---

       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

          Monday, January 31, 2022, Vol. 25, No. 16

                           Headlines



A U S T R A L I A

AUSTRALIA ORIENTAL: Commences Wind-Up Proceedings
GOLF TECHNOLOGY: Second Creditors' Meeting Set for Feb. 4
HABROK MINING: Commences Wind-Up Proceedings
METRO FINANCE 2022-1: Moody's Assigns (P)B2 Rating to Cl. F Notes
QUEDOS PTY: First Creditors' Meeting Set for Feb. 7



C A M B O D I A

ACLEDA BANK: S&P Affirms 'B+' Issuer Credit Rating, Outlook Stable


C H I N A

CIFI HOLDINGS: Fitch Affirms 'BB' LT IDRs, Outlook Stable
KAISA GROUP: Fitch Withdraws 'RD' and 'C' Ratings
LOGAN GROUP: S&P Places 'BB' Long-Term ICR on Watch Negative
SHANGHAI QINGKE: Declared Bankrupt by Shanghai Court


I N D I A

ABHA AGRO: Ind-Ra Assigns 'BB+' LT Issuer Rating, Outlook Stable
BHAGYALAXMI INDUSTRIES: ICRA Keeps B+ Rating in Not Cooperating
BHIMAVARAM MUNICIPALITY: ICRA Keeps Rating in Not Cooperating
CHANDRALOK TEXTILE: ICRA Keeps D Debt Ratings in Not Cooperating
CHILAKALURUPET MUNICIPALITY: ICRA Keeps Rating in Not Cooperating

D C METALS: ICRA Keeps D Debt Rating in Not Cooperating Category
DEVAS MULTIMEDIA: Shareholders to Continue Seizing Assets Abroad
DS TOLL: ICRA Keeps B Debt Rating in Not Cooperating Category
DSL INFRASTRUCTURE: ICRA Keeps B+ Debt Rating in Not Cooperating
ELURU MUNICIPAL: ICRA Keeps Debt Rating in Not Cooperating

EROS RESORTS: ICRA Reaffirms B+ Rating on INR39cr Term Loan
EUROLIFE HEALTHCARE: Ind-Ra Moves 'D' Rating to Non-Cooperating
GANGA DAIRY: ICRA Keeps B+ Debt Ratings in Not Cooperating
KM TOLL: ICRA Keeps D Debt Rating in Not Cooperating Category
LAKSHMI STEEL: ICRA Withdraws B+ Rating on INR100cr LT Loan

MADHUVAN PRASAD: ICRA Keeps B+ Debt Rating in Not Cooperating
MAHESH AGRI: ICRA Keeps D Debt Ratings in Not Cooperating
MALPEFRESH MARINE: ICRA Keeps B Debt Rating in Not Cooperating
NARASARAOPET MUNICIPALITY: ICRA Keeps B+ Rating in Not Cooperating
NIRANKAR COTTEX: ICRA Keeps B+ Debt Ratings in Not Cooperating

NITESH FASHION: ICRA Keeps B Debt Ratings in Not Cooperating
ONGOLE MUNICIPAL: ICRA Keeps B+ Debt Rating in Not Cooperating
OPTECH ENGINEERING: Ind-Ra Affirms BB+ Long-Term Issuer Rating
PALAK FERRO: ICRA Keeps D Debt Ratings in Not Cooperating
PAWANKUMAR KEDIA: Ind-Ra Assigns BB Issuer Rating, Outlook Stable

PROGNOSYS MEDICAL: ICRA Keeps B+ Debt Ratings in Not Cooperating
PS TOLL: ICRA Reaffirms D Rating on INR790cr Term Loan
RAVI IRON: ICRA Keeps B+ Debt Ratings in Not Cooperating
REGENT BEERS: Ind-Ra Lowers Long Term Issuer Rating to 'D'
SHYAM TEXTILES: ICRA Lowers Rating on INR35cr Loan to B+

TADEPALLIGUDEM MUNICIPALITY: ICRA Keeps B+ in Not Cooperating
YASH PAL: ICRA Keeps B+ Debt Rating in Not Cooperating Category


J A P A N

CITIZEN WATCH: Egan-Jones Keeps BB+ Senior Unsecured Ratings
J FRONT: Egan-Jones Keeps CCC+ Senior Unsecured Ratings
JAPAN: Fewest Bankruptcies Since 1966 Raise Fears of Zombie Firms
MAZDA MOTOR: Egan-Jones Keeps BB+ Senior Unsecured Ratings


N E W   Z E A L A N D

AVANTI FINANCE: S&P Affirms 'BB' ICR, Outlook Stable
CITIZENS ADVICE: Creditors' Proofs of Debt Due Feb. 25
LILYAM GROOMERS: Creditors' Proofs of Debt Due Feb. 28
VERDEBLU LIMITED: Court to Hear Wind-Up Petition on March 11
WINDOWTECH LIMITED: Placed in Receivership

WORXZONE LIMITED: Court to Hear Wind-Up Petition on Feb. 8


S I N G A P O R E

AN SHUN: Court Enters Wind-Up Order
CENTRE FOR CYBERSECURITY: Court to Hear Wind-Up Petition of Feb. 4
EZION HOLDINGS: Files Winding Up Application
LAM CHEE: Creditors' Meeting Set for Feb. 18
SWINA INTERNATIONAL: Creditors' Meeting Set for Feb. 7



S O U T H   K O R E A

KOREA GAS: Egan-Jones Keeps BB- Senior Unsecured Ratings

                           - - - - -


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

AUSTRALIA ORIENTAL: Commences Wind-Up Proceedings
-------------------------------------------------
Members of Australia Oriental Pearl International Holdings Pty
Limited, on Jan. 28, 2022, passed a resolution to voluntarily wind
up the company's operations.

The company's liquidator is:

          Edwin Lane
          122 Glenfield Rd
          Casula, NSW 2170
          Email: edwin@elane.com.au


GOLF TECHNOLOGY: Second Creditors' Meeting Set for Feb. 4
---------------------------------------------------------
A second meeting of creditors in the proceedings of Golf Technology
Services Pty Ltd, trading as Golfmate Services, has been set for
Feb. 4, 2022, at 11:00 a.m. via teleconference only.

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

Creditors wishing to attend are advised proofs and proxies should
be submitted to the Administrator by Feb. 3, 2022, at 4:00 p.m.

Philip Campbell Wilson and John McInerney of Grant Thornton
Australia Limited were appointed as administrators of Golf
Technology on Dec. 20, 2021.


HABROK MINING: Commences Wind-Up Proceedings
--------------------------------------------
The Supreme Court of Western Australia entered an order on Jan. 11,
2022, to wind up the operations of Habrok Mining Pty Ltd.

The company's liquidator is:

          Mervyn Jonathon Kitay
          Level 4
          15 Ogilvie Road
          Mount Pleasant, WA 6153


METRO FINANCE 2022-1: Moody's Assigns (P)B2 Rating to Cl. F Notes
-----------------------------------------------------------------
Moody's Investors Service has assigned provisional ratings to notes
to be issued by Perpetual Corporate Trust Limited, as trustee of
Metro Finance 2022-1 Trust.

Issuer: Metro Finance 2022-1 Trust

AUD434.00 million Class A Notes, Assigned (P)Aaa (sf)

AUD25.00 million Class B Notes, Assigned (P)Aa2 (sf)

AUD14.50 million Class C Notes, Assigned (P)A2 (sf)

AUD6.00 million Class D Notes, Assigned (P)Baa2 (sf)

AUD11.50 million Class E Notes, Assigned (P)Ba2 (sf)

AUD2.50 million Class F Notes, Assigned (P)B2 (sf)

The AUD6.50 million Class G Notes are not rated by Moody's.

The transaction is a cash securitisation of a portfolio of
Australian prime commercial auto and equipment loans and leases
originated by Metro Finance Pty Limited (Metro Finance, unrated).
This is Metro Finance's first auto and equipment asset backed
securities (ABS) transaction for 2022.

Metro Finance was established in 2011 as a commercial
auto/equipment lender. It targets prime borrowers, for small-ticket
auto and equipment assets in low volatility industries. Metro
Finance originates its lending through the commercial auto and
equipment broker and aggregator industry nationally. Significant
origination growth began in 2014.

RATINGS RATIONALE

The provisional ratings take into account, among other factors:

The historical loss data. The static loss data used for Moody's
extrapolation analysis, which reflects Metro Finance's origination
history, was limited to the origination vintages between Q4 2014
and Q1 2020;

The evaluation of the underlying receivables and their expected
performance;

The fact that 71.6% of the receivables were extended to prime
commercial obligors on a no-income verification basis, referred to
as "streamlined". This streamlined product allows obligors who meet
certain stringent requirements to access the loan without providing
financial statements. See below for further information on Metro
Finance's streamlined product;

The 49.7% exposure to loans with a balloon payment at the end of
the receivable term. The aggregate balloon exposure as a percentage
of current portfolio balance is 17.1%. Loans with a balloon payment
are subject to higher refinancing and, consequently, default risk;

The evaluation of the capital structure;

The availability of excess spread over the life of the
transaction;

The liquidity facility in the amount of 2.00% of the invested
amount of the notes subject to a floor of AUD986,000;

The interest rate swap provided by National Australia Bank Limited
(Aa3/P-1/Aa2(cr)/P-1(cr)). The notional amount under the swap
agreement may exceed or fall below the outstanding balance of the
rated notes in the event that prepayments deviate from the assumed
prepayment rate. Such deviations will expose the transaction to
being under-hedged or over-hedged. Over-hedging risk is mitigated
by the fact that break costs are charged to the obligors and these
funds will flow through to the trust as collections. Further, Metro
Finance has the ability to adjust the notional schedule over the
life of the transaction to better match the paydown over time.

According to Moody's, the transaction benefits from various credit
strengths such as relatively high subordination to the senior
notes, the prime nature of the underlying borrower and the highly
diversified nature of the portfolio. However, Moody's notes that
the transaction features some credit weaknesses such as the
substantial portion of the portfolio extended on a streamlined
basis and the pro-rata amortisation of rated notes under certain
conditions.

Initially, the Class A, Class B, Class C, Class D, Class E and
Class F Notes benefit from 13.2%, 8.2%, 5.3%, 4.1%, 1.8% and 1.3%
of note subordination, respectively. The notes will initially be
repaid on a sequential basis until the credit enhancement of the
Class A Notes is at least 26.4%.

The notes will also be repaid on a sequential basis if there are
any unreimbursed charge-offs on the notes or if the first call
option date has occurred. At all other times, the structure will
follow a pro-rata repayment profile (assuming pro-rata conditions
are satisfied).

MAIN MODEL ASSUMPTIONS

Moody's base case assumptions are a default rate of 2.25%, a
recovery rate of 35.00% and a portfolio credit enhancement of
15.00%. Moody's assumed default rate and recovery rate are stressed
compared to the historical levels of 1.30% (extrapolated mean
default of 1.47%) and 58.08% respectively.

The difference between the historical and assumed default rate and
recovery rate is in part explained by the additional stresses
assumed by Moody's to address the lack of a full economic cycle in
the historical data and the exposure to balloon loans in the
portfolio.

Moody's have also benchmarked the historical data for Metro Finance
to data from comparable Australian commercial auto and equipment
ABS originators. Moody's have also overlaid additional stresses
into its default and PCE assumptions.

Methodology Underlying the Rating Action

The principal methodology used in these ratings was "Moody's Global
Approach to Rating Auto Loan- and Lease-Backed ABS" published in
September 2021.

Factors that would lead to an upgrade or downgrade of the ratings:

Factors that could lead to an upgrade of the notes include a rapid
build-up of credit enhancement due to sequential amortization or
better-than-expected collateral performance. The Australian job
market is a primary driver of performance.

A factor that could lead to a downgrade of the notes is
worse-than-expected collateral performance. Other reasons that
could lead to a downgrade include poor servicing, error on the part
of transaction parties, a deterioration in the credit quality of
transaction counterparties, or lack of transactional governance and
fraud.

QUEDOS PTY: First Creditors' Meeting Set for Feb. 7
---------------------------------------------------
A first meeting of the creditors in the proceedings of Quedos Pty
Ltd, trading as "Hills Commercial Group" and "Australian Campus
Security" will be held on Feb. 7, 2022, at 11:00 a.m. via
teleconference facilities only.

Andre Lakomy & Neil Cussen of Cor Cordis were appointed as
administrators of Quedos Pty on Jan. 25, 2022.




===============
C A M B O D I A
===============

ACLEDA BANK: S&P Affirms 'B+' Issuer Credit Rating, Outlook Stable
------------------------------------------------------------------
S&P Global Ratings affirmed its issuer and issue credit ratings on
two Cambodian banks. 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 cover:

-- ACLEDA Bank Plc
-- Advanced Bank of Asia Ltd.

S&P's outlooks on these banks remain unchanged.

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

"In addition, the stand-alone credit profiles of the two Cambodian
banks and our assessment of the likelihood of extraordinary
external support remain unchanged under our revised criteria."

ACLEDA Bank Plc

The affirmed rating on ACLEDA reflects the bank's strong business
franchise in Cambodia, stable revenue streams, strong retail
deposit base, and increasing digital capability. S&P expects ACLEDA
to retain sound growth and remain one of the largest banks in
Cambodia, with a 14.0% market share. The business bank's franchise
focuses on lending to small and midsize enterprises (SMEs) and
maintaining a strong retail presence.

Like other banks in Cambodia, despite continued loan growth and
healthy earnings, ACLEDA faces heightened competition pressures and
interest margin pressure in the current low interest rate
environment.

Outlook

S&P said, "The stable outlook reflects our expectation that ACLEDA
will maintain its financial profile over the next 12-18 months,
with sufficient buffers to manage the economic impact from
COVID-19. We believe ACLEDA's asset quality will deteriorate in the
aftermath of the pandemic, but the decline will be manageable given
the bank's good capital buffers.

"ACLEDA's large retail deposit base and role as a main bank for
government payroll should also help it sustain its above-average
funding profile. We assess the risks of economic imbalances in
Cambodia's banking system to be high, stemming from rapid credit
expansion and ongoing correction in property sector. But the direct
negative impact on ACLEDA's financial profile is likely to be
limited, given the bank's relatively low exposure to construction
and real estate activities."

Downside scenario: S&P views a downgrade as unlikely.

Upside scenario: S&P would upgrade ACLEDA if macroeconomic
conditions in Cambodia improve.

