/raid1/www/Hosts/bankrupt/TCRAP_Public/220214.mbx        T R O U B L E D   C O M P A N Y   R E P O R T E R

                     A S I A   P A C I F I C

          Monday, February 14, 2022, Vol. 25, No. 26

                           Headlines



A U S T R A L I A

DRAKK PTY: Second Creditors' Meeting Set for Feb. 18
LIBERTY FUNDING 2022-1: Moody's Gives B1 Rating to AUD14MM F Notes
LIQUITAB SYSTEMS: Second Creditors' Meeting Set for Feb. 21
MURRAY RIVER: First Creditors' Meeting Set for Feb. 21
TSK QLD: Second Creditors' Meeting Set for Feb. 21



C H I N A

CHINA EVERGRANDE: CEO Sold Bonds Before Profit Warning
[*] CHINA: Investors Shun Developers as Bond Sales Slump 70%


I N D I A

AISHWARYA TECHNOLOGIES: CARE Keeps D Ratings in Not Cooperating
AKASH SPINNING: CARE Lowers Rating on INR14.26cr LT Loan to B+
ALAMELU BALAJI: CARE Lowers Rating on INR15.60cr LT Loan to B
ANJANI REALTORS: Insolvency Resolution Process Case Summary
ARCOTECH LIMITED: CARE Keeps D Debt Ratings in Not Cooperating

ASA PRODUCTION AND ENTERPRISES: Liquidation Process Case Summary
BANGLORE POLYMERS: CARE Keeps B- Debt Ratings in Not Cooperating
CB DOCTORS: CARE Withdraws B+/A4 Rating on Bank Debts
CONFRO AGRO LTD: Insolvency Resolution Process Case Summary
CONTEC SYNDICATE: Ind-Ra Keeps BB- Issuer Rating in Non-Cooperating

FIROZE FABRICATORS: Ind-Ra Moves B+ Rating to Non-Cooperating
FLEXI INFOTECH: Liquidation Process Case Summary
GARG SPINNING: CARE Lowers Rating on INR14.09cr LT Loan to B+
GLOBUS PETROADDITIONS: CARE Cuts Rating on INR27.90cr Loan to B
GOLDEN SPINNING: CARE Reaffirms B+ Rating on INR11.07cr Loan

GUJARAT STEEL: CARE Keeps D Debt Ratings in Not Cooperating
HARI KRIPA: CARE Keeps D Debt Ratings in Not Cooperating Category
HIGHEND PROPERTIES: CARE Lowers Rating on INR20.09cr LT Loan to D
HT KAMAKHYA: CARE Assigns B+ Rating to INR20cr LT Loan
JBF PETROCHEMICALS LIMITED: Insolvency Resolution Case Summary

KAVERI GAS: Insolvency Resolution Process Case Summary
M.S. JEWELLERS: CARE Lowers Rating on INR4.50cr LT Loan to B-
MAHARAJA TECHNO: Liquidation Process Case Summary
MICROSUN SOLAR: Liquidation Process Case Summary
MPS TELECOM: CARE Lowers Rating on INR30.00cr LT Loan to B-

PAAPPAI EXPORTS: CARE Keeps D Debt Rating in Not Cooperating
RAM LAL KAMAL: Insolvency Resolution Process Case Summary
RAYALASEEMA STEEL: CARE Moves B+ Debt Rating to Not Cooperating
SAMMAN LAL: CARE Lowers Rating on INR21.50cr LT Loan to B
SBI INFRA MANAGEMENT: Voluntary Liquidation Process Case Summary

SCODA TUBES: Ind-Ra Withdraws 'B+' Long-Term Issuer Rating
SHIVA GINNING: CARE Lowers Rating on INR5.83cr LT Loan to B
SHREYASI INFRA PRIVATE: Insolvency Resolution Process Case Summary
SUBIZZ TRAVEL: CARE Keeps B- Debt Ratings in Not Cooperating
VENKATACHALAPATHY SAGO: CARE Keeps B- Rating in Not Cooperating

ZEE ENTERTAINMENT: IndusInd Initiates Insolvency Process vs. Firm


I N D O N E S I A

MODERNLAND REALTY: Fitch Raises LT IDR to 'CCC-'


M A C A U

SJM HOLDINGS: Moody's Cuts CFR to Ba2, Under Review for Downgrade


M A L A Y S I A

1MALAYSIA BHD: Ex-banker's 1MDB Corruption Trial to Kick Off


N E P A L

HIMALAYAN REINSURANCE: A.M. Best Assigns B(Fair) FS Rating


N E W   Z E A L A N D

DELTA SHARED: Court to Hear Wind-Up Petition on April 1
HSK TRADING: Court to Hear Wind-Up Petition on Feb. 25
SAAN: Auckland Thai Restaurant to Shut Down
VIVIER AND COMPANY: Court to Hear Wind-Up Petition on Feb. 24


S I N G A P O R E

GEOSHIPPING PTE: Court Enters Wind-Up Order
HAPPYORNOT ASIA: Creditors' Proofs of Debt Due March 14
HTL INTERNATIONAL: Court to Hear Wind-Up Petition on March 15
MAPS AUSTRALIA: Creditors' Proofs of Debt Due on March 11


V I E T N A M

NORTHERN POWER: Fitch Affirms 'BB' LT FC IDR, Outlook Positive
SOUTHERN POWER: Fitch Affirms 'BB' LT FC IDR, Outlook Positive
VIETNAM CENTRAL: Fitch Affirms 'BB' LT FC IDR, Outlook Positive

                           - - - - -


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

DRAKK PTY: Second Creditors' Meeting Set for Feb. 18
----------------------------------------------------
A second meeting of creditors in the proceedings of Drakk Pty Ltd
has been set for Feb. 18, 2022, at 11:00 a.m. via a Zoom video
conferencing Facility.

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

Creditors wishing to attend are advised proofs and proxies should
be submitted to the Administrator by Feb. 17, 2022, at 4:00 p.m.

Domenic Calabretta and Mitchell Ball of Mackay Goodwin were
appointed as administrators of Drakk Pty on Nov. 9, 2021.


LIBERTY FUNDING 2022-1: Moody's Gives B1 Rating to AUD14MM F Notes
------------------------------------------------------------------
Moody's Investors Service has assigned definitive ratings to notes
issued by Liberty Funding Pty Ltd (Liberty Funding) in respect of
Liberty Series 2022-1 Auto.

Issuer: Liberty Series 2022-1 Auto

AUD262.50 million Class A Notes, Assigned Aaa (sf);

AUD26.95 million Class B Notes, Assigned Aa2 (sf);

AUD15.75 million Class C Notes, Assigned A2 (sf);

AUD12.25 million Class D Notes, Assigned Baa2 (sf);

AUD16.80 million Class E Notes, Assigned Ba2 (sf);

AUD14.00 million Class F Notes, Assigned B1 (sf);

The AUD1.75 million Class G Notes are not rated by Moody's.

The transaction is a securitisation of a portfolio of Australian
consumer auto loans originated by Liberty Financial Pty Ltd
(Liberty, unrated). This is Liberty's twelfth auto asset backed
securities (ABS) transaction and its first transaction for 2022.

The transaction includes a three month pre-funding period, whereby
Liberty Funding issued notes up to AUD350.0 million, based on the
initial pool of AUD300.0 million. During the pre-funding period,
additional loans may be sold into the trust, up to the pre-funding
amount of AUD50.0 million, subject to certain portfolio parameters
and eligibility criteria.

Liberty is an Australian non-bank lender that started originating
non-conforming residential mortgages in 1997. It subsequently
expanded into prime residential mortgage origination, as well as,
among others, auto loans, small commercial mortgage loans and
personal loans. In December 2020 Liberty was listed on the ASX. As
of June 2021, Liberty had total receivables of AUD12 billion.

RATINGS RATIONALE

The definitive ratings take into account, among other factors:

The evaluation of the underlying receivables and their expected
performance;

Historical loss data. Liberty provided vintage historical data on
gross defaults and net losses from 2002 to 2020;

The credit enhancement provided by note subordination, the
guarantee fee reserve and excess spread;

The liquidity facility in the amount of 2.00% of the principal
balance of the rated notes, subject to a floor of AUD600,000;

The pre-funding period;

The interest rate swap provided by National Australia Bank Limited
(NAB, Aa3/P-1/Aa2(cr)/P-1(cr)).

According to Moody's, the transaction benefits from various credit
strengths such as a high proportion of motor vehicles, a highly
granular portfolio and a guarantee fee reserve account. However,
Moody's notes that the transaction features some credit weaknesses
such as the proportion of the portfolio extended to borrowers with
prior credit impairment and the pro-rata amortisation of the rated
notes under certain conditions.

Key transactional features are as follows:

The Class A, Class B, Class C, Class D, Class E and Class F notes
are supported by 25.00%, 17.30%, 12.80%, 9.30%, 4.50% and 0.50% of
note subordination, respectively.

Principal collections will be at first distributed sequentially.
Starting from the first anniversary from closing, all notes
(excluding the Class G notes) may participate in proportional
principal collections distribution, subject to the step down
conditions being satisfied. The step down conditions include, among
others, no charge-offs on any of the notes and the subordination
percentage to the Class A notes being greater than or equal to
35.0%. The transaction will revert to a sequential principal
repayment once the aggregate principal balance of the notes is
10.0% or less of the aggregate principal balance of the notes at
closing, or on or following the payment date in February 2026.

The guarantee fee reserve account, which is unfunded at closing
and will accumulate to a maximum limit of AUD7.0 million from
excess spread. The guarantee fee reserve account will firstly be
available to meet losses on the loans and charge-offs against the
notes. Secondly, it can be used to cover any required payment
shortfalls that remain after liquidity facility and principal
draws.

Key model and portfolio assumptions:

Moody's portfolio credit enhancement ("PCE") -- representing the
loss that Moody's expects the portfolio to suffer in the event of a
severe recession scenario -- is 26.0%. Moody's mean expected
default rate for this transaction is 6.25% and the assumed recovery
rate is 37.5%. Moody's assumed default rate and recovery rate are
stressed compared to the historical levels of 6.82% (based on
origination vintages from 2002 to 2020) and 54.26% respectively.

In determining the mean default rate, Moody's gave more weight to
the historical performance of vintages post 2008 because these
vintages are more reflective of the credit quality of the current
portfolio with lower levels of credit impaired borrowers than
vintages prior to 2008. The stress Moody's has applied in
determining its mean default rate reflects the lack of economic
stress during the historical data period.

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

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

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

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

LIQUITAB SYSTEMS: Second Creditors' Meeting Set for Feb. 21
-----------------------------------------------------------
A second meeting of creditors in the proceedings of Liquitab
Systems Limited has been set for Feb. 21, 2022, at 2:30 p.m. via
virtual meeting technology.

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

Creditors wishing to attend are advised proofs and proxies should
be submitted to the Administrator by Feb. 20, 2022, at 5:00 p.m.

Matthew Kucianski of Worrells Solvency & Forensic Accountants was
appointed as administrator of Liquitab Systems on Jan. 16, 2022.


MURRAY RIVER: First Creditors' Meeting Set for Feb. 21
------------------------------------------------------
A first meeting of the creditors in the proceedings of:

      - Murray River Organics Group Limited;
      - Murray River Organics Proprietary Limited;
      - Murray River Organics Property Pty Limited; and
      - Murray River Organics Property 2 Pty Limited

will be held on Feb. 21, 2022, at 2:00 p.m. via virtual meeting.

Matthew James Byrnes and Andrew Stewart Reed Hewitt of Grant
Thornton were appointed as administrators of Murray River et al. on
Feb. 9, 2022.


TSK QLD: Second Creditors' Meeting Set for Feb. 21
--------------------------------------------------
A second meeting of creditors in the proceedings of TSK QLD Pty Ltd
(Formerly known as Jugiter Pty Ltd) has been set for Feb. 21, 2022,
at 11:00 a.m. via virtual meeting technology.

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

Creditors wishing to attend are advised proofs and proxies should
be submitted to the Administrator by Feb. 18, 2022, at 4:00 p.m.

Gavin Charles Morton of Morton + Lee Insolvency was appointed as
administrator of TSK QLD Pty on Jan. 14, 2022.




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

CHINA EVERGRANDE: CEO Sold Bonds Before Profit Warning
------------------------------------------------------
The Wall Street Journal reports that China Evergrande Group's chief
executive sold his holdings of company dollar bonds with a face
value of $128 million last summer, stock exchange-filings showed,
with the sales coming a few weeks before the property developer
issued a profit warning.

Evergrande CEO Xia Haijun, and Hui Ka Yan, the group's founder and
chairman, have in recent years bought sizable quantities of new
bonds from the company, the Journal relates citing company
statements and earlier filings disclosing changes to their
holdings. Some of the bond-buying was presented as a public show of
support when the Chinese real-estate giant was conducting
multibillion-dollar debt issues.

Mr. Xia sold all of his holdings in three dollar notes issued by
either Evergrande or its Scenery Journey Ltd. unit in a series of
transactions between July 27 and Aug. 17 of last year, according to
the exchange filings on Feb. 9, the Journal says. The notes were
sold at between about 36 cents and 52 cents on the dollar, the
filings showed. Evergrande's bonds have since fallen further in
price. One of the bonds that Mr. Xia had invested in, which is due
in 2022, was recently quoted at 10 cents on the dollar, Refinitiv
data showed, the Journal relays.

                       About China Evergrande

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

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

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

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

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

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


[*] CHINA: Investors Shun Developers as Bond Sales Slump 70%
------------------------------------------------------------
South China Morning Post reports that investors seem to have lost
their appetite for bonds issued by Chinese developers while rising
defaults by an increasing number of cash-strapped companies have
pushed the cost of funding for the sector to more than a decade
high.

Chinese real estate companies issued CNY48.1 billion (US$7.6
billion) worth of bonds in January in both local and foreign
currencies, according to Beike Research Institute (BRI), a research
arm of KE Holdings, China's biggest online property broker. That is
a 70% slide from a year earlier, the Post relays.

"The credit environment has not fully improved, but we see positive
signals from the central government are helping to ease the
headwinds affecting the sector," the institute said in a research
note on Feb. 9.

Chinese junk bonds have lost 34% over the past six months, the Post
discloses citing an ICE BofA Index that tracks US$56 billion of
dollar bonds dominated by home developers. The yield has risen to
about 23% last week, from 10.5% in June, shutting out borrowers. It
reached 25% in November, a level not seen since March 2009.

The Post says the confidence of the bond investors has been damaged
since late last year when one home builder after another defaulted
on their debts or pleaded with creditors to extend payment
deadlines.

While China Evergrande Group, Fantasia, Modern Land and Kaisa Group
Holdings were among the major developers that defaulted on their
offshore debt amid a liquidity crunch, others such as China Aoyuan
Group and Yuzhou Group have joined the list this year, the report
says.

According to the Post, the central government and provincial level
authorities have repeatedly highlighted that "the real estate
sector is a pillar industry" and have taken several measures,
including cutting mortgage rates and relaxing the three red lines
imposed on the developers since September to ease the property
industry's suffering.

Offshore creditors of Evergrande and Kaisa among others have
threatened to take legal action against the companies for not
engaging with them substantively on potential solutions after
missing bond payments.

"January used to be when there were heavy offshore bond issuances,"
the report quotes Leonard Law, credit analyst at Lucror Analytics,
as saying. "Given the sector's troubles, it remains very difficult
for property developers to issue offshore bonds, unless the issuer
is a state-owned firm or a handful of strong private companies."

Of the CNY48.1 billion worth of bonds issued by Chinese developers
in January, CNY14. 2 billion was raised offshore, the Post
discloses citing BRI data. Among the major offshore issuers were
Shanghai-based CIFI Holdings Group, which raised US$150 million,
while Foshan-based Country Garden Group issued HK$3.9 billion of
convertible notes.

The Post relates that the funds raised offshore, however, amounted
to only a quarter of that issued in January last year, while the
average yield was 8.63%, 263 basis points higher than that in
December last year, meaning that the developers had to bear a much
higher cost.

"This [higher yields] is likely to remain the case for the next two
to three quarters, unless we see more concrete government support
for the sector in terms of boosting contracted sales and the
developers' access to financing," Mr. Law said.

China's US$1.7 trillion housing market is yet to recover from a
months long slowdown. The collective sales value of the mainland's
top 100 developers fell 41% in January from a year earlier to
CNY526.6 billion, according to the China Real Estate Information
Corporation, which compiles industry data, the Post relays.

"Bond market access will remain difficult for the sector as bond
price volatility remains high and investors' and lenders' risk
appetite stays low, and thus, it will increase refinancing risk for
financially weak developers in particular," the Post quotes Kelly
Chen, an assistant vice-president and analyst at Moody's, as
saying.




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

AISHWARYA TECHNOLOGIES: CARE Keeps D Ratings in Not Cooperating
---------------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Aishwarya
Technologies and Telecom Limited (ATTL) continues to remain in the
'Issuer Not Cooperating' category.

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank       7.11       CARE D; ISSUER NOT COOPERATING
   Facilities                      Rating continues to remain
                                   under ISSUER NOT COOPERATING
                                   category

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

   Short Term Bank      4.50       CARE D; ISSUER NOT COOPERATING
   Facilities                      Rating continues to remain
                                   under ISSUER NOT COOPERATING
                                   category

Detailed Rationale & Key Rating Drivers

CARE Ratings Ltd. had, vide its press release dated March 03, 2017,
placed the rating(s) of ATTL under the 'issuer non-cooperating'
category as ATTL had failed to provide information for monitoring
of the rating. ATTL continues to be non-cooperative despite
repeated requests for submission of information through e-mails,
phone calls and an email dated January 12, 2022. In line with the
extant SEBI guidelines, CARE Ratings Ltd. has reviewed the rating
on the basis of the best available information which however, in
CARE Ratings Ltd.'s opinion is not sufficient to arrive at a fair
rating.

