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

                     A S I A   P A C I F I C

          Thursday, February 10, 2022, Vol. 25, No. 24

                           Headlines



A U S T R A L I A

AUSTRALIAN WINE: Commences Wind-Up Proceedings
DIFFLE PTY: First Creditors' Meeting Set for Feb. 21
ELC SYSTEMS: First Creditors' Meeting Set for Feb. 18
FORUM GROUP: Papas' Business Partner Wants Case vs. Him Discarded
PEAK FINE: Commences Wind-Up Proceedings

PROFESSIONAL PAINTBALL: First Creditors' Meeting Set for Feb. 17
RESIMAC BASTILLE NO.3: Moody's Gives Ba2 Rating to AUD15MM E Notes
[*] AUSTRALIA: Court Actions vs. Businesses Up 58% Last Quarter


C H I N A

CHINA GRAND: Fitch Cuts LT FC IDR to 'B', On Watch Negative
DAFA PROPERTIES: Moody's Withdraws Caa2 CFR & Caa3 Unsec. Rating
LOGAN GROUP: Fitch Lowers LT IDRs to 'BB-', Outlook Negative
SHINSUN HOLDINGS: Fitch Withdraws 'CC' LT IDR


I N D I A

ALPINE SHOES: Ind-Ra Assigns BB+ Issuer Rating, Outlook Stable
BESTO TRADELINK: CRISIL Assigns B Rating to INR10cr Cash Loan
CHIRAG RICE: CRISIL Keeps B Debt Rating in Not Cooperating
CORE JEWELLERY: Ind-Ra Hikes Long-Term Issuer Rating to 'BB'
D-PARADISE TEX: CRISIL Moves B+ Debt Ratings to Not Cooperating

DAMAIRA PHARMACEUTICALS: CRISIL Rates INR18.5cr Loans at B+
DASARI VEER: CRISIL Withdraws B- Rating on INR4.55cr Term Loan
DEVICOLAM DISTILLERIES: CRISIL Reaffirms B+ Debt Ratings
DIAMANT INFRA: CRISIL Keeps D Debt Ratings in Not Cooperating
DIVYALAKSHMI TEXTILES: Ind-Ra Moves BB+ Rating to Non-Cooperating

FILM FARM: CRISIL Lowers Rating on INR9cr Loans to B
FUTURE RETAIL: Lenders Seek to Push Back Insolvency Filing
GANESH DIAGNOSTIC: CRISIL Keeps D Debt Rating in Not Cooperating
JHARKHAND MEGA: CRISIL Keeps D Debt Rating in Not Cooperating
K K WELDING: CRISIL Keeps D Debt Ratings in Not Cooperating

MOBISMART CARD: CRISIL Assigns B- Rating to INR24cr Loans
MUKKUDAM ELECTROENERGY: CRISIL Withdraws B+ Debt Rating
MY CAR: Ind-Ra Keeps 'D' Long-Term Issuer Rating in Non-Cooperating
NILACHAL REFRACTORIES: CRISIL Keeps D Rating in Not Cooperating
R. N. KAPOOR: CRISIL Reaffirms B Rating on INR4.9cr Cash Debt

RASHTRIYA ISPAT: Ind-Ra Affirms BB+ Long-Term Issuer Rating
ROLTA INDIA: Ind-Ra Affirms 'D' Long-Term Issuer Rating
SHAMIK ENTERPRISES: Insolvency Resolution Process Case Summary
SHIVA DALL: CRISIL Lowers Rating on INR12.95cr Loan to D
SRV KNIT: CRISIL Hikes Rating on INR7.5cr Term Loan to B

SUNFLOWER EDUCATIONAL: CRISIL Keeps D Rating in Not Cooperating
SUYASH MOTORS: CRISIL Keeps B+ Debt Ratings in Not Cooperating
VIKAS WSP LIMITED: Insolvency Resolution Process Case Summary
VIRTUE INDUSTRIES: CRISIL Lowers Rating on INR6.45cr Loans to D
ZENOVA BIO: Ind-Ra Hikes Long-Term Issuer Rating to 'B+'



I N D O N E S I A

TUNAS BARU: Moody's Lowers CFR to B2 & Alters Outlook to Negative


M A C A U

STUDIO CITY: Moody's Rates New USD Senior Secured Bonds 'Ba3'


N E W   Z E A L A N D

GIBBS GROUP: Creditors' Proofs of Debt Due March 11
J D GAWITH: Creditors' Proofs of Debt Due April 4
JMCD LIMITED: Court to Hear Wind-Up Petition on March 25
TOTAL QUALITY: Commences Wind-Up Proceedings


S I N G A P O R E

AMROSE SINGAPORE: Creditors' First Meeting Set for Feb. 25
NO SIGNBOARD: Applies for 2-Month Extension to File Annual Report
SINGAPORE PRESS: Keppel to Commence Arbitration Proceedings


S R I   L A N K A

SRI LANKA: Not on Verge of Sovereign Default, Central Bank Says

                           - - - - -


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

AUSTRALIAN WINE: Commences Wind-Up Proceedings
----------------------------------------------
Members of Australian Wine Agencies Pty Ltd, on Feb. 9, 2022,
passed a resolution to voluntarily wind up the company's
operations.

The company's liquidator is:

          Matthew Kucianski
          Worrells Solvency & Forensic Accountants
          Level 14, 570 Bourke Street
          Melbourne, VIC 3000


DIFFLE PTY: First Creditors' Meeting Set for Feb. 21
----------------------------------------------------
A first meeting of the creditors in the proceedings of Diffle Pty.
Ltd. and Arnbridge Nominees Pty. Ltd. ATF ARNBRIDGE UNIT TRUST,
trading as Allweld Construction, will be held on Feb. 21, 2022, at
11:00 a.m. via virtual meeting technology.

Stephen Dixon of Hamilton Murphy Advisory was appointed as
administrator of Diffle Pty on Feb. 9, 2022.


ELC SYSTEMS: First Creditors' Meeting Set for Feb. 18
-----------------------------------------------------
A first meeting of the creditors in the proceedings of ELC Systems
Pty Ltd will be held on Feb. 18, 2022, at 10:30 a.m. via
telephone.

Jason Bettles & James Robba of Worrells were appointed as
administrators of ELC Systems on Feb. 8, 2022.


FORUM GROUP: Papas' Business Partner Wants Case vs. Him Discarded
-----------------------------------------------------------------
The Sydney Morning Herald reports that the business partner and
co-accused of alleged fraudster Bill Papas has launched a bid to
have the civil case brought against him by Westpac thrown out
because it is "very weak".

The Herald relates that the Federal Court heard on Feb. 9 that
Vince Tesoriero, a cafe owner from Melbourne, is also seeking to
stop liquidators from selling two luxury properties in Wagstaffe on
the NSW Central Coast that are jointly owned via a trust by him and
Mr. Papas.

The Age and The Sydney Morning Herald revealed late last month that
agents had been appointed to sell 6 Bulkara Street, Wagstaffe,
seeking AUD13.5 million for the waterfront abode. The property next
door is also owned by the two business partners and was expected to
be marketed for sale in mid-February, the Federal Court heard on
Feb 9. It is expected to fetch around AUD10 million.

According to the report, Westpac has accused Mr. Tesoriero of being
part of a conspiracy with Mr. Papas to commit the fraud against the
bank and knowingly assisting Mr. Papas in conducting it.

Westpac and two other lenders -- Societe Generale and Sumitomo --
claim Mr. Papas and his Forum group of companies have orchestrated
a AUD500 million fraud by forging the signatures of executives of
the banks' blue chip clients to fake loan agreements, the Herald
says.

The Herald relates that Mr. Tesoriero, who was also the race car
driving buddy of Mr. Papas, has denied being aware of the alleged
fraud and claimed the tens of millions in property and cash
payments he received from Mr. Papas were in return for early-stage
funding he provided to Mr. Papas' Forum business. Together, the
pair built up a property portfolio worth more than AUD60 million.

Mr. Tesoriero was previously a director of the Forum businesses and
remains a director of controversial entity Forum Group Financial
Services -- the company through which Mr. Papas is said to have
funnelled his allegedly illgotten gains.

The Herald says the court heard that liquidators sold in early
December a commercial building in Bowen Hills, Brisbane, that was
the Queensland headquarters of Forum Finance. The property was
owned by Forum Group Financial Services on behalf of a trust,
according to land title records. The Age and the Herald also
revealed that liquidators had sold the Sydney home of Mr. Papas on
Margaret Street, Rozelle.

Mr. Papas fled to Greece ahead of the banks making the allegations.
An arrest warrant for him was issued in December after allegations
he had breached freezing orders over his assets. Mr. Tesoriero is
also subject to strict freezing orders and is hoping to have these
varied to stop the sale of the high-end properties in a market now
spooked by the spectre of higher interest rates.

"What we can say is it is a very weak case," counsel for Mr.
Tesoriero, Paul Hayes, QC, told the Federal Court, the report
relays.  "What your honour has seen [is that] Mr. Tesoriero . . .
said that he had absolute no knowledge of all of the . . .
transactions."

Mr. Hayes told the court the case against his client was "largely"
circumstantial, the report relates.

"The inferences simply don't get there - that he had knowledge of
the conspiracy or that he was assisting Mr. Papas in his conduct."

The Herald adds that Justice Michael Lee said the court would hear
Mr. Tesoriero's application to have the case against him thrown out
on March 10.

Sydney-based managed services provider Forum Group and associated
company Forum Finance are just two of the many businesses owned by
Basile Papadimitriou - a.k.a Bill Papas - who is reported to have
fled to Greece following Westpac's investigation and subsequent
civil proceedings, according to ARN.

Jason Preston and Jason Ireland of McGrath Nicol were appointed as
provisional liquidators on July 15, 2021, by the Federal Court.

PEAK FINE: Commences Wind-Up Proceedings
----------------------------------------
Members of Peak Fine Foods (AUST) Pty Ltd, on Feb. 9, 2022, passed
a resolution to voluntarily wind up the company's operations.

The company's liquidator is:

          Blair Pleash
          Hall Chadwick
          Level 40, 2 Park Street
          Sydney, NSW 2000


PROFESSIONAL PAINTBALL: First Creditors' Meeting Set for Feb. 17
----------------------------------------------------------------
A first meeting of the creditors in the proceedings of Professional
Paintball Services Pty Ltd will be held on Feb. 17, 2022, at 11:00
a.m. via virtual meeting.

Timothy Gumbleton and Andrew Bowcher of RSM Australia were
appointed as administrators of Professional Paintball on Feb. 9,
2022.


RESIMAC BASTILLE NO.3: Moody's Gives Ba2 Rating to AUD15MM E Notes
------------------------------------------------------------------
Moody's Investors Service has assigned the following definitive
ratings to notes issued by Perpetual Trustee Company Limited
(Trustee) as trustee of RESIMAC Bastille Trust - Warehouse Series
No.3.

Issuer: RESIMAC Bastille Trust - Warehouse Series No.3

AUD10.0m million Class A2 Notes, Assigned Aaa (sf)

AUD40.0m million Class B Notes, Assigned Aa2 (sf)

AUD25.0m million Class C Notes, Assigned A2 (sf)

AUD8.6m million Class D Notes, Assigned Baa2 (sf)

AUD15.0m million Class E Notes, Assigned Ba2 (sf)

The AUD750.0 million Class A1 Notes and the AUD28.0 million Class Z
Notes are not rated by Moody's.

The transaction is a securitisation backed by a revolving warehouse
facility sponsored by Resimac Limited (Resimac, unrated). The
underlying portfolio is a portfolio of non-conforming and
near-prime Australian residential mortgage loans originated and
serviced by Resimac. At issuance the portfolio includes loans
extended to borrowers with prior adverse credit history (1.8%) and
loans underwritten on an alternative documentation basis (89.9%).

RATINGS RATIONALE

The definitive ratings take into account, among other factors:

the revolving nature of the transaction, including the initial
revolving period of 24 months and the possibility of further
extension at the end of each 12 month period

pool parameters, eligibility criteria and performance triggers
that protect against adverse changes in portfolio characteristics
during the revolving period;

the evaluation of the underlying receivables and their expected
performance;

the evaluation of the capital structure and credit enhancement
provided to the notes;

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

the Class A2 and mezzanine liquidity reserve which covers three
months of Class A2 and mezzanine notes interest payments, with a
floor of AUD250,000;

the experience of Resimac as the servicer; and

the experience of Perpetual as a back-up servicer available in
this transaction.

In respect of the initial securitized pool, Moody's Aaa MILAN
credit enhancement — representing the loss that Moody's expects
the portfolio to suffer in the event of a severe recession scenario
— is 13.0%. Moody's expected loss for this transaction is 1.7%.

The required credit enhancement for Class A2, B, C, D and E is
13.0%, 6.8%, 5.1%, 3.4% and 1.7% respectively. The minimum required
size for Class A2 note is 1.14%.

The key transactional features are as follows:

The revolving period continues till a stop funding event or an
amortisation event is triggered. All or some of the principal
collections are used for the acquisition of new receivables during
the revolving period. The initial revolving period is 24 months, to
be extended by 12 months every year thereafter. Moody's have
accounted for this risk by incorporating stressed portfolio
migration assumptions in its analysis. Compared to a closed pool
transaction, a revolving transaction could suffer greater absolute
levels of portfolio losses as the additional receivables purchased
could suffer losses in addition to losses suffered on the original
receivables.

During amortisation, the notes are initially paid sequentially
(other than Class A1 and A2 notes which are paid pari-passu) till
the amortisation event pro-rata conditions are satisfied, after
which all notes other than Class Z notes are paid pro-rata.
Amortisation event pro-rata conditions include credit enhancement
for Class A1 increased to twice the credit enhancement when
amortisation event first occurred, 24 months have passed since the
occurrence of amortisation event and no unreimbursed charge-off
among others. The structure reverts to sequential payments after 60
months of an occurrence of an amortisation event or if the
outstanding balance is lower than 20% of the outstanding balance at
the occurrence of amortisation event or AUD50 million.

At issuance, the portfolio features are as follows:

The portfolio has 9.5% of loans with a scheduled loan-to-value
(LTV) ratio above 80%.

Around 1.8% of the mortgage loans in the portfolio were granted to
borrowers with prior adverse credit history.

Around 89.9% of the loans were extended on an alternative
documentation basis.

The portfolio has a weighted-average seasoning of 14.6 months,
with 74.9% of loans originated in the last six months.

Some of the key portfolio parameters, to be maintained for the pool
as a whole, include:

Credit impaired loans must not exceed 10% of the aggregate
outstanding balance of loans which are alternative documentation
loans or low documentation loans;

Low documentation loans must not exceed 10% of the aggregate
outstanding balance of all mortgage loans;

Receivables within the same postcode must not exceed 5% of the
aggregate outstanding balance;

Receivables with inner city postcode must not exceed 5% of the
aggregate outstanding balance;

Receivables where the security is vacant land must not exceed 5%
of the aggregate outstanding balance;

Receivables with a LTV ratio greater than 80% must not exceed 20%
of the aggregate outstanding balance;

Receivables with a LTV ratio greater than 90% must not exceed 10%
of the aggregate outstanding balance;

Fixed rate of interest receivables must not exceed 5% of the
aggregate outstanding balance;

Interest only loans must not exceed 60% of the aggregate
outstanding balance;

Investment loans must not exceed 40% of the aggregate outstanding
balance;

Non-metro regions receivables must not exceed 30% of the aggregate
outstanding balance.

The principal methodology used in these ratings was "Moody's
Approach to Rating RMBS Using the MILAN Framework" published in
December 2020.

