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

                     A S I A   P A C I F I C

          Thursday, February 17, 2022, Vol. 25, No. 29

                           Headlines



A U S T R A L I A

BIRK SOLUTIONS: First Creditors' Meeting Set for Feb. 24
DUNDAS MINING: Second Creditors' Meeting Set for Feb. 22
HAMMOUD INVESTMENTS: First Creditors' Meeting Set for Feb. 25
HAPPY ROCK: Second Creditors' Meeting Set for Feb. 24
LARTSA HOLDINGS: Second Creditors' Meeting Set for Feb. 22



C H I N A

CHINA EVERGRANDE: Courts Freeze $157MM Assets Over Missed Payments
CHINA WATER AFFAIRS: S&P Affirms 'BB+' ICR, Outlook Stable
EHI CAR: S&P Alters Outlook to Negative, Affirms 'B+' ICR
SHINSUN HOLDINGS: Moody's Withdraws Caa2 Corporate Family Rating
ZHENRO PROPERTIES: Fitch Lowers LT IDR to 'B', on Watch Neg.



I N D I A

ADHUNIK INFRA: CRISIL Withdraws B Rating on INR22.5cr Loan
AJAB SINGH: CRISIL Reaffirms B+ Rating on INR4.50cr Term Loan
BHARAT HYDEL: CRISIL Withdraws B- Rating on INR10cr Cash Loan
C.T. ENGINEERING: CRISIL Withdraws B Debt Rating on LT/ST Loans
COASTAL ENERGEN: NCLT Admits SBI's Insolvency Plea After 3 Years

ELAVIN CHEMTECH: CRISIL Withdraws B Rating on INR5cr Cash Loan
EMERGING INFRA: CRISIL Lowers Rating on INR5cr Secured Loan to B+
FRONTIER KNITTERS: CRISIL Moves B+ Rating from Not Cooperating
GOKUL GRANITES: Voluntary Liquidation Process Case Summary
HARSH CONSTRUCTIONS: CRISIL Withdraws B Rating on INR10cr Loan

INDU TECHZONE PRIVATE: Insolvency Resolution Process Case Summary
JULIET APPARELS: CRISIL Assigns B+ Rating to INR18.25cr Loan
KRIARJ ENTERTAINMENT: Insolvency Resolution Process Case Summary
KUMAR DISTRIBUTORS: Insolvency Resolution Process Case Summary
LAKHANI FOOTWEAR: CRISIL Moves B- Debt Ratings to Not Cooperating

LAKHANI RUBBER WORK: CRISIL Moves B- Ratings from Not Cooperating
LAKHANI RUBBER: CRISIL Moves B- Debt Rating from Not Cooperating
LAKHANI SHOES: CRISIL Moves B- Debt Rating from Not Cooperating
LEMIT PAPERS: CRISIL Reaffirms B Rating on INR75cr Term Loan
MAA MAA: CRISIL Moves B+ Debt Ratings from Not Cooperating

MAHALAXMI AGRO FARMS: Insolvency Resolution Process Case Summary
MAURYA MANPOWER: Insolvency Resolution Process Case Summary
MKMG JEWEL DEVELOPERS: Insolvency Resolution Process Case Summary
NADHI INFORMATION: Voluntary Liquidation Process Case Summary
PARAMEX TRANSFORMERS: Liquidation Process Case Summary

PARCOS TILES: CRISIL Withdraws D Debt Ratings on INR30cr Loans
PMC BANK: Former Director Arrested in Bihar
PROGNOSYS MEDICAL: CRISIL Lowers Rating on INR4cr Cash Loan to B-
RABI ENGINEERING: CRISIL Raises Rating on INR3cr Cash Loan to B+
REVA ENTERPRISE: CRISIL Withdraws D Ratings on INR9.5cr Loans

SARGA HOTEL: Insolvency Resolution Process Case Summary
SREI GROUP: NCLT Approves Consolidated Insolvency for Two NBFCs
TRESCO HOMES PRIVATE: Insolvency Resolution Process Case Summary
UNIMETAL CASTINGS: Liquidation Process Case Summary
VASAVI REALTY: CRISIL Withdraws B+ Rating on INR30cr Secured Loan

VASUMATHY TRADERS: CRISIL Raises Rating on INR10cr Loans
VEERAL CONTROLS: CRISIL Lowers Rating on INR3.45cr Loan to B-
WELGA FOODS: CRISIL Lowers Rating on INR14.5cr Cash Loan to B


J A P A N

MARELLI HOLDINGS: In Talks With Lenders on Debt Reorganization


M O N G O L I A

MONGOLIAN MORTGAGE: S&P Lowers ICRs to 'B-' on Continuing Losses


N E W   Z E A L A N D

CHARMAC HOLDINGS: Court to Hear Wind-Up Petition on March 3
GIBBS GROUP: Owes NZD1.7 Million to Unsecured Creditors
KJS FORMWORK: Court to Hear Wind-Up Petition on Feb. 25
MARASINGHE PVT: Creditors' Proofs of Debt Due March 18
RDN ENTERPRISES: Creditors' Proofs of Debt Due on March 3

VISION INVESTMENTS: Creditors' Proofs of Debt Due March 18
VOSN LIMITED: Court to Hear Wind-Up Petition on Feb. 25


S I N G A P O R E

CENTRAL MARKETING: Creditors' Proofs of Debt Due on March 16
JADENSWORTH HOLDINGS: Creditors' Meeting Set for Feb. 23
JUBILANT PHARMA: Fitch Affirms 'BB' LT IDR, Alters Outlook to Neg.

                           - - - - -


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

BIRK SOLUTIONS: First Creditors' Meeting Set for Feb. 24
--------------------------------------------------------
A first meeting of the creditors in the proceedings of Birk
Solutions Pty. Ltd. will be held on Feb. 24, 2022, at 11:30 a.m.
via teleconference facilities.

Richard Rohrt of Hamilton Murphy Advisory was appointed as
administrator of Birk Solutions on Feb. 14, 2022.


DUNDAS MINING: Second Creditors' Meeting Set for Feb. 22
--------------------------------------------------------
A second meeting of creditors in the proceedings of:

     - Dundas Mining Pty Ltd;
     - AGG Fortune Pty Ltd;
     - Allegiance Mining Pty Ltd;
     - Colour Metal Pty Ltd; and
     - Winched Investment Pty Ltd

has been set for Feb. 22, 2022, at 10:00 a.m. via virtual meeting
facilities.

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

Creditors wishing to attend are advised proofs and proxies should
be submitted to the Administrator by Feb. 21, 2022, at 4:00 p.m.

Richard Tucker and John Bumbak of KordaMentha were appointed as
administrators of Dundas Mining et al. on Nov. 30, 2021.


HAMMOUD INVESTMENTS: First Creditors' Meeting Set for Feb. 25
-------------------------------------------------------------
A first meeting of the creditors in the proceedings of Hammoud
Investments Pty Limited will be held on Feb. 25, 2022, at 11:00
a.m. via virtual meeting technology.

Rajiv Ghedia and Shumit Banerjee of Westburn Advisory were
appointed as administrators of Hammoud Investments on Feb. 15,
2022.


HAPPY ROCK: Second Creditors' Meeting Set for Feb. 24
-----------------------------------------------------
A second meeting of creditors in the proceedings of Happy Rock
Resto Bar Pty Ltd, trading as Bahay Kubo Resto Bar, has been set
for Feb. 24, 2022, at 10:30 a.m. via virtual meeting technology.

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

Creditors wishing to attend are advised proofs and proxies should
be submitted to the Administrator by Feb. 23, 2022, at 5:00 p.m.

Michael Beck of Worrells was appointed as administrator of Happy
Rock on Jan. 19, 2022.


LARTSA HOLDINGS: Second Creditors' Meeting Set for Feb. 22
----------------------------------------------------------
A second meeting of creditors in the proceedings of Lartsa Holdings
Pty Ltd has been set for Feb. 22, 2022, at 10:30 a.m. via virtual
meeting technology.

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

Creditors wishing to attend are advised proofs and proxies should
be submitted to the Administrator by Feb. 21, 2022, at 5:00 p.m.

Nikhil Khatri of Worrells was appointed as administrator of Lartsa
Holdings on Jan. 17, 2022.




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

CHINA EVERGRANDE: Courts Freeze $157MM Assets Over Missed Payments
------------------------------------------------------------------
Reuters reports that a Chinese court has ordered the freezing of
CNY640.4 million (US$101 million) in assets held by a subsidiary of
China Evergrande Group, according to a filing by contractor
Shanghai Construction Group.

Reuters relates that state-owned Shanghai Construction, which sued
the Evergrande unit in the southwestern city of Chengdu in December
for overdue construction fees, cited the Guangzhou Intermediate
People's Court ruling that the assets to be frozen will include
bank deposits and real estate.

Separately, Shanghai Construction Group said last week a local
court in Guangzhou has frozen CNY361.5 million of assets of a
different Evergrande unit in the central province of Jiangsu for
overdue payments, the report says.

According to Reuters, many suppliers and contractors have launched
legal actions against Evergrande, the world's most indebted
property developer with over $300 billion of liabilities, over
missed or late payments.

A growing number of construction and decoration companies are also
writing off assets or issuing profit warnings as debt woes at
Evergrande and other property developers debilitate their
suppliers, Reuters relates.

To better oversee and manage the debt restructuring of Evergrande
by the authorities, all lawsuits against the developer across the
country have been centrally handled by the Guangzhou Intermediate
People's Court since around August, the report notes.

Company chairman Hui Ka Yan told an internal meeting earlier this
month the firm aimed to fully restore construction work across
China in February, compared with 93.2% at the end of last year,
with a goal of delivering 600,000 apartments in 2022, recalls
Reuters.

He added the firm needs to clear its debt by fully restoring
construction and sales activities and not by selling off assets on
the cheap, notes the report.

                       About China Evergrande

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

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

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

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

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

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


CHINA WATER AFFAIRS: S&P Affirms 'BB+' ICR, Outlook Stable
----------------------------------------------------------
On Feb. 15, 2022, S&P Global Ratings revised the long-term outlook
on its issuer credit rating for China Water Affairs Group Ltd.
(CWA) to stable from negative. This reflects its view of the
company's established market position and steady growth in core
water supply operation, as well as its improved ability to maintain
its credit standing in the case of a full Kangda consolidation.

At the same time, S&P affirmed the long-term issuer credit rating
on CWA and the issue rating on its senior unsecured notes at
'BB+'.

CWA's reliable water- supply earnings growth will be sustained. S&P
expects the company's water-supply volume to grow by 5%-10% per
annum over the next two to three years. Organically, existing
projects will likely enjoy single-digit volume growth on the back
of increased penetration through urban-rural water supply
integration. The majority of CWA's projects are located in smaller
cities (tier 3-4) in less-developed areas where tap-water
penetration is still low at 50%-60%; this compares with average
penetration rates of 98%-99% in large cities, implying ample room
to grow. Meanwhile, CWA will continue its strategy of acquiring
operational water supply projects and improving their
profitability. This will contribute to additional water-supply
volume growth.

S&P said, "Average tariffs have risen by 4%-7% in Chinese renminbi
(RMB) terms over the past two years, exceeding our expectations of
0-2%, driven by tariff hikes in a few large projects in Jingzhou,
Zhoukou, and Chongqing Yongchuan projects. We foresee the momentum
for higher tariffs can be sustained, leading to steadier gross
profit margins over the next few years, supported by China's newly
implemented water tariff policy in October 2021. The new policy
gives clearer guidelines on regulated asset bases, the calculation
of permitted returns, allowed operating cost and depreciation, and
tariff adjustment periods. This should provide a more transparent
tariff-setting mechanism and timely adjustments going forward.

"By our estimates, CWA's water supply connection revenue will grow
9%-16% over fiscal 2022 (ending March 31, 2022) to fiscal 2023.
Besides hooking up new households, the company's connection
business has diversified income sources including urban-renovation
projects, urban-rural water supply integration, and pipeline direct
drinking water connections. This should help it weather the impact
of the slowdown in the property sector.

"The better-than-expected growth in CWA's core water supply
business boosted its funds from operations (FFO) by 26%-31% over
past one and a half years, outpacing its debt increment of 11%-15%
over the same period. As a result, we estimate its ratio of FFO to
debt improved to 19%-20% in the first half of fiscal 2022, from
15.4% in fiscal 2021."

Pipeline direct drinking water could provide a further earnings
boost. CWA is expanding into supplying potable water to customers
in areas covered by the existing tap-water projects. The business
is less capital-intensive because it only requires additions of
water filters, pipelines, water pumps, and some facilities that
connect to the user-end. CWA aims to expand its pipeline direct
drinking water coverage to 50 million users in five years, from 1.5
million now. This also compares with its tap water coverage of 30
million users currently.

In terms of profitability, the gross profit margin for pipeline
direct drinking water is the same or higher than tap water given
higher prices and lower fixed costs. As such, the payback period is
shorter. This business could emerge as CWA's next profit growth
driver for coming years. Nevertheless, given the business is still
at an early stage with a limited track record, its EBITDA
contribution remains small in our base-case assumptions over the
next one to two years.

A spinoff may offer potential credit upside; CWA is disciplined in
deploying capital expenditure (capex). CWA announced in December
2021 that it is working to spin off its water-supply business for a
separate public listing in Hong Kong, raising additional capital.
The initial public offering is slated to be completed during the
second half of 2022 subject to approvals from various authorities
and market condition. S&P expects the proceeds could help CWA to
further deleverage. Management has demonstrated discipline in
containing its capex level at HK$3.0 billion-HK$4.0 billion over
the past four years, and guided HK$4.0 billion-HK$4.5 billion capex
over next few years due to its new business expansion in direct
drinking water . In S&P's base-case, it has not factored in
proceeds from the potential spinoff and won't until it is
completed.

CWA will further acquire controlling stakes in Kangda International
Environmental Co. Ltd. on condition of its credit profile
enhancement. S&P said, "We believe CWA will move to control and
consolidate Kangda upon further enhancement of the China-based
affiliate's profitability, such that the consolidated group's net
debt-to-EBITDA ratio will not exceed 3.25x (versus 4.0x as of March
2021). We expect management to maintain this financial threshold as
it moves to exercise the exchangeable-bond option with Baring
Private Equity Asia by end-2023. The acquisition is in line with
CWA's long-term business strategy. Our revised outlook to stable in
part reflects a stronger financial profile, given improved business
growth. We estimate that CWA would need HK$500 million in extra
debt if it were to fund a general offer. In our view, it could do
this while maintaining a FFO-to-debt ratio above 13%, which is
appropriate for the 'BB+' rating."

Kangda's financial ratios should gradually improve as its
management's key priority is to deleverage. Kangda cuts its capex
to RMB500 million-RMB600 million in 2021, from RMB1.0
billion-RMB1.1 billion in 2020 by investing in fewer new
water-treatment projects. It is also reducing exposure towards
build-transfer and engineering, procurement, and projects for the
purpose of limiting working capital needs. These efforts should
help transit Kangda's revenue mix to higher-margin operating
services with more stable cash generation. S&P expects Kangda's
FFO-to-debt ratio to increase from 4.5% in 2020.

S&P said, "The stable outlook on CWA reflects our expectation that
the company will continue to expand its core water business in
China and have stable profitability over the next 12-18 months. We
also expect CWA to retain the option of consolidating Kangda and
will not consolidate or provide direct financial support until
Kangda's financial health is restored to a satisfactory level. That
said, CWA has financial headroom to fully consolidate Kangda
without a downgrade.

"We could lower the ratings if CWA's ratio of FFO to debt fell to
and remained consistently below 13%. This could happen if CWA
aggressively expanded via debt-funded acquisitions or raised its
annual capex plans; or its core water supply business materially
deteriorates due to contracting sales volume or insufficient cost
pass-through, which could happen if the tariff adjustment policy is
not well executed by local governments."

An upgrade for CWA is unlikely over the next 12-18 months given the
credit metrics are constrained by potential consolidation of
Kangda. S&P could upgrade CWA if it maintains the FFO-to-debt ratio
at above 25% on a sustainable basis. This could be caused by:

-- Continued improvement in CWA's core water-supply business
through volume growth or tariff hikes that are higher than our
expectations;

-- Further deleveraging through disciplined financial management
and additional equity financing; and

-- Material earnings contribution from its direct-drinking water
pipeline business.

S&P would also take into account improvement in Kangda's capital
structure and corporate governance should CWA moves to control the
company.


EHI CAR: S&P Alters Outlook to Negative, Affirms 'B+' ICR
---------------------------------------------------------
On Feb. 15, 2022, S&P Global Ratings revised its rating outlook on
eHi Car Services Ltd. to negative from stable. At the same time,
S&P affirmed its 'B+' long-term issuer credit rating on the company
and 'B+' issue rating on its existing senior notes.