  Ratings score snapshot

  Issuer Credit Rating: B+/Stable/B

  Stand-alone credit profile: bb

  Anchor: b+
  Business Position: Strong (+1)
  Capital and Earnings: Adequate (+1)
  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: -2

Advanced Bank of Asia Ltd.

S&P said, "We affirmed ratings on Advanced Bank of Asia Ltd. (ABA)
reflect our view that the bank will be able to manage its
above-average loan growth and business expansion. ABA's business
franchise is strengthening, underpinned by substantial growth in
its loan and deposit market shares, physical and digital
distribution network, and customer base. Combined with good
operating efficiency, these factors support the bank's superior
profitability.

"We believe ABA's digital platforms provide a competitive advantage
that support loan and deposit expansion. The bank also employs more
sophisticated risk management systems, including cash flow
analysis, to support its credit decisions, compared with domestic
peers. Nevertheless, downside risks to ABA's asset quality metrics
and profitability have become more acute. That's given the bank's a
material amount of restructured loans resulting from COVID-19 and
its heavy loan exposure to the micro, small, and midsize business
enterprise segment."

Outlook

S&P said, "The stable outlook on ABA reflects our view that the
bank will sustainably manage rapid loan and deposit growth as
Cambodia emerges from the COVID-19 pandemic. We believe the bank's
asset quality will deteriorate as the COVID-19 loan restructuring
scheme is phased out, but will remain manageable."

Downside scenario: S&P said, "We could lower the rating if ABA's
asset quality, as measured by the nonperforming loan ratio or
credit costs, weakened beyond our base case. This would be
particularly likely if the deterioration were coupled by a COVID-19
resurgence derailing the economic recovery. We could also lower the
rating if ABA's loan growth is significantly above the industry
average, leading to a material buildup of risks or stresses on the
risk management capabilities of the bank."

Upside scenario: S&P views an upgrade as unlikely over the next
12-18 months.

  Ratings score snapshot

  Issuer Credit Rating: B+/Stable/B

  Stand-alone credit profile: b+

  Anchor: b+
  Business Position: Strong (+1)
  Capital and Earnings: Moderate (0)
  Risk Position: Moderate (-1)
  Funding and Liquidity: Adequate and Adequate (0)
  Comparable Rating Analysis: 0
  Support: 0

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

  Ratings List

  RATINGS AFFIRMED

  ACLEDA BANK PLC

   Issuer Credit Rating         B+/Stable/B

  ADVANCED BANK OF ASIA LTD.

   Issuer Credit Rating         B+/Stable/B




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

CIFI HOLDINGS: Fitch Affirms 'BB' LT IDRs, Outlook Stable
---------------------------------------------------------
Fitch Ratings has affirmed China-based property developer CIFI
Holdings (Group) Co. Ltd.'s Long-Term Foreign- and Local-Currency
Issuer Default Ratings at 'BB'. The Outlook is Stable. Fitch has
removed all the ratings from Under Criteria Observation (UCO),
which they were placed on 20 October 2021.

The affirmation reflects Fitch's assessment that CIFI's business
and financial profiles remain commensurate with a 'BB' credit
profile. Fitch believes CIFI's above-average financial flexibility
is supportive of the rating despite its higher leverage of 50%
compared with peers' 40%-45%.

The Stable Outlook reflects Fitch's belief that CIFI's leverage
will drop to below 50% in 2022-2023 and the company will still have
access to both onshore and offshore markets to refinance its
maturities in 2022.

KEY RATING DRIVERS

Manageable Refinancing Risks: Fitch believes CIFI has strong
liquidity and continued access to capital-market financing.
Management said about 50% of CIFI's consolidated cash is at the
holding company, 40% onshore and 10% offshore, sufficient to cover
at least 3x its remaining CNY7 billion in maturities, including
asset-backed securities (ABS), in 2022. CIFI has been able to
upstream 30%-40% of sales proceeds to its holding company as
minimal negative news has allowed it to be excluded from
regulators' tightening control over pre-sale funds for distressed
developers to ensure project delivery.

CIFI refinanced a USD501 million bond due 23 January 2022 with a
USD150 million issuance in mid-January and repaid the rest. CIFI
will issue a new bond onshore to refinance its CNY800 million bond
due 21 March 2022, and may issue new ABS to refinance CNY2.7
billion in ABS maturities due 2022. CIFI has two remaining offshore
bonds due 2022; it repurchased part of the CNY1.6 billion bond due
April and is considering repaying the USD300 million in perpetual
securities due August.

Land Bank in Higher-Tier Cities: Fitch believes CIFI's quality land
bank, with more than 85% in Tier 1-2 cities, will make it more
resilient in the downturn. CIFI had CNY247 billion in contracted
sales in 2021, as sales rose to CNY20 billion in December from
CNY16 billion in September-November. CIFI acquired land during the
market turbulence in September-October 2021 even as other large
developers halted acquisitions to preserve cash. Fitch believes
CIFI's land bank can sustain two-three years of development and a
sales scale above CNY220 billion in 2022-2023.

Leverage to Decrease: Fitch expects CIFI's leverage to fall to
45%-50% in 2022-2023 from an estimate of around 50% in 2021 due to
a slowdown in land acquisition and a continued ramp-up of its
investment properties, which contribute to a higher asset base and
generate sizeable recurring cash flow. CIFI spent 45% of
attributable sales, or CNY53 billion, on land acquisitions in 2021,
which Fitch expects to drop to 30%-40% in 2022-2023.

Manageable JV Risks: Fitch thinks CIFI's financial risks at
joint-venture (JV) projects are manageable even if its JV exposure
is higher than that of peers, which usually indicates lower
balance-sheet transparency. CIFI's JV net assets accounted for 24%
and 39% of net property assets as of end-1H21 and end-2020,
respectively, higher than peers' 10%-20%. However, CIFI has taken
immediate measures to reduce JV exposure, cutting JV net assets to
below 20% of net property assets by end-2021, according to
management.

CIFI also has strong control over the JV projects' cash flows even
if they are not consolidated. The JV partner may be in charge of
sales and marketing or construction, but CIFI always retains the
role of the projects' financial controller, barring project-level
hidden debt or excessive cash prepayments.

Low Return Efficiency: Fitch believes CIFI's low return efficiency
of 8%-10% is neutral to the rating as it is due to slower capital
turnover (revenue/capital employed + guaranteed) from CIFI's focus
on higher-tier cities, which have more stringent pre-sale
requirements than lower-tier cities. Higher-tier cities' price caps
restrict the potential to improve margins in a market upturn but
will protect CIFI from margin pressure in a downturn. CIFI's
average selling price has held up well in the past few months but
it expects gross profit margin to stay around 20% in the next two
years.

DERIVATION SUMMARY

CIFI's attributable sales of CNY120 billion-130 billion in
2020-2021 were lower than those of Seazen Group Limited's
(BB+/Stable) CNY170 billion and Sunac China Holdings Limited's
(BB-/Negative) around CNY400 billion. CIFI's scale is similar to
that of Logan Group Company Limited (BB/Stable).

CIFI's leverage of around 50% was higher than that of Seazen and
Logan, which had leverage of below 45%, but is similar to that of
Sunac. However, CIFI's financial flexibility is superior to these
peers, which justifies its 'BB' rating. CIFI has high available
cash/short-term debt of 1.5x-2.0x, continued access to both onshore
and offshore capital market funding, and a well-laddered
debt-maturity profile with short-term debt accounting for less than
20% of total debt compared with peers' 30%-35%.

KEY ASSUMPTIONS

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

-- Attributable contracted sales to drop by 5% per year in 2022-
    2023 (2021: 7% increase);

-- Attributable land purchases and construction cash costs at
    40%-45% and 35% of implied cash collection in 2022-2023,
    respectively (2021: 42% and 33%, respectively);

-- Property-management fee revenue to increase to CNY4 billion,
    CNY5 billion and CNY6 billion in 2021, 2022 and 2023,
    respectively (1H21: CNY1.8 billion);

-- Rental income to increase to CNY900 million, CNY1.2 billion
    and CNY1.5 billion in 2021, 2022, 2023, respectively (1H21:
    CNY391 million);

-- Property-development revenue reported gross profit margin at
    16%-18% in 2021-2023 (1H21: 16.8%).

RATING SENSITIVITIES

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

-- Leverage, measured by net debt/net property assets, sustained
    below 40% without substantial increase in JV and non
    controlling interest exposure;

-- Full restoration of capital-market access.

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

-- Leverage, measured by net debt/net property assets, sustained
    above 50%;

-- Deterioration in liquidity or weakening in bond market access;

-- Substantial decrease in sales or cash collection.

BEST/WORST CASE RATING SCENARIO

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

LIQUIDITY AND DEBT STRUCTURE

Adequate Liquidity: Fitch estimates that CIFI's available
cash/short-term debt was still above 1.5x at end-2021, stronger
than that of most 'BB' peers and in line with that of
investment-grade developers. CIFI had available cash of around
CNY38 billion at end-1H21, enough to cover 1.9x short-term debt of
CNY20 billion.

Fitch believes CIFI has adequate liquidity to manage its short-term
maturities. CIFI's holding-company cash accounts for around 50% of
consolidated cash due to its stringent control over project-level
cash flows, even if the projects are not consolidated, as well as
its strong reputation among regulators and investors. Fitch expects
CIFI to refinance part of the maturities with new issuance as it
still enjoys access to both onshore and offshore capital markets.

Well-Laddered Debt Maturities: CIFI's short-term debt accounted for
17% of its total debt at end-1H21, while the rest is evenly spread
across several years. CIFI's average debt duration was 4.6 years as
of end-1H21. CIFI's capital-market maturities are about CNY10
billion per year in 2022-2024, which gives CIFI sufficient
financial flexibility amid the market volatility since October
2021.

ISSUER PROFILE

CIFI is one of the top-20 property developers based in Shanghai. It
focuses on four regions - the Yangtze River Delta, Pan Bohai Rim
and central-western and southern China. CIFI started consolidating
its property-management listed subsidiary, Ever Sunshine Lifestyle,
from 2020 and it owned a 24% stake at end-2021.

SUMMARY OF FINANCIAL ADJUSTMENTS

CIFI's CNY37.7 billion in available cash in 1H21 was calculated by
adding 40% of CNY1.1 billion in marketable securities to CNY52.3
billion in reported available cash less CNY15 billion in regulated
pre-sale funds. Fitch includes the regulated pre-sale funds in the
calculation of net assets.

ESG CONSIDERATIONS

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

KAISA GROUP: Fitch Withdraws 'RD' and 'C' Ratings
-------------------------------------------------
Fitch Ratings has withdrawn China-based homebuilder Kaisa Group
Holdings Limited's Long-Term Foreign-Currency Issuer Default Rating
(IDR) of 'RD' and senior unsecured rating of 'C' with a Recovery
Rating of 'RR4'.

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

KEY RATING DRIVERS

No longer relevant, as the ratings have been withdrawn.

RATING SENSITIVITIES

No longer relevant, as the ratings have been withdrawn.

BEST/WORST CASE RATING SCENARIO

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

ISSUER PROFILE

Kaisa, which is based in Shenzhen, focuses on urban property
development in the Greater Bay Area, including Shenzhen, Guangzhou,
Foshan, Huizhou, Dongguan, Zhongshan and Zhuhai. The company has
expanded to the Yangtze River Delta, western China, central China
and the Pan-Bohai Bay Rim.

ESG CONSIDERATIONS

Kaisa has an ESG Relevance Score of '4' for Financial Transparency
due to the existence of undisclosed liabilities, which has a
negative impact on the credit profile, and is relevant to the
rating in conjunction with other factors.

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

Following the withdrawal of ratings for Kaisa Fitch will no longer
be providing the associated ESG Relevance Scores.

LOGAN GROUP: S&P Places 'BB' Long-Term ICR on Watch Negative
------------------------------------------------------------
On Jan. 27, 2022, S&P Global Ratings placed its 'BB' long-term
issuer credit rating on Logan Group Co. Ltd. and 'BB-' long-term
issue rating on the company's outstanding senior unsecured notes on
CreditWatch with negative implications.

S&P said, "We placed the ratings on CreditWatch with negative
implications to reflect that, if the previously unreported debt is
confirmed, Logan's credit profile and liquidity may be hit.
Moreover, our view on the company's management and governance
ability with respect to disclosure and transparency may be
altered.

"We need clarity on the potential previously unreported debt
guaranteed by Logan. That would include but not limited to their
existence, the exact extent, maturity, and the structure of the
potential guarantee. The amount of previously unreported debt
ranges from US$800 million to US$1.3 billion based on various
public sources, including Debtwire's recent report. If confirmed,
and depending on the details, this amount may affect our view on
Logan's credit profile. The company's liquidity may also be
affected amid the current industry downturn. Our previous analysis
on Logan did not include such potential debt.

"We expect Logan's 2021 year-end total cash balance to be
relatively stable from its interim balance, and we believe roughly
60% of that is accessible. Excluding the potential debt, we
estimate the company's unrestricted cash and resources will be
sufficient to service its short-term debt, including domestic bonds
(counting puttable) totaling about RMB12 billion in 2022 and
offshore bond of US$300 million due in August 2022."

This event raises questions on Logan's information disclosure and
transparency and may have repercussions on its reputation and brand
name. It also puts the company's relationship with financial
institutions and investors at risk.

CreditWatch

S&P said, "We expect to resolve the CreditWatch as soon as
practicable when we have clarity and sufficient details to assess
the impact on Logan's credit profile.

"We may lower the rating, if after confirming the debt obligation
with the company, we assess the impact would lead to a material
reduction in its liquidity buffer. We could also lower the rating
if we view Logan's credit risk to be affected by weaker management
and governance due to increased risks to transparency and
disclosures.

"We may affirm the rating if the impact on the company, in terms of
both liquidity and management and governance, proves to be
immaterial. This could be indicated by a strong liquidity buffer,
smooth funding channels from capital markets and banks, and
resilient confidence in the company's management and governance."


SHANGHAI QINGKE: Declared Bankrupt by Shanghai Court
----------------------------------------------------
Mingtiandi reports that three years after listing on the NASDAQ
exchange in a $46 million IPO, Qingke Apartment Leasing has been
declared bankrupt by a mainland court. The Morgan Stanley-backed
apartment rental platform's name can be translated as 'eggshell'
and in this instance the shell has well and truly broken.