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

Factors that could lead to an upgrade of the ratings include: (1)
performance of the underlying collateral that is better than
Moody's expectations, and (2) an increase in credit enhancement
available for the notes.

Factors that could lead to a downgrade of the ratings include: (1)
performance of the underlying collateral that is worse than Moody's
expectations, (2) a decrease in credit enhancement available for
the notes, and (3) a deterioration in the credit quality of the
transaction counterparties.

[*] AUSTRALIA: Court Actions vs. Businesses Up 58% Last Quarter
---------------------------------------------------------------
SmartCompany reports that court actions against Australian
companies have risen sharply over the past quarter, with credit
reporting agency CreditorWatch warning a return to normal debt
collection activities signals that business insolvencies will
increase throughout the year.

While court actions remain relatively low compared to pre-pandemic
levels, there was a 58% increase over November, December and
January, compared to the same quarter the year before, which
CreditorWatch says is a "strong indication" that large creditors,
including the big banks and the Australian Taxation Office, are
calling in more debts from firms carrying COVID-induced losses,
according to SmartCompany.

CreditorWatch's latest Business Risk Index shows trade receivables
are also down close to 50% compared to pre-COVID levels, having
dropped by 45% last quarter, compared to the same period a year
earlier.

Meanwhile, the number of external administrations increased by 1%
in the January 2022 quarter and is up 1.4% over the past year,
SmartCompany discloses. Administrations dropped significantly in
January, although CreditorWatch noted this is a trend that is
usually observed at this time of the year.

"These are hardly figures to shoot the lights out but, like court
actions, the latest outcome sheds light on the prospect of
businesses needing to operate in a more normal credit environment
as we proceed through 2022," the reporting bureau said in a
statement.

SmartCompany says the monthly CreditorWatch index also ranks
regions and industries where businesses are most at risk of
default, with the results showing Victoria and New South Wales are
continuing to feel the effects of lockdowns and the Omicron
outbreaks in late 2021.

According to the January index, Bankstown and Canterbury in NSW are
the regions where businesses are at most risk of defaulting, while
the Glenelg and Southern Grampians region in South Australia tops
the list of regions where businesses are least at risk.

Of the top five locations with the highest risk of defaults, four
are located in NSW, SmartCompany relays.

Nationwide, businesses in the accommodation and food services
sector have the highest probability of defaulting (5.69%), followed
by information, media and telecommunications firms (4.61%) and
those in financial and insurance services (4.39%), says
SmartCompany.

Industries with the lowest risk of default include healthcare and
social assistance (3.16%), mining (3.23%) and agriculture, forestry
and fishing (3.39%).

SmartCompany adds that the national probability of default rate is
sitting at 5.7%, which is down slightly from 5.8% in December.

Overall, the January results "paint a grim picture" and show
Australia's economic recovery still has some way to go, said
CreditorWatch, which is expecting to see business insolvencies grow
throughout the year, even if the Reserve Bank doesn't increase
interest rates, SmartCompany relates.

In particular, the continuing downward trend in trade receivables
is a "worrying trend", said CEO Patrick Coghlan.

"The RBA's view last week was that Omicron hadn't derailed the
economic recovery and when case numbers go down, the floodgates
will open and consumers will rush out and start spending this $200
billion hoard of cash," he said, notes the report.  "I'd love that
to happen so businesses can get back on their feet more quickly,
but there are a lot of 'ifs' about that assumption. Pressure is
mounting for interest rates to rise. If that happens, it will be
another hit to small businesses."




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

CHINA GRAND: Fitch Cuts LT FC IDR to 'B', On Watch Negative
-----------------------------------------------------------
Fitch Ratings has downgraded China-based auto dealer China Grand
Automotive Services Group Co., Ltd.'s (CGA) Long-Term
Foreign-Currency Issuer Default Rating to 'B' from 'B+' and its
senior unsecured rating to 'B' from 'B+' with a Recovery Rating of
'RR4'. All ratings have been placed on Rating Watch Negative
(RWN).

The downgrade reflects CGA's upcoming concentrated debt maturities
and the impact on liquidity. Weaker access to capital markets could
increase its reliance on specific funding sources, such as
short-term bank loans. Tighter liquidity may also hurt CGA's
competitiveness and its ability to restock inventory relative to
better-capitalised peers once the auto industry recovers as Fitch
expects in 2022 as global supply constraints from chip shortages
ease.

The RWN reflects the potential of further negative action if there
is a lack of progress on refinancing its significant debt
maturities.

KEY RATING DRIVERS

High Debt Maturities: CGA's near-term debt maturity concentration
is significant, including a CNY400 million short-term commercial
paper (SCP) due March 2022, USD253 million in 8.625% notes due
April 2022, and a CNY950 million bond due 2023, which will become
puttable by investors in March 2022. The company also has a
significant offshore syndicated loan equivalent to around CNY2.2
billion due in March 2022 and another onshore syndicated loan due
in June 2022.

Limited Funding Access: Fitch expects CGA's liquidity to
deteriorate if refinancing does not proceed and upcoming debt
maturities are repaid with cash. Fitch thinks current market
conditions could make capital-market access difficult; although CGA
completed an issuance of CNY500 million in onshore corporate bonds
in December 2021, the proceeds were used to refinance maturing
debt. Fitch believes CGA has sufficient cash to repay the USD253
million notes, but its liquidity buffers could erode if it is
unable to refinance the SCP or extend the syndicated loans.

Reliant on Short-Term Financing: CGA has become increasingly
reliant on short-term debt since 2020. The proportion of short-term
debt within CGA's capital structure has increased after excluding
the current portion of long-term debt and loans from auto original
equipment manufacturers associated with inventory financing.

Fitch assumes onshore credit facilities are available because of
CGA's strong market position and solid banking relationships, but
its reliance on short-term financing may persist if refinancing is
not executed and is a constraint on the rating. An improvement in
the debt maturity profile would be evidence of more diversified
funding access.

Impact on Business Recovery: Fitch expects the auto distribution
industry to recover on strong demand as the global chip shortage
eases gradually in 2022, but a deterioration in CGA's liquidity
could dampen its recovery pace. CGA's reported revenue rose 12% yoy
in 9M21 after the operational disruptions caused by the Covid-19
pandemic in 2020 eased. Fitch expects consumer demand to remain
strong in 2022, particularly for luxury brands, but revenue growth
may stagnate in 1H22 due to the continued auto-chip shortage
affecting vehicle manufacturing.

CGA's operations have been relatively resilient throughout the
supply constraints as it has broad exposure across brands and lower
sales volume was partially offset by higher margins. Moderate
growth in the after-sales service business was also a source of
recurring income and higher margin. However, prepayments and cash
pledged against bank acceptance bills are required for inventory
purchases and Fitch thinks the liquidity constraints may weaken
CGA's ability to rebuild inventory and take advantage of the
recovery compared with better-capitalised peers in a competitive
market.

Market Leader in Competitive Industry: CGA has retained its
leadership in the difficult market environment and further expanded
into the premium auto segment. However, China's auto-dealership
industry remains highly fragmented and competitive with low
differentiation for customers. Chinese auto dealers generally have
mid-single-digit EBITDA margins, comparable with US peers, and
Fitch expects the industry's low margins will persist in the medium
term.

DERIVATION SUMMARY

CGA's ratings are supported by its leading market position and
large operating scale, but are constrained by high leverage and
concentrated debt maturity. Peers include Zhongsheng Group Holdings
Limited (BBB-/Positive), China's second-largest auto dealership,
and AutoNation, Inc. (BBB-/Positive), the largest automotive
retailer in the US. CGA is of similar scale to both peers, but has
weaker profitability, higher leverage as well as lower financial
flexibility and other metrics.

CGA and eHi Car Services Limited (B+/Stable) are both leading
companies in their sectors - eHi is China's second-largest
car-rental company - but are constrained by their financial
structures. CGA has a larger operating scale, but its financial
flexibility is limited compared with that of eHi.

KEY ASSUMPTIONS

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

-- Revenue declined by 2% in 2021 and will rise at a CAGR of 5%
    over 2022-2024 (2020: -7%);

-- EBITDA margin to recover and average 5.6% over 2021-2024
    (2020: 4.2%);

-- Capex, inclusive of M&A, averaging CNY2.2 billion over 2021-
    2024 (2020: CNY2.6 billion);

-- No dividend payout in the medium term.

Recovery Rating Assumptions:

-- Apply the going-concern value, as it is higher than
    liquidation value;

-- A 25% discount for the 2022 rating-case EBITDA;

-- 5x EBITDA multiple to going-concern EBITDA;

-- 10% administrative claim.

The allocation of value in the liability waterfall results in
recovery corresponding to an 'RR4' Recovery Rating for offshore
senior unsecured debts.

RATING SENSITIVITIES

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

-- The RWN would be removed and ratings affirmed upon successful
    refinancing of the upcoming debt maturities and evidence of
    adequate liquidity over the next two-to-three months.

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

-- Further deterioration in liquidity due to a lack of progress
    over the next one-to-two months in refinancing upcoming
    maturing debt;

-- Weakened operating cash flow due to deterioration in business
    operations;

-- FFO fixed-charge cover (adjusted for leasing) below 1.5x for a
    sustained period.

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

Large Maturities: CGA had unrestricted cash of CNY13.7 billion,
against CNY44.3 billion in short-term borrowings as of end-June
2021. The short-term borrowings include perpetual securities that
are callable every six months, in line with Fitch's criteria.
However, the exercise of the call option is at the company's
discretion and Fitch does not assume the securities will be called
in its liquidity analysis. The company redeemed part of the
perpetual securities in July 2021 with USD261 million outstanding.
CGA had unused bank credit facilities of CNY36.5 billion at
end-December 2021, and successfully issued a USD232 million senior
bond in July 2021 and a CNY500 million onshore corporate bond in
December 2021.

ISSUER PROFILE

CGA's auto dealership covered over 50 brands across 28 provinces as
of June 2021. CGA listed on the Shanghai Stock Exchange in 2015 via
a backdoor listing, and completed the acquisition of a majority
stake in Hong Kong-listed auto dealer Baoxin Auto in 2016.

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.

DAFA PROPERTIES: Moody's Withdraws Caa2 CFR & Caa3 Unsec. Rating
----------------------------------------------------------------
Moody's Investors Service has withdrawn DaFa Properties Group
Limited's Caa2 corporate family rating and its Caa3 senior
unsecured ratings.

Prior to the withdrawal, the rating outlook was negative.

RATINGS RATIONALE

Moody's has decided to withdraw the ratings because it believes it
has insufficient or otherwise inadequate information to support the
maintenance of the ratings.

COMPANY PROFILE

DaFa Properties Group Limited is a Shanghai-based residential
property developer. As of June 30, 2021, the company had developed
86 property development projects with a gross floor area of 6.7
million square meters. Its key operating cities include Wenzhou,
Huzhou, Hefei and Ningbo.

LOGAN GROUP: Fitch Lowers LT IDRs to 'BB-', Outlook Negative
------------------------------------------------------------
Fitch Ratings has downgraded China-based homebuilder Logan Group
Company Limited's Long-Term Foreign- and Local-Currency Issuer
Default Ratings (IDRs) to 'BB-' from 'BB'. The Outlook is Negative.
Fitch has also downgraded the senior unsecured rating and the
rating on the outstanding US dollar senior notes to 'BB-' from 'BB'
and downgraded the rating on Logan's subordinated perpetual capital
securities to 'B' from 'B+'.

The downgrade is driven by Logan's recent disclosure of a private
debt arrangement that is off its balance sheet, which was
previously not stated in its contingent liabilities in the audited
financial statements. This led Fitch to revise Logan's ESG
Relevance Score for Financial Transparency to '5' from '3'.

The Negative Outlook reflects the potential for further rating
action if Logan's guarantee of the off-balance-sheet private debt
is higher than previously disclosed or market confidence in the
company worsens, resulting in weaker sales or access to funding.

KEY RATING DRIVERS

ESG - Financial Transparency: Fitch's revision of Logan's ESG
Relevance Score for Financial Transparency to '5' from '3' has a
negative impact on the credit profile, and is highly relevant to
the rating. The borrower of the private debt is an unrelated third
party. Logan said it guarantees around USD1 billion of the debt and
the third party has provided counter-guarantees with onshore
assets.

The USD1 billion guarantee, even if fully called upon, may not
cause the company's credit profile to deteriorate in terms of
leverage and liquidity to the extent of negative rating action.
However, a loss in market confidence that results in weaker sales
and/or access to funding may prompt negative rating action.

Stable Sales: Fitch expects Logan's 2022 attributable contracted
sales to remain at the previous year's level. Attributable
contracted sales increased by 9% in December 2021, better than the
sector average, after a 5% yoy fall in November and 12% drop in
October, which was partly due to a high base in 2020. Attributable
contracted sales totalled CNY140 billion in 2021, up by 16% from
2020. Fitch expects softening sentiment and market confidence to
affect the sales collection and liquidity of property developers in
2022, including Logan.

Refinancing, Market Risks: Fitch believes Logan faces rising
refinancing risk as its access to onshore and offshore bond markets
appears limited. Logan has around CNY13 billion in capital-market
debt, including puttable bonds, due 2022. Its liquidity is healthy,
as unrestricted cash was about 1.5x of short-term debt at end-June
2021. However, there is uncertainty over Logan's ability to
deleverage and maintain a strong liquidity profile amid slowing
property demand. Logan has offshore projects in Singapore and Hong
Kong, which can help its offshore liquidity.

Leverage to Remain Stable: Fitch expects leverage - measured by net
debt/net development-property assets - to rise to 42% after
including the guaranteed private debt of around USD1 billion. Fitch
had expected leverage to remain at around 40% before the disclosure
of the guaranteed private debt, which is the lower than leverage
mid-point for 'BB' rated companies. Total land reserves at end-2020
were sufficient for development over the next five years. Fitch
expects the company to spend 35%-40% of consolidated contracted
sales on land replenishment in 2022.

Lower Return Efficiency: Logan's return efficiency of 17.6% in 2020
and 17.9% in 2019 was higher than that of peers, but Fitch expects
its gross profit margin to narrow in the medium term on rising land
and construction costs. Still, Logan's gross profit margin will be
comparable with the industry's as Fitch believes land acquired in
2021 was mainly from urban renewal projects because it had limited
participation in land auctions since July 2021. Development
property converted from urban renewal projects have higher gross
profit margins due to lower land costs.

ESG - Financial Transparency: Logan's ESG Relevance Score for
Financial Transparency has therefore been revised to '5' from '3',
which has negative implications to Logan's ratings.

DERIVATION SUMMARY

Logan's contracted sales are comparable with those of 'BB' rated
Chinese homebuilders, such as CIFI Holdings (Group) Co. Ltd.'s
(BB/Stable)) CNY120 billion, and lower than Sunac China Holdings
Limited's (BB-/Negative) CNY380 billion. Logan's sales are higher
than those of most 'BB-' rated peers, which have contracted sales
of CNY50 billion-100 billion.

Logan's leverage before the guarantee of the private debt was 38%
at end-June 2021. This was lower than that of 'BB' rated peers,
such as CIFI's 49% and Sunac's 49%. Its EBITDA margin of around 23%
was higher than CIFI's and Sunac's 12% each. Logan continued its
geographical focus on Tier 1 and Tier 2 cities, while CIFI and
Sunac have larger exposures in lower-tier cities.

Seazen Group Limited (BB+/Stable) had a larger contracted sales
scale of CNY170 billion and lower leverage of 35% at end-2020,
compared with Logan's 44%. Logan's EBITDA margin is higher than
Seazen's 12%. Both companies have similar liquidity with available
cash/short-term debt of around 1.5x.

