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

                     A S I A   P A C I F I C

          Thursday, February 24, 2022, Vol. 25, No. 34

                           Headlines



A U S T R A L I A

BROWN SECURITIES: Commences Wind-Up Proceedings
DUNDAS MINING: Commences Wind-Up Proceedings
DUNDAS MINING: Mallee Resources Looking to Buy Avebury Nickel Mine
HUMM ABS 2022-1: Fitch Rates Class E-G Notes 'BB(EXP)'
KEECH CASTINGS: First Creditors' Meeting Set for March 2

LP WARREN: Goes Into Administration; Owes More Than AUD2MM
PROBUILD CONSTRUCTIONS: In Administration, 750 Jobs Affected
TKH ENTERPRISES: First Creditors' Meeting Set for March 3


C H I N A

CHINA EVERGRANDE: Faces Criminal Probe in Cayman
CHINA: Fights Latest Debt Crisis With Firm That Caused Last One
RONSHINE CHINA: Fitch Lowers LT FC Issuer Default Rating to 'B-'
SEAZEN GROUP: Moody's Affirms Ba1 CFR & Alters Outlook to Negative


I N D I A

A.G. MOTOR: CRISIL Keeps D Debt Ratings in Not Cooperating
ABC COTSPIN: CRISIL Keeps D Debt Ratings in Not Cooperating
ABHIVYAKTI WELFARE: CRISIL Keeps B Debt Rating in Not Cooperating
ADROIT CORPORATE: CRISIL Keeps D Debt Ratings in Not Cooperating
ALPINE SHOES: Ind-Ra Corrects February 7, 2022 Rating Release

ALPINE WINERIES: Liquidation Process Case Summary
ALTECH INFRASTRUCTURE: CRISIL Lowers LT/ST Loan Rating to D
ARENA FOOD: CRISIL Keeps B+ Debt Ratings in Not Cooperating
ARINITS SALES: CRISIL Keeps D Debt Ratings in Not Cooperating
CAPACITE ENGINEERING: Ind-Ra Hikes Long-Term Issuer Rating to 'BB+'

CCS-ELUX LIGHTING: Voluntary Liquidation Process Case Summary
DANGO POULTRIES: CRISIL Keeps B Debt Ratings in Not Cooperating
DARP CONSTRUCTION: CRISIL Keeps D Debt Rating in Not Cooperating
DHANLAXMI TMT: CRISIL Keeps D Debt Ratings in Not Cooperating
ESSPAL INTERNATIONAL: Ind-Ra Affirms BB+ Long-Term Issuer Rating

GURU GOBIND: CRISIL Keeps D Debt Ratings in Not Cooperating
HARSH SPECIALITY: Liquidation Process Case Summary
KEVIN METPACK: CRISIL Keeps D Debt Ratings in Not Cooperating
LEGEND INTERNATIONAL: Voluntary Liquidation Process Case Summary
MAHADEV STEEL: CRISIL Keeps B+ Debt Rating in Not Cooperating

MARSPLAY INTERNET: Voluntary Liquidation Process Case Summary
MBR GROUP: CRISIL Keeps D Debt Rating in Not Cooperating
PADMINI BAKERS: CRISIL Keeps B Debt Ratings in Not Cooperating
PERAMBALUR SUGAR: CRISIL Keeps B Debt Ratings in Not Cooperating
PRATITI HEALTH: CRISIL Lowers Rating on INR17cr Loan to B

R.K. CONSTRUCTIONS: CRISIL Keeps D Ratings in Not Cooperating
RATNAGIRI CHEMICALS: CRISIL Keeps D Ratings in Not Cooperating
RCM INFRASTRUCTURE LIMITED: Liquidation Process Case Summary
REDHU HATCHERIES: CRISIL Moves D Debt Ratings to Not Cooperating
RK-CPR (JV): CRISIL Keeps D Debt Rating in Not Cooperating

SHIRAJ TIMBER: CRISIL Keeps D Debt Ratings in Not Cooperating
SOVIKA AVIATION: CRISIL Moves D Debt Rating to Not Cooperating
STAR SCHOOL: Ind-Ra Keeps 'D' Loan Rating in Non-Cooperating
SWASTIK COPPER: CRISIL Keeps D Debt Ratings in Not Cooperating
TENNY JOSE: CRISIL Keeps D Debt Ratings in Not Cooperating

ZEE ENTERTAINMENT: Seeks to Dismiss IndusInd Bank's Insolvency Bid


N E W   Z E A L A N D

CULTURESAFE NZ: Court to Hear Wind-Up Petition on March 7
OPUS GROUP: Creditors' Proofs of Debt Due March 25
THINKING MACHINE: Creditors' Proofs of Debt Due March 25
VALLEY MEATS: Creditors' Proofs of Debt Due April 5


S I N G A P O R E

BIJLIPAY ASIA: Court to Hear Wind-Up Petition on March 11
CHINA HAIDA: SGX Issues Delisting Notice
CHINA PETROLEUM: Court to Hear Wind-Up Petition on March 4
DESIGN STUDIO: Gets Delisting Notice; Gets No Exit Offer
LIBRA GROUP: Receives Notice of Delisting from SGX

TRENCHLESS TECHNOLOGY: Court to Hear Wind-Up Petition on March 11

                           - - - - -


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

BROWN SECURITIES: Commences Wind-Up Proceedings
-----------------------------------------------
Members of Brown Securities Pty Ltd, on Feb. 23, 2022, passed a
resolution to voluntarily wind up the company's operations.

The company's liquidators are:

          John Maxwell Morgan
          Dane Skinner
          BCR Advisory
          Level 14, 60 Margaret Street
          Sydney, NSW


DUNDAS MINING: Commences Wind-Up Proceedings
--------------------------------------------
Members of Dundas Mining Pty Ltd, AGG Fortune Pty Ltd, Colour Metal
Pty Ltd, and Winched Investment Pty Ltd, on Feb. 22, 2022, passed a
resolution to voluntarily wind up the company's operations.

The appointed liquidators are:

          Richard Tucker
          John Bumbak
          KordaMentha
          Level 10, 40 St Georges Terrace
          Perth, WA 6000


DUNDAS MINING: Mallee Resources Looking to Buy Avebury Nickel Mine
------------------------------------------------------------------
The Advocate reports that a long-mothballed West Coast mine owned
by Dundas Mining might finally be due for a restart, providing jobs
and economic boost to Zeehan and the wider area.

A sale deal involving the Avebury Nickel Mine is afoot.

Mallee Resources Limited - an ASX-listed company looking to buy
Avebury - is led by a Tasmanian and international business figure
intimately familiar with the mine, the report says.

Executive chairman and chief executive John Lamb was MMG Limited's
general manager for the Rosebery Mine and Avebury back when Hong
Kong-listed MMG owned Avebury.

Avebury, developed by Allegiance Mining, was put on care and
maintenance in 2008 due to weak nickel prices.  It has not produced
since.

MMG put it on the market, eventually selling it for AUD25 million
to Tasmanian and Chinese-linked private company Dundas Mining in
2016, The Advocate recalls.

The Advocate relates that Dundas never got Avebury to production
stage and went into receivership late last year along with some
related entities amid allegations of creditors not being paid.

According to the report, Perth-headquartered Mallee recently
submitted a deed of company arrangement to the administrators of
Dundas' subsidary Allegiance Mining and related entities. The
Allegiance Group owns Avebury.

Mallee told the ASX it made the proposal with the Allegiance
Group's only secured creditor, Hartree Metals, the report says.

The proposal involved Mallee or a nominee securing all of
Allegiance's issued capital through a mix of cash and shares.

The Allegiance assets include the underground mine, mining and
exploration licences, plant and equipment.

Mallee's involvement would need shareholder approval, plus
regulatory approvals, the report notes.

Also, Allegiance's creditors needed to vote in favor of the
proposal and the deed of company arrangement would need to be
executed.

Creditors backed the deal at a meeting on Feb. 22, The Advocate
relays.

Earlier, Mallee told the ASX Hartree would implement the deed of
company arrangement without it if Mallee shareholders did not back
the deal and any other necessary regulatory approvals were not
obtained by June 30, or possibly later.

On Feb. 23, Mallee said Mr Lamb's role would change to managing
director and he would be based at Avebury.

"We are thrilled to have achieved another milestone towards the
acquisition of Avebury," the report quotes Mr. Lamb as saying.  
"There are exciting days ahead and I look forward to immersing
myself on site to get the job done."

Receiver BDO Australia said in November it intended to maintain
employment of about 60 Dundas staff, the report relays.

Creditors not including Hartree would be expected to be paid about
AUD1.4 million, The Advocate adds.

                       About Dundas Mining

Dundas Mining offers non-ferrous metal mining services. The Company
serves customers in Australia.

Richard Tucker and John Bumbak of KordaMentha were appointed as
administrators of Dundas Mining Pty Ltd, AGG Fortune Pty Ltd,
Allegiance Mining Pty Ltd, Colour Metal Pty Ltd and Winched
Investment Pty Ltd on Nov. 30, 2021.