The negative outlook on eHi is based on S&P's view that the
company's key credit measures (including EBIT interest coverage)
will be under greater pressure than S&P expected over the next 12
months, given sporadic COVID-19 outbreaks and softer economic
growth in China.

S&P sees a higher risk of pandemic-related disruptions for eHi in
2022. The company's fleet utilization rate and average daily net
revenue per available car (RevPAC) were hit by COVID-19 flareups
and car acquisitions. The omicron variant of COVID-19 has made
operating conditions in China more challenging and unpredictable,
given that the variant is significantly more infectious than
previous variants. China operates under a zero-COVID-19 policy.
This means an outbreak will trigger aggressive administrative
measures, including requirements to stay in place and quarantine
across the community. This can seriously dampen people's desire to
travel as S&P saw in the third quarter of 2021.

S&P said, "Additionally, eHi added more cars to its fleet than we
estimated during the first nine months of 2021. This increased the
company's operating costs and decreased fleet utilization during a
period of soft demand. Travel related to the Lunar New Year was
higher in 2022 than 2021, and this should benefit eHi, in our view.
However, omicron will present a bigger challenge. As such, we
forecast eHi's EBIT interest coverage at about 1.0x for 2022,
compared with our previous estimate of more than 1.2x."

EBIT interest coverage ratio will likely improve gradually and hit
1.1x in 2023. eHi is well positioned to capture growth
opportunities once the macroeconomic situation improves, given the
company's relatively young fleet and established national network.
eHi should achieve modest expansion in both average fleet size and
RevPAC in 2022 and 2023. S&P notes greater pressure on the EBIT
margin during 2020-2022 due to higher depreciation charges relative
to rental revenue. This will likely improve in 2023 after the
company slows fleet expansion.

eHi's accelerated capital expenditure (capex) on fleet acquisitions
during the third quarter of 2021 moderately reduced liquidity. S&P
now estimates the company's sources of liquidity covered uses by
1.2x as of Dec. 31, 2021, compared with more than 1.7x as of June
30, 2021. The pace of fleet expansion in the third quarter exceeded
its expectation, while the growth in demand anticipated by the
company did not materialize. Subsequently, eHi became more
cautious, and started to reduce its fleet in the fourth quarter of
2021. Its fleet size should be relatively stable in early 2022,
given recent COVID-19 outbreaks.

eHi does not have any major offshore bullet maturity until 2024,
following the early redemption in full of its 2022 senior notes in
December 2021. eHi also has the flexibility to adjust and time the
capex on its fleet, and it can also tap capital markets, given the
company recently obtained new funds through debt issuance and
syndicated loans.

The negative outlook on eHi is based on S&P's view that the
company's key credit measures (including EBIT interest coverage)
will be under greater pressure than we anticipated over the next 12
months. This is given sporadic COVID-19 outbreaks and softer
economic growth in China.

S&P said, "We may lower the rating if eHi's EBIT interest coverage
decreases further from the current level (which we estimate at
about 1.0x), or if a recovery is slower and more drawn out than our
forecasts. We may also lower the rating if the company's liquidity
declines significantly. This would be caused by a significant fall
in RevPAC, or a resumption of aggressive fleet expansion.

"We may revise the outlook to stable if eHi improves and sustains
its EBIT interest coverage above 1.1x, and builds up a sufficient
liquidity buffer over the next 12 months. The company may do this
by reducing capex, strengthening its liquidity by raising funds, or
having a stronger operating performance than we forecast."

ESG Credit Indicators: To E-2, S-3, G-2, From E-2, S-2, G-2

Social factors are now a moderately negative consideration for the
credit rating analysis on eHi. The company's car rental business is
exposed to major health incidents and travel restriction risks. The
disruptions caused by sudden lockdowns and restrictions as a result
of sporadic COVID-19 outbreaks can create uncertainty for the
company's operations.


SHINSUN HOLDINGS: Moody's Withdraws Caa2 Corporate Family Rating
----------------------------------------------------------------
Moody's Investors Service has withdrawn the Caa2 corporate family
rating of Shinsun Holdings (Group) Co., Ltd. and the Caa3 senior
unsecured rating on the bonds issued by Shinsun. Prior to the
withdrawal, the rating outlook on Shinsun was negative.

RATINGS RATIONALE

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

COMPANY PROFILE

Established in 1995, Shinsun Holdings (Group) Co., Ltd. (Shinsun)
is a Zhejiang-based Chinese property developer with over 20 years
of property development experience. The company's attributable
contracted sales reached RMB80.3 billion in 2021. As of the end of
June 2021, the company had an attributable land bank of 22.9
million square meters.

ZHENRO PROPERTIES: Fitch Lowers LT IDR to 'B', on Watch Neg.
------------------------------------------------------------
Fitch Ratings has downgraded China-based homebuilder Zhenro
Properties Group Limited's Long-Term Issuer Default Rating (IDR) to
'B' from 'B+', and the senior unsecured rating to 'B' from 'B+',
with a Recovery Rating of 'RR4'. The ratings have been placed on
Rating Watch Negative (RWN).

The downgrade reflects Zhenro's limited progress in addressing
large capital market maturities in 2022. The company announced in
January 2022 that it will carry out the redemption of its US dollar
perpetual securities, although there has been market speculation
that it might not happen. The RWN reflects the potential for
further negative rating action on further deterioration in
liquidity and funding access, failure to address upcoming
capital-market debt maturities and/or sustained material decline in
contracted sales.

The capital market remains inaccessible to Zhenro, and Fitch
believes that the company may have to rely mostly on cash
generation from contracted sales to repay its capital market
maturities in 2022.

The company has not provided further information to Fitch beyond
its public announcements.

KEY RATING DRIVERS

Limited Progress in Addressing Maturities: The company announced in
January 2022 that it will redeem the USD200 million of perpetual
securities on 5 March, as there is a step-up of 5% for the coupons
for the perpetuals from January 2022. However, since that
announcement there has been market speculation that Zhenro might
not carry out the redemption and the company has not yet
specifically responded to that speculation. Refinancing risks are
also rising for its capital-market debt maturities.

The company has about CNY8.8 billion of capital-market debt
maturing or puttable in 2022, including USD50 million in March,
USD217.5 million in April, CNY1.6 billion in June, USD293 million
in August and USD246.5 million in September as well as CNY1 billion
onshore bonds puttable in September and CNY1.05 billion onshore
bonds maturing in November. The company has not disclosed to Fitch
how much available cash it has on hand for repayment of capital
market debt.

Lack of Funding Access: Fitch believes the capital market is
largely inaccessible for Zhenro and that it will have to depend on
internal cash resources to address its debt servicing. Fitch
expects the company to face increased refinancing pressure on its
capital market debt for the next 12 months. Zhenro may need to rely
on contracted sales proceeds to address its onshore and offshore
capital-market maturities if markets remain shut to the company.

Refinancing Hinges on Contracted Sales: Zhenro's sales declined in
2H21 yoy and in January 2022, largely in line with the sector.
Zhenro's total contracted sales rose by 3% to CNY145.6 billion in
2021. However, Fitch believes there may be some downside risks on
sales in 2022 if the weak property market sentiment continues.

Higher NCI: Zhenro's non-controlling interests (NCI) to equity
increased to 56% in 1H21 from 46% in 2020, while its NCI net
claim/net development-property assets increased slightly to 20%
from 18%. This creates potential cash leakage and uncertainties
about its ability to upstream cash from the project level to the
holding-company level.

DERIVATION SUMMARY

Zhenro's ratings are constrained by the rising refinancing risk of
its upcoming capital-market maturities, amid negative
capital-market sentiment. Fitch believes the company may have to
rely on cash generation from contracted sales to address its
capital-market maturities. The ability to address its
capital-market maturities is subject to restoration of market
confidence in the company and the sector.

Zhenro has similar business profile with Ronshine China Holdings
Limited (B/Negative) with similar contracted sales scale. Both
companies are facing rising refinancing risk of their upcoming
capital-market maturities, and may have to rely on internal cash
generation to address their capital-market maturities.

KEY ASSUMPTIONS

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

-- Attributable contracted sales of around CNY80 billion a year
    in 2022-2024;

-- Annual land premium maintained at around two years of land
    bank life;

-- Gross floor area (GFA)acquired to be 0.5x-1.0x of GFA sold in
    2021-2024;

-- Gross profit margin of 16%-19% in 2021-2024.

Key Recovery Rating Assumptions:

-- 4x EBITDA multiple to derive Zhenro's going-concern value;

-- Application of liquidation value approach, as liquidation of
    the assets would result in a higher return to creditors;

-- Fitch has assumed a 10% administrative claim in line with
    criteria.

Liquidation Approach

-- The liquidation estimate reflects Fitch's view of the value of
    balance-sheet assets that can be realised in sale or
    liquidation processes conducted during bankruptcy or
    insolvency proceedings and distributed to creditors.

-- Advance rate of 80%, raised from 70%, applied to accounts
    receivable. This treatment is in line with Fitch's recovery
    rating criteria.

-- Advance rate of 25% applied to the book value of investment
    properties. The investment properties portfolio mainly
    consists of malls it operates in tier 1-2 cities. The
    portfolio has an average rental yield of 1%-2%, which is below
    the industry average. The rating team considered a 25% advance
    rate is appropriate, as the implied rental yield on the
    liquidation value for the investment property portfolio would
    improve to 5%-6%, which would be considered acceptable in a
    secondary market transaction.

-- Advance rate of 50%, lowered from 60%, applied to property,
    plant and equipment, which mainly consists of hotels and
    buildings, the value of which is insignificant.

-- Advance rate of 61%, applied to net property inventory. The
    inventory mainly consists of completed properties held for
    sales, and properties under development (PUD) and deposits for
    land acquisitions. Different advance rates were applied to
    these different inventory categories to derived the blended
    advance rates for net inventory.

-- 70% advance rate to completed properties held for sale.
    Completed commodity housing units are closer to readily
    marketable inventory. The company's historical gross margin
    for development property is around 20%. Therefore, a higher
    advance rate of 70% (against the typical 50% mentioned in the
    criteria for inventory) was applied.

-- 55% advance rate to PUD. Unlike completed projects, PUD are
    more difficult to sell. These assets are also in various
    stages of completion. A 55% advance rate was applied because
    Zhenro's PUD are mostly in tier 1-2 cities. Zhenro's land bank
    life is around two years, so the book value should be
    reasonably close to the market value. The PUD balance –
prior
    to applying the advance rate - is net of margin adjusted
    customer deposits.

-- 90% advance rate to deposits for land acquisitions. Land held
    for development is closer to readily marketable inventory, in
    a similar way to completed commodity housing units, provided
    it is well located. Zhenro's land generally is not located in
    significantly disadvantaged areas. Therefore, a higher advance
    rate than the typical 50% mentioned in the criteria was
    considered.

-- Advance rate of 50%, lowered from 60%, applied to joint
    venture (JV) net assets. JV assets typically include a
    combination of completed units, PUD and land bank. A 50%
    advance rate was applied, in line with the baseline advance
    rate for inventories.

-- Advance rate of 0%, lowered from 60%, applied to excess cash,
    after netting the amount of trade payables.

The allocation of value in the liability waterfall results in
recovery corresponding to 'RR4' for the senior unsecured offshore
bonds.

RATING SENSITIVITIES

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

-- RWN will be resolved upon greater clarity of repayment plans
    for its maturities in 2022.

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

-- Deterioration in liquidity or failure to address its upcoming
    bonds maturing in 1H22;

-- A decline in contracted sales or cash collection for a
    sustained period.

BEST/WORST CASE RATING SCENARIO

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

LIQUIDITY AND DEBT STRUCTURE

High Refinancing Needs: Zhenro had available cash of CNY35 billion,
excluding restricted cash of CNY9.5 billion, as of end-June 2021,
covering CNY20.3 billion in short-term debt. However, the company
does not disclose to Fitch how much of the available cash can be
used for repayment of capital market debt.

The company announced in January 2022 that it will redeem the
USD200 million perpetuals on 5 March. The company has about CNY8.8
billion of capital market debt maturing or puttable in 2022,
including USD50 million in March, USD217.5 million in April, CNY1.6
billion in June, USD293 million in August, USD246.5 million in
September as well as CNY1 billion onshore bonds puttable in
September and CNY1.05 billion onshore bonds maturing in November.

ISSUER PROFILE

Zhenro, listed on the Hong Kong stock exchange in 2018, is owned by
major shareholder Ou Zongrong, who started his property business in
1998. The land bank totalled 29.3 million square metres by end-June
2021, with 230 property projects mostly in Tier 1-2 cities.

SUMMARY OF FINANCIAL ADJUSTMENTS

Fitch's calculation of net property assets includes: PUD, completed
properties for sale, investment properties, land and buildings,
investment in JVs and associates, amounts due from JVs and
associates, project-related restricted cash, less contract
liabilities adjusted by its gross profit margin, payables and
amounts due to JVs and associates. Fitch includes the guarantees to
JVs and associates and related parties in net debt and net property
assets.

ESG CONSIDERATIONS

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



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

ADHUNIK INFRA: CRISIL Withdraws B Rating on INR22.5cr Loan
----------------------------------------------------------
CRISIL Ratings has withdrawn its ratings on the bank facilities of
Adhunik Infrastructures Private Limited (AIPL) 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        15         CRISIL A4/Issuer Not
                                    Cooperating (Withdrawn)

   Bank Guarantee         5.5       CRISIL A4/Issuer Not
                                    Cooperating (Withdrawn)

   Bank Guarantee        17         CRISIL A4/Issuer Not
                                    Cooperating (Withdrawn)

   Bank Guarantee        22.5       CRISIL A4/Issuer Not
                                    Cooperating (Withdrawn)

   Bank Guarantee         8         CRISIL A4/Issuer Not
                                    Cooperating (Withdrawn)

   Cash Credit            2         CRISIL B/Stable/Issuer Not
                                    Cooperating (Withdrawn)

   Cash Credit            7.5       CRISIL B/Stable/Issuer Not
                                    Cooperating (Withdrawn)

   Cash Credit            4.5       CRISIL B/Stable/Issuer Not
                                    Cooperating (Withdrawn)

   Cash Credit            2         CRISIL B/Stable/Issuer Not
                                    Cooperating (Withdrawn)

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

   Proposed Long Term    10         CRISIL B/Stable/Issuer Not
   Bank Loan Facility               Cooperating (Withdrawn)

   Proposed Short Term   23         CRISIL A4/Issuer Not
   Bank Loan Facility               Cooperating (Withdrawn)

CRISIL Ratings has been consistently following up with AIPL for
obtaining information through letters and emails dated September
15, 2021 and November 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 AIPL. This restricts CRISIL
Ratings' ability to take a forward looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on AIPL
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the rating on bank facilities of
AIPL continues to be 'CRISIL B/Stable/CRISIL A4 Issuer Not
Cooperating'.

AIPL, incorporated in 1996 and promoted by Kolkata based Sureka
family, undertakes civil construction activities, primarily road
infrastructure development, in West Bengal and Jharkhand. It has
also started developing commercial complexes, horticulture parks,
industrial infrastructures, and undertaking mastic asphalt
surfacing. Further, the company has diversified into construction
of bridges, drains, and water treatment plants.

AJAB SINGH: CRISIL Reaffirms B+ Rating on INR4.50cr Term Loan
-------------------------------------------------------------
CRISIL Ratings has reaffirmed its 'CRISIL B+/Stable/CRISIL A4'
ratings on the bank facilities of Ajab Singh And Company (ASCO).

                      Amount
   Facilities       (INR Crore)     Ratings
   ----------       -----------     -------
   Bank Guarantee        30         CRISIL A4 (Reaffirmed)
   Bank Guarantee         8         CRISIL A4 (Reaffirmed)
   Cash Credit            1         CRISIL B+/Stable (Reaffirmed)
   Overdraft Facility     0.8       CRISIL B+/Stable (Reaffirmed)
   Proposed Term Loan     1.24      CRISIL B+/Stable (Reaffirmed)
   Term Loan              4.5       CRISIL B+/Stable (Reaffirmed)
   Working Capital
   Demand Loan            3.46      CRISIL B+/Stable (Reaffirmed)

The ratings continue to reflect the firm's susceptibility to risks
inherent in tender-based operations and large working capital
requirement. These weaknesses are partially offset by the extensive
experience of the partners in the civil construction business and
the firm's moderate financial risk profile.

Analytical approach

Unsecured loan of INR17.52 crore as on March 31, 2021, has been
treated as neither debt nor equity as the loan is expected to
remain in the business.

Key rating drivers and detailed description

Weaknesses:

* Susceptibility to risks inherent in tender-based operations:
Revenue and profitability depend entirely on the ability to win
tenders. Revenue and operating margin were subdued at INR14-68
crore and 6.0-9.9% in the three fiscals through 2021.

