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

                     A S I A   P A C I F I C

          Wednesday, February 16, 2022, Vol. 25, No. 28

                           Headlines



A U S T R A L I A

AUSTRALIANSUPER: Treasury 'Aware' Super Funds May Go Insolvent
AUSTRALSEAL PROTECTIVE: First Creditors' Meeting Set for Feb. 23
BASSLINK: Hydro Tasmania Ends Services Agreement
BB INTERIOR: First Creditors' Meeting Set for Feb. 23
BLOCKCHAIN GLOBAL: Court Enters Wind-Up Order

PLENTI PL-GREEN 2022-1: Moody's Gives (P)B2 Rating to Cl. F Notes
PORT HEDLAND: First Creditors' Meeting Set for Feb. 23
SAGE HOMES: Commences Wind-Up Proceedings
THAMES PASTORAL: Commences Wind-Up Proceedings
[*] ASIC Prosecutes 104 Persons for Failing to Assist Liquidators



C H I N A

GOLDEN WHEEL: Moody's Withdraws 'Caa1' Corporate Family Rating
LOGAN GROUP: Moody's Lowers CFR to Ba3, On Review for Downgrade
SHIMAO GROUP: Seeks Buyers for Some 40 Projects
ZHENRO PROPERTIES: Moody's Cuts CFR to B3 & Alters Outlook to Neg.
ZHENRO PROPERTIES: Shares, Bonds Plummet on Redemption Speculation

ZHONGLIANG HOLDINGS: S&P Withdraws 'B' LT Issuer Credit Rating


I N D I A

AIC CASTING: CARE Keeps B+ Debt Rating in Not Cooperating Category
B.G. NAIDU: CRISIL Assigns B+ Ratings to INR12cr Loans
BHASIN INFOTECH: Insolvency Resolution Process Case Summary
BHIND MIHONA: CARE Keeps D Debt Rating in Not Cooperating Category
BINA KHIMLASA: CARE Keeps D Rating in Not Cooperating Category

COASTAL ENERGEN: Insolvency Resolution Process Case Summary
FERTILITY CENTRE: CARE Keeps B- Debt Rating in Not Cooperating
GAUTAM TECHAGRO: Liquidation Process Case Summary
GOKILA POULTRY: CARE Lowers Rating on INR7.90cr LT Loan to C
HI-TECH SERVICES: CRISIL Withdraws B+ Rating on INR3cr Cash Loan

MALLIKHARJUNA AGENCIES: CARE Keeps B- Rating in Not Cooperating
MOBISMART CARD: CRISIL Assigns B- Ratings to INR24cr Loans
PREMIER SYNTHETICS: CARE Reaffirms B (RPS) Rating on Pref. Share
RAJASTHAN BAL: CARE Keeps D Debt Rating in Not Cooperating
RANA EDUCATION: CARE Keeps B- Debt Rating in Not Cooperating

ROHAN METALS: CRISIL Withdraws B Rating on INR15cr Loans
SAGAR DAMOH: CARE Keeps D Debt Rating in Not Cooperating Category
SANJIVNI CERAMIC: CRISIL Assigns B Ratings to INR6cr Loans
SARVESH BUILDERS: CARE Keeps D Debt Rating in Not Cooperating
SELVE CASHEWS: CARE Keeps B- Debt Rating in Not Cooperating

SHIVA DALL: CRISIL Lowers Rating on INR12.95cr Loans to D
SHIVALIK TRADING: CARE Assigns B- Rating to INR14cr LT Loan
SURYA PANEL: CRISIL Raises Rating on INR9.7cr Term Loan to B-
TIMES STEEL: CARE Withdraws B- Rating on Outstanding Debts
UMANG OILS: CARE Keeps B Debt Rating in Not Cooperating Category

VARRON AUTOKAST: Liquidation Process Case Summary
ZSL PRIVATE: CARE Lowers Rating on INR2.50cr LT Loan to B-


I N D O N E S I A

SOECHI LINES: Moody's Affirms B2 CFR & Alters Outlook to Negative


M A L A Y S I A

1MDB: Ex-Goldman Banker Got Millions in Kickbacks, Prosecutor Says


N E W   Z E A L A N D

CHARMAC HOLDINGS: Court to Hear Wind-Up Petition on March 3
COOPERS CREEK: Court to Hear Wind-Up Petition on Feb. 25
REMARKABLE CLEANING: Court to Hear Wind-Up Petition on March 3
RIWAKA FRUIT: Creditors' Proofs of Debt Due on March 10
VAN LIEROP: Creditors' Proofs of Debt Due March 24

VITANOVA NZ: Creditors' Proofs of Debt Due March 10


S I N G A P O R E

NO SIGNBOARD: Unit's Mom's Touch Food Chain Shuts all Outlets
WORLD WOOD: Court to Hear Wind-Up Petition on Feb. 25

                           - - - - -


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A U S T R A L I A
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AUSTRALIANSUPER: Treasury 'Aware' Super Funds May Go Insolvent
--------------------------------------------------------------
Australian Financial Review reports that Treasury and the
government were aware at least two years ago that an amendment to
prohibit super funds from paying fines with members' money could
lead to a flurry of court hearings by trustees who feared becoming
insolvent.

According to AFR, some of Australia's largest industry super funds
including AustralianSuper and Cbus fronted up to court in recent
months warning their trustee boards could become insolvent as early
as January if they received a fine, since they generally had less
than AUD100 in capital.

AFR relates that the insolvency threat came after the passage of
federal government changes, known as the "Section 56 amendment",
designed to prevent super funds from using members' money to pay
fines for any wrongdoing. The measure came into effect on January
1.

But a recent spate of court decisions means trustee boards no
longer face the prospect of becoming insolvent. Funds have received
favorable advice confirming they can amend their trust deeds and
establish multimillion-dollar penalty war chests with which to pay
fines, the report notes.

Appearing before the House of Representatives Standing Committee on
Economics on Feb. 10, Treasury deputy secretary Meghan Quinn said
the agency was "aware from the very first consideration of this
possible change in policy that it was a possibility that some funds
may need to [amend their trust deeds]," AFR relays.

"Prior to the drafting of the legislation, this is something that
we were aware was a possibility," she said.

Under questioning by the deputy chairman of the House of
Representatives economics committee, Labor MP Andrew Leigh, Ms
Quinn said Treasury was aware "certainly prior to November 2019"
that funds could try to amend their trust deeds because of the
change, AFR relates.

AFR says Superannuation Minister Jane Hume has previously described
the court cases as "an effort to circumvent [the Section 56
amendment]" and said the "well-funded" organisations behind super
funds, which include unions and employer groups, should pay the
fines.

But Ms Quinn said the Treasurer's office would have been briefed in
2019 on the possibility that the section 56 amendment would lead
funds to try to amend their trust deeds.

"We would have raised this issue as part of our briefing process in
relation to the legislation and the policy intent the government
had with that legislation, so from November 2019," the report
quotes Ms. Quinn as saying.

During the hearing, committee chairman Jason Falinski accused
industry super funds of potentially providing misleading evidence
to the courts.

AFR says the Liberal MP took issue with statements provided by
former AustralianSuper chief executive Ian Silk and the fund's
current chief executive Paul Schroder, who gave evidence that the
direct cost to AustralianSuper's members in the event of insolvency
would exceed AUD100 million.

According to the report, Mr. Falinski said there was "no oversight"
of this estimate and suggested funds had a vested interest in
making the consequences of inaction appear material.

He also criticised the Australian Prudential Regulation Authority
for appearing as a friend of the court, rather than as a
contradictor.

Asked whether AustralianSuper's evidence was misleading, APRA's
superannuation tsar Margaret Cole said she could not "dissect" the
AUD100 million figure, but suggested the cost of AustralianSuper
going insolvent would be "very significant," relays AFR.

AFR relates that Ms. Cole said the regulator did not have zero
tolerance for funds failing, but said the section 56 amendment
risked creating a wave of unnecessary insolvencies among super
funds.

"To be clear as to the significance of this issue, without the
ability to build and maintain a risk reserve, an otherwise well-run
and well-performing trustee could be rendered insolvent by a minor
operational administrative error, such as submitting data one day
late, resulting in a maximum penalty of AUD11,100," AFR quotes Ms.
Cole as saying.  "The disorderly failure of an otherwise sound and
sustainable RSE licensee would be likely to be severely detrimental
to members as it would likely impose material costs and create
significant operational risks."


AUSTRALSEAL PROTECTIVE: First Creditors' Meeting Set for Feb. 23
----------------------------------------------------------------
A first meeting of the creditors in the proceedings of Australseal
Protective Solutions Pty Ltd will be held on Feb. 23, 2022, at
11:00 a.m. via virtual meeting technology.

Trent McMillen and Ernie Chou of MaC Insolvency were appointed as
administrators of Australseal Protective on Feb. 11, 2022.


BASSLINK: Hydro Tasmania Ends Services Agreement
------------------------------------------------
Utility Magazine reports that Tasmanian Minister for Energy and
Emissions Reduction, Guy Barnett, has confirmed that Hydro Tasmania
has terminated the Basslink Services Agreement (BSA).

This termination is consistent with the Tasmanian Government's and
Hydro Tasmania's November 2021 decision to protect Tasmania's legal
rights to the Basslink Cable, the report says.

This follows the 2020 arbitration concerning the cause of the 2016
major Basslink outage, which found in the State and Hydro
Tasmania's favour, confirming the link cannot meet the capacity
requirements set out in the BSA and that the owner of Basslink
should pay compensation to the state, according to Utility
Magazine.

Since November 2021, Hydro Tasmania, along with the Tasmanian
Government, has been in negotiations with the receivers of Basslink
regarding an alternative commercial arrangement.

Utility Magazine relates that Mr. Barnett said the termination of
the BSA will not impact Tasmania's energy security, which remains
on firm footing, with very strong hydro storage levels, the Cattle
Hill and Granville Harbour wind farms, while the cable will remain
in service.

The report says the Tasmanian Government and Hydro Tasmania will
continue to engage with Basslink's financiers and receivers on
alternative commercial arrangements, suitable for the receivership
period.

Hydro Tasmania remains willing to discuss with receivers an
alternative commercial model that could include key elements of the
BSA, that would provide funding during the receivership and help
transition the asset to an alternative commercial model, the report
relays.

Utility Magazine adds that Hydro Tasmania said it has made a good
faith offer to the Receivers for an interim arrangement, under
which the key elements of the BSA would be put back in place for
one month whilst the parties discuss possible alternative
arrangements.

The Tasmanian Government emphasised its commitment to ensuring that
the energy security of Tasmanians is stronger than ever.

                          About Basslink

Basslink owns and operates a 400kV DC undersea electricity
interconnector which runs from Loy Yang in Gippsland, Victoria,
across the Bass Strait to Bell Bay in Northern Tasmania. The
interconnector allows the trade of electricity between Tasmania and
the national electricity market.  In addition to carrying
electricity, Basslink incorporates a fibre optic cable which
carries high speed telecommunications traffic. Basslink Telecoms
offers a range of wholesale transmission services between Tasmania
and Victoria.

On Nov. 12, 2021, KPMG Australia's Peter Gothard, Peter McCluskey
and Brendan Richards were appointed as Receivers and Managers of
Basslink Pty Limited and its related entities.

The appointment of Receivers and Managers by Basslink's lenders was
made following the appointment of Adams Pauls Nikitins, Colby O
Brien and Stewart McCallum of Ernst & Young as voluntary
administrators of Basslink on the same day.

The Receivers and Managers have now assumed day to day control of
Basslink's operations.


BB INTERIOR: First Creditors' Meeting Set for Feb. 23
-----------------------------------------------------
A first meeting of the creditors in the proceedings of BB Interior
Design Pty Ltd will be held on Feb. 23, 2022, at 3:00 p.m. via
virtual meeting technology.

Gavin Moss of Chifley Advisory Pty Ltd was appointed as
administrator of BB Interior on Feb. 11, 2022.