HUMM ABS 2022-1: Fitch Rates Class E-G Notes 'BB(EXP)'
------------------------------------------------------
Fitch Ratings has assigned expected ratings to humm ABS Trust
2022-1's pass-through floating-rate notes. The issuance consists of
notes backed by a pool of Australian unsecured consumer
receivables, branded 'humm', and originated by humm BNPL Pty Ltd
(humm, formerly Certegy Ezi-Pay Pty Ltd), a wholly owned subsidiary
of Humm Group Limited (hummgroup).

The notes will be issued by Perpetual Corporate Trust Limited in
its capacity as trustee of humm 2022-1. This is a separate and
distinct series created under a master trust deed.

DEBT              RATING
----              ------
humm ABS Trust 2022-1

A1     LT AAA(EXP)sf  Expected Rating
A1-G   LT AAA(EXP)sf  Expected Rating
B-G    LT AA(EXP)sf   Expected Rating
C-G    LT A(EXP)sf    Expected Rating
D-G    LT BBB(EXP)sf  Expected Rating
E-G    LT BB(EXP)sf   Expected Rating
F      LT NR(EXP)sf   Expected Rating

TRANSACTION SUMMARY

The collateral pool totalled AUD250 million and consisted of 86,696
receivables with an average balance of AUD2,884. The receivables
are retail point-of-sale, buy-now-pay-later consumer finance loans
used to finance a variety of products, such as solar equipment
(35.2% of the portfolio), medical services (21.5%) and home items
(19.2%).

KEY RATING DRIVERS

Sufficient Credit Enhancement Mitigates Expected Losses: Fitch
assigned base-case default expectations as well as 'AAAsf' default
multiples for each portfolio industry category, with a
weighted-average (WA) default assumption of 4.9% and 'AAAsf'
default multiple of 5.2x.

Fitch considered the historical performance of hummgroup's
portfolio, including its response to the Covid-19 pandemic, in
assigning the base-case assumptions. Default expectations and
'AAAsf' default multiples for home items were 5.00% and 5.00x,
respectively, for jewellery, 7.50% and 4.50x, for medical services,
3.50% and 5.75x, for other, 8.50% and 4.50x, and for solar energy,
3.50% and 5.50x. No credit was given to recoveries.

Portfolio performance is supported by Australia's management of the
pandemic, including the nationwide vaccine rollout that is
facilitating the removal of lockdown restrictions. Fitch forecasts
GDP to expand by 4.0% in 2022, with an unemployment rate of 4.4%.
GDP growth is expected to normalise to 2.8% in 2023, with an
unemployment rate of 4.6%.

Limited Liquidity Risk: Structural features include a liquidity
facility sized at 1.0% of the class A1 to E-G note balance, with a
floor of AUD500,000, and derivative reserve accounts that will trap
excess spread to cover swap payments to the extent that voluntary
prepayments and defaults cause the transaction to be overhedged.

Low Operational and Servicing Risk: All receivables were originated
by humm, a wholly owned subsidiary of hummgroup. Fitch undertook an
operational review and found that the operations of the originator
and Flexirent Capital Pty Limited, the servicer, were comparable
with market standards. Fitch does not expect the servicer's
operations to be disrupted by the pandemic, as staff are able to
work remotely and have access to the office.

The key rating drivers listed in the applicable sector criteria,
but not mentioned above, are not material to this rating action.

RATING SENSITIVITIES

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

A longer pandemic than Fitch expects that leads to deterioration in
macroeconomic fundamentals and consumers' financial positions in
Australia beyond Fitch's baseline scenario could lead to a
downgrade.

Unanticipated increases in the frequency of defaults and loss
severity on defaulted receivables could produce loss levels higher
than Fitch's base case, and are likely to result in a decline in
credit enhancement and remaining loss-coverage levels available to
the notes. Decreased credit enhancement may make certain note
ratings susceptible to negative rating action, depending on the
extent of the coverage decline. Hence, Fitch conducts sensitivity
analysis by stressing a transaction's initial base-case
assumptions.

Downgrade Sensitivity

-- Expected Rating Sensitivity to Increased Default Rates

-- Note: A1 / A1-G / B-G / C-G / D-G / E-G

-- Expected Rating: AAAsf / AAAsf / AAsf / Asf / BBBsf / BBsf

-- Increase defaults by 10%: AAAsf / AAAsf / AA-sf / A-sf / BB+sf
    / BB-sf

-- Increase defaults by 25%: AA+sf / AA+sf / Asf / BBBsf / BBsf /
    B+sf

-- Increase defaults by 50%: AA-sf / AA-sf / A-sf / BBB-sf / BB-
    sf / below Bsf

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

An upgrade could result from macroeconomic conditions, loan
performance and credit losses that are better than Fitch's baseline
scenario or sufficient build-up of credit enhancement that would
fully compensate for credit losses and cash flow stresses
commensurate with higher rating scenarios, all else being equal.

Upgrade Sensitivity

The class A1 and A1-G notes are at 'AAA(EXP)sf', which is the
highest level on Fitch's scale. The ratings cannot be upgraded and
upgrade sensitivity stresses are not relevant. Sensitivity stress
results for the remaining rated notes are as follows:

-- Expected Rating Sensitivity to Reduced Defaults

-- Note: B-G / C-G / D-G / E-G

-- Expected Rating: AAsf / Asf / BBBsf / BBsf

-- Decrease defaults by 10%: AA+sf / A+sf / BBBsf / BB+sf

BEST/WORST CASE RATING SCENARIO

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

DATA ADEQUACY

As part of its ongoing monitoring, Fitch reviewed a small targeted
sample of humm's origination files and found the information
contained in the reviewed files to be adequately consistent with
the originator's policies and practices and the other information
provided to the agency about the asset portfolio. Fitch sought to
receive a third-party assessment conducted on the asset portfolio
information, but none was available for this transaction.

Overall, and together with any assumptions referred to above,
Fitch's assessment of the information relied upon for the agency's
rating analysis according to its applicable rating methodologies
indicates that it is adequately reliable.

ESG CONSIDERATIONS

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

KEECH CASTINGS: First Creditors' Meeting Set for March 2
--------------------------------------------------------
A first meeting of the creditors in the proceedings of Keech
Castings Australia Pty Limited and Keech Foundry Pty. Limited will
be held on March 2, 2022, at 2:00 p.m. via virtual meeting
technology.

Laurence Fitzgerald of William Buck was appointed as administrator
of Keech Castings and Keech Foundry on Feb. 18, 2022.


LP WARREN: Goes Into Administration; Owes More Than AUD2MM
----------------------------------------------------------
Australian Financial Review reports that Melbourne home builder LP
Warren Homes has gone into voluntary administration, after a loss
of jobs in 2020 from the pandemic and then soaring materials costs
pushed the family-run business under.

AFR relates that Melissa Gardner, general manager of the
slope-specialist building company, said when the company called in
the administrator on Feb. 14, it had five homes under construction
and another six in the pipeline.

"All those were fixed-price contracts, set a year or 18 months
ago," Ms. Gardner told The Australian Financial Review on Feb. 16.
"Already at a minimum, our frames were costing AUD30,000 more, not
to mention concrete, plaster, heating and cooling. All of these
things had gone up."

Later on Feb. 16, administrator Stephen Dixon from Hamilton Murphy
put the company's debts at more than AUD2 million, including AUD1
million the family had injected to try and keep it going, AFR
discloses.

AFR relates that Ms. Gardner said she did not know whether the
company would be able to trade through administration.

"In the end it will come down to a decision of the creditors," she
said.

None of the jobs being undertaken by the business, which operated
in the premium end of the market, were commissioned out of the
federal government's HomeBuilder program, the report adds.

A first meeting of the creditors in the proceedings of L.P. Warren
Homes Pty. Ltd. will be held today, Feb. 24 at 2:00 p.m. via
teleconference facilities.

Stephen Dixon of Hamilton Murphy Advisory was appointed as
administrator of L.P. Warren on Feb. 14, 2022.

PROBUILD CONSTRUCTIONS: In Administration, 750 Jobs Affected
------------------------------------------------------------
Simon Johanson and Michael Fowler, writing for The Sidney Morning
Herald, report that at least 750 Probuild Constructions (Aust) Pty
Ltd. employees and numerous tradies and contractors across
Australia are facing an uncertain future after multiple businesses
connected with the construction firm collapsed into voluntary
administration.

SMH says Global consulting firm Deloitte confirmed its
restructuring partners had taken control of 18 companies linked to
Probuild's parent company, WBHO Australia Group.

According to SMH, the Australian arm of WBHO is controlled by South
African-based Wilson Bayly Holmes-Ovcon Limited, which has
withdrawn its financial support for the Australian business.

A Probuild spokeswoman said the local arm of the business was
"abruptly informed by parent company WBHO South Africa that all
cash and securitisation support would cease," the report relays.

