/raid1/www/Hosts/bankrupt/TCRAP_Public/220221.mbx        T R O U B L E D   C O M P A N Y   R E P O R T E R

                     A S I A   P A C I F I C

          Monday, February 21, 2022, Vol. 25, No. 31

                           Headlines



A U S T R A L I A

CBM SERVICES: Second Creditors' Meeting Set for Feb. 24
DLP MANAGEMENT: Signex Goes Into Liquidation
HERON RESOURCES: Develop to Buy Zinc-Copper Project for AUD30MM
METRO FINANCE 2022-1: Moody's Gives B2 Rating to AUD2.5MM F Notes
SHOWERAMA PRODUCTS: First Creditors' Meeting Set for Feb. 28

SPEC-NET PTY: Second Creditors' Meeting Set for Feb. 23
VICTORIAN FERRIES: Second Creditors' Meeting Set for Feb. 25


B A N G L A D E S H

BRAC BANK: S&P Affirms 'B+' Long-Term ICR, Outlook Stable


C H I N A

LOGAN GROUP: S&P Downgrades ICR to 'BB-', Outlook Negative
TIMES CHINA: Moody's Lowers CFR to B1 & Sr. Unsecured Rating to B2
ZHENRO PROPERTIES: Seeks Waivers from Bondholders' Claims


H O N G   K O N G

SINO HOTELS: Expects Conditions to Remain Challenging After Losses


I N D I A

BHARAT HYDEL: CRISIL Withdraws B- Rating on INR10cr Cash Loan
COTTONY FASHIONS: CRISIL Reaffirms B+ Rating on INR2cr LT Loan
D G COLD: CRISIL Assigns B+ Rating to INR9.80cr Cash Loan
EMERGING INFRA: CRISIL Lowers Rating on INR5cr Secured Loan to B+
FRONTIER KNITTERS: CRISIL Moves B+ Rating from Not Cooperating

GAURIK FASHIONS: CRISIL Withdraws B+ Rating on INR5cr New Loan
GULATI BROTHERS: CRISIL Moves B Debt Rating from Not Cooperating
INDOTECH INDUSTRIES: CRISIL Lowers Long/Short Term Ratings to D
JAI MAANGARH: CRISIL Lowers Rating on INR7.4cr LT Loan to D
JULIET APPARELS: CRISIL Assigns B+ Rating to INR7.51cr Term Loan

LAKHANI SHOES: CRISIL Moves B- Debt Rating to Not Cooperating
M MADHAVARAYA: CRISIL Reaffirms B+ Rating on INR27cr Cash Loan
MATA RANI: Ind-Ra Keeps 'D' Bank Loan Rating in Non-Cooperating
MOIDU'S MEDI: CRISIL Lowers Long/Short Term Loan Rating to D
N K SHARMA: CRISIL Raises Rating on INR10cr Loan to B

PERFECT INFRACORP: CRISIL Withdraws B+ Rating on INR11cr Loan
RAJ HAIR: CRISIL Reaffirms B+ Rating on INR4cr Bill Discounting
SAHAKAR MAHARSHI: Ind-Ra Moves BB- Issuer Rating to Non-Cooperating
SWATI SWITCHGEARS: CRISIL Withdraws B Long Term Rating
UNIVERSAL EDUCATIONAL: Ind-Ra Keeps 'C' Rating in Non-Cooperating



M A L A Y S I A

SAPURA ENERGY: Units Served With Winding-Up Petitions


N E W   Z E A L A N D

B.G. SPECIALIST: BDO Tauranga Appointed as Liquidators
INSIGHT PLUMBING: Court to Hear Wind-Up Petition on March 4
STARTING IN FENCOURT: Court to Hear Wind-Up Petition on March 7
VINEGAR LANE: Creditors' Proofs of Debt Due March 25


P H I L I P P I N E S

RURAL BANK OF NABUNTURAN: Claims Deadline Set for March 5


S I N G A P O R E

AN GUANG: Creditors' Meeting Set for February 25
LEMARC AGROMOND: Court to Hear Wind-Up Petition on March 4
POLARIS DEVICE: Creditors' Proofs of Debt Due on March 17
TEE INTERNATIONAL: Ordered to Provide Various Documents to CAD


S R I   L A N K A

SRI LANKA: May Seek for More Loans From China, India

                           - - - - -


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

CBM SERVICES: Second Creditors' Meeting Set for Feb. 24
-------------------------------------------------------
A second meeting of creditors in the proceedings of CBM Services
(NSW) Pty Ltd has been set for Feb. 24, 2022, at 11:00 a.m. via
virtual 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. 23, 2022, at 5:00 p.m.

Terrence John Rose and David Michael Stimpson of SV Partners were
appointed as administrators of CBM Services on Jan. 19, 2022.


DLP MANAGEMENT: Signex Goes Into Liquidation
--------------------------------------------
Wide Format Online reports that Melbourne sign business Signex will
be wound up after suffering a devastating loss of business during
prolonged Covid lockdowns across the city.

"Notice is given that at a general meeting of the members of the
company held on 15 February 2022, it was resolved that the company
[DLP MANAGEMENT PTY LTD - trading name: SIGNEX GROUP AND PROLOGICA
DIGITAL PRINT] be wound up and that Stephen Dixon and Leigh Dudman
be appointed liquidator(s)," said a brief notice on the ASIC
website.

The creditors' meeting on Feb. 15 had been called to consider
whether there was any way forward for Signex and Prologica Digital
Print under its existing Deed of Company Arrangement (DOCA).

Bayswater-based Signex and Prologica entered voluntary
administration in November 2020 after losing over $1 million worth
of work following the Covid-related cancellation of major events
including the Grand Prix, the Melbourne International Flower and
Garden Show and several golf tournaments, Wide Format recalls.

The report relates that the contract cancellations followed the
company losing AUD350,000 after two prominent Melbourne printing
companies went into liquidation and a sports promoter failed to
meet commitments.

Signex continued to struggle in 2021 as Melbourne broke a global
record for the amount of time spent in Covid-related lockdowns.

Signex Group, established in 1985, specialized in corporate,
exhibition and event signage as well as point of sale and visual
merchandising material.

Stephen Robert Dixon and Leigh William Dudman of Hamilton Murphy
were appointed as administrators of DLP Management on Nov. 18,
2020.

HERON RESOURCES: Develop to Buy Zinc-Copper Project for AUD30MM
---------------------------------------------------------------
Mining Technology reports that Australian mining firm Develop has
agreed to purchase the Woodlawn copper project in New South Wales
(NSW) in a AUD30 million transaction.

According to the report, Develop will acquire the Woodlawn
underground mine and processing plant that was redeveloped with a
AUD340 million investment by Heron Resources, which entered
voluntary administration in 2021.

The project, however, was placed on care and maintenance in 2020,
owing to ramp-up challenges and Covid-related issues.

Mining Technology says Develop has signed binding cooperation deeds
with Nomad, Orion, and Castlelake, who jointly hold more than 50%
of the total claims value against Heron.

These creditors have agreed to support Develop's deed of company
arrangement to acquire Heron.

The report relates that the deal includes an upfront consideration,
which comprises a AUD15 million cash payment and AUD15 million
worth of Develop shares, to Heron's creditors.

It also comprises success-driven milestone-related payments of
approximately AUD70 million in cash or shares to Orion.

"Woodlawn hosts future-facing metals in a tier-one location and
meets all our criteria for creating shareholder value," the report
quotes Develop managing director Bill Beament as saying.

"It is a substantially developed project with extensive underground
infrastructure and a new processing plant. The geology is
first-class, with a VMS system, which is under-explored and open in
a number of areas.

"We are very confident that we will be able to grow the inventory
rapidly by extending the key lenses using underground drilling."

Develop expects the acquisition, together with its Sulphur Springs
copper/zinc/silver project in the Pilbara, to transform the firm
into a major base metals group with future-facing metals in
tier-one locations, the report adds.

Discovered in 1969, the Woodlawn deposit was operated under various
owners from 1978 to 1998.

David McGrath, Christopher Hill and Michael Ryan of FTI Consulting
were appointed as administrators of Heron Resources, et al. on July
16, 2021.

Based in Sydney, Australia, Heron Resources Limited (ASX:HRR) --
https://www.heronresources.com.au/ -- operates as a mining company.
The Company explores and produces base and precious metals. Heron
Resources serves customers in Australia.


METRO FINANCE 2022-1: Moody's Gives B2 Rating to AUD2.5MM F Notes
-----------------------------------------------------------------
Moody's Investors Service has assigned definitive ratings to notes
issued by Perpetual Corporate Trust Limited, as trustee of Metro
Finance 2022-1 Trust.