KEY ASSUMPTIONS

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

-- Total contracted sales of CNY150 billion in 2022 (2021: CNY140
    billion);

-- EBITDA margin of round 20% in 2021-2022 (2020: 22%);

-- About 35%-40% of contracted sales proceeds to be spent on land
    acquisitions in 2021-2022 to maintain a land bank sufficient
    for around four-to-five years of development.

RATING SENSITIVITIES

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

-- The Outlook may be revised to Stable if Logan's contracted
    sales and funding access are not affected by the lack of
    transparency.

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

-- Contingent liabilities higher than previously disclosed;

-- Weakening market confidence results in weaker sales or access
    to funding;

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

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

Sufficient Liquidity: Logan had total cash on hand of CNY42.1
billion, including CNY7.3 billion of restricted cash and pledged
deposits, as of end-June 2021. Available cash of CNY34.8 billion is
sufficient to cover short-term debt of CNY22.7 billion. Liquidity
will still be manageable if the USD1 billion guaranteed private
debt is called on.

ISSUER PROFILE

Logan is a mid-sized Chinese property developer with a strong base
in the Greater Bay Area. The majority of Logan's near-term land
bank in 2021 was in the area.

ESG CONSIDERATIONS

Logan has an ESG Relevance Score of '5' for Financial Transparency
due to the lack of disclosure previously of the existence of the
off-balance-sheet private debt arrangement with an unrelated third
party. This has a negative impact on the credit profile, and is
highly relevant to the ratings, resulting in the downgrade.

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.

SHINSUN HOLDINGS: Fitch Withdraws 'CC' LT IDR
---------------------------------------------
Fitch Ratings has withdrawn China-based homebuilder Shinsun
Holdings (Group) Co., Ltd.'s Long-Term Foreign-Currency Issuer
Default Rating (IDR) of 'CC'.

Fitch is withdrawing the ratings as Shinsun 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 Shinsun.

KEY RATING DRIVERS

No longer relevant, as the ratings have been withdrawn.

RATING SENSITIVITIES

Rating sensitivities are 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.

ESG CONSIDERATIONS

Shinsun has an ESG Relevance Score of '4' for Financial
Transparency due to the lack of details about its cashflow and debt
composition, which has a negative impact on the credit profile, and
is relevant to the rating in conjunction with other factors.

Shinsun has an ESG Relevance Score of '4' for Group Structure due
to its large related-party transactions, which has a negative
impact on the credit profile, and is relevant to the rating in
conjunction with other factors.

Shinsun has an ESG Relevance Score of '4' for Governance Structure,
as its shareholding is highly concentrated in its largest
shareholder, who owns a 78.1% equity stake. This has a negative
impact on the credit profile, and is relevant to the rating in
conjunction with other factors.

Unless otherwise disclosed in this section, the highest level of
ESG credit relevance is a score of '3'. 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.

Fitch will no longer be providing the associated ESG Relevance
Scores for the issuer following the withdrawal of Shinsun's
ratings.



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

ALPINE SHOES: Ind-Ra Assigns BB+ Issuer Rating, Outlook Stable
--------------------------------------------------------------
India Ratings and Research (Ind-Ra) has assigned Alpine Shoes
Private Limited (ASPL) a Long-Term Issuer Rating of 'IND BB+'. The
Outlook is Stable.

The instrument-wise rating actions are:

-- INR120 mil. Fund-based limits assigned with IND BB+/Stable
     rating; and

-- INR110 mil. Term loan due on December 31, 2026 assigned with
     IND BB+/ Stable rating.

KEY RATING DRIVERS

Liquidity Indicator - Poor: ASPL's average maximum utilization of
the fund-based was 85.4% during the 12 months ended November 2021.
The cash flow from operations turned positive to INR7.8 million in
FY21 (FY20: negative INR71.85 million), due to an improvement in
the profitability. Consequently, the free cash flow also improved
but remained negative at INR4.75 million in FY21 (FY20: negative
INR195.70 million). The net working capital cycle deteriorated to
123 days in FY21 (FY20: 92 days), due to an increase in the
inventory period to 177 days (149 days) and an elongation of the
credit period to 78 days (75 days). The cash and cash equivalents
stood at INR9.02 million at FYE21 (FYE20: INR0.61 million).

The ratings reflect ASPL's small scale of operations even as its
revenue improved to INR827.05 million in FY21 (FY20: INR701.79
million), backed by the high number of orders received from its
existing clients and an increase in its installed capacity. At
end-9MFY21, the company had booked a revenue of INR857.1 million.
ASPL had an orderbook of INR830.4 million at end-December 2021,
providing a revenue visibility of 1x of FY21 revenue, to be
executed by end-May 2022. Ind-Ra expects ASPL's revenue to increase
30% yoy in FY22, backed by the strong demand for shoes on economic
recovery and improving consumer sentiments.

The ratings are constrained by ASPL's high customer concentration
with the top two customers Reebok India Company (47.5% of FY21
revenue) and Adidas India Marketing Private Limited (42.8%)
contributing majorly to the revenue.

The ratings benefit from ASPL's healthy EBITDA margins of 7.09% in
FY21 (FY20: 4.6%) with a return on capital employed of 17% (14%).
The margins improved in FY21 as ASPL started stitching shoes
in-house instead of  outsourcing it to a third party. At
end-9MFY21, the company had booked EBITDA margins of 9.3%. In FY22,
Ind-Ra, expects the margins to improve further as the company has
installed latest machinery, which saves additional employee cost.

The ratings also benefit from the company's moderate credit metrics
with the interest coverage (operating EBITDA/gross interest
expenses) improving to 1.92x in FY21 (FY20: 1.61x) and the net
leverage (adjusted net debt/operating EBITDAR) to 3.63x (6.30x).
The credit metrics improved due to an increase in the absolute
EBITDA to INR58.64 million in FY21 from INR31.96 million in FY20.
The company has planned a debt-led capex of INR40 million in FY22
and INR90 million in FY23, being funded by term loans of INR30
million and INR80 million, respectively, and the rest through
interest-free unsecured loans from the promoters. The company plans
to increase its installed capacity to manufacture shoes to 300,000
pairs per month in FY23 from 50,000 pairs per month in FY20 (FY21:
1,50,000 pairs per month). The net leverage is likely to improve in
FY22 and FY23, despite a rise in the debt, due to increased
profitability.

The ratings also consider the over three-decade-long experience of
ASPL's promoters in the leather and the shoe manufacturing
industry.

RATING SENSITIVITIES

Positive: A significant increase in the scale of operations,
leading to an improvement in the overall credit metrics with the
net leverage staying below 3.5x, along with an improvement in the
liquidity position, all on a sustained basis, will be positive for
ratings.

Negative: A decline in the revenue or the EBITDA margins, resulting
in the net leverage exceeding 4.5x and deterioration in the
liquidity position, on a sustained basis, will be negative for the
ratings.

COMPANY PROFILE

ASPL, incorporated on 15 February 2010, is engaged in the
manufacturing of footwear in Himachal Pradesh.



BESTO TRADELINK: CRISIL Assigns B Rating to INR10cr Cash Loan
-------------------------------------------------------------
CRISIL Ratings has assigned its 'CRISIL B/Stable/CRISIL A4' ratings
to the bank facilities of Besto Tradelink Limited (BTL).

                      Amount
   Facilities       (INR Crore)     Ratings
   ----------       -----------     -------
   Bill Discounting       2         CRISIL A4 (Assigned)

   Cash Credit           10         CRISIL B/Stable (Assigned)

   Proposed Non
   Fund based limits      3         CRISIL A4 (Assigned)

The ratings reflect the company's low operating margin, highly
leveraged capital structure and weak financial risk profile. These
weaknesses are partially offset by the extensive experience of the
promoter in the trading business.

Key Rating Drivers & Detailed Description

Weaknesses:

* Low operating margin: Because of small initial investment and low
complexity of operations, the trading business consists of
innumerable entities, smaller than BTL, leading to significant
competition and low operation margin.

* Highly leveraged capital structure: Total outside liabilities to
tangible networth ratio was high at 5.82 times for the three
fiscals through 2021 and was 4.53 times as on March 31,
2021.Adjusted networth and gearing were INR6.64 Cr and were 2.12
times, respectively, as on March 31, 2021.

* Weak financial risk profile: Gearing and total outside
liabilities to adjusted networth ratio were 2.12 and 4.53 times,
respectively, as on March 31, 2021. Debt protection metrics were
subdued, reflected in interest coverage and net cash accrual to
total debt ratios of 1.94 times and 0.09 time, respectively, in
fiscal 2021, and are expected at similar levels over the medium
term driven by large debt.

Strength:

* Extensive experience of the promoter: The promoter has experience
of over three decades in the trading business. This has given him
an understanding of market dynamics and enabled him to establish
strong relationships with suppliers and customers.

Liquidity: Stretched

Bank limit utilization was moderate at 85.35% on average for the 12
months through November 2021. Expected cash accrual of over INR49
lakh per fiscal will sufficiently cover yearly term debt obligation
of INR18.1 lakh over the medium term. The surplus will cushion the
liquidity of the company. Current ratio was healthy at 1.48 times
as on March 31, 2021. The promoter is likely to extend support
through equity and unsecured loans to cover working capital
requirement and debt obligation.

Outlook: Stable

CRISIL Ratings believes BTL will continue to benefit from its
longstanding relationships with principal suppliers and the
experience of the management in mitigating risks inherent in the
trading business.

Rating Sensitivity factors

Upward factors:

* Steady revenue growth and stable operating margin leading to
higher cash accrual
* Better working capital management, with gross current assets
(GCAs) around 90 days

Downward factors:

* Decline in revenue or profitability weakening the business risk
profile
* Increase in debt weakening the capital structure, with interest
coverage ratio below 1 time

Incorporated in 1997, BTL trades in chemicals and allied products,
fabrics and others, hardware, minerals and metals, and plastic and
welding materials. The company is promoted by Mr Rakesh Patel.


CHIRAG RICE: CRISIL Keeps B Debt Rating in Not Cooperating
----------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Chirag Rice &
Pulse Mill (CRPM) continue to be 'CRISIL B/Stable Issuer Not
Cooperating'.

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

   Proposed Long Term      0.52     CRISIL B/Stable (Issuer Not
   Bank Loan Facility               Cooperating)

   Term Loan               0.18     CRISIL B/Stable (Issuer Not
                                    Cooperating)

CRISIL Ratings has been consistently following up with CRPM for
obtaining information through letters and emails dated November 13,
2021 and January 20, 2022 among others, apart from telephonic
communication. However, the issuer has remained non cooperative.

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

Detailed Rationale

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

CRPM, which was set up as a partnership firm in 1991, mills
non-basmati rice at its facility in Anand, Gujarat, which has
capacity of 3.5 tonnes per hour. Operations are managed by Mr Hira
M Patel, Mr Dashrathsinh V Gohil, and Mr Nikulkumar D Chapaneri.
The firm sells rice under the Anupam brand.


CORE JEWELLERY: Ind-Ra Hikes Long-Term Issuer Rating to 'BB'
------------------------------------------------------------
India Ratings and Research (Ind-Ra) has upgraded Core Jewellery
Private Limited's (CJPL) Long-Term Issuer Rating to 'IND BB' from
'IND BB-'. The Outlook is Stable.

The instrument-wise rating actions are:

-- INR598.70 mil. (increased from INR550 mil.) Fund-based working

     capital limit Long-term rating upgraded; Short-term rating
     affirmed with IND BB/Stable/IND A4+ rating; and

-- INR1.30 mil. (reduced from INR40.83 mil.) Term loan due on
     April 2022 upgraded with IND BB/Stable rating.

The upgrade reflects an improvement in CJPL's revenue and operating
profitability in FY21 and 1HFY22.

KEY RATING DRIVERS

CJPL's revenue grew to INR1,361.40 million in FY21 (FY20:
INR1,200.80 million), driven by the execution of a higher number of
orders. The company recorded revenue of INR1,657.40 million in
9MFY22. Ind-Ra expects the revenue to improve further in FY22, due
to receipt of the higher number of orders. As of January 2022, the
company had an order book of INR350 million, to be executed by
March 2022. The scale of operations remains medium.

The EBITDA margins improved to 7.46% in FY21 (FY20: 6.07%) due to a
decline in operating costs. CJPL's return on capital employed stood
at 10.10% in FY21 (FY20: 6.40%). However, the margins are modest
margins as the company's operates in a highly competitive and
fragmented gems and jewellery industry, which limits its pricing
flexibility. The margins are also exposed to adverse movements in
the price of polished diamonds, and forex rates. However, the
company enters into forward contracts, thereby mitigating the forex
risks to some extent. In 9MFY22, CJPL reported EBITDA margins of 8%
on account of improved demand from the exports market post the
US-China trade war.

The ratings continue to factor in CJPL's modest credit metrics,
despite an improvement in the interest coverage (operating
EBITDA/gross interest expense) to 2.1x in FY21 (FY20: 1.70x) and
the net leverage (adjusted net debt/operating EBITDAR) to 5.90x
(8.76x). The improvement in the credit metrics was on account of a
decrease in the total debt to INR602.10 million at FYE21 (FYE20:
INR646.20 million and the consequent reduction in interest expense.
The management expects the credit metrics to improve further in
FY22 on account of the likely further improvement in the operating
profitability.

Liquidity Indicator – Stretched: CJPL's average maximum
utilization of the fund-based limits was 93.21% for the 12 months
ended December 2021. The cash flow from operations turned positive
to INR38.90 million in FY21 (FY20: negative INR79.20 million) and
consequently, the free cash flow to INR 21.20 million (negative INR
101 million) on account of lower working capital requirement.  The
net cash cycle,  although elongated, improved to 255 days in FY21
(FY20: 287 days) on account of an increase in the average payable
period to 123 days (99 days). The company had an unencumbered cash
balance of INR3.60 million at FYE21 (FYE20: INR7.50 million).
Furthermore, the company does not have any capital market exposure
and relies on banks and financial institutions to meet its funding
requirements. It had availed the Reserve Bank of India-prescribed
moratorium over March-August 2020.

The ratings, however, continue to be supported by CJPL's promoters'
over three decades of experience in the gems and jewellery
industry, leading to established relationships with its customers
as well as suppliers.

RATING SENSITIVITIES

Positive: Any significant improvement in the revenue, leading to a
further improvement in the credit metrics and an improvement in the
liquidity position, both on a sustained basis, could lead to a
positive rating action.

Negative: Any decline in the revenue, leading to deterioration in
the credit metrics with the interest coverage reducing below 1.8x
or a further stretch in the liquidity position could lead to
negative rating action.

COMPANY PROFILE

Incorporated in 1999, Mumbai-based CJPL manufactures and exports
diamond-studded gold jewellery.


D-PARADISE TEX: CRISIL Moves B+ Debt Ratings to Not Cooperating
---------------------------------------------------------------
CRISIL Ratings has migrated the rating on bank facilities of
D-Paradise Tex (DPT) to 'CRISIL B+/Stable Issuer not cooperating'.

                      Amount
   Facilities       (INR Crore)     Ratings
   ----------       -----------     -------
   Cash Credit           3.5        CRISIL B+/Stable (ISSUER NOT
                                    COOPERATING; Rating Migrated)

   Proposed Long Term    0.51       CRISIL B+/Stable (ISSUER NOT
   Bank Loan Facility               COOPERATING; Rating Migrated)

   Term Loan             1.20       CRISIL B+/Stable (ISSUER NOT
                                    COOPERATING; Rating Migrated)

   Working Capital       0.39       CRISIL B+/Stable (ISSUER NOT
   Term Loan                        COOPERATING; Rating Migrated)

CRISIL Ratings has been consistently following up with DPT for
obtaining information through letters and emails dated December 31,
2021, January 11, 2022 and January 15, 2022 among others, apart
from telephonic communication. However, the issuer has remained non
cooperative.

