructuring Proposal Within Six Months
---------------------------------------------------------------
Reuters reports that China Evergrande Group said on Jan. 26 it aims
to have a preliminary restructuring proposal in place within six
months as the debt-laden developer scrambles to reassure creditors
spooked by defaults since its finances began to unravel last year.

According to Reuters, the long-awaited communication came against
the backdrop of Beijing tightening control over the property
developer, while taking measures to stabilise China's crisis-hit
property sector.

But some bondholders said they were disappointed by the 25-minute
call with creditors, which included prepared answers to questions,
saying it lacked insight on Evergrande's plans.

"(I had) no expectation prior to the call and no expectation after
the call . . . frankly speaking, I believe the final decision
making is led by the government, the company is relatively
passive," said one offshore Evergrande bondholder.

The bondholder declined to be named as he was not authorised to
speak to the media, Reuters notes.

Once China's top developer, Evergrande has racked up debts of more
than $300 billion and is struggling to repay creditors, suppliers
and investors in wealth management products.

It missed some dollar bond payments last month, sparking calls for
talks, and nearly $20 billion of its international bonds are now
deemed to be in default, Reuters notes.  

According to the report, Evergrande's newly-appointed executive
director Siu Shawn, who is also chairman of Evergrande New Energy
Vehicle Group Ltd, said on the call with creditors that the group
was working on a comprehensive restructuring plan.

Reuters relates that Siu said Evergrande aimed to propose the plan
within six months, adding the developer also hoped to work with
creditors to achieve a risk management solution, a call participant
who declined to be named due to confidentiality constraints, said.

Evergrande had on Jan. 24 sought more time from its offshore
bondholders to work on a debt restructuring plan, after a group of
creditors said they were ready to take "all necessary actions" to
defend their rights.

"The board of directors and the risk management committee look
forward to having further communications with investors and
respectfully request (them) not to take any aggressive legal
actions in order to maintain stability for the mutual benefits of
all stakeholders," Siu said on the call, Reuters relays.

In a Hong Kong stock exchange filing shortly after the call, the
developer said it would continue to listen carefully to the
opinions and suggestions of creditors.

Reuters says the company's debt crisis has engulfed other Chinese
developers, roiled global financial markets in the past year and
contributed to a slump in China's property market, which accounts
for a quarter of its economy.

Evergrande had stayed largely silent about the status of its
offshore credit since missing payment on dollar bonds for the first
time in September, the report states. As Beijing tightened its
grip, Evergrande has publicly said it planned to engage with
offshore creditors.

The developer set up the risk management committee in December with
mostly members from state enterprises, as the Guangdong provincial
government is leading its restructuring.

On Jan. 24, Evergrande named Liang Senlin, chairman of China Cinda
(HK) Holdings Company Limited, a unit of China Cinda Asset
Management - one of the country's four biggest state asset managers
- as one of its board members, Reuters discloses.

Reuters says advisers for a group of offshore bondholders had
demanded more transparency from the developer.

"We noticed there are doubts about the transparency and the
restructuring process of the group, we'd like to take this
opportunity to explain to all creditors that the board of
directors, the risk management committee and the group will work
expeditiously to stabilize the group operation," Reuters quotes Siu
as saying.

A member of the developer's risk management committee, Chen Yong,
also joined the call, the participant added.

Chen is a compliance director of state-owned Guosen Securities.
Andrew Huang, Evergrande's Hong Kong branch general manager, was
also present, said the participant, declining to be named due to
confidentiality constraints, Reuters relays.

Responding to offshore creditors' concerns that they would be
treated differently from those onshore, Huang said on the call that
the company would treat all categories of creditors fairly and
follow international practice, according to Reuters.

"The call turned out to be disappointing. Not that I was expecting
any fireworks, but still some insights on business would have been
useful," Reuters quotes Himanshu Porwal, an EM credit analyst at
Seaport Global, as saying.  "Six months is a long time for (a)
draft restructuring plan."

Evergrande had asked bondholders to disclose their holdings by the
middle of this week to identify investors for communications, and
hired more financial and legal advisers to follow up on creditor
demands, adds Reuters.

                        About China Evergrande

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

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

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

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

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

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



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

A. KISHORE: CRISIL Keeps B Debt Ratings in Not Cooperating
----------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of A. Kishore
(AK) continue to be 'CRISIL B/Stable Issuer Not Cooperating'.

                       Amount
   Facilities       (INR Crore)     Ratings
   ----------       -----------     -------
   Long Term Loan         5         CRISIL B/Stable (Issuer Not
                                    Cooperating)

   Overdraft Facility    13         CRISIL B/Stable (Issuer Not
                                    Cooperating)

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

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

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

Set up in 1998, AK is a proprietorship firm involved in civil
construction works, such as construction of roads and bridges, and
construction and maintenance of irrigation facilities, in Kerala.
The firm is managed by Mr. A. Kishore.


ANNAPURNA POULTRIES: CRISIL Keeps B+ Ratings in Not Cooperating
---------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Annapurna
Poultries (ANNPOU) continue to be 'CRISIL B+/Stable Issuer Not
Cooperating'.

                       Amount
   Facilities       (INR Crore)     Ratings
   ----------       -----------     -------
   Cash Credit           6.81       CRISIL B+/Stable (Issuer Not
                                    Cooperating)

   Long Term Loan        0.52       CRISIL B+/Stable (Issuer Not
                                    Cooperating)

   Long Term Loan        3.67       CRISIL B+/Stable (Issuer Not
                                    Cooperating)

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

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

Detailed Rationale

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

ANNPOU's was establish in 2009 it is located in Vatluru (Andhra
Pradesh). ANNPOU's is owned and managed by Mr. Kolli Koteshwara
Rao. ANNPOU's sells poultry products such as eggs.


ARYAN VILLA: CRISIL Lowers Rating on INR25cr Cash Loan to D
-----------------------------------------------------------
CRISIL Ratings has downgraded the rating of Aryan Villa And Resorts
LLP (AVR)to 'CRISIL D Issuer Not Cooperating' from 'CRISIL
B+/Stable Issuer Not Cooperating'.

                      Amount
   Facilities       (INR Crore)     Ratings
   ----------       -----------     -------
   Term Loan              25        CRISIL D (ISSUER NOT
                                    COOPERATING; Downgraded from
                                    'CRISIL B+/Stable ISSUER NOT
                                    COOPERATING')

CRISIL Ratings has been consistently following up with AVR for
obtaining information through letters and emails dated September
15, 2021, November 12, 2021 and January 17, 2022 among others,
apart from telephonic communication. However, the issuer has
remained non cooperative.

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

Detailed Rationale

Despite repeated attempts to engage with the management, CRISIL
Ratings failed to receive any information on either the financial
performance or strategic intent of AVR, which restricts CRISIL's
Ratings ability to take a forward looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on AVR
is consistent with 'Assessing Information Adequacy Risk'.

Based on the publicly available information, there has been delays
in servicing the term debt obligations and therefore, CRISIL
Ratings has downgraded the rating to 'CRISIL D Issuer Not
Cooperating' from 'CRISIL B+/Stable Issuer Not Cooperating'.

AVR is setting up a 70-key 5-star hotel and luxury resort on
Pakhowal Road, Ludhiana at a cost of INR64.50 crore, with
debt-funding to the tune of INR25 crore. The resort is expected to
commence operations by March 2019.


CHINTAPALLY SAI: CRISIL Keeps D Debt Rating in Not Cooperating
--------------------------------------------------------------
CRISIL Ratings said the rating on bank facilities of Chintapally
Sai Baba Energy Private Limited (CSEPL) continues to be 'CRISIL D
Issuer Not Cooperating'.

                       Amount
   Facilities       (INR Crore)     Ratings
   ----------       -----------     -------
   Long Term Loan         7         CRISIL D (Issuer Not
                                    Cooperating)

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

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

Detailed Rationale

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

Incorporated in August 2013 and promoted by Mr. Sanjeev Kumar, Ms
Indu Mouli, Vainavi Energy Ventures Pvt Ltd, and Mr. Panati Radha
Krishna Reddy, CSEPL has set up a 2-megawatt power plant in
Nalgonda, Telangana.


COMPACT LAMPS: CRISIL Lowers LT/ST Debt Ratings to D
----------------------------------------------------
CRISIL Ratings has downgraded the ratings of Compact Lamps Private
Limited (CLPL) to 'CRISIL D/CRISIL D Issuer Not Cooperating' from
'CRISIL B+/Stable/CRISIL A4 Issuer Not Cooperating', as company has
delayed in servicing of term debt-obligations.

                      Amount
   Facilities       (INR Crore)     Ratings
   ----------       -----------     -------
   Long Term Rating       -         CRISIL D (ISSUER NOT
                                    COOPERATING; Downgraded from
                                    'CRISIL B+/Stable ISSUER NOT
                                    COOPERATING')

   Short Term Rating      -         CRISIL D (ISSUER NOT
                                    COOPERATING; Downgraded from
                                    'CRISIL A4 ISSUER NOT
                                    COOPERATING')

CRISIL Ratings has been consistently following up with CLPL for
obtaining information through letters and emails dated September
22, 2021 and November 12, 2021, apart from telephonic
communication. However, the issuer has remained non cooperative.