Documents published on China's National Enterprise Bankruptcy and
Reorganization Information Network show that on January 18, the No.
3 Intermediate People's Court of Shanghai accepted a bankruptcy and
liquidation case for Shanghai Qingke Public Rental Housing Leasing
Management Co, the primary mainland entity of Qingke, which is
listed on the NASDAQ as Q&K International Group, Mingtiandi
relates. Creditors have until March 20 to declare their claims.

According to Mingtiandi, the firm's business model has been to
manage China's ocean of empty apartments on behalf of individual
landlords and provide housing China's rising professional class,
however, Qingke's operations have been plagued by complaints both
from homeowners and renters, and scarred by repeated penalties from
local authorities.

Having lost CNY2.8 billion ($443 million) over the past four years,
the firm's share price has fallen 97 percent since its IPO, and
like its competitor, Danke, which was de-listed from the NYSE last
year, Qingke has become a byword for housing nightmares among
China's renters, the report says.

Listed on the NASDAQ in November as China's first long-term rental
apartment brand on a US exchange, Qinke shares up moved up 4
percent in their first day of trading, with the company valued at
more than $800 million.

In 2018, Morgan Stanley Private Equity Asia and Singapore-based
venture capital firm Crescent Point had led a $100 series C
financing round for Qingke, with a representative of the US
investment bank declaring that, "We are optimistic about this
trillion-yuan market segment and are confident in Qingke's
leadership team and the company's highly automated operational
platform," Mingtiandi relays.

One of a number of venture-backed apartment rental platforms which
sprung up in China during the previous decade as the country took
its first steps towards weaning its citizens off of home ownership,
Qingke has never achieved profitability, and according to its IPO
prospectus and subsequent financial reports, has over the last four
years lost nearly CNY2.8 billion, including a loss of over CNY1.5
billion in 2020, the report relates.

Tenants in properties managed by Qingke have frequently faced
eviction by landlords after the company failed to pay apartment
owners after collecting rent from occupants and more than 1,000
administrative rulings have been made against the company,
according to local news reports.

Mingtiandi adds that news reports also carried reports of
electricity and water service at Qingke apartments being cut off by
unpaid homeowners despite tenants have made all payments to the
rental platform. Previous judgements against the company have
stacked up with nearly CNY30 million in obligations still unpaid.




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

ABHA AGRO: Ind-Ra Assigns 'BB+' LT Issuer Rating, Outlook Stable
----------------------------------------------------------------
India Ratings and Research (Ind-Ra) has assigned Abha Agro Exports
Private Limited (AAEPL) a Long-Term Issuer Rating of 'IND BB+'. The
Outlook is Stable.

The instrument-wise rating action is:

-- INR180 mil. Fund-based working capital limits assigned with
     IND BB+/Stable/IND A4+ rating.

KEY RATING DRIVERS

The ratings reflect AAEPL's medium scale of operations, as
indicated by revenue of INR3,409 million in FY21 (FY20: INR3,040
million). The revenue grew at a CAGR of 130% during FY18-FY21 due
to an increase in the proportion of exports orders in the revenue
mix. In FY21, the company derived around 80% revenue from exports
(FY20: 97%) and the rest from domestic sales. The company achieved
INR1,229.44 million in revenue in 1HFY22. Ind-Ra expects the
revenue to improve in 2H as the company mainly deals in the trading
of maize which is a kharif crop and is largely available after
October, however, the scale of operations would remain the same.

The ratings are also constrained by AAEPL's conservative business
profile and high geographical revenue concentration, as the company
only exports to Bangladesh. Moreover, the order-based trading
nature of business leads to a different set of customers for the
company each time.

The ratings however are supported by the company's strong EBITDA
margins of 3.48% in FY21 (FY20: 1%) with ROCE of 45% (15%). The
profitability significantly increased in FY21 from 1%-1.6% during
FY18-FY20, due to a decline in the operational expenses to 10% of
the revenue in FY21 from 13% in FY20. Ind-Ra expects the company's
FY22 margins to be at the FY21 levels, because of a higher share of
exports in the revenue mix and expected lower operational cost.
However, the margins remain susceptible to intense competition in
the agro-commodity industry, which limits its bargaining power with
customers and suppliers, market driven commodity prices and the
trading nature of the business.

The ratings are also supported by the company's comfortable credit
metrics due to low debt levels and moderate net working capital
cycle. In FY21, interest coverage (operating EBITDA/gross interest
expense) stood at 4x (FY20: 3x), net leverage (total adjusted net
debt/operating EBITDAR) at 1x (3x) and net working capital cycle at
24 days (15 days).

Liquidity Indicator – Adequate: The company has moderate use of
its fund-based limits (84% peak utilization) during the 12 months
ended December 2021. It has available INR9.54 million of cash and
cash equivalents (FY20: INR42.62 million). The cash flow from
operations however remained negative INR33.42 million in FY21
(FY20: negative INR41.40 million) due to continuous moderate
working capital requirements. The company availed working capital
term loans under Guaranteed Emergency Credit Line in November 2021
which are repayable in 36 months after 12 months of the moratorium.
The company has a debt repayment obligation of INR4.9 million in
FY23 and INR11.7 million in FY24.

The ratings factor in the promoters' around two decades of
experience in the agro-commodity trading business.

RATING SENSITIVITIES

Positive: A significant improvement in the revenue and business
profile along with sustenance of profitability and liquidity will
lead to positive rating action.

Negative: Deterioration in the revenue and/or profitability leading
to the decline in liquidity and interest coverage reducing below 2x
on a sustained basis will lead to a negative rating action.

COMPANY PROFILE

Incorporated in 2002, AAEPL is engaged in the trading and export of
agro commodities. It is promoted by the members of the
Kolkata-based Laddha family.


BHAGYALAXMI INDUSTRIES: ICRA Keeps B+ Rating in Not Cooperating
---------------------------------------------------------------
ICRA has retained the ratings for the bank facilities of Shree
Bhagyalaxmi Industries in the 'Issuer Not Cooperating' category.
The rating is denoted as [ICRA]B+(Stable); ISSUER NOT
COOPERATING".

                      Amount
   Facilities       (INR Crore)    Ratings
   ----------       -----------    -------
   Fund based            7.00      [ICRA]B+(Stable);ISSUER NOT
   Cash Credit                     COOPERATING; Rating continue
                                   to remain under the 'Issuer
                                   Not Cooperating' category

   Unallocated           0.35      [ICRA]B+(Stable);ISSUER NOT
   Limits                          COOPERATING; Rating continue
                                   to remain under the 'Issuer
                                   Not Cooperating' category

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

Established in April 2013 as a partnership firm, Shree Bhagyalaxmi
Industries is involved in ginning and pressing of raw cotton to
produce cotton bales and cotton seeds. Its manufacturing facility,
located in Rajkot (Gujarat), is equipped with 36 ginning machines
and a pressing machine with a capacity of 34 metric tonne of raw
cotton per day. At present, the firm is managed by nine partners,
who have extensive experience in the cotton industry.


BHIMAVARAM MUNICIPALITY: ICRA Keeps Rating in Not Cooperating
-------------------------------------------------------------
ICRA has retained the long-term ratings of Bhimavaram Municipality
in the 'Issuer Not Cooperating' category. The ratings are denoted
as [ICRA]B+(Stable); ISSUER NOT COOPERATING".

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

Bhimavaram Municipality was established in 1948 and was upgraded to
a selection grade municipality in 2011. The municipality is
governed by the Andhra Pradesh Municipalities Act, 1965, which is
administered by the Municipal Administration and Urban Development
Department (DMA), GoAP. BVM provides basic municipal services in
Bhimavaram town, which is located in the Godavari district of
Andhra Pradesh. BVM covers an area of 32 square kilometres (sq.
km.) and serves a population of 1.37 lakh  (as per Census 2011).
The major functions of the BVM include water supply, solid waste
management and construction, repair and maintenance of roads and
streetlights in its area. The municipality is divided into 39 wards
and is supervised by an elected body, the council, consisting of
ward councilors, elected for a period of five years. The council
further elects a Mayor, who heads the deliberative wing of the
corporation. The Commissioner, appointed by the State Government,
heads the executive wing of the ULB, and is responsible for all the
activities carried out by the Corporation.


CHANDRALOK TEXTILE: ICRA Keeps D Debt Ratings in Not Cooperating
----------------------------------------------------------------
ICRA has retained the ratings of Chandralok Textile Industries
Private Limited in the 'Issuer Not Cooperating' category. The
ratings are denoted as [ICRA]D; ISSUER NOT COOPERATING".

                    Amount
   Facilities    (INR crore)     Ratings
   ----------    -----------     -------
   Fund based         0.32       [ICRA]D; ISSUER NOT COOPERATING;
   Term Loan                     Rating continues to remain under
                                 'Issuer Not Cooperating'
                                 Category

   Fund based         9.00       [ICRA]D; ISSUER NOT COOPERATING;
   Cash Credit                   Rating continues to remain under
                                 'Issuer Not Cooperating'
                                 Category

ICRA has been trying to seek information from the entity so as to
monitor its performance, but despite repeated requests by ICRA, the
entity's management has remained non-cooperative. The current
rating action has been taken by ICRA basis best
available/dated/limited information on the issuers' performance.
Accordingly, the lenders, investors and other market participants
are advised to exercise appropriate caution while using this rating
as the rating may not adequately reflect the credit risk profile of
the entity. The rating action has been taken in accordance with
ICRA's policy in respect of non-cooperation by a rated entity
available at www.icra.in.
  
Chandralok Textile Industries Private Limited, incorporated in
2003, is in the business of processing grey cloth for the
production of fabric used in making suitings, shirtings and dress
materials. The company's registered office is in Mumbai and its
manufacturing unit is in Bhiwandi (Maharashtra). Mr. Chandramohan
Chaudary is the key director of the company, with more than four
decades of experience in the textile industry.

CHILAKALURUPET MUNICIPALITY: ICRA Keeps Rating in Not Cooperating
-----------------------------------------------------------------
ICRA has retained the long-term ratings of Chilakalurupet
Municipality in the 'Issuer Not Cooperating' category. The ratings
are denoted as [ICRA]B+(Stable); ISSUER NOT COOPERATING".

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

Chilakalurupet Municipality was upgraded to a first-grade
municipality in 2001 and is governed as per the Andhra Pradesh
Municipal Act, 1994. The municipality manages the municipal
services in Chilakalurupet town, situated in the Guntur district of
Andhra Pradesh and covers an area of 18.13 square kilometre (Sq.
Km.), serving a population of 101,398 (as per Census 2011). The
major functions of the CPM include water supply, solid waste
management and construction, repair and
maintenance of roads and streetlights in its area. The CPM is
divided into 34 municipal wards and is supervised by an elected
body, the Council, consisting of ward councillors, who further
elect a chairperson. The Commissioner is appointed by the State
Government and is the principal executive officer of the
municipality.


D C METALS: ICRA Keeps D Debt Rating in Not Cooperating Category
----------------------------------------------------------------
ICRA has retained the long term rating of D C Metals in the 'Issuer
Not Cooperating' category. The ratings are denoted as [ICRA]D;
ISSUER NOT COOPERATING".

                    Amount
   Facilities    (INR crore)     Ratings
   ----------    -----------     -------
   Fund based        30.00       [ICRA]D; ISSUER NOT COOPERATING;
   Term Loan                     Rating continues to remain under
                                 'Issuer Not Cooperating'
                                 Category

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

Established in 1984, M/s. D C Metals is a partnership firm engaged
in the trading of aluminium products namely ingots, wire rods, cast
strips, cold rolled/hot rolled products etc. The firm is promoted
by Mr. Kesarimal Bhansali, who has an industry experience of over
40 years. The customer base of the firm mainly comprises end users
making value-added products such as automobile parts, aluminium
conductors, utensils, sheets etc.


DEVAS MULTIMEDIA: Shareholders to Continue Seizing Assets Abroad
----------------------------------------------------------------
Press Trust of India reports that unfazed by the Supreme Court
upholding winding up of the company, shareholders of Devas
Multimedia will continue to seek seizure of Indian government
assets abroad to collect USD1.2 billion the firm has been awarded
by arbitration tribunals for cancellation of a satellite deal but
are open for talks to settle the issue, their counsel said.

"The decision by the Supreme Court does not change anything. The
Modi government and the Indian courts cannot rewrite the facts.
Their flimsy allegations of fraud will never stand up in courts
outside of India," PTI quotes Matthew D McGill, partner at Gibson,
Dunn & Crutcher, and lead counsel for several Devas' shareholders,
as saying. "A better approach for the Modi government would be to
return to the negotiating table, and continue with settlement
talks."

According to the report, Devas shareholders are pursuing Indian
assets abroad to recover the awards and have got a French court
order for freezing Indian properties in Paris and got partial
rights over funds maintained by India funds in Canada.

"We have already entered liens or obtained seizure and garnishment
orders on tens of millions of dollars in Indian state assets," a
spokesperson for Devas Multimedia said. "We will continue to
identify and seize state assets wherever we find them until India
returns in good faith to the negotiating table." Besides securing a
freeze on a Paris property of the Indian government, they have got
a Canadian court order for seizure of about USD23 million that Air
India had with IATA, the spokesperson said.

According to PTI, Finance Minister Nirmala Sitharaman had said that
the government will use the Supreme Court ruling calling the 2005
Antrix-Devas agreement a fraud to counter seizure of its properties
overseas.

"The Modi government's strategy is not rocket science. They will
use the decision of the Supreme Court to uphold the NCLT
liquidation order to attack Devas, around the globe, however, we're
ready. Courts around the world will see through these sham
proceedings," the spokesperson, as cited by PTI, said.

Antrix Corporation, the government-owned commercial arm of the
Indian Space Research Organisation (ISRO), signed an agreement with
Bengaluru-based Devas Multimedia for a 12-year lease of 90 per cent
transponder space on two satellites, G-SAT6 and G-SAT6A that were
yet to be launched, PTI recalls.

Of the 150 MHz of space that ISRO owned in the S-band spectrum,
Devas was allowed the use of 70 MHz to launch satellite-based
applications on mobile devices. Devas, which had a few former ISRO
scientists in its top management, was supposed to pay USD 300
million to Antrix over the 12-year period.

PTI relates that the deal was cancelled in 2011 after allegations
of it being a quid pro quo "sweetheart deal" surfaced. In 2014, the
CBI and Enforcement Directorate were asked to probe the deal.

Last year, Antrix approached the National Company Law Tribunal
(NCLT) seeking liquidation of Devas, the report notes. NCLT ordered
liquidation of Devas observing that the firm appeared to have been
incorporated with fraudulent intentions. Devas appealed against
that before the NCLAT which in September 2021 upheld the
liquidation. Devas filed an appeal before the Supreme Court which
last week upheld the NCLAT order on liquidation.