* Large working capital requirement: Operations are working capital
intensive, as indicated by gross current assets of 560 days as on
March 31, 2021, driven, by sizeable security deposits (earnest
money, retention money, and input tax), extensive credit offered to
customers and moderate work-in-progress inventory.

Strengths:

* Extensive experience of the partners: The partners' experience of
three decades in the civil construction industry and Mr. Ajab
Singh's healthy relationships with customers should continue to
support the business.

* Moderate financial risk profile: The financial risk profile is
supported by comfortable total outside liabilities to adjusted
networth ratio of 0.77 time as on March 31, 2021. Debt protection
metrics were above average, reflected in interest coverage and net
cash accrual to total debt ratio of 1.94 times and negative 0.28
time, respectively, in fiscal 2021. Cash accurals negative in FY21
due to withdrawal of funds.

Liquidity: Poor

Bank limit utilization was low at 55.71% on average for the 12
months through December 2021. Cash accrual is expected at INR1.51
crore and INR2.37 crore in fiscals 2022 and 2023, respectively,
against term debt obligation of INR1.35 crore and 1.53 crore,
respectively, and the surplus will cushion liquidity.

Current ratio was healthy at 4.23 times as on March 31, 2021. The
partners are likely to extend support in the form of equity and
unsecured loans to meet working capital requirement and debt
obligation. The partners withdrew INR4.8 crore from the firm in
fiscal 2021 because of which the networth has declined. The
partners will likely continue to withdraw funds.

The firm had moderate cash and bank balance of around INR3.25 crore
as on March 31, 2021. Low gearing and moderate networth support its
financial flexibility to withstand adverse conditions or downturn
in the business.

Outlook: Stable

CRISIL Ratings believes ASCO will continue to benefit from the
extensive experience of its partners.

Rating sensitivity factors

Upward factors:

* Sustainable increase in revenue to INR70 crore
* Improvement in the financial risk profile along with efficient
capital management

Downward factors:

* Decline in operating profitability below 10%
* Stretch in the working capital cycle weakening the financial risk
profile and liquidity

Set up in 2009, ASCO is a partnership firm of Mr. Ajab Singh, Mr.
Deepak Chaudhary and Mr. Harish Chaudhary. It was earlier a
proprietary concern of Mr. Ajab Singh. The firm is involved in the
construction of sewer line, roads and other civil engineering
projects in the National Capital Region.


BHARAT HYDEL: CRISIL Withdraws B- Rating on INR10cr Cash Loan
-------------------------------------------------------------
CRISIL Ratings has withdrawn its ratings on the bank facilities of
Bharat Hydel Projects Private Limited (BHPPL) on the request of the
entity 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         20        CRISIL A4/Issuer Not
                                    Cooperating (Withdrawn)

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

CRISIL Ratings has been consistently following up with BHPPL for
obtaining information through letters and emails dated March 6,
2017, March 22, 2017, October 24, 2020 and April 20, 2021 apart
from telephonic communication. However, the issuer has remained non
cooperative.

'Investors, lenders and all other market participants should
exercise due caution with reference to the ratings
assigned/reviewed with the suffix 'issuer not cooperating' as the
ratings are arrived at without any management interaction and are
based on best-available or limited or dated information on the
company. Such non-cooperation 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 BHPPL, CRISIL Ratings
failed to receive any information on either the financial
performance or strategic intent of the entity. This restricts the
ability of CRISIL Ratings to take a forward-looking view on the
entity's credit quality. CRISIL Ratings believes that rating action
on BHPPL is consistent with 'Assessing Information Adequacy Risk'.
Based on the last-available information, the ratings on the bank
facilities of BHPPL continue to be 'CRISIL B-/Stable/CRISIL A4
Issuer Not Cooperating'.

Analytical Approach

For this rating action, CRISIL Ratings has revised its analytical
approach and has considered a standalone approach for BHPPL.
Earlier, CRISIL Ratings had combined the business and financial
risk profiles of BHPPL and Bharat Constructions India Pvt Ltd
(BCIPL). The revision in approach is driven by the management
stance that BCIPL and BHPPL currently have no operational and
financial linkages.

BHPPL was established by Mr. Rajeev Garg and Mr. INRPanwar in
fiscal 2006. The company, based in Uttaranchal participates in
large tenders and contracts for construction of roads and
hydroelectric power plants.

C.T. ENGINEERING: CRISIL Withdraws B Debt Rating on LT/ST Loans
---------------------------------------------------------------
Due to inadequate information, CRISIL Ratings, in line with SEBI
guidelines, had migrated the rating of C.T. Engineering Polymers
Private Limited (CTEPL) to 'CRISIL B/Stable/CRISIL A4/Issuer Not
Cooperating'. CRISIL Ratings has withdrawn its rating on bank
facility of CTEPL following a request from the company and on
receipt of a 'no dues certificate' from the banker. Consequently,
CRISIL Ratings is migrating the ratings on bank facilities of CTEPL
from 'CRISIL B/Stable/CRISIL A4/Issuer Not Cooperating to 'CRISIL
B/Stable/CRISIL A4'. The rating action is in line with CRISIL
Ratings' policy on withdrawal of bank loan ratings.

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

   Short Term Rating      -        CRISIL A4 (Migrated from
                                   'CRISIL A4 ISSUER NOT
                                   COOPERATING; Rating Withdrawn)

Incorporated in 2017, CTEPL is a private limited company promoted
by Mr. Rishub Jain and his brother, Mr. Abhishek Jain. The company
trades in polymers such as polyvinyl chloride resin, high- and
low-density poly ethylene, and poly propylene. CTEPL is based in
Delhi. The company imports traded goods from Korea, Thailand, USA
and China for sale in India. Commercial operations started in June
2017.


COASTAL ENERGEN: NCLT Admits SBI's Insolvency Plea After 3 Years
----------------------------------------------------------------
Financial Express reports that the Chennai bench of the National
Company Law Tribunal (NCLT) has admitted State Bank of India
(SBI)'s plea to initiate insolvency proceedings against power
producer Coastal Energen after three years of back-and-forth
between lenders, the company and the court. In an order dated
February 4, a copy of which FE has seen, the tribunal admitted the
petition filed originally in October 2018 and appointed
Radhakrishnan Dharmarajan as the insolvency resolution
professional.

In its petition, SBI said Coastal Energen had defaulted on dues
worth INR2,923.62 crore owed to the lender, FE discloses. An April
2020 rating release by Icra showed the power firm owed its lenders
INR7,794.20 crore. While the insolvency application was pending
with the court, SBI and other consortium banks have made repeated
attempts to sell off their exposures to Coastal Energen, none of
which has come to fruition so far, FE relates.

According to FE, Dharmarajan has invited claims from Coastal
Energen's creditors and the deadline for sending them in is
February 21.

FE relates that the NCLT order cited SBI's application to state
that Coastal Energen had borrowed from a consortium of 15 banks and
financial institutions for setting up a coal-based thermal power
plant with a capacity of 1200 MW at Tuticorin in Tamil Nadu. The
original cost of the project was estimated at INR4,297 crore, with
debt of INR3,323 crore and equity of INR859 crore. However, due to
overruns, the project cost got revised to INR7,870 crore, with debt
of INR6,296 crore and equity of INR1,574 crore.

"It was submitted that the lenders of the Financial Creditor have
agreed to render financial assistance to the Corporate Debtor,
however the promoters have failed to bring in the stipulated equity
amount," the order, as cited by FE, said. "Further, it was
submitted that the Financial Creditor along with other lenders also
supported the Corporate Debtor to fund the cost overrun of the
project by providing additional finance and with the financial
support of the lenders, the Unit I of the Corporate Debtor was
commissioned on 23.12.2014 and Unit II on 13.01.2016."

The account was classified as a non-performing asset on March 31,
2017 after the company defaulted on loans. SBI moved the NCLT
against the company in October 2018, FE notes.

While SBI's petition was pending before the NCLT, Coastal Energen
approached the consortium of lenders for a one time settlement
(OTS), FE says. Its initial OTS proposal dated May 15, 2019 was
accepted by the consortium. It entailed a settlement of INR3,100
crore while allowing lenders to retain 15% equity in the company.
The insolvency plea was withdrawn on December 19, 2019 "with a
liberty to reopen the proceedings in the event of default."

As Coastal Energen failed to keep up with the terms of the OTS, SBI
revived insolvency proceedings against the company and filed a plea
in December 2020 for restoration of the original insolvency
application.

FE adds that the court ruled that there has been a default on the
part of Coastal Energen for a sum of over INRone lakh, the cut-off
for initiating the insolvency process. "Also, the default arising
in the present application is much prior to the advent of the
Covid-19 pandemic, and hence the Corporate Debtor cannot seek
shelter also under Section l0A of IBC, 2016," the court said.

Coastal Energen Private Limited operates as an energy company. The
Company supplies energy including coal trading, mining, shipping,
logistics, and power generation. Coastal Energen serves customers
globally.


ELAVIN CHEMTECH: CRISIL Withdraws B Rating on INR5cr Cash Loan
--------------------------------------------------------------
CRISIL Ratings has withdrawn its ratings on the bank facilities of
Elavin Chemtech Private Limited (ECPL) 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            5         CRISIL B/Stable/Issuer Not
                                    Cooperating (Withdrawn)

   Letter of Credit       1.07      CRISIL A4/Issuer Not
                                    Cooperating (Withdrawn)

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

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

Detailed Rationale

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

Incorporated in 2015, ECPL manufactures polyurethane systems
catering to the automobile industry. Operations commenced in fiscal
2017. Mr. Bhavesh Patel, Mr. Tushar Kaushik, and Mr. Raman Unni
Ambraith are the promoters.

EMERGING INFRA: CRISIL Lowers Rating on INR5cr Secured Loan to B+
-----------------------------------------------------------------
CRISIL Ratings has downgraded its ratings on the bank facilities of
Emerging Infrastructure (EI) to 'CRISIL B+/Stable/CRISIL A4' from
'CRISIL BB-/Stable/CRISIL A4+'.

                      Amount
   Facilities       (INR Crore)     Ratings
   ----------       -----------     -------
   Bank Guarantee        5          CRISIL A4 (Downgraded from
                                    'CRISIL A4+')

   Secured Overdraft     5          CRISIL B+/Stable (Downgraded
   Facility                         from 'CRISIL BB-/Stable')

The downgrade factors in the decline in the business risk profile
of EI, its weak financial risk profile and stretched liquidity.
Revenue declined to INR8.11 crore in fiscal 2021 from INR17.45
crore in fiscal 2020. As a result of fall in orders in hand,
revenue is likely to remain modest, with ramp-up to pre-pandemic
levels not expected to happen in the ongoing fiscal as well.
Operating margin, too, moderated to 7.85% in fiscal 2021 from 5.17%
in fiscal 2020. The financial risk profile is weak, and liquidity
is stretched.

The ratings reflect the modest scale of operations and average
financial risk profile of EI. These weaknesses are partially offset
by the extensive experience of the partners in the construction
industry.

Analytical approach

Unsecured loan of INR92.32 lakh provided by the partners and their
family members as on March 31, 2021, has been treated as debt, as
the loan is need-based.

Key rating drivers and detailed description

Weaknesses:

* Modest scale of operations: The modest scale of operations is
indicated by revenue of INR8.11 crore in fiscal 2021, declining
from INR17.45 crore in fiscal 2020. Revenue remains subdued because
of tender-based business and exposure to intense competition.
* Average financial risk profile: Networth was low at INR3.7 crore
as on March 31, 2021, declining from INR4.69 crore a year earlier,
while total outside liabilities to tangible networth ratio and
gearing stood at 1.88 times and 1.87 times, respectively. Debt
protection metrics were weak, indicated by interest coverage and
net cash accrual to total debt ratios of 1.13 times and negative
0.1 time, respectively, in fiscal 2021.

Strength:

* Extensive experience of the partners: Presence of more than two
decades in the construction industry has enabled the partners to
establish healthy relationships with various government departments
(Northern Railways and UP Bridge Corporation Ltd) and raw material
suppliers.

Liquidity: Stretched

Bank limit of INR5 crore was utilised at 96.10% on average over the
12 months through December 2021. Cash accrual is expected at a
modest INR33.71 lakh in fiscal 2022 and will just about cover the
debt obligation of INR22.50 lakh. Current ratio was moderate at 1.7
times as on March 31, 2021.

Outlook: Stable

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

Rating sensitivity factors

Upward factors:

* Increase in revenue to above INR15 crore and in the operating
margin to above 9%
* Increase in networth on account of higher cash accrual
Improvement in liquidity aided by infusions or enhancement in bank
lines

Downward factors:

* Further decline in revenue (to below INR7 crore) and the
operating margin
* Withdrawal of unsecured loans or share capital weakening the
financial risk profile

EI, established in 2012 as a partnership firm, constructs foot over
bridges and under bridges for the railways. The firm takes work
orders from Northern Railways and UP Bridge Corporation Ltd. Mr.
Surender Khurana, Mr. Gagandeep Singh and Mr. Sarabjeet Singh are
partners in the firm.

FRONTIER KNITTERS: CRISIL Moves B+ Rating from Not Cooperating
--------------------------------------------------------------
Due to inadequate information, CRISIL Ratings, in line with SEBI
guidelines, had migrated its rating on the bank facilities of
Frontier Knitters Private Limited (FKPL) to 'CRISIL B/Stable/CRISIL
A4 Issuer Not Cooperating'. However, the management has
subsequently started sharing requisite information, necessary for
carrying out comprehensive review of the rating.  Consequently,
CRISIL Ratings is migrating the rating on the long-term bank
facilities of FLDEC from 'CRISIL B/Stable/CRISIL A4 Issuer Not
Cooperating' to 'CRISIL B+/Stable/CRISIL A4'.

                      Amount
   Facilities       (INR Crore)     Ratings
   ----------       -----------     -------
   Bank Guarantee        0.1        CRISIL A4 (Migrated from
                                    'CRISIL A4 ISSUER NOT
                                    COOPERATING')

   Export Packing       20          CRISIL B+/Stable (Migrated
   Credit                           from 'CRISIL B/Stable ISSUER
                                    NOT COOPERATING')

   Foreign Bill         16          CRISIL A4 (Migrated from
   Discounting                      'CRISIL A4 ISSUER NOT
                                    COOPERATING')

   Letter of Credit      1          CRISIL A4 (Migrated from
                                    'CRISIL A4 ISSUER NOT
                                    COOPERATING')

   Long Term Loan       22          CRISIL B+/Stable (Migrated
                                    from 'CRISIL B/Stable ISSUER
                                    NOT COOPERATING')

   Proposed Long Term    6.7        CRISIL B+/Stable (Migrated
   Bank Loan Facility               from 'CRISIL B/Stable ISSUER
                                    NOT COOPERATING')

   Standby Line          3.7        CRISIL B+/Stable (Migrated
   of Credit                        from 'CRISIL B/Stable ISSUER
                                    NOT COOPERATING')

Key Rating Drivers & Detailed Description

Weaknesses:

* Working capital-intensive operations: Gross current assets (GCA)
were 292 days as on March 31, 2021, due to large inventory of over
200 days. Large working capital requirement continues to constrain
the operating efficiency of the company as reflected in its Return
on Capital Employed of less than 6% during the last 2 years ended
fiscal 2021.

* Customer concentration in revenue: Top three clients account for
more than 80% of turnover. Though revenue concentration is expected
to reduce with diversification, this will be gradual, thereby
constraining business risk profile.

Strengths:

* Average financial risk profile: Gearing was average at 2.2 times
as of March 31, 2021, despite moderate networth of INR47 crores on
account of increasing debt levels. Debt protection metrics were
moderate as reflected in its interest coverage of less than 2 times
in fiscal 2021.

* Extensive experience of promoter: The promoter has extensive
experience in the textile industry. Mr. Mohammed Thajutheen has
been in the business for more than 2 decades

Liquidity: Stretched

Cash accruals are estimated to be in the range of INR6-7 crores
against repayment obligation of INR6-9 crores over the medium term.
Accruals are tightly matched against the repayment obligations and
in addition, its bank limits were almost fully utilized during the
last 12 months ended December – 2021. The company had taken GECL
loan of about INR10 crores in the current fiscal to aid its
liquidity.

Outlook: Stable

CRISIL believes that FKPL will maintain its business risk profile,
supported by established customer relationship, over the medium
term

Rating Sensitivity factors

Upward factors:

* Net cash accrual to repayment of more than 1.5 times
* Reduction in working capital requirement leading to improvement
in liquidity

Downward factors:

* Accruals to repayment of less than 1.2 times
* GCA of more than 300 days leading to deterioration of liquidity

Established as a partnership firm in 1988 by Mr. Mohammed
Thajutheen in Tiruppur, Tamil Nadu, and reconstituted as a private
limited company in October 2010, FKPL manufactures and exports a
wide range of knitted garments.