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

Detailed Rationale

Despite repeated attempts to engage with the management, CRISIL
Ratings failed to receive any information on either the financial
performance or strategic intent of CLPL, which restricts CRISIL's
ability to take a forward looking view on the entity's credit
quality. CRISIL Ratings believes that rating action on CLPL is
consistent with 'Assessing Information Adequacy Risk'. Based on the
last available information, CRISIL Ratings has downgraded the
ratings to 'CRISIL D/CRISIL D Issuer Not Cooperating' from 'CRISIL
B+/Stable/CRISIL A4 Issuer Not Cooperating', as company has delayed
in servicing of term debt-obligations.

CLPL, set up in 2010 by Mr. Kapil Gupta is manufacturer of CFL
(Compact fluorescent lamp) and LED bulbs (Light Emitting Diode) for
established players in the Indian lighting industry. It is engaged
in manufacturing and sales of compact fluorescent lamps (CFL) in
the range of 5-36 watts and LEDs in the range of 0.5-24 watts.


CUBE INDIA: CRISIL Keeps D Debt Ratings in Not Cooperating
----------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Cube India
Paper Mills Private Limited (CIPM) continue to be 'CRISIL D Issuer
Not Cooperating'.

                       Amount
   Facilities       (INR Crore)     Ratings
   ----------       -----------     -------
   Cash Credit           8.5        CRISIL D (Issuer Not
                                    Cooperating)

   Proposed Long Term
   Bank Loan Facility    3.41       CRISIL D (Issuer Not
                                    Cooperating)

   Term Loan            13.09       CRISIL D (Issuer Not
                                    Cooperating)

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

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

Detailed Rationale

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

Incorporated in December 2014 and promoted by Mr. Hareesh
Chimaneni, Mr. Pothu Raju, and Mr. Motukari Laxman Kumar, CIPM
manufactures kraft paper at its facility in Narasaraopet, Guntur
district, Andhra Pradesh. Commercial operations began from November
2016.


FUTURE GROUP: Moves Supreme Court on Lenders' Insolvency Notice
---------------------------------------------------------------
The Times of India reports that facing heat from banks for recovery
of outstanding dues, Future Retail on Jan. 25 moved the Supreme
Court seeking quashing of lenders' letters threatening initiation
of insolvency proceedings by citing it's still alive, but mired in
cross-country litigations initiated by multinational Amazon, deal
with Reliance Retail for sale of assets for nearly INR25,000
crore.

Informing the court about its high value assets - 1,209 stores in
391 cities spread across all states, Future Retail said it has an
outstanding of INR5,000 crore payable to around 26 banks and
financial institutions, which had agreed for restructuring of its
assets through the deal with Reliance, TOI relates.

It said the infusion of INR25,000 crores by Reliance Retail would
not only save the wide-spread valuable assets of Future Retail from
being sold off cheaply by lenders through bankruptcy proceedings,
but also would fully satisfy the outstanding amounts due to the
banks and FIs, in addition to saving the jobs of nearly 25,000
employees working in these stores, the report relays.

On January 11, the SC had reserved orders on the future course of
the multi-layered litigations between Biyani group's Future Coupons
and cash-starved Future Retails, the latter managing to stay afloat
with a promised INR25,000 crore deal with Reliance Industries, on
one side and the trillion dollar multinational retail company
Amazon on the opposite, according to TOI.

With complications galore in the high-stake dispute - orders of
Emergency Arbitrator of Singapore restraining Future Retails from
going ahead with the INR24,713 crore deal for sale of retail chain
assets to Reliance; the Competition Commission of India keeping in
abeyance its earlier permission for Amazon's INR1,431 crore
investment in Future Coupons, a bench headed by CJI N V Ramana had
heard composite arguments from all sides.

Amazon has 49% stake in Future Coupons, which in turn owns 9.82%
shares in Future Retail, the report notes. It was Amazon's
contention that Biyani group could not have entered into a deal
with Reliance Industries without the approval of Future Coupons
Board. Biyani group had argued that its retail business had become
zero during the pandemic and ran into serious debt. "Reliance is
ready to pump in INR25,000 crore into the retail chain, retain all
25,000 employees and service the debts of the retail chain owning
company," it had said.

In its fresh writ petition, Future Retail told the SC that since
the promising deal (with Reliance Retail) has been stalled because
of events beyond its control (Amazon invoking arbitration in which
Future Retail is a non-signatory party), it had not been able to
monetise its Small Format Stores and other assets, the report
note.

It said the lenders' letters threatening Initiation of proceedings
at this critical juncture, even when they had extended timeline for
monetization of small format stores, would be detrimental to the
interests of both Future Retails and the banks. It requested the SC
to direct the lenders to withdraw their notices, the report adds.

                         About Future Group

Future Group operates multi-branded retail outlets. The company's
retail chains include department stores, outlet stores, sportswear,
home improvement and consumer durables, supermarket, and
convenience stores as well as food parks.

Cash-strapped Future Group owes around INR19,000 crore to banks and
INR6,000 crore to the vendors. Future Retail Limited owes INR6,278
crore debt with 28 banks, including SBI, Union Bank, Bank of India,
Bank of Baroda, Axis Bank, and IDBI Bank, among others.

Future, India's second-largest retailer, has sought to complete its
$3.4 billion retail asset sale to Reliance Retail since 2020.  The
Indian Supreme Court has upheld the Singapore Emergency
Arbitrator's award against Reliance Retail's takeover of Future
group companies.


GANAPATHY ENTERPRISES: CRISIL Keeps B+ Ratings in Not Cooperating
-----------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Sri Ganapathy
Enterprises (SGA) continue to be 'CRISIL B+/Stable Issuer Not
Cooperating'.

                       Amount
   Facilities       (INR Crore)     Ratings
   ----------       -----------     -------
   Bill Discounting       1         CRISIL B+/Stable (Issuer Not
                                    Cooperating)

   Cash Credit            9         CRISIL B+/Stable (Issuer Not
                                    Cooperating)

   Long Term Loan         2         CRISIL B+/Stable (Issuer Not
                                    Cooperating)

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

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

Detailed Rationale

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

SGA was set up in 1999 and trades in various construction materials
such as river sand, blue metal, bricks, and solid blocks. The firm
is based in Chennai and its operations are managed by promoter Mr.
T Srinivasan.


GANESH EPC PRIVATE: Liquidation Process Case Summary
----------------------------------------------------
Debtor: Shree Ganesh EPC Private Limited
        7/1B, 2 Main Road
        Muppandal, Aralvai Mozhi
        Kanyakumari District 629301

Liquidation Commencement Date: January 17, 2022

Court: National Company Law Tribunal, Chennai Bench

Estimated date of closure of
insolvency resolution process: January 16, 2022

Insolvency professional: S. Rajendran

Interim Resolution
Professional:            S. Rajendran
                         c/o S. Rajendran & Associates  
                         2nd Floor, Hari Krupa
                         No. 71/1, Mc Nicholas Road
                         Chetpet, Chennai 600031
                         Tel: +914428361636
                         E-mail: claims.sgepl@gmail.com
                                 cs.srajendran.associates@
                                 gmail.com

Last date for
submission of claims:    February 20, 2022


HARSH CONSTRUCTIONS: CRISIL Withdraws B Rating on INR30cr Loan
--------------------------------------------------------------
CRISIL Ratings has withdrawn its ratings on Harsh Constructions
Private Limited (HCPL)'s INR30 Crore of Cash Credit and INR30 Crore
of Bank Guarantee on the request of the company and receipt of a no
objection certificate from banker. The rating action is in line
with CRISIL Ratings' policy on withdrawal of its ratings on bank
loans.

                      Amount
   Facilities       (INR Crore)     Ratings
   ----------       -----------     -------
   Bank Guarantee         30        CRISIL A4/Issuer Not
                                    Cooperating (Withdrawn)

   Bank Guarantee         30        CRISIL A4 (Issuer Not
                                    Cooperating)

   Cash Credit            30        CRISIL B/Stable/Issuer Not
                                    Cooperating (Withdrawn)

   Cash Credit            10        CRISIL B/Stable (Issuer Not
                                    Cooperating)

CRISIL Ratings has been consistently following up with HCPL for
obtaining information through letters and emails dated March 26,
2021 and September 14, 2021, among others, apart from telephonic
communication. However, the issuer has remained non cooperative.

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

Detailed Rationale

Despite repeated attempts to engage with the management, CRISIL
Ratings failed to receive any information on either the financial
performance or strategic intent of HCPL. This restricts CRISIL
Ratings' ability to take a forward looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on HCPL
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the rating on bank facilities of
HCPL continues to be 'CRISIL B/Stable/CRISIL A4 Issuer Not
Cooperating'.

CRISIL Ratings has withdrawn its ratings on INR30 Crore of Cash
Credit and INR30 Crore of Bank Guarantee on the request of the
company and receipt of a no objection certificate from banker. The
rating action is in line with CRISIL Ratings' policy on withdrawal
of its ratings on bank loans.

Analytical Approach

CRISIL Ratings has moderately consolidated HCPL's SPVs as its
support is expected to the extent of equity investments, cost
overruns and support in the initial stage of operations.