"We are caught up in a set of circumstances not of our making.

"The Probuild brand is strong, and we intend to keep it that way.
We have several options for raising the necessary capital to
continue as a premium Australian building company. These will all
be pursued."

The report relates that Melbourne-based Probuild has at least 18
projects under construction across the country worth about AUD5
billion. The bulk of them are in Victoria.

Tradies packed up tools on many of the firm's sites on Wednesday,
Feb. 23, amid concerns it was facing collapse, notes the report.
Ian Ferguson, a Perth-based contractor with MPM air conditioning,
said his firm was $890,000 out of pocket after working on
Probuild's Curtin University project.

Mr. Ferguson said Probuild was hit with substantial penalties for
COVID-19 delays not covered by 'force majeure' or unavoidable
catastrophe clauses in its contracts. It then passed those
penalties on to its subcontractors, notes the report.

"The people that are bearing the brunt of it are the guys on the
ground. It leaves a huge hole in my cash flow. That makes it
extremely difficult for me to conduct business," SMH quotes Mr.
Ferguson as saying.

WBHO issued a statement blaming Australia's hard-line approach to
managing COVID-19 for the "considerable impact" on property and
leisure markets, says the report.

"The impact of lockdown restrictions . . . have created high levels
of business uncertainty in Australia and have significantly reduced
demand and delayed the award of new projects," the statement read.

There were hints of Probuild's precarious financial situation last
January, when the company was left disappointed by the federal
government's decision to torpedo a near AUD300 million takeover bid
by one of China's largest construction firms, recalls SMH.

Work on the builder's numerous projects is likely to stall until
the administrators determine what funds are available to proceed,
says the report. The individual businesses may be either
recapitalised, sold or wound up. Irrespective of those outcomes,
the owners of the buildings presently under construction are facing
a major headache and potentially significant delays and cost
overruns.

Cost overruns on a Brisbane tower Probuild was constructing for
Cbus Property at 443 Queen Street are understood to be a key factor
in the firm's troubles, SMH says.

Probuild's projects in Melbourne include the future 16-storey
headquarters of biotech giant CSL in North Melbourne, the
430-apartment Caulfield Village, the 65-level residential tower UNO
Melbourne, a 29-level Victoria University campus in the CBD and
West Side Place, the city’s largest residential project with 2895
apartments.

The headquarters of CSL, who managed domestic production of the
AstraZeneca vaccine, would include nine floors of laboratories and
research suites as well as seven office floors.

A CSL spokesman said it intended to work with Deloitte, Probuild
and other stakeholders to mitigate any disruption to the "well
advanced" project, the report relays.

Eight Probuild-named companies registered in all of Australia's
mainland states are on Deloitte's list of companies in voluntary
administration. Other companies facing uncertainty include WHBO
Infrastructure, Contexx, Prodev Murphy, Monaco Hickey, Northcoast
Holdings and Carr Civil Contracting.

TKH ENTERPRISES: First Creditors' Meeting Set for March 3
---------------------------------------------------------
A first meeting of the creditors in the proceedings of TKH
Enterprises Pty Ltd will be held on March 3, 2022, at 10:30 a.m. at
the offices of TPH Advisory, Lower Level, 133 Macquarie Street, in
Sydney, NSW.

Tim Heesh and Amanda Lott of TPH Advisory were appointed as
administrators of TKH Enterprises on Feb. 21, 2022.




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

CHINA EVERGRANDE: Faces Criminal Probe in Cayman
------------------------------------------------
Asia Markets reports that an allegation of criminal conduct has
been filed against the directors of China Evergrande.

Dr. Marco Metzler, a credit analyst and Evergrande creditor, is
accusing the Chinese property giant of committing insolvency fraud
in documents submitted to the Director of Public Prosecutions in
the Cayman Islands, according to Asia Markets.

"The company defaulted in December . . . but the directors did not
file for bankruptcy in the Caymans, where the group his
headquartered," the report quotes Dr. Metzler as saying.
"(Therefore) they are in breach of their duties (and this is) a
crime in the Caymans. We have reported this to the public
prosecutor to start an investigation."

Asia Markets relates that Dr. Metzler said he's doing this to
ensure Evergrande is declared bankrupt and goes into a default
status with the ratings agencies.

"Hopefully we will bring this to an end, I'm committed to that,"
Dr. Metzler said, notes the report. "This takes time. To be
declared bankrupt by the court can take another three to four
weeks."

Dr. Metzler, who has been outspoken in his criticism of Evergrande
since its troubles became widely publicised last year, said his
team sees itself as the "trustee" of all international Evergrande
creditors, Asia Markets relays.

"In order to reduce the cost risk for each claimant, we are
offering other international and national creditors to join our
proceedings," Dr Metzler said.

"As the management of Evergrande Holding has so far failed to
initiate insolvency proceedings, there is a strong suspicion that
the directors of Evergrande have caused substantial pecuniary loss
to the company's creditors through deception and breaches of their
duty of care.

"Such conduct is punishable according to the Cayman Islands
Criminal Code!"

Asia Markets adds that Dr. Metzler said it is now the
responsibility of the local authorities to investigate the case and
hold the directors personally liable.

"We have to prevent further asset transfers to the detriment of
international creditors," Dr. Metzler said.

"The company has already sold shares and assets several times in a
distress sale, knowing full well that it was making losses.

"Worse still, in recent months there have been multiple illegal
transfers of assets, causing significant damage to us as
international creditors, as this illegal action is likely to have
severely impacted their chances of recovering their assets.

"As more and more distress sales are taking place and overdue bond
interest is repeatedly not paid to foreign investors, we had to act
in our own interest but also in the interest of all international
creditors."

                       About China Evergrande

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

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

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

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

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

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

CHINA: Fights Latest Debt Crisis With Firm That Caused Last One
---------------------------------------------------------------
Bloomberg News reports that three months ago, Chinese authorities
saved the country's largest manager of distressed debt from a
potentially disastrous collapse.  Now, they're turning China
Huarong Asset Management Co. and its peers into a key line of
defense for the $54 trillion financial system as defaults in the
property sector soar.

In a sign of growing urgency within Xi Jinping's government to
stabilize the world's second-largest economy, regulators have asked
Huarong and other so-called AMCs in recent weeks to buy property
assets from troubled developers and formulate plans for taking over
or restructuring smaller lenders, according to people familiar with
the matter, Bloomberg says.

Authorities are also considering fresh funding for AMCs, a move
that would increase their capacity to prevent stresses in the real
estate market from spilling over into the banking system, the
people said, asking not to be identified discussing private
information, Bloomberg relays.

According to Bloomberg, the call to action represents a homecoming
of sorts for Huarong and its state-owned peers, which were
conceived to help Beijing resolve a financial crisis in the late
1990s.

Bloomberg says Huarong's brush with default last year came after it
expanded far beyond its original remit, but the firm is still among
the most experienced in China at restructuring soured debts,
including in the property industry. About 40% of assets in the
country's banking system are either directly or indirectly
associated with real estate, according to researchers at Citigroup
Inc.

"Risks in the real estate sector and among small banks are
accumulating and need to be addressed urgently," Bloomberg quotes
May Hu, partner of restructuring services and portfolio solutions
groups of KPMG LLP, as saying.

Huarong, which declined to comment for this story, is among
financial institutions in talks with embattled developer Shimao
Group Holdings Ltd. on potential asset purchase, Bloomberg notes.
China Cinda Asset Management Co. is part of a restructuring
proposal for China Evergrande Group that calls for a group of
investors to take over hard-to-sell property assets from the real
estate giant, Bloomberg reported late last month. China Orient
Asset Management Co. last week won approval to sell up to CNY10
billion of bonds to help dispose of risks of major property
developers.

"Big AMCs are arguably the best or even the only suitable candidate
to play a quasi-government role in resolving risks," the report
quotes Muse Zheng, general manager of Heilongjiang-based Great
Financial Asset Management Co., as saying. "It's also a great
opportunity for these bad-debt managers as they have been under
significant pressure to return to their core business in recent
years. It's not about short-term profit."

But the AMCs' capability to provide large-scale aid to developers
could also be constrained by their own liquidity and capital
requirements unless there's policy support, according to China
International Capital Corp, relays Bloomberg.

The four bad-loan managers together had almost CNY5 trillion ($790
billion) of combined assets, and about $62 billion in cash,
according to Bloomberg Intelligence. By comparison, total
liabilities of 38 Chinese developers rated BB or lower by Fitch
Ratings amounted to $1.3 trillion, excluding opaque debt residing
off their balance sheets.

According to Bloomberg, China created Huarong, Cinda, Orient and
China Great Wall Asset Management Co. in the wake of the Asian
financial crisis to safeguard its state-owned banks that were on
the verge of insolvency. The four Beijing-based firms borrowed from
the central bank and sold special bonds to buy trillions of yuan of
bad loans during the 10-year life span they were initially given.