GOKUL GRANITES: Voluntary Liquidation Process Case Summary
----------------------------------------------------------
Debtor: M/s. Gokul Granites Private Limited
        1/52, Brindavan Road
        Fairlands
        Salem 636016

Liquidation Commencement Date: January 12, 2022

Court: National Company Law Tribunal, Salem Bench

Insolvency professional: CA Ayyampalayam Venkatesan Arun

Interim Resolution
Professional:            CA Ayyampalayam Venkatesan Arun
                         "Ram's Court", 10/2
                         Balaji Nagar I Cross, Advaitha
                         Ashram Road Salem
                         Tamil Nadu 636004

                            - and -

                         "Akshayam", 4th Floor
                         Old No. 4/1, New No. 153-B
                         Sugavaneswara Street
                         Salem 636004
                         E-mail: gokullpservices@gmail.com
                                 avarun77@gmail.com
                         Mobile: 9842712336

Last date for
submission of claims:    February 15, 2022


HARSH CONSTRUCTIONS: CRISIL Withdraws B Rating on INR10cr Loan
--------------------------------------------------------------
CRISIL Ratings has withdrawn its ratings on the bank facilities of
Harsh Constructions Private Limited (HCPL) 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         30        CRISIL A4/Issuer Not
                                    Cooperating (Withdrawn)

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

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

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

Detailed Rationale

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

Analytical Approach

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

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

INDU TECHZONE PRIVATE: Insolvency Resolution Process Case Summary
-----------------------------------------------------------------
Debtor: Indu Techzone Private Limited
        Indu Fortune Fields
        1009, 13th Phase
        Kukatpally Hyderabad
        Telangana 500072

Insolvency Commencement Date: February 10, 2022

Court: National Company Law Tribunal, Hyderabad Bench

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

Insolvency professional: Krishna Komaravolu

Interim Resolution
Professional:            Krishna Komaravolu
                         House No. 7-1-214, Flat No. 409
                         Vamsikrishna Apartments
                         Dharam Karan Road
                         Ameerpet, Hyderabad 500016
                         E-mail: kkvolu@gmail.com
                                 indutechzone@gmail.com

Last date for
submission of claims:    Februayr 24, 2022


JULIET APPARELS: CRISIL Assigns B+ Rating to INR18.25cr Loan
------------------------------------------------------------
CRISIL Ratings has assigned its 'CRISIL B+/Stable/CRISIL A4'
ratings to the bank facilities of Juliet Apparels Private Limited
(JAPL).

                      Amount
   Facilities       (INR Crore)     Ratings
   ----------       -----------     -------
   Bank Guarantee       0.10        CRISIL A4 (Assigned)

   Cash Credit         18.25        CRISIL B+/Stable (Assigned)

   Inland/Import
   Letter of Credit     2.30        CRISIL A4 (Assigned)

   Proposed Fund-
   Based Bank Limits    0.72        CRISIL B+/Stable (Assigned)

   Term Loan            7.51        CRISIL B+/Stable (Assigned)

   Term Loan            1.74        CRISIL B+/Stable (Assigned)

   Term Loan            1.26        CRISIL B+/Stable (Assigned)

   Term Loan            0.31        CRISIL B+/Stable (Assigned)

   Term Loan           11.74        CRISIL B+/Stable (Assigned)

   Term Loan            2.33        CRISIL B+/Stable (Assigned)

   Term Loan           10.39        CRISIL B+/Stable (Assigned)

   Term Loan            4.76        CRISIL B+/Stable (Assigned)

   Term Loan            1.30        CRISIL B+/Stable (Assigned)

   Term Loan            0.81        CRISIL B+/Stable (Assigned)

   Term Loan            2.66        CRISIL B+/Stable (Assigned)

   Term Loan            0.82        CRISIL B+/Stable (Assigned)

   Working Capital
   Term Loan           13           CRISIL B+/Stable (Assigned)

The rating reflects JAPL's modest scale of operations in a highly
competitive industry, working capital-intensive operations and weak
financial profile. These weaknesses are partially offset by the
extensive experience of the promoters in the textile industry

Analytical Approach

Unsecured loans of INR37.2 crore as on March 31, 2021, has been
treated as debt.

Key Rating Drivers & Detailed Description

Weaknesses:

* Modest scale in a highly competitive industry: Scale is modest,
reflected in revenue of INR93.43 crore in fiscal 2021 and expected
revenue of INR116.79 crore in fiscal 2022. The textile industry is
highly fragmented and competitive, which limits pricing flexibility
and bargaining power of the players. Also, the threat from large
integrated players in the form of capacity additions limits
growth.

* Working capital-intensive operations: Gross current assets (GCAs)
were 184-232 days for the three fiscals ended March 31, 2021. GCAs
were 232 days as on March 31, 2021, driven by high debtors of 191
days and inventory of 116 days in fiscal 2021. The company is
required to extend long credit period and holds large
work-in-process and inventory. Working capital cycle will continue
to remain stretched.

* Weak financial risk profile: JAPL has weak financial profile, as
indicated by total outside liabilities to adjusted net worth
(TOLANW) ratio of 4.05 times as on March 31, 2021. Debt protection
metrics have also been weak in the past with interest coverage and
net cash accrual to total debt ratios of 1.62 times and 0.06 time,
respectively, for fiscal 2021. Financial profile is expected to
remain at similar level because of high debt.

Strengths:

* Extensive industry experience of the promoters: The promoters
have experience of over four decades in the textile industry. This
has given them a strong understanding of the market dynamics and
enabled them to establish healthy relationships with suppliers and
customers. The top 5 customers contributed to less than 10% sales
in fiscal 2021.

Liquidity: Stretched

Bank limit utilization was high at 99% for the 12 months through
December 2021. Cash accrual is expected to be INR8.5-10 crore,
which should be sufficient against term debt obligation of INR4-6.5
crore over the medium term. Unsecured loans of INR37.2 crore, as on
March 31, 2021, are expected to stay in the business over the
medium term and will support the liquidity.

Outlook: Stable

CRISIL Ratings believes JAPL will continue to benefit from the
extensive experience of its promoters and established relationships
with clients.

Rating Sensitivity Factors

Upward factors

* Improvement in financial risk profile with TOL/ANW to be below 3
times.
* Improvement in working capital cycle with debtor days going below
150 and inventory days going below 100 days

Downward factors

* Decline in scale of operations, or operating profitability,
leading to net cash accrual below INR7 crore

* Large, debt-funded capital expenditure or increase in working
capital requirement, further weakening liquidity and financial
profile

Incorporated in 2000, JAPL manufactures ladies' undergarments,
nightwear, dresses and western outfits. The company is promoted by
the Trevadia family and is based out of Mumbai, Maharashtra.

KRIARJ ENTERTAINMENT: Insolvency Resolution Process Case Summary
----------------------------------------------------------------
Debtor: Kriarj Entertainment Private Limited
        B-56H Rajeev Colony
        Ghalori Extension
        New Delhi 110096

Insolvency Commencement Date: February 11, 2022

Court: National Company Law Tribunal, New Delhi Bench

Estimated date of closure of
insolvency resolution process: August 10, 2022

Insolvency professional: Maya Gupta

Interim Resolution
Professional:            Maya Gupta
                         3685/7, Narang Colony
                         Tri Nagar, Delhi 110035
                         E-mail: fcsmayagupta@gmail.com

                            - and -

                         Maya Gupta & Associates
                         701, Vikrant Tower
                         Rajendra Place
                         New Delhi 110008
                         E-mail: cirp.kriarj@gmail.com

Last date for
submission of claims:    February 25, 2022


KUMAR DISTRIBUTORS: Insolvency Resolution Process Case Summary
--------------------------------------------------------------
Debtor: Kumar Distributors Private Limited
        J-156, 3rd Floor, Saket
        New Delhi 110017

Insolvency Commencement Date: February 9, 2022

Court: National Company Law Tribunal, Delhi Bench

Estimated date of closure of
insolvency resolution process: August 8, 2022

Insolvency professional: Kamall Ahuja

Interim Resolution
Professional:            Kamall Ahuja
                         D-251, Ground Floor, Defence Colony
                         New Delhi 110024
                         E-mail: nclt.srassociate@lawmax.in
                                 cirp.kumardistributors@gmail.com

Last date for
submission of claims:    February 23, 2022


LAKHANI FOOTWEAR: CRISIL Moves B- Debt Ratings to Not Cooperating
-----------------------------------------------------------------
CRISIL Ratings has migrated the rating on bank facilities of
Lakhani Footwear Private Limited (LFPL; a part of the Lakhani
group) to 'CRISIL B-/Stable/CRISIL A4 Issuer Not Cooperating'.

                       Amount
   Facilities       (INR Crore)     Ratings
   ----------       -----------     -------
   Bill Purchase-        15         CRISIL A4 (Issuer Not
   Discounting                      COOPERATING; Migrated from
   Facility                         'CRISIL A4')
                                    
   Cash Credit           59.31      CRISIL B-/Stable (ISSUER NOT
                                    COOPERATING; Migrated from
                                    'CRISIL B-/Stable')

   Letter of Credit      27         CRISIL A4 (Issuer Not
                                    COOPERATING; Migrated from
                                    'CRISIL A4')

   Proposed Long Term     4.95      CRISIL B-/Stable (ISSUER NOT
   Bank Loan Facility               COOPERATING; Migrated from
                                    'CRISIL B-/Stable')  

   Term Loan             11.86      CRISIL B-/Stable (ISSUER NOT
                                    COOPERATING; Migrated from
                                    'CRISIL B-/Stable')

CRISIL Ratings has been consistently following up with LFPL for
obtaining information through letters and emails dated January 3,
2022, January 14, 2022, January 19, 2022 and January 24, 2022 among
others, apart from telephonic communication. However, the issuer
has remained non cooperative.

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

Detailed Rationale

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

Therefore, on account of inadequate information and lack of
management cooperation, CRISIL Ratings has migrated the rating on
bank facilities of LFPL to 'CRISIL B-/Stable/CRISIL A4 Issuer Not
Cooperating'.

Analytical Approach

CRISIL Ratings has combined the business and financial risk
profiles of LFPL, Lakhani Rubber Works, Lakhani Shoes and Apparels
Pvt Ltd and Lakhani Rubber Products Pvt Ltd (all rated 'CRISIL
B-/Stable/CRISIL A4 Issuer not cooperating'). This is because these
entities, collectively referred to as the Lakhani group, are in the
same business, and have common promoters, senior management,
procurement, marketing, and finance teams.

The Lakhani group has established the Lakhani brand in the footwear
and rubberised automotive components businesses for the past four
decades. Between fiscals 2006 and 2008, the split between Mr. K C
Lakhani and his younger brother, Mr. P D Lakhani, led to
re-organisation of the business and its assets. The company has
production plants in Faridabad (Haryana), Dhar (MP), Haridwar
(Uttaranchal) and Noida (Uttar Pradesh) to produce sports, leather
and canvas shoes and Ethylene-vinyl acetate slippers slippers with
a total capacity of 55.5 million pairs a year.

LAKHANI RUBBER WORK: CRISIL Moves B- Ratings from Not Cooperating
-----------------------------------------------------------------
CRISIL Ratings has migrated the rating on bank facilities of
Lakhani Rubber Works (LRW) to 'CRISIL B-/Stable/CRISIL A4 Issuer
Not Cooperating'.

                      Amount
   Facilities       (INR Crore)     Ratings
   ----------       -----------     -------
   Bank Guarantee         1         CRISIL A4 (ISSUER NOT
                                    COOPERATING; Migrated from
                                    'CRISIL A4')

   Bill Purchase-         6         CRISIL A4 (ISSUER NOT
   Discounting Facility             COOPERATING; Migrated from
                                    'CRISIL A4')

   Cash Credit            8.5       CRISIL B-/Stable (ISSUER NOT
                                    COOPERATING; Migrated from
                                    'CRISIL B-/Stable')

   Letter of Credit      10         CRISIL A4 (ISSUER NOT
                                    COOPERATING; Migrated from
                                    'CRISIL A4')

   Proposed Long Term     5.28      CRISIL B-/Stable (ISSUER NOT
   Bank Loan Facility               COOPERATING; Migrated from
                                    'CRISIL B-/Stable')

CRISIL Ratings has been consistently following up with LRW for
obtaining information through emails dated January 3, 2022, January
14, 2022, January 19, 2022 and January 24, 2022 among others, apart
from telephonic communication. However, the issuer has remained non
cooperative.

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

Detailed Rationale

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

Therefore, on account of inadequate information and lack of
management cooperation, CRISIL Ratings has migrated the rating on
bank facilities of LRW to 'CRISIL B-/Stable/CRISIL A4 Issuer Not
Cooperating'.

Analytical Approach

CRISIL Ratings has combined the business and financial risk
profiles of LRW, Lakhani Footwear Pvt Ltd, Lakhani Shoes and
Apparels Pvt Ltd and Lakhani Rubber Products Pvt Ltd(all rated
'CRISIL B-/Stable/CRISIL A4 Issuer not cooperating'). This is
because these entities, collectively referred to as the Lakhani
group, are in the same business, and have common promoters, senior
management, procurement, marketing, and finance teams.

The Lakhani group has established the Lakhani brand in the footwear
and rubberised automotive components businesses for the past four
decades. Between fiscals 2006 and 2008, the split between Mr. K C
Lakhani and his younger brother, Mr. P D Lakhani, led to
re-organisation of the business and its assets. The company has
production plants in Faridabad (Haryana), Dhar (MP), Haridwar
(Uttaranchal) and Noida (Uttar Pradesh) to produce sports, leather
and canvas shoes and Ethylene-vinyl acetate slippers slippers with
a total capacity of 55.5 million pairs a year.

LAKHANI RUBBER: CRISIL Moves B- Debt Rating from Not Cooperating
----------------------------------------------------------------
CRISIL Ratings has migrated the rating on bank facilities of
Lakhani Rubber Products Private Limited (LRPL; a part of the
Lakhani group) to 'CRISIL B-/Stable/CRISIL A4 Issuer Not
Cooperating'.

                      Amount
   Facilities       (INR Crore)     Ratings
   ----------       -----------     -------
   Bank Guarantee         1         CRISIL A4 (ISSUER NOT
                                    COOPERATING; Migrated from
                                    'CRISIL A4')

   Bill Purchase-         7.5       CRISIL A4 (ISSUER NOT
   Discounting                      COOPERATING; Migrated from
   Facility                         'CRISIL A4')

   Cash Credit            8.5       CRISIL B-/Stable (ISSUER NOT
                                    COOPERATING; Migrated from
                                    'CRISIL B-/Stable')

   Letter of Credit      10         CRISIL A4 (Issuer Not
                                    COOPERATING; Migrated from
                                    'CRISIL A4')

   Proposed Long Term    15.98      CRISIL B-/Stable (ISSUER NOT
   Bank Loan Facility               COOPERATING; Migrated from
                                    'CRISIL B-/Stable')

CRISIL Ratings has been consistently following up with LRPL for
obtaining information through letters and emails dated January 3,
2022, January 14, 2022, January 19, 2022 and January 24, 2022 among
others, apart from telephonic communication. However, the issuer
has remained non cooperative.

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

Detailed Rationale

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

Therefore, on account of inadequate information and lack of
management cooperation, CRISIL Ratings has migrated the rating on
bank facilities of LRPL to 'CRISIL B-/Stable/CRISIL A4 Issuer Not
Cooperating'.

Analytical Approach

CRISIL Ratings has combined the business and financial risk
profiles of LRPL, Lakhani Rubber Works, Lakhani footwear Pvt Ltd
and Lakhani Shoes and Apparel Pvt Ltd (all rated 'CRISIL
B-/Stable/CRISIL A4 Issuer not cooperating'). This is because these
entities, collectively referred to as the Lakhani group, are in the
same business, and have common promoters, senior management,
procurement, marketing, and finance teams.

The Lakhani group has established the Lakhani brand in the footwear
and rubberised automotive components businesses for the past four
decades. Between fiscals 2006 and 2008, the split between Mr. K C
Lakhani and his younger brother, Mr. P D Lakhani, led to
re-organisation of the business and its assets. The company has
production plants in Faridabad (Haryana), Dhar (MP), Haridwar
(Uttaranchal) and Noida (Uttar Pradesh) to produce sports, leather
and canvas shoes and Ethylene-vinyl acetate slippers with a total
capacity of 55.5 million pairs a year.


LAKHANI SHOES: CRISIL Moves B- Debt Rating from Not Cooperating
---------------------------------------------------------------
CRISIL Ratings has migrated the rating on bank facilities of
Lakhani Shoes And Apparels Private Limited (LSAPL; a part of the
Lakhani group) to 'CRISIL B-/Stable/CRISIL A4 Issuer Not
Cooperating'.