BLOCKCHAIN GLOBAL: Court Enters Wind-Up Order
---------------------------------------------
The Federal Court of Queensland entered an order on Feb. 11, 2022,
to wind up the operations of Blockchain Global Limited.

The company's liquidators are:

          Andrew Reginald Yeo
          Innis Anthony Cull
          Pitcher Partners
          Level 13, 664 Collins Street
          Docklands, VIC 3006


PLENTI PL-GREEN 2022-1: Moody's Gives (P)B2 Rating to Cl. F Notes
-----------------------------------------------------------------
Moody's Investors Service has assigned the following provisional
ratings to the notes to be issued by Perpetual Corporate Trust
Limited in in its capacity as trustee of the Plenti PL-Green ABS
2022-1 Trust.

Issuer: Plenti PL-Green ABS 2022-1 Trust

AUD147.80 million Class A1 Notes, Assigned (P)Aaa (sf)

AUD65.00 million Class A1-G Notes, Assigned (P)Aaa (sf)

AUD21.70 million Class B Notes, Assigned (P)Aa2 (sf)

AUD13.30 million Class C Notes, Assigned (P)A2 (sf)

AUD7.00 million Class D Notes, Assigned (P)Baa2 (sf)

AUD8.40 million Class E Notes, Assigned (P)Ba1 (sf)

AUD9.80 million Class F Notes, Assigned (P)B2 (sf)

AUD7.00 million Class G Notes is not rated by Moody's

Plenti PL-Green ABS 2022-1 Trust is a static cash securitization of
personal loans, renewable energy loans and renewable energy
buy-now-pay-later (BNPL) receivables, extended to consumer obligors
located in Australia. All receivables were originated by Plenti
Finance Pty Limited (Plenti, unrated).

Plenti is an Australian non-bank lender providing consumer loans,
including unsecured personal loans, renewable energy loans, secured
auto loans and renewable BNPL contracts, to prime borrowers in
Australia. Plenti is 100- owned subsidiary of Plenti Group Limited,
established in 2014 and listed on the Australian stock exchange. As
of December 2021 Plenti has originated circa $1.2 billion in
personal and renewable energy loans.

RATINGS RATIONALE

The provisional ratings take into account, among other factors,
Moody's evaluation of the underlying receivables and their expected
performance, an evaluation of the capital structure and credit
enhancement provided to the notes, the availability of excess
spread over the life of the transaction, the liquidity facility in
the amount of 1.5% of the rated notes' balance, the legal
structure, the experience of Plenti as servicer; and the presence
of Perpetual Corporate Trust Limited (Perpetual) as a back-up
servicer.

According to Moody's, the transaction benefits from the high level
of excess spread available to cover losses arising from the
portfolio. The key challenge in the transaction is the limited
historical data available for the portfolio. Plenti is a relatively
new originator, with historical default data for its personal loan
book only available from 2014 and for its renewable energy
receivables from 2015. As such, the pool's performance could be
subject to greater variability than the observed data indicates.

The transaction's key features are as follows:

Once stepdown conditions are satisfied, all notes, excluding the
Class G notes, will receive their pro-rata share of principal.
Step-down conditions include, among others, 35% subordination to
the Class A notes and no unreimbursed charge-offs.

A swap provided by National Australia Bank Limited
(Aa3/P-1/Aa2(cr)/P-1(cr)) will hedge the interest rate mismatch
between the assets bearing a fixed rate of interest, and floating
rate liabilities. The notional balance of the swap will follow a
schedule based on amortization of the rated notes assuming a
certain prepayment rate.

Perpetual is the back-up servicer. If Plenti is terminated as
servicer, Perpetual will take over the servicing role in accordance
with the standby servicing deed and its back-up servicing plan.

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 28%. Moody's mean default for this
transaction is 5.5%. The assumed recovery rate is 7.5%. Expected
defaults, recoveries and PCE are parameters used by Moody's to
calibrate its lognormal portfolio loss distribution curve and to
associate a probability with each potential future loss scenario in
Moody's cash flow model to rate consumer ABS.

Key pool features are as follows:

The weighted average interest rate of the portfolio is 9.1%, with
interest rates ranging from 3.9% to 25.6%.

The weighted average Equifax credit score of the portfolio is
around 798.

The weighted average remaining term of the portfolio is 62.0
months. The weighted average seasoning of the initial portfolio is
6.1 months.

Renewable energy receivables constitute 26.4% of the portfolio.
Renewable energy receivables are loans and buy-now-pay-later (BNPL)
contracts extended to obligors for the purchase of and installation
of residential renewable energy equipment such as solar panels and
home batteries. Renewable energy receivables have historically
displayed lower loss rates than other consumer personal loans.

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

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

Up

Levels of credit protection that are greater than necessary to
protect investors against current expectations of loss could lead
to an upgrade of the ratings. Moody's current expectations of loss
could be better than its original expectations because of fewer
defaults by underlying obligors. The Australian job market is a
primary driver of performance.

Down

Levels of credit protection that are insufficient to protect
investors against current expectations of loss could lead to a
downgrade of the ratings. Moody's current expectations of loss
could be worse than its original expectations because of more
defaults by underlying obligors. The Australian job market is a
primary driver of performance. Other reasons for worse performance
than Moody's expects include poor servicing, error on the part of
transaction parties, a deterioration in credit quality of
transaction counterparties, lack of transactional governance and
fraud.

PORT HEDLAND: First Creditors' Meeting Set for Feb. 23
------------------------------------------------------
A first meeting of the creditors in the proceedings of Port Hedland
Yacht Club Inc will be held on Feb. 23, 2022, at 4:00 p.m. via
virtual meeting technology.

Robert Allan Jacobs of Auxilium Partners was appointed as
administrator of Port Hedland on Feb. 11, 2022.


SAGE HOMES: Commences Wind-Up Proceedings
-----------------------------------------
Members of Sage Homes & Constructions Pty Ltd on Feb. 14, 2022,
passed a resolution to voluntarily wind up the company's
operations.

The company's liquidators are:

          Adam Johnston
          Paul Cook
          Paul Cook & Associates
          Level 1/105 Macquarie Street
          Hobart, TAS 7000


THAMES PASTORAL: Commences Wind-Up Proceedings
----------------------------------------------
Members of Thames Pastoral Company Pty Ltd, on Feb. 14, 2022,
passed a resolution to voluntarily wind up the company's
operations.

The company's liquidator is:

          Tracy Lee Knight
          Bentleys
          Level 9
          123 Albert Street
          Brisbane, QLD 4000


[*] ASIC Prosecutes 104 Persons for Failing to Assist Liquidators
-----------------------------------------------------------------
Between July 1, 2021, to Dec. 31, 2021, Australian Securities and
Investments Commission (ASIC) prosecuted 104 company officers and
related individuals for failing to assist registered liquidators.

The prosecutions took place in local and magistrates' courts and
were carried out by ASIC and the Commonwealth Director of Public
Prosecutions.

Company officers and others involved in company management have an
obligation to assist registered liquidators by providing a Report
on Company Activities and Property (ROCAP) as well as books and
records. When company officers fail to meet their obligations,
registered liquidators can request ASIC's assistance to ensure they
can properly carry out their investigations, realise assets to pay
outstanding money owed to creditors and employees and report any
findings of misconduct to ASIC.

ASIC Commissioner Sean Hughes said, 'ASIC expects that company
officers will always assist registered liquidators in their
investigations, as they are required to under law. If they don't
comply, then ASIC will prosecute them. It is crucial that
liquidators receive the assistance they need, so that they can
accurately report to creditors about the circumstances and
financial positions of the companies they are investigating.'

The prosecutions resulted in fines and costs totaling
AUD282,383.00.

ASIC's Liquidator Assistance Program provides support to registered
liquidators appointed across a range of administration types.




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C H I N A
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GOLDEN WHEEL: Moody's Withdraws 'Caa1' Corporate Family Rating
--------------------------------------------------------------
Moody's Investors Service has withdrawn Golden Wheel Tiandi
Holdings Company Limited's Caa1 corporate family rating and Caa1
senior unsecured rating.

Prior to the withdrawal, the rating outlook on Golden Wheel was
negative.

RATINGS RATIONALE

Moody's has decided to withdraw the ratings for its own business
reasons.

COMPANY PROFILE

Golden Wheel Tiandi Holdings Company Limited is an integrated
commercial and residential property developer, owner and operator
that focuses on developing projects in the Jiangsu and Hunan
provinces. The company had a total land bank of 1.60 million square
meters in gross floor area as of the end of June 2021.

Golden Wheel listed on the Hong Kong Stock Exchange in 2013. Its
chairman, Wong Yam Yin, and his family held a stake of around
40.94% in the company as of the end of June 2021. Its revenue
(excluding revenue from its equity investment segment) for 2020 was
RMB1.4 billion.

LOGAN GROUP: Moody's Lowers CFR to Ba3, On Review for Downgrade
---------------------------------------------------------------
Moody's Investors Service has downgraded Logan Group Company
Limited's corporate family rating to Ba3 from Ba2, and the
company's senior unsecured ratings to B1 from Ba3.

Moody's has also placed the ratings on review for further
downgrade. The previous ratings outlook was stable.

"The downgrade reflects Logan's weakened funding access and its
inadequate internal control over its contingent liabilities, which
raises concerns regarding the company's governance practices," says
Cedric Lai, a Moody's Vice President and Senior Analyst.

"The review for downgrade reflects the uncertainty over the size of
Logan's contingent liabilities and the impact of the company's weak
internal controls on its financial profile," adds Lai.

RATINGS RATIONALE

Logan has indicated that it has around USD1 billion of offshore
guaranteed debt at the project level that was not disclosed in its
most recent financial statements, following a series of earlier
news reports claiming that it had a substantial amount of
undisclosed contingent liabilities.

As a result, Logan's access to offshore funding channels has
weakened which, along with the weak market sentiment and
financiers' increased risk aversion, has driven the sharp decline
in its bond prices. It is therefore unlikely that the company can
raise new offshore debt at a reasonable cost to refinance its
maturing debt over the next 6-12 months.

Moody's expects Logan to have a good cash buffer and its liquidity
to be adequate to meet its debt repayment obligations over the next
12-18 months, assuming it has no further undisclosed contingent
liabilities. However, its operational and financial flexibility
will deteriorate as the company will use its internal cash to repay
its maturing debt.

Moody's forecasts the company's contracted sales will decline to
around RMB105 billion-RMB110 billion in 2022 from RMB140 billion in
2021, given the ongoing weak operating conditions. The company can
offer price discounts to accelerate sales and cash flow, but this
will reduce its profitability. The expected weakening in the
company's key financial metrics and concerns over its inadequate
internal controls no longer support its previous CFR of Ba2.

Logan's B1 senior unsecured debt rating is one notch lower than the
CFR due to structural subordination risk. The majority of Logan's
claims are at its operating subsidiaries and have priority over
claims at the holding company in a liquidation scenario. In
addition, the holding company lacks significant mitigating factors
for structural subordination. Consequently, the expected recovery
rate for claims at the holding company will be lower.

In terms of environmental, social and governance (ESG) factors,
Moody's has considered the company's concentrated ownership in its
controlling shareholder, Mr. Kei Hoi Pang, who held a 61.6% stake
in the company as of June 30, 2021. Logan's inadequate internal
control over certain contingent liabilities also raises Moody's
concerns about the company's governance practices, and is thus a
key driver of the rating action. However, Moody's notes that the
company has revamped its internal policy to improve its internal
controls following recent incidents.

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

Moody's review will focus on assessing (1) Logan's information
disclosure in its upcoming full-year audited financial statements;
(2) the size of its contingent and other liabilities and their
impact on the company's financial profile; (3) any further
weakening in its access to funding; and (4) its general corporate
governance practices and transparency.