Eventually, the firms were able to recover about 20% of cash from
the soured loans. After that mission was over, the AMCs expanded
into everything from insurance and leasing to brokerage and trust
through cheap borrowing from onshore and offshore markets, and
turned into major shadow lenders themselves.

Huarong was the most aggressive under former Chairman Lai Xiaomin,
who was executed for crimes including bribery early last year,
Bloomberg recalls. Shortly after, the company roiled Asian credit
markets as it failed to release its annual report on time,
eventually revealing a massive $15.9 billion loss for 2020. While
the crisis was finally averted with a $6.6 billion equity injection
from a group of state-backed investors led by Citic Group,
investors remained jittery and divided over the industry's
long-term growth prospects, Bloomberg states.

Spreads on Huarong's dollar bonds have been widening in recent
weeks as investors grow concerned about the firm's new mandate. The
yield gap on Huarong's 3.375% note due 2030 widened about 40 basis
points this month, and its 5.5% bond due 2025 widened 30 basis
points, the report discloses.


RONSHINE CHINA: Fitch Lowers LT FC Issuer Default Rating to 'B-'
----------------------------------------------------------------
Fitch Ratings has downgraded China-based homebuilder Ronshine China
Holdings Limited's Long-Term Foreign-Currency Issuer Default Rating
(IDR) to 'B-', from 'B' and the senior unsecured rating on
Ronshine's outstanding US dollar senior notes to 'B-' from 'B',
with a Recovery Rating of 'RR4'.

The downgrade reflects increasing uncertainty over refinancing of
Ronshine's capital market maturities in 2H22. Fitch believes
Ronshine has sufficient liquidity to address its US dollar bonds
due March 2022, but its capital-market access remains limited, and
Fitch believes it may have to rely mostly on cash generation from
contracted sales to repay its capital-market maturities in 2022.

KEY RATING DRIVERS

Limited Funding Access: Ronshine has CNY13.5 billion in capital
market maturities due or puttable in 2022, including USD394 million
in senior notes due 1 March 2022 and USD690 million in October
2022. The company's announced on 20 February 2022, the cancellation
of USD62 million senior notes due March 2022. Fitch believes
Ronshine has sufficient liquidity to address its US dollar bonds
due March 2022, however refinancing risk is increasing, as its
access to the capital market remains limited.

Cash at Project Level: Fitch believes Ronshine will be highly
reliant on available cash and cash generation from contracted sales
to debt repayment in the near term. However, Fitch believes a
significant part of the available cash and cash generated may
reside at project companies, and there is significant uncertainty
regarding Chinese homebuilders' ability to access project
companies' cash for capital-market debt-repayment purposes.

Business Profile Affected: Fitch believes prolonged weak access to
capital markets and use of cash on hand for debt repayment will
affect Ronshine's ability to replenish its land bank, which will
undermine its business profile. Fitch expects land bank life to
fall to around two years in 2022 and to below 1.5 years in 2023 if
the company continues to prioritise debt repayment over land
replenishment. Ronshine's land bank quality could also deteriorate
if it cuts its land premium significantly.

High Non-Controlling Interest: Ronshine's non-controlling interest
(NCI) accounted for about 65% of total equity, which is high among
peers. This reflects its reliance on capital contributions from
non-controlling shareholders - mostly developers - to finance its
expansion. Fitch believes higher NCI may lead to cash leakages and
affect Chinese homebuilders' ability to access project companies'
cash.

DERIVATION SUMMARY

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

KEY ASSUMPTIONS

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

-- Total annual contracted sales of CNY150 billion-160 billion in
    2021-2023 (2020:CNY155 billion);

-- Gross profit margin to recover to 13% in 2021, and 15% in 2022
    and 2023 (11% in 2020);

-- Land-acquisition outflow to account for 35%-40% of sales
    proceeds in 2021-2023.

KEY RECOVERY RATING ASSUMPTIONS

Fitch's recovery analysis assumes that Ronshine would be liquidated
in a bankruptcy because it is essentially an asset-trading company.
The nature of homebuilding means the liquidation-value approach
will almost always result in a much higher value than the
going-concern approach.

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

Liquidation Approach

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

Advance rate of 80%, raised from 70%, applied to account
receivables. This treatment is in line with Fitch's Recovery Rating
criteria.

Advance rate of 62%, raised from 60%, applied to net property
inventory. Ronshine's inventory consists mainly of completed
properties held for sale, properties under development (PUD), and
deposits/prepayments for land acquisition. Different advance rates
were applied to these different inventory categories to derive the
blended advance rates for net inventory.

70% advance rate to completed properties held for sale. Completed
commodity housing units are closer to readily marketable inventory,
and typically have high recovery values.

55% advance rate to PUD. PUDs are more difficult to sell than
completed projects. These assets are also in various stages of
completion. A 55% advance rate was applied. The PUD balance - prior
to applying the advance rate - is net of margin-adjusted customer
deposits.

90% advance rate to deposits/prepayments for land acquisitions.
Similar to completed commodity housing units, land held for
development is closer to readily marketable inventory provided it
is located well. Ronshine's land in general is not located in
significantly disadvantaged areas.

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

20% advance rate to investment properties. Ronshine's investment
property portfolio consists mainly of commercial buildings located
in the Yangzte River Delta area. However, the portfolio has an
average rental yield of 2%, which is below the industry average.
Fitch considered the 20% advance rate appropriate, as the implied
rental yield on the liquidation value for the investment-property
portfolio would improve to 5%.

50% advance rate to JV net assets. JV assets typically include a
combination of completed units, PUDs and landbank.

Advance rate of 0% applied to excess cash, after netting the amount
of note payables and trade payables (construction fee and retention
payables).

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

RATING SENSITIVITIES

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

-- Greater clarity on the repayment plans for capital-market
    maturities for the remainder of 2022.

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

-- Evidence of tight liquidity or funding gap to address bond
    maturities for the rest of 2022.

BEST/WORST CASE RATING SCENARIO

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

LIQUIDITY AND DEBT STRUCTURE

Tight Liquidity: Ronshine had unrestricted cash and term deposits
of CNY27.3 billion at end-June 2021, compared with short-term debt
of CNY25.1 billion, of which CNY14.8 billion are capital-market
maturities (including onshore bonds of CNY6.4 billion puttable
within a year and CNY2.3 billion of asset-backed securities).
However, the majority of unrestricted cash is at the project level
and may not be used to repay the holding company's debt.

Ronshine issued CNY1 billion of 6.5% five-year onshore bonds
(puttable at the end of the second and fourth years) in July 2021,
but has not issued any debt in the offshore capital market in
2H21.

ISSUER PROFILE

Hong Kong-listed Ronshine is a multi-regional property developer in
China. The company had unsold attributable land bank of 11.2
million sqm in saleable gross floor area across China as of
end-1H21, sufficient to support around three years of sales.

SUMMARY OF FINANCIAL ADJUSTMENTS

Fitch's calculation of net property assets used in the leverage
calculation includes: inventory, net deposits and prepayments for
projects, investment properties, property, plant and equipment
(land and buildings), land-use rights, investments in joint
ventures (JVs), net amounts due from JVs, and net amount due from
non-controlling interests, less contract deposits and deposits
received.

ESG CONSIDERATIONS

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

SEAZEN GROUP: Moody's Affirms Ba1 CFR & Alters Outlook to Negative
------------------------------------------------------------------
Moody's Investors Service has revised the rating outlooks of Seazen
Group Limited, Seazen Holdings Co., Ltd. and New Metro Global
Limited to negative from stable.

At the same time, Moody's has affirmed Seazen Group Limited's Ba1
corporate family rating, its Ba2 senior unsecured rating, and the
Ba2 backed senior unsecured rating on the bonds issued by New Metro
Global Limited and guaranteed by Seazen Group.

Moody's has also affirmed Seazen Holdings Co., Ltd.'s Ba1 CFR and
the Ba1 backed senior unsecured rating on the bonds issued by New
Metro Global Limited and guaranteed by Seazen Holdings.

Seazen Holdings is a 67%-owned subsidiary of Seazen Group,
accounting for 99% of Seazen Group's revenues in the first half of
2021 and 89% of its debt as of June 2021. The two companies are
collectively referred to as "Seazen".

"The negative outlooks reflect Moody's expectation of Seazen's
shrinking property sales and weakening credit metrics over the next
12-18 months, amid difficult operating and funding conditions,"
says Kelly Chen, a Moody's Assistant Vice President and Analyst.

"The rating affirmations reflect Seazen's good liquidity profile
and the company's continuing rental income growth that will support
its cash flow stability," adds Chen.

RATINGS RATIONALE

Moody's expects Seazen's contracted sales and revenue recognition
will weaken in the next12-18 months amid difficult operating and
funding conditions.

Specifically, Moody's expects Seazen's gross contracted sales will
decline to around RMB185 billion and RMB180 billion in 2022 and
2023 respectively, after recording a 7% decline to RMB234 billion
in 2021. The company will likely offer price discounts to support
its contracted sales amid the difficult market conditions, thereby
pressuring its profit margins.