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

The ratings factor in stretched liquidity position with continued
delays in debt service obligation.

Detailed description of the key rating drivers

At the time of last rating on February 26, 2021, the following were
the rating strengths and weaknesses (updated for financials for
FY21 published on BSE):

Key Rating Weaknesses

* Subdued financial performance in FY21 and stretched liquidity:
The total operating income of the company for FY21 has been
marginally lower than FY20 (INR10.92 crore vis-à-vis INR11.32
crore). Low operating income led to the under-recovery of expenses
and ATTL reported operating loss of INR4.08 crore in FY21 against
operating loss of INR7.30 crore in FY20. The company continues to
report net loss and cash loss. The company also has stretched
collection days of around a year resulting stretched liquidity and
delays in debt servicing.

* Small Scale of operation: The scale of operation of the company
has deteriorated significantly over the years. The company has
small networth base of INR0.58 crore as on March 31, 2021 (INR5.09
crore in FY20). Due to continuous high loss incurred, the net-worth
base eroded significantly.

Key Rating Strengths

* Experienced promoters: The promoters of ATTL, Mr. G Rama Krishna
Reddy, Rama Manohar Reddy and Mrs. G Amulya Reddy have more than
two decades of experience in the telecom sector.

* Exclusive distributorship from reputed clients: ATTL has
exclusive distributorship from Sumitomo Electric Industries, Japan
for India, Bangladesh & Sri Lanka for entire range of splicing
machines. The company has further appointed re-sellers in various
parts of India, Sri Lanka & Bangladesh, for promoting these
splicing machines.

Aishwarya Technologies & Telecom Limited (ATTL) was promoted by Mr.
G Rama Manohar Reddy and Mrs. G Amulya Reddy as a partnership firm
named Advanced Electronics & Communications System. ATTL was formed
by taking over the business of the said partnership firm. ATTL is
an ISO 9001:2008 certified company, which manufactures testing &
measuring equipment like fiber, data and copper cable fault
locators for telephone service providers, defense sector, cable TV
operators and railways. The company has its manufacturing
facilities situated at Hyderabad and it supplies a wide range of
telecom & fiber optic products to Bharat Sanchar Nigam Limited,
Tata Tele Services, Bharati Airtel, Mahanagar Telephone Nigam
Limited, railways & defense sectors in India.


AKASH SPINNING: CARE Lowers Rating on INR14.26cr LT Loan to B+
--------------------------------------------------------------
CARE Ratings revised the ratings on certain bank facilities of
Akash Spinning Mills (ASM), as:

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank      14.26       CARE B+; Stable; ISSUER NOT
   Facilities                      COOPERATING; Rating continues
                                   To remain under ISSUER NOT
                                   COOPERATING category and
                                   Revised from CARE BB-; Stable

Detailed Rationale & Key Rating Drivers

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

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

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

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

Akash Spinning Mills (ASM) was established as a partnership firm in
April 2017 by Mr. Rajiv Garg and Mrs. Reena Garg as its partners,
sharing profits and losses equally. ASM is engaged in the
manufacturing of cotton yarn (in counts of 4-10s) at its
manufacturing facility located at Panipat, Haryana having a total
installed capacity of manufacturing 144 lakh kg of cotton yarn per
annum as on November 30, 2019. The yarn manufactured by the firm is
of coarser counts and is primarily used in the manufacturing of
bath mat, home furnishings, etc. The other group concerns are Akash
Home Furnishings Private Limited, engaged in the manufacturing of
3d bed sheets (established in 2009) and Shiv Trading Company,
engaged in the trading of cotton waste and cotton yarn (established
in 2012).

ALAMELU BALAJI: CARE Lowers Rating on INR15.60cr LT Loan to B
-------------------------------------------------------------
CARE Ratings revised the ratings on certain bank facilities of
Alamelu Balaji Spinning Mills Private Limited (ABSMPL), as:

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank
   Facilities           15.60      CARE B; Stable Revised from
                                   CARE B-; Stable

   Short Term Bank
   Facilities            0.40      CARE A4 Reaffirmed

Detailed Rationale & Key Rating Drivers

The revision of ratings assigned to the bank facilities of ABSMPL
factor in improved profit margins over past two years ended FY21
(refers to period April 1 to March 31). The rating also derives
strength from experienced promoters, long track record of
operations of the company and established relationship with
customers. The ratings, however continue to be constrained by small
scale of operations, weak capital structure, weak debt coverage
indicators and presence in highly fragmented industry with margins
exposed to volatility in raw material prices.

Rating Sensitivities

Positive Factors - Factors that could lead to positive rating
action/upgrade:

* Ability to scale up operations with total income above INR65
crore while maintain PBILDT margin above 9% on sustained basis.

* Improvement in capital structure with overall gearing below 4x
and debt coverage indictors marked with TD/GCA below 10x.

Negative Factors- Factors that could lead to negative rating
action/downgrade:

* Any significant delays in execution of orders resulting in
sizable decline in scale of operations below INR40 crore on
sustained basis.

* Any large size debt funded capex leading to deterioration of
capital structure above 5x.

Detailed description of the key rating drivers

Key Rating Weaknesses

* Small scale of operations: The scale of operations remained small
ranging from INR45 crore to INR64 crore over past three years ended
FY21 despite the company being operational for over two decades.
During FY21 (refers to the period April 1 to March 31), the total
operating income declined INR45.05 crore in FY21 from INR56.08
crore in FY20 due to no production following covid restrictions for
period of 2 months in Q1FY21 (refers to the period April 1- May
31). However, the situation improved in 9mFY22 (refers to the
period April 1 to March 31), wherein the company recorded income of
INR46.18 crore during the said period. The company has also
expanded its capacity to 21456 spindles in 9mFY22 from 19806
spindles in FY21.

* Weak capital structure and debt coverage indicators: The capital
structure of the company remained leveraged with overall gearing of
4.38x as of March 31, 2021 however improved from 4.52x as of March
31, 2020. The cash accruals declined resulting in weak debt
coverage indicators marked with Total debt/GCA at 19.42x as of
March 31, 2021, as against 16.51xx as of March 31, 2020.

* Highly fragmented industry with volatility in raw material
prices: The cotton ginning and spinning industry is highly
fragmented in nature with several organized and unorganized
players. The profitability of spinning mills depends largely on the
prices of cotton and cotton yarn which are governed by various
factors such as area under cultivation, monsoon, international
demand-supply situation, etc. The cotton being the major raw
material of spinning mills, movement in cotton prices without
parallel movement in yarn prices impact the profitability of the
spinning mills. The cotton textile industry is inherently prone to
the volatility in cotton and yarn prices.

Key Rating Strengths

* Experienced promoters with long track record of operations: ABSM
was established in the year 1996 as a private limited company. The
promoters have been engaged in the textile industry for more than
four decades. Mr. Venkataswamy, Managing Director and has more than
four decades of experience in similar industry and is actively
involved in the day-to-day operations of the company. Ms. Ambujam
holds more than two decades of experience. Mr. RV Sathish Kumar is
a Joint Managing Director, and has experience of 15 years in the
same line of business, looking after the production and other
operational activities of the business.

* Established relationship with customers: ABSMPL has established
and strong relationship with customers for over two decades. The
top 5 customers contributed around 37% in FY21 (PY:26%) of total
sales.

* Improved profit margins: The profitability margin had improved
consistently over the past two years. The PBILDT margin improved to
8.56% in FY21 from 5.97% in FY19 due to better sales realization of
Yarn on back of high demand in the market.

Liquidity: Stretched

Liquidity is stretched marked with tightly matched accruals to
repay its term debt obligations along with moderate cash and bank
balance of INR0.15 crore as of March 31, 2021. The operating cycle
elongated to 209 days in FY21 from 146 days in FY20 due to
stretched inventory to 164 days in FY21 (PY: 111 days). The
collection period extended over the past two years due to covid
pandemic. There had been slow movement of goods during last quarter
of previous two years due to lockdown restriction which resulted in
increased inventory. The company has been sanctioned with cash
credit limits of INR15.50 crore and the average utilization stood
at 99% for last twelve months ended January 31, 2022. The entity
had availed moratorium as covid relief measures for its facilities
from March 2020- August 2020 and availed GECL of INR1.57 crore on
July 2020, INR3.97 crore on January 2021 and INR2.00 crore on
December 2021.

Alamelu Balaji Spinning Mills Private Limited (ABSM) was
incorporated in 1996 by Mr. Venkataswamy and his family members in
Coimbatore. ABSM is engaged in spinning of cotton with an installed
capacity of 21456 spindles and 1440 rotors in its manufacturing
unit located at Coimbatore, Tamil Nadu as of February 2, 2022. ABSM
purchases raw cotton from traders located at Telangana, Andhra
Pradesh and from other districts in the state of Tamil Nadu. The
company supplies cotton yarn to the customers located in Tamil
Nadu.


ANJANI REALTORS: Insolvency Resolution Process Case Summary
-----------------------------------------------------------
Debtor: Anjani Realtors Private Limited

        Current Registered office:
        B-3/709, Milan Vihar Apartments
        Plot No. 72 IP Extension
        Patparganj, East Delhi
        Delhi 110092

        Former Registered office:
        C-369 Ground Floor
        Yojna Vihar, East Delhi
        Delhi 110092

Insolvency Commencement Date: January 12, 2022

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

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

Insolvency professional: Amit Talwar

Interim Resolution
Professional:            Amit Talwar
                         A-4/5, Jiwan Jyoti Apartments
                         Near Lok Vihar, Pitampura
                         New Delhi 110034
                         E-mail: amittalwarcs@gmail.com
                                 cirp.anjanirealtors@gmail.com

Classes of creditors:    Home Buyers under the Real Eastate
                         Project (Financial Creditors) of
                         the Corporate Debtor

Insolvency
Professionals
Representative of
Creditors in a class:    Mr. Sudesh Kumar
                         Mr. Saurab Sharma
                         Mr. Surinder Babbar

Last date for
submission of claims:    February 22, 2022


ARCOTECH LIMITED: CARE Keeps D Debt Ratings in Not Cooperating
--------------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Arcotech
Limited continues to remain in the 'Issuer Not Cooperating'
category.

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank      266.81      CARE D; ISSUER NOT COOPERATING
   Facilities                      Rating continues to remain
                                   under ISSUER NOT COOPERATING
                                   category

   Long Term/          205.00      CARE D/CARE D; ISSUER NOT
   Short Term                      COOPERATING; Rating continues
   Bank Facilities                 to remain under ISSUER NOT
                                   COOPERATING category

Detailed Rationale & Key Rating Drivers

CARE Ratings Ltd. has been seeking information from Arcotech to
monitor the rating(s) vide e-mail communications November 7, 2021,
February 3, 2022 among others and numerous phone calls. However,
despite repeated requests, the company has not provided the
requisite information for monitoring the ratings. In line with the
extant SEBI guidelines, CARE Ratings Ltd. has reviewed the rating
on the basis of the best available information which however, in
CARE Ratings Ltd.'s opinion is not sufficient to arrive at a fair
rating. The rating on Arcotech Limited's bank facilities will now
be denoted as CARE D; ISSUER NOT COOPERATING.

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

Detailed description of the key rating drivers

At the time of last rating on December 2, 2020 the following were
the rating strengths and weaknesses:

Key Rating Weaknesses

* Ongoing delays in debt servicing: The ratings assigned to the
bank facilities of ATL take into account ongoing delays in
debt servicing.

Arcotech was incorporated as Shri Krishna Strips Ltd in 1984 and
started its operations with a unit at New Delhi to manufacture cold
rolled copper/brass strips & foils with a capacity of 1,666 MT. In
2006, the company relocated its unit to Bawal, Haryana and its
shares were listed on the Bombay Stock Exchange Ltd (NSE & BSE)
with effect from December 28, 2007. The company undertakes
manufacturing of brass & copper foils, strips and sheets including
radiator brass foils and radiator copper foils with a capacity of
24,000 MTPA as on March 31, 2017 at its facility in Bawal
(Haryana).


ASA PRODUCTION AND ENTERPRISES: Liquidation Process Case Summary
----------------------------------------------------------------
Debtor: ASA Production and Enterprises Private Limited
        501, Jagdamba
        A-2, Link Road
        Kanch Pada
        Movie Theatre Compound
        Malad West Mumbai
        Mumbai City, MH 400064
        IN

Liquidation Commencement Date: December 7, 2021

Court: National Company Law Tribunal, Mumbai Bench

Date of closure of
insolvency resolution process: December 7, 2021

Insolvency professional: Amar Vijaykumar Agrawal

Interim Resolution
Professional:            Amar Vijaykumar Agrawal
                         Nakshatra, 377, 3rd Floor
                         Gandhinagar, Nagpur
                         Maharashtra 440010
                         E-mail: ankurmadhurca@gmail.com

Last date for
submission of claims:    January 6, 2022


BANGLORE POLYMERS: CARE Keeps B- Debt Ratings in Not Cooperating
----------------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Banglore
Polymers Private Limited (BPPL) continues to remain in the 'Issuer
Not Cooperating' category.

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank      21.00       CARE B-; Stable; ISSUER NOT
   Facilities                      COOPERATING; Rating continues
                                   To remain under ISSUER NOT
                                   COOPERATING category  

   Long Term/Short      9.00       CARE B-; Stable/CARE A4;
   Term Bank                       ISSUER NOT COOPERATING;
   Facilities                      Rating continues to remain
                                   under ISSUER NOT COOPERATING
                                   category

Detailed Rationale & Key Rating Drivers

CARE Ratings Ltd. had, vide its press release dated January 25,
2021, placed the rating(s) of BPPL under the 'issuer
non-cooperating' category as BPPL had failed to provide information
for monitoring of the rating and had not paid the surveillance fees
for the rating exercise as agreed to in its Rating Agreement. BPPL
continues to be noncooperative despite repeated requests for
submission of information through e-mails, phone calls and a
letter/email dated December 11, 2021, January 11, 2022, January 17,
2022.

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

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

Bangalore based Bangalore Polymers Private Limited (BPPL) was
incorporated in 1993 and is currently being managed by Mr. Subhash
Bharita and Ms. Sumitra Bharita. BPPL is a del-credere agent of
Gail Authority India Limited (GAIL) for plastic granules.


CB DOCTORS: CARE Withdraws B+/A4 Rating on Bank Debts
-----------------------------------------------------
CARE Ratings has withdrawn the ratings on certain bank facilities
of CB Doctors Ventilators Private Limited (CBVPL), as:

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term/            -         Rating continues to remain
   Short Term                      under ISSUER NOT COOPERATING
   Bank Facilities                 category; Reaffirmed at
                                   CARE B+; Stable/CARE A4;
                                   ISSUER NOT COOPERATING and
                                   Withdrawn

  Long Term              -         Rating continues to remain
  Bank Facilities                  under ISSUER NOT COOPERATING
                                   category; Reaffirmed at
                                   CARE B+; Stable; ISSUER NOT
                                   COOPERATING and Withdrawn

  Short Term             -         Rating continues to remain
  Bank Facilities                  under ISSUER NOT COOPERATING
                                   category; Reaffirmed at
                                   CARE A4; ISSUER NOT
                                   COOPERATING and Withdrawn

Detailed Rationale & Key Rating Drivers

CARE has reviewed the rating assigned to the bank facilities of
CBVPL CARE B+; Stable/CARE A4; issuer not cooperating and has
simultaneously withdrawn it, with immediate effect. The ratings
assigned to the bank facilities of CBVPL continue to remain
constrained on account of its financial risk profile marked by
moderate scale of operations with moderate profitability along with
moderate capital structure and debt coverage indicators during FY21
(Audited, FY; refers to the period April 1 to March 31). The
ratings, further continue to remain constrained owning to
Susceptibility of profit margins to volatility in raw material
price and forex rates coupled with tender-driven nature of
business. The ratings, however, continue to derive comfort from its
experienced promoters. The withdrawal is at the request of CDVPL
and 'No Objection Certificate' received from the Bank that has
extended the facilities rated by CARE.

Detailed description of the key rating drivers

Key Rating Weakness

* Modest scale of operations and moderate profitability: TOI has
improved by 17.25% over previous year from INR34.73 crore in FY20
to INR40.72 crore in FY21. Profitability improved and remained
moderate at 8.91% during FY21 as against 6.70% during FY20. PAT
margin also improved and remained at 4.71% in FY21 as against 2.18%
in FY20.

* Moderate capital structure and debt coverage indicators: The
capital structure of CBVPL remained moderate marked by overall
gearing at 1.14 times as of March 31, 2021 as against 1.46 times as
of March 31, 2020. Similarly, debt coverage indicators improved
however remained moderate marked by PBILDT interest coverage ratio
of 4.58 times during FY21 as compared to 2.66 times during FY20
owing to improvement in operating profitability. TDGCA remained at
2.81 times during FY21 as against 4.70 times during FY20 owing to
increase in gross cash accruals. The company had availed moratorium
for interest deferment towards its cash credit limit from March
2020 till August 2020.

* Susceptibility of profit margins to volatility in raw material
price and forex rates coupled with tender-driven nature of
business: The price of steel, the key raw material for
manufacturing of industrial fans, is fluctuating in nature and in
the absence of price variation clause in the contract, profit
margins of CBVPL remains vulnerable to volatility in the raw
material price. Also, most contracts do not have price escalation
clause, while very few orders of longer duration have price
escalation clause. Thus, any adverse change in the prices of the
raw material may affect the profitability of the company. Also,
CBVPL exports its products to various countries which make its
margins susceptible to fluctuation in foreign exchange rates in
absence of prudent hedging policy. Further, few orders are
tender-driven in nature. The award of contracts is under bidding
process and lowest bidder gets the order. Hence the margins remain
under pressure for these contracts.

Key Rating Strength

* Experienced promoters: Promoters of CBVPL have an average
experience of more than two decades in the same line of business,
while the management is spearheaded by Mr Saurabh Suhasbhai Mehta.
Also, the company has an established track record of operations of
around a decade.