Moody's could confirm the rating if Logan's operations proved to be
resilient and, its liquidity remained adequate despite the recent
incidents; and if it has no further undisclosed contingent
liabilities.

On the other hand, Moody's could downgrade Logan's rating if the
size of its contingent liabilities turned out to be higher than
expected, or there were signs of weakening in its liquidity, credit
metrics, operations or general governance practices.

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

Established in 1996, Logan Group Company Limited is a property
developer based in Shenzhen. The company's focuses mainly on
residential projects in Shenzhen, Shantou, Nanning and Huizhou.

Logan listed on the Hong Kong Stock Exchange in December 2013. As
of the end of June 2021, its land bank totaled 85.6 million square
meters in gross floor area in several cities across China,
including Shenzhen; Shantou; Nanning; Hong Kong SAR, China; and
other Greater Bay Area cities, as well as Singapore.

SHIMAO GROUP: Seeks Buyers for Some 40 Projects
-----------------------------------------------
South China Morning Post reports that Shimao Group Holdings is
seeking buyers for nearly 40 projects to shore up liquidity, as
CNY20 billion (US$3.1 billion) of bond repayments loom this year.

The package of 37 assets includes hotels, shopping malls and
serviced apartments estimated to be worth CNY77.1 billion,
according to a document obtained by the Post.

One of the projects on the list includes a landmark luxury hotel
built in an abandoned quarry in Shanghai, which carries a price tag
of CNY2.25 billion.

Two sources with knowledge of the asset sales said that Shimao had
approached potential buyers including state-owned rivals and
financial firms, but the response was lukewarm, the Post relays.

"The sale of the quarry hotel could make headlines," the report
quotes Yin Ran, an angel and property investor in Shanghai, as
saying. "Nearly all families in Shanghai would be interested in
staying at the hotel for at least a night."

According to the report, the Shanghai-based developer said in a
statement on Sunday evening [Feb. 13] that the group was looking to
offload part of its projects to strike a balance between assets and
debts. But the company added that the CNY2.25 billion valuation of
the quarry hotel, known as InterContinental Shanghai Wonderland,
was incorrect.

Most of Shimao's assets for sales are based in China's affluent
regions such as Shanghai, Beijing and Greater Bay Area.

Shimao, founded by Hui Wing Mau, or Xu Rongmao, in 1989, was
regarded as a sound and restrained developer until it fell victim
to Beijing's draconian tightening measures to curb the real estate
industry in late 2021, the Post says.

It faces CNY20 billion of payments this year from onshore bonds and
offshore notes, according to Fitch Ratings. The company also faces
debt obligations such as trust financing and around CNY10 billion
of asset-backed securities, of which CNY5.6 billion is due this
year.

Sources said that several potential buyers had reviewed Shimao's
hotel and assessed its value, before they balked at the price, the
Post relays.

The Post relates that the 338-room hotel, located at Sheshan, in
Shanghai's southwestern Songjiang district, officially opened in
November 2018 after 12 years of development. It cost Shimao CNY2
billion.

                        About Shimao Group

China-based Shimao Group Holdings Ltd, formerly Shimao Property
Holdings Ltd, is an investment holding company principally engaged
in the sale of properties. The Company operates its business
through four segments. The sales of Properties segment is mainly
engaged in the development of residential real estate. The Property
Management Income and Others is mainly engaged in property
management. The Hotel Operation Income segment is mainly engaged in
hotel operations. The Commercial Properties Operation Income
segment is mainly engaged in the development, investment and
operation of commercial, office and industrial park property
projects.

As reported in the Troubled Company Reporter-Asia Pacific on Jan.
12, 2022, S&P Global Ratings has lowered its long-term issuer
credit rating on Shimao Group Holdings Ltd. to 'B-' from 'B+'. S&P
also lowered the long-term issue rating on the company's senior
unsecured notes to 'CCC+' from 'B'. S&P placed all the ratings on
CreditWatch with negative implications.

The TCR-AP reported on Jan. 13, 2022, that Fitch Ratings has
downgraded Shimao Group's Issuer Default Rating (IDR) to 'B-', from
'BB', and the senior unsecured rating and outstanding senior
unsecured notes to 'B-', from 'BB', and assigned a Recovery Rating
of 'RR4'. All ratings remain on Rating Watch Negative (RWN).

The downgrade is driven by Shimao's lower margin of safety in
preserving liquidity, as evidenced by an announcement by subsidiary
Shanghai Shimao Jianshe Co., Ltd (Shimao Jianshe; not rated) that a
company 30% indirectly owned by Shimao Jianshe had not paid a trust
loan. Shimao Jianshe guarantees the loan. Shimao continues to meet
its public capital-market obligations. Negative news flow continues
to affect market confidence in the company. Shimao's ability to
meet the obligations could be challenged if its access to capital
and contracted sales weaken significantly.


ZHENRO PROPERTIES: Moody's Cuts CFR to B3 & Alters Outlook to Neg.
------------------------------------------------------------------
Moody's Investors Service has downgraded Zhenro Properties Group
Limited's corporate family rating to B3 from B1, and the company's
senior unsecured ratings to Caa1 from B2.

Moody's has also changed the rating outlook to negative from
stable.

"The rating downgrade reflects Zhenro's heightened refinancing and
default risks because of its weakened operations, deteriorated
funding access and sizable debt maturities over the next 12
months," says Cedric Lai, a Moody's Vice President and Senior
Analyst.

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

RATINGS RATIONALE

Moody's has changed its assessment of Zhenro's liquidity profile to
weak from adequate in view of the company's deteriorated
operations, constrained access to funding and weak market
sentiment. Moody's believes Zhenro's ability and willingness to
address all of the company's maturing debt will be weak.

In particular, Zhenro's access to various funding channels has
weakened, as reflected by the sharp decline in its share and bond
prices, following the latest negative news around the company's
financial positions. This deviates from Moody's expectation that
Zhenro will proactively arrange refinancing for its maturing debts.
While the company has made announcements on February 14, 2022
clarifying its situation, Moody's believes Zhenro's access to
funding will have materially weakened. As a result, the company
will unlikely be able to raise new funds at a reasonable cost to
refinance its maturing debt over the next 6-12 months. The company
also has a high exposure to its joint ventures, which could limit
its ability to control its cash flow.

Zhenro's contracted sales fell materially, by 41% and 30%
year-on-year in December 2021 and January 2022, respectively.
Moody's expects Zhenro's contracted sales to decline substantially
over the next 6-12 months because of weak consumer sentiment amid
tight funding conditions. This will further pressure the company's
operating cash flow and, in turn, its liquidity.

In addition, Zhenro's credit metrics will weaken over the next
12-18 months. Moody's expects the company's debt leverage, as
measured by revenue/adjusted debt, will worsen to 40%-45% over this
period from 48% for the 12 months ended June 2021, as its revenue
will decrease because of a drop in contracted sales and a slowdown
in construction activities to preserve liquidity. Similarly,
Zhenro's interest-servicing ability, as measured by EBIT interest
coverage, will reduce to 1.4x from 1.8x over the same period.

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

In terms of environmental, social and governance (ESG) factors,
Moody's has considered the company's concentrated ownership by the
Mr. Ou Zongrong and his son Mr. Ou Guowei, which held a 59.6% stake
in the company as of June 30, 2021. Moody's has also considered (1)
the fact that independent directors serve as chairs of the audit
and remuneration committees; (2) the low level of related-party
transactions and dividend payouts; and (3) the presence of other
internal governance structures and standards as required by the
Hong Kong Stock Exchange.

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

An upgrade is unlikely, given the negative outlook.

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

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

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

Zhenro Properties Group Limited was incorporated in the Cayman
Islands in 2014 and listed on the Hong Kong Stock Exchange in
January 2018. As of June 30, 2021, Zhenro had 231 projects across
China. Its key operating cities include Shanghai, Fuzhou, Nanjing,
Suzhou, Jinan, Hefei, Tianjin, Wuhan and Xi'an.

The company was founded by Mr. Ou Zongrong, who indirectly owned
54.6% of Zhenro as of June 30, 2021. Mr. Ou Guowei, the son of Ou
Zongrong, owned 5.0% of the company as of the same date.

ZHENRO PROPERTIES: Shares, Bonds Plummet on Redemption Speculation
------------------------------------------------------------------
South China Morning Post reports that shares and bonds of Zhenro
Properties Group slumped amid speculation that the company does not
plan to redeem a US$200 million bond next month.

The Shanghai-based developer told investors late on Feb. 10 that
its plan to call the bond remain unchanged, sources told the Post,
refuting rumours which went viral earlier in the day that Zhenro
could skip a window to redeem the perpetual bond to keep a
comfortable level of liquidity.

The company's reassurance did not stop investors from dumping its
shares and bonds, the report says.

"It is understandable if Zhenro wishes to conserve its cash, as
homes sales in February are expected to remain weak across the
industry," the Post quotes Leonard Law, credit analyst at Lucror,
as saying.

The Hong Kong-listed company's shares plummeted by as much as 79%
on Feb. 11. The shares eventually closed 66.4% lower at HK$1.23,
the Post discloses.

Zhenro's US$200 million 10.25%perpetual bond dropped to 50 cents on
the dollar by midday on Feb. 11 from 99 cents two days ago. It
later recovered to 63.5 cents.

The company did not reply to inquiries from the Post.

Founded by Ou Zongrong, a Chinese People's Political Consultative
Conference delegate, the mainland's top advisory body, Zhenro is
well clear of the so-called three red lines -- metrics introduced
to curb borrowing among highly leveraged developers, the report
says.

"All outstanding securities [of perpetual notes] will be redeemed
in full on March 5, 2022," chairman Huang Xianzhi said in an
exchange filing on January 4, the Post relays.

Unlike many other property developers who have repeatedly missed
their payments, Zhenro continues to service its bonds, making
coupon payments for two dollar notes this month. It made an
interest payment of US$12.75 million due February 3 on a bond
maturing in August and US$9.75 million due February 4 on a 2026
note.

Last January, it repurchased a US$310 million 9.15% note ahead of
its due date in March 2022.

However, the company has US$2.47 billion of bonds due this year,
with a US$271.5 million note coming up in April, the Post notes.

The company is debating whether it was necessary to buy back all of
the perpetual notes at once, considering it has other debts due
this year and that other developers were extending their bond
repayment schedule, sources told the Post.

Zhenro said it sold CNY7.9 billion (US$1.2 billion) worth of homes
in January, down 30% from the same period last year.

The collective sales value of China's top 100 developers fell 41%
in January from last year to CNY526.6 billion, widening the slump
from the 38% contraction in December, the Post discloses citing the
China Real Estate Information Corporation, which compiles industry
data.

                      About Zhenro Properties

Zhenro Properties Group Limited is an investment holding company
principally engaged in the sale of properties. Along with its
subsidiaries, the Company provides sales of properties, property
leasing business, provision of commercial property management
services, and sales of goods and provision of design consultation
services.

As reported in the Troubled Company Reporter-Asia Pacific on Nov.
23, 2021, Fitch Ratings has revised the Outlook on China-based
homebuilder Zhenro Properties Group Limited to Stable from Positive
and affirmed its Long-Term Issuer Default Rating (IDR) at 'B+'. The
senior unsecured rating has also been affirmed at 'B+' with a
Recovery Rating of 'RR4'.

Fitch has removed all the ratings from Under Criteria Observation
(UCO), which they were placed on 20 October 2021, following the
publication of the agency's updated Corporate Rating Criteria.

The Outlook revision reflects a recent deterioration in market
sentiment for Chinese developers. Zhenro's return efficiency is
lower than that of 'BB-' rated peers, and although its financial
structure is comparable with that of 'BB-' rated homebuilders, its
land-bank life is shorter than that of these peers. Many property
developers have cut land acquisitions to minimal levels in the
current environment. Fitch believes there will be some pressure for
Zhenro to replenish land once the market recovers, which may pose a
challenge in further lowering its leverage, or maintaining its
financial flexibility.