                      Amount
   Facilities       (INR Crore)     Ratings
   ----------       -----------     -------
   Bank Guarantee        0.5        CRISIL A4 (ISSUER NOT
                                    COOPERATING; Migrated from
                                    'CRISIL A4')

   Cash Credit          25          CRISIL B-/Stable (ISSUER NOT
                                    COOPERATING; Migrated from
                                    'CRISIL B-/Stable')

   Letter of Credit      17.95      CRISIL A4 (ISSUER NOT
                                    COOPERATING; Migrated from
                                    'CRISIL A4')

CRISIL Ratings has been consistently following up with LSAPL for
obtaining information through letters and emails dated January 3,
2022, January 14, 2022, January 19, 2022 and January 24, 2022 among
others, apart from telephonic communication. However, the issuer
has remained non cooperative.

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

Detailed Rationale

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

Therefore, on account of inadequate information and lack of
management cooperation, CRISIL Ratings has migrated the rating on
bank facilities of LSAPL to 'CRISIL B-/Stable/CRISIL A4 Issuer Not
Cooperating'.

Analytical Approach

CRISIL Ratings has combined the business and financial risk
profiles of LSAPL, Lakhani Rubber Works, Lakhani footwear Pvt Ltd
and Lakhani Rubber Products Pvt Ltd (all rated 'CRISIL
B-/Stable/CRISIL A4 Issuer not cooperating'). This is because these
entities, collectively referred to as the Lakhani group, are in the
same business, and have common promoters, senior management,
procurement, marketing, and finance teams.

The Lakhani group has established the Lakhani brand in the footwear
and rubberized automotive components businesses for the past four
decades. Between fiscals 2006 and 2008, the split between Mr. K C
Lakhani and his younger brother, Mr. P D Lakhani, led to
re-organization of the business and its assets. The company has
production plants in Faridabad (Haryana), Dhar (MP), Haridwar
(Uttaranchal) and Noida (Uttar Pradesh) to produce sports, leather
and canvas shoes and Ethylene-vinyl acetate slippers with a total
capacity of 55.5 million pairs a year.

LEMIT PAPERS: CRISIL Reaffirms B Rating on INR75cr Term Loan
------------------------------------------------------------
CRISIL Ratings has reaffirmed its 'CRISILB/Stable' rating on the
long term bank loan facilities of Lemit Papers Llp (LPL) and
reassigned its 'CRISIL A4' rating on the short-term bank loan
facility. CRISIL Ratings has withdrawn its rating on the INR1.4
crore proposed long term bank loan facility at the firm's request.
The withdrawal is in line with CRISIL Ratings' withdrawal policy.

                      Amount
   Facilities       (INR Crore)     Ratings
   ----------       -----------     -------
   Bank Guarantee        3.6        CRISIL A4 (Reassigned)

   Cash Credit           20          CRISIL B/Stable (Reaffirmed)

   Proposed Long Term
   Bank Loan Facility    1.4        CRISIL B/Stable Withdrawn

   Term Loan            75          CRISIL B/Stable (Reaffirmed)


CRISIL Ratings had on October 29, 2021, assigned its 'CRISIL
B/Stable' rating to the long term bank facilities of LPL.

The ratings continue to reflect exposure to risks related to
ongoing project, susceptibility of its profitability to volatile
raw material costs and expected leveraged capital structure. These
weaknesses are partially offset by its extensive industry
experience of the promoters.

Key Rating Drivers & Detailed Description

Weaknesses:

* Exposure to risks related to ongoing project: LPL is expected to
commence its operations in July 2022. Demand risk is expected to be
low as firm is promoted by partners having extensive industry
experience in diversified business lines and in industrial papers.
Timely completion and successful stabilization of its operations of
the new unit will remain a key rating sensitivity factor.

* Expected leveraged capital structure: LPL is expected to have an
average financial risk profile with high gearing and moderate debt
protection metrics. The project is aggressively funded through a
debt equity ratio 1.5 times.

Strength:

* Extensive industry experience of the promoters: The promoters
have an experience of over 2 decades in ceramic tiles, wires,
aluminum plates and industrial paper industry. This has given them
an understanding of the dynamics of the market and enabled them to
establish relationships with suppliers and customers.

Liquidity: Stretched

Liquidity profile is expected to be stretched with cash accrual
over INR4 crores with no repayment obligation in fiscal 2023 and
net cash accrual of INR14 crore which are sufficient against term
debt obligation of INR10 crore in fiscal 2024. In addition, it will
act as cushion to the liquidity of the company. Promoters will also
provide unsecured loans of INR8.42 crore to support the business
over the medium term.

Outlook: Stable

CRISIL Ratings believes that LPL will benefit over the medium term
from its promoter extensive industry experience.

Rating Sensitivity factors

Upward factors:

* Commencement and stabilization of operations at its proposed
plant in time and reports significant revenue and profitability
with accruals of more than INR10 crore over the medium term
* Improvement in financial risk profile resulting in stronger
capital structure

Downward factors:

* Faces a considerable delay in the commencement of its operations
* Significantly low revenue and operating margin

LPL is a Limited Liability Partnership incorporated on February 7th
2021. Firm is setting up a unit for manufacturing for duplex paper
boards. Firm will cater to end-use industries, such as food and
beverages, building and construction, cosmetics and personal care,
automotive and consumer durables, mainly in the domestic market.

MAA MAA: CRISIL Moves B+ Debt Ratings from Not Cooperating
----------------------------------------------------------
Due to inadequate information and in line with the Securities and
Exchange Board of India (SEBI) guidelines, CRISIL Ratings had
migrated its rating on the long-term bank facilities of Maa Maa
Muktakeshi Potato Freezing Private Limited (MMPFPL) to 'CRISIL
B/Stable Issuer Not Cooperating'. However, the management has
subsequently started sharing the information required for carrying
out a comprehensive review of the rating. Consequently, CRISIL
Ratings is migrating the rating to 'CRISIL B+/Stable'.

                       Amount
   Facilities       (INR Crore)     Ratings
   ----------       -----------     -------
   Cash Credit          0.43        CRISIL B+/Stable (Migrated
                                    from 'CRISIL B/Stable ISSUER
                                    NOT COOPERATING')

   Term Loan            4.50        CRISIL B+/Stable (Migrated
                                    from 'CRISIL B/Stable ISSUER
                                    NOT COOPERATING')

The upgrade reflects timely stabilisation of the company's scale of
operations and healthy profitability, which has improved the
overall credit risk profile.

The rating continues to reflect the below-average financial risk
profile and modest scale of operations of MMPFPL. These weaknesses
are partially offset by the extensive experience of the promoters
in the cold storage services industry.

Key Rating Drivers & Detailed Description

Weaknesses

* Modest scale of operations: Considering the company was
incorporated in 2018, it has a limited track record. Consequently,
scalability is constrained, as reflected in revenue of INR4-4.60
crore in the past two fiscals. The early stage and limited
capacities will continue to limit scalability over the medium
term.


* Below-average financial risk profile: Modest networth of INR1.96
crore and heavy reliance on external borrowings of INR7.61 crore
have led to a highly leveraged capital structure, with gearing of
3.87 times in as on March 31, 2021. Debt protection metrics,
however, were moderate, indicated by interest coverage of under 3
times and net cash accrual to total debt ratio of 0.09 time in
fiscal 2021. The financial risk profile is expected to improve over
the medium term with debt repayments.

Strength

* Extensive experience of the promoters: The extensive experience
of the promoters, their strong understanding of the market dynamics
and healthy relationships with suppliers and customers will
continue to support the business risk profile.

Liquidity: Stretched

Net cash accrual, expected over INR0.60 crore per annum, is tightly
matched with cash yearly debt obligation of INR0.50 crore over the
medium term. Bank limit utilization averaged 18% over the 12 months
through November 2021. Liquidity is partially supported by
unsecured loans from the promoters.

Outlook: Stable

MMPFPL will continue to benefit from the promoters' extensive
experience and healthy relationships with clients.

Rating Sensitivity Factors

Upward factors

* Ability to sustain revenue growth and operating margin, with net
cash accrual at over INR1 crore
* Improvement in the capital structure

Downward factors

* Fall in revenue and profitability
* Net cash accrual to debt obligation ratio of less than 1 time

MMPFPL, based in Kolkata, was incorporated in 2018. The company has
recently set up cold storage facilities for potatoes for local
farmers, and it also trades in potatoes. Mr. Sujit Ghosh and Ms
Kabita Trivedi are the promoters of the company.

MAHALAXMI AGRO FARMS: Insolvency Resolution Process Case Summary
----------------------------------------------------------------
Debtor: Shree Mahalaxmi Agro Farms Private Limited
        Flat no. 101, Vishvkarma Complex K Building
        Devkar Panand Vasahat Kolhapur
        Maharashtra 416012

Insolvency Commencement Date: February 10, 2022

Court: National Company Law Tribunal, Mumbai Bench

Estimated date of closure of
insolvency resolution process: June 21, 2022
                               (180 days from commencement)

Insolvency professional: Mr. Kamal Kishor Gurnani

Interim Resolution
Professional:            Mr. Kamal Kishor Gurnani
                         Flat no. 1301, Building No. 23E
                         Palazzio CHS Ltd.
                         Mahada Housing Society
                         Powai, Mumbai 400076
                         E-mail: kamalgurnaniip@gmail.com

                            - and -

                         702, Janki Centre
                         Dattaji Salvi Road
                         Off Veera Desai Road
                         Andheri West
                         Mumbai 400053
                         E-mail: cirp.mahalaxmiagro@rirp.co.in

Last date for
submission of claims:    February 24, 2022


MAURYA MANPOWER: Insolvency Resolution Process Case Summary
-----------------------------------------------------------
Debtor: Maurya Manpower Services Private Limited
        Maurya Patna, South Gandhi Maidan
        Patna 800001, Bihar

Insolvency Commencement Date: February 11, 2022

Court: National Company Law Tribunal, Kolkata Bench

Estimated date of closure of
insolvency resolution process: August 10, 2022

Insolvency professional: Anang Kumar Shandilya

Interim Resolution
Professional:            Anang Kumar Shandilya
                         T9, 1904, Exotica Dreamville
                         Sector 16C, Greater Noida West
                         Gautam Buddha Nagar 201318
                         Uttar Pradesh
                         E-mail: csanang@gmail.com

                            - and -

                         Ground Floor, Ramayan Apartment
                         Fraser Road, Dak Bunglow
                         Patna 800001, Bihar
                         E-mail: cirp.mms@gmail.com

Last date for
submission of claims:    February 25, 2022


MKMG JEWEL DEVELOPERS: Insolvency Resolution Process Case Summary
-----------------------------------------------------------------
Debtor: MKMG Jewel Developers Private Limited
        13/3, Second Floor, Shop No. 211
        WEA, Karol Bagh New Delhi
        Central Delhi 110005

Insolvency Commencement Date: February 8, 2022

Court: National Company Law Tribunal, New Delhi Bench

Estimated date of closure of
insolvency resolution process: August 6, 2022

Insolvency professional: Mr. Durga Das Agrawal

Interim Resolution
Professional:            Mr. Durga Das Agrawal
                         KBL Agarwal & Co.
                         413, Vikasdeep Building
                         Laxmi Nagar, District-Centre
                         New Delhi 110092
                         E-mail: cadda.ip@gmail.com
                                 ip.mkmg@gmail.com

Last date for
submission of claims:    February 22, 2022


NADHI INFORMATION: Voluntary Liquidation Process Case Summary
-------------------------------------------------------------
Debtor: Nadhi Information Technologies Private Limited
        New No. 4, Aswathi Apartment
        Ground Floor, 2nd Crescent Park Street
        Gandhi Nagar, Adyar
        Chennai 600020

Liquidation Commencement Date: February 10, 2022

Court: National Company Law Tribunal, Chennai Bench

Insolvency professional: Ms. Deepa Venkat Ramani

Interim Resolution
Professional:            Ms. Deepa Venkat Ramani
                         Office No. 40, TNHB Complex
                         No. 180, Luz Church Road
                         Mylapore, Chennai 600004
                         Mobile: 9884040640
                         E-mail: deepa@ksmassociates.net
                                 ip.ksmassociates@gmail.com

Last date for
submission of claims:    March 12, 2022


PARAMEX TRANSFORMERS: Liquidation Process Case Summary
------------------------------------------------------
Debtor: Paramex Transformers Limited
        G-9, First Floor, Lawrance Road
        Industrial Area, New Delhi
        DL 110035
        IN

Liquidation Commencement Date: February 11, 2022

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

Date of closure of
insolvency resolution process: February 11, 2022

Insolvency professional: Sumit Shukla

Interim Resolution
Professional:            Sumit Shukla
                         B-4/702, Krishna Apra Gardens
                         Plot No. 7, Vaibhav Khand
                         Indirapuram, Ghaziabad
                         UP
                         E-mail: sumit_shukla@rediffmail.com

                            - and -

                         401, Tower-C, Ithum
                         Sector-62, Noida
                         UP

Last date for
submission of claims:    March 13, 2022


PARCOS TILES: CRISIL Withdraws D Debt Ratings on INR30cr Loans
--------------------------------------------------------------
CRISIL Ratings has withdrawn its ratings on the bank facilities of
Parcos Tiles LLP (PTL) 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         4         CRISIL D/Issuer Not
                                    Cooperating (Withdrawn)

   Cash Credit            8         CRISIL D/Issuer Not
                                    Cooperating (Withdrawn)

   Term Loan             18         CRISIL D/Issuer Not
                                    Cooperating (Withdrawn)

CRISIL Ratings has been consistently following up with PTL for
obtaining information through letters and emails dated January 30,
2021 and July 9, 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 PTL. This restricts CRISIL
Ratings' ability to take a forward-looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on PTL
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the rating on bank facilities of
PTL continues to be 'CRISIL D/CRISIL D Issuer Not Cooperating'.

PTL is a Morbi, Gujarat-based firm which was formed in April 2016.
The firm is manufacturing vitrified tiles with a capacity of 90,000
MT per annum. The firm is promoted by Mr. Sanjay Bhatiya, Mr.
Kalpesh Bhatiya, Mr. Satish Kalariya, Mr. Kirtikumar Ughreja and
family members. The firm is setup to manufacture vitrified tiles;
it will commence operations by January 2017.

PMC BANK: Former Director Arrested in Bihar
-------------------------------------------
WION reports that the Economic Offences Wing (EOW) of India's
Mumbai police detained Daljit Singh Bal, one of the major suspects
in the Punjab and Maharashtra Cooperative (PMC) Bank Scam, on Feb.
3 in Bihar, according to officials.

WION relates that the Mumbai police issued a lookout circular (LOC)
against Daljit in 2019.  He is one of the major suspects in the
INR43 billion money laundering scheme.

Daljit was detained by the immigration department 200 metres before
entering Nepal, according to reports.

WION says the EOW has been notified by the Immigration Department.

Daljit is now being held at the Raxaul police station.

The EOW team has arrived in Patna, WION adds citing sources.

                       About Punjab & Maharashtra

Punjab & Maharashtra Co-operative Bank (PMC Bank) is a multi-state
scheduled urban co-operative bank with its area of operation in
Maharashtra, Delhi, Karnataka, Goa, Gujarat, Andhra Pradesh and
Madhya Pradesh. It has 137 branches.

In September 2019, PMC Bank was placed under restrictions of the
Reserve Bank of India (RBI) for six months following the unearthing
of a INR4,355-crore scam.


PROGNOSYS MEDICAL: CRISIL Lowers Rating on INR4cr Cash Loan to B-
-----------------------------------------------------------------
CRISIL Ratings has downgraded its rating on the long-term bank
facility of Prognosys Medical Systems Private Limited (PMSPL) to
'CRISIL B-/Stable' from 'CRISIL B/Stable' and reaffirmed the
short-term rating at 'CRISIL A4'

                      Amount
   Facilities       (INR Crore)     Ratings
   ----------       -----------     -------
   Bank Guarantee         2         CRISIL A4 (Reaffirmed)
   
   Bank Guarantee         9         CRISIL A4 (Reaffirmed)

   Cash Credit            4         CRISIL B-/Stable (Downgraded
                                    from 'CRISIL B/Stable')

   Cash Credit            2.5       CRISIL B-/Stable (Downgraded
                                    from 'CRISIL B/Stable')

   Letter of Credit       0.5       CRISIL A4 (Reaffirmed)

   Letter of Credit       1         CRISIL A4 (Reaffirmed)

The downgrade reflects weakening in the company's business risk
profile and liquidity. Operations were impacted in fiscal 2022
because of slight reduction in the demand owing to Covid led
lockdown. As a result, revenue and cash accrual will likely remain
subdued in fiscal 2022. Also, liquidity remains poor driven by high
bank limit utilisation. Improvement in operating income leading to
better liquidity, will be a key monitorable.