Ahmedabad-based (Gujarat) CBVPL, an ISO 9001:2008 certified private
limited company was formed as a Joint Venture among C. Doctor India
Private Limited Industry CBI Group (Italy) and Ventmeca (France) in
April 2008. However, Ventmeca withdrew its stake in February 2010.
CBVPL is engaged into manufacturing, commissioning and servicing of
industrial fans like axial fans, heavy duty fans, centrifugal fans
as well as industrial blowers from its facility at Vatva,
Ahmedabad. The products manufactured by CBVPL find application in
wide number of industries like power, cement, steel, fertilizer,
petrochemical etc. where regulating the flow of air in machinery is
required. The group companies include C Doctor and Company Private
Limited is engaged in the business of supply and erection of
heating, ventilation and air conditioning system on turnkey basis,
C Doctor India Private Limited is engaged in the business of
manufacturing of industrial heaters, air cooled condenser and
industrial vacuum cleaning system and Mehta Machinery Manufacturers
Private Limited is engaged in the business of manufacturing of
humidification ventilation plant.


CONFRO AGRO LTD: Insolvency Resolution Process Case Summary
-----------------------------------------------------------
Debtor: Confro Agro Ltd
        N0, Buildings Centre
        Bhaskarnagar, Kakinada-3
        East Godavari Andhra Pradesh

Insolvency Commencement Date: February 1, 2022

Court: National Company Law Tribunal, Hyderabad Bench

Estimated date of closure of
insolvency resolution process: July 29, 2022

Insolvency professional: Bala Subrahmanya Siva Prasad Varanasi

Interim Resolution
Professional:            Bala Subrahmanya Siva Prasad Varanasi
                         3-4-695, Flat No. 303
                         Surabhi Court, Vithalwai
                         Himayatnagar, Hyderabad 500029
                         E-mail: vbssprasad@gmail.com

                            - and -

                         Flat No. 208, Kubera Towers
                         Narayanaguda, Hyderabad 500029

Last date for
submission of claims:    February 22, 2022


CONTEC SYNDICATE: Ind-Ra Keeps BB- Issuer Rating in Non-Cooperating
-------------------------------------------------------------------
India Ratings and Research (Ind-Ra) has maintained Contec Syndicate
Private Limited's Long-Term Issuer Rating of 'IND BB-(ISSUER NOT
COOPERATING)' in the non-cooperating category and has
simultaneously withdrawn it.

The instrument-wise rating actions are:

-- INR30 mil. Fund-based working capital* maintained in non-
     cooperating category and withdrawn; and

-- INR120 mil. Non-fund-based working capital** maintained in
     non-cooperating category and withdrawn.

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

**Maintained at 'IND A4+ (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 requests by the agency and has not provided information
pertaining to full-year financial performance for FY21, sanctioned
bank facilities and utilization, business plan and projections for
the next three years, information on corporate governance, and
management certificate.

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

COMPANY PROFILE

Contec Syndicate belongs to the category of special class civil
contractors with the governments of Andhra Pradesh and Telangana.


FIROZE FABRICATORS: Ind-Ra Moves B+ Rating to Non-Cooperating
-------------------------------------------------------------
India Ratings and Research (Ind-Ra) has migrated Firoze
Fabricators' 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 B+ (ISSUER NOT COOPERATING)' on the agency's
website.

The instrument-wise rating actions are:

-- INR50 mil. Fund-based working capital limit migrated to non-
     cooperating category with IND B+ (ISSUER NOT COOPERATING)/IND

     A4 (ISSUER NOT COOPERATING) rating;

-- INR16 mil. Non-fund-based working capital limit Migrated to
     non-cooperating category with IND A4 (ISSUER NOT COOPERATING)

     rating; and

-- INR6.2 mil. Term loan due on May 2024 Migrated to non-
     cooperating category with IND B+ (ISSUER NOT COOPERATING)
     rating.

Note: ISSUER NOT COOPERATING: THE ratings were last reviewed on
January 12, 2021. Ind-Ra is unable to provide an update, as the
agency does not have adequate information to review the ratings.

COMPANY PROFILE

Firoze Fabricators has been engaged in the fabrication and erection
of mechanical and engineering equipment since 1974.


FLEXI INFOTECH: Liquidation Process Case Summary
------------------------------------------------
Debtor: Flexi Infotech Private Limited
        B-1206, New Ashok Nagar
        New Delhi 110096

Liquidation Commencement Date: December 24, 2021

Court: National Company Law Tribunal, Delhi Bench

Date of closure of
insolvency resolution process: December 22, 2021

Insolvency professional: Parveen Kumar Adlakha

Interim Resolution
Professional:            Parveen Kumar Adlakha
                         H.No. 54 FF, Block C-3
                         Janakpuri, New Delhi 110058
                         E-mail: praveenadlakha@gmail.com
                         Mobile: 9899048896

Last date for
submission of claims:    February 23, 2022


GARG SPINNING: CARE Lowers Rating on INR14.09cr LT Loan to B+
-------------------------------------------------------------
CARE Ratings revised the ratings on certain bank facilities of Garg
Spinning Mills (GSM), as:

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank      14.09       CARE B+; Stable; ISSUER NOT
   Facilities                      COOPERATING; Rating continues
                                   To remain under ISSUER NOT
                                   COOPERATING category and
                                   Revised from CARE BB-; Stable

Detailed Rationale & Key Rating Drivers

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

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

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

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

Garg Spinning Mills (GSM) belongs to the Rajiv group of Panipat,
Haryana, founded in 1993. GSM was established as a partnership firm
in September 2015 by Mr. Rajiv Garg and Mr. Chirag Garg as its
partners, sharing profits and losses equally. GSM is engaged in the
manufacturing of cotton yarn (in counts of 4-10s) at its
manufacturing facility located at Panipat, Haryana having a total
installed capacity of manufacturing 112 lakh kg of cotton yarn per
annum as on November 30, 2019. The yarn manufactured by the firm is
of coarser counts and is primarily used in the manufacturing of
bath mat, home furnishings, etc. The other group concerns are Akash
Home Furnishings Private Limited, engaged in the manufacturing of
3d bed sheets (established in 2009) and Shiv Trading Company,
engaged in the trading of cotton waste and cotton yarn (established
in 2012).


GLOBUS PETROADDITIONS: CARE Cuts Rating on INR27.90cr Loan to B
---------------------------------------------------------------
CARE Ratings revised the ratings on certain bank facilities of
Globus Petroadditions Private Limited (GPPL), as:

                       Amount
   Facilities       (INR crore)     Ratings
   ----------       -----------     -------
   Long Term Bank
   Facilities           27.90       CARE B; Stable Revised from
                                    CARE B+; Stable

   Short Term Bank
   Facilities            5.00       CARE A4 Reaffirmed

The revision in the ratings assigned to the bank facilities of GPPL
takes into account significant decline in total operating income of
the company, cash accruals and PBILDT interest coverage ratio for
FY21 (referring to a period from April 1 to March 31). The revision
in the ratings also take in to account significant decline in sales
for 9MFY22(referring to a period from April 1, 2021, to December
31, 2021) impacting financial risk profile of the company. The
rating further continues to remain constrained on account of small
scale of operations with low profitability margins, moderate
capital structure and debt coverage indicators and stretched
liquidity position of the company. The rating is further
constrained by susceptibility of profit margins to fluctuation in
raw material prices and presence in highly competitive and
fragmented industry.

The ratings are however strengthened by experience promoters,
healthy order book position and expected boost for ethanol
driven by favorable policy initiatives from government.

Rating Sensitivities

Positive factors: - Factors that could lead to positive rating
action/upgrade:

* Significant improvement in scale of operations above Rs 70 crore
with improved capacity utilization
* Improvement in capital structure with overall gearing ratio at
below unity levels
* Improvement in debt coverage indicators marked by PBILDT Interest
Coverage ratio above 3.00x.

Negative factors: Factors that could lead to negative rating
action/downgrade

* Decline in availability of raw materials i.e Special Denatured
Spirit (SDS) significantly impacting the sales.
* Any losses of more than INR0.50 crore registered for FY22 in turn
significantly impacting the tangible net worth of the
company.
* Any un-envisaged incremental borrowings, deteriorating its
overall gearing ratio over 2.60x on a sustained basis
* Deterioration in the liquidity position of the company from
inventory pile up or delay in debtors' realization

Detailed description of the key rating drivers

Key Rating Weakness

* Small scale of operations; albeit improvement in PBIDLT margins
led by higher interest income: The scale of operations of the
company continues to remain small marked by total operating income
(TOI) of INR13.67 further declined by 73% on a YoY basis for FY21.
The decline in ToI was mainly on account of lower revenue from sale
of ethanol consequent to lower availability of raw material i.e.,
Special Denatured Spirit (SDS). TOI further declined to INR2.37
crore for 9MFY22 ended December 31, 2021. The consistent decline in
TOI of the company is mainly due to lower sales of ethanol due to
lower availability of raw material SDS. Nonetheless, led by higher
interest income on the advance gieven for supply of SDS in FY21,
the PBILDT margin improved to 34% against 11.07% in FY21. However,
as a result of significant decline in scale of operations coupled
with continued higher interest expense on account of higher
utilization of limits the company reported a loss of INR0.21 crore
in FY21 in absolute terms as against profit of INR1.15 crore in
FY20.

* Moderate capital structure and weak debt coverage indicators: The
capital structure of the company stood moderate marked by the
overall gearing of 2.35x as of March 31, 2021 (as against 2.43x as
on March 31, 2020). Despite significant decline in scale the
working capital limit utilization continued to remain high, led by
continued higher advances to suppliers. Moreover, due to decline in
PBILDT and cash accruals, the debt coverage indicators continued to
remain weak in FY21, with Total Debt to GCA and interest coverage
deteriorating to 24.48x(PY: 15.14X) and 1.35x(PY:1.64X)
respectively.

* Susceptibility to profit margins to changes in material prices:
The major raw materials required for manufacturing is SDS. The same
is procured majorly through local sugar mills. The prices of SDS
are fluctuating in nature and move in tandem with seasonal supply
of sugarcane. However, to minimize the impact of price fluctuation,
GPPL locks in price of supply of SDS with local sugar mills by
significantly committing a big chunk of working capital limits.
However, the company generates interest on the advances given for
procurement of raw materials providing cushion in interest expense
outflow to a certain extent.

* Presence in highly competitive & fragmented industry: GPPL
operates in a highly fragmented market marked by the presence of a
large number of players in the unorganized sector, which accounts
for high share of the total domestic turnover. The industry is
characterized by low entry barriers due to low technological inputs
and easy availability of standardized machinery for the production
and ethanol fuel manufacturing industry in India is highly
competitive. Majority of the off takers of the ethanol are Oil
Marketing Company's (OMC) and since the industry is highly
competitive GPPL has low bargaining power and as a result the
company follows a competitive price strategy.

Key rating strengths:

* Experienced promoters: GPPL is promoted by Mr Damodar Sarda, Mr
Satyajit Wachasunder and Mr Vijaykumar Gilada. Mr Damodar Sarda has
40 years of experience in diverse industries including ethanol,
petrochemicals, and alcohol. Mr Satyajit Wachasunder and Mr
Vijaykumar Gilada have 25 years of experience each in ethanol,
petrochemicals, and alcohol industry. The experience of promoter's
aids GPPL in its day-to-day decision-making process as well as
through the vast experience in diverse industries, the promoters
have been able to develop good relationship with various
stakeholders.

* Healthy order book position: GPPL has received an order of 100
Lakh liters as of January 2022 to be completed in FY22 and FY23.
The order book provides medium-term revenue visibility to the
company. However, the ability of the company to improve its scale
of operations by improved execution of the orders in hand and is a
key rating monitorable.

* Expected demand boost for ethanol driven by favorable policy
initiatives from government: The government policy on biofuels
which aims to increase the usage of biofuels in the energy and
transportation sectors of the country during the coming decade.
Also, on account of efforts from the government to increase the
blending percentage of ethanol in petrol, the demand outlook of the
industry remains favorable. However, the biggest risk to companies
like GPPL engaged in manufacturing of ethanol from SDS and not
catering the entire value chain of sugar cane processing is forward
integration by sugar mills to setup ethanol production unit in turn
leading to scarcity of raw material to produce ethanol for
standalone units.

Liquidity: Stretched

The liquidity position of the company is stretched marked by
tightly matched accruals to repayment obligations. Further, the
current ratio stood low at 1.04x as on March 31, 2021. The cash
balance was also modest at INR0.06 crore as on March 31, 2021.
Further, led by continued higher advances to its suppliers coupled
with lower scale of operations the gross current assets days
deteriorated to 861 days in FY21. The working capital requirements
of the entity are met by the cash credit facility availed by the
entity and the sanctioned limit is INR27.70 crore, the average
utilization of the CC limit was fully utilized during last twelve
months ended on November 28, 2021. Despite seasonal nature of
operations, the cash credit is fully utilized throughout the year
mainly due to advance payments made to sugar mills for procurement
of raw materials. However, the advances extended carry interest
rate of 18% providing cushion in interest charges to a certain
extent.

Globus Petroadditions Private Limited (GPPL) is engaged in
production of ethanol, which is used as a motor fuel, mainly as a
biofuel additive for gasoline. The manufacturing process takes
place at a plant located near Madha, Solapur with an installed
capacity of 300 lakh litres per annum.

GOLDEN SPINNING: CARE Reaffirms B+ Rating on INR11.07cr Loan
------------------------------------------------------------
CARE Ratings reaffirmed the ratings on certain bank facilities of
Golden Spinning Mills Private Limited (GSMPL), as:

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank
   Facilities           11.07      CARE B+; Stable Reaffirmed

Detailed Rationale & Key Rating Drivers

The rating assigned to the bank facilities of GSMPL continues to be
constrained by small scale of operations, weak capital structure,
weak debt coverage indicators, presence in highly fragmented
industry and exposure to volatility in raw material prices. The
rating however derives strength from experienced promoters with
long track record of operations, established relationship with
customers and improved profit margins.

Rating Sensitivities

Positive Factors - Factors that could lead to positive rating
action/upgrade:

* Ability to scale up operations with total income above INR50
crore while maintain PBILDT margin above 8% on sustained basis.

* Improve capital structure with overall gearing below 3x.

Negative Factors- Factors that could lead to negative rating
action/downgrade:

* Any significant delays in execution of orders resulting in
sizable decline in scale of operations below INR25 crore on
sustained basis.

* Any large size debt funded capex leading to deterioration of
capital structure above 5x.

Detailed description of the key rating drivers

Key Rating Weaknesses

* Small scale of operations: The scale of operations remained small
ranging from INR34 crore to INR41 crore over past three years ended
FY21 despite the company being operational for over 4 decades.
During FY21 (refers to the period April 1 to March 31), the total
operating income declined to INRto INR34.36 crore from INR41.79
crore in FY20 as there was no production following covid lockdown
restrictions for period of 2 months in Q1FY21 (refers to the period
April 1 to June 30). The company had booked income of INR33.51
crore in 9mFY22 (refers to the period April 1 to December 31).

* Weak capital structure and debt coverage indicators: The capital
structure of the company remained leveraged with overall gearing of
4.23x as of March 31, 2021 however improved from 5.26x as of March
31, 2020. The cash accruals remained thin resulting in weak debt
coverage indicators marked with Total debt/GCA at 15.93x as of
March 31, 2021, albeit improved from 25.92x as of March 31, 2020.

* Highly fragmented industry with volatility in raw material
prices: The cotton ginning and spinning industry is highly
fragmented in nature with several organized and unorganized
players. The profitability of spinning mills depends largely on the
prices of cotton and cotton yarn which are governed by various
factors such as area under cultivation, monsoon, international
demand-supply situation, etc. The cotton being the major raw
material of spinning mills, movement in cotton prices without
parallel movement in yarn prices impact the profitability of the
spinning mills. The cotton textile industry is inherently prone to
the volatility in cotton and yarn prices.

Key Rating Strengths

* Experienced promoters with long track record of operations and
established relationship with customers: GSMPL was promoted by Mr.
P. Sundaram, Managing Director, who is a graduate with experience
in textile industry for nearly five decade and Mr. P. Gunasekaran,
Director who has an experience in textile industry for more than
four decades. The vast experience of the promoters in similar
industry is likely to maintain a long-term relationship with
customers and suppliers and also benefits the company in receipt of
orders from new customers along existing clientele. GSMPL's has
established and strong relationship with various clients for more
than two decades.

* Improved profit margins: During FY21, the profitability margins
of the company improved with PBILDT margin at 7.32% from 5.37% in
FY20 due to better sales realization on back of high demand in the
market. The average sales realization of yarn increased from INR235
per kg in FY20 to INR248 per kg in FY21.

Liquidity: Stretched

Liquidity is stretched marked with tightly matched accruals to
repay its term debt obligations along with moderate cash and bank
balance of INR0.34 crore as of March 31, 2021. The operating cycle
of the company remained elongated at 117 days in FY21 (PY: 112
days) due to stretched inventory period. The company has been
sanctioned with cash credit limits of INR7 crore and the average
utilisation stood at 80% for last twelve months ended December 31,
2021. The company had availed with interest moratorium as a covid
relief measures for cash credit facility from March 2020 to June
2020 and availed GECL of INR1.50 crore on June 2020 and INR0.90
crore on December 2021.

Golden Spinning Mills Private Limited (GSMPL) was established in
1981 by Mr. P.Thangalvelu, Mr. P. Sundaram and Mr. P. Gunasekaran
in Salem, Tamil Nadu. The company is engaged in manufacturing of
cotton yarn at its unit located at Salem, Tamil Nadu with an
installed capacity of 21,760 spindles. GSMPL supplies 90% of its
products in the states of Tamil Nadu and remaining to Telangana,
Andhra Pradesh, Maharashtra and Karnataka through agents.