Issuer: Metro Finance 2022-1 Trust

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

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

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

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

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

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

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

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

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

RATINGS RATIONALE

The definitive ratings take into account, among other factors:

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

The evaluation of the underlying receivables and their expected
performance;

The fact that 71.7% of the receivables were extended to prime
commercial obligors on a no-income verification basis, referred to
as "streamlined". This streamlined product allows obligors who meet
certain stringent requirements to access the loan without providing
financial statements. See below for further information on Metro
Finance's streamlined product;

The 40.5% of the contracts (48.3% of contracts by current balance)
with a balloon payment at the end of the receivable term. The
aggregate balloon exposure as a percentage of current portfolio
balance is 16.7%. Loans with a balloon payment are subject to
higher refinancing and, consequently, default risk;

The evaluation of the capital structure;

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

The liquidity facility in the amount of 2.00% of the invested
amount of the notes subject to a floor of AUD987,000;

The interest rate swap provided by National Australia Bank Limited
(Aa3/P-1/Aa2(cr)/P-1(cr)). The notional amount, which covers 95% of
balance of all notes, under the swap agreement may exceed or fall
below the outstanding balance of the rated notes in the event that
prepayments deviate from the assumed prepayment rate. Such
deviations will expose the transaction to being under-hedged or
over-hedged. Over-hedging risk is mitigated by the fact that break
costs are charged to the obligors and these funds will flow through
to the trust as collections. The transaction is under-hedged and
this risk might be exacerbated by a rise in the benchmark rate.
Further, Metro Finance has the ability to adjust the notional
schedule over the life of the transaction to better match the
paydown over time.

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

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

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

MAIN MODEL ASSUMPTIONS

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

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

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

Methodology Underlying the Rating Action

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

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

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

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

SHOWERAMA PRODUCTS: First Creditors' Meeting Set for Feb. 28
------------------------------------------------------------
A first meeting of the creditors in the proceedings of Showerama
Products Pty. Ltd. will be held on Feb. 28, 2022, at 11:00 a.m. via
virtual meeting only.

Cameron Gray of DW Advisory was appointed as administrator of
Showerama Products on Feb. 16, 2022.


SPEC-NET PTY: Second Creditors' Meeting Set for Feb. 23
-------------------------------------------------------
A second meeting of creditors in the proceedings of Spec-Net Pty.
Limited has been set for Feb. 23, 2022, at 10:00 a.m. via
teleconference only.

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

Creditors wishing to attend are advised proofs and proxies should
be submitted to the Administrator by Feb. 22, 2022, at 4:00 p.m.

Glenn Thomas O'Kearney of GT Advisory & Consulting was appointed as
administrator of Spec-Net Pty on Jan. 18, 2022.



VICTORIAN FERRIES: Second Creditors' Meeting Set for Feb. 25
------------------------------------------------------------
A second meeting of creditors in the proceedings of Victorian
Ferries Pty Ltd has been set for Feb. 25, 2022, at 2:00 p.m. via
Zoom.

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 11:00 a.m.

Mathew Gollant of CJG Advisory was appointed as administrator of
Victorian Ferries on Jan. 21, 2022.




===================
B A N G L A D E S H
===================

BRAC BANK: S&P Affirms 'B+' Long-Term ICR, Outlook Stable
---------------------------------------------------------
On Feb. 18, 2022, S&P Global Ratings affirmed its 'B+' long-term
and 'B' short-term issuer credit ratings on BRAC Bank. The outlook
on the long-term rating is stable.

The affirmations follow a revision to S&P's criteria for rating
banks and nonbank financial institutions and for determining a
Banking Industry Country Risk Assessment (BICRA).

S&P said, "Our assessments of economic risk and industry risk in
Bangladesh are also unchanged at '8' and '9', respectively. These
scores determine the BICRA and the anchor, or starting point, for
our ratings on financial institutions that operate primarily in
Bangladesh. The trends we see for economic risk and industry risk
remain stable.

"In addition, our assessment of the stand-alone credit profile of
the BRAC Bank and the likelihood of extraordinary external support
is unchanged under our revised criteria."

BRAC Bank Ltd.

S&P's affirmed ratings on BRAC Bank reflect the bank's good
management and franchise in the domestic retail and small and
midsize enterprise segments. The ratings also reflect the bank's
above-industry-average asset quality and capitalization.

SoftBank Vision Fund 2 is investing in BRAC Bank's subsidiary,
bKash Ltd., a mobile financial service provider in Bangladesh.
However, this investment in bKash may not be able to absorb
unexpected losses at BRAC Bank. S&P has not factored the infusion
into BRAC Bank's risk-adjusted capitalization, pending the
availability of full terms of the investment.

S&P sid, "The stable outlook on BRAC Bank reflects our view that
the bank will steadily navigate challenging operating conditions in
Bangladesh and maintain its financial profile over the next 12-18
months.

"We may lower the ratings if BRAC Bank's asset quality deteriorates
sharply, for example due to a prolonged reduction in economic
activities in Bangladesh.

"We could upgrade BRAC Bank if its profitability improves while
remaining higher than the industry average and the bank sustainably
increases its market share without strategic or operational
missteps. This could be shown by consistent good asset-quality
metrics, prudential underwriting standards, and healthy
capitalization."




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

LOGAN GROUP: S&P Downgrades ICR to 'BB-', Outlook Negative
----------------------------------------------------------
On Feb. 17, 2022, S&P Global Ratings lowered its long-term issuer
credit rating on Logan Group Co. Ltd. to 'BB-' from 'BB'. S&P also
lowered its long-term issue rating on the U.S. dollar-denominated
notes that the company guarantees to 'B+' from 'BB-'. All the
ratings were taken off CreditWatch, where they were placed with
negative implications on Jan. 27, 2022.

The negative outlook reflects S&P's view that Logan's liquidity
buffer could reduce further due to slower cash generation from
sales, weaker funding access and market confidence, and repayment
of contingent liabilities.

S&P believes the risks to Logan's information transparency and
disclosure have increased.

S&P said, "In our view, the company's previously undisclosed U.S.
dollar guaranteed debt is significant and represents escalated
risks that stem from weaker-than-expected management and
governance. Logan has confirmed that it provided guarantees for
about US$1 billion of private notes, which were not disclosed in
the company's interim and annual reports. And as such, our previous
credit analysis of Logan did not include them. The company has
since implemented an external guarantee management system where any
guarantee it provides is to be reviewed by the finance department
and regularly reported to the board of directors. That said, this
incident has shaken market confidence in Logan, and building a
track record of strong governance over a period of time will be
vital for the company to restore its reputation, in our view.

"Logan's liquidity buffer has reduced due to contingent liabilities
arising from previously unreported guaranteed debt. We believe
counterparties who received Logan's guarantees are of weaker credit
quality, and that potential honoring of these guarantees will add
to the company's repayment burden, especially because the
guarantees are for bullet capital market maturities. Logan received
counter guarantees for these contingent liabilities in the form of
property development projects. But some of these assets are still
under construction and cannot be monetized in a short period. The
company has also lost some of its liquidity buffer because its
capital market access has weakened due to reputational damage. This
will tighten its funding channels.

"We forecast Logan's leverage will remain elevated due to slowing
sales and margin pressure.We treat the US$1 billion contingent
liabilities as debt because these are external guarantees with
recourse to Logan. We estimate the company's adjusted total debt
increased to about RMB91 billion at end-2021, from RMB79 billion at
end-2020. We also estimate that its EBITDA margin continued to drop
to about 24% in 2021, from 30% in 2020. Therefore, we assess that
leverage, as measured by the debt-to-EBITDA ratio, has increased.
In addition, an industry downturn with slower sales and continued
pressure on margins will gradually increase the company's leverage
to 5.0x over 2022 and 2023.

"The company's short-term debt maturities are still manageable due
to a stable cash balance and quality offshore projects. We estimate
that Logan's 2021 year-end total cash balance was stable compared
with its interim balance of about RMB40 billion, supported by its
stable cash inflow from property sales. We believe that the company
can access roughly 60% of that balance, giving it some leeway to
tackle the maturities despite its lower liquidity buffer."

Logan's offshore projects will also provide some liquidity support.
The company has 50% interest in an Ap Lei Chau residential project
in Hong Kong with attributable saleable resources of about HK$17.5
billion, which will launch in the first half of 2022 in the form of
completed units. The company also has two projects in Singapore
that are over 90% sold. The Singapore projects' completion and cash
collection is on track.

S&P said, "We forecast Logan's funds from operations (FFO) to be
RMB46 billion-RMB49 billion in 2022. This amount, in our view,
along with the company's accessible cash balance, should be
sufficient to meet all its short-term debt maturities of about
RMB29 billion according to the current maturity schedule, provided
there is no further undisclosed debt.

"The negative outlook reflects our view that Logan's liquidity
buffer could reduce further over the next 12 months due to an
industrywide slowdown in sales, weaker market confidence, tighter
funding access and the repayment of contingent liabilities.

"We may lower the rating if Logan's liquidity and accessible cash
position weakens. This could arise from slower sales and cash
collection, weaker funding access, repayment of the additional
guaranteed debt, or any acceleration of debt repayment.

"We may downgrade Logan if we believe the company's transparency
and financial control are weaker than we expect, as indicated by
further undisclosed debt obligations.

"We may also lower the rating if Logan's consolidated
debt-to-EBITDA ratio exceeds 5.5x or look-through (proportionally
consolidated) debt-to-EBITDA ratio exceeds 5x. Leverage could
deteriorate if Logan's sales and margins are weaker than our
expectation, or if the company fails to control its debt growth due
to more aggressive expansion.

"We may revise the outlook to stable if Logan strengthens its
liquidity buffer with smooth funding access and improved market
confidence, such that the company is better placed to weather the
industry downturn and manage any debt repayment with ease."