PTI says Devas Multimedia initiated arbitration against the
annulment of the 2005 deal at the International Chambers of
Commerce (ICC). Two separate arbitrations were also initiated under
the bilateral investment treaty (BIT) by Mauritius investors in
Devas Multimedia under the India-Mauritius BIT and by Deutsche
Telekom - a German company - under the India Germany BIT. India
lost all three disputes, the report adds.

The commercial terminal award was for a total of USD1 billion while
USD93.3 million plus cost and interest was awarded against India
under the arbitration brought under the India Germany BIT,
Sitharaman had said last week. About USD111.2 million plus cost and
interest was awarded in the arbitration under India Mauritius BIT.

                      About Devas Multimedia

Devas Multimedia and Antrix Corporation signed an agreement on Jan.
28, 2005 for ISRO to lease two communication satellites for 12
years at a cost of INR167 crore to Devas Multimedia, the report
recalls. The latter, a start-up firm, was to provide multimedia
services to mobile platforms in India using the space band or
S-band spectrum transponders on ISRO's GSAT 6 and 6A satellites
built at a cost of INR766 crore by ISRO. The deal was annulled by
the UPA government in February 2011 in the backdrop of the 2G scam
and allegations of a sweetheart deal in allocation of the S-band
spectrum to Devas Multimedia.

As reported in the Troubled Company Reporter-Asia Pacific on Jan.
26, 2021, The Economic Times said the National Company Law Tribunal
(NCLT) has admitted the petition filed by Antrix Corporation, the
commercial arm of Indian Space Research Organisation, for winding
up Devas Multimedia and has appointed a provisional liquidator for
the company. A two-member NCLT Bengaluru bench of the NCLT has
directed the provisional liquidator to take control of the
management, properties and actionable claims of Devas Multimedia.
The tribunal has also directed the existing management of Devas
Multimedia to extend full cooperation to the provisional liquidator
appointed by it.

DS TOLL: ICRA Keeps B Debt Rating in Not Cooperating Category
-------------------------------------------------------------
ICRA has retained the ratings for the bank facilities of Ds Toll
Road Limited in the 'Issuer Not Cooperating' category. The rating
is denoted as "[ICRA]B (Stable): ISSUER NOT COOPERATING".

                    Amount
   Facilities    (INR crore)     Ratings
   ----------    -----------     -------
   Fund based–      332.00       [ICRA]B (Stable); ISSUER NOT
   Term Loan                     COOPERATING; Rating continues to
                                 remain under 'Issuer Not
                                 Cooperating' category

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

Incorporated on June 29, 2005, DSTRL, a 100% subsidiary of Reliance
Infrastructure Limited (R Infra), has been set up for the purpose
of widening and up-gradation of the stretch between Dindigul Bypass
- Samyanallore from existing 2-lanes to 4-lanes. The total length
of the road under the project is 53.025 kilometers (km). The
project has been awarded to the company under
a competitive bidding process on a Build, Operate and Transfer
(BOT) basis. The key bid variable was the grant receivable from the
National Highway Authority of India (NHAI) which was bid at INR31
crore by R Infra. The concession period is for 20 years from the
appointed date (i.e., July 29, 2006). The project was issued a
provisional completion certificate on September 29, 2009.

DSL INFRASTRUCTURE: ICRA Keeps B+ Debt Rating in Not Cooperating
----------------------------------------------------------------
ICRA has retained the ratings for the bank facilities of DSL
Infrastructure and Space Developers Pvt. Ltd. in the 'Issuer Not
Cooperating' category. The rating is denoted as "[ICRA]B+(Stable);
ISSUER NOT COOPERATING".

                    Amount
   Facilities    (INR crore)     Ratings
   ----------    -----------     -------
   Long Term         50.00       [ICRA]B+(Stable); ISSUER NOT
   Unallocated                   COOPERATING; Rating continues
                                 to remain under 'Issuer Not
                                 Cooperating' category

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

DSL Infrastructure and Space Developers Private Limited (DSL) is a
Special Purpose Vehicle incorporated on 16th September 2006 to
develop an integrated IT Park, Shopping Mall and Multiplex spread
over 4.238 acres of land. DSL Infra was promoted by Sri Laxmi
Prasad Agarwal and Sri Manoj Kumar Agarwal to carry on the business
of infrastructure development. The promoters have acquired land
admeasuring 4.24 Acres situated at IDA, Uppal located on Hyderabad
- Warangal National
highway [NH 202] which is in close proximity to the fast-emerging
IT hub. In Phase I, the company proposes to develop Commercial Mall
and Multiplex space of 0.62 Mn sft. In phase II, the company
proposes to develop Office Space of about 0.80 Mn sft on the
balance of project land.

ELURU MUNICIPAL: ICRA Keeps Debt Rating in Not Cooperating
----------------------------------------------------------
ICRA has retained the long-term ratings of Eluru Municipal
Corporation in the 'Issuer Not Cooperating' category. The ratings
are denoted as [ICRA]B+(Stable); ISSUER NOT COOPERATING".

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

In 1866, the urban local body (ULB) in Eluru was established as a
municipality and was subsequently upgraded to a municipal
corporation in 2005. The EMC is governed by the Andhra Pradesh
Municipal Corporations Act 1994 (Act), which is administered by the
Municipal Administration and Urban Development Department (DMA),
GoAP. The EMC manages the municipal services in Eluru city, which
is located in Godavari district of Andhra Pradesh. The EMC covers
an area of 11.52 square kilometre (sq. km.) and serves a population
of 2.18 lakh (as per Census 2011). The major functions of the EMC
include water supply, solid waste management and construction,
repair and maintenance of roads and streetlights in its area. The
corporation is divided into 50 wards and is supervised by an
elected body, the council, consisting of ward councillors, elected
for a period of five years. The Council further elects a mayor, who
heads the deliberative wing of the corporation. The Commissioner,
appointed by the State Government, heads the executive wing of the
ULB, and is responsible for all the activities carried out by the
Corporation.

EROS RESORTS: ICRA Reaffirms B+ Rating on INR39cr Term Loan
-----------------------------------------------------------
ICRA Ratings has reaffirmed ratings on certain bank facilities of
Eros Resorts and Hotels Private Limited (ERHPL), as:

                    Amount
   Facilities    (INR crore)     Ratings
   ----------    -----------     -------
   Long-term         39.00       [ICRA]B+(Stable) reaffirmed
   Fund-based–
   Term Loan         

   Long-term          5.00       [ICRA]B+(Stable) reaffirmed
   Fund-based–
   Cash Credit        

   Long-term/         6.00       [ICRA]B+(Stable)/[ICRA]A4
   Short-term–                   Reaffirmed
   Unallocated        
                              
Rationale

The ratings consider the continued weak operating environment for
ERHPL's hotel, which has put pressure on its operational and weak
financial risk profile keeping it dependent on external funding
support to manage its repayments and cash flows. The ratings
further continue to be constrained by the single location of
ERHPL's operations and the cyclical nature of revenue generation
owing to economic or seasonal cycles.

The ratings, however, positively factor in the long track record of
its promoters in the hospitality industry and the consistent
infusion of funds by them to meet the funding requirements for
operating losses and debt servicing. The ratings also consider the
presence of a management tie-up with the reputed brand,
InterContinental Hotels Group (IHG), which provides strong brand
recognition.

The Stable outlook reflects the fact that ERHPL would continue to
draw support from the extensive experience of its promoters in the
hospitality industry and their continued financial support.

Key rating drivers and their description

Credit strengths

* Experienced promoters and management with long track record in
hospitality industry: The promoters' family has been involved in
the hospitality and real estate business for more than three
decades. Such a long presence in the industry has helped the
company in understanding the industry dynamics and establishing
strong relationships with key service providers. The Group also
owns a hotel property – Hotel Eros – in Nehru Place, Delhi. The
promoters own multiple commercial properties in New Delhi as well,
which provide alternative avenues of cashflows.

* Association with international hotel chain provides strong brand
recognition: The company benefits from its management partnership
with one of the leading global chains, IHG, which provides the
brand, Crowne Plaza, for the hotel property resulting in enhanced
visibility. This enables the five-star property to attract
corporate customers from the nearby commercial hubs in Noida and
Greater Noida thus providing healthy occupancies and better
pricing.

* Funding support from promoters: The promoters have consistently
supported the entity by fund infusion over the years in the form of
unsecured loans, convertible debentures and preference shares. As
of March 31, 2021, around 64% of the total debt comprises the
promoters' unsecured loans and convertible debentures. ICRA notes
that the promoters also converted part of their debt to equity in
FY2021; although ERHPL's net worth continued to remain negative.

Credit challenges

* Recovery in operations remains vulnerable to future pandemic
waves: The two Covid-19 waves have resulted in a sharp drop in
hotel occupancy with market demand declining to the lowest levels
that the industry has ever witnessed. Although the hotel's
occupancy has recovered strongly to 85-95% levels in Q3 FY2022
supported by a pickup in corporate demand and the wedding season,
the onset of the third wave in the Delhi NCR in January 2022 is
expected to exert pressure on revenue
recovery.

* Weak financial profile characterized by muted coverage
indicators: The company's overall financial profile has remained
weak owing to high leverage and eroded net worth resulting from
accumulated losses. Due to OPBITDA losses in FY2021, the debt
coverage indicators became significantly stretched and the debt
servicing needed to be financed by the promoters. The
interest coverage and DSCR are expected to remain weak at 0.4-0.8
time and 0.2-0.5 time, respectively, during FY2022-FY2024.

* High geographical and asset concentration risks: ERHPL's revenues
are susceptible to adverse market conditions as its operations are
limited to a single location (east Delhi) and a single asset. The
hospitality industry is typically susceptible to a wide range of
adverse market conditions like demand-supply dynamics, tourism
industry, foreign tourist arrival, etc. In
addition, the company faces stiff competition from other five-star
hotels in its vicinity.

Liquidity position: Stretched

ERHPL's liquidity position is stretched owing to ballooning debt
repayments for the term loans sanctioned, limited revenue
generation due to the pandemic, modest cash balances of ~Rs. 8
crore and unutilized working capital limits of INR2-3 crore. The
promoters have infused ~Rs. 16 crore in FY2021 and ~Rs. 12 crore in
the current fiscal. The company would need fund infusion over the
next few years to support operations and meet its debt obligations
in a timely manner.

Rating sensitivities

Positive factors – Sustained improvement in operational metrics
such as Revenue per Available Room (RevPAR) and profitability
margins and/or infusion of equity leading to an improvement in
leverage metrics, could be a trigger for a rating upgrade. Specific
triggers would be DSCR greater than 1.2 times on a sustainable
basis.

Negative factors – Negative pressure on the company's ratings
could arise if there is withdrawal or absence of timely financial
support by the promoters, further weakening in its liquidity
position, or if any major capital expenditure (capex) is carried
out by the company.

ERHPL is promoted by the erstwhile Eros Group, a Delhi-based Group
promoted by the Sood family. The company is present in the real
estate and hospitality industry in the National Capital Region
(NCR). ERHPL is a closely held company with its entire share
capital held by the directors, relatives of the directors and the
Group entities. It owns a premium five-star hotel property in Mayur
Vihar, Delhi under the brand name Crowne Plaza (earlier Hotel
Hilton). The hotel has been operational since October 2011 and has
a management contract with the IHG. Earlier, ERHPL used to own a
four-star hotel in Mayur Vihar under the brand name Holiday Inn
(erstwhile Double Tree by Hilton). However, the hotel was demerged
into a separate company in a
restructuring exercise completed in May 2015.


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


The instrument-wise rating actions are:

-- INR620 mil. Fund-based working capital limit (long-term/short-
     term) migrated to Non-Cooperating category with IND D (ISSUER

     NOT COOPERATING) rating;

-- INR287.7 mil. Long-term loan (long-term) due on June 2022    
     migrated to Non-Cooperating category with IND D (ISSUER NOT
     COOPERATING) rating; and

-- INR100 mil. Non-fund-based limit (short-term) migrated to Non-
     Cooperating category with IND D (ISSUER NOT COOPERATING)
     rating.

Note: ISSUER NOT COOPERATING: The ratings were last reviewed on
December 17, 2020. Ind-Ra is unable to provide an update, as the
agency does not have adequate information to review the ratings.

COMPANY PROFILE

Eurolife Healthcare was established in 2001 by Sandeep Toshniwal.
The Mumbai-based specialty pharmaceutical company manufactures and
distributes an exclusive portfolio of healthcare formulations,
intravenous infusions, ophthalmics, sterilized water for
injections, nebules, tablets, capsules, ointment and creams.


GANGA DAIRY: ICRA Keeps B+ Debt Ratings in Not Cooperating
----------------------------------------------------------
ICRA has retained the ratings for the bank facilities of Ganga
Dairy Limited in the 'Issuer Not Cooperating' category. The rating
is denoted as [ICRA]B+(Stable); ISSUER NOT COOPERATING.

                      Amount
   Facilities       (INR Crore)    Ratings
   ----------       -----------    -------
   Fund based            6         [ICRA]B+(Stable);ISSUER NOT
   Cash Credit                     COOPERATING; Rating continue
                                   to remain under the 'Issuer
                                   Not Cooperating' category

   Fund based            0.35      [ICRA]B+(Stable);ISSUER NOT
   Term Loan                       COOPERATING; Rating continue
                                   to remain under the 'Issuer
                                   Not Cooperating' category

   Unallocated
   Limits                0.25      [ICRA]B+(Stable);ISSUER NOT
                                   COOPERATING; Rating continue
                                   to remain under the 'Issuer
                                   Not Cooperating' category

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

Ganga Dairy Limited (GDL) was incorporated in 1997 by the Singh
family based out of Begusarai, Bihar. The company operates a
milk-processing unit with a capacity of five lakh litres per day
(llpd).


KM TOLL: ICRA Keeps D Debt Rating in Not Cooperating Category
-------------------------------------------------------------
ICRA has retained the ratings for the bank facilities of Km Toll
Road Private Limited in the 'Issuer Not Cooperating' category. The
rating is denoted as "[ICRA]D: ISSUER NOT COOPERATING".