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

Detailed Rationale

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

DPT was set up in 2016 as a partnership firm by Ms Sangrita Karla
and Mr Tarun Karla. The firm manufactures terry towels and fabrics.
It has a production capacity of 3,000 kilogram per day in Panipat,
Haryana.


DAMAIRA PHARMACEUTICALS: CRISIL Rates INR18.5cr Loans at B+
-----------------------------------------------------------
CRISIL Ratings has assigned its 'CRISIL B+/Stable' rating to the
bank facilities of Damaira Pharmaceuticals Private Limited (DPPL).

                      Amount
   Facilities       (INR Crore)     Ratings
   ----------       -----------     -------
   Cash Credit            2         CRISIL B+/Stable (Assigned)
   Term Loan             16.5       CRISIL B+/Stable (Assigned)

The rating reflects DPPL's exposure to risks related to the ongoing
project and its expected leveraged capital structure. These
weaknesses are partially offset by the extensive experience of the
promoters in the pharmaceutical industry and the adoption of latest
machinery in its new facility.

Key Rating Drivers & Detailed Description

Weaknesses:

* Exposure to risks related to the ongoing project: DPPL is
scheduled to commence its project by April 2023. Demand risk is
also expected to be moderate as the industry is highly fragmented,
as indicated by low entry barriers with small capital and
technological requirement. Also, it will be exposed to intense
competition from other players in the segment. Timely completion
and successful stabilization of its operations at the new unit will
remain a key rating sensitivity factor

* Expected leveraged capital structure: DPPL is expected to have
average financial risk profile with high gearing and modest debt
protection metrics. The project is aggressively funded through a
debt-equity ratio of 4.04 times in fiscal 2022.

Strengths:

* Extensive industry experience of the promoters: The key promoter,
Mr Bhagwat Bansal, has experience of over 66 years in the trading
of pharmaceutical products through other firms. Mr Vikul Bansal has
experience of 11 years. This has given them a strong understanding
of the market dynamics and enabled them to establish healthy
relationships with suppliers and customers.

* Adoption of latest machinery in a steady industry: DPPL is
currently in the process of setting up a new unit, which will be
equipped with the latest technology. Therefore, the adoption of the
latest machinery in the steady pharma industry would support its
business profile.

Liquidity: Stretched

The firm is expected to generate sufficient cash accrual to cover
its debt obligation, considering 21 months of moratorium where only
interest will be served, following which the full repayment,
including the principal amount, will commence from October-2023.
Liquidity is supported by capital infusion of INR5 crore and
unsecured loans of around INR1 crore from their relatives as on
31st December 2021.

Outlook: Stable

CRISIL Ratings believes DPPL will benefit from its promoters'
extensive industry experience.

Rating Sensitivity factors

Upward factors:

* Timely stabilization of operations at the proposed plant and
significant revenue and profitability
* Improvement in the financial risk profile, resulting in stronger
financial structure

Downward factors:

* Considerable delay in the commencement of operations
* Significantly low cash accrual during the initial phase of
operations

DPPL was incorporated in July 2020. It is setting up a
manufacturing unit for dry powder injectables of antibiotics such
as meropenem, imipenem or cilastatin, and ceftriaxone, among
others, with capacity of 80,000 vials per day. The company's
facility is in Raipur Rani, Haryana. DPPL is promoted and managed
by Mr Bhagwat Bansal and Mr Vikul Bansal. It is expected to
commence its operations from April 2023.


DASARI VEER: CRISIL Withdraws B- Rating on INR4.55cr Term Loan
--------------------------------------------------------------
CRISIL Ratings has upgraded the ratings on the long-term bank
facilities of Dasari Veer Raju And Gunnam Ram Chandra Rao Memorial
Trust (DVRGRCMT) to 'CRISIL B-/Stable' from 'CRISIL D' and
subsequently withdrawn the rating on receipt of no-objection
certificate from the bankers.

                      Amount
   Facilities       (INR Crore)     Ratings
   ----------       -----------     -------
   Cash Credit           1          CRISIL B-/Stable (Withdrawn)
   Cash Credit           2          CRISIL B-/Stable (Withdrawn)
   Term Loan            4.55        CRISIL B-/Stable (Withdrawn)
   Term Loan            5.5         CRISIL B-/Stable (Withdrawn)

The rating reflects the trust's small scale of operations,
geographical concentration in revenue, and susceptibility to
regulatory risks inherent in the education sector. These weaknesses
are partially offset by the extensive experience of the trustees in
the education sector.

Key rating drivers and detailed description

Weaknesses:

* Small scale of operations and geographical concentration in
revenue: Revenue of INR20.26 crore in fiscal 2021 reflects the
trust's small scale of operations. The trust runs six institutes,
which have high occupancy. However, small capacity restricts cash
accrual, and hence, the financial risk profile.

* Vulnerability to regulatory risks associated with educational
institutions: Courses offered by educational institutes must comply
with specific operational and infrastructure norms laid down by
regulatory bodies. Thus, the trust must regularly invest in
workforce and infrastructure, as per the prescribed norms.

Strength:

* Extensive experience of the trustees: The decade-long presence of
the trustees in the education sector has helped the trust ramp up
its operations, as indicated by year-on-year growth in operating
income.

Liquidity: Stretched

Bank limit utilization was high at 91% on average for the three
months through December 2021. Cash accrual is expected to be over
INR6 crore, which should be sufficient against term debt obligation
of INR2-3 crore over the medium term. In addition, it will cushion
the liquidity of the trust. Low gearing and moderate networth
support the trust's financial flexibility and provide the financial
cushion required in case of any adverse conditions or downturn in
the business.

Outlook: Stable

CRISIL believes DVRGRCMT will continue to benefit from its
trustees' extensive experience.

Rating sensitivity factors

Upward factors

* Significant increase in cash accrual to over INR6 crore and
strong revenue visibility
* Improvement in bank limit utilization

Downward factors

* Weakening of liquidity because of fall in fees or delays in
receipt of fees, leading to delay of more than 30 days in working
capital interest servicing or one-day one rupee delay in term loan
interest or installment servicing
* Large, debt-funded capital expenditure
* Failure to retain qualified teaching staff

Established in 2007, DVRGRCMT currently operates six educational
institutes in Odisha.


DEVICOLAM DISTILLERIES: CRISIL Reaffirms B+ Debt Ratings
--------------------------------------------------------
CRISIL Ratings has reaffirmed its 'CRISIL B+/Stable' rating on the
long-term bank facilities of The Devicolam Distilleries Limited
(TDDL).

                     Amount
   Facilities      (INR Crore)     Ratings
   ----------      -----------     -------
   Cash Credit           6         CRISIL B+/Stable (Reaffirmed)
   Export Packing
   Credit                2         CRISIL B+/Stable (Reaffirmed)

   Proposed Fund-
   Based Bank Limits     4.97      CRISIL B+/Stable (Reaffirmed)

   Term Loan             1.27      CRISIL B+/Stable (Reaffirmed)

The rating continues to reflect TDDL's modest scale of operations
and large working capital requirement. These rating weaknesses are
mitigated by the promoters' extensive experience in the liquor
industry and moderate financial risk profile.

Analytical Approach

Unsecured loan of around 17 crores (as of March 31, 2021) from
director is treated as 75 per cent equity and 25 per cent debt.

Key Rating Drivers & Detailed Description

Weaknesses:

* Modest scale of operations: TDDL has modest scale of operations
as reflected by operating income of INR19.12 crores in fiscal 2021.
The company also has a concentrated customer base with about 60 per
cent of revenue derived from Kerala State Beverage Corporation
(KSBC).

* Working-capital-intensive operations: The operations are working
capital intensive as reflected by high gross current assets (GCA)
of 178 days as of March 31, 2021. The working capital intensity is
primarily on account of receivables period as there are delays in
payment clearances from the government entities. The receivable
days was 114 days and the inventory holding days were moderate at
around 56 days as of March 31, 2021.

Strengths:

* Promoters' extensive experience and established position in the
distillery business: TDDL, set up by Mr. Thomas Wilfred, benefits
from the extensive experience of the promoters in the distillery
industry. The operations are currently being managed by the second
generation comprising of Mr. Clint Martel Wilfred and Mr. Clive
Melini Wilfred. The company is a part of Cee Cee Holdings, which
has interests in the liquor industry in India as well as Middle
East.

* Moderate financial risk profile: The financial risk profile of
the company is healthy as reflected by the gearing of 0.18 times as
of March 31, 2021. The net worth of the company is healthy as the
unsecured loans have also been treated as 75% equity and 25% debt.
It stood at INR57.09 crore as on March 31, 2021. The debt
protection metrics are moderate as reflected by the interest
coverage and net cash accruals to total debt ratio, which were 2.02
times and 0.03 times in fiscal 2021.

Liquidity: Stretched

Bank limit utilization is moderate at around 67.73 percent for the
past twelve months ended September 2021. Cash accruals are expected
to be in the range of INR0.84-1.4 crore which are sufficient
against term debt obligation of INR0.3-0.5 crore over the medium
term.

Current ratio is moderate at 1 time on March 31, 2021.

The promoters are likely to extend support in the form of equity
and unsecured loans to meet its working capital requirements and
repayment obligations.

Outlook: Stable

CRISIL Ratings believes TDDL will benefit over the medium term from
its promoters' extensive industry experience.

Rating Sensitivity factors

Upward factors:

* Improvement in scale of operation leading to revenues over INR30
crore and sustained operating margin at over 7.5%
* Improvement in working capital cycle with GCA of less than 150
days

Downward factors:

* Substantial drop in revenue by over 10% and operating margins
dropping to less than 5%
* Further stretch in the working capital cycle, with GCA days over
250 days

TDDL, based in Ernakulam (Kerala), manufactures IMFL. The company
is promoted by Mr. Clint Martel Wilfred and Mr. Clive Melini
Wilfred. TDDL manufactures brandy, vodka, rum, and whisky under
seven different brands.


DIAMANT INFRA: CRISIL Keeps D Debt Ratings in Not Cooperating
-------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Diamant
Infrastructure Limited (DIL) continue to be 'CRISIL D/CRISIL D
Issuer Not Cooperating'.

                      Amount
   Facilities       (INR Crore)     Ratings
   ----------       -----------     -------
   Bank Guarantee         2         CRISIL D (Issuer Not
                                    Cooperating)

   Cash Credit            8         CRISIL D (Issuer Not
                                    Cooperating)

   Proposed Long Term     4         CRISIL D (Issuer Not
   Bank Loan Facility               Cooperating)

CRISIL Ratings has been consistently following up with DIL for
obtaining information through letters and emails dated November 13,
2021 and January 12, 2022 among others, apart from telephonic
communication. However, the issuer has remained non cooperative.

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

Detailed Rationale

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

DIL, established in 1980, is a Nagpur-based player, engaged in the
infrastructure business in India primarily as a sub-contractor in
the road sector.


DIVYALAKSHMI TEXTILES: Ind-Ra Moves BB+ Rating to Non-Cooperating
-----------------------------------------------------------------
India Ratings and Research (Ind-Ra) has migrated  Divyalakshmi
Textiles 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 BB+ (ISSUER NOT COOPERATING)' on the agency's
website.

The instrument-wise rating actions are:       

-- INR95.0 mil. Fund-based limits migrated to non-cooperating
     category with IND BB+ (ISSUER NOT COOPERATING)/IND A4+
     (ISSUER NOT COOPERATING) rating;

-- INR70.0 mil. Non-fund-based limits migrated to non-cooperating

     category with IND A4+ (ISSUER NOT COOPERATING) rating; and

-- INR201.7 mil. Long-term loans due on December 2023 migrated to

     non-cooperating category with IND BB+ (ISSUER NOT
     COOPERATING) rating.

Note: ISSUER NOT COOPERATING: The ratings were last reviewed on
January 29, 2021. Ind-Ra is unable to provide an update, as the
agency does not have adequate information to review the ratings.

COMPANY PROFILE

Incorporated in 2005, Divyalakshmi Textiles manufactures cotton
yarn and has an installed capacity of 27,600 spindles. The
company's unit is located in Aruppukottai (Tamil Nadu).


FILM FARM: CRISIL Lowers Rating on INR9cr Loans to B
----------------------------------------------------
CRISIL Ratings has removed its rating on the long-term bank
facilities of Film Farm India Private Limited (FFIPL) from 'Rating
Watch with Developing Implications' and downgraded its rating to
'CRISIL B' from 'CRISIL B+' and assigned a 'Stable' outlook to the
long term rating.

                      Amount
   Facilities       (INR Crore)     Ratings
   ----------       -----------     -------
   Working Capital        3         CRISIL B/Stable (Downgraded
   Term Loan                        from 'CRISIL B+'; Removed
                                    from 'Rating Watch with
                                    Developing Implications')

   Working Capital        6         CRISIL B/Stable (Downgraded
   Term Loan                        from 'CRISIL B+'; Removed
                                    from 'Rating Watch with
                                    Developing Implications')

CRISIL Ratings had placed the rating on developing watch on August
4, 2021, following confirmation from FFIPL's management and its
bankers that the company had applied for a one-time restructuring
(OTR) of its term loans from Bank of Maharashtra on July 26, 2021,
under the restructuring scheme of the Reserve Bank of India (RBI).
CRISIL Ratings has resolved the watch as the OTR was sanctioned on
September 27, 2021, and subsequently implemented.

The rating downgrade reflects the decline in the company's revenue
from INR14.06 crore in fiscal 2020 to INR2.28 crore in fiscal 2021
as operations were halted because of the government restrictions to
curb the spread of Covid-19. Consequently, profitability was also
affected leading to net loss for fiscal 2021. This has affected the
financial risk profile of the company, especially its capital
structure as indicated by the weakening of its total outside
liabilities to adjusted networth (TOLANW) ratio to 3.7 times as of
March 31, 2021, from 1.89 times a year earlier. The revenues are
expected to increase in the current fiscal yet remain small. The
financial profile is expected to remain weak due to losses
incurred.  

The rating continues to reflect the company's susceptibility to
risks inherent in the television (TV) content production business,.
The rating also factors in declining revenue and large working
capital requirement weak financial profile. These weaknesses are
partially offset by the extensive experience of the promoters in
the media and entertainment industry.

Analytical approach

Unsecured loan of INR1.77 crore as of March 31, 2021, has been
treated as debt.

Key rating drivers and detailed description

Weaknesses:

* Exposure to risks inherent in TV content production: The biggest
risk in the media and entertainment industry, particularly for
content producers, is rapidly changing consumer preferences. Hence,
the ability to identify emerging themes is key to success. Content
producers are always at the risk of being unable to adapt to
evolving viewership patterns and generating innovative content.
FFIPL is exposed to the risk of time or cost overruns in
production, which may adversely impact its margin.

* Declining revenue: The revenue declined from INR22.62 crore in
fiscal 2019 to INR2.28 crore in fiscal 2021. The decline in fiscal
2021 was because operations were halted due to restrictions to curb
the spread of Covid-19. The revenue is expected to improve, though
remain small, this fiscal.

* Weak financial risk profile: The capital structure has weakened
as reflected in the decline in networth from INR6.43 crore as of
March 31, 2020, to INR3.81 crore as on March 31, 2021, owing to
loss. The TOLANW ratio has weakened due to decline in networth as
well as additional loan taken to support working capital management
and liquidity. Debt protection metrics were weak as reflected in
interest coverage of negative 1.61 times for fiscal 2021. The
financial risk profile will remain weak over the medium term due to
expected losses in the medium term.