A stable outlook would also be predicated on an improvement in the
company's financial management and information transparency
supported by a proven track record, such that market participants
regain confidence in the company's management and governance.

ESG credit indicators: To E-3, S-2, G-4; From E-3, S-2, G-3

Governance factors are now a negative consideration in S&P's credit
rating analysis, because previously undisclosed guaranteed debt
harms the credit profile of Logan in terms of liquidity and
leverage. Moreover, weaker information transparency and reporting
would damage the company's reputation and reduce market
confidence.

Environmental factors are moderately negative considerations in
S&P's credit rating analysis of Logan. The company mainly operates
in property development, where environmental regulations may lead
to higher costs. Given its large exposure to urban redevelopment
projects, mainly in the Greater Bay Area, Logan faces social risks
along with advancement of its projects, especially for
redevelopment of old villages. These developments require consensus
with many owners and could easily arouse social disputes. That
said, the company has developed a specialized team for overall
planning, negotiation, and relationship maintenance. S&P has not
observed any serious disputes arising from these projects in the
past.

Environmental, social, and governance (ESG) credit factors for this
change in credit rating/outlook and/or CreditWatch status:

-- Transparency and reporting


TIMES CHINA: Moody's Lowers CFR to B1 & Sr. Unsecured Rating to B2
------------------------------------------------------------------
Moody's Investors Service has downgraded Times China Holdings
Limited's corporate family rating to B1 from Ba3, and its senior
unsecured rating to B2 from B1.

The outlook on the ratings remains negative.

"The downgrade reflects Times China's reduced liquidity buffer due
to weakened funding access and continued cash spending on urban
redevelopment projects (URPs)," says Kelly Chen, a Moody's
Assistant Vice President and Analyst.

Moody's also expects Times China's contracted sales will decline
and further pressure its key credit metrics, which will no longer
support its previous Ba3 CFR.

"The negative outlook reflects our expectation that Times China's
operating and financial performance will deteriorate in the next
12-18 months amid the challenging business environment," adds
Chen.

RATINGS RATIONALE

Moody's estimates Times China's cash balance has declined notably
as of the end of 2021 due to its continued spending on URPs and
slowed cash collection from property sales, leading to a reduced
liquidity buffer. Moody's also anticipates that the company's
unrestricted cash to short-term debt coverage ratio would decline
to below 1.5x at the end of 2021 from 2.0x at the end of June 2021.
In addition, Moody's believes that part of such cash is kept at the
project level and cannot be mobilized immediately to service the
company's debt when needed.

Times China relies heavily on bond markets for funding, which
accounted for 59% of its total debt as of June 2021. In particular,
the company has around USD682 million in offshore bonds and RMB7.4
billion in onshore bonds becoming puttable or maturing before the
end of June 2023. It will likely not be able to raise sizable new
bonds at a reasonable cost to refinance its maturing debt in the
next 6-12 months, given its weakened funding access. Nevertheless,
Times China's liquidity is adequate. Moody's expects company's cash
holdings and operating cash flow is sufficient to cover its
committed land payments and maturing debt in the next 12-18 months.
Moody's also expects Times China will use its internal cash to
repay some of its maturing debts, but the repayment will constrain
the funding available for operation.

Moody's forecasts that Times China's contracted sales will fall
over the next 6-12 months, driven by its diminished saleable
resources and weak homebuyer confidence. The drop in contracted
sales will weaken the company's financial profile and reduce its
operating cash flow and, in turn, its liquidity. The company's
contracted sales fell 5% in 2021 from the previous year.

Moody's projects Times China's interest coverage, as measured by
EBIT/interest coverage, will slip to 2.1x-2.2x over the next 12-18
months, from 2.5x for the 12 months ended June 2021. The decline
will be driven by slower revenue recognition and declining profit
margins, as the company will likely offer price discounts to
accelerate sales. On the other hand, Moody's forecasts that the
company's debt leverage, as measured by revenue/debt, will stay
around 60%-65% over the same period, given the expected debt
reduction. These credit metrics position the company's CFR at B1.

Times China's B1 CFR reflects the company's leading market position
in Guangdong province and its good property development track
record.

At the same time, the B1 CFR is constrained by the company's
geographic concentration in Guangdong province and increasing
exposure to its joint venture (JV) businesses, which lowers
corporate transparency over its credit metrics.

Times China's B2 senior unsecured rating is one notch lower than
its CFR, reflecting the risk of structural subordination. Most of
Times China's claims are at its operating subsidiaries and have
priority over claims at the holding company in a bankruptcy
scenario. In addition, the holding company lacks significant
mitigating factors for structural subordination. As a result, the
likely recovery rate for claims at the holding company will be
lower.

As for environmental, social and governance (ESG) risks, Moody's
has considered Times China's increased JV exposure, which reduces
its corporate transparency over its credit metrics.

Moody's has also considered Times China's concentrated ownership by
its key shareholders, Shum Chiu Hung and his wife, who jointly held
a 61.64% stake as of the end of June 2021. Moody's has also
considered the company's adherence to the Listing Rules of the Hong
Kong Stock Exchange and the Securities and Futures Ordinance in
Hong Kong SAR, China on related-party transactions, and the
presence of three independent nonexecutive directors on the
company's nine-member board, which provides management oversight.
The independent nonexecutive directors also chair the company's
audit and remuneration committees.

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

Moody's could downgrade the ratings if Times China's liquidity and
refinancing risks heighten; or if its operating cash flow declines
materially due to falling property sales.

Credit metrics indicative of a downgrade include EBIT/interest
coverage below 2.0x or unrestricted cash/short-term debt below 1.0x
on a sustained basis.

Downward rating pressure could also increase if the contingent
liabilities associated with Times China's JVs or the likelihood of
the company providing funding support to its JVs increases
significantly.

On the other hand, Moody's could return the outlook to stable if
Times China strengthens its funding access, liquidity and credit
metrics.

Credit metrics that would indicate a stable rating outlook include
unrestricted cash/short-term debt above 1.25x and EBIT/interest
coverage above 2.5x, both on a sustained basis.

A significant reduction in the contingent liabilities associated
with the company's joint ventures (JVs) would also be positive for
the ratings. This could arise from its reduced usage of its JVs or
material improvement in the financial strength of its JV projects.

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

Based in Guangdong province, Times China Holdings Limited is a
property developer that focuses on meeting end-user demand for
mass-market housing. As of June 30, 2021, it had 145 property
projects across 12 cities in Guangdong and in major provincial
cities such as Changsha, Wuhan, Chengdu and Hangzhou. The company's
land bank totaled around 21.66 million square meters as of June 30,
2021.

ZHENRO PROPERTIES: Seeks Waivers from Bondholders' Claims
---------------------------------------------------------
South China Morning Post reports that Zhenro Properties has asked
holders of its US$200 million perpetual note to forgive any
potential default that could arise from its failure to redeem the
securities due in March, citing short-term funding issues amid a
market downturn.

The Shanghai-based developer said the lack of capital market
funding and bank loans to property developers since the second half
of last year have caused liquidity pressure that could make it
unable to redeem the notes due on March 5, the Post relays a filing
to the Hong Kong stock exchange.

Zhenro is therefore seeking shareholders' consent, at a meeting
slated for March 14 in Hong Kong, to waive any claims against it if
does not redeem the notes next month, the Post says.

"The company expects that its existing internal resources may be
insufficient to address its upcoming debt maturities in March,
including the redemption of the securities in full on 5 March," it
said in the stock exchange announcement.

According to the Post, the disclosure on Feb. 18 invalidated the
January statement that said Zhenro was planning to redeem the
outstanding perpetual note in full. That statement did not reassure
investors for long. Earlier in this month, speculations that the
company would skip its redemption surfaced, sending the US$200
million perpetual bond, which pays 10.25 per cent coupon, down to
50 cents on the dollar at one point on Feb. 18.

"The market condition in the real estate sector remains under
pressure in 2022," Zhenro said on Feb. 18. "In the absence of a
sharp recovery in the market and a resurge of various financing
options, the company remains cautious about its liquidity in the
near term."

Zhenro would need to get a majority of the shareholders' approving
its proposal in order for the waiver to become effective, it said.
Failing this, it may not be able to fully redeem the securities,
and may consider a debt restructuring, the Post relays.

To obtain shareholders' support, Zhenro said it would pay
bondholders a consent fee of US$10 per each US$1,000 principal
amount, in addition to the step-up fee of US$7.5 per each US$1,000
principal amount due at the end of March, the report adds.

Founded by Ou Zongrong, a delegate to the legislature's advisory
body the Chinese People's Political Consultative Conference
(CPPCC), Zhenro is well clear of the so-called three red lines –
lending limits imposed by the Chinese central bank on highly
leveraged developers, according to the report.

Unlike many other property developers who have repeatedly missed
their payments, Zhenro has a relatively clean repayment record,
having just serviced coupon payments for two dollar notes this
month.

Its aggregate contracted sales shrank 29.5 per cent in January from
a year ago, due to buyers' concerns about the health of property
developers, and banks' reduced home loans to potential buyers,
Zhenro said on Feb. 18.

                      About Zhenro Properties

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

As reported in the Troubled Company Reporter-Asia Pacific on
Feb. 17, 2022, 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.