                    Amount
   Facilities    (INR crore)     Ratings
   ----------    -----------     -------
   Long Term-       789.00       [ICRA]D; ISSUER NOT COOPERATING;
   Fund based                    Rating continues to remain under
   Term Loan                     'Issuer Not Cooperating'
                                 Category

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

KM Toll Road Private Limited (KMTRPL), a 100% subsidiary of
Reliance Infrastructure Limited ('R Infra'), has been set up for
the purpose of 4/6 laning of the Gandhidham (Kandla) - Mundra
Section of NH-8A Extension in the state of Gujarat from 0.00 Km to
71.4 kilometre (km). The Project was awarded by the National
Highways Authority of India (NHAI) on Design, Build, Finance,
Operate, Transfer (DBFOT) basis with concession period of 25 years
commencing from March 2010.


LAKSHMI STEEL: ICRA Withdraws B+ Rating on INR100cr LT Loan
-----------------------------------------------------------
ICRA has withdrawn the ratings assigned to the bank facilities of
Shri Lakshmi Steel Suppliers at the request of the company and
based on the Closure certificate (CC) received from its banker.
However, ICRA does not have information to suggest that the credit
risk has changed since the time the rating was last reviewed. The
Key Rating Drivers, Liquidity Position, Rating Sensitivities, Key
financial indicators have not been captured as the rated
instruments are being withdrawn.  

                      Amount
   Facilities       (INR Crore)     Ratings
   ----------       -----------     -------
   Long Term           100.00       [ICRA]B+ (Stable); ISSUER NOT
   Fund Based–                      COOPERATING; Withdrawn
   Cash Credit         
                                    
   Short Term-        (100.00)      [ICRA]A4; ISSUER NOT
   Interchangeable                  COOPERATING; Withdrawn

Established in 1986, Shri Lakshmi Steel Suppliers (SLSS) is a
proprietorship firm formed by Mr Vinod Singhal. It is a steel
trading firm, engaged in the trading of a host of steel products
namely Thermo Mechanically Treated (TMT) bars, round bars, Mild
Steel (MS) steel beams, MS steel channels, MS equal angles, MS
steel pines, galvanized iron (GI) pipes and other such structural
steel products. The firm has its registered office in Bangalore and
has branches across South India in Bangalore, Hubli, Hospet in
Karnataka, Salem in Tamil Nadu and Calicut in Kerala.


MADHUVAN PRASAD: ICRA Keeps B+ Debt Rating in Not Cooperating
-------------------------------------------------------------
ICRA has retained the ratings for the bank facilities of Madhuvan
Prasad Infra Private Limited in the 'Issuer Not Cooperating'
category. The rating is denoted as [ICRA]B+(Stable); ISSUER NOT
COOPERATING".

                      Amount
   Facilities       (INR Crore)     Ratings
   ----------       -----------     -------
   Long Term            7.50        [ICRA]B+(Stable)ISSUER NOT
   Fund based                       COOPERATING; Rating continues
   Facilities                       to remain under 'Issuer Not
                                    Cooperating' category

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

Madhuvan Prasad Infra Pvt Ltd was incorporated as a Private Limited
Company in 2010 at Manipal, Karnataka. The company is into the
hospitality industry and has built one 3-star hotel named "Hotel
Madhuvan Serai" at Smriti Bhavan Road, Upendra Nagar, Manipal. The
hotel commenced operations on July 19, 2013. It consists of 7
floors with a built-up area of about 55,000
sq ft. It consists of Vegetarian and Non-vegetarian Restaurants
with a seating capacity of 120 people each, a Banquet Hall with a
seating capacity of 500 people, a Conference Hall with a seating
capacity of 100 people and 46 Rooms. The company has leased out
some space in the ground floor to State Bank of India for opening
its branch and ATM and to Axis Bank for ATM. A
portion of the cellar area has been leased out for opening a
grocery and stationery shop. The hotel is in close proximity to
Syndicate Bank Head Office, Udayavani Press, KMC Hospital, MIT
College, Medical College, Bus stand and other Educational
Institutions. It is also nearby Udupi, District headquarters and
Malpe beach which is a famous tourist attraction.


MAHESH AGRI: ICRA Keeps D Debt Ratings in Not Cooperating
---------------------------------------------------------
ICRA has retained the long term ratings of Mahesh Agri Exim Private
Limited in the 'Issuer Not Cooperating' category. The ratings are
denoted as [ICRA]D; ISSUER NOT COOPERATING".

                    Amount
   Facilities    (INR crore)     Ratings
   ----------    -----------     -------
   Fund based        21.00       [ICRA]D; ISSUER NOT COOPERATING;
   EPC(Stocks)                   Rating continues to remain under
                                 'Issuer Not Cooperating'
                                 Category

   Fund based         1.00       [ICRA]D; ISSUER NOT COOPERATING;
   EBD/EBN/EBP                   Rating continues to remain under
                                 'Issuer Not Cooperating'
                                 Category

   Fund based        (9.00)      [ICRA]D; ISSUER NOT COOPERATING;
   Advance against               Rating continues to remain under
   bills sent on                 'Issuer Not Cooperating'
   collection                    Category  
   bases(within EPC)

   Non Fund           1.25       [ICRA]D; ISSUER NOT COOPERATING;
   Based Limits–                 Rating continues to remain
under
   Bank Guarantee                'Issuer Not Cooperating'
                                 Category

   Non Fund           0.80       [ICRA]D; ISSUER NOT COOPERATING;
   Based Limits–                 Rating continues to remain
under
   Forward Contract              'Issuer Not Cooperating'
                                 Category

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

Mahesh Agri Exim Private limited (MAEPL) was incorporated in 1997
by Mr. Hirji Thakker and Mr. Mahesh Thakker to carry out agri
commodity trading. MAEPL is primarily engaged in the trading of
oilseeds, chick peas, pulses, beans, cereals, oilseeds, spices,
grains, animal feed and bird feed.


MALPEFRESH MARINE: ICRA Keeps B Debt Rating in Not Cooperating
--------------------------------------------------------------
ICRA has retained the ratings for the bank facilities of Malpefresh
Marine Export Private Limited in the 'Issuer Not Cooperating'
category. The rating is denoted as [ICRA]B(Stable); ISSUER NOT
COOPERATING".

                    Amount
   Facilities    (INR crore)     Ratings
   ----------    -----------     -------
   Long Term-        10.00       [ICRA]B(Stable);ISSUER NOT
   Fund Based/                   COOPERATING; Rating continue
   Term Loan                     to remain under the 'Issuer Not
                                 Cooperating' category

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

Malpefresh Marine Export Private Limited, located in Kundapura
Taluk situated at the centre of Karnataka's coastal belt, was
incorporated in October 2014. The company is currently in the
set-up phase with around 80% of the project yet to be completed.
The expected Commercial Operation Date is January 2017. The company
would be engaged in exporting of processed seafood to Southeast
Asian countries like Malaysia, Singapore, Taiwan and Hong Kong
among others, China, Middle East and African countries. The
varieties of fish to be exported include Cuttle Fish, Mackerel,
Squid, Reef Cod, Ribbon Fish, Sardine Fish and King Fish.


NARASARAOPET MUNICIPALITY: ICRA Keeps B+ Rating in Not Cooperating
------------------------------------------------------------------
ICRA has retained the long-term ratings of Narasaraopet
Municipality in the 'Issuer Not Cooperating' category. The ratings
are denoted as [ICRA]B+(Stable); ISSUER NOT COOPERATING".

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

The Narasaraopet municipality was established in 1980 and is
governed by the Andhra Pradesh Municipal Act, 1994. The NPM manages
the municipal services in Narasaraopet town, in the Guntur district
of Andhra Pradesh. The town is one of the major trading and
business centres of Guntur. The NPM covers an area of 7.65 square
kilometre (Sq. Km.) and serves a population of
117,568 (as per Census 2011). The major functions of the NPM
include water supply, solid waste management and construction,
repair and maintenance of roads and streetlights in its area. It is
divided into 34 municipal wards supervised by an elected body, the
Council, consisting of ward councillors, who further elect a
chairperson. The Commissioner is appointed by the State Government
and is the principal executive officer of the municipality.


NIRANKAR COTTEX: ICRA Keeps B+ Debt Ratings in Not Cooperating
--------------------------------------------------------------
ICRA has retained the ratings of Nirankar Cottex in the 'Issuer Not
Cooperating' category. The ratings are denoted as [ICRA]B+
(Stable); ISSUER NOT COOPERATING".

                    Amount
   Facilities    (INR crore)     Ratings
   ----------    -----------     -------
   Fund based–        5.00       [ICRA]B+ (Stable); ISSUER NOT
   Term Loan                     COOPERATING; Rating continues to
                                 remain under 'Issuer Not
                                 Cooperating' category

   Fund based–        6.00       [ICRA]B+ (Stable); ISSUER NOT
   Cash Credit                   COOPERATING; Rating continues to
                                 remain under 'Issuer Not
                                 Cooperating' category

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

NC was established as a partnership firm in 2014 and started its
operations from January 2015. The firm is engaged in ginning and
pressing of raw cotton and extraction of oil and cake from cotton
seeds. The firm is jointly managed by the partners, Mr. Rajesh
Roopchand Katyari, Mr. Prakash Roopchand Katyari, Mr. Pratap
Chandrakant Thakur and Mr. Sanjay Chandrakant Thakur. The firm has
its registered office and ginning unit at Wardha in Maharashtra. It
has an installed 2 capacity to process 172,800 quintals of cotton
per annum, along with an oil extraction capacity of 108,000
quintals per annum.

NITESH FASHION: ICRA Keeps B Debt Ratings in Not Cooperating
------------------------------------------------------------
ICRA has retained the long term and short-term ratings of Nitesh
Fashion Pvt. Ltd. in the 'Issuer Not Cooperating' category. The
ratings are denoted as [ICRA]B (Stable); ISSUER NOT COOPERATING".

                    Amount
   Facilities    (INR crore)     Ratings
   ----------    -----------     -------
   Fund based–       13.50       [ICRA]B (Stable); ISSUER NOT
   Term Loan                     COOPERATING; Rating continues to
                                 remain under 'Issuer Not
                                 Cooperating' category
   Unallocated
   Limits             0.25       [ICRA]B (Stable); ISSUER NOT
                                 COOPERATING; Rating continues to
                                 remain under 'Issuer Not
                                 Cooperating' category  

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

Incorporated in 2011, Nitesh Fashion Pvt. Ltd. (NFPL) is engaged in
the business of trading and third party processing of fabrics. The
company has also started its own warping and weaving operations in
Bhiwandi from February 2015 onwards. The company is promoted by Mr.
Arvind Kothari and his four sons – Mr. Sanjay Kothari, Mr.
Pradeep Kothari, Mr. Nitesh Kothari and Mr. Ankeet Kothari.

ONGOLE MUNICIPAL: ICRA Keeps B+ Debt Rating in Not Cooperating
--------------------------------------------------------------
ICRA has retained the long-term ratings of Ongole Municipal
Corporation in the 'Issuer Not Cooperating' category. The ratings
are denoted as [ICRA]B+(Stable); ISSUER NOT COOPERATING".

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

Ongole Municipal Corporation (OMC), established in 2012, is
governed as per the Andhra Pradesh Municipal Corporations Act 1994
(Act). OMC manages the municipal services in Ongole town, the
headquarter of the Prakasam district in Andhra Pradesh, is located
20 km from the Bay of Bengal. The Ongole Municipality, established
in 1876, was upgraded to a Municipal Corporation in 2012 and its
jurisdiction was expanded by merging the surrounding villages with
the town. It is the prominent commercial centre of the Prakasam
district. OMC covers an area of 132.45 square kilometer (sq. km.)
and serves a population of 2.53 lakh (as per Census 2011). The
major functions include water supply, solid waste management, and
construction, repair and maintenance of roads and streetlights in
its area. OMC is divided into six municipal divisions and 50
municipal wards and in the absence of the Council, is currently
governed by a Special Officer appointed by the Government of Andhra
Pradesh (GoAP), who enjoys the powers and functions of the Council.
The administrative division is headed by the commissioner of OMC.


OPTECH ENGINEERING: Ind-Ra Affirms BB+ Long-Term Issuer Rating
--------------------------------------------------------------
India Ratings and Research (Ind-Ra) has affirmed Optech Engineering
Private Limited's Long-Term Issuer Rating at 'IND BB+'. The Outlook
is Stable.

The instrument-wise rating actions are:

-- INR2.2 mil. Term loan due on August 2024 affirmed with IND BB+

     /Stable rating;

-- INR50 mil. Fund-based facilities affirmed with IND BB+/Stable/

     IND A4+ rating; and

-- INR47.8 mil. Non-fund-based facilities affirmed with IND A4+
     rating.

KEY RATING DRIVERS

The affirmation reflects Optech's continued small scale of
operations with a further decline in its revenue to INR474.12
million in FY21 (FY20: INR495.29 million), due to reduced order
execution from new customers owing to the COVID-19-led lockdown.
The company earns 30% of its revenue from the fabrication of
pressure vessels, 60% from the engineering, procurement and
construction segment, and the rest from services. During 9MFY21,
Optech achieved a revenue of INR258 million. FY21 financials are
provisional in nature. Over the medium term, Ind-Ra expects
Optech's revenue to improve owing to higher-order execution.

Liquidity Indicator - Stretched: Optech does not have any capital
market exposure and relies on banks and financial institutions to
meet its funding requirements. Optech's average maximum utilization
of the fund-based limits was 56.47% and non-fund-based limits was
26.22% during the 12 months ended December 2021. The cash flow from
operations improved to INR92.03 million in FY21 (FY20: INR73.90
million), due to a decline in the working capital requirement,
which led to an improvement in the free cash flow to INR90.68
million (INR70.34 million). The comfortable net working capital
cycle improved to 64 days in FY21 (FY20: 73 days). The cash and
cash equivalents stood at INR0.49 million at FYE21 (FYE20: INR12.97
million). However, It did not avail the Reserve Bank of
India-prescribed moratorium over March-August 2020.

The ratings also reflect Optech's continued healthy EBITDA margin
that improved to 14.86% in FY21 (FY20: 13.01%), due to the
execution of higher-margin orders. In FY21, the return on capital
employed stood at 31.8% (FY20: 31.8%). In FY22, Ind-Ra expects the
EBITDA margin to remain stable, mainly due to new orders, even as
the higher-margin orders from  Africa have been concluded.

The ratings further reflect Optech's continued comfortable credit
metrics with the gross interest coverage (operating EBITDA/gross
interest expense) that improved to 9.66x in FY21 (FY20: 9.15x), due
to an increase in the absolute EBITDA to INR70.44 million
(INR64.46 million), and the net financial leverage (adjusted net
debt/operating EBITDA) that improved to 1.01x (1.19x), due to the
repayment of debt. In FY22 Ind-Ra expects the credit metrics to
remain at similar levels.