As a result, Seazen Group's EBIT/interest coverage will fall to
around 3.5x in the next 1-2 years from 4.7x for 12 months that
ended June 2021. Its debt leverage, as measured by revenue/adjusted
debt, will weaken to around 140% from 148% over the same period.
The company's weakening metrics and weakened access to offshore
bond markets would weakly position the company at the Ba1 CFR.

On the other hand, Seazen Group's recurring rental income
(excluding commercial properties management fee) will continue to
grow to around RMB5.0 billion and RMB5.5 billion in 2022 and 2023
respectively, from RMB3.7 billion in the last twelve months ended
June 2021, driven by opening and ramp up of new Wu Yue Plazas over
the same period. As a result, its rental income/interest coverage
will improve to 80%-85% in the next 1-2 years from 52% for the 12
months that ended June 2021. This coverage position could temper
the concerns over the weakening of Seazen Group's other credit
metrics.

Moody's expects Seazen Group will maintain good liquidity. The
company had unrestricted cash of RMB53 billion as of June 2021.
Although part of the cash would have to be kept at the project
level to support its operations, Moody's expects Seazen Group will
have sufficient resources, including unrestricted cash, operating
cash flow and proceeds from recent rights issues, to fully cover
its maturing debt through the second quarter of 2023 without access
to external funding for refinancing. The company's investment
property portfolio would also provide it with some flexibility to
raise funding such as secured loans from onshore banks.

However, Seazen will likely need to use its internal resources to
repay at least part of its maturing USD1.3 billion of offshore
bonds in 2022, given its constrained access to the offshore bond
market. This will reduce Seazen's financial flexibility and funding
available to support its operations.

Seazen's Ba1 CFRs reflect the company's solid sales execution,
growing stream of recurring rental income that supports its cash
flow stability, and good liquidity.

However, the Ba1 CFR is constrained by Seazen's narrow profit
margin, weakened access to debt capital market funds, and
significant exposure to its joint ventures (JVs), which increases
the company's contingent liabilities and limits its corporate
transparency.

From a governance perspective, the companies' ownership is
concentrated in its former chairman, who holds a 70.3% stake in
Seazen Group, which in turn owns 67.1% in Seaszen Holdings. This
risk is mitigated by the companies' established management team as
well as their good institutional governance structures and
standards as required by the Hong Kong and Shanghai stock
exchanges, on which the companies are, respectively, listed.

Seazen Group's Ba2 senior unsecured bond rating is one notch lower
than its CFR because of structural subordination risk. Most of
Seazen Group's claims are at the subsidiary level 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.

The Ba1 senior unsecured rating on the bond issued by New Metro
Global Limited and guaranteed by Seazen Holdings reflects the
senior unsecured rating is not affected by the subordination to
claims at the operating company level, because the structural
subordination risk is mitigated by business diversification.
Although it is an intermediate holding company with most claims at
the operating subsidiaries and project level, creditors of Seazen
Holdings benefit from the group's diversified business profile,
with cash flow generation across a large number of operating
subsidiaries with high geographic diversification as well as an
investment property portfolio generating stable rental income.

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

An upgrade of Seazen Group's and Seazen Holdings' ratings is
unlikely, given the negative outlook. However, Moody's could return
the rating outlooks to stable if the companies' access to offshore
bond funding normalizes, and if they can improve contracted sales,
strengthen credit metrics, and maintain rental income growth and
good liquidity.

Credit metrics that could indicate stable rating outlooks include
EBIT/interest coverage recovering toward 4.0x, revenue/adjusted
debt above 80%, rental income/interest above 50%, and unrestricted
cash/short-term debt above 125%, all on a sustained basis.

Moody's could downgrade Seazen Group's and Seazen Holdings' ratings
if the companies' access to funding deteriorates; their contracted
sales decline materially or they pursue aggressive growth, such
that their credit metrics weaken with their EBIT/interest coverage
unlikely to return to 4.0x, their revenue/adjusted debt falling
below 75%-80%, or their rental income/interest declining below 50%,
all on a sustained basis.

Downward pressure could also increase if the companies' liquidity
weakens, as reflected by their unrestricted cash/short-term debt
falling below 125% and their contingent liabilities associated with
their JVs or the likelihood of them providing funding support to
the JVs increases significantly.

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

Seazen Group Limited operates through its 67.1%-owned mainland
subsidiary, Seazen Holdings, and engages primarily in residential
development in China. Seazen Group was founded in 1996 by Wang
Zhenhua, the former chairman of Seazen Group and Seazen Holdings.
Wang Zhenhua is the largest shareholder of Seazen Group, holding a
70.3% stake in the company, and has been involved in the property
development business in China (A1 stable) since 1993. The company
had a land bank spread over 115 cities in China, with a total gross
floor area (GFA) of 150 million square meters at the end of June
2021.



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

A.G. MOTOR: CRISIL Keeps D Debt Ratings in Not Cooperating
----------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of A.G. Motor
(AGM) continue to be 'CRISIL D Issuer Not Cooperating'.

                       Amount
   Facilities       (INR Crore)     Ratings
   ----------       -----------     -------
   Cash Credit           1.75       CRISIL D (Issuer Not
                                    Cooperating)

   Standby Line of
   Credit                0.75       CRISIL D (Issuer Not
                                    Cooperating)

   Term Loan             2.70       CRISIL D (Issuer Not
                                    Cooperating)

CRISIL Ratings has been consistently following up with AGM for
obtaining information through letters and emails dated December 14,
2021 and January 12, 2022 among others, apart from telephonic
communication. However, the issuer has remained non cooperative.

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

Detailed Rationale

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

AGM was established in 2009 as a proprietorship firm by Mr Mohan
Singh Guleria. The firm is an authorised dealer in all two wheelers
of Honda for Mandi. It has one 3S (sales-service-spares) showroom
in the district.


ABC COTSPIN: CRISIL Keeps D Debt Ratings in Not Cooperating
-----------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of ABC Cotspin
Private Limited (ABC) continue to be 'CRISIL D/CRISIL D Issuer Not
Cooperating'.

                      Amount
   Facilities       (INR Crore)     Ratings
   ----------       -----------     -------
   Bill Discounting      25         CRISIL D (Issuer Not
                                    Cooperating)

   Packing Credit        25         CRISIL D (Issuer Not
                                    Cooperating)

   Packing Credit        34         CRISIL D (Issuer Not
                                    Cooperating)

   Proposed Packing
   Credit               186         CRISIL D (Issuer Not
                                    Cooperating)

CRISIL Ratings has been consistently following up with ABC for
obtaining information through letters and emails dated December 14,
2021 and January 12, 2022 among others, apart from telephonic
communication. However, the issuer has remained non cooperative.

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

Detailed Rationale

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

ABC, incorporated in 2006 by Mr. Ashish Jobanputra and his family
members, primarily trades in cotton bales. The company generates
over 90 per cent of its revenue from the export market. It also
operates a ginning unit in Botad (Gujarat) commissioned in November
2011. It is based in Ahmedabad (Gujarat).


ABHIVYAKTI WELFARE: CRISIL Keeps B Debt Rating in Not Cooperating
-----------------------------------------------------------------
CRISIL Ratings said the rating on bank facilities of Abhivyakti
Welfare Society (AWS) continues to be 'CRISIL B/Stable Issuer Not
Cooperating'.

                       Amount
   Facilities       (INR Crore)     Ratings
   ----------       -----------     -------
   Proposed Fund-         1         CRISIL B/Stable (Issuer Not
   Based Bank Limits                Cooperating)

CRISIL Ratings has been consistently following up with AWS for
obtaining information through letters and emails dated December 21,
2021 and January 20, 2022 among others, apart from telephonic
communication. However, the issuer has remained non cooperative.

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

Detailed Rationale

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

AWS, a not-for-profit society, is managed by its secretary Mr.
Jagdish Mathur and vice president Mr. Laxman Singh Yadav. The
society is based in Aligarh district (Uttar Pradesh) and engaged in
various schemes mandated by the state and central governments in
Aligarh and surrounding areas. These include providing education
support to 6-14-year-old students under the National Child Labour
Project and free meals under the Mid-Day Meal Scheme. It also
operates a family counselling centre and a day-care centre.


ADROIT CORPORATE: CRISIL Keeps D Debt Ratings in Not Cooperating
----------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Adroit
Corporate Services Private Limited (ACSPL) continue to be 'CRISIL D
Issuer Not Cooperating'.

                      Amount
   Facilities       (INR Crore)     Ratings
   ----------       -----------     -------
   Cash Credit            6         CRISIL D (Issuer Not
                                    Cooperating)
   Term Loan             18.53      CRISIL D (Issuer Not
                                    Cooperating)

CRISIL Ratings has been consistently following up with ACSPL for
obtaining information through letters and emails dated December 14,
2021 and January 12, 2022 among others, apart from telephonic
communication. However, the issuer has remained non cooperative.