=================
H O N G   K O N G
=================

SINO HOTELS: Expects Conditions to Remain Challenging After Losses
------------------------------------------------------------------
South China Morning Post reports that Sino Hotels, controlled by
billionaire Robert Ng Chee Siong, said on Feb. 17 that the outlook
does not look too bright after its first-half losses widened, as
Hong Kong's zero Covid-19 policy continued to weigh on its bottom
line.

According to the report, the owner of the Conrad Hong Kong saw
losses increase by more than a fifth to HK$55.5 million (US$7.1
million) for the six months ending December from a year ago.

"The hospitality industry continued to be heavily impacted by
cross-border travel restrictions and social distancing measures,"
Ng said in a statement filed to the Hong Kong stock exchange. "A
meaningful recovery will be dependent on the easing of travel
restrictions and resumption of international travel. The group is
taking all practicable measures to cope with the challenges."

Hong Kong's quarantine restrictions, which are among the strictest
in the world, saw visitor arrivals in the six-month period ending
December slump to 57,649, a fraction of the 21 million recorded in
the same period in 2019 before the coronavirus outbreak, the Post
notes.

Meanwhile, Hong Kong continues to battle an exponential surge in
infections that shows no signs of slowing down.

"The pandemic situation in Hong Kong remains fluid due to ongoing
threat of new variants emerging," Ng said, notes the report.
"Travel restrictions will likely remain in place for the time
being, and trading conditions for our hotels are expected to remain
challenging."

Revenues rose by about 20 per cent to HK$62.3 million, but losses
from other income rose to HK$11.9 million from a gain of HK$13.9
million in the same period in 2020.

Owing to the losses, Sino Hotels did not declare a dividend for
shareholders, the report notes.

The Post says the group's portfolio of three hotels in Hong Kong
saw improved average occupancy rates in the six months to
December.

City Garden Hotel had a 100 per cent occupancy rate after entering
a "bulk hiring arrangement" in August 2020. The Royal Pacific Hotel
& Towers saw occupancy rise to 65.7 per cent from 26.5 per cent,
while Conrad Hong Kong, the most prestigious hotel in the
portfolio, reported an average occupancy rate of 31.7 per cent, up
from 18.5 per cent a year earlier, the Post discloses.

The Post adds Ng said that the focus on staycation and long-stay
businesses at Conrad and Royal Pacific helped occupancy, but room
rates had been competitive.




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

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 continues to be 'CRISIL B-/Stable/CRISIL A4
Issuer Not Cooperating'.

CRISIL Ratings has withdrawn its ratings on the bank facilities of
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.

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.


COTTONY FASHIONS: CRISIL Reaffirms B+ Rating on INR2cr LT Loan
--------------------------------------------------------------
CRISIL Ratings has reaffirmed its 'CRISIL B+/Stable/CRISIL A4'
rating on the long term bank facilities of Cottony Fashions (CF).

                      Amount
   Facilities       (INR Crore)     Ratings
   ----------       -----------     -------
   Packing Credit         5         CRISIL A4 (Reaffirmed)
   Proposed Long Term
   Bank Loan Facility     2         CRISIL B+/Stable (Reaffirmed)

The ratings continue to reflect CF's small scale amidst intense
competition in the readymade garments industry, working
capital-intensive nature of operations and below average financial
risk profile. These weaknesses are partially offset by the
extensive experience of the partners.

Key Rating Drivers & Detailed Description

Weaknesses:

* Small scale of operations amidst intense competition in the
readymade garments industry: Revenue is at about INR18.77 crores in
fiscal 2021, which restricts any benefits of economies of scale and
bargaining power with its customers. Intense competition in the
readymade garments industry restricts scalability and profit
margins.

* Working-capital-intensive operations: Operations are working
capital intensive, with sizeable gross current assets at 275 days
for fiscal 2021 driven by inventory of 133 days as on March 31,
2021. Going forward, the operations are expected to remain working
capital intensive over the medium.

* Below-average financial risk profile: The networth is modest at
INR5.12 crore and the total outside liabilities to tangible
networth ratio at around 2.23 times, as on March 31, 2021. Debt
protection metrics are comfortable with interest coverage at around
4.28 times as on March 31, 2021 and is expected to improve
gradually over the medium term.

Strength:

* Extensive experience of the partners: Longstanding presence of
the partners, spanning around 25 years in the readymade garments
industry, will continue to support the business.

Liquidity: Stretched

Bank limit utilisation is low at around 34.87 percent for the past
twelve months ended Nov-21 and cash accruals are expected to be
over INR0.92 crore which are sufficient against term debt
obligation of INR0.36 crore over the medium term. In addition, it
will be act as cushion to the liquidity of the company. Current
ratio is moderate at 1.38 times on March31, 2021. The partners has
withdrawn INR2 crore during last year ending March 31,2021 as a
result the networth has decline.

Outlook: Stable

CRISIL Ratings believes CF will continue to benefit from the
extensive experience of its partners and their established
relationships with customers.

Rating Sensitivity factors

Upward Factors:

* Improvement in scale of operations by 30%, while sustaining
operating profitability
* Improvement in working capital management

Downward Factors:

* Decline in interest coverage ratio to less than 1.5 times
* Deterioration of operating margins as a result of weakening
business risk profile

CF was set up as a partnership firm in 1991. The firm manufactures
readymade garments for men, women and children, and exports the
garments, mainly to the US and UK.


D G COLD: CRISIL Assigns B+ Rating to INR9.80cr Cash Loan
---------------------------------------------------------
CRISIL Ratings has assigned its 'CRISIL B+/Stable/CRISIL A4'
ratings to the bank facilities of D G Cold Storage Private Limited
(DGCSPL).

                        Amount
   Facilities       (INR Crore)     Ratings
   ----------       -----------     -------
   Bank Guarantee        0.22       CRISIL A4 (Assigned)

   Cash Credit           1.50       CRISIL B+/Stable (Assigned)

   Cash Credit           9.80       CRISIL B+/Stable (Assigned)

   Term Loan             2.08       CRISIL B+/Stable (Assigned)

   Working Capital
   Term Loan             1.40       CRISIL B+/Stable (Assigned)

The ratings reflect DGCSPL's exposure to the highly regulated,
exposure to intense competition, modest scale of operation and weak
financial profile. These weaknesses are partially offset by its
extensive industry experience of the promoters and its locational
advantage.

Due to the essential nature of its business, PRPL was not impacted
by lockdowns and restrictions imposed to curb the ongoing Covid-19
pandemic.

Key Rating Drivers & Detailed Description

Weakness:

* Exposure to the highly regulated and intensely competitive nature
of the cold storage industry: The potato cold storage industry in
West Bengal is regulated by the West Bengal Cold Storage
Association, with rental rates fixed by the Department of
Agricultural Marketing. The fixed rentals will continue to limit
the ability of the players to earn profits based on their
respective strengths and geographical advantages. Pressure to offer
discounts to ensure healthy utilization of storage capacity,
especially given the intense competition, will also constrain
profitability.

* Modest scale of operation: DGCSPLs business profile is
constrained by its scale of operations in the intensely competitive
cold storage services industry.  DGCSPLs scale of operations will
continue limit its operating flexibility.

Strengths:

* Extensive industry experience of the promoters: The promoters
have been in the cold storage business for over 26 years. Their
expertise, strong understanding of market dynamics and healthy
relationships with traders and farmers helped ensure healthy
utilization of storage capacity and will continue to support the
business.

* Locational advantage: Proximity of cold storage to the potato
producing belt will help in achieving optimum capacity utilization
over the medium term

Liquidity: Stretched

Bank limit utilization is low at around 40 percent for the past
twelve months ended Dec-2021.  Cash accruals are expected to be
over INR1.7 crore which are sufficient against term debt
obligation. In addition, it will be act as cushion to the liquidity
of the company.

Outlook Stable

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

Rating Sensitivity factors

Upward factor

* Sustained improvement in scale of operation by 30% and sustenance
of operating margin, leading to higher cash accruals
* Improvement in its financial profile.

Downward factor

* Decline in scale of operations leading to fall in revenue and
profitability margin hence leading to lower net cash accrual.

* Large debt-funded capital expenditure weakens capital structure

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

DGCSPL was incorporated in January 2001 by Mr. Arup Kumar Bose and
his family members. DGCSPL provide a cold storage facility to
potato farmers and traders in West Bengal.


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 on 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 utilised 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.


GAURIK FASHIONS: CRISIL Withdraws B+ Rating on INR5cr New Loan
--------------------------------------------------------------
CRISIL Ratings has withdrawn its rating on the bank facilities of
Gaurik Fashions Private Limited (GFPL) on the request of the
company. The rating action is in line with CRISIL Ratings' policy
on withdrawal of its ratings on bank loans.

                      Amount
   Facilities       (INR Crore)     Ratings
   ----------       -----------     -------
   Proposed Fund-        5          CRISIL B+/Stable/Issuer Not
   Based Bank Limits                Cooperating (Withdrawn)

CRISIL Ratings has been consistently following up with GFPL for
obtaining information through letters and emails dated November 29,
2021, January 11, 2022 and January 15, 2022, among others, apart
from telephonic communication. However, the issuer has remained non
cooperative.