HCPL, based at Nashik (Maharashtra) was incorporated in 2009 by Mr.
Vilas Birari to acquire the business of his proprietorship concern
- 'Harsh Constructions (set up in 1997).  HCPL undertakes
construction for buildings such as healthcare facilities, hotels,
educational institutions, information technology parks, commercial
complexes and malls, housing projects and corporate offices, from
private parties as well as government agencies. It is registered as
a Class 1-A contractor, with PWD, Maharashtra.


HINDUSTHAN NATIONAL: NCLAT Lifts Stay on Constitution of CoC
------------------------------------------------------------
The Hindu BusinessLine reports that the National Company Law
Appellate Tribunal (NCLAT) has lifted the stay on the constitution
of Committee of Creditors (CoC), which it had granted earlier in
the insolvency resolution process of Hindusthan National Glass and
Industries Ltd (HNG).

In its order dated January 18, NCLAT has not only directed the
Interim Resolution Professional (IRP) to take steps for the
constitution of CoC but also maintain the timeline of completion of
CIRP, BusinessLine relates.

Also, the Kolkata bench of NCLT had admitted the application for
initiating Corporate Insolvency Resolution Process (CIRP) against
HNG in October 2021, the report relates. The CIRP was initiated
against the company by one of its financial creditors, DBS Bank
Ltd, which had extended external commercial borrowings (ECBs) of up
to $20 million and $40 million.

However, the company's promoter director had filed an appeal
against the NCLT order in NCLAT, BusinessLine notes. Based on the
appeal, NCLAT had passed an order whereby the constitution of CoC
was stayed.

"This Bench of this Tribunal invoking inherent power and hereby
ordered to vacate the interim order dated October 28, 2021, passed
by this Bench in company appeal whereby the constitution of CoC
stayed. This Bench further directs the IRP to take steps for
constitution of CoC and also maintain the time line of completion
of CIRP proceedings," NCLAT said in its recent order, BusinessLine
relays.

Based on a loan restructuring carried out some years back, HNG owes
a consortium of 12 banks and lenders led by the State Bank of India
around INR1,710 crore, BusinessLine discloses. It paid off around
INR290 crore of the dues, and despite two extensions, defaulted on
the payments, BusinessLine adds citing filings by DBS Bank.

Kolkata-based HNG had been facing issues of high debt for quite
some time now. Its auditors had also been flagging off concerns
relating to the accumulated losses and eroded net worth, adds
BusinessLine.

Hindusthan National Glass & Industries Limited is an India-based
holding company. The Company is engaged in manufacturing and
selling of container glass. The Company offers products in various
categories, which include pharmaceuticals, liquor, beer, beverages,
cosmetics and processed food.


INDUS MOTORS: CRISIL Raises Rating on INR6.5cr Loan to B+
---------------------------------------------------------
CRISIL Ratings has upgraded its rating on the long-term bank
facilities of Indus Motors Light Commercial Vehicles Private
Limited (IMLCVPL) to 'CRISIL B+/Stable' from 'CRISIL B/Stable'.

                       Amount
   Facilities       (INR Crore)     Ratings
   ----------       -----------     -------
   Cash Credit           0.75       CRISIL B+/Stable (Upgraded
                                    from 'CRISIL B/Stable')

   Inventory Funding
   Facility              6.5        CRISIL B+/Stable (Upgraded
                                    from 'CRISIL B/Stable')

   Inventory Funding
   Facility              1.5        CRISIL B+/Stable (Upgraded
                                    from 'CRISIL B/Stable')

   Overdraft Facility    5          CRISIL B+/Stable (Upgraded
                                    from 'CRISIL B/Stable')

   Proposed Working
   Capital Facility      0.25       CRISIL B+/Stable (Upgraded
                                    from 'CRISIL B/Stable')

The upgrade reflects improvement in the overall credit profile of
the company. Revenues have increased to INR 116 crore in fiscal
2021 from INR 105 crore in fiscal 2020 and is further expected to
increase in fiscal 2022. With controlled debt levels and higher
accretion to reserves has led to improvement in financial risk
profile of the company marked by improvement in total outside
liabilities to adjusted networth (TOLANW) ratio to 85.53 times in
fiscal 2021 from negative 1.89 times in fiscal 2020 and interest
coverage of 5.84  times for fiscal 2021.

The rating reflects the company's aggressive capital structure,
geographical concentration in revenue and exposure to intense
competition in the industry. These weaknesses are partially offset
by the promoters' extensive experience in the automobile (auto)
dealership business, their established relationship with the
principal supplier, Ashok Leyland Ltd (Ashok Leyland), and the
company's comfortable debt protection metrics.

Analytical Approach:

Of the total unsecured loan of INR5.14 crore as on March 31, 2021,
INR4 crore has been treated as neither debt nor equity as it will
be retained in the business over the medium term, while the
remaining has been treated as debt.

Key rating drivers and detailed description

Weaknesses:

* Aggressive capital structure: Though networth has been improving,
it was modest at INR15 lakh as on March 31, 2021, because of
accumulated losses. The losses resulted in weak TOLANW ratio of
85.53 times as on March 31, 2021. The capital structure will
improve over the medium term driven by steady accretion to reserve
but remain subdued.

* Geographical concentration in revenue: As the entire income comes
from Kerala, the company remains susceptible to downturns in the
economy of the region, which may impact auto sales and
performance.

* Exposure to intense competition in the industry: The company
faces competition from other Ashok Leyland dealers in Kerala and
neighboring states as principal suppliers encourage more
dealerships (increasing competition) to improve penetration and
sales. Furthermore, presence of large number of organized and
unorganized players leading to intense competition may restrict
scalability.

Strengths:

* Extensive experience of the promoters, and established
relationship with principal supplier: The promoters have diverse
business interests and experience of more than two decades in the
auto dealership business through group companies, which has ensured
the company's strong position in the market in Kerala. Their
expertise and longstanding relationship with Ashok Leyland aided
steady increase in revenue to INR116 crore in fiscal 2021 from
INR105 crore in fiscal 2020.

* Comfortable debt protection metrics: Debt protection metrics were
supported by healthy profitability and low reliance on external
debt. Interest coverage and net cash accrual to total debt ratios
were 5.84 times and 0.42 time, respectively, in fiscal 2021, and
are expected at similar levels over the medium term in the absence
of debt-funded capital expenditure.

* Efficient working capital management: Gross current assets (GCAs)
were healthy at 40 days as on March 31, 2021, driven by small
inventory and receivables of 17 and 10 days, respectively. The
receivables have been low as the company primarily has retail
customers who make cash payments or payments through financial
institutions. The working capital cycle will remain efficiently
managed over the medium term.

Liquidity: Stretched

Cash accrual, expected at INR3-3.2 crore per fiscal, will
sufficiently cover yearly debt obligation of INR0.24-0.45 crore
over the medium term. The surplus will cushion the liquidity. Bank
limit utilization was high at around 80% on average for the 12
months through December 2021. Cash and bank balance was INR1.43
crore as of March 31, 2021.

Outlook: Stable

CRISIL Ratings believes IMLCVPL will continue to benefit from the
extensive experience of the promoters.

Rating sensitivity factors

Upward factors

* Improvement in the financial risk profile, with TOLANW ratio
below 3 times
* Increase in revenue and stable operating margin leading to better
cash accruals

Downward factors

* Decline in revenue or operating margin, leading to cash accruals
of less than INR 2 crores
* Stretched working capital cycleor large debt-funded capital
expenditure, weakening the financial risk profile

Set up in 2011 by Mr. Ali Mubarak and Mr. Ali Muneer, IMLCVPL is an
authorized dealer for Ashok Leyland's light commercial vehicles in
Kerala. The company has seven showrooms located in Mallapuram,
Ernakulam, Kannur, Kottayam, Kozhikode & Kasaragod.


JAGDAMBA INDUSTRIES: CRISIL Keeps B+ Ratings in Not Cooperating
---------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Shree
Jagdamba Industries (Shree) continue to be 'CRISIL B+/Stable Issuer
Not Cooperating'.

                       Amount
   Facilities       (INR Crore)     Ratings
   ----------       -----------     -------
   Cash Credit           6.5        CRISIL B+/Stable (Issuer Not
                                    Cooperating)

   Long Term Loan        0.5        CRISIL B+/Stable (Issuer Not
                                    Cooperating)

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

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

Detailed Rationale

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

Established on July 2015, Shree is based in Bharatpur, Rajasthan
and managed by Mr. Purshottam Agarwal and Mr. Rahul Agarwal. Shree
manufactures cotton bales, cotton seed oil, and cotton seed cake
and trades in mustard seed and cotton seed.


JCB HOSPITALS: CRISIL Lowers Rating in INR4.5cr LT Loan to B+
-------------------------------------------------------------
CRISIL Ratings has revised the ratings on bank facilities of JCB
Hospitals (JCBH) to 'CRISIL B/Stable Issuer Not Cooperating' from
'CRISIL BB/Stable Issuer Not Cooperating'.