The ratings continue to be supported by Optech's promoters' over
two decades of experience in the oil and liquid petroleum gas
engineering services industry. This has facilitated the company to
establish strong relationships with customers as well as
suppliers.

RATING SENSITIVITIES

Positive: Any significant improvement in the revenue and the EBITDA
margin, leading to an improvement in the credit metrics and
liquidity position, could lead to a positive rating action.

Negative: Any decline in the revenue or the EBITDA margin leading
to deterioration in the credit metrics with interest coverage below
2.0x or a further stretch in the liquidity position could lead to a
negative rating action.

COMPANY PROFILE

Optech is a Thane, Maharashtra based public limited company
incorporated in 2005 by Siddhartha Desai and Trisit Bhuiyan. It
provides oil and liquid petroleum gas engineering services. It
operates through four divisions: fabrication, project and
construction, onsite service, and non-destructive testing and
certifications. The company provides 90% of its engineering
services to companies in Bangladesh, Africa, Kenya, Nepal, Uganda
and Myanmar and 10% to Indian public sector companies such as
Indian Oil Corporation Ltd ('IND AAA'/Stable) and Oil and Natural
Gas Corporation Limited ('IND AAA'/Stable).


PALAK FERRO: ICRA Keeps D Debt Ratings in Not Cooperating
---------------------------------------------------------
ICRA has retained the long term and short term ratings of Palak
Ferro Alloys in the 'Issuer Not Cooperating' category. The ratings
are denoted as [ICRA]D/ [ICRA]D; ISSUER NOT COOPERATING".

                    Amount
   Facilities    (INR crore)     Ratings
   ----------    -----------     -------
   Fund based         6.10       [ICRA]D; ISSUER NOT COOPERATING;
   Cash Credit                   Rating continues to remain under
                                 'Issuer Not Cooperating'
                                 Category

   Fund based         0.10       [ICRA]D; ISSUER NOT COOPERATING;
   Term Loan                     Rating continues to remain under
                                 'Issuer Not Cooperating'
                                 Category

   Unallocated
   Limits            13.80       [ICRA]D/[ICRA]D; ISSUER NOT
                                 COOPERATING; Rating continues
                                 to remain under 'Issuer Not
                                 Cooperating' category

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

Established in 2008 as a proprietorship firm by Mr. Rahul Parwani,
PFA is engaged in the manufacturing of ferro alloys and manganese
oxides. The firm has its manufacturing facility located at Nagpur,
Maharashtra. PFA has an installed capacity of 1500 MTPA for
manufacturing ferro alloys such as medium carbon (MC) – ferro
manganese, low carbon (LC) – 2 ferro manganese and silico
manganese, and 1500 MT for manufacturing manganese oxides. Ferro
alloys find application in the steel industry whereas manganese
oxides are used in the fertilizer industry.


PAWANKUMAR KEDIA: Ind-Ra Assigns BB Issuer Rating, Outlook Stable
-----------------------------------------------------------------
India Ratings and Research (Ind-Ra) has assigned Pawankumar Kedia &
Co. (PKC) a Long-Term Issuer Rating of 'IND BB'. The Outlook is
Stable.

The instrument-wise rating action is:

-- INR300 mil. Fund-based working capital limit assigned with IND

     BB/Stable/IND A4+ rating.

The ratings reflect PKC's small scale of operations, modest credit
metrics, and partnership structure of the organization. However,
the ratings are supported by the firm's healthy EBITDA margins and
the promoters'  extensive experience in the trading of cotton
yarn.

KEY RATING DRIVERS

The ratings reflect PKC's small scale of operations as indicated by
revenue of INR1,118 million in FY21 (FY20: INR1,596 million). In
FY21, the revenue declined due to muted sales as the operations
were shut for around six months due to the Covid-19-led
disruptions. Till 8MFY21, PKC booked revenue of INR1,484 million.
It had an order book of INR65 million as of December 2021, to be
executed by end-January 2021. Ind-Ra expects the revenue to improve
in FY22, due to the execution of a higher number of orders.

The ratings also factor in PKC's modest credit metrics as reflected
by the interest coverage (operating EBITDA/gross interest expenses)
of 2.4x in FY21 (FY20: 1.65x) and the net leverage (total adjusted
net debt/operating EBITDAR) of 1.19x (6.68x). The improvement in
the credit metrics was due to a decline in the external debt to
INR86.32 million at FYE21 (FYE20: INR320.06 million) as well as an
increase in the EBITDA to INR72.59 million (INR67.63 million).

Liquidity Indicator -  Stretched: PKC's average maximum utilization
of the fund-based limits was 45.2% during the 12 months ended
December 2021. The cash flow from operations increased to INR197.94
million in FY21 (FY20: INR41.77 million), owing to favorable
changes in working capital. This, coupled with the absence of
capex, caused the free cash flow to improve to INR197.79 million in
FY21 (FY20: INR41.77 million). The firm had a moderate net working
capital cycle of 70 days in FY21 (FY20: 87 days). The net working
capital cycle improved because of a reduction in the receivable
period to 91 days in FY21 (FY20: 131 days). The cash and cash
equivalents stood at INR0.13 million at FYE21 (FYE20: INR0.39
million). Furthermore, PKC had availed a guaranteed emergency
credit line of INR57.3 million in December 2021. However, the firm
does not have any capital market exposure and relies on banks and
financial institutions to meet its funding requirements.

The ratings, however, are supported by PKC's healthy EBITDA margins
of 6.49% in FY21 (FY20: 4.24%) with a return on capital employed of
23.9% (17.4%). In FY21, the EBITDA margins improved due to interest
charged to debtors for delayed payments and a decline in the cost
of goods sold. However, Ind-Ra expects the EBITDA margins to
decline in FY22 due to the absence of interest income from debtors
with the normalization of the working capital cycle, as well as
volatility in raw material prices.

The ratings also benefit from the promoters nearly three decades of
experience in the textile trading industry, leading to established
relationships with its customers and suppliers.

RATING SENSITIVITIES

Positive: An increase in the scale of operations and profitability,
while maintaining the overall credit metrics and liquidity
position, all on a sustained basis, could lead to positive rating
action.

Negative: A decline in the scale of operations or profitability,
leading to the interest coverage reducing below 1.6x or
deterioration in the liquidity, all on a sustained basis, could
lead to a negative rating action.

COMPANY PROFILE

Established in 2016, PKC is a part of the Kedia group  is engaged
in the trading of cotton yarn. The firm's head office is located in
Mumbai. Pawankumar Kedia and Manoj Kumar Kedia are the promoters.


PROGNOSYS MEDICAL: ICRA Keeps B+ Debt Ratings in Not Cooperating
----------------------------------------------------------------
ICRA has retained the ratings for the bank facilities of Prognosys
Medical Systems Pvt Ltd in the 'Issuer Not Cooperating' category.
The rating is denoted as [ICRA]B+(Stable)/[ICRA]A4; ISSUER NOT
COOPERATING.

                      Amount
   Facilities       (INR Crore)    Ratings
   ----------       -----------    -------
   Fund based           2.50       [ICRA]B+(Stable);ISSUER NOT
   Cash Credit                     COOPERATING; Rating continue
                                   to remain under the 'Issuer
                                   Not Cooperating' category
  
   Long Term-           6.50       [ICRA]B+(Stable);ISSUER NOT
   Non-Fund                        COOPERATING; Rating continue
   Based                           to remain under the 'Issuer
                                   Not Cooperating' category

   Short Term-          1.00       [ICRA]A4;ISSUER NOT
   Non-Fund Based                  COOPERATING; Rating continue
                                   To remain under the 'Issuer
                                   Not Cooperating' category

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

Incorporated in 2004, Prognosys Medical Systems Pvt Ltd is engaged
in designing, developing, integrating, and installing products
related to digital radiology equipment. The company is also engaged
in manufacturing other related accessories, providing end-to-end
solutions in the healthcare industry through the integrated
delivery of medical devices, communication
equipment, computers, servers, software supply, installation and
maintenance of the same on a turnkey basis. PMSPL is an ISO
9001:2000 certified company for radiology imaging equipment and
other allied healthcare products. The company's film processors are
also FDA and CE certified. Its major business operations range from
high frequency x-ray, digital radiography systems, C-Arm,
tele-radiology, telemedicine, home health and m-health solutions,
and accessories such as automatic film processors.

PS TOLL: ICRA Reaffirms D Rating on INR790cr Term Loan
------------------------------------------------------
ICRA Ratings has reaffirmed ratings on certain bank facilities of
PS Toll Road Private Limited (PSTRPL), as:

                    Amount
   Facilities    (INR crore)     Ratings
   ----------    -----------     -------
   Fund-based–
   Term Loan         790.0       [ICRA]D; reaffirmed

Rationale

The rating reaffirmation considers the continued delays in debt
servicing by PSTRPL. There have been continued delays in achieving
the project milestones hence National Highways Authority of India
(NHAI) issued a suspension notice to the company and has taken over
the toll collections from the company from Nov. 1, 2021. The funds
collected by NHAI is being prioritized for the completion of
construction of the road, and hence the delays in debt servicing is
expected to continue in the near term.

Key rating drivers and their description

Credit strengths

Not Applicable

Credit challenges

* Delays in debt servicing: There have been delays in achieving the
project milestones hence NHAI issued a suspension notice to the
company and has taken over the toll collections from the company
from Nov. 1, 2021. The collections are being prioritized for the
completion of construction of the road, and it is not being allowed
to be used for debt servicing. There have been delays in repayment
and the account has been classified as an NPA.

Liquidity position: Poor

The company's liquidity position is poor with cash flow from
operations expected to be insufficient to meet its debt servicing
obligation over the near term. The company has a repayment
obligation of INR29.55 crore in FY2022 and INR31.25 crore in
FY2023. With NHAI having taken over toll collections, it has
prioritized completion of the project and O&M activities, and the
company is unable to service its debt. Completion of pending
project, achievement of PCOD and resumption of toll collection will
be crucial from a debt servicing perspective. Moreover, as per the
management, post resumption of toll collections too, the company
may be required to approach its lenders for restructuring.

Rating sensitivities

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

Negative factors – Not Applicable

Incorporated in February 2010, PS Toll Road Private Limited
(PSTRL), is a special purpose vehicle (SPV) promoted by Reliance
Infrastructure Limited (R Infra) and Jiangsu Provincial
Transportation Engineering Group Co. Ltd. (JTEG) for widening of
Pune-Satara stretch from existing 4 lanes to 6 lanes on
Built-Operate-Transfer (BOT Toll) basis in the state of
Maharashtra. The Project is a part of NH 4 and starts at Km 725.00
and ends at km 865.35 of NH 4, with a total length of about 140.35
km. The project was awarded by the National Highways Authority of
India (NHAI) based on the highest premium quoted of INR90.90 crore
in the first year (escalates at 5% p.a. thereafter). The concession
period is for 24 years from the appointed date (i.e., October 1,
2010).


RAVI IRON: ICRA Keeps B+ Debt Ratings in Not Cooperating
--------------------------------------------------------
ICRA has retained the ratings for the bank facilities of Ravi Iron
Limited in the 'Issuer Not Cooperating' category. The rating is
denoted as "[ICRA]B+(Stable): ISSUER NOT COOPERATING".

                      Amount
   Facilities       (INR Crore)     Ratings
   ----------       -----------     -------
   Long Term            24.40       [ICRA]B+(Stable)ISSUER NOT
   Fund based                       COOPERATING; Rating continues
   Facilities                       to remain under 'Issuer Not
                                    Cooperating' category

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

Incorporated in 1997 by Mr. Ravindra Kumar Garg and his son, Mr.
Manu Garg, RIL is a part of the Ghaziabad-based Garg Group that has
operations in various sectors like education, steel, publication,
real estate, etc. The company trades in long and flat steel
products. Its product portfolio includes various products such as
mild steel bars, plates, angles, structures, rounds, and channels.
The company procures steel primarily from Steel Authority India
Ltd. and Rashtriya Ispat Nigam Ltd. in Ghaziabad and other large
traders.


REGENT BEERS: Ind-Ra Lowers Long Term Issuer Rating to 'D'
----------------------------------------------------------
India Ratings and Research (Ind-Ra) has downgraded Regent Beers &
Wines Ltd.'s (RBWL) Long-Term Issuer Rating to 'IND D' from 'IND
BB+ (ISSUER NOT COOPERATING)'. The Outlook was Stable.

The instrument-wise rating actions are:

-- INR110 mil. Fund-based working capital limit (Long-term)
     downgraded with IND D rating;

-- INR6 mil. Non-fund-based working capital limit (Short-term)
     downgraded with IND D rating; and

-- INR15.21 mil. Term loan (Long-term) downgraded with IND D
     rating.

KEY RATING DRIVERS

The downgrade reflects RBWL's delays in repayment of the term loan
in the last three months ended December 2021, as per the term loan
statement provided by the management.

RATING SENSITIVITIES

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

COMPANY PROFILE

RBWL was registered at Registrar of Companies Gwalior on October 7,
1997 and is categorized as company limited by shares. It
manufactures beer at its 300,000 hectoliters per annum brewery
located in Maksi, Madhya Pradesh. The company sells its products to
the Madhya Pradesh Government. It ventured into the conversion
business with B9 Beverages Pvt Ltd in FY17.


SHYAM TEXTILES: ICRA Lowers Rating on INR35cr Loan to B+
--------------------------------------------------------
ICRA Ratings has revised ratings on certain bank facilities of
Shyam Textiles Limited (STL), as:

                     Amount
   Facilities      (INR Crore)     Ratings
   ----------      -----------     -------
   Long Term           35.00       [ICRA]B+(Stable)ISSUER NOT
   Fund based                      COOPERATING; Rating Downgraded
   cash Credit                     From [ICRA]BB+ (Stable);
                                   continues to remain under
                                   'Issuer Not Cooperating'
                                   Category

   Short Term-          6.00       [ICRA]A4; ISSUER NOT
   Non Fund based                  COOPERATING; Rating Downgraded
                                   From [ICRA] A4+; continues to
                                   remain under 'Issuer Not
                                   Cooperating' category

Rationale

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

As part of its process and in accordance with its rating agreement
with Shyam Textiles Limited, ICRA has been trying to seek
information from the entity so as to monitor its performance, but
despite repeated requests by ICRA, the entity's management has
remained non-cooperative. In the absence of requisite information
and in line with the aforesaid policy of ICRA, a rating view has
been taken on the entity based on the best available information.