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

Detailed Rationale

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

GFPL was incorporated in 2017. It is engaged in wholesaling and
retailing of shoes and garments. Currently it operates 10 retail
stores in Delhi and various other cities. It is promoted and
managed by Mr. Rajesh Dudi and Ms. Swati Sinha.

GULATI BROTHERS: CRISIL Moves B Debt Rating from Not Cooperating
----------------------------------------------------------------
Due to inadequate information and in-line with the Securities and
Exchange Board of India guidelines, CRISIL Ratings had migrated its
ratings on the bank facilities of Gulati Brothers (GB) to 'CRISIL
B/Stable/CRISIL A4 Issuer Not Cooperating'. However, the firm's
management has started sharing the information required for a
comprehensive review of the ratings. Consequently, CRISIL Ratings
is migrating the ratings to 'CRISIL B/Stable/CRISIL A4'.

                     Amount
   Facilities      (INR Crore)     Ratings
   ----------      -----------     -------
   Foreign Bill         1.5        CRISIL B/Stable (Migrated from
   Purchase                        'CRISIL B/Stable ISSUER NOT
                                   COOPERATING')

   Packing Credit       3.75       CRISIL A4 (Migrated from
                                   'CRISIL A4 ISSUER NOT
                                   COOPERATING')

The ratings continue to reflect GB's modest scale of operations in
the highly fragmented window and door fittings industry,
below-average financial risk profile, and large working capital
requirement. These weaknesses are partially offset by healthy
profitability and the extensive industry experience of the partners
and established relationship with customers.

Key Rating Drivers & Detailed Description

Weaknesses:

* Modest scale of operations in the highly fragmented window and
door fittings industry: Despite improving from INR5.8 crore in
fiscal 2020, revenue remained modest at INR9 crore in fiscal 2021.
The firm has already booked sales of around INR7.5 crore in the
third quarter of fiscal 2022. Furthermore, there is high customer
and geographic concentration risk as 80% of sales are to the US and
Europe, and the top five customers account for more than 60% of
sales. The scale of operations is likely to remain small and
exposed to customer and geographic concentration risks, over the
medium term.

* Below- average financial risk profile: Financial risk profile
remained below-average marked by modest networth of INR2.60 crore
and gearing of 3.41 times as on March 31, 2021. Networth is
expected to improve to INR3-4 crore in the near term. Debt
protection metrics are comfortable, with interest coverage and net
cash accrual to adjusted debt ratios of 2.30 times and 0.03 time,
respectively, in fiscal 2021.

* Large working capital requirement: Operations are likely to
remain working capital intensive over the medium term. Gross
current assets were high at 439 days as on March 31, 2021, driven
by the large inventory of around 5 months due to the long
processing time of around 2.5 months and diverse products. Firm
procures key raw material on cash basis in order to avail cash
discounts.

Strengths:

* Healthy profitability: Profitability remained healthy with
earnings before interest, tax, depreciation and amortisation
(EBITDA) of 13.6% in fiscal 2021, improved from 12.8% the previous
fiscal. Margin is expected to sustain at around 14% in the near
term.

* Extensive industry experience of the partners and established
relationship with customers: The partners' experience of more than
20 years in the window and door fittings industry, their strong
understanding of market dynamics, and healthy relationship with
customers and suppliers should continue to support the business.
The firm, which started exports in 1999, has a longstanding
association with customers, mainly in the US and Europe.

Liquidity: Stretched

Bank limit utilisation averaged a high 94% over the 11 months
through October 2021. Cash accrual, expected at a modest INR0.6
crore should cover yearly debt obligation of INR0.2 crore and the
surplus will support liquidity. The current ratio was healthy at
2.00 times, and the unencumbered cash and bank balance low at
around INR0.9 crore, as on March 31, 2021.

Outlook: Stable

CRISIL Ratings believes GB will continue to benefit from the
extensive experience of its partners and established customer
relationships.

Rating Sensitivity Factors

Upward Factors

* Increase in revenue and stable operating margin of 14-15%,
leading to higher cash accrual.
* Efficiency in working capital management with gross current
assets improving to 350 days

Downward factors

* A decline in revenue leading to net cash accrual of less than
INR0.5 crore per fiscal
* Large, debt-funded capital expenditure, further weakening the
capital structure.

GB was established in 1999 as a partnership firm by Mr. Amarjeet
Singh and his family members. The firm manufactures and exports
windows and door fittings, which include hinges, door knobs,
handles, and latches. Its facility is in New Delhi. The exports are
to various regions including the US, Europe, New Zealand and the
Netherlands.


INDOTECH INDUSTRIES: CRISIL Lowers Long/Short Term Ratings to D
---------------------------------------------------------------
CRISIL Ratings has downgraded its ratings on the bank facilities of
Indotech Industries India Private Limited (IIIPL) to 'CRISIL
D/CRISIL D Issuer Not Cooperating' from 'CRISIL B/Stable/CRISIL A4
Issuer Not Cooperating' based on publicly available information.

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

   Short Term Rating     -          CRISIL D (ISSUER NOT
                                    COOPERATING; Downgraded from
                                    'CRISIL A4 ISSUER NOT
                                    COOPERATING')

CRISIL Ratings has been consistently following up with IIIPL for
obtaining information through email dated January 22, 2022 and
February 14, 2022, apart from telephonic communication. However,
the issuer has remained non cooperative.

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

Detailed Rationale

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

IIIPL, based in Indore, Madhya Pradesh, was formed in 2004 by Mr.
Rahul Modi and Mr. Vijay Kasat. It manufactures band saw machinery
(used in metal cutting) at its facility in Indore, and iron
castings at its foundry in Dewas, Madhya Pradesh.


JAI MAANGARH: CRISIL Lowers Rating on INR7.4cr LT Loan to D
-----------------------------------------------------------
CRISIL Ratings has downgraded its rating on the long-term bank
facility of Jai Maangarh Palace (JMP) to 'CRISIL D' from 'CRISIL
B/Stable'.  The downgrade reflects delay in servicing of debt
obligations as the firm has incurred delays in servicing of its
term debt obligations for the month of December 2021 and January
2022.

                      Amount
   Facilities       (INR Crore)     Ratings
   ----------       -----------     -------
   Long Term Loan         7.4       CRISIL D (Downgraded from
                                    'CRISIL B/Stable')

The rating reflects the firm's exposure to risks related to timely
completion of its project and the subsequent stabilisation of
operations, and to intense competition in the hospitality industry.
These weaknesses are partially offset by extensive experience of
the proprietor.

Key Rating Drivers & Detailed Description

Weaknesses:

* Exposure to risks related to implementation of project and
stabilisation of operations: Operations were earlier expected to
commence in January 2020 but the same had been delayed over the
last 2 years. Timely commencement of operations, demand from
prospective customers, and stabilisation of working capital cycle
will remain key rating sensitivity factors.

* Exposure to intense competition: JMP's hotel will be situated on
a national highway, which will help improve occupancy. However,
there are other hotels on the highway that will provide competition
to JMP in terms of price. Therefore, the firm's ability to price
its offering in a competitive landscape will remain a key rating
sensitivity factor.

Strength

* Extensive experience of the proprietor: Benefits of the
proprietor's experience of around one decade in the industry will
continue to support the business over the medium term.

Liquidity: Poor

Liquidity remains poor as the firm has delayed in servicing of term
debt obligations in the month of December and January 2021.

Rating Sensitivity factors

Upward Factors

* Track record of timely payment for at least 90 days
* Commencement of operations and ramp up of scale of operations

JMP is a sole proprietorship concern of Mr. Sanjay Bhandari,
established in 2017. It is constructing a hotel in Udaipur, which
is to start commercial operations by January 2020. Mr. Sanjay
Bhandari is associated with another firm, Jain Trading Co, which
trades in agricultural commodities.


JULIET APPARELS: CRISIL Assigns B+ Rating to INR7.51cr Term 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        0.1        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.


LAKHANI SHOES: CRISIL Moves B- Debt Rating to 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         25.0         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 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.


M MADHAVARAYA: CRISIL Reaffirms B+ Rating on INR27cr Cash Loan
--------------------------------------------------------------
CRISIL Ratings has reaffirmed its 'CRISIL B+/Stable' rating on the
long-term bank facilities of M Madhavaraya Prabhu (MMP).

                      Amount
   Facilities       (INR Crore)     Ratings
   ----------       -----------     -------
   Cash Credit           27         CRISIL B+/Stable (Reaffirmed)

The rating continues to reflect the company's below average
financial risk profile and susceptibility of profitability to
volatility in raw material prices. These weaknesses are partially
offset by extensive industry experience of the proprietor.

Key Rating Drivers & Detailed Description

Weaknesses:

* Below average financial risk profile: Gearing ratio deteriorated
to 3.79 times as on March 31, 2021 from 1.74 times in previous year
due reduction in net worth owing to capital withdrawal of around
INR5.7 Cr in fiscal 2021. However, Gearing is expected to improve
but shall remain high due high working capital debt and any larger
than expected capital withdrawals will be a key sensitivity factor
over the medium term.

* Susceptibility to volatility in cashew prices:  Due to
insufficient supply and high rates of cashews in the domestic
market, the nuts are increasingly being imported. Hence, the firm
remains susceptible to changes in policies of cashew exporting
nations.