                       Amount
   Facilities       (INR Crore)     Ratings
   ----------       -----------     -------
   Cash Credit           1.3        CRISIL B+/Stable (ISSUER NOT
                                    COOPERATING; Revised from
                                    ‘CRISIL BB/Stable ISSUER NOT

                                    COOPERATING’)

   Long Term Loan        4.5        CRISIL B+/Stable (ISSUER NOT
                                    COOPERATING; Revised from
                                    ‘CRISIL BB/Stable ISSUER NOT

                                    COOPERATING’)

   Long Term Loan        1.7        CRISIL B+/Stable (ISSUER NOT
                                    COOPERATING; Revised from
                                    ‘CRISIL BB/Stable ISSUER NOT

                                    COOPERATING’)

   Proposed Long Term
   Bank Loan Facility    0.5        CRISIL B+/Stable (ISSUER NOT
                                    COOPERATING; Revised from
                                    ‘CRISIL BB/Stable ISSUER NOT

                                    COOPERATING’)

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

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

Detailed Rationale

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

JCBH was set up in 2008 as a proprietorship concern by Ms Sunitha
Rajathi and was reconstituted as a partnership firm in 2016 with
Mr. Joseph Babu joining as partner. The firm operates a 50-bed
multispecialty hospital at Dindigul in Tamil Nadu.


K N INDUSTRIES: CRISIL Lowers Rating on INR5.2cr Cash Loan to D
---------------------------------------------------------------
CRISIL Ratings has downgraded its rating on the long-term bank
facilities of K N Industries (KNI) at 'CRISIL D' from 'CRISIL
BB-/Stable'.

                       Amount
   Facilities       (INR Crore)     Ratings
   ----------       -----------     -------
   Cash Credit            5.2       CRISIL D (Downgraded from
                                    'CRISIL BB-/Stable')

   Corporate Loan         1.4       CRISIL D (Downgraded from
                                    'CRISIL BB-/Stable')

   Long Term Bank
   Facility               2.34      CRISIL D (Downgraded from
                                    'CRISIL BB-/Stable')

   Proposed Long Term
   Bank Loan Facility     2.06      CRISIL D (Downgraded from
                                    'CRISIL BB-/Stable')

The downgrade reflects delay in servicing of repayment obligations
for the month of December 2021.

The rating continues to reflect the extensive experience of the
partners in manufacturing LPG cylinders, efficient working capital
management, and a healthy and stable operating margin. These
strengths are partially offset by exposure to risks related to
tender-based operations and any change in government policies.

Key Rating Drivers & Detailed Description

Weaknesses:

* Delay in servicing debt obligations: KNI has delayed in servicing
of interest expenses and repayment of term loan and continuously
overdrawn its cash credit limit for more than 30 days due to poor
liquidity on account of cashflow mismatches.

* Susceptibility to risks inherent in a tender-based business: LPG
cylinders manufactured for the Indian Oil Corporation Ltd, Bharat
Petroleum Corporation Ltd, and Hindustan Petroleum Corporation Ltd,
account for over 95% of revenue. The company receives orders
through the tendering process, and hence, remains dependent on the
constant flow of tenders.

* Vulnerability to changes in government policies: LPG cylinder
manufacturers are witnessing healthy growth in demand, primarily
driven by the Pradhan Mantri Ujjwala Yojna. This scheme aims to
provide subsidised LPG cylinders to people below the poverty line
and has already benefited nearly 80% of people in north-east India.
Further, the LPG cylinder manufacturing business is subject to
stringent regulations. Therefore, any unfavourable government
policy or regulatory changes could weaken business prospects in the
medium term.

Strengths:

* Extensive experience of the partners: Benefits from the
two-decade-long experience of the partners and established
relationships with customers and suppliers, should support the
business risk profile. A healthy order pipeline had been achieved
in the first year of operations.

* Efficient working capital management: Gross current assets were
112 days as on March 31, 2021. Post the delivery of cylinders,
invoices are submitted to OMCs, and cleared within 30 days.
Inventory of 32 days includes raw material and work-in-progress.
Cylinder-grade steel is procured from the Steel Authority of India
Ltd and Tata Steel Ltd on advance payment. Other raw materials and
bought-out components are sourced from local suppliers, against
credit of 1050 days.

* Healthy and stable operating margin: The margin has been slightly
above the industry average. In fiscal 2021 the margin is 10.5%
against 7.6% in the previous fiscal. It is largely protected as the
tender price does not consider the raw material price prevailing in
the market and average conversion cost. Also the price takes into
account some mark-up for the manufacturers to arrive at the price
by OMC. Further, these prices are changed according to variation in
raw material prices.

Liquidity: Poor

Bank limit utilisation is full for the past twelve months ended
Nov-21. Current ratio is moderate at 1.36 times on March31, 2021.

Rating Sensitivity factors

Upward factors

* Track record of timely debt servicing for at least over 90 days
* Improvement in working capital management leading to significant
improvement liquidity

KNI was formed as a partnership firm by Mr. Chandrakant Zatakia and
Mrs Hema Prava Devi in 2015. It manufactures LPG cylinders for
domestic OMCs. The facilities have a production capacity of 80,000
units per month and repairing capacity of 225,000 units per annum.
The registered office and plant is in Mangaldoi, Assam.


KANERI AGRO: CRISIL Lowers Rating on INR18cr Cash Loan to D
-----------------------------------------------------------
CRISIL Ratings has downgraded the rating on the bank facilities of
Kaneri Agro Industries Limited (KAIL) to 'CRISIL D Issuer Not
Cooperating' from 'CRISIL B/Stable Issuer Not Cooperating'.

                      Amount
   Facilities       (INR Crore)     Ratings
   ----------       -----------     -------
   Cash Credit            18        CRISIL D (ISSUER NOT
                                    COOPERATING; Downgraded from
                                    'CRISIL B/Stable ISSUER NOT
                                    COOPERATING')

CRISIL Ratings has been consistently following up with KAIL for
obtaining information through letters and emails dated September
15, 2021 and November 12, 2021 among others, apart from telephonic
communication. However, the issuer has remained Non Cooperative.

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

Detailed Rationale

Despite repeated attempts to engage with the management, CRISIL
Ratings failed to receive any information on either the financial
performance or strategic intent of KAIL, which restricts CRISIL
Ratings' ability to take a forward-looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on KAIL
is consistent with 'Assessing Information Adequacy Risk'.

Based on the last available information, the rating on the bank
facilities of KAIL downgraded to 'CRISIL D Issuer Not Cooperating'
from 'CRISIL B/Stable Issuer Not Cooperating'. The downgrade
reflects the continuous overdraws in CC for more than 30 days due
to its stretched liquidity position.

KAIL, which was previously setup as a partnership firm under the
name of Amidhara Industries has been converted into a limited
entity in September 2018.


KAVYARC TRADEX: CRISIL Lowers Rating on INR8cr Loans to D
---------------------------------------------------------
CRISIL Ratings has downgraded the rating on the bank facilities of
Kavyarc Tradex Private Limited (KTPL) to 'CRISIL D Issuer Not
Cooperating' from 'CRISIL B/Stable Issuer Not Cooperating'.

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

   Long Term Loan         1         CRISIL D (ISSUER NOT
                                    COOPERATING; Downgraded from
                                    'CRISIL B/Stable ISSUER NOT
                                    COOPERATING')

CRISIL Ratings has been consistently following up with KTPL for
obtaining information through letters and emails dated September
15, 2021 and November 12, 2021 among others, apart from telephonic
communication. However, the issuer has remained Non Cooperative.

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

Detailed Rationale

Despite repeated attempts to engage with the management, CRISIL
Ratings failed to receive any information on either the financial
performance or strategic intent of KTPL, which restricts CRISIL
Ratings' ability to take a forward-looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on KTPL
is consistent with 'Assessing Information Adequacy Risk'.

Based on the last available information, the rating on the bank
facilities of KTPL downgraded to 'CRISIL D Issuer Not Cooperating'
from 'CRISIL B/Stable Issuer Not Cooperating'. The downgrade
reflects the continuous overdraws in CC for more than 30 days and
delay in servicing of debt obligation due to its stretched
liquidity position.

Incorporated in 2014, KTPL processes wheat, rice, millet, and maize
at its facility in Bavla, Ahmedabad.


MAHARAJA RESOURCES: CRISIL Keeps B Ratings in Not Cooperating
-------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Maharaja
Resources Private Limited (MRPL) continue to be 'CRISIL B/Stable
Issuer Not Cooperating'.

                       Amount
   Facilities       (INR Crore)     Ratings
   ----------       -----------     -------
   Cash Credit           2.7        CRISIL B/Stable (Issuer Not
                                    Cooperating)

   Term Loan             7          CRISIL B/Stable (Issuer Not
                                    Cooperating)

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

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

Detailed Rationale

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

Set up in 2010, the Jalpur (Orissa) based MRPL promoted by Mr.
Sambhu Kalyan Das, manufactures primarily SS Pipes/Bars/Tubes and
Railings.


MAHARASHTRA ALUMINIUM: CRISIL Reaffirms B+ Rating on INR10cr Loan
-----------------------------------------------------------------
CRISIL Ratings has reaffirmed its 'CRISIL B+/Stable' rating on the
long-term bank facilities of Maharashtra Aluminium And Alloys
Private Limited (MAAPL).