ZHONGLIANG HOLDINGS: S&P Withdraws 'B' LT Issuer Credit Rating
--------------------------------------------------------------
S&P Global Ratings has withdrawn its 'B' long-term issuer credit
rating on Zhongliang Holdings Group Co. Ltd. at the company's
request. The rating outlook was negative at the time of the
withdrawal.




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

AIC CASTING: CARE Keeps B+ Debt Rating in Not Cooperating Category
------------------------------------------------------------------
CARE Ratings said the rating for the bank facilities of AIC Casting
Private Limited (ACPL) continues to remain in the 'Issuer Not
Cooperating ' category.

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank       9.50       CARE B+; Stable; ISSUER NOT
   Facilities                      COOPERATING; Rating continues
                                   To remain under ISSUER NOT
                                   COOPERATING category  

   Short Term Bank      0.50       CARE A4; ISSUER NOT
   Facilities                      COOPERATING; Rating continues
                                   to remain under ISSUER NOT
                                   COOPERATING category

Detailed Rationale & Key Rating Drivers

CARE Ratings Ltd. had, vide its press release dated January 27,
2021, placed the rating(s) of ACPL under the 'issuer
non-cooperating' category as ACPL 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. ACPL
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).

Incorporated in June 1993, AIC Casting Private Ltd (ACPL) is a part
of the AIC Group that was promoted by Mr. Dinesh Adukia and his
brother Mr Vivek Adukia of Kolkata, West Bengal. ACPL is engaged in
the manufacturing of cast iron and engineering goods according to
the specifications provided by its clients. The casting facility of
ACPL is located at Howrah, West Bengal, with an installed capacity
of 12,000 MTPA. The product profile of the company mainly comprises
motor bodies, end shields, gear box, manhole covers and valve boxes
etc. AIC Group is one of the prominent business houses in West
Bengal which is promoted by Mr. Dinesh Adukia having rich expertise
in the iron and steel sector for over two decades. The Group sells
its TMT under the brand name of 'Ultra Max'.


B.G. NAIDU: CRISIL Assigns B+ Ratings to INR12cr Loans
------------------------------------------------------
CRISIL Rating has assigned its 'CRISIL B+/Stable' ratings to the
bank facilities of B.G. Naidu Sweets Private Limited (BGNSPL).

                      Amount
   Facilities       (INR Crore)     Ratings
   ----------       -----------     -------
   Overdraft Facility    5.5        CRISIL B+/Stable (Assigned)
   Term Loan             6.5        CRISIL B+/Stable (Assigned)

The rating reflects presence in a highly fragmented industry with
limited size and weak financial profile. These weaknesses are
partially offset by extensive industry experience of the promoters
and strong regional brand.

Key Rating Drivers & Detailed Description

Weaknesses:

* Presence in a highly fragmented industry with limited size: The
industry is highly fragmented and competitive, with a large number
of unorganised players in the market. Such high fragmentation
limits the pricing flexibility and bargaining power of the players.
Also, threat from large integrated players and risk of low entry
barriers result in competition.

* Weak financial profile: Gearing was 8.24 times for year ending on
31st March 2021. BGNSPL's debt protection measures have also been
weak due to high gearing and low accruals from the operations. The
interest coverage and net cash accrual to total debt (NCATD) ratio
were at 1.70 times and 0.05 times for fiscal 2021. Further net
worth is small at INR3.12 crores as on March 31, 2021.

Strengths:

* Extensive industry experience of the promoters: The promoters
have decades of experience in the business. This has given them an
understanding of the dynamics of the market and enabled them to
establish relationships with suppliers and customers.

* Strong regional brand: The company is engaged in in manufacturing
and retailing of sweets via its 29 outlets in 5 districts of Tamil
Nadu. The brand is decades old and commands a strong recall in the
region.

Liquidity: Stretched

Bank limit utilisation is low at around 17.9 percent for the past
twelve months ended Dec-2021. Cash accruals are expected to be
around INR2-3 crores which is sufficient against term debt
obligation of around INR1 crore over the medium term. Further
promoters are likely to extend support in the form of unsecured
loans in case of exigencies.

Outlook: Stable

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

Rating Sensitivity factors

Upward factors:

* Sustained improvement in scale of operation sand sustenance of
operating margin, leading to higher cash accruals of INR 4 crores
* Improvement in gearing to less than 3 times and improvement in
debt coverage

Downward factors:

* Decline in net cash accruals below INR1 crore on account of
decline in revenue or operating profits.
* Large debt-funded capital expenditure weakens capital structure
and/or witnesses a substantial increase in its working capital
requirements thus weakening its liquidity and financial profile.

BGNSPL was incorporated in 2017. BGNSPL is engaged in in
manufacturing and retailing of sweets and savouries through its 29
outlets in 5 districts of Tamil Nadu. BGNSPL is owned and managed
by fourth-generation entrepreneur Mr. Sharanath Balaji and family.


BHASIN INFOTECH: Insolvency Resolution Process Case Summary
-----------------------------------------------------------
Debtor: Bhasin Infotech and Infrastructure Private Limited

        Registered office:
        13A, Mohan Cooperative
        Industrial Estate
        Mathura Road
        New Delhi 110044

        Earlier at:
        28, Raja Garden
        New Delhi 110015

        Corporate office:
        615-618, Le Meridian Commercial Tower
        Janpath, New Delhi 110001

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: Umesh Gupta

Interim Resolution
Professional:            Umesh Gupta
                         Unit No. 111, First Floor, Tower-A
                         Spazedge Commercial Complex
                         Sector-47, Sohna Road
                         Gurgaon 122018
                         E-mail: umesh@vaminida.in
                                 cirp.bhasininfotech@gmail.com

Classes of creditors:    Financial Creditors

Insolvency
Professionals
Representative of
Creditors in a class:    Mr. Rakesh Kumar Jindal
                         Mr. Vijay Kishore Saxena
                         Mr. Man Mohan Vij

Last date for
submission of claims:    February 22, 2022


BHIND MIHONA: CARE Keeps D Debt Rating in Not Cooperating Category
------------------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Bhind
Mihona Gopalpur Toll Roads Limited (BMGTRL) continues to remain in
the 'Issuer Not Cooperating ' category.

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank       52.35      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 BMGTRL under the 'issuer
non-cooperating' category as BMGTRL 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. BMGTRL continues to be non-cooperative despite
repeated requests for submission of information through e-mails,
phone calls and a letter/email dated December 15, 2021, December
25, 2021, January 4, 2022.

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

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

Bhind Mihona Gopalpur Toll Road Limited (BMGL) is a Special Purpose
Vehicle (SPV) floated by Essel Infraprojects Limited (EIL) for
construction of a 2-lane toll road from Lahar Junction [State
Highway (SH)-2] at Bhind traversing though Mihona and terminating
at Gopalpur (SH-45), a 50.86 km road section, in the state of
Madhya Pradesh under Build, Operate & Transfer (BOT) basis. The
project was awarded to BMGL by Madhya Pradesh Road Development
Corporation Limited (MPRDC) (rated CARE A, March 28, 2019), a
public sector undertaking. The scope of work for the project
highway includes construction, operation and maintenance for a
period of 20 years commencing form the Appointed Date i.e. February
26, 2010 (including two years construction period) provided that
two-laning plus project is undertaken at a subsequent date prior to
12th year from Appointed Date, otherwise the concession period
would be deemed to be 15 years. The COD was on Feb 26, 2012 and the
project commenced operations from March 2011 ahead of schedule. The
total cost of the project was INR108.69 crore & was funded in a DER
of 2.28x. The debt will be repaid in 40 unequal quarterly
instalments commencing June, 2012 and ending on March 2022.


BINA KHIMLASA: CARE Keeps D Rating in Not Cooperating Category
--------------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Bina
Khimlasa Malthon Toll Roads Limited (BKMTRL) continues to remain in
the 'Issuer Not Cooperating' category.

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank       40.87      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 BKMTRL under the 'issuer
non-cooperating' category as BKMTRL 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. BKMTRL continues to be non-cooperative despite
repeated requests for submission of information through e-mails,
phone calls and a letter/email dated December 15, 2021, December
25, 2021, January 4, 2022.

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

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

Bina Khimalasa Malthon Toll Roads Limited (BKML) is a Special
Purpose Vehicle (SPV) floated by EIL for construction of a 2 - lane
toll road Bina-Malthon section, a 39.72 km road section, in the
state of Madhya Pradesh under Build, Operate & Transfer (BOT)
basis. The project was awarded to BKML by Madhya Pradesh Road
Development Corporation Limited (MPRDC), a public sector
undertaking. The scope of work for the project highway includes
construction, operation and maintenance for a period of 25 years
including a construction period of 2 years commencing on the
Appointed Date i.e. February 26, 2010.


COASTAL ENERGEN: Insolvency Resolution Process Case Summary
-----------------------------------------------------------
Debtor: Coastal Energen Private Limited
        7th Floor, Buhari Towers
        4, Moores Road
        Chennai 600006

Insolvency Commencement Date: February 4, 2022

Court: National Company Law Tribunal, Chennai Bench

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

Insolvency professional: Mr. Radhakrishnan Dharmarajan

Interim Resolution
Professional:            Mr. Radhakrishnan Dharmarajan
                         D3 Block 1, Triumph Apartments
                         114 Jawaharlal Nehru Salai
                         Arumbakkam, Chennai
                         Tamil Nadu 600106
                         E-mail: dharma67@gmail.com
                                 cirp.coastal@gmail.com

Last date for
submission of claims:    February 21, 2022


FERTILITY CENTRE: CARE Keeps B- Debt Rating in Not Cooperating
--------------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Sai
Fertility Centre and Hospital (SFCH) continues to remain in the
'Issuer Not Cooperating ' category.

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank      14.00       CARE B-; Stable; ISSUER NOT
   Facilities                      COOPERATING; Rating continues
                                   To remain under ISSUER NOT
                                   COOPERATING category  

Detailed Rationale & Key Rating Drivers

CARE Ratings Ltd. had, vide its press release dated January 22,
2021, placed the rating(s) of SFCH under the 'issuer
non-cooperating' category as SFCH 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. SFCH
continues to be noncooperative despite repeated requests for
submission of information through e-mails, phone calls and a
letter/email dated December 8, 2021, December 18, 2021, December
28, 2021.

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

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

Sai Fertility Centre and Hospital (SFCH) were incorporated in March
2017 as a partnership firm and started it operations from June
2018. SFCH has been promoted by Dr. M. C. Arumugum, Dr. A. M.
Indira and Ms. A. Kiruthika. The firm operates a hospital providing
quality services and patient care to the people in the vicinity of
Kanchipuram, Tamilnadu. The project site was being run in the name
and style of "Nambi Hospital" which was offered for sale by "as is
where is" condition. SFCH has been
established with the main objective of providing fertility
treatment. Also, the hospital will offer various specialized
services like General diagnosis and consultation, inpatient
services, surgical services and post-surgical care, dermatology,
orthopedics, neurology, urology, diabetology, cardiology, general
surgery, physiotherapy few others for its patients and visitors.
The hospital has 45 beds and 11 rooms which consist of 2 suit
rooms, 4 deluxe rooms and 5 Ac/Non-Ac rooms Also hospital has 4
wards while the average occupancy rate for in-patient department
has remained 20% during 3MFY19.