Strength:

* Extensive industry experience of proprietor, and established
customer relationships: MMP's proprietor, Mr. Tukaram Prabhu, has
experience of over 15 years in the cashew processing industry,
which has helped the firm establish a strong distribution network
and market its product in several states across India. It has also
helped the firm survive adverse business conditions and build
relationships with major customers and suppliers, resulting in
consistent order flow and raw material supply at favorable prices.

Liquidity: Stretched

Bank limit utilisation is high at around 96 percent for the past
twelve months ended Sep 2021. Cash accrual are expected to be
around INR0.90 crores which are sufficient against term debt
obligation of INR0.8 crores over the medium term. In addition, it
will be act as cushion to the liquidity of the company. 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 MMP will continue to benefit from its
strong track record in the cashew industry.

Rating Sensitivity factors

Upward Factors:

* Significant improvement in liquidity with moderation in bank
limit utilization to below 85%.
* Improvement in gearing to less than 2.5 times.
* Growth in revenue and steady operating margin, leading to higher
cash accrual

Downward Factors:

* Higher than expected promoter's withdrawal from the firm lowering
its net worth leading to further leveraging the capital structure
* Higher than expected stretch in the working capital cycle putting
pressure on its liquidity
* Decline in revenue or operating profitability or withdrawals
leading to cash accrual of less than INR0.8 crore

MMP, a proprietorship firm set up in 1983, processes raw cashew
nuts of various grades into cashew kernels. The firm also trades in
raw cashew nuts and cashew kernels. Its processing unit is in
Muduperar village in Dakshina Kannada, Karnataka, and has installed
capacity of 30 tons per day. The firm is managed by Mr. Tukaram
Prabhu.


MATA RANI: Ind-Ra Keeps 'D' Bank Loan Rating in Non-Cooperating
---------------------------------------------------------------
India Ratings and Research (Ind-Ra) has maintained Mata Rani
Trust's bank facilities in the non-cooperating category. The issuer
did not participate in the rating exercise despite continuous
requests and follow-ups by the agency. Therefore, investors and
other users are advised to take appropriate caution while using the
rating. The rating will continue to appear as 'IND D (ISSUER NOT
COOPERATING)' on the agency's website.

The instrument-wise rating action is:

-- INR291 mil. Term loan (Long-term) maintained in non-
     cooperating category with IND D (ISSUER NOT COOPERATING)
     rating.

Note: ISSUER NOT COOPERATING: The ratings were last reviewed on
December 13, 2016. Ind-Ra is unable to provide an update, as the
agency does not have adequate information to review the ratings.

COMPANY PROFILE

Established in 2009, Mata Rani Trust is a non-government, social
service organization, formed as a trust for the primary purpose of
imparting education to the new generation. The trust has a K-8
school and a polytechnic institute.


MOIDU'S MEDI: CRISIL Lowers Long/Short Term Loan Rating to D
------------------------------------------------------------
CRISIL Ratings has downgraded its rating on the bank facilities of
Moidu's Medi Care Private Limited (MMPL) to 'CRISIL D/CRISIL D
Issuer Not Cooperating' from 'CRISIL B-/Stable/CRISIL A4 Issuer Not
Cooperating' due to delays in servicing debt obligation.

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

   Short Term Rating       -        CRISIL D (ISSUER NOT
                                    COOPERATING; Downgraded from
                                    'CRISIL A4 ISSUER NOT
                                    COOPERATING')

CRISIL Ratings has been consistently following up with MMPL for
obtaining information through letters and emails dated June 29,
2020 and December 18, 2020 and January 22, 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 MMPL, which restricts CRISIL's
ability to take a forward looking view on the entity's credit
quality. CRISIL Ratings believes that the rating action on MMPL is
consistent with 'Assessing Information Adequacy Risk'.

Based on best-available information, CRISIL Ratings has downgraded
its rating on the bank facilities of MMPL to 'CRISIL D/CRISIL D
Issuer Not Cooperating' from 'CRISIL B-/Stable/CRISIL A4 Issuer Not
Cooperating' due to delays in servicing debt obligation

Incorporated in July 1990, MMPL operates two hospitals - 'National
Hospital' and 'Western Medicals' in Calicut, Kerala. The company is
promoted and managed by Dr. K Moidu, Mrs. Haseena Ashik, Dr. K M
Ashik, Dr. K M Navas, and Mrs. Amina Moidu.


N K SHARMA: CRISIL Raises Rating on INR10cr Loan to B
-----------------------------------------------------
CRISIL Ratings has upgraded its rating on the long-term bank
facility of N K Sharma Enterprises Private Limited (NKSEL) to
'CRISIL B/Stable' from 'CRISIL D'.  

                      Amount
   Facilities       (INR Crore)     Ratings
   ----------       -----------     -------
   Overdraft Facility     10        CRISIL B/Stable (Upgraded
                                    from 'CRISIL D')

The upgrade reflects NKSEL's track record of servicing debt
obligation within timelines from August 2021 onwards.

The rating reflects significant saleability risks associated with
the company's ongoing project, and susceptibility to cyclicality in
the real estate sector. These weaknesses are offset by the
extensive experience of the promoters in the real estate industry.

Key Rating Drivers & Detailed Description

Weaknesses:

* Average Financial Risk Profile: The company has average financial
risk profile as indicated by reflected by average debt protection
metrics as indicated by interest coverage of around 1 time over the
years ended 2021 and is expected to operate at around 1 time due to
high external long term debt funding. The same has also resulted in
higher leverage with expected TOLTNW ratio at over 2 times.

* Vulnerability to cyclicality in the Indian real estate industry:
The real estate sector in India is cyclical and constrained by
volatile prices, opaque transactions, and a highly fragmented
market structure. Hence, vulnerability to risks, arising from
industry slowdown or delay in flow of customer advances, persists.

Strengths:

* Extensive experience of the promoters: Benefits from the
promoters' experience of around two decades and the company's
successful track record should continue to support the business.

* Low implementation risks: NKSEL has already completed the
construction of 7 towers out of 10 towers and has sold around 70%
of the total flats till December 2021. Work is underway on the
remaining three towers, and is expected to be completed by Mar
2022. Any deviation from expectations of CRISIL Ratings will be a
key monitorable.

Liquidity: Stretched

Bank limit utilization averaged 93% in the 6 months ending Dec 21.
Cash accrual generation of over INR3 crore annually will be a key
monitorable over the medium term. Furthermore, the company has
continuously been supported by promoters in the form of unsecured
loans, which were outstanding at INR0.98 crore as on March 31,
2021.

Outlook: Stable

CRISIL Ratings believes NKSEL will continue to benefit from the
extensive experience of its promoters.

Rating Sensitivity factors

Upward Factors:

* Significantly higher-than-expected and sustained cash flows led
by substantial bookings and advances
* Peak-level bank limit utilisation dropping to less than 90% on a
sustainable basis

Downward Factors:

* Slower-than-expected ramp-up in bookings, weakening the financial
risk profile, especially liquidity
* Cash buffer ratio dropping to less than 1.3 times
* Delay in servicing of debt obligations

Set up in 2000, NKSEL is managed by Mr. N K Sharma; his brothers,
Mr. P K Sharma, Mr. Y K Sharma, and Mr. D K Sharma; and his father,
Mr. V N Sharma. The company develops residential and commercial
projects. It is currently constructing a residential project,
Savitri Greens 2, in Zirakpur, Punjab.


PERFECT INFRACORP: CRISIL Withdraws B+ Rating on INR11cr Loan
-------------------------------------------------------------
CRISIL has withdrawn the ratings on certain bank facilities of
Perfect Infracorp Private Limited (PIPL), as:

                      Amount
   Facilities       (INR Crore)     Ratings
   ----------       -----------     -------
   Bank Guarantee        22         CRISIL A4/Issuer Not
                                    Cooperating (Withdrawn)

   Bank Guarantee         5         CRISIL A4/Issuer Not
                                    Cooperating (Withdrawn)

   Cash Credit           11         CRISIL B+/Stable/Issuer Not
                                    Cooperating (Withdrawn)

   Proposed Bank
   Guarantee              2         CRISIL A4/Issuer Not
                                    Cooperating (Withdrawn)

CRISIL Ratings has been consistently following up with PIPL for
obtaining information through letters and emails dated February 22,
2021 and August 23, 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 PIPL. This restricts CRISIL
Ratings' ability to take a forward looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on PIPL
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the rating on bank facilities of
PIPL continues to be 'CRISIL B+/Stable/CRISIL A4 Issuer Not
Cooperating'.

CRISIL Ratings has withdrawn its ratings on INR11 Crore of Cash
Credit, INR22 crore of Bank Guarantee and 2 crore of Proposed Bank
Guarantee 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.

PIPL was incorporated in December 2012, to take over the business
of partnership firm, 'Perfect Construction Company', setup in 1992.
The company undertakes civil construction activities, primarily
related to road, canals and water supply. The company is managed by
Mr. Dayabhai Patel and his son, Mr. Hardik Patel.

RAJ HAIR: CRISIL Reaffirms B+ Rating on INR4cr Bill Discounting
---------------------------------------------------------------
CRISIL Ratings has reaffirmed its ratings on the bank loan
facilities of Raj Hair International Private Limited (RHIPL) at
'CRISIL B+/Stable/CRISIL A4'.