* Large working capital requirement: The working capital cycle was
stretched in fiscal 2021 driven by large receivables and inventory.
The company has large work-in progress inventory for ongoing TV ads
and serials. The working capital cycle is expected to improve but
remain stretched over the medium term.

Strength:

* Extensive experience of the promoters: The promoters, Mr Kalyan
Guha and Ms Rupali Guha, have been working in the media and
entertainment business for more than two decades. FFIPL started
producing TV commercials and, over the years, has grown from a
commercial advertisement production company to a successful TV
serial production house. Over the past few years, FFIPL has
established healthy relationships with channel broadcasters, such
as Colors, Zee TV, SAB TV, NDTV Imagine, Star Pravah and Zee
Marathi.

Liquidity: Poor

Cash accrual is expected to be negative against nil debt obligation
in fiscal 2022 and of INR47 lakhs in fiscal 2023. Bank limit
utilization was high at 90% on average during the 12 months through
December 2021. Cash and bank balance was INR18 lakh as of March 31,
2021. Liquidity will likely be supported by unsecured loan from
promoters who will likely continue to extend timely, need-based
funds.

Outlook: Stable

FFIPL will continue to benefit from the extensive experience of its
promoters.

Rating sensitivity factors

Upward factors:

* Improvement in the financial risk profile with increase in
networth through steady accretion to reserve and TOLANW ratio less
than 2 times
* Increase in revenue while sustaining profitability leading to
cash accrual of more than INR50 lakh

Downward factors:

* Further decline in revenue leading to deterioration in liquidity
* Deterioration in financial profile leading to TOLANW of more than
7 times

Incorporated in 1999 by Mr Kalyan Guha, FFIPL produces TV serials
and commercial advertisements. The company is based in Mumbai and
entered film production in 2013. It has produced popular Hindi
serials such as Uttaran, Kashi, and Tumhari Disha. FFIPL released a
Marathi film, Narbachi Wadi, in September 2013.


FUTURE RETAIL: Lenders Seek to Push Back Insolvency Filing
----------------------------------------------------------
BloombergQuint reports that lenders to Future Retail Ltd. are
mulling the invocation of the Reserve Bank of India's June 2019
circular for restructuring stressed accounts, as they try to delay
insolvency proceedings.

According to two people with direct knowledge of the matter, lead
lenders, especially State Bank of India, are keen on invoking the
circular, as it allows a second restructuring of the loan account
and will provide time for a new resolution plan to be implemented.

According to the June 7, 2019 circular, lenders are allowed a
30-day review period and another 180 days to come up with a
resolution plan. The scheme requires lenders to set aside
additional provisions of 20% if a resolution plan is not
implemented after 180 days. If a resolution plan is not implemented
within 365 days after the scheme is invoked, additional 15%
provisions will be required by lenders.

Invoking the circular, however, would allow lenders to push back an
insolvency filing against Future Retail, the people quoted said on
the condition of anonymity, BloombergQuint relays.

Future Retail owes around INR10,000 crore to its creditors,
including banks, external commercial lenders and bondholders. Major
lenders to Future Retail include Union Bank of India, Bank of
India, SBI and Bank of Baroda, BloombergQuint discloses.

On Jan. 1, Future Retail informed exchanges that it had not paid
INR3,494 crore due to its creditors as per terms of the one-time
restructuring invoked for the company under a scheme permitted by
the RBI during the Covid crisis, the report notes. The company was
unable to make the payment even within a 30-day grace period
provided under the scheme. A plan to sell Future Group's
small-format stores to make the payment has not worked out.

Since then, Future Retail has approached the Supreme Court to block
lenders from classifying the loan account as a non-performing
asset. However, last week, lenders informed the top court that the
process of NPA classification had already started, BloombergQuint
relates.

While announcing quarterly earnings, SBI Chairman Dinesh Khara told
reporters that the bank had set aside INR1,700 crore in additional
provisions in the October-December quarter against a "large retail
company," add BloombergQuint.

                           About Future Group

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

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

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


GANESH DIAGNOSTIC: CRISIL Keeps D Debt Rating in Not Cooperating
----------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Ganesh
Diagnostic and Imaging Centre Private Limited (GDICPL) continue to
be 'CRISIL D/CRISIL D Issuer Not Cooperating'.

                      Amount
   Facilities       (INR Crore)     Ratings
   ----------       -----------     -------
   Long Term Loan       7.47        CRISIL D (Issuer Not
                                    Cooperating)

   Overdraft Facility   4.95        CRISIL D (Issuer Not
                                    Cooperating)
   Proposed Long Term
   Bank Loan Facility   0.08        CRISIL D (Issuer Not
                                    Cooperating)

CRISIL Ratings has been consistently following up with GDICPL for
obtaining information through letters and emails dated November 13,
2021 and January 20, 2022 among others, apart from telephonic
communication. However, the issuer has remained non cooperative.

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

Detailed Rationale

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

Set up in 2000 by Dr Ganesh Chand Sharma and Dr Ravin Sharma,
GDICPL is engaged in lab testing (pathology) and radio imaging
(radiology) at its laboratories in the Delhi NCR.


JHARKHAND MEGA: CRISIL Keeps D Debt Rating in Not Cooperating
-------------------------------------------------------------
CRISIL Ratings said the rating on bank facilities of Jharkhand Mega
Food Park Private Limited (JMFPPL) continues to be 'CRISIL D Issuer
Not Cooperating'.

                      Amount
   Facilities       (INR Crore)     Ratings
   ----------       -----------     -------
   Long Term Loan       33.95       CRISIL D (Issuer Not
                                    Cooperating)

CRISIL Ratings has been consistently following up with JMFPPL for
obtaining information through letters and emails dated November 13,
2021 and January 20, 2022 among others, apart from telephonic
communication. However, the issuer has remained non cooperative.

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

Detailed Rationale

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

JMFPPL was incorporated in 2009 as a special-purpose vehicle (SPV)
by a group of entities, the primary stakeholders are GenX Venture
Capital Inc, Empower India Limited, Patanjali Avurved Ltd, Ranchi
Industrial Area Development Authority, and Green Coast Nurseries
India Pvt Ltd.


K K WELDING: CRISIL Keeps D Debt Ratings in Not Cooperating
-----------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of K K Welding
Limited (KKWL) continue to be 'CRISIL D/CRISIL D Issuer Not
Cooperating'.

                        Amount
   Facilities         (INR Crore)     Ratings
   ----------         -----------     -------
   Cash Credit            17.5        CRISIL D (Issuer Not
                                      Cooperating)

   Letter of Credit        5          CRISIL D (Issuer Not
                                      Cooperating)

   Overdraft Facility     12.5        CRISIL D (Issuer Not
                                      Cooperating)

   Overdraft Facility     14          CRISIL D (Issuer Not
                                      Cooperating)

   Overdraft Facility      1          CRISIL D (Issuer Not
                                      Cooperating)

   Proposed Working        2          CRISIL D (Issuer Not
   Capital Facility                   Cooperating)

CRISIL Ratings has been consistently following up KKWL for
obtaining information through letters and emails dated November 13,
2021 and January 20, 2022 among others, apart from telephonic
communication. However, the issuer has remained non cooperative.

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

Detailed Rationale

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

KKWL was incorporated in Mumbai in 2001, by Mr. M.S. Mehta and his
family members. The company is engaged in trading of Welding
Electrodes, Welding Rods, Welding Cables, Safety Equipments,
Grinding Wheels and welding accessories. KKWL is an authorized
distributor for various companies.


MOBISMART CARD: CRISIL Assigns B- Rating to INR24cr Loans
---------------------------------------------------------
CRISIL Ratings has assigned its 'CRISIL B-/Stable' rating to the
bank facilities of Mobismart Card Technology Private Limited
(MCTPL).

                      Amount
   Facilities       (INR Crore)     Ratings
   ----------       -----------     -------
   Cash Credit           3.7        CRISIL B-/Stable (Assigned)
   Term Loan            20.3        CRISIL B-/Stable (Assigned)

The rating reflects MCTPL's susceptibility of the operating margin
to volatility in commodity prices, nascent stages of operation,
working capital intensive operations and weak operating
efficiencies. These weaknesses are partially offset by its
extensive industry experience of the promoters.

Analytical Approach

Unsecured loans of INR1.2 crore as on March 31, 2021, from the
directors have been treated as 75% equity and 25% debt as the loans
are interest-free and are expected to be retained in the business
over the medium term.

Key Rating Drivers & Detailed Description

Weakness:

* Nascent stages of operation: The company started is commercial
operation from November 2019 and has limited track record of
operations. Consequently, the scalability is constrained which is
evident by revenue of INR6.9 crore during fiscal 2021. Nascent
stages of operation will continue to impinge the scalability over
the medium term.

* Working capital intensive operations: Gross current assets were
at 488 days over the three fiscals ended March 31, 2021. Its
intensive working capital management is reflected in its gross
current assets (GCA) of 488 days as of March 31, 2021 as against
over 192 days GCAs of some of its peers. Its large working capital
requirements arise from its high debtor and inventory levels. It is
required to extend long credit period. Furthermore, due to its
business need, it holds large work in process and inventory.

Strengths:

* Extensive industry experience of the promoters: The promoters
have an experience of over 30 years in electronic components &
equipment industry. This has given them an understanding of the
dynamics of the market and enabled them to establish relationships
with suppliers and customers.

Liquidity: Poor

Bank limit utilization is high at around 95 percent for the past
twelve months ended December 2021. Cash accruals are expected to be
over INR0.5-1 crore which are insufficient against term debt
obligation of INR1.2 crore over the medium term and shortfall was
met by promoter's fund. The promoters are likely to extend support
in the form of unsecured loans to meet its working capital
requirements and repayment obligations. Negative net worth limits
its financial flexibility, and restrict the financial cushion
available to the company in case of any adverse conditions or
downturn in the business

Outlook: Stable

CRISIL Ratings believe MCTPL will continue to benefit from the
extensive experience of its promoter, and established relationships
with clients.

Rating Sensitivity Factors

Upward factor

* Sustained improvement in scale of operation and sustenance of
operating margin, leading to higher cash accruals
* Improvement in working capital cycle leading to improvement in
the liquidity profile and debt metrics leading to interest coverage
more than 1 times

Downward factor

* Decline in profitability or decline in operating profitability on
a sustainable basis leading to low net cash accruals
High working capital cycle weakens capital structure or further
stretch the liquidity will be negative  

MCTPL was incorporated in 2016 and started its commercial operation
from November 2019. It is engaged in manufacturing of smart cards
such as magnetic striped and chip cards which are used in the
industries of banking, telecom, retail, government. Company has
manufacturing facility located Chennai, Tamil Nadu and promoted by
Mr. T. Chandramohan and Ms. Aishwarya Srinivasan.


MUKKUDAM ELECTROENERGY: CRISIL Withdraws B+ Debt Rating
-------------------------------------------------------
CRISIL Ratings has withdrawn its rating on the long-term bank
facility of Mukkudam Electroenergy Private Limited (MEPL) following
a request from the company. The rating action is in line with
CRISIL Ratings' policy on withdrawal of bank loan ratings.

                      Amount
   Facilities       (INR Crore)     Ratings
   ----------       -----------     -------
   Proposed Term
   Loan                  19.5       CRISIL B+/Stable (Withdrawn)

Incorporated in 2015, MEPL is setting up a hydro-electric power
plant having capacity of 4 MW at Idukki, Kerala. The plant is
expected to be commissioned in May 2022. MEPL is owned & managed by
Mr. Rakesh Roy, Mr. Faris E M, Mr. Nitish S J, Rijo Joseph, Renjini
M, Unni Siva Sankar, Cyriac Jose and Vibin Babu.


MY CAR: Ind-Ra Keeps 'D' Long-Term Issuer Rating in Non-Cooperating
-------------------------------------------------------------------
India Ratings and Research (Ind-Ra) has maintained My Car Private
Limited's Long-Term Issuer Rating of 'IND D (ISSUER NOT
COOPERATING)' in the non-cooperating category and has
simultaneously withdrawn it.

The instrument-wise rating actions are:

-- INR6.21 mil. Term loan (Long Term)* due on August 2024
     maintained in non-cooperating category and withdrawn; and

-- INR245 mil. Fund-based working capital limits (Long term)*
     maintained in non-cooperating category and withdrawn.

* Maintained at 'IND D (ISSUER NOT COOPERATING)' before being
withdrawn

KEY RATING DRIVERS

Ind-Ra has maintained the ratings in the non-cooperating category
because the issuer did not participate in the rating exercise
despite continuous requests and follow-ups by the agency.

Ind-Ra is no longer required to maintain the ratings, as the agency
has received no-objection certificates from all the issuer's
lenders. This is consistent with the Securities and Exchange Board
of India's circular dated March 31, 2017 for credit rating
agencies.

COMPANY PROFILE

Incorporated in 2009, My Car is a dealer for Maruti Suzuki's
passenger vehicles in Kanpur, Uttar Pradesh.


NILACHAL REFRACTORIES: CRISIL Keeps D Rating in Not Cooperating
---------------------------------------------------------------
CRISIL Ratings said the rating on bank facilities of Nilachal
Refractories Limited (NRL) continues to be 'CRISIL D Issuer Not
Cooperating'.
                        Amount
   Facilities         (INR Crore)     Ratings
   ----------         -----------     -------
   Proposed Long Term     46.25       CRISIL D (Issuer Not
   Bank Loan Facility                 Cooperating)

CRISIL Ratings has been consistently following up with NRL for
obtaining information through letters and emails dated November 13,
2021 and January 12, 2022 among others, apart from telephonic
communication. However, the issuer has remained non cooperative.

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

Detailed Rationale

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

Incorporated in 1977, NRL manufactures refractory bricks and
monolithic such as castables, plastic-based ramming mass, and
gunning materials that are used in linings for furnaces, kilns, and
reactors. In 2002, the company was referred to the Board for
Industrial and Financial Reconstruction (BIFR); it came out of
BIFR's purview in November 2010. Manufacturing unit was closed for
nearly three years until December 2005. Current management
comprising Mr Bhagwati Prasad Jalan, Mr Vimal Prakash, and Mr Vijay
Kumar Agarwal took over the company in December 2005 and operations
restarted in April 2006. Facilities in Dhenkanal, Orissa, have
combined installed production capacity of 28,000 tonne per annum.


R. N. KAPOOR: CRISIL Reaffirms B Rating on INR4.9cr Cash Debt
-------------------------------------------------------------
CRISIL Ratings has reaffirmed its 'CRISIL B/Stable/CRISIL A4'
ratings on the bank facilities of R. N. Kapoor Textiles Private
Limited (RNKTPL).

                      Amount
   Facilities       (INR Crore)     Ratings
   ----------       -----------     -------
   Cash Credit          4.9         CRISIL B/Stable (Reaffirmed)
   Letter of Credit     0.6         CRISIL A4 (Reaffirmed)
   Long Term Loan       1.65        CRISIL B/Stable (Reaffirmed)
   Proposed Long Term
   Bank Loan Facility   1.35        CRISIL B/Stable (Reaffirmed)
   Term Loan            3.5         CRISIL B/Stable (Reaffirmed)

The ratings continue to reflect the modest scale of operations and
exposure to risk arising from intense competition and volatility in
raw material prices. The weaknesses are partially offset by the
extensive experience of the promoters in the textile industry and
the moderate financial risk profile of the company.