GAUTAM TECHAGRO: Liquidation Process Case Summary
-------------------------------------------------
Debtor: Gautam Techagro India Private Ltd
        Plot No. 357, Tarun Enclave
        Pitampura, New Delhi 110034

Liquidation Commencement Date: January 5, 2022

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

Date of closure of
insolvency resolution process: February 17, 2021

Insolvency professional: Sanju Kumar

Interim Resolution
Professional:            Sanju Kumar
                         602, Dhaula Giri
                         Kaushambi, Ghaziabad
                         U.P. 201010
                         E-mail: krsanjusingh@yahoo.com
                                 irpsunil.gautamtechagro@gmail.com

Last date for
submission of claims:    February 3, 2022


GOKILA POULTRY: CARE Lowers Rating on INR7.90cr LT Loan to C
------------------------------------------------------------
CARE Ratings has assigned rating to the bank facilities of Gokila
Poultry Farm (GPF), as:

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank       7.90       CARE C; Stable; ISSUER NOT
   Facilities                      COOPERATING; Rating continues
                                   To remain under ISSUER NOT
                                   COOPERATING category and
                                   Revised from CARE B-; Stable

Detailed Rationale & Key Rating Drivers

CARE Ratings Ltd. had, vide its press release dated Feb. 1, 2021,
placed the rating(s) of GPF under the 'issuer non-cooperating'
category as GPF 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. GPF 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 GPF have been
revised on account of non-availability of requisite information.

Tamil Nadu based Gokila Poultry Farm (GPF) was established as a
proprietorship firm by Mr. Senthil Kumar in April 2017 and started
its commercial operations on October 2018. The firm is engaged in
poultry services Farming of egg laying poultry birds and trading of
eggs and cull birds. As of February 2019, the firm has an installed
capacity of keeping 1, 25,000 birds with egg laying capacity of 1,
and 50,000 eggs per day.

HI-TECH SERVICES: CRISIL Withdraws B+ Rating on INR3cr Cash Loan
----------------------------------------------------------------
CRISIL Ratings has withdrawn its ratings on the bank facilities of
Hi-Tech Services (HTS) on the request of the company and receipt of
a no objection certificate from its bank. The rating action is in
line with CRISIL Ratings' policy on withdrawal of its ratings on
bank loans.

                      Amount
   Facilities       (INR Crore)     Ratings
   ----------       -----------     -------
   Bank Guarantee         2         CRISIL A4/Issuer Not
                                    Cooperating (Withdrawn)

   Cash Credit            3         CRISIL B+/Stable/Issuer Not
                                    Cooperating (Withdrawn)

CRISIL Ratings has been consistently following up with HTS for
obtaining information through letters and emails dated January 26,
2021 and July 29, 2021, among others, apart from telephonic
communication. However, the issuer has remained non cooperative.

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

Detailed Rationale

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

Established in 2000, HTS is a proprietorship firm owned and managed
by Mr Dinesh Waghmare. The firm fabricates special vehicles such as
fire-fighting vehicles, diesel tankers, mobile service vans, and
truck-mounted cranes. Its manufacturing facilities are in Chikhali
and Chakan near Pune, Maharashtra.


MALLIKHARJUNA AGENCIES: CARE Keeps B- Rating in Not Cooperating
---------------------------------------------------------------
CARE Ratings said the rating for the bank facilities of
Mallikharjuna Agencies (MA) continues to remain in the 'Issuer Not
Cooperating ' category.

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

Detailed Rationale & Key Rating Drivers

CARE Ratings Ltd. had, vide its press release dated January 25,
2021, placed the rating(s) of MA under the 'issuer non-cooperating'
category as MA 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. MA 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, February 02, 2022, February 3, 2022.

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

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

Incorporated in August 10 2004, Mallikharjuna Agencies (MA) was
promoted by Mr. Ashok Kumar Reddy (Managing Partner) and Mr.
Kamlesh Kumar Reddy (Partner). The firm is engaged in the wholesale
trading of wines (MGM Wine & Spirits, 5000 super premium,
Troubadour megma etc.,). the firm purchases the products from
companies like Privilege Industries Limited and etc and sells the
same to dealers located in Puducherry.


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

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


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

Analytical Approach

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

Key Rating Drivers & Detailed Description

Weakness:

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

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

Strengths:

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

Liquidity: Poor

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

Outlook: Stable

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

Rating Sensitivity Factors

Upward factor

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

Downward factor

* Decline in profitability or decline in operating profitability on
a sustainable basis leading to low net cash accruals

* High working capital cycle weakens capital structure or further
stretch the liquidity will be negative  

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


PREMIER SYNTHETICS: CARE Reaffirms B (RPS) Rating on Pref. Share
----------------------------------------------------------------
CARE Ratings reaffirmed ratings on certain bank facilities of
Premier Synthetics Limited (PSL), as:

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Non-Convertible
   Redeemable
   Preference Share     9.50       CARE B (RPS); Stable Reaffirmed

Detailed Rationale & Key Rating Drivers

The rating assigned to the instrument of PSL continues to be
constrained by modest scale of operations with fluctuating
profitability margins, low cash accruals, low net worth and working
capital-intensive nature of operations. The rating is further
constrained by the concentration of revenue to few customers,
susceptibility of profitability margins to volatile raw material
prices and presence in a highly fragmented and competitive textile
industry. The rating also considers financial support provided by
the promoters in the form of interest free loan.

Rating Sensitivities

Positive Factors

* Increase in scale of operations with revenue increasing to above
INR100 crore along with improvement in PBILDT margin to above 5% on
sustainable basis

Negative Factors

* Decline in revenue by more than 30% on a sustained level and
decline in PBILDT margin to below 2%

* Any debt funded capex

Detailed description of the key rating drivers:

Key Rating Weaknesses

* Modest scale of operations coupled with revenue concentration
risk: Premier Synthetics Limited (PSL) operates at a small scale.
In FY21 the total operating income declined to INR24.51crore due to
the shutdown of plant from April 2020 to June 2020. It was
partially operational from July 2020 onwards up to October 2020. In
10MFY22 the company reported improvement in sales to INR48crore,
thereby surpassing the sales reported in past 5 years. H1FY22 was a
very productive period for Cotton Yarn manufacturers in view of
reasonable level of prices of raw materials and increased demand in
the yarn market which resulted in high realization.  Client
concentration risk remains significantly high with one of the
customers accounting for 40.56%of total sales in 9MFY22. Further,
top 5 customers accounted for 84.07% of total sales in 9MFY22.

* Low profitability susceptible to volatility in input cost: The
profitability margins continue to remain low due to higher cost of
production led by higher rate of electricity and higher cost of
manpower. The company caters to the denim manufacturers and has
limited pricing power. The PBILDT margins improved in FY21 and
H1FY22 to ~9% compared to ~2% in FY20 led by increase in demand of
cotton fabrics in the local as well as in the international market.
The prices of raw materials during this period remained low and
this has resulted in lower cost of production during this period.

* Presence in a highly fragmented and competitive textile industry:
PSL operates in a cyclical, fragmented and commoditized industry
which is characterized by intense competition due to a large number
of players in the organized and unorganized sector.

* Working capital intensive nature of operations: The operations of
PSL are working capital intensive as the company has to pay most of
its suppliers upfront upon purchase and several customers enjoy a
larger credit period of 60-80 days. In FY21, collection period was
stretched to 120 days due to extended credit period offered to
customers owing to covid-19 situation.

Key Rating Strengths

* Experiences promoter and regular financial support provided over
the years: Earlier PSL was headed by Mr Anand Arya, who has 35
years of experience in the textile industry. Pursuant to completion
of the open offer, new promoters have taken over PSL w.e.f October
2015. The new promoters are also vastly experienced but have
limited experience in textile industry. However, the promoters have
always supported the operations of the company by infusion of funds
as preference share and interest free unsecured loan.

Liquidity: Stretched

The operations of the company are working capital intensive with an
operating cycle of 167 days, average receivable period of 120 days,
average inventory period of 64 days and average creditor period of
17 days. The company has not availed any working capital limits and
its free cash balance is merely INR54 lakhs.

Premier Synthetics Limited is engaged in yarn manufacturing which
is mainly used by textile denim manufacturers. Till FY17, PSL used
to manufacture yarn on a job work basis, for its group concern -
Blue Blends (India) Limited (BBIL). From FY18, the company has
started supplying to independent players. The company operates a
spinning unit located in Ahmedabad, with an installed capacity of
55 lakh metric tonnes/annum. During FY16, PSL successfully
completed an open offer pursuant to which the original promoter,
Mr. Anand Arya ceased control of the company. The new promoters of
the Company by virtue of completion of the Open Offer are Mr.
Gautamchand Kewalchand Surana, Mr. Vikram Amritlal Sanghvi, Mr.
Rajiv Giriraj Bansal and Mr. Sanjay Kumar Vinodbhai Majethia.


RAJASTHAN BAL: CARE Keeps D Debt Rating in Not Cooperating
----------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Rajasthan
Bal Kalyan Samiti (RBKS) continues to remain in the 'Issuer Not
Cooperating ' category.

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank        4.24      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 February 5,
2021, placed the rating(s) of RBKS under the 'issuer
non-cooperating' category as RBKS 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. RBKS
continues to be noncooperative despite repeated requests for
submission of information through e-mails, phone calls and a
letter/email dated December 22, 2021, January 1, 2022, January 11,
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).

Udaipur (Rajasthan) based Rajasthan Bal Kalyan Samiti (RBKS) was
registered as a trust in March 1983 under Rajasthan Societies
Registration Act 1958 by Mr. Pandit Jeevat Ram Sharma with an aim
to provide the benefit to poor and tribal community in India
focusing for betterment of women and children. RBKS is mainly
engaged into education to poor and tribal community and currently
operating 9 graduation colleges, 1 nursing college, 1 training
college and 6 schools in the backward of area of Rajasthan. RBKS is
also engaged into rural development activities like Natural
Resource Management (NRM) activities, plantation activities,
watershed program, women and child development etc. and undertakes
various projects for National Bank for Agricultural and Rural
Development (NABARD).


RANA EDUCATION: CARE Keeps B- Debt Rating in Not Cooperating
------------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Rana
Education Society (RES) continues to remain in the 'Issuer Not
Cooperating ' category.

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank      12.90       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 December 30,
2020, placed the rating(s) of RES under the 'issuer
non-cooperating' category as RES 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. RES
continues to be non-cooperative despite repeated requests for
submission of information through e-mails, phone calls and a
letter/email dated November 15, 2021, November 25, 2021, December
5, 2021.

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

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

Founded in the year 2005, Rana Education Society (RES) is an
educational trust registered under the Society Registration Act
1860 for operating educational institutions. Currently RES operates
one school in the name of Delhi Public School, located at Saturna
village in Amravati, Maharashtra which is recognized under The
Maharashtra Self-Financed Schools (Establishment and Regulation)
Act, 2012. Though the entity was established in 2005 the
construction of the project was completed as on July,
2018 and thus FY19 was the first full year of operation. As on
September 16, 2019 it operates from nursery to eight standards and
has a total seating capacity of around 800 students as against
currently 450 students are enrolled. The entity M/s Rana Education
Society (RES) has applied for the affiliation to the CBSE Board;
however, the same is awaited.


ROHAN METALS: CRISIL Withdraws B Rating on INR15cr Loans
--------------------------------------------------------
CRISIL Ratings has withdrawn its ratings on the bank facilities of
Rohan Metals Private Limited (RMPL) on the request of the company
and receipt of a no objection certificate from its bank. The rating
action is in line with CRISIL Ratings' policy on withdrawal of its
ratings on bank loans.

                      Amount
   Facilities       (INR Crore)     Ratings
   ----------       -----------     -------
   Cash Credit          14          CRISIL B/Stable/Issuer Not
                                    Cooperating (Withdrawn)

   Proposed Long Term    1          CRISIL B/Stable/Issuer Not
   Bank Loan Facility               Cooperating (Withdrawn)

CRISIL Ratings has been consistently following up with RMPL for
obtaining information through letters and emails dated dated
October 16, 2021 and November 24, 2021, among others, apart from
telephonic communication. However, the issuer has remained non
cooperative.

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

Detailed Rationale

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

RMPL, incorporated in 1996, manufactures and trades in lead alloys
and ingots that are used in batteries. Its production unit is in
Bhiwadi, Rajasthan, and trading unit in New Delhi. Mr Sunil Soni
and his wife, Ms Vandana Soni, are the promoters.