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

Detailed Rationale

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

Incorporated in 1994, ACSPL provides business process outsourcing
services, primarily to the banking sector. The company is also a
R&T agent. Operations are managed by Mr Sadashiva Shetty.


ALPINE SHOES: Ind-Ra Corrects February 7, 2022 Rating Release
-------------------------------------------------------------
India Ratings and Research (Ind-Ra) rectified Alpine Shoes Private
Limited's (ASPL) ratings published on February 7, 2022 to correctly
state the amount of fund-based limits and term loan.

The amended version is:

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

The instrument-wise rating actions are:

-- INR129 mil. Fund-based limits assigned with IND BB+/ Stable
     rating; and

-- INR101 mil. Term loan due on December 31, 2026 assigned with
     IND BB+/ Stable rating.

KEY RATING DRIVERS

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

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

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

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

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

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

RATING SENSITIVITIES

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

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

COMPANY PROFILE

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


ALPINE WINERIES: Liquidation Process Case Summary
-------------------------------------------------
Debtor: Alpine Wineries Private Limited
        # 33/1, Sapthagiri
        Arcarde, II Floor
        8th Cross, Wilson Garden
        H Siddaiah Road, Bangalore

Liquidation Commencement Date: February 14, 2022

Court: National Company Law Tribunal, Chennai Bench

Date of closure of
insolvency resolution process: February 14, 2022

Insolvency professional: Ravindranath Narayana Rao

Interim Resolution
Professional:            Ravindranath Narayana Rao
                         # 522/C, 1st D
                         Cross Road, 15th Main
                         3 Stage, 4 Block
                         WCR, Basaveshwaranagar
                         Bangalore 560079
                         E-mail: ravishendige@gmail.com
                                 cirpawpl@gmail.com

Last date for
submission of claims:    March 16, 2022


ALTECH INFRASTRUCTURE: CRISIL Lowers LT/ST Loan Rating to D
-----------------------------------------------------------
CRISIL Ratings has downgraded the ratings on Altech Infrastructure
Private Limited (AIPL) to 'CRISIL D/CRISIL D Issuer Not
Cooperating' from 'CRISIL B+/Stable/CRISIL A4 Issuer Not
Cooperating'.

                      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 AIPL for
obtaining information through letters and emails dated January 30,
2021 and May 31 2021 among others, apart from telephonic
communication. However, the issuer has remained non cooperative.

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

Detailed Rationale

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

There has been irregularity in company's account conduct due to
both delays in servicing the term debt obligations and continuous
overdrawal in cash credit account for more than 30 days.
Resultantly, the account has been currently classified under SMA-1
category. Therefore, CRISIL Ratings has downgraded the ratings to
'CRISIL D/CRISIL D Issuer Not Cooperating' from 'CRISIL
B+/Stable/CRISIL A4 Issuer Not Cooperating'.

AIPL was incorporated in 2006, by the promoters, Mr Anil Kumra, and
his sons, Mr Rohit Kumra and Mr Amit Kumra, who manage the daily
operations. Manufacturing facilities are located at Bhiwadi in
Rajasthan, and have a fabrication capacity of 2600 MT per month.


ARENA FOOD: CRISIL Keeps B+ Debt Ratings in Not Cooperating
-----------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Arena Food
and Agro Industries Private Limited continue to be 'CRISIL
B+/Stable Issuer Not Cooperating'.

                      Amount
   Facilities       (INR Crore)     Ratings
   ----------       -----------     -------
   Cash Credit            7         CRISIL B+/Stable (Issuer Not
                                    Cooperating)

   Long Term Loan         4.5       CRISIL B+/Stable (Issuer Not
                                    Cooperating)

   Proposed Cash
   Credit Limit           0.1       CRISIL B+/Stable (Issuer Not
                                    Cooperating)

CRISIL Ratings has been consistently following up with Arena for
obtaining information through letters and emails dated December 14,
2021 and January 12, 2022 among others, apart from telephonic
communication. However, the issuer has remained non cooperative.

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

Detailed Rationale

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

Established in 2012, Arena, promoted by Bihar-based Mr Radhey Shyam
Sharma and Mr Shri Krishna Sharma, mills rice (non basmati) at its
unit in Bihar.


ARINITS SALES: CRISIL Keeps D Debt Ratings in Not Cooperating
-------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Arinits Sales
Private Limited (ASPL) continue to be 'CRISIL D/CRISIL D Issuer Not
Cooperating'.

                      Amount
   Facilities       (INR Crore)     Ratings
   ----------       -----------     -------
   Cash Credit           5.5        CRISIL D (Issuer Not
                                    Cooperating)

   Cash Credit           6          CRISIL D (Issuer Not
                                    Cooperating)

   Letter of Credit     24          CRISIL D (Issuer Not
                                    Cooperating)

   Letter of Credit      5          CRISIL D (Issuer Not
                                    Cooperating)
   Proposed Long Term
   Bank Loan Facility    5          CRISIL D (Issuer Not
                                    Cooperating)

CRISIL Ratings has been consistently following up with ASPL for
obtaining information through letters and emails dated December 21,
2021 and January 12, 2022 among others, apart from telephonic
communication. However, the issuer has remained non cooperative.

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

Detailed Rationale

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

Set up as a partnership concern, Arinits Sales Corporation, in
1997, by Mr. Ashish Chopra and his wife Mrs. Anusha Chopra, ASPL
was reconstituted as a private limited company under the current
name in 2003. ASPL trades in chemicals such as phenol, PVC resins,
melamine, linear low-density polyethylene, and ethylene vinyl
acetate. Sales of phenol and PVC resins contribute about 75% to the
revenue.


CAPACITE ENGINEERING: Ind-Ra Hikes Long-Term Issuer Rating to 'BB+'
-------------------------------------------------------------------
India Ratings and Research (Ind-Ra) has upgraded Capacite
Engineering Private Limited's (CEPL) Long-Term Issuer Rating to
'IND BB+' from 'IND BB-' while resolving the Rating Watch Evolving
(RWE). The Outlook is Stable.

The instrument-wise rating actions are:

-- Long-Term Issuer Rating upgraded; off RWE with IND BB+/Stable
     rating;

-- INR67.5 mil. Fund-based cash credit facilities Long term
     rating upgraded; Short term rating affirmed; off RWE with IND

     BB+/Stable/IND A4+ rating; and

-- INR70.0 mil. Non-fund-based facilities affirmed; off RWE with
     IND A4+ rating.

Change in Analytical Approach Causing Rating Upgrade and RWE
Resolution : Ind-Ra has changed its rating approach towards CEPL to
the bottom-up approach, wherein the ratings now factor in moderate
operational and strategic linkages with its group company, Capacite
Infraprojects Limited (CIL; IND BBB/Stable), from the previous
standalone approach. The approach has been changed as the upgrade
of CIL's ratings has led to the reinstating of the linkages between
CIL and CEPL, in accordance with Ind-Ra's Parent-Subsidiary Linkage
Criteria. CEPL's rating has been notched up in view of the
aforementioned change.

KEY RATING DRIVERS

The ratings are supported by CEPL's moderate operational and
strategic linkages with CIL and the Capacite group of companies.
One of CIL's directors is on the board of CEPL, and the two
companies have a common treasury. Furthermore, CEPL undertakes all
activities related to MEP works for most of CIL's projects, when
these activities are under the latter's scope of work, indicating
CEPL's operational importance to CIL. Both entities operate under
the brand name of Capacite. Additionally, CEPL is generally the
preferred contractor for CIL for the MEP portion of its projects
and has the first right of refusal for these orders.  

The ratings are constrained by CEPL's continued small scale of
operations, as indicated by revenue of INR214million in FY21 (FY20:
INR345million). The revenue fell due to delays on part of the
counterparties in handing over the site for the mechanical,
engineering and plumbing (MEP) activities, as their construction
activities in the main geography of operation - Mumbai Metropolitan
Region – had been impacted by COVID-19-led disruptions. While
CEPL's operations were hit by the second wave of the pandemic in
1QFY22, the agency expects the revenue growth to rebound in FY22,
since the company has been able to scale up its operations from
3QFY22.

Liquidity Indicator – Poor: CEPL's average maximum utilization of
the fund-based limits was 99.9% and average utilization of the
non-fund-based limits was 56.4% over the 12 months ended December
2021. The company's working capital cycle improved to 28 days in
FY21 (FY20: 84 days, FY19: 44 days) due to clearance of dues from
its counterparty, CIL, which had earlier been delayed owing to
pandemic-related issues, and an increase in the payable days. The
agency expects the working capital cycle of the company to remain
constrained due to the stretched liquidity profile of CIL, which is
CEPL's counter-party for 95% of the order book. The cash flow from
operations turned positive at INR73 million in FY21 (FY20: negative
INR14 million) due to favorable changes in the working capital. The
unencumbered cash and cash equivalents were limited at INR0.4
million at FYE21 against debt repayments of INR4.8 million in FY22.
Ind-Ra draws some comfort from a portion of the repayment
obligations being funded through monthly lease rentals of INR0.54
million that CEPL is receiving from CIL in lieu of certain
construction equipment that has been leased by CEPL to CIL. In
FY22, CEPL recorded an outflow of INR80 million against its
investment in the compulsorily convertible preference shares of
Katyal Merchandise Private Limited, which was funded through a
reduction in receivables. The agency has been informed that any
further such investments will be subject to the availability of
sufficient liquidity buffers.