                       Amount
   Facilities       (INR Crore)     Ratings
   ----------       -----------     -------
   Cash Credit           10         CRISIL B+/Stable (Reaffirmed)
   Proposed Long Term
   Bank Loan Facility     3.04      CRISIL B+/Stable (Reaffirmed)  


   Working Capital
   Demand Loan            1.96      CRISIL B+/Stable (Reaffirmed)

The rating continues to reflect the modest scale of operations of
MAAPL, its low operating margin, and below-average financial risk
profile. These weaknesses are partially offset by the extensive
experience of the promoters in the steel industry and
well-established relationships with key suppliers and clients.

Analytical approach

Unsecured loans of INR52.65 lakhs as on March 31, 2021 have been
treated as debt.

Key rating drivers and detailed description

Weaknesses:

* Modest scale of operations and low operating margin: Despite
increase in revenues from INR 53.35 crore in fiscal 2020 to
INR64.24 crore in fiscal 2021, the revenues continue to remain
modest. The operating margin has remained low over the past three
years at 2.0-2.6%, owing to trading nature of business. CRISIL
believes the scale and operating margin will continue to remain
modest over the medium term.

* Below-average financial risk profile: Networth was modest at
INR5.69 crore as on March 31, 2021 while total outside liabilities
to adjusted networth (TOLANW) ratio was high at 3.24 times. This is
due to significant reliance on working capital debt. It is expected
to improve in the medium term with steady accretion to reserve.
Debt protection metrics were below-average, with interest coverage
ratio of 1.25 times, in fiscal 2021. Debt measures are expected to
improve but remain weak over the medium term.

Strength:

* Extensive experience of the promoters and longstanding
relationships with key suppliers and customers: Mr. Manji Patel, a
first generation entrepreneur, entered the steel business in 1980.
Mr. Manji Patel and Mr. Mandan Patel have, over the years,
developed healthy relationships with key customers and suppliers
such as Uttam Galva, National Steel and Jindal Steel, among
others.

Liquidity: Stretched

Cash accrual, expected at a modest INR0.4-0.6 crore per annum over
the medium term should cover yearly debt obligation of INR0.2-0.5
crore. Bank limit utilisation averaged a high 90% over the 12
months through August 2021. Current ratio was 1.09 times as on
March 31, 2021. Cash and bank balance was modest at INR27 lakh as
on March 31, 2021.

Outlook: Stable

CRISIL Ratings believes MAAPL will continue to benefit from the
extensive experience of its promoters and well-established
relationships with key suppliers and customers.

Rating sensitivity factors

Upward factors:

* Improvement in financial profile with TOL/ANWratio of less than
2.9 times

* Increase in revenue and stable operating margin improving
liquidity

Downward factors:

* Decline in revenue or profitability impacting the liquidity of
the company

* Stretch in working capital operations leading to gross current
assets of more than 125 days

MAAPL was set up in 1982 as a proprietorship firm named Maharashtra
Steels. The firm was reconstituted as a private limited company in
2000 under the current name. The company trades in galvanized and
colour coated sheets in Latur, Maharashtra. Mr. Manji Patel and Mr.
Mandan Patel are the promoters.


NITIN FIRE: NCLT Enters Liquidation Order
-----------------------------------------
The Economic Times of India reports that the dedicated bankruptcy
court has ordered the liquidation of Nitin Fire Protection
Industries Ltd, a leading player in fire protection systems in the
country which owes more than INR618 crore to its lenders.

The Mumbai-based company was admitted under the corporate
insolvency resolution process in November 2019 through a petition
filed by its lender, Dena Bank.

On January 18, the National Company Law Tribunal (NCLT) allowed the
company's resolution professional (RP) U Balakrishna Bhat's
application for the liquidation of the company, after the lender
failed to get any feasible revival plan, according to ET.

"All the powers of the board of directors, key managerial persons,
the partners of the corporate debtor hereafter ceased to exist. All
these powers henceforth vest with the liquidator," said the
division bench of HV Subba Rao and Chandra Bhan Singh, ET relays.
"The personnel of the corporate debtor (Nitin Fire Protection
Industries) are directed to extend all co-operation to the
liquidator as required by him in managing the liquidation process
of the corporate debtor."

ET says the RP had informed the tribunal that since there was no
revival plan for the company and the statutory period of 270 days
for the revival of the company had expired, the lenders had decided
to file a liquidation application for the company. The lenders,
with 97.58% votes, approved the liquidation of the company as a
going concern.

Originally, the company's RP had received five expressions of
interest and among them, four entities had submitted revival plans.
The lenders rejected three plans and one plan was withdrawn by the
bidders, the report notes.

Along with passing an order for liquidation of the company as a
going concern, the tribunal rejected a plea filed by one of the
company's employees who had challenged the lenders' decision to
reject the resolution plan submitted by the former director of the
company, ET adds.

ET relates that the company's applicant had argued through his
lawyers that the resolution plan of the former director be
approved, as otherwise he and other employees of the company would
lose their livelihood.

However, rejecting this argument, the tribunal observed that the
acceptance or rejection of any resolution plan was purely a
commercial decision of the committee of creditors and that the
adjudicating authority had no business to interfere with the
commercial wisdom of the committee.

"The resolution plan submitted by the former director of the
company had a higher value than the liquidation value. Despite that
the plan was rejected by the lenders and hence this liquidation
order is likely to get challenged in the National Company Law
Appellate Tribunal," said a person aware of the development, who
did not wish to be identified, ET relays.

When contacted, Nishith Dhruva, managing partner of law firm MDP &
Partners, who appeared for the RP of the company, refused to
divulge any details saying the matter was sub judice, ET adds.


POULOMI ESTATES: CRISIL Withdraws D Rating on INR20cr Loans
-----------------------------------------------------------
Due to inadequate information, CRISIL Ratings, in line with SEBI
guidelines, had migrated the rating of Poulomi Estates Private
Limited (PEPL) to 'CRISIL B+/Stable Issuer Not Cooperating'. CRISIL
Ratings has withdrawn its rating on bank facility of PEPL following
a request from the company and on receipt of a 'no dues
certificate' from the banker. Consequently, CRISIL Ratings is
migrating the ratings on bank facilities of PEPL from 'CRISIL
B+/Stable Issuer Not Cooperating to 'CRISIL B+/Stable'. The rating
action is in line with CRISIL Ratings' policy on withdrawal of bank
loan ratings.

                        Amount
   Facilities         (INR Crore)    Ratings
   ----------         -----------    -------
   Proposed Long Term
   Bank Loan Facility       5        CRISIL B+/Stable (Migrated
                                     from 'CRISIL B+/Stable
                                     ISSUER NOT COOPERATING;
                                     Rating Withdrawn)

   Term Loan               15        CRISIL B+/Stable (Migrated
                                     from 'CRISIL B+/Stable
                                     ISSUER NOT COOPERATING;
                                     Rating Withdrawn)

Incorporated in 2005, PEPL is promoted by Mr. J Madan Mohan Rao; it
undertakes residential real estate projects in Hyderabad. The
company is currently constructing a villa and a high-rise
residential project in Kokapet, Hyderabad.


PRIYANKSHI FASHIONS: CRISIL Keeps B+ Ratings in Not Cooperating
---------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Priyankshi
Fashions Private Limited (PFFL) continue to be 'CRISIL B+/Stable
Issuer Not Cooperating'.

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

   Proposed Cash
   Credit Limit            8        CRISIL B+/Stable (Issuer Not
                                    Cooperating)

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

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

Detailed Rationale

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

Incorporated in 2011, PFFL is promoted by Mr. Kishanbhai Khetan and
his wife, Ms. Ramta Khetan. The company trades in saris and dress
materials and carries out its operations in Surat (Gujarat).


RADHEY NARAYAN: CRISIL Hikes Rating on INR1.40cr Loan to B-
-----------------------------------------------------------
CRISIL Ratings has downgraded its rating on the bank facilities of
Radhey Narayan Industries Private Limited (RNIPL) to 'CRISIL D'
from CRISIL B-/Stable' and has simultaneously upgraded the rating
to 'CRISIL B-/Stable.  The rating revision to 'CRISIL D', takes
into account instances of delay in term loan repayment by the
company during Aug-21 and Sep-21. The rating upgrade to 'CRISIL
B-/Stable', from 'CRISIL D', reflects sufficient track record of
timely servicing of debt obligations. The company had also availed
one-time debt restructuring (OTDR).

                     Amount
   Facilities      (INR Crore)    Ratings
   ----------      -----------    -------
   Cash Credit         1.40       CRISIL B-/Stable (Revised from
                                  'CRISIL B-/Stable' to
                                  'CRISIL D' and simultaneously
                                  upgraded to 'CRISIL B-/Stable')

   Long Term Loan      3.71       CRISIL B-/Stable (Revised from
                                  'CRISIL B-/Stable' to
                                  'CRISIL D' and simultaneously
                                  upgraded to 'CRISIL B-/Stable')

   Proposed Fund-      0.60       CRISIL B-/Stable (Revised from
   Based Bank                     'CRISIL B-/Stable' to
   Limits                         'CRISIL D' and simultaneously
                                  upgraded to 'CRISIL B-/Stable')

   Working Capital     0.54       CRISIL B-/Stable (Revised from
   Demand Loan                    'CRISIL B-/Stable' to
                                  'CRISIL D' and simultaneously
                                  upgraded to 'CRISIL B-/Stable')

The rating continues to reflect the weak financial risk profile and
the working capital-intensive nature of operations. These
weaknesses are partially offset by the extensive experience of the
promoter in the steel industry and their funding support.