SAGAR DAMOH: CARE Keeps D Debt Rating in Not Cooperating Category
-----------------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Sagar Damoh
Toll Roads Limited (SDTRL) continues to remain in the 'Issuer Not
Cooperating ' category.

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank       41.95      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 SDTRL under the 'issuer
non-cooperating' category as SDTRL 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. SDTRL 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).

Sagar Damoh Toll Roads Limited (SDL) is a Special Purpose Vehicle
(SPV) floated by Essel Infraprojects Limited, for two lanin g of
existing road from the Sagar city and terminating at Teen Gulli
Chuoraha in Damoh, on the SH-14 section, a 68.81-km road section in
the state of Madhya Pradesh under Build, Operate & Transfer (BOT)
basis. The project was awarded to SDL by Madhya Pradesh Road
Development Corporation Limited (MPRDC), a public sector
undertaking. The scope of work for the project highway includes
construction, operation and maintenance for a period of 18 years
commencing form the Appointed Date i.e. February 26, 2010.



SANJIVNI CERAMIC: CRISIL Assigns B Ratings to INR6cr Loans
----------------------------------------------------------
CRISIL Ratings has assigned its 'CRISIL B/Stable' rating to the
long-term bank loan facilities of Sanjivni Ceramic (SC).

                      Amount
   Facilities       (INR Crore)     Ratings
   ----------       -----------     -------
   Cash Credit           1.5        CRISIL B/Stable (Assigned)

   Proposed Cash
   Credit Limit          1.5        CRISIL B/Stable (Assigned)

   Proposed Long Term
   Bank Loan Facility    3.0        CRISIL B/Stable (Assigned)

The rating reflects the firm's modest scale of operations and large
working capital requirement. These weaknesses are partially offset
by extensive industry experience of the partners and moderate
capital structure.

Analytical Approach

Unsecured loans of INR1.03 crore as on March 31, 2021, have been
treated as neither debt nor equity as it is interest free and is
expected to remain in business over the medium term.

Key Rating Drivers & Detailed Description

Weaknesses:

* Modest scale of operations amid intense competition: Scale of
operations of the firm remain modest, declining from about INR11.5
crore in fiscal 2020 to about INR8.9 crore in fiscal 2021. Modest
scale and presence of large number of players in the industry
limits the firm's bargaining power with customers/suppliers and
constrains its operating flexibility.

* Large working capital requirement: Gross current assets (GCAs)
are estimated at 440 days as on March 31, 2021, driven by sizeable
receivables and large inventory of 217 days and 214 days,
respectively. Operations are likely to remain working capital
intensive on the back of extensive credit given for repeat orders
to regular customers and large inventory maintenance.

Strengths:

* Extensive industry experience of the partners: The partners'
experience of over a decade in manufacturing body clay and ceramic
tiles, help them to understand industry dynamics. Moderately large
customer base comprising regular customers due to healthy
relationship will also continue to support the business.

* Moderate capital structure: External fund-based debt is limited
to short-term borrowings in form of cash credit. Low dependence on
external borrowings and in the absence of large, debt funded
capital expenditure, capital structure is expected to remain
moderate over medium term.

Liquidity: Stretched

Bank limit utilisation is moderate at around 82% for the past
twelve months ended December 2021. Cash accruals are expected to be
in the range of INR42-52 lakh per fiscal over medium term against
no repayment obligation. In addition, it will act as cushion to the
stretched working capital cycle and aid the overall liquidity of
the firm. Current ratio was at 1.32 times on March 31, 2021.

Outlook: Stable

CRISIL Rating believes SC will continue to benefit from its
partners' extensive industry experience and established
relationships with customers and suppliers.

Rating Sensitivity Factors

Upward factors

* Significant improvement in revenue with operating margin in range
of 7-8%, leading to higher net cash accrual
* Improvement in working capital cycle

Downward factors

* Large debt funded capex and/or cash withdrawals weakens adjusted
gearing ratio to over 1 time
* Stretch in working capital cycle, impacting capital structure and
liquidity profile

SC, located in Morbi, Gujarat, started it commercial operations in
2011. Currently, the firm is owned & managed by Mrs Bhumishaben
Bhaveshbhai Aghara, Mrs Hinaben Balubhai Aghara and other family
members and friends.

SARVESH BUILDERS: CARE Keeps D Debt Rating in Not Cooperating
-------------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Sarvesh
Builders (India) Private Limited (SBIPL) continues to remain in the
'Issuer Not Cooperating ' category.

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Non-Convertible
   Debentures          130.00      CARE D; ISSUER NOT COOPERATING
                                   Rating continues to remain
                                   under ISSUER NOT COOPERATING
                                   category


Detailed Rationale & Key Rating Drivers

CARE had, vide its press release dated February 24, 2020 placed the
rating of SBIPL under the 'issuer non-cooperating' category as
SBIPL had failed to provide information for monitoring of the
rating. SBIPL continues to be non-cooperative despite repeated
requests for submission of information through phone calls and
email dated February 9, 2022, February 7, 2022, February 4, 2022.

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.

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

Detailed description of the key rating drivers

At the time of last rating on February 16, 2021 the following were
the rating weaknesses:

Key Rating Weaknesses

* Ongoing delays in servicing of debt: The rating has been
reaffirmed on account of the ongoing delays in debt servicing of
the company.

Analytical approach: Combined

SBIPL has invested the money into real estate project in group
company namely 'Renuka Realtors' (RR). SBIPL holds 99% stake in
RR.

Incorporated in 2010, Sarvesh Builders (India) Pvt. Ltd. [SBIPL –
part of Ruparel group] is a special purpose vehicle created for
real estate development of residential building situated at Sewree,
Mumbai. The operation of the company is looked after by Mr. Amit
Ruparel & Mr. Milind Ruparel. The company has availed development
rights from M/s Renuka Realtors (part of Ruparel group –
established on April 7, 2005) for redevelopment project known as
Shree Balaji SRA Co-op. Housing Society Limited under slum
rehabilitation authority. SBIPL is a majority partner (99%
partnership interest) in M/s Renuka Realtors. The redevelopment
project named 'Ruparel Jewel' is a proposed 48 storey tower in the
Sewree location with 239,466 lsf of saleable area. The development
is proposed to comprise of 2 & 3 BHKs with select penthouses and
duplexes. The project is expected to be completed by December 2022
(as per RERA). The total estimated cost of the project has been
revised to INR370.82 crore which is expected to be funded by
promoter funds of INR23 crore, NCD of INR130 crore and balance
through customer advances. Ruparel group is a Mumbai-based real
estate developer. The group has around 15 years of experience in
developing real estate projects in Mumbai and Navi Mumbai region.
The group has completed five projects with a total built-up area of
3.63 lakh square ft. and currently has multiple ongoing projects
located across various prime locations in Mumbai.


SELVE CASHEWS: CARE Keeps B- Debt Rating in Not Cooperating
-----------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Selve
Cashews (SC) continues to remain in the 'Issuer Not Cooperating '
category.

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank       5.00       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 3,
2021, placed the rating(s) of SC under the 'issuer non-cooperating'
category as SC 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. SC 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 and January 9, 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).

Cuddalore (Tamil Nadu) based Selve Cashews (SC) is a proprietorship
firm established by Ms. R. Kalai Selvi in March 2010. The promoter
has an experience of over a decade similar line of business. SC is
into Processing and trading of raw cashew nuts. The firm procures
its raw material, the raw nuts, from West Africa and export around
50% of its production to countries like Singapore, Malaysia and
Dubai and remaining are being sold in domestic market. The firm has
an installed capacity of 1.5 tons per day for the processing of
nuts. Presently, the day to day operations are managed by Ms. R.
Kalai Selvi.


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

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

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

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

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

Detailed Rationale

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

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


SHIVALIK TRADING: CARE Assigns B- Rating to INR14cr LT Loan
-----------------------------------------------------------
CARE Ratings has assigned rating to the bank facilities of Shivalik
Trading Company (STC), as:

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank
   Facilities          14.00       CARE B-; Stable Assigned

Detailed Rationale & Key Rating Drivers

The rating assigned to the bank facilities of STC is constrained on
account of moderate scale of operations, thin profitability,
leveraged capital structure, weak debt coverage indicators and poor
liquidity position during FY21 (Provisional; refers to the period
April 1 to March 31). Further, rating remained constrained on
account of susceptibility of margins to raw material price
volatility along with presence in seasonal and fragmented nature of
industry which is subject to government regulations, fragmented
nature of industry and low entry barriers as well as proprietorship
nature of constitution.

The ratings, however, derives comfort from STC's long track record
of operations, experienced proprietor in the agro industry with
established relations with various customers and suppliers along
with strategically located in proximity to major cultivation areas
for rice.

Rating Sensitivities

Positive Factors

* Sustainable improvement in scale of operations marked by Total
Operating Income (TOI) by 20% with a similar increase in
profitability

* Improvement in capital structure marked by an overall gearing of
below 2.00 times

* Improvement in liquidity with availability of higher cash and
bank balance on hand

Negative Factors

* Decline in scale of operations by more than 20% with dip in cash
accruals
* Any irregularities/ delays in the debt servicing obligations
* Further deterioration in capital structure marked by overall
gearing of higher than existing level
* Further deterioration in interest coverage ratio than existing
level

Detailed description of the key rating drivers

Key Rating Weaknesses

* Moderate scale of operations and thin profitability: The scale of
operations of STC as marked by TOI remained moderate at INR43.89
crore during FY21 as against INR36.19 crore during FY20. TOI
increased, however remained moderate, mainly on account of
increased orders from existing customers as well as addition of new
customers during the year. The profitability position of STC
remained thin as marked by PBILDT margin at 2.03% during FY21 as
against 1.93% in FY20. The marginal improvement in PBILDT margin is
mainly on account of proportionate reduction in Employee costs led
by decrease in the labour charges paid during the year. Further,
PAT margin remained thin at 0.43% in FY21 [0.33% in FY20].

* Leverage capital structure: The capital structure of the firm
remained leveraged marked by an overall gearing of 4.30 times as on
March 31, 2021 although improved from 4.84 times as on March 31,
2020 mainly due to increase in the total debt level led by higher
utilization of working capital bank borrowings as on balance sheet
date.

* Weak debt coverage indicators: The debt coverage indicators of
the firm remained weak marked by total debt to GCA (TDGCA) of 34.01
years as on March 31, 2021 which however improved from 48.21 years
as on March 31, 2020, mainly due to improvement in GCA level led by
increase in operating profits. Further, interest coverage also
remained moderate at 1.29 times in FY21 [1.23 times in FY20].

* Susceptibility of margins to raw material price volatility along
with presence in seasonal and fragmented nature of industry which
is subject to government regulations Monsoons have a huge bearing
on crop availability which determines the prevailing paddy prices.
Since, there is a long-time lag between raw material procurement
and liquidation of inventory, the firm is exposed to the risk of
adverse price movement, resulting in lower realization than
expected.  Also, the commodity nature of the rice makes the
industry highly fragmented with numerous players operating in the
unorganized sector with very less product differentiation.
Moreover, the raw material (paddy) prices are regulated by the
government mainly through Minimum Support Price (MSP), which in
turn limits the bargaining power of the paddy processors.

* Fragmented nature of industry and low entry barriers: STC
operates in lower segment of the value chain and faces stiff
competition from other players in the region. The commodity nature
of the product makes the industry highly fragmented with more than
two-thirds of the total number of players being in unorganized
sector with very low product differentiation.

Key Rating Strengths

* Long track record of operations, experienced promoters in the
agro industry with established relations with various customers and
suppliers: STC was initially formed in 2004 and hence, has a track
record of more than one decade in the industry. Mr. Deepesh Patel
(Bachelor of Commerce), proprietor of STC has experience of more
than a decade in the agro industry and looks after overall
affairs of the firm.