The ratings factor in the company's modest credit metrics due to
modest margins and high debt levels. The absolute EBITDA increased
to INR28 million in FY21 (FY20: INR23 million), with the EBITDA
margins rising to 13%  (6.7%), as CEPL generated most of its
revenue from consultancy services, which yields higher
profitability, during the year. The agency expects CEPL's credit
metrics to remain stable in FY22 and thereafter gradually improve
over the medium term driven by execution of higher-margin projects.


The ratings reflect the high order book concentration, since around
95% of the total orders are from CIL. Any delay in the construction
of these projects would result in delayed revenue booking for the
company.

The ratings are supported by CEPL's adequate order book. At
end-September 2021, CEPL had an order book of INR6.48 billion,
providing a visibility of 30.4x of FY21 revenue. Furthermore, the
company has been awarded a project worth around INR264 million by
Jawaharlal Nehru Port Trust; the agency believes this would further
enhance CEPL's revenue visibility. CEPL intends to bid for orders
on its own over the medium term to diversify its order book.

RATING SENSITIVITIES

Negative: The following developments, individually or collectively,
could lead to a negative rating action:

- the weakening of linkages with CIL/Capacite group and/ or
deterioration in CIL's credit profile

- a fall in its scale of operations

- deterioration in CEPL's credit profile or a further elongation
in the working capital cycle, resulting in continued stretched
liquidity

Positive: Timely execution of the order book, resulting in a
sustained increase in CEPL's scale of operations and profitability,
improvement in liquidity, with the interest coverage sustaining
above 1.5x, would result in a positive rating action.

COMPANY PROFILE

CEPL, incorporated in 2012, is a turnkey solution provider for
mechanical, electrical and plumbing, interiors and finishing works.
The company is also engaged in the erection of structural
steelworks and provides consultancy services to CIL for selective
projects.


CCS-ELUX LIGHTING: Voluntary Liquidation Process Case Summary
-------------------------------------------------------------
Debtor: CCS-Elux Lighting Engineering Private Limited
        TC 8/1133, Gayathri
        Paracoil Road Thirumala
        PO Trivandrum Kerala 695006
        India

Liquidation Commencement Date: March 15, 2021

Court: National Company Law Tribunal, Trivandrum Bench

Insolvency professional: CS Ramachandran Santha Krishna Prasad

Interim Resolution
Professional:            CS Ramachandran Santha Krishna Prasad
                         T.C. 12/1233, Law College Junction
                         Near PMG, Vanchiyoor
                         Thiruvananthapuram, Kerala 695035
                         E-mail: krishnaprasadcs@gmail.com
                         Mobile: +9109895661605
                                    04712307606

Last date for
submission of claims:    April 14, 2021


DANGO POULTRIES: CRISIL Keeps B Debt Ratings in Not Cooperating
---------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Dango
Poultries Private Limited (DPPL) continue to be 'CRISIL B/Stable
Issuer Not Cooperating'.

                       Amount
   Facilities       (INR Crore)     Ratings
   ----------       -----------     -------
   Cash Credit            2         CRISIL B/Stable (Issuer Not  
                                    Cooperating)

   Long Term Loan         4.5       CRISIL B/Stable (Issuer Not  
                                    Cooperating)

CRISIL Ratings has been consistently following up with DPPL for
obtaining information through letters and emails dated December 14,
2021 and January 12, 2022 among others, apart from telephonic
communication. However, the issuer has remained non cooperative.

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

Detailed Rationale

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

Established in 1992, DPPL is in poultry business and produces
hatching eggs. The company also has a feed mill. DPPL was promoted
by Mr Rajinder Singh and Ms Bhagwant Kaur, who started the poultry
business in 1980 through a firm, Rajinder Poultry Farms; they later
shifted the business to DPPL in 1992. The poultry farm is in
Ludhiana (Punjab).


DARP CONSTRUCTION: CRISIL Keeps D Debt Rating in Not Cooperating
----------------------------------------------------------------
CRISIL Ratings said the rating on bank facilities of DARP
Construction (J.V.) continues to be 'CRISIL D Issuer Not
Cooperating'.

                       Amount
   Facilities       (INR Crore)     Ratings
   ----------       -----------     -------
   Term Loan             15         CRISIL D (Issuer Not
                                    Cooperating)

CRISIL Ratings has been consistently following up with DARP for
obtaining information through letters and emails dated December 14,
2021 and January 12, 2022 among others, apart from telephonic
communication. However, the issuer has remained non cooperative.

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

DARP, set up in August 2009, is a joint venture of Mr Anant Kumar
Singh, his affiliates Ms Ranjana Kumari and Ms Pratima Devi, his
sister-in-law Ms Dehuti Sinha, M/s Shivanar Constructions Pvt Ltd
(SCPL; promoted by Ms Ranjana Kumari) and M/s Rajnandani Projects
Pvt Ltd (RPPL; promoted by Mr Anant Kumar's wife). DARP was formed
to construct a commercial complex, THE MALL, at Frazer Road in
Patna.

DHANLAXMI TMT: CRISIL Keeps D Debt Ratings in Not Cooperating
-------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Dhanlaxmi TMT
Bars Private Limited (Dhanlaxmi: part of the Dhanlaxmi group)
continue to be 'CRISIL D/CRISIL D Issuer Not Cooperating'.

                      Amount
   Facilities       (INR Crore)     Ratings
   ----------       -----------     -------
   Bank Guarantee         0.5       CRISIL D (Issuer Not
                                    Cooperating)

   Bank Guarantee         0.5       CRISIL D (Issuer Not
                                    Cooperating)

   Cash Credit           13.5       CRISIL D (Issuer Not
                                    Cooperating)

   Cash Credit            4.5       CRISIL D (Issuer Not
                                    Cooperating)

   Cash Credit            6         CRISIL D (Issuer Not
                                    Cooperating)

CRISIL Ratings has been consistently following up with Dhanlaxmi
for obtaining information through letters and emails dated December
14, 2021 and January 12, 2022 among others, apart from telephonic
communication. However, the issuer has remained non cooperative.

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

Detailed Rationale

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

For arriving at the ratings, CRISIL Ratings has combined the
business and financial risk profiles of Dhanlaxmi and Nilesh Steel
and Alloys Pvt Ltd (NSAPL). This is because, the two entities,
together referred to as the Dhanlaxmi group, are part of a value
chain and under a common management, and have significant
sale/purchase transactions and financial linkages with each other.

Dhanlaxmi, incorporated in 2001 by Mr. Sanjay Mantri, manufactures
thermo-mechanically treated (TMT) bars. In 2002, Mr. Sanjay Mantri
and Mr. Nilesh Chechani incorporated NSAPL, which manufactures mild
steel ingots/billets for consumption by Dhanlaxmi. The group's
manufacturing facility is located at Jalna (Maharashtra).


ESSPAL INTERNATIONAL: Ind-Ra Affirms BB+ Long-Term Issuer Rating
----------------------------------------------------------------
India Ratings and Research (Ind-Ra) has revised Esspal
International Private Limited's (EIPL) Outlook to Negative from
Stable, while affirming its Long-Term Issuer Rating at 'IND BB+'.

The instrument-wise rating actions are:

-- INR400 mil. (Increased from INR370 mil.) Fund-based limit
     affirmed; Outlook revised to Negative from Stable with
     IND BB+/Negative/IND A4+ rating;

-- INR20 mil. (Reduced from INR50 mil.) Non-fund-based limit
     affirmed with IND A4+ rating;

-- INR111.5 mil. (Increased from INR60 mil.) Term loan due on
     January 2027 affirmed; Outlook revised to Negative from
     Stable with IND BB+/Negative rating; and

-- INR48.5 mil. Proposed term loan assigned with IND BB+/Negative

     rating.

The Negative Outlook reflects the stretched liquidity position of
the company due to elongated debtor days and peak average
utilization of fund based limit at 98.15%.

KEY RATING DRIVERS

The affirmation reflects EIPL's continued modest credit metrics.
Its interest coverage (operating EBITDA/gross interest expense)
improved to 1.84x in FY21 (FY20: 1.62x) and the net financial
leverage (adjusted net debt/operating EBITDAR) deteriorated to
6.32x (6.53x). The yoy deterioration in the company's credit
metrics in FY21 was primarily on account of a lower proportionate
rise in the absolute EBITDA than the debt and interest expenses.