The ratings reflect PMSPL's presence in a highly fragmented
industry with limited size, working capital-intensive operations
and modest scale of operations amidst intense competition. These
weaknesses are partially offset by the extensive experience of the
promoters.

Key Rating Drivers & Detailed Description

Weaknesses:

* Modest scale of operations amidst intense competition: With
revenue of INR21.44 crore for fiscal 2021, scale remains modest in
the intensely competitive business. The segment is highly
fragmented and has numerous small-scale unorganised players
catering to local demand, which may restrict significant
improvement in scale of operations.

* Subdued financial risk profile: Capital structure is aggressive,
as reflected in total outside liabilities to tangible networth
ratio of more than 4 times as on March 31, 2021, due to extensive
dependence on external borrowings to meet working capital
requirements. Continued operating losses have led to muted debt
protection metrics. Financial risk profile is likely to remain weak
over the medium term.

* Working capital-intensive operations: Gross current assets have
been 400-700 days over the last few fiscals. Receivables and
inventory levels were high at 275 days and 287 days, respectively,
as on March 31, 2021. Delayed payments by customers, primarily
government-undertaking companies, and revenue booking towards the
last quarter resulted in stretched receivables.

Strengths:

* Extensive industry experience of the promoters: Presence of more
than two decades in the health equipment industry has enabled the
promoters to understand market dynamics and establish strong
relationships with suppliers and customers.


Liquidity: Stretched

Bank limit utilisation is at around 99 percent for the past twelve
months ended September 2021.

Cash accruals are expected to be over remain moderate which are
sufficient against low term debt obligation of INR0.2 crore over
the medium term. Current ratio are healthy at 1.97 times on
March31, 2021. The promoters are likely to extend support in the
form of equity and unsecured loans to meet its working capital
requirements and repayment obligations. Moderate cash and bank
balance of around INR2.61 crore as on March 31, 2021.

Outlook: Stable

CRISIL Ratings believes PMSPL will continue to benefit from its
promoters' extensive experience

Rating Sensitivity factors

Upward factors

* Steady improvement in scale of operations and sustenance of
operating margin leading to higher cash accrual of INR0.5 crores

* Improvement in working capital management

Downward factors

* Decline in revenue or profitability leading to lower cash
accruals

* Further stretch in working capital management leading to
weakening of the financial risk profile and liquidity

PMSPL was established in 2003 in Bengaluru (Karnataka) by Mr. V
KrishnaPrasad, Mr. Kesava and Mr. Sunil Monga. The company designs,
manufactures, integrates and installs products related to digital
radiology equipment. It also manufactures other related accessories
and provides end-to-end solutions in the healthcare industry
through the integrated delivery of medical devices, communication
equipment, computers, servers, software supply, and installation
and maintenance of the same on a turnkey basis. Products are sold
under the ProRad brand.


RABI ENGINEERING: CRISIL Raises Rating on INR3cr Cash Loan to B+
----------------------------------------------------------------
CRISIL Ratings has upgraded its rating on long term bank facilities
of Rabi Engineering Works Private Limited (REWPL) to 'CRISIL
B+/Stable' from 'CRISIL B/Stable' and reaffirm the rating on the
short term bank facilities at 'CRISIL A4'.

                      Amount
   Facilities       (INR Crore)     Ratings
   ----------       -----------     -------
   Bank Guarantee          5        CRISIL A4 (Reaffirmed)

   Cash Credit             3        CRISIL B+/Stable (Upgraded
                                    from 'CRISIL B/Stable')

The upgrade reflects the improvement in the business risk profile
mainly supported by growth in scale of operations from INR3.32 Cr
to INR8.68 Cr, reflected in the last 2 fiscals and the subsequent
expectations improvement both in the scale as well as the operating
margin. The revenue growth for the current fiscal is expected to be
at 21-22%, largely supported by strong and steady demand from its
commercial private sector players in the power and infrastructure
industry. This growth is likely to continue for the next 2-3
fiscals, Operating margins have continued to remain at sustainable
levels of 8.76% despite covid-led disruptions during fiscal 2021.
Continued focus on cost control measures, including capacity
utilization is expected to result in steady improvement in the
margins over the medium term. As a result, the cash accruals are
likely to improve to INR0.96 Crore over the next 3 fiscals, which
will support the high working capital requirements.

The rating upgrade also reflects the extensive experience of the
promoters in the cable tray and transmission towers industry and
the moderate scale of operations. These strengths are partially
offset by its presence in a highly fragmented industry and working
capital intensive operations.

Key Rating Drivers & Detailed Description

Weaknesses:

* Presence in a highly fragmented industry: The industry is highly
fragmented and intensely competitive, with many un-organized
players in the market owing to low entry barriers, which limits
pricing flexibility and bargaining power of the players. Also, the
threat from large integrated players in the form of capacity
additions limits the growth. This is expected to be mitigated to a
large extent by the cordial business relationships that the company
maintains with its principals.

* Working capital intensive operations: Working capital cycle of
the firm is highly elongated as reflected by the high GCA days of
390 days for fiscal 21, on account of high inventory (both in raw
materials as well as work in progress and finished goods) stockage
and large retention money blocked by its principals. Due to the
inherent nature of business the GCA days is expected to continue to
sustain at a slightly improved level of 350 days going forward.

Strengths:

* Extensive experience of the promoters in the Cable trays and
transmission tower Industry: With over 2.5 decades of participation
in the fabrication industry, the promoters have gained strong
insight into the market dynamics. The same has been the key factor
behind the company establishing long and successful relationships
with big market players such as LandT, Siemens, BHEL, NTPC, DVC,
etc., thereby ensuring steady demand of their products over the
years. The company will continue to experience from the established
business experience of the promoters, going forward.

* Moderate Scale of Operations: REWPL's business risk profile,
though constrained by a small scale of operations in an intensely
competitive industry has kept on increasing over the past 2
fiscals. The same is expected to improve over the current fiscal as
well as going forward, with healthy improvement in the order book
noted.

Liquidity: Stretched

Bank limit utilization remain high at around 96 percent for the
past twelve months ended Nov 2021. Cash accruals are expected to be
over INR0.50 Cr which are sufficient given there are no repayment
obligations against any term debt over the medium term. Current
ratio stands healthy at 1.54 for FY21.

Outlook: Stable

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

Rating Sensitivity factors

Upward factors:

* Consistent improvement in scale of operation by 25% and
sustenance of operating margin, leading to higher cash accruals.

* Improvement in working capital cycle with lower inventory and GCA
days.

Downward factors:

* Addition of significant capital expenditure which can weaken the
capital structure and future cushioning.

* Decline in working capital cycle with requirement of higher
inventory stockage, resulting in higher GCA days, thereby weakening
the liquidity profile of the company.

Set up as a proprietorship firm in 1994 and converted into a
private limited company in fiscal 2012, REWPL manufactures cable
trays, sub-station structures, and transmission line towers for
power generation and distribution companies, and other power
equipment companies. Mr. Tapan Kumar Sen (who also manages
operations) and his wife are the directors of the company.

REVA ENTERPRISE: CRISIL Withdraws D Ratings on INR9.5cr Loans
-------------------------------------------------------------
CRISIL Ratings has reaffirmed its rating on the bank facilities of
Reva Enterprise (RE) and subsequently withdrawn the rating at the
company's request and on receipt of a 'no-objection certificate'
from the bankers. The withdrawal is in line with CRISIL Ratings'
policy on withdrawal of bank loan ratings.

                      Amount
   Facilities       (INR Crore)     Ratings
   ----------       -----------     -------
   Cash Credit           1.5        CRISIL D (Rating Reaffirmed
                                    and Withdrawn)

   Long Term Loan        8.0        CRISIL D (Rating Reaffirmed
                                    and Withdrawn)

Key Rating Drivers & Detailed Description

Strength:

* Extensive experience of the partners: Partners have extensive
experience in the industry and over the years, has established
relations with customer base of dealers from operations of other
group entities. Partners have provided funding support to the firm
through unsecured loans.

Weaknesses:

* Delays in servicing debt obligation: There have been continuous
delays in servicing term loan obligations by the firm since June
202.

* Below average financial risk profile: Small net worth and high
total outside liabilities to adjusted net worth ratio estimated at
INR2.44 crores and 4.62 times respectively as on March 31, 2021
represents leveraged capital structure. Operating losses has also
resulted in weak debt protection metrics.

* Weak operating performance: Firms operating performance is weak
as indicated by estimated to report modest revenue of INR0.08 crore
in fiscal 2021 with operating loss of around 47%.

Liquidity: Poor

Liquidity is poor given continued cash losses as against repayment
obligation of around INR0.7 crore per annum in fiscal 2022.
Accordingly, there have been delays in servicing of repayment
obligations for term loan by the firm. Firm has negligible cash and
bank balances (both encumbered and unencumbered) of INR0.74 crore
as on March 31, 2021. No major capex is expected over the medium
term. Liquidity is partially supported by USL from partners and
family, which stood at around INR5.85 crore as on March 31, 2021.
Reliance on fund support from promoters to meet repayment
obligations is expected to continue.

Rating Sensitivity factors

Upward factors:

* Track record of timely debt servicing for at least over 90 days

* Significant improvement in liquidity on back of substantial
improvement in operating performance, restructuring of debt or
infusion of equity.

RE is engaged in manufacturing of optical whitening agents. Mr.
Pranesh M Maru and Mr. Mahesh Chothani are the partners. The
manufacturing facility is in Bharuch, Gujarat, with installed
capacity of 2,400 tons per annum.

SARGA HOTEL: Insolvency Resolution Process Case Summary
-------------------------------------------------------
Debtor: Sarga Hotel Private Limited
        Plot No. X-1, 2 & 3 Block-EP
        Sector-V, Salt Lake City
        Kolkata, WB 700091
        IN

Liquidation Commencement Date: February 11, 2022

Court: National Company Law Tribunal, Kolkata Bench

Estimated date of closure of
insolvency resolution process: August 9, 2022
                               (180 days from commencement)

Insolvency professional: Mr. Avishek Gupta

Interim Resolution
Professional:            Mr. Avishek Gupta
                         CK-104, Sector II
                         Salt Lake City
                         Kolkata 700091
                         E-mail: avishek@optimusresolution.net
                                 cirp.sargahotel@gmail.com

Last date for
submission of claims:    February 25, 2022


SREI GROUP: NCLT Approves Consolidated Insolvency for Two NBFCs
---------------------------------------------------------------
BloombergQuint reports that the Kolkata bench of the National
Company Law Tribunal has approved consolidated insolvency
proceeding for Srei Group's two non-bank lenders.

Srei Infrastructure Finance Ltd. and Srei Equipment Finance Ltd.
will face a consolidated insolvency proceeding under the same
committee of creditors, according to two people with direct
knowledge of the matter, BloombergQuint relays. The bidders will
place a single bid under the insolvency proceeding to purchase a
consolidated balance sheet, the first of the two people quoted
above said.

According to BloombergQuint, the creditors were forced to consider
a consolidated insolvency proceeding due to a business transfer
agreement that the two NBFCs had approved without adequate consent
from their respective lenders. Under this agreement, the lending
businesses of Srei Infrastructure Finance were consolidated under
Srei Equipment Finance, the first of the two people said.

While there is no provision in the Insolvency & Bankruptcy Code for
a group insolvency proceeding, the NCLT can approve such proposals
by the creditors, for quicker resolution, the report says.

An e-mail sent on Feb. 14 to Rajneesh Sharma, the Reserve Bank of
India appointed administrator, for the two Srei Group companies was
not immediately answered, the report notes.

The consolidated loan book of the two companies stood at INR28,455
crore as of Sept. 30, 2021, according to an internal presentation
circulated among creditors. Of this, nearly 79% or INR22,463 crore
worth of loans have been classified as non-performing,
BloombergQuint had reported.

BloombergQuint, citing data available on the Srei Group website,
discloses  that financial creditors have claims worth INR10,727.49
crore against Srei Infrastructure Finance and INR31,867.75 crore
against Srei Equipment Finance.

The major banks with loan exposures to the two companies include
Union Bank of India, Canara Bank, State Bank of India, Punjab
National Bank and Bank of Baroda.

The RBI, on Oct. 4, 2021, had announced that it was superseding the
boards of Srei Infrastructure Finance and Srei Equipment Finance
and was appointing an administrator to run affairs at the company
owing to their weak financial position. The regulator also directed
lenders to initiate insolvency proceedings against the two
companies.

                     About SREI Infrastructure

SREI Infrastructure Finance Ltd. is a non-banking financial
institution. The company has three principal lines of business in
financing: infrastructure equipment finance, infrastructure
projects finance and renewable energy product finance.
Infrastructure equipment finance is the largest business division
of the Company.

On Oct. 4, 2021, the Reserve Bank of India superseded the board of
directors of Kolkata-based Srei Infrastructure and said that it
will initiate insolvency proceedings with the National Company Law
Tribunal (NCLT), according to The Economic Times.  The RBI cited
governance concerns and defaults by the company and appointed
Rajneesh Sharma, former chief general manager, Bank of Baroda as an
administrator of the company.

The insolvency resolution process against the company started on
Oct. 8, 2021.


TRESCO HOMES PRIVATE: Insolvency Resolution Process Case Summary
----------------------------------------------------------------
Debtor: Tresco Homes Private Limited
        (Previously known as Mascot Soho Homes Private Limited)
        B1/H3, Mohan Co-Operative Industrial Area
        Mathura Road, Block-B
        New Delhi 110044

Insolvency Commencement Date: February 8, 2022

Court: National Company Law Tribunal, New Delhi Bench

Estimated date of closure of
insolvency resolution process: August 7, 2022

Insolvency professional: Mr. Gopal Lal Baser

Interim Resolution
Professional:            Mr. Gopal Lal Baser
                         House No. M 356, First Floor
                         Orchid Island, Sector 51
                         Gurugram, Haryana 122001
                         E-mail: gopal.baser1972@gmail.com

                            - and -

                         Resurgent Resolution Professionals LLP
                         905, 9th Floor, Tower C
                         Unitech Business Zone
                         Nirvana Country Sector-50
                         Gurugram 122018
                         E-mail: mascotsoho.cirp@gmail.com

Classes of creditors:    Real Eastate Allottees

Insolvency
Professionals
Representative of
Creditors in a class:    Mr. Harish Chander Arora
                         E-mail: hasrisharora2012@gmail.com

                         Mr. Brij Nandan Kalra
                         E-mail: bnkalra1954@gmail.com

                         Mr. Sandeeo Chandna
                         E-mail: cssandeep@live.in

Last date for
submission of claims:    February 22, 2022


UNIMETAL CASTINGS: Liquidation Process Case Summary
---------------------------------------------------
Debtor: Unimetal Castings Limited
        Plot No. 6, Sector E
        Parvati Co-Op Industrial Estate Ltd
        Sangli Road
        Yadrav, Ichalkaranji
        Dist Kolhapur 416145
        Maharashtra

Liquidation Commencement Date: February 11, 2022

Court: National Company Law Tribunal, Mumbai Bench

Date of closure of
insolvency resolution process: March 10, 2021

Insolvency professional: Pankaj Sham Joshi

Interim Resolution
Professional:            Pankaj Sham Joshi
                         Block 9, Sudarsan CHS
                         Mahant Road, Vile Parle (East)
                         Mumbai 400057, Maharashtra
                         E-mail: pjoshi.ip@gmail.com

Last date for
submission of claims:    March 13, 2022


VASAVI REALTY: CRISIL Withdraws B+ Rating on INR30cr Secured Loan
-----------------------------------------------------------------
Due to inadequate information, CRISIL Ratings, in line with SEBI
guidelines, had migrated the rating of Vasavi Realty Private
Limited (VRPL; Formerly known as Shreemukh Builders Private
Limited) to 'CRISIL B+/Stable Issuer Not Cooperating'. CRISIL
Ratings has withdrawn its rating on bank facility of VRPL following
a request from the company and on receipt of a 'no dues
certificate' from the banker. Consequently, CRISIL Ratings is
migrating the ratings on bank facilities of VRPL from 'CRISIL
B+/Stable Issuer Not Cooperating' to 'CRISIL B+/Stable'. The rating
action is in line with CRISIL Ratings' policy on withdrawal of bank
loan ratings.

                        Amount
   Facilities        (INR Crore)    Ratings
   ----------        -----------    -------
   Secured Overdraft       30       CRISIL B+/Stable (Migrated
   Facility                         from 'CRISIL B+/Stable ISSUER
                                    NOT COOPERATING; Rating
                                    Withdrawn)

VRPL, incorporated in 2005, undertakes real estate development. It
is part of Vasavi group which has been in the real estate business
in Hyderabad for over 25 years. The company is implementing a
residential project at Erragadda in Hyderabad.