Analytical Approach

Unsecured loans (Rs 2.01 crore as on March 31, 2021) extended by
the promoter have been treated as debt because of withdrawal of
significant amount by the promoter.

Key Rating Drivers & Detailed Description

Weaknesses:

* Working capital-intensive operations: Operations remain working
capital intensive, and recent spike in input prices (steel) has
further escalated the working capital requirements. Bank limit
utilisation averaged 99% over the 12 months through September 2021.
There were few instances of over-utilisation, though the limit has
been regularised in a timely manner. Going forward, efficient
working capital management amid expected increase in scale of
business, leading to moderation in bank limit utilization will
remain key monitorables.

* Weak financial risk profile: Financial risk profile may remain
constrained by low accruals and large working capital debt.
Networth is expected at around negative INR2.00 crore as on March
31, 2022 and gearing is likely to be around 3.45 times as on March
31, 2022. Debt protection measures are subdued with interest
coverage and net cash accrual to total debt ratios expected to be
around 0.40 time and -0.04 time, respectively, in fiscal 2022.

Strength:

* Extensive experience of the promoter and their funding support:
The decade-long experience of the promoter in the steel industry,
strong understanding of market dynamics and healthy relationships
with customers and suppliers have ensured a regular order inflow.
Thus, the company has maintained a healthy growth momentum over the
years, barring fiscals 2020 and 2021, as performance was impacted
by the Covid-19 pandemic. The promoter has also supported
operations by infusing funds via unsecured loans and equity.

Liquidity: Poor

Liquidity remains poor, as cash and cash equivalents were nil as on
March 31, 2021, and cash accrual shall remain insufficient against
term debt obligations of INR0.6 crore over fiscals 2022 and 2023.
The fund-based limit of INR1.4 crore was almost fully utilised over
the 12 months ended September 2021. Ability to cover the debt
obligation depends on an increase in cash accrual or enhancement in
bank limit. Funding support from the promoter, via unsecured loans,
is also expected to continue and will remain a key rating
sensitivity factor.

Outlook: Stable

RNIPL should continue to benefit from the extensive experience of
the promoter.

Rating Sensitivity Factors

Upwards Factors

* Efficient working capital management leading to moderation in
bank limit utilisation to around 80%
* Growth in revenue and profitability leading to positive cash
accrual of over INR60 lakh.
* Infusion of funds by promoter aiding the liquidity.

Downward Factors

* Delays in repayment of debt obligation
* Withdrawal of unsecured loans by the promoters
* Decline in operating profitability to below INR0.2 crore

RNIPL, incorporated in 2015, manufactures fabricated items used for
building railway coaches, mainly for the Modern Coach Factory,
Raebareli. the company commenced commercial operations in August
2017.


RAJARATHNAM CONSTRUCTION: CRISIL Withdraws D Debt Ratings
---------------------------------------------------------
CRISIL Ratings has withdrawn its ratings on Rajarathnam
Construction Private Limited (RCPL)'s INR 55.9 Crore of Term Loan
on the request of the company and receipt of a no objection
certificate from banker. The rating action is in line with CRISIL
Ratings' policy on withdrawal of its ratings on bank loans.

                       Amount
   Facilities       (INR Crore)     Ratings
   ----------       -----------     -------
   Long Term Loan        10.5       CRISIL D/Issuer Not
                                    Cooperating (Withdrawn)

   Long Term Loan         4.1       CRISIL D/Issuer Not
                                    Cooperating (Withdrawn)

   Long Term Loan        19.9       CRISIL D/Issuer Not
                                    Cooperating (Withdrawn)

   Long Term Loan         2.5       CRISIL D/Issuer Not
                                    Cooperating (Withdrawn)

   Long Term Loan        23         CRISIL D/Issuer Not
                                    Cooperating (Withdrawn)

CRISIL Ratings has been consistently following up with RCPL for
obtaining information through letters and emails dated May 31, 2021
and June 30, 2021, among others, apart from telephonic
communication. However, the issuer has remained non cooperative.

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

Detailed Rationale

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

RCPL was set up in 1992 as a proprietorship concern in Chennai. The
firm was reconstituted as a private limited company under its
current name in 2000. The company develops residential real estate
and its operations are managed by the managing director, Mr.
Rathinam.


RAMACHANDRAPURAM: CRISIL Keeps D Debt Ratings in Not Cooperating
----------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of The
Ramachandrapuram Education Society (TRES) continue to be 'CRISIL D
Issuer Not Cooperating'.

                       Amount
   Facilities       (INR Crore)     Ratings
   ----------       -----------     -------
   Long Term Loan        4.79       CRISIL D (Issuer Not
                                    Cooperating)

   Overdraft Facility    4          CRISIL D (Issuer Not
                                    Cooperating)

   Proposed Long Term
   Bank Loan Facility    0.21       CRISIL D (Issuer Not
                                    Cooperating)

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

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

Detailed Rationale

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

TRES was established in 1965 and offers polytechnic, degree,
engineering and post-graduation courses. The engineering college,
VSM College of Engineering, started operations in 2009. Operations
are managed by Mr. Narayanamurthy (President) along with other
members.


SANJANA CRYOGENIC: CRISIL Lowers Rating on INR20cr Loans to B
-------------------------------------------------------------
CRISIL Ratings has revised the ratings on bank facilities of
Sanjana Cryogenic Storages Limited to 'CRISIL B/Stable Issuer Not
Cooperating' from 'CRISIL BB+/Stable Issuer Not Cooperating'.

                       Amount
   Facilities       (INR Crore)     Ratings
   ----------       -----------     -------
   Term Loan              20        CRISIL B/Stable (ISSUER NOT
                                    COOPERATING; Revised from
                                    'CRISIL BB+/Stable ISSUER NOT
                                    COOPERATING')

   Term Loan              20        CRISIL B/Stable (ISSUER NOT
                                    COOPERATING; Revised from
                                    'CRISIL BB+/Stable ISSUER NOT
                                    COOPERATING')

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

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

Detailed Rationale

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

Incorporated in 1999 and promoted by Mumbai-based Mr. RA Goenka and
Mr. Sanjay Goenka, Sanjana Cryogenic owns two liquid ammonia
storage facilities of 10,000 tonne each in Dahej (Gujarat) and
Haldia (West Bengal). The facility in Dahej was built in 2000,
while the Haldia facility was started in 2002. The Dahej facility
is rented to Hindalco and the Haldia facility to IRCAPL for 25
years.

Sanjana Cryogenic also owns windmills with total installed capacity
of 17.75 megawatt (MW) in Maharashtra, Karnataka, Madhya Pradesh,
and Rajasthan. Power from these windmills is sold to the respective
state electricity distribution companies under long-term power
purchase agreements. Additionally, the company trades in metals
such as nickel and tin on an opportunistic basis and owns iron ore
mines in Goa that are currently non-operational.


SHAMSHREE LIFESCIENCES: CRISIL Withdraws D Debt Ratings
-------------------------------------------------------
CRISIL Ratings has withdrawn its ratings on the bank facilities of
Shamshree Lifesciences Limited (SLL) on the request of the company
and receipt of a no objection certificate from its bank. The rating
action is in line with CRISIL Ratings' policy on withdrawal of its
ratings on bank loans.

                       Amount
   Facilities       (INR Crore)     Ratings
   ----------       -----------     -------
   Cash Credit           6.25       CRISIL D/Issuer Not
                                    Cooperating (Withdrawn)

   Cash Credit           3.75       CRISIL D/Issuer Not
                                    Cooperating (Withdrawn)

   Corporate Loan        1.12       CRISIL D/Issuer Not
                                    Cooperating (Withdrawn)

   Letter of Credit      1          CRISIL D/Issuer Not
                                    Cooperating (Withdrawn)

   Letter of Credit      4          CRISIL D/Issuer Not
                                    Cooperating (Withdrawn)

   Proposed Long Term    1.3        CRISIL D/Issuer Not
   Bank Loan Facility               Cooperating (Withdrawn)

   Term Loan             4          CRISIL D/Issuer Not
                                    Cooperating (Withdrawn)

   Term Loan             1.39       CRISIL D/Issuer Not
                                    Cooperating (Withdrawn)

   Term Loan             1.36       CRISIL D/Issuer Not
                                    Cooperating (Withdrawn)

   Term Loan             1.96       CRISIL D/Issuer Not
                                    Cooperating (Withdrawn)

   Term Loan             2.50       CRISIL D/Issuer Not
                                    Cooperating (Withdrawn)

CRISIL Ratings has been consistently following up with SLL for
obtaining information through letters and emails dated March 26,
2021 and September 14, 2021, among others, apart from telephonic
communication. However, the issuer has remained Non Cooperative.

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

Detailed Rationale

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

CRISIL Ratings has withdrawn its ratings on the bank facilities of
SLL on the request of the company and receipt of a no objection
certificate from its bank. The rating action is in line with CRISIL
Ratings' policy on withdrawal of its ratings on bank loans.