                        Amount
   Facilities       (INR Crore)     Ratings
   ----------       -----------     -------
   Bill Discounting       4         CRISIL B+/Stable (Reaffirmed)

   Packing Credit        26         CRISIL A4 (Reaffirmed)

   Proposed Fund-
   Based Bank Limits     11.2       CRISIL A4 (Reaffirmed)
  
   Proposed Packing
   Credit                 6         CRISIL A4 (Reaffirmed)

The ratings continue to reflect its working capital-intensive
operations, exposure to intense competition and susceptibility of
operating profitability to fluctuation in foreign exchange rates
(forex) and modest scale of operations. These weaknesses are
partially offset by extensive experience of promoters.

Key Rating Drivers & Detailed Description

Weaknesses:

* Working capital intensive operations: Operations continue to
remain working capital intensive and constrain liquidity marked by
Gross current asset (GCA) of 1320 days as on March 31, 2021, driven
by large inventory holding period of around 1230 days and stretched
receivables of around 328 days in 2021. The large inventory levels
are due to the stocking of a wide variety of hair. Against this,
immediate or advance payments are made to suppliers.

* Exposure to intense competition and fluctuations in forex rates
and modest scale of operations: The human hair products industry in
India is marked by the presence of a large number of players. RHIPL
has modest scale of operations, as reflected in revenue of INR20.24
crore in fiscal 2021, which limits its pricing power. The company
sells its entire produce in the overseas market where it competes
with many domestic as well as foreign players. Although hedging of
most of the forex exposure reduces the volatility in operating
margin, operating profitability remains susceptible to adverse
forex movement. Thus, modest scale of operations, exposure to
intense competition and volatility in forex rates are expected to
continue to constrain business risk profile.

* Moderate financial risk profile: The capital structure of the
company is leveraged as reflected by its gearing of 2.03 times as
on March 31, 2021. The debt protection metrics are also moderate as
reflected by the interest coverage and net cash accruals to total
debt ratio of 1.5 times and 0.03 times, respectively in fiscal
2021. The financial risk profile is expected to improve over the
medium term.

Strength:

* Extensive experience of the promoter: Benefits from the
promoter's three decade-long experience in the industry and healthy
relationships with customers and suppliers, should support
business. The benefits received include repeat orders from
customers despite intense competition in the industry and effective
and efficient introduction of value-added products.

Liquidity: Stretched

Bank limit utilisation is high at around 93.18 percent for the past
twelve months ended September 2021.

Cash accruals are expected to be in the range of INR2.7-3.7 crore
which are sufficient against term debt obligation of INR0.9-2.9
crore over the medium term. In addition, it will be act as cushion
to the liquidity of the company.

Current ratio is healthy at 1.86 times on March 31, 2021.

Outlook: Stable

CRISIL Ratings believes RHIPL will maintain its established
position in the human hair products business over the medium term,
backed by the extensive experience of its promoter.

Rating Sensitivity Factors

Upward Factors

* More than 20% reduction in gross current assets leading to
improvement in liquidity

* Increase in scale of operations, with a 15% growth in revenues
and sustenance of operating margins above 23% over the medium term,
leading to higher cash accruals

Downward Factors

* Large decline in operating income and profitability

* Accruals to repayment of less than 1.2 times

* Further increase in gross current asset days to over 1400 days

RHIPL was set up as proprietorship firm called Raj Impex in 1980
and was reconstituted as a private limited company with the current
name in 2011. It processes and conditions human hair products.
Operations are managed by the promoter, Mr. George B Cherian.

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

The instrument-wise rating action is:

-- INR250 mil. Fund-based working capital limits migrated to non-
     cooperating category with IND BB- (ISSUER NOT
     COOPERATING)/IND A4+ (ISSUER NOT COOPERATING) rating.

Note: ISSUER NOT COOPERATING: The ratings were last reviewed on
December 16, 2020. Ind-Ra is unable to provide an update, as the
agency does not have adequate information to review the ratings.

COMPANY PROFILE

Sahakar Maharshi Shankarrao Kolhe Sahakari Sakhar Karkhana has an
integrated facility to manufacture sugar, generate power, produce
ethanol and rectified spirit and liquor. The facility is located in
Ahmednagar, Maharashtra. The company was founded in 1960 by
Shankarrao Kolhe.


SWATI SWITCHGEARS: CRISIL Withdraws B Long Term Rating
------------------------------------------------------
Due to inadequate information, CRISIL Ratings, in line with SEBI
guidelines, had migrated the rating of Swati Switchgears India
Private Limited (SSIPL) to 'CRISIL B/Stable/CRISIL A4/Issuer Not
Cooperating'. CRISIL Ratings has withdrawn its rating on bank
facility of SSIPL 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 SSIPL
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)

SSIPL, incorporated in 1993, is an Ahmedabad-based manufacturer,
designer and service provider of electrical control panels such as
circuit breaker panels, bus ducts, relay control panels, power
control centre, and motor control centre programmable logic
controllers. Mr. Vikram Parmanand Shah and family are the
promoters.


UNIVERSAL EDUCATIONAL: Ind-Ra Keeps 'C' Rating in Non-Cooperating
-----------------------------------------------------------------
India Ratings and Research (Ind-Ra) has maintained Universal
Educational Society's bank loan ratings in the non-cooperating
category. The issuer did not participate in the rating exercise,
despite continuous requests and follow-ups by the agency.
Therefore, investors and other users are advised to take
appropriate caution while using these ratings. The rating will
continue to appear as 'IND C (ISSUER NOT COOPERATING)' on the
agency's website.

The instrument-wise rating actions are:

-- INR335.53 mil. Term loan due on June 2027 maintained in non-
     cooperating category with IND C (ISSUER NOT COOPERATING)
     rating; and

-- INR35.00 mil. Overdraft maintained in non-cooperating category

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

COMPANY PROFILE

Incorporated in 2008, Universal Educational Society manages and
operates the Universal group of institutes in Mohali District,
Punjab.




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

SAPURA ENERGY: Units Served With Winding-Up Petitions
-----------------------------------------------------
theedgemarkets.com reports that Sapura Energy Bhd's wholly-owned
subsidiary Sapura Fabrication Sdn Bhd (SFSB) has been served with a
winding-up petition by Sun Hardware Enterprise Sdn Bhd after it
failed to pay MYR70,597.63 owed to Sun Hardware.

On Feb. 14, five of Sapura Energy's units were served with
winding-up petitions based on MYR47.5 million owed to 10 vendors
for supply of materials and products, services as well as crane
rental and vessel chartering, the report says. They are Sapura
Fabrication Sdn Bhd, Sapura Project Services Sdn Bhd, Sapura Subsea
Services Sdn Bhd, Sapura Offshore Sdn Bhd and Sapura Pinewell Sdn
Bhd.

The latest outstanding payment relates to the purchase of compacted
steel wire ropes, bulldog clips, aluminium tags, RCPE rope medium
lay and magnetic lifters.

"Sapura Energy and SFSB will be seeking legal advice to determine
the next course of action to resolve the matter amicably. Pending
the legal advice, there will be no immediate material financial and
operational impact and no expected loss to the group arising from
the petition," said Sapura Energy in a bourse filing on Feb. 18,
theedgemarkets.com relays.

Based on Sapura Energy's audited financial statements for the
financial year ended Jan. 31, 2021, its total investment in SFSB is
MYR4.3 billion.

The date of hearing for the petition has been fixed on March 10,
the report notes.

"Any material development in this matter will be announced in due
course," said Sapura Energy.

Sapura Energy Berhad, formerly SapuraKencana Petroleum Berhad, is
engaged in investment holding and the provision of management
services to its subsidiaries. The Company's segments include
Engineering and Construction (E&C), Drilling, Energy and Corporate.



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

B.G. SPECIALIST: BDO Tauranga Appointed as Liquidators
------------------------------------------------------
Paul Thomas Manning and Thomas Lee Rodewald of BDO on Feb. 14,
2022, were appointed as liquidators of B.G. Specialist Services
Limited.

The liquidators may be reached at:

          BDO Tauranga Limited
          Level 1, The Hub, 525 Cameron Road
          PO Box 15660, Tauranga 3144


INSIGHT PLUMBING: Court to Hear Wind-Up Petition on March 4
-----------------------------------------------------------
A petition to wind up the operations of Insight Plumbing (NZ)
Limited will be heard before the High Court at Auckland on March 4,
2022, at 10:00 a.m.

PHI Construction Limited filed the petition against the company on
Nov. 15, 2021.

The Petitioner's solicitor is:

          Kristine King
          Duncan King Law
          40 George Street
          Kingsland, Auckland 1024


STARTING IN FENCOURT: Court to Hear Wind-Up Petition on March 7
---------------------------------------------------------------
A petition to wind up the operations of Starting in Fencourt
Limited Pte Ltd will be heard before the High Court at Hamilton on
March 7, 2022, at 10:00 a.m.

Trudi Ann Dickson filed the petition against the company on Jan.
14, 2022.

The Petitioner's solicitors are:

         Cambridge Law Centre
         PO Box 3, Cambridge


VINEGAR LANE: Creditors' Proofs of Debt Due March 25
----------------------------------------------------
Creditors of Vinegar Lane Trustees Limited and Fusion Pizza NZ
Limited, which is in voluntary liquidation, are required to file
their proofs of debt by March 25, 2022, to be included in the
company's dividend distribution.