Key Rating Drivers & Detailed Description

Weaknesses:

* Modest scale of operations amid intense competition: Intense
competition in the yarn spinning industry (with the top five
players accounting for less than 5% of the total installed
capacity) restricts scalability. As a result, revenue has been
modest, ranging from INR17 crore to INR25 crore over the five
fiscals ending fiscal 2021, and stood at INR23 crore in fiscal
2021.

* Exposure to volatility in raw material prices: Operating margin
remains susceptible to fluctuations in raw material prices, which
in turn are driven by the demand-supply scenario, change in
government policies and the monsoon.

Strengths:

* Extensive experience of the promoters in the yarn spinning
industry: The five-decade-long experience of the promoters in the
yarn spinning industry and their healthy relationships with
suppliers and customers, have helped the company sustain its
operations, despite a fire accident in April 2017.

* Moderate financial risk profile: Financial risk profile is marked
by a networth INR3.92 crore in fiscal 21 improving from INR3.87
crore in fiscal 20. Since company availed the Emergency credit line
guarantee scheme facility of INR1.65 crore in fiscal 21 hence
gearing is marked by 2.42 times as on March 31,2021. Debt
protection metrics are moderate marked by interest coverage ratio
of 1.57 times and net cash accrual to adjusted debt of 0.05 times
in fiscal 2021.

Liquidity: Poor

Liquidity remains stretched, marked by low and insufficient cash
accrual of INR0.54 crore and INR0.85 crore expected in fiscals 2022
and 2023, respectively, against yearly debt of INR0.80 crore.
Fund-based limit of INR4.9 crore has been utilised at 98% on an
average over the 12 months ended October 2021. Cash credit facility
was enhanced by INR1.5 crore in January 2022 and disbursed
simultaneously.

Outlook: Stable

CRISIL Ratings believes RNKTPL will continue to benefit from the
extensive experience of its promoters in the yarn spinning
industry.


Rating Sensitivity Factors

Upward factors

* Sustained growth in revenue (by 30%) and operating margin (by 100
basis points) leading to higher cash accrual
* Better working capital management

Downward factor

* Decline in revenue by 10% and operating margin below 6.10%
* Larger-than-expected debt-funded capital expenditure weakening
the capital structure.

RNKTPL was set up in 1997, by Mr Satish Kumar and his brothers, Mr
Suresh Kumar, Mr Sanjeev Kumar, and Mr Sushil Kumar. The Ludhiana
(Punjab)-based company manufactures and trades in hosiery garments
and synthetic yarn, respectively.


RASHTRIYA ISPAT: Ind-Ra Affirms BB+ Long-Term Issuer Rating
-----------------------------------------------------------
India Ratings and Research (Ind-Ra) has revised Rashtriya Ispat
Nigam Limited's (RINL) Outlook to Positive from Negative while
affirming the Long-Term Issuer Rating at 'IND BB+'.

The instrument-wise rating actions are as follows:

-- INR98,548.4 mil. (reduced from INR105,226.3 mil.) Fund-based
     working capital limits affirmed; Outlook revised to Positive
     from Negative with IND BB+/Positive/IND A4+ rating;

-- INR34.50 bil. (increased from INR32.65 bil.) Non-fund-based
     working capital limits affirmed with IND A4+ rating;

-- INR6.150 bil. (reduced from INR8.0 bil.) Non-fund-based limits

     affirmed; Outlook revised to Positive from Negative with
     IND BB+/Positive rating; and

-- INR124,545.2 bil. (increased from INR124,468.3 bil.) Term
     loans due on October 2034 affirmed; Outlook revised to
     Positive from Negative with IND BB+/Positive rating.

The Outlook revision reflects Ind-Ra's improved expectations for
EBITDA generation during FY22-FY23, and thus, better credit
metrics, based on the increased capacity utilizations exhibited in
9MFY22 and various cost reduction and efficiency improvement
measures undertaken by the company. The higher utilization led to
better-than-estimated operational performance and stronger cash
flows in 9MFY22 amid an industry upcycle.  

Historically, RINL has been successfully refinancing its debt
obligations, supported by its strong parentage of Government of
India (GoI). While the company's financial viability is dependent
on refinancing, the developments regarding the GoI's stated
intention to fully divest its stake in RINL shall remain a key
monitorable.

KEY RATING DRIVERS

High EBITDA in 9MFY22; Profits to Normalize in FY23: During 9MFY22,
RINL's absolute EBITDA jumped to unusually high levels of INR29.1
billion (FY21: INR12.2 billion; FY20: loss of INR17.4 billion),
with the EBITDA margin turning positive at 14.90% (9MFY21: EBITDA
loss; FY21: 6.74%; FY20: EBITDA loss), led by an increase in
capacity utilizations, which aided in higher fixed cost absorption,
and higher realizations. The revenue surged by 69% yoy to INR194.99
billion in 9MFY22 (FY21: INR180.81 billion), driven by an increase
in blended realizations (up 39% yoy) as well as sales volumes (up
23% yoy), resulting from a strong upcycle in the steel sector
against the COVID-19-led disruptions in the previous year. Over
9MFY22, the utilization of the liquid steel capacity improved to
91% (9MFY21: 63% FY21: 75% FY20: 78%).

However, in 3QFY22, prices of raw material, especially coal,
increased steadily, though the impact of the same was partly
mitigated by a fall in iron ore prices. Sales realizations did not
increase by a proportionate extent during the same period, leading
to reduced spreads. While demand was impacted by the high
realizations, cyclone led-production disruptions caused capacity
utilization to fall on a qoq basis to 88.7% in 3QFY22 (2QFY22:
96.7%; 1QFY22: 86.6%). As a result of the aforementioned factors,
the margins normalized to 7.51% in 3QFY22 (2QFY22: 15.75%; 1QFY22:
22.33%). In 4QFY22, the spreads are likely to marginally improve
over 3QFY22 levels, backed by sustained realizations and reducing
iron ore prices against firm input (coal) prices. Consequently, the
EBITDA/ton (3Q: INR4,116/t 2Q: INR7,813/t; 1Q: INR11,190/t; FY21:
INR2,736/t) is likely to remain higher than 3QFY22 in 4QFY22.
Overall, EBITDA is likely to range between INR3,500-4,000/t over
FY23-FY24, higher than the previous estimates of INR2,000-2,500/t,
led by cost efficiency improvement measures undertaken by the
management and planned cost-reduction initiatives. However, the
cash flows generated would be insufficient to reduce gross debt
substantially in the medium term.

Improved but Stretched Credit Metrics: In 9MFY22, the company's
gross interest coverage (EBITDA/gross interest) and net leverage
((debt-cash)/EBITDA) improved to 2.45x (negative to sub-1x over
FY15-FY21) and 5.37x (FY21: 17.28x), respectively, owing to the
sharp rise in absolute EBITDA. However, considering such EBITDA
levels are unsustainable and the gross debt levels continue to be
high, the agency believes RINL's credit metrics will remain
stretched for at least three-to-four years even after the
utilization of the entire liquid steel capacity of 7.3 million tons
per annum (mtpa) is ramped up to 85%-90%.

Debt-Funded Capex to Continue: RINL had planned a total capex
programme of INR254 billion since 2010, of which around INR222
billion shall be completed by FYE22 and around INR11 billion is
likely to be executed over FY23-FY24. The capex has been primarily
directed towards the revamping of the existing 3mtpa plant, a new
blast furnace of 3.3mtpa, and the enhancement of another 1mtpa,
which shall take the company's total capacity to 7.3mtpa. RINL is
likely to achieve the full capacity by mid-FY23.

The company plans to incur capex of around INR6.3 billion and
INR5.0 billion over FY23 and FY24, respectively. The capex would be
aimed at building a downstream capacity in the wheel plant, which
will enhance the utilization of the liquid pour capacity to produce
a higher proportion of value-added products. According to the
management, as of January 2022 undrawn loans worth INR20.0 billion
have been sanctioned for the balance capex to be executed over
FY23-FY24. An improvement in capacity utilizations along with an
improvement in techno-economic parameters shall be critical to
yield benefits in terms of operating leverage.

Refinancing Requirements: At end-December 2021, RINL had an unused
working capital limit of INR7.8 billion and cash and equivalents of
INR0.17 billion. For FY23, the company's repayment requirements
amount to INR11.2 billion towards principal repayment and around
INR16 billion towards interest dues. Considering the insufficiency
of internal accruals, the agency believes the repayment obligations
shall be predominantly met by rollovers/refinancing. Ind-Ra
believes the company will be able to refinance these requirements,
given its strong parentage – the government of India – until
disinvestment. Furthermore, the agency expects RINL's debt service
coverage ratio to be less than 1x in FY23 due to moderate EBITDA
earnings.

GOI Disinvestment to Impact Financial Flexibility: RINL is a
Navratna central public sector enterprise (CPSE) under the Ministry
of Steel, the government of India (100% holding as on 31 December
2021). RINL has received the board's approval to borrow up to
INR140 billion for working capital purposes and INR150 billion for
capex. Also, as a Navratna CPSE, RINL has been receiving support
from banks; this is evident from public sector banks taking
unsecured exposure (around INR47 billion, as of December 2021) in
the company. Given the company's 100% government of India
ownership, the ratings had factored in strong probability of
support to RINL from the government, as and when required. However,
with the proposed disinvestment, RINL shall lose its CPSE status
and the associated benefits. Any further details pertaining to
prospective investors or the timeline involved is not known at this
point. The agency shall closely monitor the disinvestment process
and associated developments. Nevertheless, the company's scale of
operations and established market position as a manufacturer of
long steel products that cater to the construction segment shall
support the ratings.

Liquidity Indicator – Stretched: Ind-Ra expects RINL's core
liquidity to remain stretched over FY22-FY23 owing to moderate
EBITDA profits against significantly high debt repayment
obligations. In the past, the company's losses were funded by
additional short-term borrowings, which mounted significantly over
FY17-FY20. The average utilization of the fund-based limits against
the sanctioned limits remained high around 91% during the 12 months
ended December 2021. Furthermore, as on 31 December 2021, the free
cash balances were marginal around INR0.17 billion (FYE21: INR0.37
billion; FYE20: INR0.06 billion). In January 2022, RINL received an
additional unsecured fund-based sanction of INR9,600 million for
six months to support its short-term working capital requirements.

RINL had availed the Reserve Bank of India prescribed debt
moratorium over March–August 2020, post which the interest on
term loans and additional interest on interest have been added back
to the principal amount and the repayment schedule has been
modified accordingly. RINL had also availed additional
COVID-19-related funding during FY21. While a one-time
restructuring option was invoked on December 31, 2020, the plan was
not implemented eventually. The company has been regular in the
servicing of interest/principal on working capital and term loans
from September 2020 up to the date of invocation and thereafter.

High Margin Volatility: Being a partially integrated player, RINL's
margins are vulnerable to volatility in raw material prices. The
company's ability to pass on an increase in raw material prices
remains limited due to the high share of commoditized offerings in
its product mix and the high competition in the sector. This is
reflected in the historically volatile EBITDA margins (9MFY22:
15.60%; FY21: 6.74%; FY20: EBITDA loss; FY19: 7.11%; FY18: 0.56%).
However, the agency believes the volatility may reduce over the
medium term if there is any improvement in the company's ability to
negotiate with its suppliers, though this would be subject to
expansion in scale, cost efficiencies and improvement in the share
of value-added products in the product mix. The share of finished
steel sales in the overall sales mix was 70% in 9MFY22 (FY21: 69%;
FY20: 79%).

RATING SENSITIVITIES

Positive: Improvement in liquidity, improvement in the net cash
cycle and higher operational profitability along with reduction in
net debt levels, leading to the interest coverage remaining above
1.75x, on a sustained basis, could lead to a positive rating
action.

Negative: The interest coverage reducing below 1.75x, will lead to
the Outlook revision to Stable. Further, lower-than-estimated sales
volumes and/or a continued stretched liquidity position and/or
further restructuring requirements would be negative for the
ratings.

COMPANY PROFILE

RINL is a Navratna central public sector enterprise under the
Ministry of Steel (100% holding by GOI as on 31 December 2021).
Established in 1982, the company has its registered office at
Visakhapatnam, Andhra Pradesh. It is an integrated manufacturer of
long steel products, with a liquid steel manufacturing capacity of
around 6.3mtpa, likely to increase to 7.3mtpa by FY23. It also has
a 541.6MW captive power plant (meeting around 85%-90%
requirements).


ROLTA INDIA: Ind-Ra Affirms 'D' Long-Term Issuer Rating
-------------------------------------------------------
India Ratings and Research (Ind-Ra) has affirmed Rolta India
Limited's (RIL) Long-Term Issuer Rating at 'IND D (ISSUER NOT
COOPERATING)'. The issuer did not participate in the rating
exercise despite continuous requests and follow-ups by the agency.
Thus, the rating is based on the best available information.
Therefore, investors and other users are advised to take
appropriate caution while using these ratings.

The instrument-wise rating actions are:

-- INR8.293 bil. Stand-by letter of credit (Short-term) affirmed
     with IND D (ISSUER NOT COOPERATING) rating;

-- INR4.0 bil. Fund-based working capital limits (Long-term)
     affirmed with IND D (ISSUER NOT COOPERATING) rating;

-- INR3.0 bil. Non-fund-based working capital limits (Short-term)

     affirmed with IND D (ISSUER NOT COOPERATING) rating; and

-- INR12.539 bil. External commercial borrowings (Long-term) due
     on FY20 affirmed with IND D (ISSUER NOT COOPERATING)

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

KEY RATING DRIVERS

The ratings reflect continued delays in debt servicing by RIL owing
to a tight liquidity position, resulting from declining revenue and
profitability.

RATING SENSITIVITIES

Positive: Timely debt servicing for at least three consecutive
months could lead to a positive rating action.

COMPANY PROFILE

Mumbai-based RIL is a technology company with operations in 40
locations across India, North America, Europe, the Middle East and
Australia. It provides information technology solutions to various
federal, state and local governments; defense and security
agencies; utilities; financial services, manufacturing, retail and
healthcare companies; and others.


SHAMIK ENTERPRISES: Insolvency Resolution Process Case Summary
--------------------------------------------------------------
Debtor: Shamik Enterprises Private Limited
        Office No. 21, Kamdar Shopping Center
        V.S. Khandekar Marg
        Vile Parle East Mumbai
        Mumbai City
        Maharshtra 400057
        IN

Insolvency Commencement Date: February 3, 2022

Court: National Company Law Tribunal, Mumbai Bench

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

Insolvency professional: Kinjalkumar Madhubhai Chaudhary

Interim Resolution
Professional:            Kinjalkumar Madhubhai Chaudhary
                         Sun Resolution Professionals
                         Private Limited
                         9B, Vardan Tower
                         Nr. Vimal House
                         Lakhudi Circle, Navrangpura
                         Ahmedabad, Gujarat 380014
                         E-mail: cakmchaudhary@yahoo.com

Classes of creditors:    Currently, only one class of creditors
                         is being condidered.

Insolvency
Professionals
Representative of
Creditors in a class:    Ms. Kanak Jani
                         E-mail: kanakj@yahoo.com

                         Mr. Iqbal Singh Gandhi
                         E-mail: iqblsingh2659@yahoo.co.in

                         Ms. Bhavi Shreyans Shah
                         E-mail: ca.bhavishah@gmail.com

Last date for
submission of claims:    February 20, 2022


SHIVA DALL: CRISIL Lowers Rating on INR12.95cr Loan to D
--------------------------------------------------------
CRISIL Ratings has downgraded its rating on the bank facilities of
Shiva Dall Industries (SDI) to 'CRISIL D Issuer Not Cooperating'
from 'CRISIL B+/Stable Issuer Not Cooperating' based on publicly
available information.