SLL was established in 2006 at Baddi (Himachal Pradesh) by Mr.
Jatinder Kumar Jain as a closely held public limited company;
however, operations commenced in December 2010. The company
manufactures dry powder injectables, mainly antibiotics.


SPICEJET LTD: Supreme Court to Hear Plea Against Madras HC Order
----------------------------------------------------------------
Business Today reports that the Supreme Court has agreed to hear
budget airline carrier Spicejet's plea against the Madras High
Court order to wind up the company.  The report says senior
advocate Mukul Rohatgi, who was also the former Attorney General of
India, mentioned this plea for urgent hearing and argued that the
matter needs to be heard urgently.

Business Today relates that Rohatgi also added that if the matter
was not heard urgently, the proceedings to wind up the company will
begin. After this, the Chief Justice of India (CJI) agreed to hear
the matter. The matter is likely to be heard on Thursday [Jan.
28].

According to the report, the Madras High Court had dismissed
SpiceJet's appeal against admission of its winding up on the Swiss
financial services bellwether Credit Suisse AG's petition earlier
this month. The court had agreed to put a stay on the operation of
winding up till January 28 so that the budget airline carrier can
approach the Supreme Court.

Madras High Court ordered the admission of SpiceJet on December 6
upon the petition filed by Credit Suisse AG, the report notes.
Credit Suisse AG had alleged that SpiceJet is unable to pay the
debts owed to the firm. The airline availed aircraft maintenance,
repairs and other services by SR Technics in Switzerland through an
agreement that had a decade-long lifetime in 2011.

Both these parties signed a supplemental agreement in 2021 which
allowed them to repay the amount raised by SR Technics, the report
says. SR Technics raised invoices, seven corresponding Bills of
Exchange and the acknowledgement of debts, which later became a
matter of contention before the high court.

Credit Suisse AG was assigned the rights to receive payments due to
SRT in 2012 via a financial agreement, says Business Today. This
agreement also allowed the third party to receive payments from
SpiceJet under the seven invoices raised by SRT. The Swiss
financial services firm noted that SpiceJet did not repay the
amount due as per the invoices despite repeated requests.

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


STERLING PUBLISHERS: CRISIL Withdraws B Rating on INR21.57cr Loan
-----------------------------------------------------------------
Due to inadequate information, CRISIL Ratings, in line with SEBI
guidelines, had migrated the rating of Sterling Publishers Private
Limited (SPPL) to 'CRISIL B/Stable Issuer Not Cooperating'. CRISIL
Ratings has withdrawn its rating on bank facility of SPPL following
a request from the company and on receipt of a 'no dues
certificate' from the banker. Consequently, CRISIL Ratings is
migrating the ratings on bank facilities of SPPL from 'CRISIL
B/Stable Issuer Not Cooperating to 'CRISIL B/Stable'. The rating
action is in line with CRISIL Ratings' policy on withdrawal of bank
loan ratings.

                       Amount
   Facilities       (INR Crore)   Ratings
   ----------       -----------   -------
   Cash Credit          11.3      CRISIL B/Stable (Migrated from
                                  'CRISIL B/Stable ISSUER NOT
                                  COOPERATING; Rating Withdrawn)

   Proposed Long Term
   Bank Loan Facility   21.57     CRISIL B/Stable (Migrated from
                                  'CRISIL B/Stable ISSUER NOT
                                  COOPERATING; Rating Withdrawn)

Analytical Approach

For arriving at the rating, CRISIL Ratings has combined the
business and financial risk profiles of SPPL and its subsidiary,
Sterling Pixles Pvt Ltd (SPXPL). This is because the two companies,
collectively referred to as the Sterling group, have common top
management and financial linkages, and operate in related lines of
business.

Established in 1964, SPPL is promoted by Mr. O P Ghai, and managed
by his son, Mr. S K Ghai, and grandsons, Mr. Vikas Ghai and Mr.
Gaurav Ghai. It prints and publishes school textbooks, primarily
for African countries, and children and non-fiction books for the
Indian market. Its facility is in Greater Noida, Uttar Pradesh. In
fiscal 2012, the company diversified into the packaging business by
setting up a facility at its existing premises.


TRAVANCORE EARTH: CRISIL Keeps D Debt Ratings in Not Cooperating
----------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Travancore
Earth Moving Company (TEMC) continue to be 'CRISIL D/CRISIL D
Issuer Not Cooperating'.

                       Amount
   Facilities       (INR Crore)     Ratings
   ----------       -----------     -------
   Bank Guarantee        1.65       CRISIL D (Issuer Not
                                    Cooperating)

   Cash Credit           4          CRISIL D (Issuer Not
                                    Cooperating)

   Proposed Fund-        4.35       CRISIL D (Issuer Not
   Based Bank Limits                Cooperating)

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

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

Detailed Rationale

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

TEMC was established in 2008 and is promoted Mr. Joseph. The firm
is engaged in road construction and civil works through contract by
PWD in the state of Kerala.




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

DQ INTERNATIONAL: Creditors' Proofs of Debt Due March 4
-------------------------------------------------------
Creditors of DQ International Limited and MKJW Limited, which are
in voluntary liquidation, are required to file their proofs of debt
by March 4, 2022, to be included in the company's dividend
distribution.

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

The company's liquidator is:

          Craig Andrew Young
          Restructuring Services Limited
          PO Box 87340
          Auckland


FEDERAL COFFEE: Creditors' Proofs of Debt Due Feb. 25
-----------------------------------------------------
Creditors of Federal Coffee House 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.

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

The company's liquidator is:

          Brenton Hunt
          PO Box 13400
          City East, Christchurch 8141
          Email: brenton@insolvencymatters.co.nz


PREMIER TYRE: Creditors' Proofs of Debt Due March 8
---------------------------------------------------
Creditors of Premier Tyre Services Limited, which is in voluntary
liquidation, are required to file their proofs of debt by March 8,
2021, to be included in the company's dividend distribution.

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

The company's liquidator is:

          John Scutter
          Fervor Limited
          Level 1, 17–19 Seaview Road
          Paraparaumu Beach
          Paraparaumu, New Zealand

TITAN BULK: Court to Hear Wind-Up Petition on March 3
-----------------------------------------------------
A petition to wind up the operations of Titan Bulk Haulage Limited
will be heard before the High Court at Dunedin on March 3, 2022, at
10:00 a.m.

Lloyd Heslop Motors Limited filed the petition against the company
on Jan. 6, 2022.

The Petitioner's solicitors are:

         Letizea Ord
         Ord Legal
         Level 7, Hallenstein House
         276 Lambton Quay
         Wellington




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

ASIARETAIL II: Members' Final Meeting Set for Feb. 28
-----------------------------------------------------
Members of Asiaretail II (Singapore) Pte Ltd will hold their final
general meeting on Feb. 28, 2022, at 10:00 a.m.

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.


FENNOTECH PTE: Court Enters Wind-Up Order
-----------------------------------------
The High Court of Singapore entered an order on Jan. 21, 2022, to
wind up the operations of Fennotech Pte. Ltd.

Insta-Wireless Pty Ltd filed the petition against the company.

The company's liquidators are:

          Mr. Saw Meng Tee
          Mr. Ong Shyue Wen
          EA Consulting Pte. Ltd.
          1 North Bridge Road
          #23-05 High Street Centre
          Singapore 179094


LIGHTHOUSE DEVELOPMENTS: Commences Wind-Up Proceedings
------------------------------------------------------
Members of Lighthouse Developments 2 Pte Ltd, on Jan. 19, 2022,
passed a resolution to voluntarily wind up the company's
operations.

The company's liquidators are:

          Mr. Ong Woon Pheng
          Mr. Sajjad A. Akhtar
          PKF-CAP Advisory Partners Pte Ltd
          c/o 6 Shenton Way
          #38-01 OUE Downtown 1
          Singapore 068809


NAN FANG: Court to Hear Wind-Up Petition on Feb. 7
--------------------------------------------------
A petition to wind up the operations of Nan Fang Maritime Pte Ltd
will be heard before the High Court of Singapore on Feb. 7, 2022,
at 10:00 a.m.

The Petitioner's solicitors are:

          Withers Khattarwong LLP
          80 Raffles Place
          #25-01 UOB Plaza 1
          Singapore 048624


REBUN SHIPPING: Creditors' Proofs of Debt Due Feb. 27
-----------------------------------------------------
Creditors of REBUN SHIPPING Pte Ltd, which is in voluntary
liquidation, are required to file their proofs of debt by Feb. 27,
2022, to be included in the company's dividend distribution.

The company's liquidator may be reached at:

          Lau Chin Huat
          c/o 6 Shenton Way, OUE Downtown 2,
          #33-00, Singapore 068809




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

SRI LANKA: 'Trying All Options' to Avoid Default, FM Says
---------------------------------------------------------
The Financial Times reports that Sri Lanka is negotiating debt
relief with international bondholders and is weighing an approach
to the IMF, as the country struggles with a foreign reserve crisis
that has left it close to default.

Basil Rajapaksa, finance minister, told the Financial Times in an
interview that the government was "negotiating with everybody" and
"trying all our options" to avoid default and alleviate the
economic crisis.

"We have [international sovereign bonds] which we have to repay
back, so we are negotiating with them. Then we have creditors and
we have to service their debt, so whether we can have an adjustment
or some type of thing," he said, notes the report.