VASUMATHY TRADERS: CRISIL Raises Rating on INR10cr Loans
--------------------------------------------------------
CRISIL Ratings has upgraded its rating on the long-term bank
facility of Vasumathy Traders (VT) to 'CRISIL B+/Stable' from
'CRISIL B/Stable',

                      Amount
   Facilities       (INR Crore)     Ratings
   ----------       -----------     -------
   Cash Credit           4.5        CRISIL B+/Stable (Upgraded
                                    from 'CRISIL B/Stable')

   Key Loan              5          CRISIL B+/Stable (Upgraded
                                    from 'CRISIL B/Stable')

   Proposed Cash
   Credit Limit          0.5        CRISIL B+/Stable (Upgraded
                                    from 'CRISIL B/Stable')

The upgrade reflects the improvement in the business risk profile
mainly supported by growth in scale and stability in operating
margins. The revenue growth for this fiscal is supported by strong
demand. Operating margins have continued to remain comfortable at
4.5-5%, this despite covid-led disruptions during fiscal 2021.
Continued focus on cost control measures and ability to pass
through raw material prices to result in steady margins in the
medium term. As a result, the cash accruals are likely to improve
to INR1.5-1.6 crore in the next 2-3 fiscals, which will support the
incremental working capital requirements.

The rating continues to reflect the firm's modest scale of
operations in an intensely competitive segment and below-average
financial risk profile. These weaknesses are partially offset by
the experience of its proprietor.

Key Rating Drivers & Detailed Description

Weaknesses

* Modest scale of operations in intensely competitive segment:
Small scale is reflected in modest revenue of INR73.14 crore in
fiscal 2021. Also, operating margin has historically remained in
the range of 3-6% due to trading nature of operations. Intense
competition, trading nature of the business, and volatile product
prices may continue to constrain scalability, pricing power, and
profitability.

* Below-average financial risk profile: Networth continues to
remain modest at INR5.78 crore as of March 31, 2021. Debt
protection metrics are moderate, with interest coverage at 2.90
times for fiscal 2021. However, total outside liabilities to
tangible networth ratio is high at 2.62 times as of March 31,
2021.

Strength

* Experience of proprietor: Benefits from proprietor's experience
of four decades and strong reputation with the Government of Tamil
Nadu for procurement of imported pulses for its various civil
schemes should continue to support business.

Liquidity: Stretched

Bank limit utilization is moderate at around 69 percent for the
past twelve months ended September 2021. Cash accruals are expected
to be over INR1.5-1.6crore which are sufficient/insufficient
against term debt obligation of INR0.9-1 crore over the medium
term. In addition, it will be act as cushion to the liquidity of
the company. Current ratio are healthy at 2.45 times on March 31,
2021. The promoters are likely to extend support in the form of
equity and unsecured loans to meet its working capital requirements
and repayment obligations.

Outlook: Stable

CRISIL Ratings believes VT will continue to benefit from its
proprietor's experience.

Rating Sensitivity factors

Upward factor

* Increase in revenue by while maintaining the operating
profitability leading to cash accruals above INR1.8 crores
* Improvement in working capital cycle leading further improvement
in liquidity

Downward factor

* Decrease in revenue or operating profitability leading to
reduction in cash accruals below Rs1.3 crores will be negative
* Stretch in working capital cycle weakening financial risk
profile, especially liquidity

Set up in 1977 in Virudhunagar, Tamil Nadu, as a proprietorship
firm by Mr. A Surendran, VT sells imported pulses and spices to the
Government of Tamil Nadu and a few private players.

VEERAL CONTROLS: CRISIL Lowers Rating on INR3.45cr Loan to B-
-------------------------------------------------------------
CRISIL Ratings has downgraded its rating on the long-term bank
facilities of Veeral Controls Private Limited (VCPL) to 'CRISIL
B-/Stable' from 'CRISIL B/Stable' and reaffirmed its short-term
rating at 'CRISIL A4'.

                       Amount
   Facilities       (INR Crore)     Ratings
   ----------       -----------     -------
   Bank Guarantee         2         CRISIL A4 (Reaffirmed)

   Cash Credit            3.45      CRISIL B-/Stable (Downgraded
                                    from 'CRISIL B/Stable')

   Proposed Working       1.90      CRISIL B-/Stable (Downgraded
   Capital Facility                 from 'CRISIL B/Stable')

   Working Capital        0.55      CRISIL B-/Stable (Downgraded
   Term Loan                        from 'CRISIL B/Stable')

   Working Capital
   Term Loan              0.60      CRISIL B-/Stable (Downgraded
                                    from 'CRISIL B/Stable')

The downgrade reflects weakening business risk profile and
liquidity. Operations have been severely impacted in fiscal 2022
because of delay in receipt of completion certificates from key
customer, largely comprising government entities. This led to low
revenue realization estimated around INR3.05 crore during April to
December 2021, leading to cash accrual likely to remain subdued in
fiscal 2022. Also, liquidity remains stretched driven by moderately
high bank limit utilisation. Improvement in operating income and
working capital cycle, leading to better liquidity, will be a key
monitorable.

The ratings also reflect modest scale of operations amid intense
competition and large working capital requirement. These weaknesses
are partially offset by the extensive experience of the promoters
and average financial risk profile.

Key Rating Drivers & Detailed Description

Weaknesses:

* Modest scale of operations: Revenue increased in fiscal 2021 to
INR14.18 crore against INR9.38 crore in fiscal 2020. However, it
continues to remain modest as operations were impacted in fiscal
2022 owing to delay in revenue realizations due to delay in receipt
of completion certificates from customer leading to subdued revenue
(Rs 3.05 crores as of December 2021) and profitability.

* Large working capital requirement: Operations are working capital
intensive, as reflected in Gross Current Assets of 367 days in
fiscal 2021, emanating from sizeable debtors and inventory of 155
days and 200 days respectively, expected to remain high over the
medium term as well on account of high inventory due to bulk
purchase of raw material.

Strengths:

* Extensive experience of the promoters: Benefits from the
promoters' experience of over three decades in the electronic
equipment manufacturing business, their technical expertise, and
healthy relationships with customers and suppliers, should continue
to support the business in stabilizing its scale of operations.

* Average financial risk profile: The financials risk profile was
average with modest adjusted networth of INR4.76 crore and gearing
of 1.19 times as on March 31, 2021. Debt protection metrics are
also average, as reflected in interest coverage ratio of 1.26 times
for fiscal 2021 and net cash accrual to adjusted debt of 0.02 times
as of March 31, 2021. These matrices are expected to decline over
the medium term due to impact on modest accretion to reserves.

Liquidity: Stretched

Net cash accruals are expected to be insufficient against repayment
obligations in range of INR30-45 lakhs per fiscal over medium term.
The bank lines of INR4 crore (reduced to INR3.45 crore from
December 2021), utilized at 94% for past twelve months ended
October 2021. Unsecured loans of INR2.17 crore as of March 31,
2021, supported the working capital requirement. Current ratio is
moderate, at 1.67 times as of March 31, 2021.

Outlook: Stable

CRISIL Ratings believes VCPL will continue to benefit from
experience of promoter.

Rating Sensitivity factors

Upward Factors:

* Significant growth in revenue while sustaining operating margin,
leading to net cash accrual of over INR45 lakhs
* Improvement in working capital cycle

Downward Factors:

* Deterioration in total outside liabilities to adjusted net worth
ratio to over 4-4.5 times
* Stretch in working capital cycle and/or higher dependence on
external borrowings weakening liquidity

Incorporated as a partnership firm in 1981 and later reconstituted
into a private limited company in 1993, VCPL is a Gandhinagar,
Gujarat based company promoted by Mr. Varunesh Kumar Prasad. It is
engaged in manufacturing of electronic equipment and instruments.


WELGA FOODS: CRISIL Lowers Rating on INR14.5cr Cash Loan to B
-------------------------------------------------------------
CRISIL Ratings has downgraded its rating on the long-term bank
facilities of Welga Foods Limited (WFL) to 'CRISIL B/Stable' from
'CRISIL B+/Stable'.

                      Amount
   Facilities       (INR Crore)     Ratings
   ----------       -----------     -------
   Cash Credit          14.5        CRISIL B/Stable (Downgraded
                                    from 'CRISIL B+/Stable')

   Proposed Term Loan    1.84       CRISIL B/Stable (Downgraded
                                    from 'CRISIL B+/Stable')

   Working Capital       2          CRISIL B/Stable (Downgraded
   Demand Loan                      from 'CRISIL B+/Stable')

The downgrade reflects weak financial risk profile marked by
negative networth in fy-21 and is expected to remain negative over
the medium term. It is plagued by low accretion to reserves on
account of negative operating margin and negative PAT in fy-21.
This has resulted in negative TOL/TNW of 11.51 times. Also,
liquidity remains poor driven by insufficient cash accrual of 0.50
crores against RO of INR1.62 crores. Improvement in operating
income and operating profit, leading to better liquidity and
financial risk profile of the firm, will be a key monitorable.

The rating reflects WFL's weak financial risk profile, and large
working capital requirement due to seasonal nature of business.
These weaknesses are partially offset by the extensive experience
of the promoters in the frozen food industry and their funding
support.

Analytical Approach

Unsecured loan of INR2.28 crore as of Mar 31, 2021 from promoters
has been treated as neither debt nor equity (NDNE) as it is
non-interest bearing and expected to remain in business over medium
term.

Key Rating Drivers & Detailed Description

Weaknesses:

* Weak financial risk profile: Financial risk profile continues to
be weak with estimated negative networth and negative total outside
liabilities to tangible net worth (TOLTNW) ratio of INR2.35 crore
and 4.32 times, respectively, as on March 31, 2022. With expected
improvement in operating margin in fy-22, debt protection are
expected to improve, with estimated net cash accrual to adjusted
debt (NCAAD) and interest coverage ratio of 0.02 times and 1.30
times respectively, for fiscal 2022. CRISIL believes improvement in
financial risk profile is a key rating sensitivity factor.

* Large working capital requirement: Business continues to be
working capital intensive, as reflected in estimated gross current
assets (GCAs) of 301 days as on March 31, 2022, driven by large
inventory of 280 days as the seasonal business results in
substantial procurement in the last quarter of the fiscal. With
moderate credit from suppliers, the company depends on bank lines
to fund working capital requirement.

Strengths:

* Extensive industry experience of the promoters and their funding
support: The promoters' experience of three decades has helped them
develop a keen understanding of the industry dynamics and establish
strong relationships with customers and suppliers. Most of the
revenue depends on HORECA segment, flight kitchen, office kitchen,
marriage event etc. and with revival of this business, the company
is expected to book incremental 30% growth in fy-22 as compared to
fiscal 2021. Need and time-based funding support from promoters in
the form of unsecured loans is going to remain in the business over
the medium term.

Liquidity: Stretched

Over the medium term, though accruals of INR0.50-0.60 crore will
remain insufficient against RO of INR1.62 crores but overall
liquidity will remain supported by cushion in bank lines (utilized
at 82% for the past twelve months ended oct-21) and need and
time-based funding support from promoters in the form of unsecured
loans.

Outlook: Stable

CRISIL Ratings believes WFL will continue to benefit from its
promoters' extensive experience in the food processing industry.


Rating Sensitivity Factors

Upward factors

* Improvement in margins to 15% and scale, leading to higher cash
accruals of more than INR1.20 crore per annum over the medium term

* Significant improvement in financial risk profile
Prudent working capital management

Downward factors

* Witnesses a substantial increase in its working capital
requirements thus weakening its liquidity & financial profile.

* Decline in net cash accruals below INR0.40 crore on account of
decline in revenue or operating profits

Incorporated in 1984 by Mr. Gyan Prakash and Mr. Gaurav Prakash,
WFL manufactures and sells frozen peas and other vegetables under
its brand Welga's. Its processing plant is in Budaun (Uttar
Pradesh).



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

MARELLI HOLDINGS: In Talks With Lenders on Debt Reorganization
--------------------------------------------------------------
Bloomberg News reports that Mizuho Financial Group Inc. and other
lenders are in talks with KKR & Co.-owned parts supplier Marelli
Holdings Co. to renegotiate debt and offer financing to keep it
operational.

Bloomberg relates that the auto-parts company, created in 2019 when
KKR merged its Calsonic Kansei and Magneti Marelli units, is
seeking to file as soon as March for an alternative dispute
resolution in Japan, said the people, who asked not to be
identified because the information isn't public.  Marelli had at
least JPY1.1 trillion (US$9.5 billion) in total debt as of
September, Bloomberg discloses.

If successful, the supplier for Nissan Motor Co. and Stellantis NV
would secure financing to keep operations going while it
renegotiates loans with banks. If they fail to agree on the
ADR-based restructuring plan, Marelli could face a court-led
debt-resolution procedure, which could force the lenders to write
off all or part of their loans to the auto-parts supplier,
Bloomberg says.

KKR partner Dinesh Paliwal stepped in late last year to take
control of Marelli, which saw sales plummet as the coronavirus
pandemic took hold, disrupting supply chains, chip supplies and
automobile manufacturing across the globe, according to Bloomberg.
Marelli Chief Executive Officer Beda Bolzenius resigned last month
as part of an overhaul involving job and cost cuts.  The company
employs about 54,000 people and operates about 170 facilities
around the world to supply lighting systems, air conditioning,
electric motors, suspensions and other components to carmakers
across the globe, the report notes.

Marelli and its main bank, Mizuho, are seeking the support of other
lenders to proceed with the application for an ADR, Bloomberg says.
A restructuring plan will be implemented within three to six
months thereafter, the people said. Marelli had informed some of
the banks that it had posted a net loss for 2021 and warned that it
was likely to see its debts exceed assets, Bloomberg relays.

"KKR believes in Marelli and its worldwide team, and fully backs
their work to deliver reliable, high-quality and innovative
components for its customers globally," Bloomberg quotes KKR
spokeswoman Anita Davis as saying. KKR will continue to support
Marelli "as it works to position itself as an automotive leader for
the future, notwithstanding the current challenges the industry is
facing globally," she said.

"Nissan has strong relations with our suppliers and we maintain
appropriate levels of collaboration," said Azusa Momose, a
spokeswoman for Nissan, notes the report.

To prevent Marelli from running out of funds during the ADR
process, Mizuho and other banks are lining up JPY100 billion in
financial support, the people, as cited by Bloomberg, said. Mizuho
will provide a bridge loan of JPY20 billion, while also considering
whether to allow Marelli to withdraw a deposit of JPY40 billion it
has with Mizuho and the Development Bank of Japan, they added.
Repayment of principal and interest on Marelli's loans of about
JPY50 billion will be postponed, they said.

Bloomberg says the alternative debt resolution procedure in Japan
lets a company under financial strain renegotiate its debt with
creditors, while continuing to operate its business as usual.
During the ADR process, negotiations between a company and its
creditors are facilitated by three independent mediators with legal
and accounting expertise, who are chosen by the Japanese
Association of Turnaround Professionals and appointed by the
economy ministry.

In a note outlining Marelli's challenges to employees last year,
Paliwal said the company would seek a turnaround while seeking to
recapitalize in 2022, Bloomberg relays.

"In 2022, we will continue to engage and negotiate with Marelli's
lenders to make sure that we receive support on the best of terms,"
Paliwal wrote in the memo, seen by Bloomberg.

Bloomberg says the coronavirus pandemic has caused deep challenges
for Marelli, including shortages in components and raw materials.
Nissan, one of its biggest customers, posted its first operating
loss in a decade after the November 2018 arrest of Carlos Ghosn,
forcing it to cut capacity in order to reduce fixed costs before
the onset of the pandemic.

Apart from Mizuho Bank and DBJ, Calsonic's lenders include Sumitomo
Mitsui Financial Group Inc. and Mitsubishi UFJ Financial Group Inc.
Japan's three megabanks raised their loan-loss provisions for
Marelli during the October-December quarter, the people said,
Bloomberg relays.

Just three months after rolling out a restructuring program in
September, Marelli doubled its planned job cuts to more than 3,000
and shut down some locations, says Bloomberg. In the note to
employees last year, Paliwal said the company has "the highest
fixed cost among our competitors."  To generate $1 of gross margin,
Marelli spends $2.72, compared with 9 cents to 66 cents at its
rivals.

"This is not economically acceptable," he wrote in the note.
"Unfortunately, there is no alternative - decisive measures are
needed to make our company fit for the future."

Marelli Holdings Co., Ltd. operates as an automotive company. The
Company provides cockpit modules, interior and electronic, thermal
systems, compressor, and heat exchange products. Marelli Holdings
also offers console, instrument panels, steering member, inverter,
blower motor, exhaust system, mufflers, rotary and variable
compressors, condensers, and radiators.