Incorporated in 1984, STL is a part of the Shyam Group of
companies. It is primarily involved in manufacturing mosquito nets
and monofilament yarn. The company also acts as a DCA for GAIL –
Karnataka for trading in plastic granules. In addition, it trades
in plastic granules as and when it finds opportunities in the
market. The Shyam Group of companies has interests in diverse
businesses, such as polymer processing and trading, and non-banking
financing activities. The Group traces its roots to the business
set up in 1986 by Mr. Ram Awtar Ramsisaria in Kolkata. It
eventually shifted its operational base to Bangalore during the
1980s and started trading in plastic granules through different
entities. Since then, the Group has expanded its operations by
several fold, and at present includes multiple trading and
investment companies.

TADEPALLIGUDEM MUNICIPALITY: ICRA Keeps B+ in Not Cooperating
-------------------------------------------------------------
ICRA has retained the long-term ratings of Tadepalligudem
Municipality in the 'Issuer Not Cooperating' category. The ratings
are denoted as [ICRA]B+(Stable); ISSUER NOT COOPERATING".

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

Tadepalligudem Municipality was established in 1958 and was
upgraded to a selection grade municipality in 2010. The
municipality is governed by the Andhra Pradesh Municipalities Act,
1965, which is administered by the Municipal Administration and
Urban Development Department (DMA), GoAP.The TPGM provides basic
municipal services in Tadepalligudem town, which is located in the
west Godavari district of Andhra Pradesh. The TPGM covers an area
of 20.71 square kilometre (sq. km.) and serves a population of 1.04
lakh (as per Census 2011). The major functions of the TPGM include
water supply, solid waste management and construction, repair and
maintenance of roads and streetlights in its area. The municipality
is divided into 35 wards and is supervised by an elected body, the
council, consisting of ward councillors, elected for a period of
five years. The council further elects a Mayor, who heads the
deliberative wing of the corporation. The Commissioner, appointed
by the State Government, heads the executive wing of the urban
local body, and is responsible for all the activities carried out
by the corporation.

YASH PAL: ICRA Keeps B+ Debt Rating in Not Cooperating Category
---------------------------------------------------------------
ICRA has retained the long term rating of Yash Pal & Sons (HUF) in
the 'Issuer Not Cooperating' category. The ratings are denoted as
[ICRA]B+ (Stable); ISSUER NOT COOPERATING".

                    Amount
   Facilities    (INR crore)     Ratings
   ----------    -----------     -------
   Fund based–       19.50       [ICRA]B+ (Stable); ISSUER NOT
   Term Loan                     COOPERATING; Rating continues to
                                 remain under 'Issuer Not
                                 Cooperating' category

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

YPS was formed in 1997 by Mr. Yashpal Arora, who is also the Karta
of the entity. The other members of the HUF include Mr. Arora's
wife and two sons. YPS has been carrying out real estate
development for more than a decade and forayed into its first
hospitality venture and started construction of a hotel in 2010.
The hotel is branded 'Park Inn by Radisson' and is managed by the
Carlson Rezidor Hotel Group, which owns the Park Inn brand. The
hotel is located near Manesar, Haryana, an industrial hub, with a
total of 98 rooms divided into three categories - Superior Rooms
(76 rooms), Deluxe Rooms (16 rooms) and Executive suites (6 rooms).
The hotel commenced operations in January 2014.



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

CITIZEN WATCH: Egan-Jones Keeps BB+ Senior Unsecured Ratings
------------------------------------------------------------
Egan-Jones Ratings Company on January 3, 2022, maintained its 'BB+'
foreign currency and local currency senior unsecured ratings on
debt issued by Citizen Watch Co Ltd.

Headquartered in Nishitokyo, Tokyo, Japan, Citizen Watch Co., Ltd.
produces and sells watches and machine tools.


J FRONT: Egan-Jones Keeps CCC+ Senior Unsecured Ratings
-------------------------------------------------------
Egan-Jones Ratings Company on January 7, 2022, maintained its
'CCC+' foreign currency and local currency senior unsecured ratings
on debt issued by J Front Retailing Co Ltd. EJR also maintained its
'C' rating on commercial paper issued by the Company.

Headquartered in Tokyo, Japan, J. Front Retailing Co., Ltd. is a
holding company established through the merger of Daimaru and
Matsuzakaya.


JAPAN: Fewest Bankruptcies Since 1966 Raise Fears of Zombie Firms
-----------------------------------------------------------------
Bloomberg News reports that Japan last year had the fewest
bankruptcies in a half century.  That's how well the government's
response to the pandemic has worked in keeping businesses afloat
and people employed.

But economists warn there may be a darker side, Bloomberg says.
Zero-interest loans and subsidies may have also helped prop up
firms that were already non-performing before the crisis and
probably should have been left to go under.

While policy makers everywhere have trouble providing just the
right amount of aid during a crisis, Japan has a long history of
easy credit that's been blamed for keeping "zombie" firms alive,
according to Bloomberg. It's worsened labor shortages and created
unhealthy competition that's put downward pressure on prices even
in normal times.

"Even before the pandemic, we had the problem that a low-yield
environment was creating more zombie firms," Bloomberg quotes
economist Shotaro Kugo at Daiwa Institute of Research as saying.
"They bring down the potential growth rate and can even sap the
impact of monetary easing."

Japan is hardly the only country that has kept firms going. A study
by the Organisation for Economic Co-operation and Development
(OECD) in the mid-2010s showed zombies - defined as businesses with
persistent difficulties paying interest on debt - were a cause of
slowing productivity and sluggish growth across the developed
world, Bloomberg discloses.

In Japan, though, the scale of recent aid has been extraordinary.

Since the height of the pandemic, the Bank of Japan has lent more
than JPY95 trillion ($830 billion) to help firms, an amount that
would cover all the debts of the country's bankruptcies since June
2002, Bloomberg relates citing a comparison of the BOJ's balance
sheet and data from Tokyo Shoko Research, which tallies Japan's
business failures.

"It's worrying that policy makers continue to intervene," said
Kenichi Ueda, an economics professor at the University of Tokyo who
argues the government should have left banks to decide which
businesses to support, rather than offering blanket aid, notes the
report. "It's a waste."

It's also a big reason that Japan has weathered the pandemic better
than most other major economies, with unemployment never going
above 3.1% and the fewest bankruptcies since 1966, a period when
Japanese growth was roaring, figures from research firm Teikoku
Databank show, Bloomberg relays.

According to Bloomberg, the International Monetary Fund on Jan. 28
said recent decisions by the BOJ to focus its crisis-aid on smaller
businesses should help "prevent the rise of new zombie firms."

"(Prime Minister Fumio) Kishida aims to reduce income inequality,
so I don't expect he will decide to kill the zombies during his
administration, even if it's probably necessary to avoid shrinking
the economy in the long-run," said Yuki Masujima, economist at
Bloomberg Economics.

For Kishida, deciding when to pull back aid will be all the harder
because he came to power promising a kinder, gentler brand of
capitalism, Bloomberg says.

He would not want to do anything that could be perceived as taking
away support for the vulnerable, especially not with elections
coming this summer and the economy still shaky, notes the report.

Bloomberg relates that analysts have been expecting growth to
finally take firm hold this year, but a recent surge in virus cases
could set progress back yet again. Quasi-emergencies were declared
for Tokyo and most other major business centers last week.

Given that reality, Japan is absolutely not at a stage where
support can be withdrawn, said Daiwa's Kugo, Bloomberg relays. But
policy makers still run the risk of turning off the aid spigot too
late, he says, adding that public support for continued help makes
it politically hard to stop it.

"At some point there's definitely going to be a moment for
lessening government support," Bloomberg quotes Kugo as saying.
"This is very key, but Japan tends to be bad at it."

MAZDA MOTOR: Egan-Jones Keeps BB+ Senior Unsecured Ratings
----------------------------------------------------------
Egan-Jones Ratings Company on January 3, 2022, maintained its 'BB+'
foreign currency and local currency senior unsecured ratings on
debt issued by Mazda Motor Corporation.

Headquartered in Fuchu, Hiroshima, Japan, Mazda Motor Corporation
manufactures and sells automobiles, trucks, auto parts, and
accessories.




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

AVANTI FINANCE: S&P Affirms 'BB' ICR, Outlook Stable
----------------------------------------------------
S&P Global Ratings has affirmed its issuer and issue credit ratings
on an Australian and New Zealand financial institutions and the
rated entities within the groups. 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 financial institution groups are:

  Australia

   -- AMP Ltd. (AMP)
   -- Liberty Financial Pty Ltd. (Liberty)

  New Zealand

   -- Avanti Finance Ltd. (Avanti)

S&P's outlooks on AMP group entities and Avanti remain stable. Its
outlook on Liberty group entities remains positive.

S&P said, "Our assessments of economic risk and industry risk in
Australia also remain unchanged at '3' and '3', respectively. These
scores determine the BICRA and the anchor, or starting point, for
our ratings on financial institutions that operate primarily in
Australia. The trends we see for economic risk and industry risk
remain stable and positive, respectively.

"The anchor for our ratings on nonbank financial institutions
(NBFIs) in Australia remains 'bb+'. The anchor is three notches
below the 'bbb+' bank anchor reflecting our view of the incremental
industry risk of fincos in Australia relative to banks. We consider
that fincos operate under a weaker regulatory oversight and
institutional framework, face higher competitive risk, and have
typically less stable revenue through economic cycles. Funding risk
for fincos is also higher than banks, in our view, because they
typically lack central bank access.

"Similarly, our assessments of economic risk and industry risk in
New Zealand also remain unchanged at '4' and '4', respectively.
These scores determine the BICRA and the anchor, or starting point,
for our ratings on financial institutions that operate primarily in
New Zealand. The trends we see for economic risk and industry risk
remain negative and stable, respectively.

"The anchor for our ratings on NBFIs in New Zealand remains 'bb'.
The anchor is three notches below the 'bbb' bank anchor reflecting
our view of the incremental industry risk of fincos in New Zealand
relative to banks. We consider that fincos operate under a weaker
regulatory oversight and institutional framework, face higher
competitive risk, and have typically less stable revenue through
economic cycles. Funding risk for fincos is also higher than banks,
in our view, because they typically lack central bank access.

"In addition, the stand-alone credit profiles (SACPs) of the above
listed financial institutions, 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 financial institutions."

AMP Ltd. And AMP Group Holdings Ltd.

S&P said, "Our ratings on AMP and AMP Group Holdings Ltd. (AGHL)
reflect our view of the group's overall credit strength. The
ratings on both entities are one notch below our view of AMP
group's credit strength reflecting structural subordination for
both nonoperating holding companies."

Outlook

S&P said, "The outlooks on AMP and AGHL are stable. At the current
rating level on the group entities, some headroom exists for a
deterioration in the financial profile of the wealth and investment
management operations, or demerger of the investment management
business. We expect the debt-to-adjusted EBITDA ratio for the
remaining wealth management operations to stay below 2x."

Upside scenario

S&P expects to raise the long-term ratings on each of the rated
entities in the next two years by one notch if it assesss that the
group credit profile has strengthened. This could arise if all of
the following occur:

-- S&P sees stabilization in the business franchise and earnings
of the wealth and investment management activities;

-- Industry risks facing Australian banks reduce sustainably; and

-- The bank becomes a larger contributor to the group's earnings
and capital.

If S&P raises its long-term ratings on the AMP group entities by
one notch, it also expects to raise the short-term rating on AGHL
by one notch to 'A-2'.

Downside scenario

S&P expects to lower the long-term ratings on each of the rated
entities in the next two years by one notch if it assesses the
group credit profile has weakened. This could arise if:

-- S&P expects the debt-to-adjusted EBITDA ratios of the combined
wealth and investment operations to rise above 2x; or

-- S&P sees further destabilization in the business franchise.

If S&P lowers its long-term ratings on the AMP group entities by
one notch, S&P also expect to lower the short-term ratings on AMP
Bank Ltd. and AGHL by one notch to 'A-3' and 'B', respectively.

AMP Bank Ltd.

S&P said, "Our ratings on AMP Bank reflect our view the bank will
remain a core operating entity of the AMP group. While we believe
the bank will maintain very strong capital levels and sound asset
quality backed by low-risk residential mortgage lending. Offsetting
these strengths is the bank's small market share relative to much
larger peers. In our view, AMP Bank has a weaker capacity to source
funding in a stressed operating environment, relative to its much
larger major bank peers."

Outlook

S&P said, "The outlook on AMP Bank is stable, reflecting our view
on the wider group. At the current rating level, some headroom
exists for a weakening in the AMP group credit profile from a
deterioration in the financial profile of the wealth or investment
management operations or possible demerger of parts of the
investment management business. We equalize our ratings on the bank
with our view of AMP group's creditworthiness, as the bank is a
core operating entity of the group."

Downside scenario

S&P could lower the long-term rating on AMP Bank if the AMP group
credit profile weakens. This could arise if:

-- S&P considers the future debt-to-adjusted EBITDA ratios of the
group's wealth operations are likely to remain at or above 4x or
its investment management operations are likely to remain at or
above 2x prior to the demerger of part of AMP group's investment
management operations.

-- The demerger of the investment management operations' private
market business completes, and AMP materially depletes capital
levels in the group's remaining businesses, predominantly bank
capital; or

-- Earnings of key businesses significantly weaken, for example
due to reduced cost synergies.

If S&P lowers its long-term rating on AMP Bank, it also expects to
lower the short-term rating on AMP Bank by one notch to 'A-3'.

Upside scenario

S&P sees limited upside to its ratings on AMP Bank in the next two
years. Nevertheless, the most likely route to an upside scenario is
if we believe the overall credit profile of the AMP group has
strengthened. This would likely occur if:

-- S&P forms a view that industry risks facing Australian banks
have reduced sustainably.

-- S&P sees substantial progress toward a clear strategic
turnaround at AMP resulting in sound operational effectiveness and
synergies for the remaining businesses following the demerger of
part of its investment management operations; and

-- S&P forecasts debt-to-adjusted EBITDA ratios for the group's
remaining wealth management operations to be below 1.5x.

  Ratings Score Snapshot: AMP Bank Ltd.
  Issuer Credit Rating: BBB/Stable/A-2
  Stand-alone credit profile: bbb

  Anchor: bbb+
  Business Position: Constrained (-2)
  Capital and Earnings: Very Strong (+2)
  Risk Position: Adequate (0)
  Funding and Liquidity: Moderate and adequate (-1)
  Comparable Rating Analysis: 0
  Support: 0

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

Avanti Finance Ltd.