GUJARAT STEEL: CARE Keeps D Debt Ratings in Not Cooperating
-----------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Gujarat
Steel & Pipes (GSP) continues to remain in the 'Issuer Not
Cooperating' category.

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term/          24.00       CARE D/CARE D; ISSUER NOT
   Short Term                      COOPERATING; Rating continues
   Bank Facilities                 to remain under ISSUER NOT
                                   COOPERATING category

Detailed Rationale & Key Rating Drivers

CARE Ratings Ltd. had, vide its press release dated February 3,
2021, placed the rating(s) of GSP under the 'issuer
non-cooperating' category as GSP had failed to provide information
for monitoring of the rating and had not paid the surveillance fees
for the rating exercise as agreed to in its Rating Agreement. GSP
continues to be non-cooperative despite repeated requests for
submission of information through e-mails, phone calls and a
letter/email dated December 20, 2021, December 30, 2021, January
09, 2022.

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

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

Constituted in 1983, Ahmedabad based Gujarat Steel & Pipes (GSP)
was promoted by Mr. Rajnikant P. Shah. Entity is primarily engaged
in the trading of long steel products like rounds, billets, angles,
beams, bloom, pipes, sheets, plates, TMT bars and wires.


HARI KRIPA: CARE Keeps D Debt Ratings in Not Cooperating Category
-----------------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Hari Kripa
Business Venture Private Limited (HKBVPL) continues to remain in
the 'Issuer Not Cooperating' category.

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank       23.42      CARE D; ISSUER NOT COOPERATING
   Facilities                      Rating continues to remain
                                   under ISSUER NOT COOPERATING
                                   category

   Short Term Bank       3.00      CARE D; ISSUER NOT COOPERATING
   Facilities                      Rating continues to remain
                                   under ISSUER NOT COOPERATING
                                   category
  
Detailed Rationale & Key Rating Drivers

CARE Ratings Ltd. had, vide its press release dated January 25,
2021, placed the rating(s) of HKBVPL under the 'issuer
non-cooperating' category as HKBVPL had failed to provide
information for monitoring of the rating and had not paid the
surveillance fees for the rating exercise as agreed to in its
Rating Agreement. HKBVPL continues to be non-cooperative despite
repeated requests for submission of information through e-mails,
phone calls and a letter/email dated December 11, 2021, January 21,
2022, January 25, 2022.

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

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

Jaipur (Rajasthan) based, HKBVPL was incorporated in 2008 by Mr.
Mahendra Kumar Agrawal along with his family members. HKBVPL is
engaged in the business of manufacturing of MS ingots/billets,
flats and pipes. The company is also engaged in trading of MS
billets and ingots. The manufacturing unit of the company is
located at Kaladera Industrial Area, Jaipur with combined total
installed capacity of 60000 Metric Tons Per Annum (MTPA) as on
March 31, 2019. The company mainly procure raw material i.e. sponge
iron from Jharkhand and Bihar and sells its products in Rajasthan
and Uttar Pradesh.


HIGHEND PROPERTIES: CARE Lowers Rating on INR20.09cr LT Loan to D
-----------------------------------------------------------------
CARE Ratings revised the ratings on certain bank facilities of
Highend Properties Private Limited (HPPL), as:

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank
   Facilities          20.09       CARE D Revised from CARE B-;
                                   Stable

Detailed Rationale & Key Rating Drivers

The revision in ratings assigned to the bank facilities of HPPL is
on account of delays in debt repayment as per FY21 Annual report.
The stretched liquidity position of the company is due to lower
occupancy resulting in lower monthly lease rentals against monthly
repayment obligations of LRD facility resulting in mismatch in
cashflows.

Rating Sensitivities

Positive Factors - Factors that could lead to positive rating
action/upgrade:

* Timely servicing of debt obligations for a continuous period of
more than 90 days.

* Improvement in occupancy levels to 80% or monthly rental income
exceeding the monthly EMI obligations.

Detailed description of the key rating drivers

Key Rating Weaknesses

* Delays in debt servicing: As per the FY21 Annual report, there
was an instance of delay in debt repayment. Further, the monthly
lease rental income is less than the monthly EMI obligations which
are ballooning in nature. This is on account of lower occupancy of
39.43% and inability of the company to lease out the remaining
vacant area. Apart from reduced occupancy, the company also
witnessed renegotiation of lease rental from existing tenant
resulting in reduced rental receipts.

* Client concentration risk: The property caters to IT/ITES
companies and is currently occupied by two companies i.e.
Datamatics Vista Info systems Limited & Technosoft Global Services
Private Limited. As the space is occupied by only two companies,
the rental income has further concentrated on these two clients as
compared to earlier five clients.

* High debt level: During FY17, due to demerger of the finance
business unit, the company recorded goodwill in the books which led
to significant erosion of net-worth. This apart, the continued
reporting of net loss for the last three years has resulted in
further deterioration of net-worth. The ballooning structure of
term loan coupled with lower monthly rental income has led to
cashflow mismatches.

Key Rating Strengths

* Experienced promoter group: HPPL is a part of the diversified NSL
group. NSL is a well-established business group in South India,
with promoters having experience of more than three decades in
multiple business lines viz. hybrid/open-pollinated seeds, cotton
ginning and pressing, textiles, sugar, real estate infrastructure,
power, real estate and property leasing. The promoters are well
supported by a team of qualified and experienced management team.
The company has been receiving financial support from the group by
way of unsecured loans/inter-corporate deposit to fund cash-flow
mismatch. During FY21, the company received additional funds
aggregating to INR0.76 crore.

* Escrow arrangement: A tripartite agreement exists between the
lessor, the lessees and the lender as per which, the lessees
deposit their monthly rent directly into an escrow account. The
rental receipt into the escrow account is first utilized for debt
servicing.

Liquidity: Poor

The liquidity position of the company is poor with the monthly
rental income being less than the monthly EMI obligation of the LRD
facility. The company had undergone debt restructuring in September
2020, according to which the EMI payments were till December 2021.
However, as per terms the EMI obligations are stepped up from Jan
2022. This coupled with lower occupancy has resulted in cashflow
mismatches.

Highend Properties Private Limited (HPPL), incorporated in 2006, is
engaged in leasing out space primarily to IT/ITES companies on
medium to long term commercial leasing arrangements. The company is
a wholly-owned subsidiary of NSL Properties Private Limited. The
company currently has an office space of 1.11 lakh sq. ft. located
on Kadubasanahalli, Varthur Hobli, Bengaluru.


HT KAMAKHYA: CARE Assigns B+ Rating to INR20cr LT Loan
------------------------------------------------------
CARE Ratings assigned ratings on certain bank facilities of HT
Kamakhya Developers (HTKD), as:

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank
   Facilities           20.00      CARE B+; Stable Assigned

Detailed Rationale & Key Rating Drivers

The rating profile of HTKD is primarily constrained on account of
small scale of operations, moderate profitability margins and weak
debt coverage indicators. Further, the ratings continue to remain
constraint by salability risk coupled with project execution risk,
Subdued industry scenario and constitution of entity being a
partnership firm.

The credit profile derives comfort from experienced management.

Rating Sensitivities

Positive Factors - Factors that could lead to positive rating
action:

* Improvement in scale of operations to above INR80 crore on
sustained basis.

* Timely and successful execution of the project within envisaged
cost.

* Timely realization of customer advances.

Negative Factors- Factors that could lead to negative rating
action:

* Deterioration in the capital structure as marked by overall
gearing ratio of above 9.00x on sustained basis.

* Delay in realization of customer advances.

* Timely infusion of funds by partners.

Detailed description of the key rating drivers

Key Rating Weaknesses

* Small scale of operations: HTKD's started its operations from
November 2017 and has a relatively short track record of operations
as compared with other established players. The firm achieved a
turnover of INR13.39 crore in FY21. Furthermore, post project
implementation risk in the form of timely completion to achieve the
envisaged scale of business and saleability risk associated with
the projects in the light of competitive nature of industry remains
crucial for HTKD.

* Moderate profitability margins and weak debt coverage indicators:
HTKD'S profitability margins are moderate as marked by PBILTD and
PAT margin of 2.08% and 1.28% in FY21 as against 2.05% and 1.30%
for FY20.

* Salability risk coupled with project execution risk: The firm is
undertaking a project to build a commercial complex in Greater
Noida. The total cost of the green-field project is estimated at Rs
65.47 crore, being financed which will be funded by term loan of Rs
20. crore, and INR15 crore from the promoter's fund in form of
equity and unsecured loans and balance INR30.74 crore from customer
advances. The debt of the same is yet to tied up and the
construction is expected to begin from April 2022 onwards. Out of
the total capex planned, as of February 2022, the firm has incurred
a total expenditure of INR1.00 crore towards the value of the plot
to Greater Noida Industrial Development Authority. This exposes the
firm towards project execution in terms and completion of the
project within the envisaged time and cost. During the initial
phases of operations, the capital structure of the firm is expected
to remain leveraged due to the term loans and low capital base.
Further, considering the limited experience of promoters,
stabilization and streamlining of revenue shall remain a concern.

* Subdued industry scenario: The life cycle of a real estate
project is long and the state of the economy at every point in
time, right from land acquisition to construction to actual
delivery, has an impact on the project. This capital-intensive
sector is extremely vulnerable to the economic cycles. Currently,
slowdown in sales and increased input costs has increased liquidity
concerns for highly leveraged players. Further, the real estate
sector in India is highly fragmented with many regional players,
who have significant presence in their respective local markets
which in turn leads to intense competition within the industry. The
real estate sector is sensitive to the economic cycle and interest
rates. Adverse movement in interest rate affects the real estate
players in both ways - by hampering demand as well as increasing
the cost of construction. With elevated interest rates, the real
estate sector has witnessed slowdown in the last two fiscals. Most
of the buyers have postponed their purchase decisions due to higher
interest rates.

* Constitution of the entity being a partnership firm: HTKD
constitution as a partnership firm has the inherent risk of
possibility of withdrawal of the partner's capital at the time of
personal contingency and firm being dissolved upon the
death/retirement/insolvency of partners. Moreover, partnership
firms have restricted access to external borrowing which limits
their growth opportunities to some extent.

Key Rating Strengths

* Experienced management: Established in 2017, HT Kamakhya
Developers (HTKD) is engaged in real estate development projects.
The firm is established by partners Prashant Sharma, Deo Sharma and
Ravinder Nagar. Mr. Prashant Sharma is postgraduate having
experience of around 25 years in the same field. Mr. Dev sharma is
also post graduate and has experience of around two decades in the
same industry. Mr. Ravinder Nagar is a graduate and carries an
experience of around a decade in the same field.

Liquidity: Stretched

The liquidity of the firm is stretched as reflected by negative
cash flow from operation of (1.27) crore as on March 31, 2021.
Further, the firm has low unencumbered cash and balance of
INR0.15cr as on March 31, 2021.

Established in 2017, HT Kamakhya Developers (HTKD) is engaged in
real estate development projects. The firm is promoted by partners
Prashant Sharma, Deo Sharma and Ravinder Nagar. Mr. Prashant Sharma
is postgraduate having experience of around 25 years in the same
field. He also had family business background in the same domain.
Mr. Dev sharma is also post-graduate and has experience of around
two decades in the same industry. Mr. Ravinder Nagar is a graduate
and carries an experience of around a decade in the same field. The
firm has completed one project namely 'Kamakhya Villas' comprising
construction of 123 villas. The firm has obtained its second
project from Greater Noida Industrial Development Authority in
FY22, for construction of a commercial complex.


JBF PETROCHEMICALS LIMITED: Insolvency Resolution Case Summary
--------------------------------------------------------------
Debtor: JBF Petrochemicals Limited
        Survey Number 273
        Village Athola
        Dadra Nagar Haveli
        Silvassa 396230
        IN

Insolvency Commencement Date: January 28, 2022

Court: National Company Law Tribunal, Ahmedabad Bench

Estimated date of closure of
insolvency resolution process: August 1, 2022

Insolvency professional: Sundaresh Bhat

Interim Resolution
Professional:            Sundaresh Bhat
                         BDO Restructuring Advisory LLP
                         Level 9, The Ruby
                         North-West Wing
                         Senapati Bapat Road
                         Dadar (W), Mumbai 400028
                         E-mail; sundraeshbhat@bdo.in
                                 ipjpl@bdo.in

Last date for
submission of claims:    February 16, 2022


KAVERI GAS: Insolvency Resolution Process Case Summary
------------------------------------------------------
Debtor: Kaveri Gas Power Private Limited
        No. 3, Ranganathan Gardens
        Anna Nagar, Chennai
        Tamil Nadu 600040
        IN

Insolvency Commencement Date: February 4, 2022

Court: National Company Law Tribunal, Division Bench, Chennai

Estimated date of closure of
insolvency resolution process: August 3, 2022
                               (180 days from commencement)

Insolvency professional: L. Bhadri

Interim Resolution
Professional:            L. Bhadri
                         No. 8/12 (Old 16/12)
                         Kesava Perumal Sannadhi Street
                         Mylapore, Chennai 600004
                         E-mail: l.bhadri@gmai.com

                            - and -

                         MMPDA Towers 2nd Floor
                         No. 184 (Old 214)
                         Royapettah High Road
                         Ryapettah, Chennai 600014
                         E-ail l.bhadri.rp.kgp@gmail.com

Last date for
submission of claims:    February 18, 2022


M.S. JEWELLERS: CARE Lowers Rating on INR4.50cr LT Loan to B-
-------------------------------------------------------------
CARE Ratings revised the ratings on certain bank facilities of M.S.
Jewellers (MJ), as:

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank       4.50       CARE B-; Stable; ISSUER NOT
   Facilities                      COOPERATING; Rating continues
                                   To remain under ISSUER NOT
                                   COOPERATING category and
                                   Revised from CARE B; Stable  

   Short Term Bank      2.00       CARE A4; ISSUER NOT
   Facilities                      COOPERATING; Rating continues
                                   to remain under ISSUER NOT
                                   COOPERATING category

Detailed Rationale & Key Rating Drivers

CARE Ratings Ltd. had, vide its press release dated February 01,
2021, placed the rating(s) of MJ under the 'issuer non-cooperating'
category as MJ had failed to provide information for monitoring of
the rating and had not paid the surveillance fees for the rating
exercise as agreed to in its Rating Agreement. MJ continues to be
non-cooperative despite repeated requests for submission of
information through e-mails, phone calls and a letter/email dated
December 18, 2021, December 28, 2021 and January 7, 2022.

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

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

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

M.S. Jewellers is a proprietorship firm established on 1970. The
firm is engaged in retailing of gold items. It holds two retail
showrooms in Thirukoilur, Tamil Nadu. The first retail showroom was
established in 1970 in Thirukoilur while the other showroom was
inaugurated in the year 2009 in 92 North Street, Thirukoilur. The
firm procures gold from suppliers based out of Chennai and
Coimbatore.


MAHARAJA TECHNO: Liquidation Process Case Summary
-------------------------------------------------
Debtor: Maharaja Techno Chromes Private Limited
        Plot No. 55, KIADB Road No. 54
        1st Stage, KIADB Industrial Area
        Sompura Hobli, Nelamangala Taluk Dabaspet
        Bangalore Rural KA 562111
        IN

Liquidation Commencement Date: February 1, 2022

Court: National Company Law Tribunal, Bangalore Bench

Date of closure of
insolvency resolution process: Febraury 1, 2022

Insolvency professional: M V Sudarshan

Interim Resolution
Professional:            M V Sudarshan
                         No. 984/13, 8th Main
                         Girinagar II Phase
                         Bangalore 560085
                         KA
                         Mobile: 9620300691
                         E-mail: sudarshan.mv@outlook.com

Last date for
submission of claims:    March 10, 2022


MICROSUN SOLAR: Liquidation Process Case Summary
------------------------------------------------
Debtor: Microsun Solar Tech Private Limited
        Plot NO. 55, KIADB Road No. 54
        1st Stage, KIADB Industrial Area
        Sompura Hobli, Nelamangala Taluk Dabaspet
        Bangalore Rural KA 562111
        IN

Liquidation Commencement Date: February 1, 2022

Court: National Company Law Tribunal, Bangalore Bench

Date of closure of
insolvency resolution process: February 1, 2022

Insolvency professional: M V Sudarshan

Interim Resolution
Professional:            M V Sudarshan
                         No. 984/13, 8th Main
                         Girinagar II Phase
                         Bangalore 560085
                         KA
                         Mobile: 9620300691
                         E-mail: sudarshan.mv@outlook.com

Last date for
submission of claims:    March 10, 2022


MPS TELECOM: CARE Lowers Rating on INR30.00cr LT Loan to B-
-----------------------------------------------------------
CARE Ratings revised the ratings on certain bank facilities of MPS
Telecom Retail Private Limited (MTRPL), as:

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank      30.00       CARE B-; Stable; ISSUER NOT
   Facilities                      COOPERATING; Rating continues
                                   To remain under ISSUER NOT
                                   COOPERATING category and
                                   Revised from CARE B+; Stable

Detailed Rationale & Key Rating Drivers

CARE Ratings Ltd. had, vide its press release dated January 25,
2021, placed the rating(s) of MTRPL under the 'issuer
non-cooperating' category as MTRPL had failed to provide
information for monitoring of the rating and had not paid the
surveillance fees for the rating exercise as agreed to in its
Rating Agreement. MTRPL continues to be non-cooperative despite
repeated requests for submission of information through e-mails,
phone calls and a letter/email dated December 11, 2021, January 11,
2022 and January 13, 2022.

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

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

The ratings have been revised on account of non-availability of
requisite information. The ratings also consider a decline in scale
of operations as well as continuing net loss and an increase in
overall debt in FY20 compared to FY19.