* Strategically located in proximity to major cultivation areas for
rice: The firm is located in Mul; Chandrapur which is one of the
paddy producing belt of Maharashtra. The presence of STC in paddy
producing region results in benefit derived from lower logistics
expenditure (both on transportation and storage), easy availability
and procurement of raw materials at effective price.

Liquidity: Poor

The liquidity position of the firm remained poor marked by low cash
and bank balance of INR0.05 crore as on March 31, 2021, while the
net cash flow from operations remained modest at INR0.30 crore in
FY21 which improved as against INR0.15 crore during previous year
on account of improved profitability level. The average utilization
of working capital remained full for past twelve months ended
September 30, 2021. Operating cycle stood elongated at 61 days as
against 68 days in FY20 mainly due to decrease in inventory holding
period from 79 days during FY20 to 68 days in FY21. Furthermore,
GCA level remained low at INR0.20 crore during FY21 however there
are no schedule debt repayment obligations in the absence of long
term debt. The current ratio remained moderate at 3.51 times as on
March 31, 2021.

STC has availed moratorium for repayment of cash credit interest
from March 2020 to August 2020 the same was converted in Funded
Interest Term Loan (FITL) of INR0.27 crore which was fully repaid
till July 2021.

Mul- Chandrapur (Maharashtra) based Shivalik Trading Company (STC)
was formed in 2004 as a proprietorship concern by Mr. Deepesh Patel
for carrying out the business of trading rice. STC procures paddy
from local market and send the same to its associate concern- Datta
Rice Mill for milling work to produce rice. The firm sells rice
under its own brand name 'Aishwarya'.

SURYA PANEL: CRISIL Raises Rating on INR9.7cr Term Loan to B-
-------------------------------------------------------------
CRISIL Ratings has upgraded its rating on the long-term bank
facilities of Surya Panel Private Limited (SPPL) to 'CRISIL
B-/Stable' from 'CRISIL D'.  The upgrade reflects sufficient track
record of timely servicing of debt obligations and regular account
conduct.

                      Amount
   Facilities       (INR Crore)    Ratings
   ----------       -----------    -------
   Cash Credit           5         CRISIL B-/Stable (Upgraded
                                   from 'CRISIL D')
   Proposed Fund-
   Based Bank Limits     6.3       CRISIL B-/Stable (Upgraded
                                   from 'CRISIL D')

   Term Loan             9.7       CRISIL B-/Stable (Upgraded
                                   from 'CRISIL D')

The rating continues to reflect the company's modest scale of
operations and weak financial risk profile. These weaknesses are
partially offset by the experience of its promoters.

Key Rating Drivers & Detailed Description

Weaknesses:

* Modest scale of operations: The company has modest scale and has
reported revenues of INR8.1 crore in fiscal 2021. Despite an
expected increase in revenues in this current fiscal, the overall
scale of operations will remain small in the medium term.

* Weak financial risk profile: Financial risk profile marked by
accumulated losses which have led to an erosion in its net worth,
with high reliance on debt, financial risk profile is expected to
remain weak over the medium term.

Strength:

* Extensive experience of promoters: The promoters have experience
for around 20 years in this industry which is expected to support
the company during initial stage.

Liquidity: Poor

Cash losses has been reported in past few years and expected to
continue. Utilisation of bank limit of INR5 crore is fully utilised
in the 6 months through Jan 2022. Need-based funding support from
the management supports liquidity. The promoters have supported
operations through unsecured loans of INR13.8 crores, as on March
31, 2021.

Outlook: Stable

CRISIL Ratings believes SPPL will continue to benefit over the
medium term from its promoters' previous experience in related
industries.

Rating Sensitivity factors

Upward factors:

* Significant improvement in debt service coverage ratio (DSCR) to
over 1.1 times, supported by substantially higher-than-anticipated
higher cash accruals.
* Sustained improvement in financial risk profile especially Total
Outside Liabilities/Total Net worth.

Downward factors:

* Subdued revenue growth and profitability, resulting in large cash
losses against repayment obligation
* Significant stretched working capital cycle leading to weakening
in liquidity and financial risk profile.
* Withdrawal of timely funding support from promoters

Incorporated in December 2014 and promoted by Mr Sudharshan
Hadihalli Byregowda and Mr Rushil Krupesh Thakkar, SPPL is setting
up a manufacturing facility for high-density fibre boards and
medium-density fibre boards.


TIMES STEEL: CARE Withdraws B- Rating on Outstanding Debts
----------------------------------------------------------
CARE Ratings Ltd. has reaffirmed and withdrawn the outstanding
ratings of 'CARE B-; ISSUER NOT COOPERATING' assigned to the bank
facilities of Times Steel & Power Private Limited (TSPL) with
immediate effect. The rating factors in the constraints relating to
company's modest scale of operations and raw material price
fluctuations risk. The rating is further constrained by risk
associated by its presence in highly fragmented industry
characterized by high competition. The rating, however, continues
to take comfort from experienced directors, moderate profitability
margins, capital structure and moderate debt coverage indicators.

The above action has been taken at the request of Times Steel &
Power Private Limited (TSPL) and 'No Objection Certificate'
received from the bank that has extended the facilities rated by
CARE Ratings Ltd.

Detailed description of the key rating drivers

Key Rating Weaknesses

* Modest scale of operations: TSPL's scale of operations continue
to remain modest as marked by total operating income of Rs.189.42
crore and gross cash accruals of INR23.05 crore respectively,
during FY21 (FY refers to the period April 1 to March 31).
Nevertheless, the scale remains modest; it limits the company's
financial flexibility in times of stress and deprives it of scale
benefits.

* Raw material price fluctuations risk: The company is exposed to
the raw material price volatility risk due to the volatility
experienced in the prices of steel and allied products and their
prices fluctuates rapidly due to demand supply gap. Raw materials
such as mild steel (MS) wire rods constitute a major component of
the raw material of the total cost of production; hence any
volatility in their prices has a direct impact on the profitability
margins of the company.

* Highly fragmented industry characterized by high competition: The
demand for sponge iron and its prospects are dependent on the
demand emanating from the steel industry, which is the purchaser of
sponge iron. The steel industry is sensitive to the shifting
business cycles, including changes in the general economy, interest
rates and seasonal changes in the demand and supply conditions in
the market. The industry is characterized by low entry barriers due
to low technological inputs and easy
availability of standardized machinery for the production.

Key Rating Strengths

* Experienced directors: The company is currently directed by Mr.
Vikas Dua, Mr. Aman Dua and Mr. Rajib Kumar Sinha. All the
directors have accumulated experience of nearly three decades in
iron & steel industry and looks after the overall operations of the
company.

* Moderate profitability margins, capital structure and debt
coverage indicators: The profitability margins of the company
stood moderate for the last two financial years (FY20-FY21) wherein
the company reaps benefits of its established image in the market.
Further, PBILDT margin of the company improved and stood at 15.52%
in FY21 as against 14.87% in FY20. Similarly,
PAT margin in line with PBILDT margin also improved and stood at
11.13% in FY21. The capital structure of the company stood moderate
as marked by overall gearing ratio which stood below 0.65x as on
past three balance sheet dates ending March 31, '19-'21 on account
of comfortable net worth base against the debt levels. Further, on
account of moderate profitability margins and limited debt levels,
the debt coverage indicators of the company continue to remain
moderate as marked by interest coverage ratio and total debt to GCA
which stood at 18.82x and 0.62x respectively during FY21 as against
11.55x and 1.58x respectively during FY20.

Liquidity: Adequate

The liquidity position of the company remained adequate
characterized by sufficient cushion in accruals vis-à-vis
repayment obligations. The company has reported gross cash accruals
to the extent of INR23.05 crore during FY21 against repayment
obligations of INR2.65 crore. Further, the working capital limits
are almost 30% utilized for the past 12 month's period ending
January 2022. The company has comfortable cash & bank balances of
INR7.11 crore as of March 31, 2021.

Times Steel and Power Limited (TSPL) was originally incorporated as
Nixon Steel and Power Ltd in October 2002, by Mr. Rajvir Choudhary,
his son Mr. Atul Choudhary and his nephew Mr. Vinay Choudhary. The
name of the company was subsequently changed to TSPL in 2010. The
company is currently directed by Mr. Vikas Dua, Mr. Aman Dua and
Mr. Rajib Kumar Sinha. The manufacturing facility of the company is
located at Rourkela, Odisha with an installed capacity of 100,000
tons per annum (TPA). The company currently procures iron ore from
the open market and has arrangements for the procurement of coal
with Mahanadi Coal Limited (MCL). The sponge iron manufactured by
the company is sold to the steel plants in the adjoining areas
through brokers.


UMANG OILS: CARE Keeps B Debt Rating in Not Cooperating Category
----------------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Umang Oils
Private Limited (UOPL) 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 January 25,
2021, placed the rating(s) of UOPL under the 'issuer
non-cooperating' category as UOPL 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. UOPL
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).

Umang Oils Private Limited (UOPL) was incorporated in 2006 and is
currently being managed by Mr Sanjay Kumar Mansinghka and Ms
Sangeeta Mansinghka. The company is engaged in the extraction of
rice bran oil from rice bran at its processing facility located in
Varanasi, Uttar Pradesh with an installed solvent extraction
capacity of 18250 metric tonnes of rice bran oil per annum as on
February 28, 2018. The company manufactures rice bran oil which is
sold to whole sellers on PAN India basis.  Furthermore, the company
also sells its by product i.e. residual of rice bran cake to cattle
feed manufacturers, soap manufacturers etc. The main raw material
is rice bran which is mainly procured from rice millers located in
nearby region. Furthermore, the company has one group concerns,
namely, Mansingh Agency engaged in trading of edible oil since
1990.


VARRON AUTOKAST: Liquidation Process Case Summary
-------------------------------------------------
Debtor: Varron Autokast Limited
        Kh.No. 174, 176/1, 185
        186/2, 191, 196, 201/2 & 5
        At Chimnazari Chandrapur Road
        Tal: Nagpur (Rural)
        Chimnazari Nagpur 441108

Liquidation Commencement Date: February 10, 2022

Court: National Company Law Tribunal, Mumbai Bench

Date of closure of
insolvency resolution process: March 21, 2021

Insolvency professional: Avil Menezes

Interim Resolution
Professional:            Avil Menezes
                         416, Crystal Paradise Co-op Soc. Ltd.
                         Dattaji Salvi Marg
                         Above Pizza Express
                         Off Veera Desai Road
                         Andheri West, Mumbai 400053
                         E-mail: avil@caavil.com
                                 irp.varronautokast@gmail.com

Last date for
submission of claims:    March 12, 2022

ZSL PRIVATE: CARE Lowers Rating on INR2.50cr LT Loan to B-
----------------------------------------------------------
CARE Ratings has revised the ratings on certain bank facilities of
ZSL Private Limited (ZPL), as:

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank       2.50       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      7.30       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 1,
2021, placed the rating(s) of ZPL under the 'issuer
non-cooperating' category as ZPL 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. ZPL
continues to be non-cooperative despite repeated requests for
submission of information through email dated December 18, 2021,
December 28, 2021, January 7, 2022.

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

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

The ratings assigned to the bank facilities of ZPL 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.

ZPL is incorporated in August 2008 by Mr Biplab Pal and Mr Pratha
Malakar. However in 2015, the company took over by Mr Anil Agarwal.
The company is engaged in manufacturing of lead products like lead,
lead alloys, lead antimony and lead ash. The lead products find
application mainly in manufacturing of automobiles and Industrial
batteries in telecom, UPS/invertors, power and railways.
Manufacturing unit of ZPL is located at Telangana location with an
installed capacity of 500 ton per month. ZPL purchase raw material
(lead ingots and scrap of battery cell) from local market and sells
lead product mainly in local market to HBL Power System Limited,
Ned Energy Limited and others.