S&P said, "Our ratings on Avanti reflect its very strong
capitalization and defendable niche position as a finance provider
to those not actively serviced by mainstream banks. We view
Avanti's lending activities as inherently higher risk than those of
mainstream banks but expect Avanti's diverse product offering and
lack of single name concentration to keep its credit losses
relatively stable, albeit elevated relative to New Zealand's banks.
Avanti's bank warehouse funding model leaves it susceptible to
banker confidence, in our view, but the finance company is making
progress to diversify its funding base through term
securitization."

Outlook

S&P said, "The stable outlook reflects our expectation that New
Zealand-based Avanti Finance Ltd. will maintain a very strong
risk-adjusted capital (RAC) ratio of above 15% for the next 12
months despite continued strong growth in its loan book. We also
expect Avanti to maintain its underwriting standards and pricing
for the risks it assumes, and refrain from entering significant new
and higher-risk business segments that may expose the company to
materially higher credit losses."

Downside scenario

S&P said, "We believe a lower rating is unlikely over the next two
years. However, we could lower our long-term rating on Avanti if
the company continues to pursue aggressive loan growth without
capital management initiatives to maintain its very strong capital,
such that the RAC ratio falls to less than 15% on a sustained
basis."

Upside scenario

An upgrade is unlikely in the next 12 months, reflecting S&P's
expectation that Avanti's market share will remain small despite
continued strong growth.

  Ratings Score Snapshot: Avanti Finance Ltd
  Issuer Credit Rating: BB/Stable/B
  Stand-alone credit profile: bb

  Preliminary Anchor: bb
  Anchor Adjustment: 0
  Business Position: Adequate (0)
  Capital and Earnings: Very strong (+2)
  Risk Position: Constrained (-2)
  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

Liberty Financial Pty Ltd.

S&P said, "Our ratings on Liberty reflect its very strong capital
position and focus on residential mortgage lending to a customer
set that is not generally serviced by mainstream banks. We believe
Liberty will maintain a strong growth appetite when market dynamics
permit, with growth supported wholly by wholesale funding, using
both warehouses and term securitization."

Outlook

S&P said, "The positive outlook on Liberty reflects our view that
there is a one-in-three possibility that Australian financial
institutions will face reduced industry risks in the next two
years. We believe that the Australian banking system's funding
profile has been improving in the past 10 years on the back of
growing customer deposits and falling offshore borrowing. We
consider that the stronger systemwide funding metrics could be
sustained despite a modest weakening in the next three years as the
COVID-19 driven rise in customer deposits through 2020 unwinds and
the Reserve Bank Of Australia's term funding facility matures.

"We expect the strategic direction and capital management practices
of Liberty to remain unchanged following the group's IPO in
December 2020. We expect Liberty will maintain a RAC ratio above
15% over the next two years. In addition, we consider that credit
losses should remain low.

"The positive outlook on Liberty factors in our expectation that
the regulator will take timely and effective actions to mitigate
risks from rapidly rising house prices and home loan growth.
Failing this, the upside on our rating is likely to recede."

Upside scenario

S&P expects to raise its long-term issuer credit rating on Liberty
by one notch to 'BBB' if it forms a view that industry risks facing
Australian financial institutions have reduced sustainably, all
else remaining equal.

Downside scenario

S&P expects to revise its outlook on Liberty to stable if it
considers that industry risks faced by Australian financial
institutions are unlikely to reduce in the next two years. This
could occur if there is a material deterioration in Australian
banks' earnings capacity or if significant weaknesses emerged
regarding banking systemwide regulation and supervision, risk
appetite, risk management, or governance.

  Ratings Score Snapshot: Liberty Financial Pty Ltd.
  Issuer Credit Rating: BBB-/Positive/A-3
  Stand-alone credit profile: bbb-

  Preliminary Anchor: bb+
  Anchor Adjustment: 0
  Business Position: Adequate (0)
  Capital and Earnings: Very strong (+2)
  Risk Position: Moderate (-1)
  Funding and Liquidity: Adequate and adequate (0)
  Comparable Rating Analysis: 0
  Support: 0

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

Liberty Financial Ltd.

S&P said, "Our ratings on Liberty Financial Ltd. (LFL) reflect the
unconditional and irrevocable guarantee its parent, Liberty,
provides for timely payment of LFL's debenture obligations, which
currently form almost 100% of its funding base. As such, we
equalize our ratings on LFL with our ratings on Liberty.

"We expect LFL's asset exposures will remain concentrated to
residential mortgages, targeting a customer segment not
traditionally serviced by New Zealand banks. We expect LFL's
absolute capital base will remain small, although supportive of its
overall balance sheet size."

Outlook

The positive outlook on LFL reflects that on its parent, Liberty.
S&P will continue to equalize its ratings on LFL with those on
Liberty over the next two years unless there is a significant
dilution or withdrawal of the guarantee provided by the parent.

Upside scenario

S&P expects to raise its long-term issuer credit rating on LFL to
match any change in its ratings on Liberty.

Downside scenario

S&P expects to revise its outlook on LFL to stable if it revises
its outlook on Liberty to stable.

  Ratings Score Snapshot: Liberty Financial Ltd.
  Issuer Credit Rating: BBB-/Positive/A-3
  Stand-alone credit profile: b-

  Preliminary Anchor: bb
  Anchor Adjustment: 0
  Business Position: Constrained (-3)
  Capital and Earnings: Very strong (+2)
  Risk Position: Constrained (-3)
  Funding and Liquidity: Moderate and adequate (-1)
  Comparable Rating Analysis: +1
  Support: +6

  ALAC Support: 0
  GRE Support: 0
  Group Support: +6
  Sovereign Support: 0
  Additional Factors: 0

  Ratings List

  AMP LTD.                

  RATINGS AFFIRMED

  AMP LTD.

   Issuer Credit Rating              BBB-/Stable/--

  AMP BANK LTD.

   Issuer Credit Rating              BBB/Stable/A-2

  AMP GROUP HOLDINGS LTD.

   Issuer Credit Rating              BBB-/Stable/A-3

  AVANTI FINANCE LTD.             

  RATINGS AFFIRMED

  AVANTI FINANCE LTD.

   Issuer Credit Rating              BB/Stable/B

  LIBERTY FINANCIAL PTY LTD.            

  RATINGS AFFIRMED

  LIBERTY FINANCIAL PTY LTD.
  LIBERTY FINANCIAL LTD.

   Issuer Credit Rating              BBB-/Positive/A-3


CITIZENS ADVICE: Creditors' Proofs of Debt Due Feb. 25
------------------------------------------------------
Creditors of Citizens Advice Bureau Otorohanga Incorporated, 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. 20, 2022.

The company's liquidator is:

          Colin Sanderson
          McDonald Vague Limited
          Level 10, 33 Federal Street
          Auckland 1010


LILYAM GROOMERS: Creditors' Proofs of Debt Due Feb. 28
------------------------------------------------------
Creditors of Lilyam Groomers Limited, which is in voluntary
liquidation, are required to file their proofs of debt by Feb. 28,
2022, to be included in the company's dividend distribution.

The company commenced wind-up proceedings on Jan. 26, 2022.

The company's liquidator is:

          Heath Gair
          Palliser Insolvency
          PO Box 57124
          Mana, Porirua 5247


VERDEBLU LIMITED: Court to Hear Wind-Up Petition on March 11
------------------------------------------------------------
A petition to wind up the operations of Verdeblu Limited (trading
as Hydrolix Plumbing and Gas) will be heard before the High Court
at Auckland on March 11, 2022, at 10:00 a.m.

Plumbing World Limited, filed the petition against the company on
Sept. 9, 2021.

The Petitioner's solicitor is:

          Catherine Louise Waugh
          Credit Consultants Group NZ Limited
          Level 12, 15 Willeston Street
          Wellington Central, Wellington 6011


WINDOWTECH LIMITED: Placed in Receivership
------------------------------------------
Damien Grant of Waterstone Insolvency, on Jan. 25, 2022, was
appointed receiver of Windowtech Limited and David Mark Hutton
pursuant to general security agreements dated May 31, 2021, by
Ignite Solutions Limited, whose property consists of all present
and after-acquired property together with all proceeds arising from
that property, including goods, money, accounts receivable, chattel
paper, intangibles, negotiable instruments, documents of title and
investment securities.

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

The Commissioner of Inland Revenue filed the petition against the
company on July 28, 2021.

The Petitioner's solicitor is:

          Tara Nicola Carr
          Legal Services
          11 Jepsen Grove
          Wallaceville, Upper Hutt 5018




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

AN SHUN: Court Enters Wind-Up Order
-----------------------------------
The High Court of Singapore entered an order on Jan. 21, 2022, to
wind up the operations of An Shun Shipping Pte. Ltd., An Ding
Shipping Pte. Ltd., and Da Hai Shippping (Pte.) Ltd.

The company's liquidators are:

          Yit Chee Wah
          FTI Consulting (Singapore) Pte Ltd
          1 Raffles Quay, #27-10
          Singapore 048583



CENTRE FOR CYBERSECURITY: Court to Hear Wind-Up Petition of Feb. 4
------------------------------------------------------------------
A petition to wind up the operations of Centre For Cybersecurity
Pte Ltd will be heard before the High Court of Singapore on Feb. 4,
2022, at 10:00 a.m.

Seow Yi Zhe (Xiao Yizhe) filed the petition against the company on
Dec. 14, 2021.

The Petitioner's solicitors are:

          Yuen Law LLC
          50 South Bridge Road
          #03-00, Singapore 058682


EZION HOLDINGS: Files Winding Up Application
--------------------------------------------
The Business Times reports that Ezion Holdings has filed a winding
up application for the company to be placed into liquidation.

BT relates that in a filing to the Singapore Exchange on Jan. 28,
the company said that despite its efforts to restructure the group
and search for an investor to recapitalise the firm, it has run
into difficulties procuring investment proposals from the potential
investors that are able to garner the support of its major
creditors.

Amid challenging market conditions and the company's current
financial position, Ezion said its key operating subsidiaries are
no longer able to remain operationally viable as a going concern
without receiving working capital, BT relays.

BT adds Ezion said it will make the necessary announcements as and
when there are further developments, including the hearing date or
any orders of the High Court.

                       About Ezion Holdings

Singapore-based, Ezion Holdings Limited --
http://www.ezionholdings.com/-- an investment holding company,
develops, owns, and charters offshore assets to support the
offshore energy markets in Singapore, India, Brunei, Thailand, the
Middle East, Nigeria, and internationally. The company operates
through Liftboats, Jack-Up Rigs, Offshore Support Logistics
Services, and Others segments. It owns, charters, and manages rigs
and vessels involved in the production, maintenance, and
exploration phases of the oil and gas, and offshore windfarm
industries. The company also provides shipping agency and
management services, as well as undertakes engineering works;
financing services; and cargo transportation services. In addition,
it holds assets or investments involved in renewable energy, and
other oil and gas related industries.

As reported in the Troubled Company Reporter-Asia Pacific on Oct.
21, 2020, Ezion Holdings on Oct. 19 announced its restructuring
plan to refocus its business on the provision of vessel-management
services, following a strategic review of its options in
consultation with major lenders.  According to The Business Times,
the company said that it will take steps to realise value by
disposing of its vessels in an orderly manner over a period of
time; this will enable it to better manage its cashflow constraints
by reducing the holding costs of the vessels as well as the amount
of liabilities.  It will also implement further cost-cutting
measures in line with business requirements and continue the search
for potential investors to recapitalise the group and realise the
value of the listed status of the company, on the basis of a
vessel-management company.

The company has appointed RSM Corporate Advisory as corporate
restructuring advisor to oversee the implementation of the
restructuring plan over the course of the next year and will in due
course hold an informal meeting for securities holders.


LAM CHEE: Creditors' Meeting Set for Feb. 18
--------------------------------------------
Lam Chee Land Pte. Ltd will hold a meeting for its creditors on
Feb. 18, 2022, at 3:30 p.m., via Zoom.

Agenda of the meeting includes:

   a. to nominate liquidator(s) or to confirm members' nomination
      of liquidator(s);

   b. to receive a full statement of the Company's affairs
      together with a list of its creditors and the estimated
      amount of their claims;

   c. to consider and if thought fit, appoint a Committee of
      Inspection for the purpose of such winding up;

   d. to consider any other matters which may be brought before
      the meeting.

Mr. Farooq Ahmad Mann of M/s Mann & Associates was appointed as
provisional liquidator of the company on Jan. 24, 2022.


SWINA INTERNATIONAL: Creditors' Meeting Set for Feb. 7
------------------------------------------------------
Swina International Pte Ltd, which is in compulsory liquidation,
will hold a meeting for its creditors on Feb. 7, 2022, at 3:30
p.m., via Zoom.

Agenda of the meeting includes:

   a. to provide the creditors with an update on the status
      of the liquidation of the company;

   b. to apprise creditors of an offer received by the Liquidator
      pertaining to a proposal from a 3rd party to take over the
      company and to reinstate the company back to live status but

      subject to creditors' consideration and/or approval at the
      meeting itself or at a later stipulated date of this 3rd
      party's proposal and which includes a payment proposal to
      the creditors of the company and which will also be subject
      to Court approval; and

   c. to consider any other matters which may properly be brought
      before the meeting that is relevant to the liquidation of
      the company.

The company's liquidator is:

         Farooq Mann
         M/s Mann & Associates PAC
         3 Shenton Way
         #03-06C Shenton House
         Singapore 068805




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

KOREA GAS: Egan-Jones Keeps BB- Senior Unsecured Ratings
--------------------------------------------------------
Egan-Jones Ratings Company on January 7, 2022, maintained its 'BB-'
foreign currency and local currency senior unsecured ratings on
debt issued by Korea Gas Corporation. EJR also maintained its 'B'
rating on commercial paper issued by the Company.

Headquartered in Daegu, South Korea, Korea Gas Corporation
manufactures, wholesales, and distributes liquefied natural gas
(LNG) and liquefied petroleum gas (LPG) throughout South Korea.



                           *********


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

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

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

This material is copyrighted and any commercial use, resale or
publication in any form (including e-mail forwarding,
electronic re-mailing and photocopying) is strictly prohibited
without prior written permission of the publishers.
Information contained herein is obtained from sources believed
to be reliable, but is not guaranteed.

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



                *** End of Transmission ***