MPS Telecom Retail Private Limited (MTRPL) under the 'issuer
non-cooperating' category as MPS Telecom Retail Private Limited had
failed to provide information for monitoring of the rating. MPS
Telecom Retail Private Limited continues to be noncooperative
despite repeated request for submission of information through
e-mails, phone calls and an email dated January 4, 2021, December
15, 2020 and December 11, 2020. In line with the extant SEBI
guidelines, CARE has reviewed the rating on the basis of the best
available information which however, in CARE's opinion is not
sufficient to arrive at a fair rating.


PAAPPAI EXPORTS: CARE Keeps D Debt Rating in Not Cooperating
------------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Paappai
Exports (PE) continues to remain in the 'Issuer Not Cooperating'
category.

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank       9.69       CARE D; ISSUER NOT COOPERATING
   Facilities                      Rating continues to remain
                                   under ISSUER NOT COOPERATING
                                   category

Detailed Rationale & Key Rating Drivers

CARE Ratings Ltd. had, vide its press release dated January 29,
2021, placed the rating(s) of PE under the 'issuer non-cooperating'
category as PE had failed to provide information for monitoring of
the rating and had not paid the surveillance fees for the rating
exercise as agreed to in its Rating Agreement. PE continues to be
non-cooperative despite repeated requests for submission of
information through e-mails, phone calls and a letter/email dated
December 15, 2021, December 25, 2020 and January 4, 2022.

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

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

Paappai Exports (PE) was established on, 2008 and promoted by Mr V
Suryanarayanan, as Managing Partner and C Leela Krishnan, D Vijaya
Kumar, D Sivakumar, L Sumathi and L Pradeep Kannan as partners. The
firm is mainly engaged in manufacturing and exports of knitted and
woven garments since inception. The firm purchase yarn and
converting into fabric by giving job work. The manufacturing
process contains knitting, bleaching, and dyeing are executed by
job work basis. Cutting and stitching and printing of garments done
by PE. The main products of the firm are hosiery garments from
which the firm is generating more than 95% of the total operating
income derived through exports to countries like France, UK, and
Dubai.


RAM LAL KAMAL: Insolvency Resolution Process Case Summary
---------------------------------------------------------
Debtor: Ram Lal Kamal Raj Jewellers Private Limited
        Shop No. 109, First Floor
        Ravi Market, 188-89
        Katra Mashroo, Dariba Kalan
        Delhi 110006

Insolvency Commencement Date: January 6, 2022

Court: National Company Law Tribunal, New Delhi Bench

Estimated date of closure of
insolvency resolution process: July 5, 2022

Insolvency professional: Mr. Dinesh Chandra Agarwal

Interim Resolution
Professional:            Mr. Dinesh Chandra Agarwal
                         C/o Padam Dinesh & Co
                         Chartered Accountants
                         11/6B, II Floor
                         Shanti Chambers, Pusa Road
                         New Delhi, Delhi 110005
                         E-mail: padamdinesh@gmail.com

                            - and -

                         AAA Insolvency Profesionals LLP
                         E-10A, Kailash Colony
                         Greater Kailash-I
                         New Delhi 110048
                         E-mail: rlkjewellers@aaainsolvency.com

Last date for
submission of claims:    Feruary 21, 2022


RAYALASEEMA STEEL: CARE Moves B+ Debt Rating to Not Cooperating
---------------------------------------------------------------
CARE Ratings has migrated the rating on bank facilities of
Rayalaseema Steel Re-Rolling Mills Private Limited (RSRM) to Issuer
Not Cooperating category.

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank      27.00       CARE B+; Stable; ISSUER NOT
   Facilities                      COOPERATING; Rating continues
                                   To remain under ISSUER NOT
                                   COOPERATING category and moved
                                   To ISSUER NOT COOPERATING
                                   Category
   Short Term Bank
   Facilities           3.00       CARE A4; ISSUER NOT
                                   COOPERATING; Rating moved to
                                   ISSUER NOT COOPERATING category

Detailed Rationale & Key Rating Drivers

CARE Ratings Ltd. has been seeking information from RSRM to monitor
the rating(s) vide e-mail communications dated September 2021 to
January 24, 2022 among others and numerous phone calls. However,
despite repeated requests, the company has not provided the
requisite information for monitoring the ratings. In line with the
extant SEBI guidelines, CARE Ratings Ltd. has reviewed the rating
on the basis of the best available information which however, in
CARE Ratings Ltd.'s opinion is not sufficient to arrive at a fair
rating. The rating on Rayalaseema Steel ReRolling Mills Private
Limited's bank facilities will now be denoted as CARE B+; Stable;
ISSUER NOT COOPERATING*/CARE A4; ISSUER NOT COOPERATING.

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

The ratings assigned to the bank facilities of Rayalaseema Steel Re
Rolling Mills Private Limited (RSRM) continues to remain tempered
by small scale of operations, susceptibility of profit margins to
volatile raw material prices, geographical concentration risk,
leveraged capital structure with working capital intensive nature
of operations, elongated operating cycle and stretched liquidity.
The ratings also factor reduced operational capacity during FY20
(FY refers to the period April 1-March 31) which led to decline in
operating income along with disruptions caused by COVID-19 in
Q1FY21. The ratings, however, derive comfort from the long-standing
experience of the promoters, promoters' resourcefulness,
established track record of operations and stable profits and
profitability during FY20.

Detailed description of the key rating drivers

At the time of last rating on December 4, 2020 the following were
the rating strengths and weaknesses;

Key Rating Weaknesses

* Decline in operational performance during FY20: The operational
performance declined in FY20 mainly because of major maintenance
undertaken from September 2019 to January 2020. The production
process was stalled and the manufacturing unit was operating at
minimal capacity. Such maintenance is undertaken every five years
and is vital for improving the operational efficiency.
Nevertheless, the operations resumed from February 2020. Due to the
which, the capacity utilization for FY20 declined to 29.52% from
50% in FY19 as the production levels decreased by 51.22% from 30263
MT in FY19 to 14761 MT in FY20. Further, due to COVID-19, the
operational performance of the company remained subdued in March
2020 as well as during Q1FY21.

* Geographical Concentration Risk: The company faces geographical
concentration risk with respect to majority of the clients being
from Hyderabad region. The revenue concentration from the top five
customers of RSRM increased to 56% of the total sales during FY20
as compared to ~48% in FY19. Since more than half of the total
revenue is dependent on these players which belong to the city of
Hyderabad, its revenue is likely to be affected by any political
unrest, strikes, or other economic/ environmental factors like the
current COVID-19 pandemic that vary from region to region and may
prove to be detrimental to the operations of an organization.

* Vulnerability to volatile raw material prices: The major raw
material for RSRM is scrap, sponge iron, billets & blooms. The raw
material cost as a percentage of total cost of sales was 94% during
FY20 (~90% in FY19) therefore any volatility in input prices
directly impacts the profitability of the company. Further, prices
of steel products are volatile in nature and are driven by the
demand supply scenario prevailing on a particular day and also by
the global prices which affect the profitability of the company.

* Elongated operating cycle in FY20: The operating cycle of the
company elongated during FY20 to 177 days from 32 days during FY19.
From February 2020 after the maintenance work was completed,
Company started procuring raw material in bulk to start the
production and execute the orders. However, COVID induced
nationwide lockdown declared from March 22, 2020 resulted in high
levels of inventory in the form of finished goods as of March 31,
2020. The collection period also increased from 85 days during FY19
to 175 days during FY20 as the receivables as of March 31, 2020
remained high because of the aforementioned lockdown.

* Deteriorated capital structure: Even though RSRM has no long-term
debt service obligation, the capital structure of the company is
weak as the overall gearing remained leveraged at 3.45x as on
Mar.31, 2020 (3.42x as on Mar.31, 2019) at the back of high bank
borrowings owing to the working capital intensive nature of
operations. The debt equity ratio of the company deteriorated from
0.98x as of March 31, 2019 to 1.28x as of March 31, 2020 at the
back of increased total debt of the company Rs 41.81 crore as of
March 31, 2019 to INR43.34 crore as on March 31, 2020.

* Presence in highly competitive industry with cyclical nature of
operations: RSRM operates in a highly competitive industry,
fortunes of which are dependent on end-use industries like steel
and construction. Demand for steel industry is highly correlated to
the trend in these sectors. These key user industries in turn
depend on various macroeconomic factors, such as consumer
confidence, employment rates, interest rates and inflation rates,
etc. in the economies in which they sell their products. When
downturns occur in these economies or sectors, steel industry
generally witness steep decline in demand, which also lead to a
decrease in steel prices.

* Small scale of operations: The scale of operations of RSRM
remains relatively small with a limited net worth base. The
company's tangible net worth was INR12.58 crore as on March 31,
2020 vis-à-vis INR12.24 crore as on March 31, 2019. However, the
gross cash accruals of the company have remained stable during FY20
owing to the volatility in revenues over the past four years.

Key Rating Strengths

* Experienced and resourceful Promoters: Rayalaseema Steel Re
Rolling Mills Private Limited (RSRM) was founded by Mr Inderakaran
Agarwal and Agarwal Family. At present, RSRM is being promoted by
Mr Kanhaiya Agarwal & Mr Balram Agarwal. Mr Kanhaiya Agarwal who is
the Managing Director of RSRM has around twenty-five years of
experience in the similar line of business and looks after the
production and day-to-day operations of the company. He is ably
supported by Mr Balram Agarwal, brother of Mr Kanhaiya Agarwal,
Director at RSRM, has about twenty years of business experience and
looks over both production & business development functions of the
company. The promoters are resourceful and have been infusing funds
in the business as and when needed. Unsecured loans of Rs 4.79
crore were brought in by the promoters during FY20 to support
operations.

* Improved profitability albeit decline in sales during FY20: Total
Operating Income (TOI) of the company declined significantly by
56.04% during FY20 to INR57.76 crore as against INR131.38 crore
during FY19 due to the maintenance undertaken in FY20.
Nevertheless, the PBILDT level remained in line with previous year
at INR4.94 crore during FY20 as against INR4.90 during FY19 because
of reduction in cost of raw materials coupled with reduced
operational expenses like power cost and labour cost. Further, the
PBILDT margin improved from 3.73% for FY19 to 8.55% for FY20.
However, the PAT level remained stable at INR0.34 crore in FY20 as
against INR0.19 crore in
FY19.

* Established brand name with Quality certifications and
long-standing client relationships: Rayalaseema Steel Re Rolling
Mills Private Limited (RSRM) operates with the brand tag of
“RSRM”. With more than twelve years of operation in the steel
and Iron industry, RSRM has established a strong brand recall for
their RSRM products. The company maintains healthy relationships
with clients, who have been doing regular business with the company
from the past ten years. The clientele of RSRM includes established
players like Gurupreet Galvanizing Private Limited, Somani Ispat
Pvt Ltd who provide regular orders to Rayalaseema Steel Re Rolling
Mills Private Limited. The company has setup in-house laboratory at
each of its plants which are ISO 9001:2008 certified followed by
the adherence to IS-2062 to validate the quality of raw material
that shall be suitable for processing, hence, reduces the chances
of rejection of the final goods.

Liquidity - Stretched

The liquidity position of the company is stretched characterized
highly utilized working capital limits and modest balance of
INR0.15 Crore as of March 31, 2020 (Prov.). The company's bank
limits are utilized to the extent of 97% for the 12 months ended in
October 2020. Further, the company has availed demand loan of
INR5.40 crore in lieu of Covid along with six months moratorium
with respect to interest payment on working capital borrowings from
March, 2020 to August 2020.

Rayalaseema Steel Re-Rolling Mills Pvt Ltd (RSRM) is a
Hyderabad-based company promoted by Mr. Kanhaiya Agarwal & Mr.
Balram Agarwal. The company was incorporated on November 01, 2007
and is engaged in manufacturing and sales of steel products such as
angles, channels and beams under the brand 'RSRM'. RSRM has its
manufacturing facilities at Nandigaon Village, Kothur Mandal with
an annual production capacity of 60,000 Metric Tons (MT).
Initially, RSRM was setup as a partnership company in 1964 and
transformed to its present nomenclature in November 2007. During
1964, the manufacturing facility of RSRM commenced operations at
Anantapur district, in Rayalaseema region of Andhra Pradesh and in
1981; the same operations were shifted to the present facility at
Nandigaon Village.

SAMMAN LAL: CARE Lowers Rating on INR21.50cr LT Loan to B
---------------------------------------------------------
CARE Ratings revised the ratings on certain bank facilities of
Samman Lal Sher Singh Papers Private Limited (SLSSPPL), as:

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank       21.50      CARE B; ISSUER NOT COOPERATING
   Facilities                      Rating continues to remain
                                   under ISSUER NOT COOPERATING
                                   category and Revised from
                                   CARE B+

   Short Term Bank      5.00       CARE A4; ISSUER NOT
   Facilities                      COOPERATING; Rating continues
                                   to remain under ISSUER NOT
                                   COOPERATING category

Detailed Rationale & Key Rating Drivers

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

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

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

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

The rating also considers the decline in scale of operations as
well as overall profitability in FY21.

Samman Lal Sher Singh Papers Private Limited (SLSSPPL) was
established in 1962 and is engaged in the distributorship of paper
and paper-based products including paper, duplex boards, folding
box boards, dairy products etc. The company is managed by Mr.
Shanti Kumar Jain, chairman of the company, who has been associated
with (SLSSPPL) since 1972 and Mr. Mukul Gupta, the Managing
Director, associated with SLS since 1984.


SBI INFRA MANAGEMENT: Voluntary Liquidation Process Case Summary
----------------------------------------------------------------
Debtor: SBI Infra Management Solutions Private Limited
        Ground Floor, Raheja Chambers
        Free Press Journal Marg
        Nariman Point, Mumbai
        Mumbai City, MH 400021
        IN

Liquidation Commencement Date: February 4, 2022

Court: National Company Law Tribunal, Mumbai Bench

Insolvency professional: Mr. Pranav Damania

Interim Resolution
Professional:            Mr. Pranav Damania
                         407, Sanjar Enclave
                         Above Mahindra Showroom
                         Opposite Milap Cinema
                         S.V. Road, Kandivali West
                         Mumbai 400067
                         E-mail: pranav@winadvisors.co.in
                         Mobile: +919820469825

Last date for
submission of claims:    Within 30 days from the commencement date


SCODA TUBES: Ind-Ra Withdraws 'B+' Long-Term Issuer Rating
----------------------------------------------------------
India Ratings and Research (Ind-Ra) has withdrawn Scoda Tubes
Limited's (SCTL)  Long-Term Issuer Rating of 'IND B+ (ISSUER NOT
COOPERATING)'.

The instrument-wise rating actions are:

-- The 'IND B+' rating on INR92.5 mil. Fund-based working capital

     limit is withdrawn; and

-- The 'IND B+' rating on INR32.5 mil. Non-fund-based working  
     capital limit is withdrawn.

KEY RATING DRIVERS

Ind-Ra is no longer required to maintain the ratings, as the agency
has received a no-dues certificate from the lender. 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 November 2008, Scoda Tubes commenced commercial
operations in September 2010. It manufactures stainless steel
seamless and welded tubes, pipes and U tubes and has an installed
capacity of 700MT.



SHIVA GINNING: CARE Lowers Rating on INR5.83cr LT Loan to B
-----------------------------------------------------------
CARE Ratings revised the ratings on certain bank facilities of Sree
Shiva Ginning and Pressing (SSGP), as:

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank       5.83       CARE B; Stable; ISSUER NOT
   Facilities                      COOPERATING; Rating continues
                                   To remain under ISSUER NOT
                                   COOPERATING category and
                                   Revised from CARE B+; Stable

Detailed Rationale & Key Rating Drivers

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

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

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

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

Sree Shiva Ginning and Pressing (SSGP) is a partnership firm formed
in June 2014; however, started commercial operations in April 2015.
The partners of the firm are Mr. K. Suguresh, Mr. S. Mallikarjuna,
Mr. S. Mahabaleswarappa, Mrs. K. Chandrakala & Mrs. P. Suma. The
partners hail from agriculture background and belong to the same
family. The firm has a cotton ginning and
pressing factory in Kurnool district of Andhra Pradesh with total
installed capacity of 40,000 bales per annum. The partners of SSG
have interest in other businesses like whole sale and retail
trading of ground nut, edible oil, edible oil seeds and pulses.


SHREYASI INFRA PRIVATE: Insolvency Resolution Process Case Summary
------------------------------------------------------------------
Debtor: Shreyasi Infra Private Limited
        Shop No. 1
        Shiv Heights Prithviraj Nagar
        Beltarodi Road, Nagpur 440034

Insolvency Commencement Date: January 25, 2022

Court: National Company Law Tribunal, Mumbai Bench

Estimated date of closure of
insolvency resolution process: July 24, 2022

Insolvency professional: Dhiren S Shah

Interim Resolution
Professional:            Dhiren S Shah
                         B 102 Bhagirathi Niwas
                         Near Natraj Studio
                         Sir M V Road, Andheri (East)
                         Mumbai 400069
                         E-mail: dss@dsshah.in
                                 ip1@dsshah.in

Classes of creditors:    Home buyers

Insolvency
Professionals
Representative of
Creditors in a class:    Hetal Kothari
                         Raj Patni
                         Sanjay Shah

Last date for
submission of claims:    February 17, 2022


SUBIZZ TRAVEL: CARE Keeps B- Debt Ratings in Not Cooperating
------------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Subizz
Travel Solutions Private Limited (STSPL) continues to remain in the
'Issuer Not Cooperating' category.

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank       0.44       CARE B-; Stable; ISSUER NOT
   Facilities                      COOPERATING; Rating continues
                                   To remain under ISSUER NOT
                                   COOPERATING category

   Long Term/Short      1.08       CARE B-; Stable/CARE A4;
   Term Bank                       ISSUER NOT COOPERATING;
   Facilities                      Rating continues to remain
                                   under ISSUER NOT COOPERATING
                                   category

   Short Term Bank      0.48       CARE A4; ISSUER NOT
   Facilities                      COOPERATING; Rating continues
                                   to remain under ISSUER NOT
                                   COOPERATING category

Detailed Rationale & Key Rating Drivers

CARE Ratings Ltd. had, vide its press release dated January 25,
2021, placed the rating(s) of STSPL under the 'issuer
non-cooperating' category as STSPL had failed to provide
information for monitoring of the rating and had not paid the
surveillance fees for the rating exercise as greed to in its Rating
Agreement. STSPL continues to be non-cooperative despite repeated
requests for submission of information through e-mails, phone calls
and a letter/email dated December 11, 2021, January 11, 2022 and
January 13, 2022.