The company commenced wind-up proceedings on Feb. 14, 2022.

The company's liquidator can be reached at:

          Craig Andrew Young
          PO Box 87340, Auckland





=====================
P H I L I P P I N E S
=====================

RURAL BANK OF NABUNTURAN: Claims Deadline Set for March 5
---------------------------------------------------------
The Philippine Deposit Insurance Corporation (PDIC) reminded
creditors of the closed Rural Bank of Nabunturan (Compostela
Valley), Inc. that they only have until March 5, 2022 to file their
claims against the bank's assets.

PDIC reiterated that claims filed after said date shall be
disallowed. Creditors refer to any individual or entity with a
valid claim against the assets of a closed bank and include
depositors with uninsured deposits that exceed the maximum deposit
insurance coverage (MDIC) of PHP500,000.

The PDIC said that creditors may file their claims through any of
the following:

1. Online through e-mail at nabunturan-pad@pdic.gov.ph;

2. Through mail addressed to the PDIC Public Assistance
Department, Ground Floor, PDIC Building, 2228 Chino Roces Avenue,
Makati City 1231. Claims filed by mail must have a postmark dated
not later than March 5, 2022; or

3. Personal filing on an appointment basis only at the PDIC Public
Assistance Center located at the 3rd Floor, SSS Bldg., 6782 Ayala
Avenue corner V.A. Rufino St., Makati City, Monday to Friday, 8:00
AM to 5:00 PM. Appointments may be requested through the Public
Assistance Hotline at (02) 8841-4141 or at Toll Free number
1-800-1-888-7342 or 1-800-1-888-PDIC, by sending an e-mail request
to nabunturan-pad@pdic.gov.ph, or by sending a request through
private message at PDIC's official Facebook page at
www.facebook.com/OfficialPDIC.

The prescribed Claim Form against the assets of the closed bank may
be downloaded from the PDIC website,
http://www.pdic.gov.ph/files/Claim_Form_Against_Assets_of_Closed_Banks.p
df. PDIC reminds creditors to transact only with authorized PDIC
personnel.

Claims filed after March 5, 2022 shall be disallowed. PDIC, as
Receiver, shall notify creditors of denial of claims through mail.
Claims denied or disallowed by the PDIC may be filed with the
liquidation court within 60 days from receipt of final notice of
denial of claim or within 20 days from date of publication of the
Order setting the Petition for Assistance in the Liquidation
Proceeding for initial hearing, whichever is later. In addition,
PDIC said that depositors with account balances of more than the
maximum deposit insurance coverage (MDIC) of P500,000 who have
already filed claims for the insured portion of their deposits as
of March 5, 2022 are deemed to have filed their claims for the
uninsured portion or the amount in excess of the MDIC.

PDIC, as Receiver of closed banks, requires personal data from
creditors to be able to process their claims and protects these
data in compliance with the Data Privacy Act of 2012.

Rural Bank of Nabunturan (Compostela Valley), Inc. was ordered
closed by the Monetary Board (MB) of the Bangko Sentral ng
Pilipinas on November 25, 2021 and PDIC, as the designated
Receiver, was directed by the MB to proceed with the takeover and
liquidation of the closed bank in accordance with Section 12(a) of
Republic Act No. 3591, as amended. It is a single-unit rural bank
located in Purok 10, Echavez St., Brgy. Poblacion, Nabunturan,
Davao de Oro.



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

AN GUANG: Creditors' Meeting Set for February 25
------------------------------------------------
An Guang Shipping (Pte) Ltd and Xin Bo Shipping (Pte) Ltd and will
hold a meeting for its creditors on Feb. 25, 2022, at 10:00 a.m.
and 11:00 a.m., via electronic means.

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 Liquidator(s);

   c. to consider the judicial managers' remuneration and expenses

      as an expense of the winding-up; and

   c. to be authorised to appoint solicitors to (i) assist the
      liquidators in the liquidators' duties; and/or (ii) to bring

      or defend any action or legal proceeding in the name and on
      behalf of the Company.

Paresh Tribhovan Jotangia and Ho May Kee of Grant Thornton
Singapore Private Limited were appointed joint and several
provisional liquidators of An Guang Shipping on Jan. 27, 2022, and
Xin Bo Shipping on Jan. 28, 2022.


LEMARC AGROMOND: Court to Hear Wind-Up Petition on March 4
----------------------------------------------------------
A petition to wind up the operations of Lemarc Agromond Pte. Ltd
will be heard before the High Court of Singapore on March 4, 2022,
at 10:00 a.m.

Almastone Opportunities I Limited filed the petition against the
company on Feb. 10, 2022.

The Petitioner's solicitors are:

          TSMP Law Corporation
          6 Battery Road Level 5
          Singapore 049909


POLARIS DEVICE: Creditors' Proofs of Debt Due on March 17
---------------------------------------------------------
Creditors of Polaris Device Pte Ltd, which is in voluntary
liquidation, are required to file their proofs of debt by March 17,
2022, to be included in the company's dividend distribution.

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

The company's liquidators can be reached at:

          Juay Sze Sin
          Shirley Lim
          c/o Complete Corporate Services Pte Ltd
          10 Anson Road
          #29-07 International Plaza
          Singapore 079903


TEE INTERNATIONAL: Ordered to Provide Various Documents to CAD
--------------------------------------------------------------
The Business Times reports that Tee International on Feb. 18 said
it received an order on Feb. 17 to produce various documents to the
Commercial Affairs Department (CAD) to assist with an investigation
regarding an offence under the Securities and Futures Act (SFA).

BT relates that the new development comes just 1 day after the
Singapore Exchange said it reported the mainboard-listed
engineering group to relevant authorities for potential offences
under the SFA. The bourse operator is also investigating the
company for potential listing rule breaches.

All of Tee International's independent directors, its non-executive
director and the managing director of its engineering and
construction business were also asked to assist with CAD's
investigations, the company said in a bourse filing. They have been
interviewed by the CAD on Feb. 17 and Feb. 18.

"None of the current directors or management personnel has been
asked to surrender their passports," Tee International noted.

Under the CAD order, Tee International must provide CAD access to
certain information and/or documents about the company and its
subsidiaries related to claims made against them - including
documents and correspondences, according to BT.

BT relates that the company must also produce financial and
accounting computations and records, as well as the meeting minutes
of the board and certain committees of the board. Corporate emails
belonging to and IT equipment used by certain current and former
directors and financial personnel will also need to be handed
over.

CAD's investigations appear to relate to matters which occurred
during the Jan 1, 2020, to Jul 31, 2021 period, Tee International
said. It added that the group's executive directors and key
management personnel present during that period have since
resigned, BT says.

"Additionally, the current management and board have taken steps to
ensure that improvements are made and proper procedures are put in
place to monitor the claims received by the group and to escalate
the same to the current board," the company said.

It does not expect the investigations to affect the group's ongoing
debt restructuring exercise or its business and operations as they
relate to past matters, the report adds.

Shares of Tee International last traded at SGD0.032 on June 15,
2021. The company had requested for a voluntary trading suspension,
as it was reviewing its existing business amid a significant loss
reported for its fourth quarter ended May 31, 2021.

                       About Tee International

TEE International Limited (SGX:M1Z) -- http://www.teeintl.com/--
an investment holding company, engages in engineering, real estate,
and infrastructure businesses. TEE International Limited has
operations in Singapore, Malaysia, Thailand, Vietnam, Hong Kong,
Australia, and New Zealand. The company was founded in 1980 and is
headquartered in Singapore.

TEE International reported net losses of SGD7.60 million, SGD18.17
million and SGD59.55 million for years ended May 31, 2018, 2019,
and 2020, respectively.



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

SRI LANKA: May Seek for More Loans From China, India
----------------------------------------------------
Bloomberg News reports that many Sri Lankan voters who backed
President Gotabaya Rajapaksa's election bid three years ago are now
struggling to make ends meet. His government is spending to ensure
that support continues even as reserves and finances dwindle.

That could lead to Colombo asking for more loans and aid from China
and India given that the government has vowed to stay away from
International Monetary Fund assistance that often comes with
conditions for fiscal and monetary reform, Bloomberg relates.

According to Bloomberg, national polls are due in 2023 at the
earliest, and Rajapaksa is buying time with spending until the
economy springs back. He's unveiled a $1 billion relief package
last month and raised civil servants' salaries while promising to
double farmers' income to prevent a widespread backlash from taking
root.

It's a high-risk move for the Sri Lankan economy with nearly $7
billion in dollar-denominated debt maturing this year and the
government already calling in favors to reschedule loans, Bloomberg
notes.

There's also the question of inflation, which is at the fastest
pace in Asia, due to failed harvests, import restrictions and high
global prices of key commodities.

Rising demand for imports along with the reopening of the economy
could pressure foreign exchange reserves when there's still little
coming in from overseas remittances and tourism, the report says.



                           *********


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

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

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

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

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mail.  Additional e-mail subscriptions for members of the same
firm for the term of the initial subscription or balance
thereof are US$25 each.  For subscription information, contact
Peter Chapman at 215-945-7000.



                *** End of Transmission ***