                      Amount
   Facilities       (INR Crore)     Ratings
   ----------       -----------     -------
   Cash Credit           12         CRISIL D (ISSUER NOT
                                    COOPERATING; Downgraded from
                                    'CRISIL B+/Stable ISSUER NOT
                                    COOPERATING)

   Term Loan              0.95      CRISIL D (ISSUER NOT
                                    COOPERATING; Downgraded from
                                    'CRISIL B+/Stable ISSUER NOT
                                    COOPERATING)

CRISIL Ratings has been consistently following up with SDI for
obtaining information through email dated December 18, 2020, June
9, 2021 and February 3, 2022, apart from telephonic communication.
However, the issuer has remained non cooperative.

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

Detailed Rationale

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

Set up in 2009, by Mr. Ashok Kumar Lalwani, SDI processes pulses
such as matar dal, chana dal and rahar dal. The manufacturing
facility at Raipur has capacity to process 50 tonnes of pulses per
day.


SRV KNIT: CRISIL Hikes Rating on INR7.5cr Term Loan to B
--------------------------------------------------------
CRISIL Ratings has upgraded its rating on the long-term bank
facility of SRV Knit Tech Private Limited (SRV) to 'CRISIL
B/Stable' from 'CRISIL B-/Stable'.

                      Amount
   Facilities       (INR Crore)     Ratings
   ----------       -----------     -------
   Working Capital
   Term Loan              7.5       CRISIL B/Stable (Upgraded
                                    from 'CRISIL B-/Stable')


The upgrade reflects expected improvement in company's business
risk profile over the medium term on account of increase demand for
woolen garments. Moreover, firm's ability to maintain a stable
operating margin resulted in increased cash accruals. The firm's
liquidity slightly improved due to increased cash accruals,
however, it remained constrained by high working capital incentive
nature of business.

The rating continues to reflect the modest scale of operations,
working capital-intensive operations and weak financial risk
profile. The rating weaknesses are partially offset by the
promoter's extensive experience in the ready-made garments
industry, and its established relationships with customers.

Key Rating Drivers & Detailed Description

Weaknesses:

* Modest scale of operations: Subdued scale is reflected in revenue
of INR12.69 crore in fiscal 2021. The readymade garments industry
is highly fragmented across few organized players and several
unorganized players. Despite having a diverse product portfolio,
including cotton garments, a significant portion of revenue comes
from woolen clothing, leading to seasonality in the revenue
profile.

* Large working capital requirement: Working capital-intensive
operations are driven by large inventory holding period. The
company had high gross current assets (GCAs) of 343 days, as of
March 31, 2021. This was mainly on account of high inventory period
of around 320 days. The large working capital requirement is
primarily funded by the bank limit.

* Weak financial risk profile: The financial risk profile is
constrained by weak capital structure, as reflected in gearing of
3.66 times and modest networth of INR4.14 crore as of March 31,
2021. The poor gearing is mainly on account of significant reliance
on working capital debt. Debt protection metrics are also
inadequate, as reflected in interest coverage ratio of 1.21 time
for fiscal 2021.

Strength:

* Extensive experience of the promoters in the readymade garments
industry: The Khanna family has extensive experience of over a
decade in the garment manufacturing business. The family also
manages other entities such as Suresh Woollen Mills and Khanna
Spinning Mills. It caters to leading companies such as Aditya Birla
Nuvo Ltd, Arvind Lifestyle Brands Ltd, Benetton India Pvt Ltd,
Color Plus Fashion Ltd, among others. CRISIL Ratings expects
moderate growth in scale of operations, supported by the company's
established market position.

Liquidity: Stretched

Bank limit utilization is moderate at around 74.86 percent for the
past twelve months ended September 2021. Cash accruals are expected
to be over INR1.5-1.6crore which are sufficient against term debt
obligation of INR1.4-1.5 crore over the medium term. In addition,
it will be act as cushion to the liquidity of the company. Current
ratio is healthy at 2.31 times on March 31, 2021. The promoters are
likely to extend support in the form of equity and unsecured loans
to meet its working capital requirements and repayment
obligations.

Outlook: Stable

CRISIL Ratings believes SRV will continue to benefit, over the
medium term, from the extensive experience of the promoters in the
readymade garments industry.

Rating Sensitivity factors

Upward factors:

* Stable revenue growth and operating margin leading to improvement
in cash accruals above INR1.8 crores
* Better financial risk profile and improvement in the liquidity
profile of the firm

Downward factors:

* Stretch in the working capital cycle, as indicated by GCAs of
over 400 days
* Further decline in revenue and operating margin leading to
reduction in cash accruals

Incorporated in 2000, SRV manufactures ready-made cotton and woolen
garments for several leading brands. The company is promoted by Mr.
Akhil Khanna, a Delhi-based entrepreneur. It has its manufacturing
facility in Bengaluru.


SUNFLOWER EDUCATIONAL: CRISIL Keeps D Rating in Not Cooperating
---------------------------------------------------------------
CRISIL Ratings said the rating on bank facilities of Sri Sunflower
Educational Society (SSES) continues to be 'CRISIL D Issuer Not
Cooperating'.

                      Amount
   Facilities       (INR Crore)     Ratings
   ----------       -----------     -------
   Long Term Loan         12        CRISIL D (Issuer Not
                                    Cooperating)

CRISIL Ratings has been consistently following up with SSES for
obtaining information through letters and emails dated November 13,
2021 and January 12, 2022 among others, apart from telephonic
communication. However, the issuer has remained non cooperative.

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

Detailed Rationale

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

SSES was set up in 2003 by Mr. M D V S R Punnam Raju and his family
members. It operates an engineering college in Krishna (Andhra
Pradesh).


SUYASH MOTORS: CRISIL Keeps B+ Debt Ratings in Not Cooperating
--------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Suyash Motors
(Unit of Patton Logistic Services Private Limited) (SM) continue to
be 'CRISIL B+/Stable Issuer Not Cooperating'.

                      Amount
   Facilities       (INR Crore)     Ratings
   ----------       -----------     -------
   Cash Credit           2.5        CRISIL B+/Stable (Issuer Not
                                    Cooperating)

   Electronic            7          CRISIL B+/Stable (Issuer Not
   Dealer Financing                 Cooperating)
   Scheme(e-DFS)         
                         
   Term Loan             1.45       CRISIL B+/Stable (Issuer Not
                                    Cooperating)

CRISIL Ratings has been consistently following up with SM for
obtaining information through letters and emails dated November 13,
2021 and January 20, 2022 among others, apart from telephonic
communication. However, the issuer has remained non cooperative.

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

Detailed Rationale

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

SM is a unit of PLSL, which was set up in 2005; SM began operating
under PLSL in 2012. SM is an authorised dealer of TML's passenger
vehicles and operates through a showroom and workshop in Varanasi
and two sub outlets in Chandauli and Babatpur (all in Uttar
Pradesh). The operations are managed by Mr Sachin Talwar.


VIKAS WSP LIMITED: Insolvency Resolution Process Case Summary
-------------------------------------------------------------
Debtor: M/s. Vikas WSP Limited

        Registered address:
        Railway Road Siwani
        Haryana 127046

        Corporate office:
        B-86/87, Udyog Vihar
        RIICO Industrial Area
        Sri Ganganagar
        Rajasthan 335002

Insolvency Commencement Date: February 2, 2022

Court: National Company Law Tribunal, New Delhi Bench

Estimated date of closure of
insolvency resolution process: August 1, 2022
                               (180 days from commencement)

Insolvency professional: Darshan Singh Anand

Interim Resolution
Professional:            Darshan Singh Anand
                         EG-46, Inder Puri
                         New Delhi
                         National Capital Territory of Delhi
                         110012
                         E-mail: dsanand57@gmail.com

                            - and -

                         Stellar Insolvency Profesionals LLP
                         Suite 10, 3rd Floor
                         310, New Delhi House
                         27 Barakhamba Road
                         Connaught Place
                         New Delhi 110001
                         E-mail: cirp.vikaswasp@gmail.com

Last date for
submission of claims:    February 16, 2022


VIRTUE INDUSTRIES: CRISIL Lowers Rating on INR6.45cr Loans to D
---------------------------------------------------------------
CRISIL has revised the ratings on certain bank facilities of Virtue
Industries (VI), as:

                      Amount
   Facilities       (INR Crore)     Ratings
   ----------       -----------     -------
   Cash Credit            2         CRISIL D (ISSUER NOT
                                    COOPERATING; Downgraded from
                                    'CRISIL B+/Stable ISSUER NOT
                                    COOPERATING')

   Long Term Loan         4.45      CRISIL D (ISSUER NOT
                                    COOPERATING; Downgraded from
                                    'CRISIL B+/Stable ISSUER NOT
                                    COOPERATING')

CRISIL Ratings has been consistently following up with VI for
obtaining information through letters and emails dated February 22,
2021, and August 13, 2021, apart from telephonic communication.
However, the issuer has remained non cooperative.

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

Detailed Rationale

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

Based on best-available information, CRISIL Ratings has downgraded
its rating on the long-term bank facilities of VI to 'CRISIL D
Issuer Not Cooperating' from 'CRISIL B+/Stable Issuer Not
Cooperating' due to delays in servicing debt obligation.

VI was set up in 2016 as a partnership firm in Krishna district
(Andhra Pradesh). The firm manufactures construction aggregates,
which are sold to domestic infrastructure and construction
companies The firm also has a stone crusher unit and concrete mix
unit at Paritala in Krishna district.


ZENOVA BIO: Ind-Ra Hikes Long-Term Issuer Rating to 'B+'
--------------------------------------------------------
India Ratings and Research (Ind-Ra) has upgraded Zenova Bio
Nutrition Private Limited's (ZBNPL) Long-Term Issuer Rating to 'IND
B+' from 'IND B-'. The Outlook is Stable.

The instrument-wise rating actions are as follows:

-- INR20 mil. Fund-based working capital limit Long term rating
     upgraded and short rating affirmed with IND B+/Stable/ IND A4

     rating;

-- INR1.9 mil. (reduced from INR3.56 mil.) Term loans due on
     December 2023 upgraded with IND B+/Stable rating;

-- INR6.1 mil. (reduced from INR6.5 mil.) Working capital demand
     loan upgraded with IND B+/Stable rating; and

-- INR20 mil. (increased from INR19.94 mil.) Proposed fund-based
     working capital limit Long term rating upgraded and short
     rating affirmed with IND B+/Stable/IND A4 rating.

ZBNPL's rating upgrade reflects an improvement in its EBITDA
margins, along with its better-than-expected financial performance
in FY21, resulting in improved credit metrics.

KEY RATING DRIVERS

ZBNPL's modest EBITDA margin improved to 8.24% in FY21 (FY20:
negative 1.28%), mainly due to a decline in the product initiation
costs for the export market and an increase in customer demands.
The return on capital employed improved to 5.4% in FY21 (FY20:
negative 13.2%). Over the short term, Ind-Ra expects the EBITDA
margin to improve marginally as the company has entered the higher
margin generating B2C segment and has increased its reach in the
export market.

The ratings also reflect the company's small-but-improved scale of
operation with a revenue of INR186.8 million in FY21 (FY20:
INR122.85 million) due to an increased execution of domestic and
overseas orders. During 9MFY22, ZBNPL achieved a revenue of INR160
million. Over the medium term, Ind-Ra expects the revenue to
improve as the company increases its business reach and exports.

The ratings further reflect ZBNPL's moderate credit metrics with
the gross interest coverage (operating EBITDA/gross interest
expense) of 3.6x in FY21 (FY20: negative 0.37x) and the net
financial leverage (adjusted net debt/operating EBITDA) of 4.07x
(negative 37.79x). The company's absolute EBITDA turned positive to
INR15.40 million in FY21 (FY20: negative INR1.58 million). Over the
short term, Ind-Ra expects the credit metrics to improve on an
increase in the absolute EBITDA and a decline in the principal
repayments and debt servicing on account of the absence of any
debt-led capex plans.

Liquidity Indicator – Poor: ZBNPL does not have any capital
market exposure and relies on banks and financial institutions to
meet its funding requirements. ZBNPL's average maximum utilization
of the fund-based limits was 98.72% during the 12 months ended
November 2021 with two instances of overutilization of one day
each. The cash flow from operations turned positive to INR12.1
million in FY21 (FY20: negative INR10 million), due to an increase
in the absolute EBITDA which also led to the free cash flow turning
positive at INR11.8 million (negative INR5.83 million). ZBNPL's
comfortable net working capital cycle improved to 58 days in FY21
(FY20: 102 days). The cash and cash equivalents stood at INR0.40
million at FYE21 (FYE20: INR0.34 million).

The ratings, however, continue to be supported by ZBNPL's
promoters' over two decades of experience in manufacturing
nutrition products. This has facilitated the company to establish
strong relationships with its customers as well as suppliers.

RATING SENSITIVITIES

Positive: An improvement in the scale of operation and liquidity
profile, with the net leverage sustaining below 5.5x, will be
positive for the ratings.

Negative: A decline in the revenue and profitability, leading to
deterioration in the credit metrics and in the liquidity profile,
on a sustained basis, will be negative for the ratings.

COMPANY PROFILE

ZBNPL was incorporated in April 2010 and has set up a plant to
manufacture medicinal nutraceutical products in Telangana in the
form of powder as well as compressed biscuits and nutrition
supplements.



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

TUNAS BARU: Moody's Lowers CFR to B2 & Alters Outlook to Negative
-----------------------------------------------------------------
Moody's Investors Service has downgraded Tunas Baru Lampung Tbk
(P.T.)'s (TBLA) corporate family rating to B2 from B1. Moody's has
also downgraded the rating on the backed senior unsecured bonds
issued by TBLA International Pte. Ltd., a wholly-owned subsidiary
of TBLA, to B2 from B1.

At the same time, Moody's has revised the outlook to negative from
ratings under review.

The rating action concludes the review for downgrade, which was
initiated on November 9, 2021.

"The downgrade reflects our expectation that TBLA will remain
susceptible to liquidity risk even after completing the planned
refinancing of its large bond maturities with a new syndicated
amortizing secured loan," says Maisam Hasnain, a Moody's Vice
President and Senior Analyst.

"TBLA's credit quality will be constrained by persistently weak
liquidity, given a heavy reliance on short term debt, increased
amortization payments and limited visibility over plans to term out
its capital structure over the next 1-2 years," adds Hasnain, who
is also Moody's lead analyst for TBLA.

RATINGS RATIONALE

Moody's expects TBLA to sign a new syndicated loan by the end of
this month with some of its existing banks to fully refinance its
outstanding $168 million bond due January 2023 and most of its
IDR1.3 trillion ($85 million) bonds due in March 2023.

Even with the new loan, Moody's believes TBLA will require
uninterrupted access to bank funding over the next few years, as
TBLA's internal cash sources will be insufficient to meet its cash
obligations, including its scheduled debt maturities. Moody's
believes the company's alternative funding channels are limited.
TBLA twice sought to issue new US dollar bonds in 2021 but
cancelled the transactions citing adverse market conditions.

As of September 30, 2021, in addition to its scheduled bond
maturities in 1Q 2023, TBLA had IDR2.2 trillion in loan
amortization payments payable through September 2023. The company
also had around IDR1.9 trillion in short-term bank loans that would
need to be rolled over.

Furthermore, following its planned refinancing, Moody's expects
TBLA's bullet maturity bonds will be replaced with amortizing
secured loans, thus straining its overall financial flexibility.
That's because large swings in working capital can often dent the
company's quarterly cash flow generation and scheduled amortization
payments will further deplete excess cash flows. This will
ultimately limit the company's ability to reduce the proportion of
short-term debt in its capital structure over the next 1-2 years.