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

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

Pune based, Subizz Travel Solutions Private Limited (STSPL)
incorporated in June 20, 2012 as a private limited is promoted by
Mr. Maninder Uppal, and Ms. Priyadatta Uppal. STSPL is engaged in
travel and tours business wherein it provide domestic and
international tour packages which includes air & rail tickets,
hotel packages and cab services. The company's client includes
corporates and individuals. STSPL is registered with the
International Air Transport Association (IATA) and they are also a
member of Travel Agents Federation of India (TAFI). The company
generates around 85% of its revenue from booking air tickets and
the remaining 15% from other services. The company gets contracts
from corporates and has around 15 corporate contracts in hand. For
each corporate client the company has one travel consultant
exclusively dealing with the corporate client. The company
generates 90% of its revenue from corporate clients and the
remaining 10% from individual customers.


VENKATACHALAPATHY SAGO: CARE Keeps B- Rating in Not Cooperating
---------------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Sri
Venkatachalapathy Sago Factory (SVSF) continues to remain in the
'Issuer Not Cooperating' category.

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

Detailed Rationale & Key Rating Drivers

CARE Ratings Ltd. had, vide its press release dated February 01,
2021, placed the rating(s) of SVSF under the 'issuer
non-cooperating' category as SVSF had failed to provide information
for monitoring of the rating and had not paid the surveillance fees
for the rating exercise as agreed to in its Rating Agreement. SVSF
continues to be non-cooperative despite repeated requests for
submission of information through e-mails, phone calls and a
letter/email dated December 18, 2021, December 28, 2021 and January
7, 2022.

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

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

Sri Venkatachalapathy Sago Factory (SVSF) was established in 2014
as a partnership firm. SVSF is engaged in manufacturing of sago.
The Sago manufacturing unit of the firm is located at Attur Main
Road, Mettala, Karkudalpatty, Salem.


ZEE ENTERTAINMENT: IndusInd Initiates Insolvency Process vs. Firm
-----------------------------------------------------------------
Business Standard reports that IndusInd Bank has filed a plea
before the Mumbai bench of National Company Law Tribunal (NCLT) to
initiate insolvency proceedings against Zee Entertainment
Enterprises Ltd (ZEEL).

IndusInd Bank, in its plea before the NCLT has claimed a default of
INR83.08 crore against the media and entertainment firm, ZEEL said
in a late evening regulatory updates on Feb. 4.

"An application has been filed . . . by IndusInd Bank Ltd, claiming
to be a Financial Creditor, before the NCLT, Mumbai for initiation
of Corporate Insolvency Resolution Process (CIRP) against the
company, claiming a default of INR83.08 crore," it said, Business
Standard relays.

The application has been filed under Section 7 of the Insolvency &
Bankruptcy Code (IBC), said ZEEL.

Under Section 7 of IBC, a financial creditor may move NCLT for
initiation of CIRP over default of INR1 crore and above.

While sharing the details, ZEEL said it is party to the Debt
Service Reserve Account Guarantee Agreement (DSRA Guarantee
Agreement) entered into with IndusInd Bank for the term-loan
facility advanced to another Essel Group firm, Siti Networks Ltd,
according to Business Standard.

Siti Networks, formerly known as Wire and Wireless Ltd, is a
multi-system operator promoted by media baron Subhash Chandra-led
Essel Group.

According to the report, ZEEL said "the issue of the company's
alleged default under the DSRA Guarantee Agreement, is sub-judice
before the Delhi High Court in a suit filed by the company against
IndusInd Bank.

"Filing of the said CIRP Application is in breach of the order
dated 25th February 2021 as modified by the order of December 3,
2021 passed in the said suit," it said adding the company will
therefore be adopting appropriate legal steps in that regard.

On December 22 last year, ZEEL announced its merger with Sony
Pictures Networks India Pvt Ltd (SPNI) after signing definitive
agreements, the report recalls.

As per the deal, Sony would invest USD1.575 billion and hold 52.93%
stake in the merged entity and Zee will have the remaining 47.07%.

Based in Mumbai, India, Zee Entertainment Enterprises Limited,
together with its subsidiaries, engages in broadcasting satellite
television channels.




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

MODERNLAND REALTY: Fitch Raises LT IDR to 'CCC-'
------------------------------------------------
Fitch Ratings has upgraded Indonesia-based property developer PT
Modernland Realty Tbk's (MDLN) Long-Term Issuer Default Rating
(IDR) to 'CCC-', from 'RD' (Restricted Default), following the
completion of its US-dollar notes restructuring.

At the same time, Fitch has upgraded to 'CCC-', from 'C', MDLN's
restructured USD179 million notes due 2025 and USD268 million notes
due 2027, which were issued by MDLN's wholly owned subsidiaries,
JGC Ventures Pte Ltd and Modernland Overseas Pte Ltd, respectively.
The Recovery Rating on the notes remains at 'RR4'. The notes, which
are guaranteed by MDLN and certain subsidiaries, are rated at the
same level as MDLN's IDR as they constitute its direct and
unsubordinated obligation.

The upgrade follows the completion of a debt restructuring plan,
which effectively includes an interest payment holiday in the first
12 months and has improved MDLN's liquidity. MDLN's rating reflects
an unsustainable capital structure, which is likely to require
asset sales to reduce debt, and insufficient internal cash flow
generation. MDLN's next significant liquidity event is its USD160
million asset sale, to be completed by end-2024. However, its cash
balance will start to deplete rapidly after 2023 due to the step-up
in the cash coupon on its US-dollar notes unless MDLN can improve
presales significantly.

KEY RATING DRIVERS

Asset Sale Plan Unclear: MDLN is required to complete asset sales
of at least USD40 million and USD160 million by end-June 2023 and
end-December 2024, respectively, with 75% of the proceeds used to
redeem the notes. The company boosted its cash by IDR1 trillion
from the sale of its 33% share in PT Astra Modernland (AML), which
should be sufficient to meet its first asset sale target.

The company has some runway to meet the December 2024 deadline, but
failure to do so will constitute an event of default under its
restructured notes. Execution risk is high, considering the lack of
clarity around its plan, although it has identified land plots at
its residential estate in Jakarta Garden City and industrial estate
in Cikande and has ample time to execute the sale.

Weak Capital Structure: MDLN's internal cash flow generation is
insufficient to service its debt, despite a zero percent cash
coupon for the first year of the restructure, given its high
leverage and weak cash generation on account of low presales. Fitch
believes presales will be insufficient to meet interest payments in
2023, when the interest rate steps up to a 1% cash coupon.

Presales to Stay Low: Fitch expects presales of IDR1.0 trillion in
2022 and IDR 1.2 trillion in 2023, following the IDR723 billion
achieved in 2021. Fitch does not believe presales will recover to
MDLN's historical average of around IDR2 trillion over the medium
term, as its debt restructuring has hampered buyer confidence. This
is seen in the sharp 50%-60% drop in presales from pre-pandemic
levels amid cancellations and lacklustre new sales. The company is
seeking to regain buyer confidence and revive presales.

ESG - Governance Structure: Fitch has lowered MDLN's ESG Relevance
Scores for Management Strategy to '4', from '5', following the
completed debt restructuring. MDLN's poor financial management had
led to missed payments and multiple debt restructurings. This has
impaired its funding access and resulted in a significant drop in
presales, limiting its financial flexibility and efforts to improve
its capital structure. This has a negative impact on the credit
profile and is relevant to the ratings in conjunction with other
factors.

At the same time, Fitch has lowered MDLN's ESG Relevance Score for
Financial Transparency to '3', from '5', as Fitch believes its
financial disclosure and timely reporting has improved following
the completion of debt restructuring.

DERIVATION SUMMARY

MDLN's rating is comparable with that of PT Agung Podomoro Land Tbk
(APLN, CCC), which is characterised by negative operating cash
flow, high reliance on asset sales to plug cash flow gaps and low
annual attributable presales scale of around IDR1.0 trillion-1.2
trillion. However, Fitch thinks APLN has a stronger profile, due to
its ability to fully service its US-dollar coupon and additional
liquidity from committed undrawn banking lines. Conversely, MDLN
has fully drawn all its banking lines and has not secured any new
lines. MDLN's debt restructurings have also limited its funding
access, suggesting that it has lower financial flexibility than
APLN.

MDLN is rated one notch higher than Guangzhou R&F Properties Co.
Ltd. (CC) and Xinyuan Real Estate Co., Ltd. (CC), as it has better
liquidity over the next 12-18 months as does not have large
unaddressed maturities in the next 12-18 months. Meanwhile,
Guangzhou has as a large amount of short-term debt maturing in
2022, while Xinyuan has large offshore bond maturities in the next
12 months.

KEY ASSUMPTIONS

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

-- Presales improving to IDR1.0 trillion in 2022 and IDR1.2
    trillion in 2023;

-- Positive operating cash flow of IDR121 billion in 2022 and
    negative IDR4 billion in 2023;

-- Capex reverting to a historical level of around IDR90 billion
    a year from 2022;

-- Note buybacks in 2022 using proceeds of AML sale, as governed
    by the indenture.

Recovery rating assumptions

The recovery analysis assumes MDLN would be liquidated in a
bankruptcy rather than be considered as a going concern. Fitch uses
MDLN's financials to compute a liquidation value under a distressed
scenario of IDR6.9 trillion as of 30 September 2021.

The recovery analysis assumptions are:

-- 10% administrative claim.

-- 50% advance rate on the value of trade receivables, which is
    more than sufficient to cover any bad debt. MDLN's allowance
    for receivable impairments accounts for less than 10% of total
    receivables.

-- 50% advance rate on inventory and landbank, reflecting a
    substantial discount to market value, as MDLN reports
    inventory at historical cost.

-- 50% advance rate on fixed assets. MDLN's fixed-asset value
    mainly comprises of its two hotels. The advance rate considers
    the hotels' young age and strategic location.

-- Fitch also excludes the value of investments in PT Lotte Land
    Modern Realty and PT Waskita Modern Realti, as the joint
    venture projects are still at an early development stage.

-- 78% advance rate on MDLN's share in AML, in line with actual
    transaction value.

These estimates result in a recovery rate corresponding to an 'RR1'
Recovery Rating for MDLN's senior unsecured notes. Nevertheless,
Fitch rates the senior notes at 'CCC-' with a Recovery Rating of
'RR4', because under the agency's Country-Specific Treatment of
Recovery Ratings Criteria, Indonesia falls into Group D of creditor
friendliness. Instrument ratings of issuers with assets in this
group are subject to a soft cap at the issuer's IDR and a Recovery
Rating at 'RR4'.

RATING SENSITIVITIES

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

-- Positive rating action is not anticipated in the next 12-24
    months in view of the asset sales and debt reduction
    programme. The company would need to have reduced debt by
    USD200 million, coupled with rising presales, such that
    internal cash flow is sufficient to service debt obligations.

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

-- Inability to demonstrate meaningful progress towards meeting
    second asset sale target of USD160 million;

-- Insufficient liquidity on a rolling 12 months basis.

BEST/WORST CASE RATING SCENARIO

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

LIQUIDITY AND DEBT STRUCTURE

Adequate Liquidity: Fitch expects MDLN to maintain sufficient
liquidity at least until end-2023, supported by proceed from the
AML sale, low cash interest payments, low debt maturities, limited
capex and discretionary land banking. However, liquidity will
deplete once MDLN starts paying cash coupons in 2023 if it cannot
revive presales and execute asset sales to reduce debt. Fitch
thinks MDLN's financial flexibility is also constrained by its
recent debt restructurings, which will limit funding access for
refinancing.

ISSUER PROFILE

MDLN is an Indonesia-based property developer. It has around 1,500
hectares of landbank, which is sufficient for another 12 years of
development. MDLN generates presales mainly from Jakarta Garden
City, a residential township in East Jakarta, and an industrial
estate in the west of Jakarta.

ESG CONSIDERATIONS

MDLN has an ESG Relevance Score of '4' for Management Strategy. Its
poor financial management has led to missed payment and multiple
debt restructurings, and has an impact on the rating in combination
with other factors.

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



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

SJM HOLDINGS: Moody's Cuts CFR to Ba2, Under Review for Downgrade
-----------------------------------------------------------------
Moody's Investors Service has downgraded SJM Holdings Limited's
corporate family rating to Ba2 from Ba1. At the same time, Moody's
has downgraded to Ba3 from Ba2 the backed senior unsecured ratings
on the bonds issued by Champion Path Holdings Limited and
guaranteed by SJM.

The ratings remain on review for further downgrade.

"The downgrade mainly reflects SJM's continued delay in its
execution of its refinancing plan, which raises some concern over
its financial and liquidity management," says Sean Hwang, a Moody's
Assistant Vice President and Analyst.

"The review for downgrade reflects the fact that SJM's refinancing
risk will remain elevated until its near-term maturities are fully
refinanced. A further downgrade is possible if SJM fails to secure
long-term financing to address the maturities in a timely manner,"
says Hwang.

RATINGS RATIONALE

SJM has been seeking to execute new secured loan and revolver
facilities of HKD19 billion to refinance its existing facilities,
which will come due on February 28, 2022 and whose balance stood at
around HKD13 billion at the end of 2021. However, the execution of
the new facilities remains delayed due to pending regulatory
approvals.

SJM is arranging for a maturity extension on the existing loans in
case of a further regulatory delay. Moody's expects SJM to be able
to extend the maturity for one year, considering its quality assets
in Macao SAR, China, and its long-standing banking relationships.
Moody's also expects SJM to eventually obtain the necessary
approvals to execute its new banking facilities.

Nevertheless, the absence of an executed refinancing arrangement at
a time when the large debt maturity is forthcoming raises a degree
of concern over the company's liquidity management.

The rating action also reflects increasing operational
uncertainties driven by the slow recovery of gaming revenue in
Macao in the face of the ongoing Omicron outbreak in Greater
China.

Consequently, Moody's has lowered its 2022 forecast for Macao's
mass-market gross gaming revenue to around half of the 2019 level,
and expects a substantial recovery only during 2023. The expected
slower market recovery will also lead to a slower ramp-up of SJM's
new property, Grand Lisboa Palace.

Based on these assumptions, Moody's expects SJM's adjusted
debt/EBITDA to be around 4.0x in 2023, which positions SJM more
appropriately in the Ba2 rating category.

SJM's credit quality remains supported by its established gaming
operations in Macao given its 50-year operational history, as well
as the company's conservative financial track record, which
mitigates the risk associated with its geographic concentration in
Macao.

With respect to environmental, social and governance (ESG)
considerations, governance is a major driver of the rating action
because the refinancing delay highlights a degree of weakness in
the company's financing execution and liquidity management.

The Ba3 rating on Champion Path Holdings Limited's senior unsecured
notes is one notch lower than SJM's CFR because bank loans and
subsidiary-level liabilities will remain a significant portion of
SJM's liability structure even after the refinancing, and thus have
priority over the senior unsecured claims at the holding company in
a default scenario.

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

The rating review will focus on SJM's ability to complete the
refinancing through execution of planned syndicated facilities or
alternative long-term funding.

Moody's will confirm the ratings if SJM secures sufficient funding
to fully address its bank loan maturity and ensure a comfortable
level of liquidity.

Moody's could downgrade the ratings, possibly by multiple notches,
if SJM fails to secure long-term financing to address its near-term
maturity over the next few months.

SJM's ratings could also be downgraded if Moody's believes that the
company's adjusted debt/EBITDA will not likely return to below 4.5x
on a sustained basis, due to a prolonged weakness in earnings or a
higher-than-expected increase in debt, or if SJM's liquidity
weakens significantly. This situation could arise from the impact
of a protracted pandemic or SJM's adoption of an aggressive
financial policy.

The principal methodology used in these ratings was Gaming
published in June 2021.

SJM Holdings Limited develops and operates casinos and integrated
resort facilities in Macao SAR. The company is listed on the Hong
Kong Stock Exchange, and is 54% owned by Sociedade de Turismo e
Diversoes de Macau (STDM).



===============
M A L A Y S I A
===============

1MALAYSIA BHD: Ex-banker's 1MDB Corruption Trial to Kick Off
------------------------------------------------------------
Reuters reports that a former Goldman Sachs banker charged with
helping to embezzle hundreds of millions of dollars from Malaysia's
1MDB sovereign wealth fund will go on trial in the United States
this week, in a case that could shed light on how the bank
responded to warnings of corruption.

Roger Ng, Goldman's former investment banking chief in Malaysia,
will be the first - and likely only - person to stand trial in the
United States over one of the biggest financial scandals in Wall
Street history, Reuters says.

Mr. Ng's former boss, Timothy Leissner, pleaded guilty in 2018 to
money laundering and corruption charges, while a Goldman subsidiary
in 2020 pleaded guilty to conspiring to violate an anti-bribery
law.

According to Reuters, Mr. Ng has pleaded not guilty to three counts
of conspiring to launder money and violate an anti-bribery law.
Opening statements are scheduled today, Feb. 14, in federal court
in Brooklyn.

Reuters relates that prosecutors said Mr. Ng and Mr. Leissner
evaded Goldman's internal compliance protocols. But Mr. Ng's
lawyers said he had no role in the crimes and that Mr. Leissner
falsely implicated him in an effort to reduce his punishment. Mr.
Leissner, Goldman's former Southeast Asia chairman, has not yet
been sentenced.