Rajapaksa added that the government would "think about a programme
with the IMF  . .  .  All those discussions are going as
well."

The FT says many investors think Sri Lanka will become the latest
to default on its sovereign debt during the pandemic, after the
likes of Belize, Zambia and Ecuador. The country has almost $7
billion in debt payments due this year but less than $3 billion of
foreign reserves.

Some Sri Lankan officials have insisted that the country can avoid
this fate by boosting foreign currency reserves through tourism and
exports while securing additional assistance from China and India,
two of its largest benefactors, notes the report. The central bank
governor this week told CNBC that "we don't need relief" from the
IMF.

According to the FT, Rajapaksa insisted the government could manage
but was preparing for contingencies. "I know it's very difficult
because we have to pay this year $6.9bn and, additional to that, we
have to find money for medicine, raw material, fuel, all these
things," he said.

The FT says the lack of foreign currency reserves has caused power
cuts and shortages of imports, including fuel and milk powder,
which have exacerbated double-digit inflation.

More than a third of Sri Lanka's debts are owed to international
bondholders and the country last week repaid a $500 million bond,
the FT reports. Another $1 billion is due in July but Dimantha
Mathew, head of research at First Capital brokerage in Colombo,
said the country might have already run out of foreign currency by
then.

Its long-dated dollar bonds are trading at less than half their
face value, suggesting foreign fund managers are speculating on how
much they might get back in a restructuring rather than expecting
to be repaid in full, according to the FT.

Asked if he was negotiating a restructuring with bondholders,
Rajapaksa replied, "something like that".

"Obviously you can understand what we want and you can understand
what the bondholders would like to have," he added, FT relates.

Sri Lanka has also turned to India and China for help, the FT
notes. New Delhi has provided almost $1 billion in relief and is
negotiating further assistance. Beijing last month provided a
renminbi currency swap worth $1.5 billion, although analysts said
it was unlikely this could be used to pay the dollar-denominated
debt.

President Gotabaya Rajapaksa, the finance minister's brother, has
also asked China to restructure its loans, which have swelled to
more than 10 per cent of Sri Lanka's foreign debt burden, the FT
adds. Many say Chinese credit has exacerbated the crisis by being
used for large but unnecessary infrastructure projects with little
return.

Sri Lanka has previously entered 16 relief programmes with the IMF
and, even before the pandemic, investors were becoming wary of its
growing debt pile and meagre tax revenues, the FT states.

These were further eroded when the Rajapaksa government slashed
value added tax and other levies in 2019, leading to a cascade of
credit ratings downgrades to junk levels.

Sri Lanka has been locked out of debt markets while the
pandemic-induced collapse in tourism and remittances caused dollar
inflows to drop dramatically, the FT says.

"Maybe with this Indian financing they can kick the can down the
road a little longer," the FT quotes Carlos de Sousa, a portfolio
manager at Vontobel Asset Management, which holds some Sri Lankan
dollar bonds, as saying. "But even if they repay in July, this is
just delaying the inevitable."




=============
V I E T N A M
=============

BANK FOR FOREIGN TRADE OF VIETNAM: S&P Affirms 'BB-' ICR
--------------------------------------------------------
S&P Global Ratings affirmed its issuer credit ratings on three
Vietnam banks that it rates. The affirmations follow a revision to
its criteria for rating banks and nonbank financial institutions
and for determining a Banking Industry Country Risk Assessment
(BICRA). The affirmations include:

-- Vietnam Technological And Commercial Joint Stock Bank
-- Vietnam Export Import Commercial Joint Stock Bank
-- Bank for Foreign Trade of Vietnam

S&P's rating outlooks on the banks remain unchanged.

S&P said, "Our assessments of economic risk and industry risk in
Vietnam are also unchanged at '9' and '8', respectively. These
scores determine the BICRA and the anchor, or starting point, for
our ratings on financial institutions that operate primarily in
Vietnam. The trends we see for economic risk and industry risk
remain stable.

"In addition, the stand-alone credit profiles of the banks above,
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 banks."

Vietnam Technological And Commercial Joint Stock Bank

S&P affirmed its 'BB-' long-term and 'B' short-term issuer credit
ratings on Vietnam Technological And Commercial Joint Stock Bank
(Techcombank). The ratings reflect the bank's good business
franchise in Vietnam's retail and small and midsize enterprise
(SME) segments and its above-industry-average profitability and
capitalization.

Outlook

The stable outlook on Techcombank reflects S&P's view that the bank
will maintain its entrenched retail franchise and
above-industry-average profitability over the next 12-18 months.

Downside scenario

S&P said, "We may lower the rating if Techcombank's business
position weakens, possibly due to strategic missteps, or if its
funding profile worsens such that loan growth outpaces deposit
growth for an extended period. We can also lower the rating if the
bank's asset quality deteriorates substantially, possibly due to a
prolonged reduction in economic activity in Vietnam."

Upside scenario

An upgrade is unlikely, in S&P's view, given Techcombank primarily
operates in Vietnam, which can have volatile operating conditions
and high economic risk.

  Ratings Score Snapshot

  Issuer Credit Rating: BB-/Stable/B
  Stand-alone credit profile: bb-
  Anchor: b+

  Business Position: Strong (+1)
  Capital and Earnings: Moderate (0)
  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

Vietnam Export Import Commercial Joint Stock Bank
S&P said, "We affirmed our 'B+' long-term and 'B' short-term issuer
credit ratings on Vietnam Export Import Commercial Joint Stock Bank
(Eximbank). The ratings reflect the bank's satisfactory business
position in the domestic retail and SME segments. We expect the
bank to maintain its capitalization despite COVID-19 related
uncertainties."

Outlook

The stable outlook on Eximbank reflects S&P's expectation that the
bank will continue its business restructuring efforts and maintain
its capitalization over the next 12-18 months.

Downside scenario

S&P said, "We may lower the rating if Eximbank's franchise weakens,
possibly due to any strategic misstep or sustained loss in business
market share (below 1%) owing to weak internal capital accruals
through earnings, deposit mobilization, and operational
performance. We may also downgrade Eximbank if its risk-adjusted
capital ratio declines below 3% on a sustained basis, or its asset
quality deteriorates substantially, possibly due to an uneven
economic recovery in Vietnam."

Upside scenario

An upgrade is unlikely, in S&P's view, given that Eximbank
primarily operates in Vietnam, which can have volatile operating
conditions and high economic risk.

  Ratings Score Snapshot

  Issuer Credit Rating: B+/Stable/B
  Stand-alone credit profile: b+
  Anchor: b+

  Business Position: Adequate (0)
  Capital and Earnings: Constrained (0)
  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

Bank for Foreign Trade of Vietnam

S&P affirmed its 'BB-' long-term and 'B' short-term issuer credit
ratings on Bank for Foreign Trade of Vietnam (Vietcombank) with a
positive outlook. The ratings continue to be underpinned by
Vietcombank's strong market share and established franchise. The
bank is one of the four largest in the country, with a dominant
market share. It has a high level of customer confidence,
reflecting its government ownership and long operating history.

The rating outlook on Vietcombank is positive due its sovereign
linkages. The outlook on the bank mirrors that on the sovereign,
given S&P's expectation that the bank will likely benefit from
enhanced external support if we raise the sovereign credit ratings
on Vietnam in the next 12-24 months.

The impact of COVID-19 on the Vietnam economy and on Vietcombank
remains manageable. Vietcombank will face difficulties, most
notably in the form of higher weak loans and credit costs emanating
from COVID-19. However, the overall impact of the pandemic on the
bank's financial profile has been muted compared with regional
peers.

Outlook

S&P said, "The positive outlook reflects our view that Vietcombank
will likely benefit from the government's enhanced capability to
support banks in the next 12-24 months. We believe Vietcombank will
remain resilient amid the economic fallout from the pandemic.
Although the bank's asset quality and profitability could
deteriorate, we believe the impact on its financial profile will be
manageable."

Upside scenario

S&P will upgrade Vietcombank if it raises its sovereign credit
ratings on Vietnam over the next 12-24 months.

Downside scenario

S&P will revise the rating outlook on Vietcombank to stable if it
takes the same action on Vietnam.

  Ratings Score Snapshot

  Issuer Credit Rating: BB-/Positive/B
  Stand-alone credit profile: bb-
  Anchor: b+

  Business Position: Strong (+1)
  Capital and Earnings: Constrained (0)
  Risk Position: Adequate (0)
  Funding and Liquidity: Strong and adequate (0)
  Comparable Rating Analysis: 0
  Support: 0

  ALAC Support: 0
  GRE Support: 0
  Group Support: 0
  Sovereign Support: 0
  Additional Factors: 0


  Ratings List

  RATINGS AFFIRMED

  BANK FOR FOREIGN TRADE OF VIETNAM

   Issuer Credit Rating              BB-/Positive/B

  VIETNAM EXPORT IMPORT COMMERCIAL JOINT STOCK BANK

   Issuer Credit Rating            B+/Stable/B

  VIETNAM TECHNOLOGICAL AND COMMERCIAL JOINT STOCK BANK

   Issuer Credit Rating            BB-/Stable/B



                           *********


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
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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
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