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

SOECHI LINES: Moody's Affirms B2 CFR & Alters Outlook to Negative
-----------------------------------------------------------------
Moody's Investors Service has affirmed Soechi Lines Tbk. (P.T.)'s
B2 corporate family rating.

Moody's has also affirmed the B3 senior unsecured rating on the
2023 notes issued by Soechi Capital Pte. Ltd., a wholly-owned
subsidiary of Soechi.

At the same time, Moody's has changed the outlook to negative from
stable.

"The change in outlook to negative reflects the increasing
refinancing risk stemming from the remaining $57 million
outstanding on its bond coming due in January 2023," says Stephanie
Cheong, a Moody's Assistant Vice President and Analyst. "While the
company expects to upsize its secured loan facility to fully
refinance the maturing bond, a binding and definitive agreement has
yet to appear."

RATINGS RATIONALE

Soechi's unrestricted cash balance of $37 million as of September
30, 2021 and expected operating cash flows of around $56 million
over the next 18 months will be sufficient to cover its debt
amortization payments and maintenance capital spending. However,
thereafter, there awill be insufficient funds to cover the
remaining $57 million outstanding notes maturing in January 2023.
As a result, Soechi is reliant on external funding to address its
refinancing needs.

Soechi has historically been proactive in managing its liquidity
and capital structure, and domestic banks have so far been
supportive. In December 2020, the company obtained a $180 million
secured seven-year amortizing term loan from PT Bank Mandiri
(Persero) Tbk and PT Bank Central Asia, which was used to refinance
an existing bank loan and buy back $143 million of its 2023 bonds
through a series of tender offers.

Funding channels remain limited for Soechi and limited financial
flexibility could challenge its ability to raise additional debt to
address its maturing bond in a timely manner because Soechi's
entire vessel fleet is already encumbered under its existing bank
loans.

Nonetheless, the affirmation of Soechi's B2 CFR reflects Moody's
expectation that the company's operating performance will remain
stable, which should support its access to additional bank
funding.

Soechi Lines' B2 CFR also reflects relatively high revenue
visibility, with around 90% of its shipping revenue supported by
time charter contracts, most of which are with Indonesia's
state-owned oil and gas company, Pertamina (Persero) (P.T.) (Baa2
stable). The rating also reflects the high barriers to entry
created by cabotage laws in Indonesia, which mandate the use of
Indonesian-flagged vessels for domestic sea freight
transportation.

Moody's expects Soechi's shipyard business to continue generating
operating losses through 2021-22, weighing on overall
profitability. However, the losses should not widen beyond 2020
levels as the company continues cutting costs at its shipyard.

The rating remains constrained by Soechi's relatively small
operational scale compared with its global peers', and by its
significant reliance on two very large crude carriers (VLCC), which
account for 40% of the fleet's deadweight tonnage.

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

Given the negative ratings outlook, an upgrade of Soechi's ratings
is unlikely over the next 12 months.

Nevertheless, Moody's could return the ratings outlook to stable if
the company successfully refinances the remaining $57 million on
its 2023 bond and maintains stable operating performance.

Moody's could downgrade the ratings if Soechi experiences any
delays in refinancing its upcoming bond maturity.

The rating could also be downgraded if (1) industry fundamentals
weaken, resulting in lower charter rates or Soechi's inability to
renew expiring charter contracts; (2) operating losses at Soechi's
shipyard do not moderate as expected over the next 12-18 months;
(3) Soechi does not have ample liquidity to fund its operations and
meet its debt amortization payments; (4) there are adverse changes
in cabotage laws; (5) Pertamina shifts its management of its fleet,
such that it materially reduces its exposure to Soechi; or (6)
Soechi undertakes material debt-funded capital spending or
shareholder returns.

Specific indicators Moody's would consider for a downgrade include
adjusted debt/EBITDA above 5.5x or adjusted (FFO + interest
expense)/interest expense below 2.0x.

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

Headquartered in Jakarta, Indonesia, Soechi Lines Tbk. (P.T.)
provides shipping services primarily to oil and gas companies,
including Pertamina (Persero) (P.T.) and its associates. Soechi
also operates a shipbuilding and maintenance business through its
99.99%-owned subsidiary, PT Multi Ocean Shipyard.

Soechi is a family-owned business, with members of the Utomo family
holding a stake of approximately 85% in the company and the public
holding the remaining 15%.



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

1MDB: Ex-Goldman Banker Got Millions in Kickbacks, Prosecutor Says
------------------------------------------------------------------
Reuters reports that prosecutors on Feb. 14 accused a former
Goldman Sachs banker of seeking to make millions of dollars
laundering money looted from Malaysia's 1MDB sovereign wealth fund,
at the outset of a trial that could shed light on the bank's
response to warnings of corruption.

Roger Ng, Goldman's former head of investment banking in Malaysia,
is charged with conspiring to launder money and to violate an
anti-bribery law, Reuters says.

"The defendant saw an opportunity to make millions of dollars by
cheating, and he took it," Reuters quotes Brent Wible, a lawyer
with the U.S. Department of Justice, as saying in an opening
statement on Feb. 14.

According to Reuters, Mr. Ng has pleaded not guilty and his lawyer
has said he is a "fall guy" for one of the biggest financial
scandals in Wall Street history.  

The trial in Brooklyn federal court could last up to six weeks.

Reuters notes that the scandal stems from some $6.5 billion in
bonds that Goldman helped 1MDB, launched by former Malaysian Prime
Minister Najib Razak to spur economic growth, sell from 2009 to
2014.

U.S. prosecutors said Goldman earned $600 million in fees from the
deals, but that around $4.5 billion of the funds raised was
embezzled.

The bank 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), Reuters relates.

According to Reuters, Mr. Wible said Mr. Ng helped two
co-conspirators - his former boss, Timothy Leissner, and Malaysian
intermediary Jho Low - launder funds embezzled from 1MDB and used
some of the stolen money to bribe officials in the Southeast Asian
country to win business for Goldman.

Mr. Ng received $35 million in kickbacks from Mr. Leissner, Mr.
Wible said.

Mr. Leissner, a former partner for Goldman Sachs in Asia, in 2018
pleaded guilty to conspiracy to launder money, and conspiracy to
violate the Foreign Corrupt Practices Act (FCPA), in part by
helping to pay $1.6 billion in bribes. He is expected to testify as
a government witness against Mr. Ng.

Reuters relates that Mr. Wible said Mr. Leissner, who has not yet
been sentenced, would testify against Mr. Ng as part of a
cooperation agreement with prosecutors and as a result would get a
lighter punishment. But Mr. Wible said Mr. Leissner's testimony
would be backed up by other evidence.

Defense lawyer Marc Agnifilo countered that Mr. Ng had no role in
the scheme perpetrated by Messrs. Low and Leissner, and that he
even warned Goldman management not to trust Mr. Low. He said the
funds prosecutors called kickbacks in fact belonged to Mr. Ng's
wife and were derived from a business venture she had with
Mr. Leissner's ex-wife.

Mr. Agnifilo focused his opening statement largely on undermining
Mr. Leissner, who is expected to testify for the government, the
report relays.

"They're not partners-in-crime. There's a gulf between these two
men a mile wide," he said. "Leissner uses people. You will see this
time and time again. He is trying to use my client . . . to serve
his jail time."

Mr. Low, who was indicted alongside Mr. Ng in 2018, has not been
arrested by U.S. or Malaysian authorities. Malaysia has said he is
in China, which Beijing has denied.

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

CHARMAC HOLDINGS: Court to Hear Wind-Up Petition on March 3
-----------------------------------------------------------
A petition to wind up the operations of Charmac Holdings Limited
will be heard before the High Court at Invercargill on March 3,
2022, at 10:00 a.m.

The Commissioner of Inland Revenue filed the petition against the
company on Nov. 30, 2021.

The Petitioner's solicitor is:

          Gabrielle McGillivray
          Inland Revenue
          Legal Services, PO Box 1782
          Christchurch 8140


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

Good Assets Limited filed the petition against the company on Feb.
1, 2022.

The Petitioner's solicitors are:

          Couch Harlowe Kovacevich
          Level 3, 29 Shortland Street
          Auckland 1010


REMARKABLE CLEANING: Court to Hear Wind-Up Petition on March 3
--------------------------------------------------------------
A petition to wind up the operations of Remarkable Cleaning Limited
will be heard before the High Court at Invercargill on March 3,
2022, at 10:00 a.m.

The Commissioner of Inland Revenue filed the petition against the
company on Dec. 15, 2021.

The Petitioner's solicitor is:

          Gabrielle McGillivray
          Inland Revenue
          Legal Services, PO Box 1782
          Christchurch 8140


RIWAKA FRUIT: Creditors' Proofs of Debt Due on March 10
-------------------------------------------------------
Creditors of Riwaka Fruit And Viticultural Service Limited,
Anchorage Wines New Zealand Limited and Motueka Winemakers Limited
are required to file their proofs of debt by March 10, 2022, to be
included in the company's dividend distribution.

The company commenced wind-up proceedings on Feb. 10, 2022.

The company's liquidator is:

          Brenton Hunt
          PO Box 13400
          City East, Christchurch 8141


VAN LIEROP: Creditors' Proofs of Debt Due March 24
--------------------------------------------------
Creditors of Van Lierop Farming Limited and Crafted Decks And
Fences Limited, which is in voluntary liquidation, are required to
file their proofs of debt by March 24, 2022, to be included in the
company's dividend distribution.

The company commenced wind-up proceedings on Feb. 10, 2022.

The company's liquidators are:

          Peri Micaela Finnigan
          Colin Sanderson
          McDonald Vague Limited
          PO Box 6092, Victoria Street West
          Auckland 1142


VITANOVA NZ: Creditors' Proofs of Debt Due March 10
---------------------------------------------------
Creditors of Vitanova NZ Limited are required to file their proofs
of debt by March 10, 2022, to be included in the company's dividend
distribution.

Rhys Cain and Larissa Logan of EY were appointed joint and several
liquidators of the company by order of the High Court at Napier on
Feb. 10, 2022. The applicant creditor was Plumbing World Limited.

The company's liquidators can be reached at:

          EY
          PO Box 2146
          Auckland 1140





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

NO SIGNBOARD: Unit's Mom's Touch Food Chain Shuts all Outlets
-------------------------------------------------------------
The Business Times reports that Korean fast food chain Mom's Touch
has closed all its Singapore outlets, which are operated by No
Signboard Holdings' wholly-owned subsidiary Hawker QSR, from Feb.
10.

In its social media posts on Facebook and Instagram on Thursday
(Feb. 10), the fast food chain said it has "ceased operations at
all outlets with effect from today", without further elaboration,
BT relates.

On Feb. 8, No Signboard said Hawker QSR, which operates the
company's hawker-themed fast food outlets, had made a statutory
declaration of its inability to continue business due to
liabilities, and intends to pursue creditors' voluntary
liquidation, according to BT.

No Signboard had earlier received letters of demand from the
landlords of 2 Hawker QSR outlets, for more than SGD176,000 in
rental and other arrears.

Mom's Touch had 3 outlets in Singapore - located at The
Centrepoint, Paya Lebar Quarter and Eastwood Centre.

Earlier in January, restaurant operator No Signboard said it was
unable to demonstrate that it could continue as a going concern,
due to continued challenges in the operating environment of the
local food and beverage industry, BT recalls.

The Catalist-listed company then also requested a voluntary
suspension of the trading of its shares, the report adds.

                         About No Signboard

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

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

WORLD WOOD: Court to Hear Wind-Up Petition on Feb. 25
-----------------------------------------------------
A petition to wind up the operations of World Wood Logistics Pte
Ltd will be heard before the High Court of Singapore on Feb. 25,
2022, at 10:00 a.m.

Unique Navigation SA filed the petition against the company on Jan.
31, 2022.

The Petitioner's solicitors are:

          Oon & Bazul LLP
          36 Robinson Rd
          #08-01/06 City House
          Singapore 068877



                           *********


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

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

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

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