Legal experts said Mr. Ng faces tough odds since prosecutors will
likely show the jury emails and online chats indicating his
involvement, as well as financial records showing he benefited from
the scheme. They are also expected to call Mr. Leissner as a
witness.

"They have a bit of a mountain to climb especially since his boss
has turned on him and will provide the testimony necessary to link
him into the conversations, the actions, the strategy which
facilitated the criminal act," Reuters quotes Michael Weinstein, a
white-collar criminal defense lawyer at Cole Schotz PC and a former
federal prosecutor, as saying.

Reuters notes that the charges against Mr. Ng, 50, are related to
some $4.5 billion U.S. prosecutors said was embezzled between 2009
and 2014 from 1Malaysia Development Berhad, a fund launched in 2009
by Malaysia's former prime minister, Najib Razak, to spur economic
growth.

During that period, prosecutors said, Goldman earned $600 million
in fees for helping 1MDB sell $6.5 billion in bonds. But Mr. Ng,
Mr. Leissner, and a Malaysian intermediary named Jho Low conspired
to pay $1.6 billion in bribes to officials in Malaysia and Abu
Dhabi to win the business for Goldman, according to prosecutors.

Mr. Low has not been arrested by U.S. or Malaysian authorities.
Malaysia said Mr. Low is in China, which Beijing has denied,
Reuters says.

Goldman Sachs in 2020 paid a $2.3 billion fine, returned $600
million in ill-gotten gains and agreed for its Malaysian subsidiary
to plead guilty in U.S. court as part of a deal, known as a
deferred prosecution agreement (DPA), with the Department of
Justice, recalls Reuters.

Mr. Ng's lawyers acknowledge he introduced Mr. Low to Mr. Leissner,
but said he had no further role in the scheme and later warned his
superiors at Goldman that Mr. Low was "not to be trusted," a
November 2020 court filing showed, Reuters relays.

"He just wasn't involved with Mr. Leissner and Mr. Low and a host
of other people in this stunningly massive series of crimes," said
Marc Agnifilo, a lawyer for Mr. Ng, describing his client as a
"fall guy."

According to the report, Mr. Agnifilo said financial inflows that
Mr. Ng received that prosecutors call ill-gotten gains had nothing
to do with 1MDB.

Reuters says the long-running scandal, which came to light in 2015,
has had far-reaching consequences and led to widespread public
outcry in Malaysia. Najib, who was voted out of office in 2018, is
accused by Malaysian authorities of receiving more than $1 billion
traceable to 1MDB. Najib, who has appealed a 12-year prison
sentence, has consistently denied wrongdoing.

At least six other countries, including Singapore and Switzerland,
have launched investigations into 1MDB's dealings, Reuters notes.

But after reaching the DPA in 2020, Goldman itself is unlikely to
face any material damage from Mr. Ng's trial, said Odeon Capital
analyst Dick Bove. Chief Executive David Solomon has revived the
bank's fortunes since his appointment as CEO in October 2018,
delivering record annual profit in 2021.

"No one is going to come after David Solomon over what this guy did
in Malaysia years ago," the report quotes Mr. Bove as saying. "I'm
sure that there will be a lot of incendiary information that comes
out, but from the standpoint of Wall Street, these pieces of
information will be nothing but an embarrassment and annoyance."

While Mr. Solomon in 2018 blamed the scandal on employees who
"broke the law" and said the company's compliance was strong, he
said at the time of the October 2020 settlement that there were
"institutional failures" at the bank.

That shift could make it hard for Mr. Ng to argue he is simply a
scapegoat, said former federal prosecutor Bruce Searby.

The argument "doesn't take any responsibility away from Roger Ng,"
said Searby, now a white-collar defense lawyer in Washington, D.C.

                           About 1MDB

Kuala Lumpur-based 1Malaysia Development Bhd (1MDB) is an insolvent
Malaysian strategic development company, wholly owned by the
Malaysian Minister of Finance.  1MDB was established in 2009 to
foster long-term economic development for the country by forging
global partnerships, particularly in energy, real estate, tourism,
and agribusiness.

The Company was founded shortly after Dato Sri Najib Razak became
Prime Minister of Malaysia in July 2009.  Najib said the
establishment of 1MDB into a federal entity was to benefit a
majority of Malaysians.

1MDB is said to have raised billions of dollars in bonds, for
investment projects and joint ventures, between 2009 and 2013.
Among those projects are the Tun Razak Exchange, Tun Razak
Exchange's sister project Bandar Malaysia, and the acquisition of
three independent power producers.

The Company came into heavy scrutiny in 2015 for suspicious money
transactions and evidence pointing to money laundering, fraud and
theft.  The corruption scandal in 1MDB has implicated high-level
officials, including Prime Minister Najib Razak, as wells as banks
and financial institutions around the world.  

In 2016, the U.S. Department of Justice filed a lawsuit, alleging
that at least US$3.5 billion has been stolen from 1MDB.  In
September 2020, the alleged amount stolen had been raised to US$4.5
billion and a Malaysian government report listed 1MDB's outstanding
debts to be US$7.8 billion.

Malaysia has been filing lawsuits over the years in an effort to
recover the missing billions of dollars.  Among others, in May
2021, Malaysia filed 22 civil suits against entities and people
involved in the corruption scandal, including units of Deutsche
Bank and JP Morgan.

Malaysia said in September 2020 it has so far recovered about $3.24
billion in assets linked to the 1MDB matter.  This amount includes
about US$600 million cash and assets returned by U.S. authorities;
about $2.5 billion paid by Goldman Sachs as settlement; as well as
$780 million in settlement amounts from Malaysian banking group
AmBank and audit firm Deloitte.



=========
N E P A L
=========

HIMALAYAN REINSURANCE: A.M. Best Assigns B(Fair) FS Rating
----------------------------------------------------------
AM Best has assigned a Financial Strength Rating of B (Fair) and a
Long-Term Issuer Credit Rating of "bb+" (Fair) to Himalayan
Reinsurance Limited (Himalayan Re) (Nepal). The outlook assigned to
these Credit Ratings (ratings) is stable.

The ratings reflect Himalayan Re's balance sheet strength, which AM
Best assesses as strong, as well as its adequate operating
performance, limited business profile, and appropriate enterprise
risk management (ERM).

Himalayan Re's balance sheet strength assessment is underpinned by
risk-adjusted capitalization that is expected to remain at the
strongest level for its first five years of operations, as measured
by Best's Capital Adequacy Ratio (BCAR). AM Best views the
company's initial capitalization of NPR 7 billion (USD 59 million)
in paid-up capital to be supportive of the company's planned growth
over its five-year start-up phase. Additionally, financial
flexibility is expected to be enhanced by the company's plan for
public listing over the near to medium term. AM Best expects the
company to maintain a low-risk investment portfolio, with a
majority allocation to cash and term deposits, and the remainder
mostly in fixed income securities. Offsetting balance sheet
considerations include the company's exposure to severe catastrophe
events, albeit the risk is mitigated in part through the use of
retrocession.

AM Best views the company's operating performance as adequate. As a
start-up reinsurer, operating performance is exposed to potential
volatility arising from elevated operational risk and business
execution risk. Himalayan Re's underwriting performance is
projected to face negative pressure in the early years, in part
driven by high initial expenses and a lack of business scale,
although a gradual improvement is expected. Underwriting
performance will also depend heavily on the company's ability to
source good quality domestic business. Investment returns, mainly
from interest income, are expected to be a key driver of earnings,
particularly in the earlier years.

Himalayan Re's business profile is assessed as limited. As a new
domestic reinsurer, the second in the Nepal's market, Himalayan Re
lacks an established market position and is expected to face
increasing competition as it grows its market share. AM Best
expects the company's business growth to benefit from regulatory
developments, including a first right of refusal to domestic
reinsurance business that has been provided to domestic reinsurers,
including Himalayan Re. The underwriting portfolio is expected to
show a line of business concentration toward property and
engineering risks. In addition, the company will have a geographic
concentration to Nepal, albeit with a gradual diversification
planned over time.

AM Best views the company's ERM framework as adequate supported by
a risk governance structure that has been put in place, and risk
management policies and procedures, which are expected to be
refined over time. Risk management capabilities are supported by an
experienced management team that brings technical expertise and
relevant industry experience.






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

DELTA SHARED: Court to Hear Wind-Up Petition on April 1
-------------------------------------------------------
A petition to wind up the operations of Delta Shared Services
Limited will be heard before the High Court at Auckland on April 1,
2022, at 10:00 a.m.

Premium Mobility Services Limited (trading as SixT) filed the
petition against the company on Dec. 22, 2021.

The Petitioner's solicitor is:

          Richard Kettelwell
          Sharp Tudhope Lawyers
          Level 4, 152 Devonport Road
          Tauranga


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

Carters Building Supplies Limited filed the petition against the
company on Nov. 8, 2021.

The Petitioner's solicitor is:

          Philip John Morris
          Stace Hammond Lawyers
          Level 1, 3 Caro Street
          Hamilton


SAAN: Auckland Thai Restaurant to Shut Down
-------------------------------------------
Stuff.co.nz reports that popular Ponsonby Road restaurant Saan has
announced its closure in Auckland.

Owner Krishna Botica said staffing shortages and other
Covid-related challenges have left her with no alternative, Stuff
relays.

"We are extremely sad to tell you that due to staffing shortages
and other Covid-related challenges, Saan has closed," she wrote in
a message posted to Instagram, notes the report.

Its sister restaurants in Britomart, Cafe Hanoi, and Ghost Street
remain open, but their other business Xuxu Dumpling Bar, will close
at the end of February, according to Stuff.

Thai restaurant Saan first opened about 7 years ago. "We're
incredibly proud of the food we did there," Stuff quotes Ms. Botica
as saying, thanking its loyal customers.  "We did try to change the
view of Thai food in Auckland, as more than just a cheep and
cheerful takeaway."

"The final straw was what happened in the CBD," she continued.

"As soon as we ended up with a community outbreak, sales dropped so
dramatically, that our other businesses propping Saan up could no
longer do that.

"With the realisation that we could be in red until June or July,
as told by Chloe Swarbrick, we did the maths. We'd lose everything
if we kept it open, so we had to cut our losses."

Stuff says cafes, bars, restaurants and nightclubs can open at red
setting, as long as they require vaccine passes and cap numbers at
100. But customers must be seated, with one metre between groups.
But people are being more cautious than the rules require, with the
central city a ghost town these past few weeks as workers and
diners alike stay home.

According to Stuff, Takapuna Business Association chief executive,
Terence Harpur, said New Zealand moving into the red setting at
11:59 p.m. on Sunday, January 23 had an immediate impact on
business.

"Our latest numbers show that hospitality trade is down over 30 per
cent compared to the same time last year. If extra Government
support is not given in the coming weeks and months, we'll sadly
see more business closures and job losses," the report quotes Mr.
Harpur as saying.

It's largely Covid-19's fault. But has the pandemic single-handedly
decimated an industry worth NZD11 billion per annum -- or has it
exposed pre-existing issues?  

"It's exacerbated it," Ms. Botica said, notes the report.

The highest-profile casualty recently was iconic waterfront
restaurant Euro, but Dot Loves Data said there were 247
food-related business closures in Auckland in August last year,
dropping to 55 in September and 46 in October, for a total of 348
during the first three months of lockdown, adds Stuff.


VIVIER AND COMPANY: Court to Hear Wind-Up Petition on Feb. 24
-------------------------------------------------------------
A petition to wind up the operations of Vivier And Company Limited
will be heard before the High Court at Christchurch on Feb. 24,
2022, at 10:00 a.m.

Mubashir Qasim (as trustee of the FKC Private Trust) filed the
petition against the company on Dec. 13, 2021.

The Petitioner's solicitor is:

          Brent James Norling
          Level 3, Building 2
          61 Constellation Drive
          Rosedale, Auckland




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

GEOSHIPPING PTE: Court Enters Wind-Up Order
-------------------------------------------
The High Court of Singapore entered an order on Feb. 4, 2022, to
wind up the operations of Geoshipping Pte Ltd.

Geocean SAS filed the petition against the company.

The company's liquidators are:

         Kong Ming Fai Oscar (Jiang Minghui Oscar)
         Kong Ming-Tat Jeremy
         TKNP International
         141 Cecil Street #10-01
         Singapore 069546


HAPPYORNOT ASIA: Creditors' Proofs of Debt Due March 14
-------------------------------------------------------
Creditors of Happyornot Asia Pte Ltd, which is in voluntary
liquidation, are required to file their proofs of debt by March 14,
2022, to be included in the company's dividend distribution.

The company commenced wind-up proceedings on Feb. 7, 2022.

The company's liquidators are:

         Najeeb Assan
         Zalinah Samade
         M/s IP Consultants
         80 Robinson Road #15-02
         Singapore 068898


HTL INTERNATIONAL: Court to Hear Wind-Up Petition on March 15
-------------------------------------------------------------
A petition to wind up the operations of HTL International Holdings
Pte. Ltd will be heard before the High Court of Singapore on March
15, 2022, at 10:00 a.m.

Andrew Grimmett, Lim Loo Khoon, and Tan Wei Cheong (joint and
several Judicial Manager) filed the petition against the company on
Dec. 20, 2021.

The Petitioner's solicitors are:

         PRP Law LLC
         3 Church Street
         #27-05 Samsung Hub
         Singapore 049483


MAPS AUSTRALIA: Creditors' Proofs of Debt Due on March 11
---------------------------------------------------------
Creditors of Maps Australia 50 MC Pte. Ltd. and Testudo Industries
Pte. Ltd., which are in voluntary liquidation, are required to file
their proofs of debt by March 11, 2022, to be included in the
company's dividend distribution.

The company commenced wind-up proceedings on Feb. 7, 2022.

The company's liquidators are:

         Don M Ho
         David Ho Chjuen Meng
         c/o DHA+ pac
         63 Market Street
         #05-01A Bank of Singapore Centre
         Singapore 048942




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

NORTHERN POWER: Fitch Affirms 'BB' LT FC IDR, Outlook Positive
--------------------------------------------------------------
Fitch Ratings has affirmed Vietnam Electricity Northern Power
Corporation's (EVNNPC) Long-Term Foreign-Currency Issuer Default
Rating (IDR) at 'BB' with a Positive Outlook.

The rating reflects a 'bb' Standalone Credit Profile (SCP), which
is at the same level as that of EVNNPC's 100% parent, state-owned
Vietnam Electricity (EVN, BB/Positive). The SCP is based on EVN's
significant control over EVNNPC's financial profile, including
determining its profitability, even though EVNNPC's financial
profile is stronger than its SCP. The SCP also reflects EVNNPC's
stable operating profile as a distribution utility with a monopoly
position in its area of operation.

KEY RATING DRIVERS

Strong Integration with Parent: EVN determines EVNNPC's profit
through a bulk-supply tariff-setting mechanism. The tariff aims to
cover EVNNPC's costs and earn a profit that will allow the
subsidiary to maintain operations and meet investment plans. EVN
also appoints EVNNPC's key management, approves its business and
investment plans, oversees its financial management and approves
the compensation packages of key executives. EVN guaranteed around
10% of EVNNPC's borrowings as at end-2020.

Market Position Supports SCP: Fitch assesses EVNNPC's SCP to be at
the same level as EVN's, given the high influence the parent has on
EVNNPC's business plans and financial profile, even though Fitch
believes EVNNPC's has stronger credit metrics than that
commensurate for its credit assessment. EVNNPC's SCP is supported
by its dominant market position in electricity distribution in
northern Vietnam, diversified counterparties and low receivable
days. However, the short record of the regulatory framework and
six-month tariff history, as well as political risks, limit the
business profile.

Moderate Impact from Pandemic: Fitch expects EVNNPC's electricity
sales volume to increase by 8.0%-9.0% over the next three years,
after an estimated rise of 8.9% yoy to 82 billion kWh in 2021,
despite uncertainty caused by the Covid-19 pandemic. Electricity
demand in northern Vietnam is supported by the industrial,
residential and agriculture segments, offsetting a decline in the
commercial segment.

Diversified Counterparties, Low Receivables Risk: EVNNPC's credit
profile benefits from its stable and diversified customer base of
10 million, which is largest of EVN's five distribution companies.
Around 64% of revenue is contributed by high-growth industrial
customers, with more stable residential customers contributing
around 30%. The top-20 customers account for only around 3% of
total revenue.

Low counterparty risk is also reflected in EVNNPC's high collection
rate of almost 100% and low receivable days of around two days.
This is supported by more than 80% of revenue being collected
through non-cash means.

Tariff Increase Restrictions; Low ROE: EVN can increase retail
electricity tariffs every six months to meet rising production
costs, in accordance with the regulatory framework that was
introduced in August 2017. However, automatic adjustments are
limited to 5%, with price increases of 5%-10% requiring approval
from the Ministry of Industry and Trade and larger increases
requiring approval from the prime minister. There could also be
delays in implementing tariff increases, particularly due to
customer opposition amid Vietnam's challenging macroeconomic
conditions.

EVN uses the bulk-supply tariff to determine electricity purchase
costs for distribution companies, including EVNNPC, with the aim of
providing a modest profit. Historical return on equity (ROE) for
EVNNPC has been less than 1.0%.

High Capex: Fitch expects capex to remain high, as EVNNPC plans
average annual outlay of VND12 trillion over the medium term (2020:
VND11 trillion). Capex is mainly to enhance the distribution grid
and transmission lines to improve power-supply capacity. Fitch
estimates EVNNPC's net debt/EBITDA will stay below 3.0x over the
next four years (2020: 2.2x).