As of September 30, 2021, TBLA's cash constituted 26% of its total
short-term debt (excluding the current portion of its long-term
debt), considerably lower than 91% as of December 2019. The
company's proportion of short-term debt to total debt has also
increased to around 19% from 6% during this period.

Overall, despite the underlying strength of TBLA's dual-commodity
(palm oil and sugar) business model, favorable long-term demand
fundamentals and high prevailing prices, the company's financial
strategy and risk management (key considerations under Moody's
governance risk assessment framework) constrain its CFR to the B2
rating level.

OUTLOOK

The outlook is negative, reflecting the near-term refinancing risk
associated with TBLA's US dollar and local currency bonds due in
the first quarter of 2023, as the proposed syndicated loan
refinancing has not yet closed.

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

An upgrade of TBLA's ratings is unlikely over the next 12 months,
given the negative outlook.

However, Moody's could revert the outlook to stable from negative
once TBLA fully refinances its US dollar and local currency bonds
due in the first quarter of 2023, while continuing to roll over its
short-term debt maturities.

Moody's could downgrade the ratings if (1) TBLA experiences any
delays in refinancing its near-term US dollar and local currency
bond maturities over the next few weeks; (2) it is unable to roll
over its short-term debt maturities or experiences a reduction in
its undrawn credit facilities; (3) it pursues aggressive financial
policies, including large debt-funded investments or shareholder
returns; or (4) there is protracted weakness in TBLA's credit
metrics due to declining palm oil and sugar prices or sales
volumes.

Specific indicators for a downgrade include adjusted debt/EBITDA
above 5.0x or adjusted EBITA/interest expense below 1.5x, both on a
sustained basis.

The principal methodology used in these ratings was Protein and
Agriculture published in November 2021.

Headquartered in Jakarta and incorporated in 1973, Tunas Baru
Lampung Tbk (P.T.) (TBLA) is a producer of palm oil and sugar
products. As of September 30, 2021, the company was 28% owned by
Sungai Budi (P.T.) and 27% owned by Budi Delta Swakarya (P.T.).
These two major shareholders are equally owned by Mr. Widarto, who
serves as executive chairman of TBLA, and Mr. Santoso Winata, who
is president commissioner of TBLA.



=========
M A C A U
=========

STUDIO CITY: Moody's Rates New USD Senior Secured Bonds 'Ba3'
-------------------------------------------------------------
Moody's Investors Service has assigned a Ba3 rating to the USD
senior secured bonds to be issued by Studio City Company Limited,
which is wholly owned by Studio City Finance Limited (Studio City)
(B1 negative) through Studio City Investments Limited.

The bonds will be guaranteed by Studio City Investments Limited and
all of its existing subsidiaries (other than Studio City Company
Limited).

The rating outlook is negative.

The proceeds from the proposed bond issuance, together with new
equity issuance, will be used to fund the Studio City phase two
project and for general corporate purposes.

RATINGS RATIONALE

"The proposed bonds and equity issuance will significantly
strengthen Studio City's liquidity profile and help it contain a
deterioration in its capital structure caused by weak cash flow and
capital spending for its phase two project," says Gloria Tsuen, a
Vice President and Senior Credit Officer.

"Nonetheless, we expect the company's financial leverage will
remain very weak at least through 2022. There are also lingering
uncertainties around the recovery of the gaming market and the
extension of existing gaming licenses. These factors drive the
negative outlook."

The Ba3 rating on the proposed USD bonds is one notch higher than
Studio City's B1 corporate family rating (CFR) because the bonds
benefit from the first lien on the company's major assets,
including the property on which the Studio City project is based,
and shares in subsidiaries. This structure means that the bonds
rank ahead of other unsecured claims and indebtedness.

Studio City's B1 CFR reflects the company's moderate standalone
credit quality and a one-notch uplift stemming from a likelihood of
extraordinary support from its parent, Melco Resorts &
Entertainment Limited (MRE), given the company's strategic
importance to the parent.

Studio City's standalone credit quality considers its established
market position and its mass-market-focused operations. These
strengths are counterbalanced by the company's geographic
concentration in Macao SAR, China (Aa3 stable).

The standalone credit profile is also constrained by the company's
depressed earnings and cash flow amid the coronavirus pandemic. The
weak operating cash flow and capital spending for the phase two
project will lead to significant debt growth through 2022. Assuming
that earnings will improve more substantially in 2023, Moody's
projects Studio City's adjusted debt/EBITDA will rise to around
7.5x in 2023, compared with 4.1x in 2019. This projected leverage
is at the weak end of the B1 rating category.

Along with the proposed notes issuance, Studio City International
Holdings Limited plans to raise approximately $300 million in new
equity. It announced that its existing shareholders, which hold in
aggregate over 99% of the outstanding shares, have subscribed to
the offering.

The proposed notes issuance and equity offering will significantly
improve Studio City's liquidity, which will become sufficient to
cover the company's ongoing cash burn and phase two expansion
capital spending. The company has no material debt maturities until
2025.

The CFR also reflects regulatory uncertainties over the extension
of existing licenses, which will expire in June 2022. If tighter
regulations are imposed on gaming concessionaires, it could have a
material impact on Studio City's operations.

In terms of environmental, social and governance (ESG)
considerations, the ratings factor in the company's high ownership
concentration by MRE and ultimately by a controlling shareholder.
These risks are mitigated by the likelihood of support from the
parent company and the recent track record of significant equity
financing.

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

Moody's could return Studio City's outlook to stable if the company
improves its earnings and maintains a balanced financial policy,
such that its debt/EBITDA falls below 7.5x-8.0x and EBITDA/interest
exceeds 1.8x on a sustained basis.

On the other hand, Moody's could downgrade Studio City's ratings if
(1) the company's operations are unlikely to recover sufficiently;
or (2) its debt-funded capital spending exceeds expectations,
resulting in strained liquidity or high leverage on a sustained
basis. Specifically, downward rating pressure will likely emerge if
its debt/EBITDA exceeds 7.5x-8.0x and EBITDA/interest remains below
1.8x on a sustained basis.

The principal methodology used in this rating was Gaming published
in June 2021.

Studio City Finance Limited, through its subsidiaries, develops and
operates the Studio City property, an integrated gaming and
entertainment resort in Macao. The company's holding company,
Studio City International Holdings Limited, is listed on the New
York Stock Exchange and is around 55% owned by Melco Resorts &
Entertainment Limited.



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

GIBBS GROUP: Creditors' Proofs of Debt Due March 11
---------------------------------------------------
Creditors of Gibbs Group Limited, which is in voluntary
liquidation, are required to file their proofs of debt by March 11,
2022, to be included in the company's dividend distribution.

Digby John Noyce, chartered accountant and Licensed Insolvency
Practitioner, was appointed liquidator of the company on Feb. 8,
2022.

The company's liquidator can be reached at:

          Digby John Noyce
          RES Corporate Services Limited
          PO Box 301890
          Albany, Auckland 0752


J D GAWITH: Creditors' Proofs of Debt Due April 4
-------------------------------------------------
Creditors of J D Gawith Construction Limited, which is in voluntary
liquidation, are required to file their proofs of debt by April 4,
2022, to be included in the company's dividend distribution.

The company commenced wind-up proceedings on Feb. 4, 2022.

The company's liquidators are:

          Thomas Lee Rodewald
          Rodewald Consulting Limited
          Level 1, The Hub
          525 Cameron Road (PO Box 15543)
          Tauranga 3144




JMCD LIMITED: Court to Hear Wind-Up Petition on March 25
--------------------------------------------------------
A petition to wind up the operations of JMCD Limited will be heard
before the High Court at Auckland on March 25, 2022, at 10:00 a.m.

Haydn & Rollett Limited filed the petition against the company on
Nov. 5, 2021.

The Petitioner's solicitors are:

          Douglas Burgess
          Level 8, 36 Kitchener Street
          Auckland Central


TOTAL QUALITY: Commences Wind-Up Proceedings
--------------------------------------------
Members of Total Quality Assurance Limited, on Feb. 4, 2022, passed
a resolution to voluntarily wind up the company's operations.

The company's liquidator can be reached at:

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




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

AMROSE SINGAPORE: Creditors' First Meeting Set for Feb. 25
----------------------------------------------------------
Creditors of Amrose Singapore Pte Ltd will hold their first meeting
on Feb. 25, 2022, at 10:00 a.m., at 22 Malacca Street, #03-02 RB
Capital Building, in Singapore.

Agenda of the meeting includes:

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

   b. to consider and if thought fit, to appoint a Committee of
      Inspection; and

   c. to consider any other matters.

The company's liquidator can be reached at:

           Xerxes J Medora
           J K Medora & Co LLP
           22 Malacca Street
           #03-02 RB Capital Building
           Singapore 048980


NO SIGNBOARD: Applies for 2-Month Extension to File Annual Report
-----------------------------------------------------------------
The Business Times reports that restaurant operator No Signboard
Holdings has applied for a two-month extension to hold its annual
general meeting (AGM), as well as to issue its annual report and
sustainability report for FY2021, and its first-quarter results.

Late last month, the Catalist-listed company had said it was unable
to demonstrate that it could continue as a going concern, and
requested a voluntary suspension of the trading of its shares, BT
recalls.

According to BT, the group said in a bourse filing on Feb. 8 that
it needs more time to prepare its cash-flow projection and working
capital management, and "develop further clarity" in preparing its
FY2021 financial statements.

An extension will also give auditors more time to review, assess
and complete an audit of the group.

BT says the restaurant operator is seeking to issue its annual and
sustainability reports on March 16, to push back the AGM to March
31, and to announce its Q1 FY2022 results on April 14.

BT relates that No Signboard said the company and its board have
been in talks with substantial shareholders for financial support,
but the substantial shareholders have not provided any letters of
undertaking for financial support as yet.

The group said it has engaged DBS Bank to release an earmarked
amount for working capital purposes, and is discussing with its
financial adviser on restructuring plans, BT relays.

It is also exploring fund-raising activities and is in talks with
potential investors to obtain additional financing for working
capital purposes and to maintain the business as a going concern.

In a bourse filing last week, No Signboard said it has received
letters of demand from the landlords of 2 of its fast-food outlets
for more than SGD176,000 in arrears of rental and other monies
owing, the report adds.

                         About No Signboard

No Signboard Holdings Ltd., an investment holding company, manages
and operates food and beverage outlets in Singapore. The company
operates a chain of seafood restaurants under the No Signboard
Seafood brand that serve various seafood cuisine prepared in
Chinese and Singapore styles. It owns and operates three
restaurants, as well as operates one restaurant under a franchise
agreement. The company also produces, promotes, and distributes
beer under the Draft Denmark brand; and distributes various third
party brands of beer, as well as operates as an OEM beer supplier
for third party brands. In addition, it produces and distributes
ready meals through a network of vending machines. Further, the
company engages in leasing financial intangible assets, such as
patents, trademarks, brand names, etc.

No Signboard has reported a net loss of SGD6.4 million for the year
ended Sept. 30, 2021, narrowing from SGD9.8 million in 2020. The
company reported a net loss of SGD4.9 million for the year ended
Sept. 30, 2019.

SINGAPORE PRESS: Keppel to Commence Arbitration Proceedings
-----------------------------------------------------------
The Business Times reports that Keppel Corp has filed a notice of
arbitration with the Singapore International Arbitration Centre
(SIAC) to commence arbitration proceedings against Singapore Press
Holdings (SPH) over a dispute linked to an attempted termination of
an agreement between the two companies.

In a filing to the Singapore Exchange on Feb. 9, Keppel said that
Keppel Pegasus received a letter from SPH on Jan. 24, 2022, giving
written notice of its intention to consult the Securities Industry
Council in relation to the termination of an implementation
agreement between Keppel Pegasus and SPH dated Aug. 2, BT relates.

In a filing to the Singapore Exchange on Feb. 9, Keppel said:
"Keppel Pegasus does not agree with SPH's attempted purported
termination of the Keppel implementation agreement, and is of the
view that SPH is obliged to continue with the implementation of the
scheme in accordance with the terms of the Keppel implementation
agreement."

On Feb. 9, Keppel Pegasus thus filed a notice of arbitration with
the SIAC to start arbitration proceedings against SPH relating to
the dispute and to seek various reliefs against SPH, including
specific performance of SPH's obligations, the report relates.

Keppel went on to add that this is in accordance with the terms of
the agreement, which provides for disputes to be resolved by
arbitration administered by the SIAC.

It added: "Notwithstanding the arbitration proceedings, the company
will continue to pursue its Vision 2030 growth plans. The company
does not expect the arbitration to have a material adverse effect
on its operations and the financial performance of the group, and
will provide further updates, as appropriate," BT relays.

This is the latest development in a takeover battle for SPH by
Keppel and by Cuscaden Peak, a consortium comprising Hotel
Properties (HPL), businessman Ong Beng Seng, and two Temasek-linked
entities, CLA and Mapletree, the report adds.

                       About Singapore Press

Singapore Press Holdings Limited -- https://www.sph.com.sg/ --
publishes, prints, and distributes newspapers and magazines. The
Company also invests in properties, provides multimedia,
broadcasting, and telecommunications services, manages shopping
centers and other commercial properties, and operates Internet
portal site.

As reported in the Troubled Company Reporter-Asia Pacific on Aug.
18, 2021, a financial analysis, Singapore Press Holdings' (SPH)
appointed independent financial adviser has advised the company's
directors to recommend that shareholders vote in favor of the
proposed restructuring of its media business.  The Business Times
related that the independent financial adviser, Evercore Asia
(Singapore), said in a letter to the board of directors that the
restructuring will prevent the company and its shareholders from
incurring potentially significant and recurring losses of the media
business.  It added that the move will allow SPH to "set a clear
strategic direction" with a focus on the real estate sector and
related segments of student accommodation and aged care while
eliminating the risks and uncertainties associated with the media
business.




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

SRI LANKA: Not on Verge of Sovereign Default, Central Bank Says
---------------------------------------------------------------
Reuters reports that Sri Lanka's central bank said on Feb. 9 the
country was committed to honouring all forthcoming debt
obligations, adding that the island nation was not on the verge of
a sovereign default.

Sri Lanka is facing its worst financial crisis in decades, and
foreign exchange reserves have fallen to $2.36 billion, Reuters
relates citing Central Bank of Sri Lanka (CBSL) data.

"The government and the CBSL are committed to honor all forthcoming
debt obligations," the central bank said in a press release.

"The attention of the CBSL has been drawn to certain recent media
reports which have claimed that Sri Lanka is at the verge of a
sovereign default," it added, says Reuters. "The CBSL wishes to
state that such claims are totally unsubstantiated."

The CBSL has taken necessary measures to secure alternative foreign
exchange inflows through bilateral and multilateral funding
arrangements with a plan to settle upcoming debt obligations, it
said.

Sri Lanka has total outstanding sovereign bonds amounting to $12.55
billion, with a $1 billion of the bonds maturing in July 2022,
Reuters discloses.

"With the realisation of expected forex inflows and the resulting
build-up of international reserves, the need for initiating
discussions with investors on debt restructuring . . . does not
arise," the central bank said.

Reuters adds that Citi Research on Feb. 7 said that confidence in
the Sri Lankan government's external repayment position remains
weak and foreign exchange reserves were declining faster than
expected.

"We stick to our base-case scenario that international bonds will
need to be restructured by July," Citi Research said, notes the
report.



                           *********


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,
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Information contained herein is obtained from sources believed
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mail.  Additional e-mail subscriptions for members of the same
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thereof are US$25 each.  For subscription information, contact
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                *** End of Transmission ***