===============
M O N G O L I A
===============

MONGOLIAN MORTGAGE: S&P Lowers ICRs to 'B-' on Continuing Losses
----------------------------------------------------------------
S&P Global Ratings lowered its long-term issuer credit rating on
Mongolian Mortgage Corp. HFC LLC (MIK) to 'B-' from 'B' while
affirming the 'B' short-term rating. The outlook on the long-term
rating is stable. It also lowered the long-term issue rating on the
company's US$250 million senior unsecured notes maturing in
February 2024 to 'B-' from 'B'.

The downgrade mainly reflects S&P's view that MIK's profitability
will remain vulnerable over the next 12 months, further weakening
the company's capital position. Losses in 2020 and 2021 have
already weakened the capital position. The losses are primarily due
to lower asset yields even as MIK's funding costs, including
foreign currency hedge expenses, are largely fixed.

The rating actions also follow a revision to S&P's methodologies
for rating banks and nonbank financial institutions and for
determining a Banking Industry Country Risk Assessment (BICRA).
However, the new criteria did not affect the rating actions.

MIK's capital and earnings are highly sensitive to interest
margins, which have fluctuated substantially over the past two
years. While rates on mortgage receivables declined marginally,
slow dissemination in the liquidity-provider business left more
funds parked in much lower yielding investments that closely track
the policy rate. The policy rate in Mongolia has declined to 6%
from 11% before the pandemic, in part to stimulate the economy amid
challenging conditions amid the pandemic. Recent monetary
tightening measures are modestly positive for MIK's margins.

Meanwhile, a steepening U.S. dollar yield curve could dent MIK's
margins and profitability from 2023 onward. The company's financial
debt largely comprises fixed U.S. dollar bonds and the principal is
hedged for currency risk. While the company's next maturity wall is
in February 2024, refinancing could be a year earlier given the
past track record.

S&P said, "We project MIK's risk-adjusted capital (RAC) ratio will
modestly trend up and be between 3% and 3.5% over the next 12-18
months. This is lower than what we had expected, primarily due to
the losses that eroded the capital base. We estimate the RAC ratio
was 3.2% as at Sept. 30, 2021, and 4.9% as at end-2020. In our
estimates, we factor in steady revenue streams from MIK's
securitization pass-through business and a moderate reduction in
leverage. On its balance-sheet-driven business, MIK has been
increasing mortgages to nonbank financial institutions to enhance
margins. But profitability from this exposure does not adequately
cover funding costs after hedging for currency risk.

"While MIK's liquidity-provider business has dual recourse, we do
not rule out financial institutions being reluctant to honor
recourse under stress situations. MIK has to recognize provisions
if the originating financial institution's creditworthiness
deteriorates. At this stage, we do not expect credit costs to
significantly affect MIK's overall profitability.

"We see MIK as a government related entity and expect it to have a
very high likelihood of receiving extraordinary support from the
Mongolian government, if needed. This is because we expect the
company to maintain its very important role and very strong link
with the Mongolian government. As the only authorized issuer of
residential mortgage-backed securities in Mongolia, MIK is the key
participant of the government-led affordable housing finance
program. While budgetary constraints may slow the program,
providing more housing will likely remain one of the government's
most important agendas, in our view.

"The government will maintain strong influence over MIK's business
development and remain an important shareholder, in our opinion.
This is considering the significance of housing finance to the
economy and financial system. The government indirectly owned an
about 17% stake in MIK through Development Bank of Mongolia LLC and
State Bank LLC as of end-December 2021.

"The stable outlook reflects our view that MIK will continue to
benefit from government support, the company's profits will
gradually recover, and it will maintain adequate liquidity for the
next 12-18 months.

"We could downgrade MIK if the likelihood of government support
reduces significantly and the company's financial situation
deteriorates to a vulnerable state. The latter could occur if
refinancing of bonds becomes difficult due to prolonged
profitability, credit quality issues, and capital pressures.

"We could upgrade MIK if the company restores healthy profitability
without undertaking excessive risk."




=====================
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


GIBBS GROUP: Owes NZD1.7 Million to Unsecured Creditors
-------------------------------------------------------
Stuff.co.nz reports that an Auckland construction firm with seven
"significant" commercial contracts under way has collapsed, owing
unsecured creditors NZD1.7 million. Gibbs Group, incorporated in
April 2020, traded as a civil contractor in Auckland and was placed
into liquidation on February 8.

A report by liquidator Digby Noyce said unsecured creditors were
owed NZD1,708,201 and it was unlikely they would be paid, Stuff
says.

Secured creditors were owed NZD219,600, of which NZD65,000 was
wages owed to staff and NZD154,538 was owed to the Inland Revenue
Department, the report said.

Stuff relates that the report said staff and the tax department
would be paid in full.

The company employed 18 staff at the date of liquidation, two of
whom were the director or relatives of the director, whose claims
had been excluded from being secured creditors, it said.

All staff contracts had been terminated, it said, Stuff relays.

The company's sole director is Jared Gibbs, who is also a
shareholder along with Lauren Hobson.

According to Stuff, the liquidator's report said that in early 2021
the company won a number of significant commercial tenders which
caused it to grow exponentially.

Stuff relates that the company's staff headcount increased from two
to nearly 40 and the volume of work increased from one manageable
contract to seven significant commercial contracts, it said.

Towards the end of 2021, the company started running into cashflow
difficulties when payment claims were rejected or approved in
reduced amounts, due to defects or incomplete work or similar
issues, it said.

The use of different subcontractors to do parts of the same job
resulted in increased costs and quality assurance problems, which
caused the position to worsen, it said.

"My initial view is that the reason for the insolvency was due to a
combination of reasons, mainly being that the company was under
capitalised and the director's lack of experience in managing
multiple large contracts," the report, as cited by Stuff, said.
"Rapid growth often carries with it significant exposure to risk."

Stuff relates that Mr. Noyce said there were construction contracts
that had not been completed and it was not yet known what costs
would be incurred to complete those contracts or what damages head
contractors may seek.

Mr. Noyce said the director was inexperienced and the business was
unable to sustain itself as it grew.

"It just grew too quickly," Stuff quotes Mr. Noyce as saying.  "The
ability to manage seven contracts requires a lot of experience."

He said NZD58,000 of subcontractor retention funds that the company
was holding were now being held in trust, adds Stuff.


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

B&H Builders (2008) Limited filed the petition against the company
on Sept. 22, 2021.

The Petitioner's solicitor is:

          Wayne Revell
          Revell Law Limited
          7a Princes Street (PO Box 1038)
          Hamilton
          Email: wayne@revell-law.co.nz


MARASINGHE PVT: Creditors' Proofs of Debt Due March 18
------------------------------------------------------
Creditors of Marasinghe Pvt Limited (trading as Fresco Family
Restaurant and Bar), which is in voluntary liquidation, are
required to file their proofs of debt by March 18, 2022, to be
included in the company's dividend distribution.

Craig Sanson and Malcolm Hollis of PwC were appointed joint and
several liquidators of the company by the High Court at Auckland on
Feb. 11, 2022.

The company's liquidators can be reached at:

          Craig Sanson
          Malcolm Hollis
          c/o PwC Auckland
          Private Bag 92162
          Victoria Street West, Auckland 1142


RDN ENTERPRISES: Creditors' Proofs of Debt Due on March 3
---------------------------------------------------------
Creditors of RDN Enterprises Limited, which is in voluntary
liquidation, are required to file their proofs of debt by March 3,
2022, to be included in the company's dividend distribution.

Damien Grant and Greg Sherriff of Waterstone Insolvency were
appointed joint and several liquidators of the company on Feb. 11,
2022, pursuant to section 241(2)(a) of the Companies Act 1993
("Act").

The company's liquidators can be reached at:

          Damien Grant
          Greg Sherriff
          Waterstone Insolvency
          PO Box 352, Auckland 1140


VISION INVESTMENTS: Creditors' Proofs of Debt Due March 18
----------------------------------------------------------
Creditors of Vision Investments Limited (trading as Exact Building
Inspections), which is in voluntary liquidation, are required to
file their proofs of debt by March 18, 2022, to be included in the
company's dividend distribution.

The company commenced wind-up proceedings on Feb. 8, 2022.

The company's liquidators are:

          Simon Dalton
          Matthew Kemp
          Gerry Rea Partners
          PO Box 3015, Auckland


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

epay New Zealand Limited filed the petition against the company on
July 16, 2021.

The Petitioner's solicitor is:

          David Greenslade
          Macalister Mazengarb
          Level 4, 36 Brandon Street
          Te Aro, Wellington 6011




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CENTRAL MARKETING: Creditors' Proofs of Debt Due on March 16
------------------------------------------------------------
Creditors of Central Marketing Group Singapore Pte. Ltd., which is
in voluntary liquidation, are required to file their proofs of debt
by March 16, 2022, to be included in the company's dividend
distribution.

The company commenced wind-up proceedings on Feb. 9, 2022.

The company's liquidators are:

          Robert Yam Mow Lam
          Messrs. Robert Yam & Co PAC
          190 Middle Road
          #16-01 Fortune Centre
          Singapore 188979


JADENSWORTH HOLDINGS: Creditors' Meeting Set for Feb. 23
--------------------------------------------------------
Jadensworth Holdings Pte Ltd will hold a meeting for its creditors
on Feb. 23, 2022, at 11:30 a.m., via an audio-visual conference on
the Zoom Platform.

Agenda of the meeting includes:

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

   b. to appoint Liquidators;

   c. to consider and if thought fit, appoint a Committee of
      Inspection ("COI"); and

   d. to resolve that the books, accounts and documents of the
      Company be destroyed pursuant to Section 195(2) of the
      Insolvency, Restructuring and Dissolution Act 2018 (No.40 of

      2018).


JUBILANT PHARMA: Fitch Affirms 'BB' LT IDR, Alters Outlook to Neg.
------------------------------------------------------------------
Fitch Ratings has revised the Outlook on Singapore-based Jubilant
Pharma Limited's (JPL) Long-Term Issuer Default Rating (IDR) to
Negative, from Stable, and has affirmed the IDR at 'BB'. The agency
has also affirmed the company's senior unsecured rating and the
rating on its USD200 million 6.00% senior unsecured notes due 2024
at 'BB' and has assigned a Recovery Rating of 'RR4'.

The Negative Outlook reflects Fitch's expectation of a
deterioration in JPL's profitability, which is likely to see
financial leverage surge to above the negative rating sensitivity
level in the financial year ending March 2023 (FY23). Profitability
should stabilise in FY24, which will help leverage come back down
to below the negative rating sensitivity level. Nevertheless, JPL's
weak headroom underscores the downside risks from operational
underperformance or investments that are more aggressive than Fitch
expects.

JPL's limited dependence on generic formulations and favourable
market position in speciality pharmaceutical-focused segments
underpins its credit profile, despite its small size and the high
degree of regulatory risk arising from limited production-facility
diversification.

KEY RATING DRIVERS

Lower Profitability: Fitch estimates JPL's EBITDA, which Fitch
adjusts to remove capitalised R&D expenses, to drop significantly
in FY23, due to lower volume and narrowing of the margin to 11%
(FY22 estimate: 14%). A slow volume recovery at JPL's high-margin
radiopharma business will coincide with higher R&D spending and the
tapering of the Covid-19 pandemic-related uplift in contract
manufacturing of sterile products (CMO) and generic dosage
segments.

JPL is also shifting its active pharmaceuticals ingredients (API)
business to its parent, Jubilant Pharmova Limited (JPHL), and Fitch
expects pricing pressure to weigh on profitability in the generic
segment, despite the normalisation of one-off factors in 2HFY22.
Fitch's estimates do not factor in yet-to-be approved products and
hence remain more conservative than JPL's FY24 expectations.

Weak Leverage Headroom: Fitch forecasts JPL's financial leverage,
measured by consolidated net debt/EBITDA, to rise to 3.9x in FY23,
from 1.8x in FY21. This is above the 3.0x level where Fitch would
consider negative rating action. Pre-R&D EBITDA in FY24 is likely
to remain above Fitch's FY22 estimate, but elevated R&D spending
along with expansion capex will narrow leverage headroom.

Small Scale; Specialty Focus: JPL has a smaller scale and less
business diversification than larger generic-pharmaceutical
companies. Nonetheless, Fitch believes its focus on segments such
as radiopharma, CMO and allergy therapy - which will make up the
bulk of EBITDA - limits its exposure to pricing pressure in the US
generic-pharmaceutical market.

JPL is the third-largest participant by sales in North America's
small radiopharma market, with some of its top products enjoying
limited competition. It is also among the leading contract
manufacturers in North America for sterile injectables. The
segment's sustained growth benefits from its longstanding customer
relationships. JPL is the second-largest company in the allergenic
extract market and the sole supplier of venom products in the US.

Regulatory Risk: JPL is exposed to above-average regulatory risk
due to its small scale and limited production plants compared with
global peers. Resolution of adverse actions by the US Food and Drug
Administration (USFDA) on its API and generic dosage plants in
India will be key for new product approvals for the US market.
Nonetheless, JPL has low dependence on generic drugs, particularly
after considering the proposed transfer of its API business to its
parent. However, the impact will be greater if US drug pricing
policies or any adverse regulatory actions affect JPL's specialty
segments.

Parent and Subsidiary Linkage: Fitch assesses JPL's Standalone
Credit Profile (SCP) at the same level as that of its parent. JPL
accounts for bulk of JPHL's consolidated operations and debt
following the demerger of the parent's life science ingredient
business in 2021. Fitch expects a limited impact to JPL's SCP from
the proposed API business transfer, considering its low EBITDA
contribution and JPHL's investment in the contract research
business outside of JPL group. JPHL controls JPL's management and
funding strategy through its 100% stake and there are limited
restrictions on intercompany flows.

Notes Rated Same as IDR: JPL's notes are rated at the same level as
its IDR, because they represent its direct, unconditional,
unsecured and unsubordinated obligations. JPL's low secured and
prior-ranking debt/EBITDA ratio alleviates subordination risk. The
senior notes' indenture also limits prior-ranking debt to 0.2x of
JPL's consolidated assets, subject to certain carve-outs.

DERIVATION SUMMARY

JPL has a smaller scale, with limited geographic diversification,
than larger generic-pharmaceutical peers, Viatris Inc. (BBB/Stable)
and Teva Pharmaceutical Industries Limited (BB-/Stable). This is
counterbalanced by higher acquisition-led leverage of larger peers,
particularly Teva, which Fitch expects to remain above that of JPL
amid continued pricing pressure on generic drugs in the US and
litigation.

Glenmark Pharmaceuticals Ltd (BB/Stable) has a larger and more
geographically diversified pharma business than JPL. Nonetheless,
JPL's greater presence in specialty pharmaceuticals limits its
exposure to ongoing pricing pressure in the US
generic-pharmaceutical market. Fitch expects JPL's leverage to
remain higher than that of Glenmark over the next few years,
underscoring the Negative Outlook on JPL's rating.

Ache Laboratorios Farmaceuticos S.A. (BB/Negative) benefits from
solid market positioning and a stronger financial profile than JPL,
although Brazil's Country Ceiling of 'BB' constrains its rating.

KEY ASSUMPTIONS

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

-- Revenue to fall by 8% over FY23, with growth in the
    radiopharma segment partly offsetting lower revenue from
    pandemic-related opportunities and the absence of API revenue
    post demerger. Revenue to increase by high-single-digits in
    FY24.

-- EBITDA margin to decline to 11% in FY23, before improving to
    14% in FY24 due to radiopharma segment growth.

-- Annual capex to rise to 8% of sales in FY23 and FY24 amid
    capacity expansion in the CMO segment.

-- Annual dividend payout of USD13 million over FY23 and FY24.

RATING SENSITIVITIES

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

-- Sustained deterioration in financial leverage, as measured by
    JPL's consolidated net debt/EBITDA, to more than 3.0x.

-- Weakening of the competitive position or adverse USFDA action.

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

-- The Outlook may be revised to Stable if Fitch believes an
    improving trend in operating performance will enable JPL's
    consolidated net debt/EBITDA to be on track to reduce
    sustainably below 3.0x by FY24.

BEST/WORST CASE RATING SCENARIO

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

LIQUIDITY AND DEBT STRUCTURE

Adequate Liquidity: JPL's consolidated unrestricted cash balance of
USD77 million as of FYE21 was sufficient to cover USD53 million in
debt maturities over FY22 and FY23 and modestly negative free cash
flow after including investments. Debt maturities in FY24 will rise
to USD300 million, including USD200 million of notes that mature in
March 2024. Fitch believes refinancing risk will rise absent an
improvement in leverage after FY23, but expect JPL to address this
well in advance, in line with its record.

ESG CONSIDERATIONS

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


                           *********


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

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

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

This material is copyrighted and any commercial use, resale or
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