DERIVATION SUMMARY

EVNNPC's rating reflects its 'bb' SCP, which is at the same level
as that of its parent and reflects EVN's significant control over
EVNNPC's financial profile. EVN is a state-owned utility with a
monopoly over electricity transmission and distribution in Vietnam.
It also owns and operates the majority of the country's installed
power-generation capacity. EVN's distribution businesses are highly
strategic and are operated through EVNNPC and four other wholly
owned subsidiaries

The ratings of Vietnam Electricity Central Power Corporation
(BB/Positive), Southern Power Corporation (BB/Positive), Hanoi
Power Corporation (BB/Positive) and Ho Chi Minh City Power
Corporation (BB/Positive) also reflect the companies' SCPs, in
accordance with Fitch's Parent and Subsidiary Linkage Rating
Criteria. EVN has strong linkages and extensive influence over the
business and financial profiles of the four companies via its 100%
ownership.

The ratings of National Power Transmission Corporation (EVNNPT,
BB/Positive; SCP: bb+), a power transmission company within the EVN
group, are capped at the same level as that of its parent, EVN.
EVNNPT has lower operating risk as a pure transmission company with
better geographical diversification than EVNNPC. Furthermore, its
ROE is determined by Vietnam's electricity regulator, albeit in
consultation with EVN. This compares with EVN's greater influence
on EVNNPC, including determining its profitability, which explains
why EVNNPC's SCP is assessed a notch lower than that of EVNNPT.

KEY ASSUMPTIONS

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

-- An 8.9% rise in electricity demand in 2021, followed by an
    average rise of 8.5% annually between 2022-2024;

-- Weighted average retail tariff increasing by 3.2% in 2021,
    0.2% in 2022 and flat thereafter;

-- Bulk-supply tariff increasing by 4.5% in 2021, followed by
    average growth of 0.2% from 2022 to 2024;

-- Distribution losses improving to around 4.0%-4.5% through to
    2024 (2020: 4.8%, 2021E: 4.6%);

-- Capex of around VND12 trillion a year through to 2024;

-- Average interest rate to increase to 5.8% in the next three
    years (2020: 5.6%).

RATING SENSITIVITIES

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

-- Positive rating action on EVN.

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

-- Negative rating action on EVN.

For EVN's rating, the following sensitivities were outlined by
Fitch in a rating action commentary on 13 September 2021:

Factor that could, Individually or Collectively, Lead to Positive
Rating Action/Upgrade:

-- Positive rating action on the sovereign, provided the
    likelihood of state support does not deteriorate
    significantly.

Factors that could, Individually or Collectively, Lead to Negative
Rating Action/Downgrade:

-- Negative rating action on the sovereign;

-- Deterioration in EVN's SCP, along with significant weakening
    in linkages with the state. Fitch sees this as a remote
    prospect in the medium term.

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

Sound Liquidity: EVNNPC had around VND15.0 trillion of cash and
cash equivalents at end-2020, against current debt maturities of
VND5.2 trillion in the next 12 months. Fitch expects the company to
generate negative free cash flow over the medium-term due to high
planned capex. Liquidity should benefit from strong access to
domestic banks and multilateral institutions due to linkages with
EVN and the sovereign. The commercial banks have provided support
to EVNNPC during the pandemic by reducing interest rates over the
last two years.

ISSUER PROFILE

EVNNPC is the sole owner and only distribution company in North
Vietnam (except Hanoi). It caters to 10 million end users of EVN in
the northern region, the highest number of customers among the five
distribution companies of EVN).

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.

SOUTHERN POWER: Fitch Affirms 'BB' LT FC IDR, Outlook Positive
--------------------------------------------------------------
Fitch Ratings has affirmed Vietnam-based Southern Power
Corporation's (EVNSPC) Long-Term Foreign-Currency Issuer Default
Rating (IDR) at 'BB'. The Outlook is Positive.

EVNSPC's rating reflects a 'bb' Standalone Credit Profile (SCP) at
the same level as that of its 100% parent, state-owned Vietnam
Electricity (EVN, BB/Positive). The SCP reflects EVN's significant
control over EVNSPC's financial profile, including determining
profitability despite EVNSPC's financial profile being much
stronger relative to its SCP. The SCP also reflects EVNSPC's stable
operating profile as a distribution utility with monopoly position
in its area of operation.

KEY RATING DRIVERS

EVNSPC's Integration with EVN: EVN determines EVNSPC's profit
through a bulk-supply tariff setting mechanism. This bulk-supply
tariff aims to cover EVNSPC's costs and earn profits that allow the
company to maintain operations and meet investment plans. EVN also
appoints EVNSPC's key management, approves business and investment
plans, oversees the subsidiary's financial management, and approves
key executives' compensation packages. EVN and the government
guaranteed around 57.4% of EVNSPC's total borrowings as of
end-2020.

Market Position Supports SCP: EVNSPC's SCP is assessed at the same
level as EVN's, given the parent's high influence on the
subsidiary's business plans, profitability and financial profile.
Still, Fitch believes EVNSPC's financial profile is stronger than
commensurate for its credit assessment.

EVNSPC's SCP is supported by a dominant market position in
electricity distribution in the southern region of Vietnam
(excluding Ho Chi Minh City), diversified counterparties and low
receivables. However, the regulatory framework's short history and
political risks, and the short period of six months for which
tariffs are set in the framework, limits the company's business
profile.

Diversified Counterparties, Low Receivables Risk: EVNSPC's credit
profile benefits from a stable and diversified customer base with
the top 20 customers accounting for around 13% of total revenue.
Lower counterparty risk is also reflected in EVNSPC's high
collection rates of more than 99% and low receivable days of less
than three days.

Covid-19 Impact: Fitch estimates EVNSPC's electricity sales volume
increased by around 1.3% in 2021 (2020: 3.8%), as the southern
region of Vietnam was the most affected by a resurgence of
coronavirus cases. Commercial and industrial electricity demand
softened, but an increase in demand from residential and
agriculture segments mitigated the impact. Fitch expects
electricity demand to rebound to 3.6% in 2022 and around 6%-8% over
the medium term.

Restrictions on Tariff Increases: EVN can raise retail electricity
tariffs every six months, in line with rising production costs,
under the regulatory framework introduced in August 2017. Automatic
adjustments are limited to 5%. Price increases of 5%-10% require
approval from the Ministry of Industry and Trade, and larger
increases need the prime minister's approval. Fitch expects delays
in implementing tariff hikes in general and amid the current
economic weakness, when affected businesses and individuals may
strongly oppose any tariff increases.

Low ROE: EVN sets the major cost of electricity purchase, that is
the bulk-supply tariff for distribution companies, including for
EVNSPC, with the aim of providing a modest level of profit. Fitch
expects the return on equity (ROE) for EVNSPC to remain around 1%.

High Capex Forecast: Fitch expects EVNSPC's capex to remain high at
around VND12 trillion-13 trillion a year over the next three years
(2020: VND6.8 trillion, 2021E: VND7 trillion). EVNSPC's capex is
mainly for enhancing the distribution grid and building substations
and transmission lines to improve the power-supply capacity. Fitch
estimates EVNSPC's net debt to EBITDA will decline slightly to 0.9x
in 2021 (2020: 1.0x) and stay below 2.5x over the next three
years.

DERIVATION SUMMARY

EVNSPC's rating reflects a 'bb' SCP at the same level as that of
its parent, EVN. The SCP reflects EVN's significant control over
EVNSPC's financial profile, including determining profitability
despite the wholly owned subsidiary's financial profile being much
stronger relative to its SCP.

EVN is the state-owned utility that has a monopoly over electricity
transmission and distribution in Vietnam. It also owns and operates
the majority of the country's installed power-generation capacity.
EVN's distribution businesses are highly strategic and are operated
through EVNSPC and four other wholly owned subsidiaries

The ratings on Vietnam Electricity Central Power Corporation
(EVNCPC, BB/Positive), Vietnam Electricity Northern Power
Corporation (EVNNPC, BB/Positive), Hanoi Power Corporation
(EVNHANOI, BB/Positive) and Ho Chi Minh City Power Corporation
(EVNHCMC, BB/Positive) also reflect their SCPs, in accordance with
Fitch's Parent and Subsidiary Linkage Rating Criteria. EVN has
strong linkages and extensive influence over the business and
financial profiles of EVNCPC, EVNNPC, EVNHANOI and EVNHCMC via its
100% ownership of the four companies.

In comparison, ROE for National Power Transmission Corporation
(EVNNPT, BB/Positive; SCP: bb+) is determined by Vietnam's
electricity regulator in consultation with EVN. The ratings on
EVNNPT, a power transmission company within the EVN group, are
capped at the same level of parent EVN. EVNNPT has lower operating
risk as a pure transmission player with better geographical
diversification compared with EVNSPC. Furthermore, EVNNPT's ROE is
determined by the regulator, albeit in consultation with EVN. This
is compared to EVN's more significant influence on EVNSPC,
including determining the profitability, which explains the
latter's SCP being assessed a notch lower than that of EVNNPT.

KEY ASSUMPTIONS

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

-- Electricity demand to increase by 1.3% in 2021, before
    rebounding to 3.6% in 2022 and 6%-7% in 2023-2024;

-- Weighted-average retail tariffs to increase by 1.7% in 2021,
    0.4% in 2022 and flat thereafter;

-- Bulk-supply tariffs to decline by 2% in 2021, followed by an
    average decline of 4.2% a year in 2022-2024;

-- Distribution losses to improve to around 3.8% in the next four
    years (2020: 3.9%);

-- Capex of around VND7 trillion in 2021, and around VND12
    trillion a year in 2022-2024;

-- Average interest rate to increase to 3.4% in the next three
    years (2020: 3.2%);

-- No dividend payouts.

RATING SENSITIVITIES

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

-- Positive rating action on EVN.

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

-- Negative rating action on EVN.

For EVN's rating, the following sensitivities were outlined by
Fitch in a rating action commentary on 13 September 2021:

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

-- Positive rating action on the sovereign, provided the
    likelihood of state support does not deteriorate
    significantly.

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

-- Negative rating action on the sovereign;

-- Deterioration in EVN's SCP, along with significant weakening
    in linkages with the state. Fitch sees this as a remote
    prospect in the medium term.

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

Sound Liquidity: EVNSPC had VND6.8 trillion of cash and cash
equivalents at 1H21, against current debt maturities of VND1.2
trillion in the next 12 months. Fitch expects the company to
generate negative free cash flow in the near to medium term on high
capex plans. Fitch expects liquidity to benefit from strong access
to domestic banks and multilateral institutions on linkages with
EVN and the sovereign (BB/Positive). The commercial banks have
provided support to the EVNSPC during the pandemic by reducing
interest rates over the last two years.

ISSUER PROFILE

EVNSPC is Vietnam's second-largest electricity distribution company
with a monopoly in electricity distribution in southern Vietnam,
excluding Ho Chi Minh City. It has around 30% market share in terms
of customers and a monopoly in electricity distribution in 21
southern provinces.

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.

VIETNAM CENTRAL: Fitch Affirms 'BB' LT FC IDR, Outlook Positive
---------------------------------------------------------------
Fitch Ratings has affirmed Vietnam Electricity Central Power
Corporation's (EVNCPC) Long-Term Foreign-Currency Issuer Default
Rating at 'BB' with a Positive Outlook.

The rating reflects EVNCPC's 'bb' Standalone Credit Profile (SCP)
at the same level as that of its 100% parent, state-owned Vietnam
Electricity (EVN, BB/Positive). The SCP reflects EVN's significant
control over EVNCPC's financial profile, including determining its
profitability, even though EVNCPC's financial profile is stronger
than its SCP. The SCP also reflects EVNCPC's stable operating
profile as a distribution utility with a monopoly position in its
area of operation.

KEY RATING DRIVERS

Strong Integration with Parent: EVN determines EVNCPC's profit
through a bulk-supply tariff-setting mechanism. The tariff aims to
cover EVNCPC's costs and earn a profit that will allow the company
to maintain operations and meet investment plans. EVN also appoints
EVNCPC's key management, approves its business and investment
plans, oversees its financial management and approves the
compensation packages of key executives. EVN and the government
guaranteed around 37.6% of EVNCPC's total borrowings as at 9M21.

Market Position Supports SCP: Fitch assesses EVNCPC's SCP at the
same level as EVN's due to the high influence the parent has on
EVNCPC's business plans and financial profile. This is despite
Fitch's belief that EVNCPC's credit metrics are stronger than that
commensurate with its credit assessment. The SCP is supported by
EVNCPC's dominant market position in electricity distribution in
central Vietnam, diversified counterparties and low receivable
days. However, the short history of the regulatory framework and
six-month tariff history, as well as political risks, limit the
business profile.

Moderate Impact of Pandemic: Fitch estimates that EVNCPC's
electricity sales volume increased by 6.4% in 2021, despite
uncertainty caused by the Covid-19 pandemic, and to further rise by
4.0%-6.0% over the next three years. Electricity demand in central
Vietnam is supported by growth in the industrial, residential and
agriculture segments, offsetting a decline from the commercial
segment.

Diversified Counterparties, Low Receivable Risks: EVNCPC's credit
profile benefits from its diversified customer base of about 4.3
million people. More stable residential customers make up around
43% of the customer base, while high-growth industrial customers
contribute 40%. The top-20 customers accounted for only 9.7% of
revenue in 2020. Low counterparty risk is also reflected in
EVNCPC's high collection rate of almost 100% and low receivable
days of around six days, which are supported by more than 60% of
revenue collection being made through digital payments.

Tariff Increase Restrictions: EVN can increase retail electricity
tariffs every six months, in line with rising production costs,
under the regulatory framework introduced in August 2017. Automatic
adjustments are limited to 5%; price increases of 5%-10% require
approval from the Ministry of Industry and Trade and larger
increases need the prime minister's approval. Fitch expects general
delays in implementing tariff hikes, especially during the current
economic weakness, when businesses and individuals may be more
affected by higher tariffs.

Low Return on Equity: EVN sets the major cost of electricity
purchases through the bulk-supply tariff for distribution
companies, including EVNCPC, with the aim of providing a modest
profit. Fitch expects EVNCPC to maintain a pre-tax return on equity
(ROE) in line with EVN's target of 1%-3%.

High Capex: Fitch expects capex to remain high, as EVNCPC plans an
average annual outlay of above VND5.0 trilion-6.0 trillion over the
medium term (2020: VND5.4 trillion, 2021 estimate: VND4.4
trillion). Capex is mainly to enhance the distribution grid and
transmission lines for greater power-supply capacity. Fitch
forecasts that net debt/EBITDA will stay below 3.0x over the next
three years (2020: 2.3x).

DERIVATION SUMMARY

EVNCPC's rating reflects its 'bb' SCP, which is at the same level
as that of its parent. The SCP reflects EVN's significant control
over EVNCPC's financial profile. EVN is a state-owned utility with
a monopoly over electricity transmission and distribution in
Vietnam. It also owns and operates most of the country's installed
power-generation capacity. EVN's distribution businesses are highly
strategic and are operated through EVNCPC and four other wholly
owned subsidiaries.

The ratings of Vietnam Electricity Northern Power Corporation
(BB/Positive), Southern Power Corporation (BB/Positive), Hanoi
Power Corporation (BB/Positive) and Ho Chi Minh City Power
Corporation (BB/Positive) also reflect the companies' SCP, in
accordance with Fitch's Parent and Subsidiary Linkage (PSL) Rating
Criteria. EVN has strong linkages and extensive influence over the
business and financial profiles of the four companies via its 100%
ownership.

The ratings of National Power Transmission Corporation (EVNNPT,
BB/Positive; SCP: bb+), a power transmission company within the EVN
group, are capped at the same level as that of its parent, EVN.
EVNNPT has lower operating risk as a pure transmission company with
better geographical diversification than EVNCPC. Furthermore, its
ROE is determined by Vietnam's electricity regulator, albeit in
consultation with EVN. This compares with EVN's greater influence
over EVNCPC, including determining its profitability, and explains
why EVNCPC's SCP is assessed a notch lower than that of EVNNPT.

KEY ASSUMPTIONS

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

-- EVNCPC's electricity demand to rise by 3.5% increase in 2022
    and 4.5%-6.0% from 2023-2024 (2021 estimate: 6.4%);

-- Weighted average retail tariff to rise by 1% in 2022 and be
    flat thereafter (2021 estimate: 2.2%). Bulk-supply tariff to
    fall by 2.8% in 2022, then increase at an average of 1.7% from
    2023-2024 (2021 estimate: 3.6% fall);

-- Distribution losses to average at 4.3% in the next three years
    (2021 estimate: 4.6%, 2020: 4.7%).Average annual capex of VND5
    trillion-6 trillion over the next three years (2021 estimate:
    VND4.4 trillion);

-- Average interest rate to increase to 6.5% in the next three
    years (2020: 6.1%);

--No dividend payouts.

RATING SENSITIVITIES

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

-- Positive rating action on EVN.

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

-- Negative rating action on EVN.

For EVN's rating, the following sensitivities were outlined by
Fitch in a rating action commentary on 13 September 2021:

Factor that could, Individually or Collectively, Lead to Positive
Rating Action/Upgrade:

-- Positive rating action on the sovereign, provided the
    likelihood of state support does not deteriorate
    significantly.

Factors that could, Individually or Collectively, Lead to Negative
Rating Action/Downgrade:

-- Negative rating action on the sovereign;

-- Deterioration in EVN's SCP, along with significant weakening
    in likelihood of support the state. Fitch sees this as a
    remote prospect in the medium term.

BEST/WORST CASE RATING SCENARIO

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

LIQUIDITY AND DEBT STRUCTURE

Adequate Liquidity: EVNCPC had cash of around VND3.9 trillion at
end-2021, against current debt maturities of VND2.3 trillion in the
next 12 months. Fitch expects the company to generate negative free
cash flow over the medium-term due to the high planned capex.
Liquidity should benefit from strong access to domestic banks and
multilateral institutions due to linkages with EVN and the
sovereign. The commercial banks have provided support to the EVNCPC
during the pandemic by reducing interest rates over the last two
years.

ISSUER PROFILE

EVNCPC is wholly owned by EVN and has a monopoly position in
electricity distribution in central Vietnam. It is responsible for
the development, operation and maintenance of facilities for the
distribution of electricity in its operating region.

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.


                           *********


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,
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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.

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