EIPL's scale of operations was medium, despite revenue improving to
INR1,649.22 million in FY21 (FY20: INR1,406.01 million), due to an
increase in demand for products in the international and domestic
markets. The company achieved net sales of INR2,150 million till
January 2022. Ind-Ra expects its revenue to improve further in
FY22, owning to an increase in the demand of products.

The ratings also factor in EIPL's modest EBITDA margins of 6.28% in
FY21(FY20: 6.91%), with a return on capital employed of 5.9%
(6.6%).  The decline in margins was due to an increase in operating
expenses. Ind-Ra expects the EBITDA margins to deteriorate in FY22,
due to a rise in operating expenses.

Liquidity Indicator - Stretched: The company's average use of its
fund-based limits was 98.15% and non-fund-based limits was 97.43%
in the 12 months ended December 2021. EIPL's net working capital
cycle improved to 165 days in FY21 (FY20: 173 days), although
remained elongated, due to a decline in receivable period to 180
days (186 days), partially offset by an increase its inventory
holding period to 46 days (FY20: 27 days). The cash flow from
operations turned positive to INR12.10million in FY21 (FY20:
negative INR52.35 million), on account of a decline in inventory
days EIPL's cash and cash equivalents stood at INR3.36 million at
FYE21 (FYE20: INR3.95 million). EIPL has availed guaranteed
emergency credit line facility of INR40 million to meet the working
capital requirement in FY22. The company is also planning a capital
expenditure of INR131.90 million for installation of sizing
machinery to reduce job work charges in FY23, which will be funded
through a term loan of INR90 million and an unsecured loan from the
promoters.

The ratings are, however, supported by the promoter's decade-long
experience in the textile industry.

RATING SENSITIVITIES

Positive: Substantial growth in the scale of operations, leading to
an improvement in the credit metrics and a timely infusion of
promoters' funding, leading to an improvement in the liquidity
position, all on a sustained basis, could lead to a Outlook
revision to Stable.

Negative: Any decline in the scale of operations, leading to a
deterioration in the credit metrics and/or a deterioration in
liquidity will be negative for the ratings.

COMPANY PROFILE

Incorporated in March 2009, EIPL manufactures and trades grey
fabrics. The company, promoted by Manish Lath and Rashmi Lath, has
a facility in Bhilwara, Rajasthan, with 340 weaving machines.


GURU GOBIND: CRISIL Keeps D Debt Ratings in Not Cooperating
-----------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Guru Gobind
Foods And Agro Private Limited (GGFAPL) continue to be 'CRISIL D
Issuer Not Cooperating'.

                      Amount
   Facilities       (INR Crore)     Ratings
   ----------       -----------     -------
   Cash Credit            5         CRISIL D (Issuer Not
                                    Cooperating)

   Long Term Loan         8         CRISIL D (Issuer Not
                                    Cooperating)

CRISIL Ratings has been consistently following up with GGFAPL for
obtaining information through letters and emails dated December 14,
2021 and January 12, 2022 among others, apart from telephonic
communication. However, the issuer has remained non cooperative.

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

Detailed Rationale

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

GGFAPL, incorporated in 2014 by Mr Shaminderjeet Singh Sandhu, is a
Muktsar (Punjab)-based company that processes basmati and
non-basmati rice, with milling and sorting capacities of 8 tonne
per hour each; the company commenced operations in March 2015.


HARSH SPECIALITY: Liquidation Process Case Summary
--------------------------------------------------
Debtor: M/s Harsh Speciality Coating Private Limited
        Shop No. 23, Block-D
        East of Kailash
        New Delhi 110065

           - and -

        34 Babar Lane
        Bengali Market
        New Delhi 110001

Liquidation Commencement Date: February 15, 2022

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

Date of closure of
insolvency resolution process: February 14, 2022

Insolvency professional: Reshma Mittal

Interim Resolution
Professional:            Reshma Mittal
                         RR Insolvency Professionals LLP
                         R-4/39, Raj Nagar
                         Ghaziabad 201002
                         E-mail: careshmamittal@gmail.com
                                 rp.hscpl@rrinsolvency.com

Last date for
submission of claims:    March 17, 2022


KEVIN METPACK: CRISIL Keeps D Debt Ratings in Not Cooperating
-------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Kevin Metpack
Private Limited (KMPL) continue to be 'CRISIL D Issuer Not
Cooperating'.

                      Amount
   Facilities       (INR Crore)     Ratings
   ----------       -----------     -------
   Cash Credit            2         CRISIL D (Issuer Not
                                    Cooperating)

   Proposed Long Term
   Bank Loan Facility    41         CRISIL D (Issuer Not
                                    Cooperating)

   Term Loan              2         CRISIL D (Issuer Not
                                    Cooperating)

CRISIL Ratings has been consistently following up with KMPL for
obtaining information through letters and emails dated December 14,
2021 and January 12, 2022 among others, apart from telephonic
communication. However, the issuer has remained non cooperative.

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

Detailed Rationale

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

Founded in 2007 by Mr Vikas Malu, KMPL was set up to manufacture
metallised cast polypropylene and polyethylene terephthalate shrink
film, and thermoforming grade polyester for the packaging industry.

LEGEND INTERNATIONAL: Voluntary Liquidation Process Case Summary
----------------------------------------------------------------
Debtor: Legend International Private Limited
        C-5/7 Vasant Vihar
        New Delhi 110057

Liquidation Commencement Date: February 5, 2022

Court: National Company Law Tribunal, New Delhi Bench

Insolvency professional: Ravi Sharma

Interim Resolution
Professional:            Ravi Sharma
                         2E/207, Caxton House
                         Jhandewalan Extension
                         New Delhi 110055
                         E-mail: ip.ravisharma@gmail.com
                         Mobile: 9911919008

Last date for
submission of claims:    March 5, 2022


MAHADEV STEEL: CRISIL Keeps B+ Debt Rating in Not Cooperating
-------------------------------------------------------------
CRISIL Ratings said the rating on bank facilities of Mahadev Steel
Industries (MSI) continues to be 'CRISIL B+/Stable Issuer Not
Cooperating'.

                      Amount
   Facilities       (INR Crore)     Ratings
   ----------       -----------     -------
   Cash Credit            8         CRISIL B+/Stable (Issuer Not
                                    Cooperating)

CRISIL Ratings has been consistently following up with MSI for
obtaining information through letters and emails dated December 21,
2021 and January 12, 2022 among others, apart from telephonic
communication. However, the issuer has remained non cooperative.

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

Detailed Rationale

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

MSI was setup in 1980 by Mr. Mangat Rai Jaidka and his brother Mr.
Davinder Jaidka. The firm is engaged in manufacturing and trading
of MS Bars and ERW pipes having its units at Mandi Gobindgarh,
Punjab with installed capacity of 100 Metric Tonnes Per Day (MTPD)
and is currently managed by Mr. Davinder and his son Mr. Puneet
Jaidka.


MARSPLAY INTERNET: Voluntary Liquidation Process Case Summary
-------------------------------------------------------------
Debtor: Marsplay Internet Private Limited
        E-56, Basement
        Greater Kailash Enclave-1
        Delhi 110048

Liquidation Commencement Date: February 15, 2022

Court: National Company Law Tribunal, New Delhi Bench

Insolvency professional: Neena J Bhatia

Interim Resolution
Professional:            Neena J Bhatia
                         C 93, Snehadhara
                         Dadabhai Cross Road No. 3
                         Vile Parle West
                         Mumbai 400056
                         E-mail: njbhatia21@gmail.com

Last date for
submission of claims:    March 16, 2022


MBR GROUP: CRISIL Keeps D Debt Rating in Not Cooperating
--------------------------------------------------------
CRISIL Ratings said the rating on bank facilities of MBR Group
continues to be 'CRISIL D Issuer Not Cooperating'.

                      Amount
   Facilities       (INR Crore)     Ratings
   ----------       -----------     -------
   Long Term Loan         50        CRISIL D (Issuer Not
                                    Cooperating)

CRISIL Ratings has been consistently following up with MBR for
obtaining information through letters and emails dated December 14,
2021 and January 12, 2022 among others, apart from telephonic
communication. However, the issuer has remained non cooperative.

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

Detailed Rationale

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

Incorporated in 2011, the MBR group is a real estate infrastructure
firm located in Bengaluru. The partnership firm is owned by Mr. M
Babu Reddy, Mr. Bharath Babu Reddy and Mr. Sharath Babu Reddy.


PADMINI BAKERS: CRISIL Keeps B Debt Ratings in Not Cooperating
--------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Padmini
Bakers Private Limited (PBPL) continue to be 'CRISIL B/Stable
Issuer Not Cooperating'.

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

   Long Term Loan         4.3       CRISIL B/Stable (Issuer Not
                                    Cooperating)

CRISIL Ratings has been consistently following up with PBPL for
obtaining information through letters and emails dated December 14,
2021 and January 12, 2022 among others, apart from telephonic
communication. However, the issuer has remained non cooperative.

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

Detailed Rationale

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

Established in 2015 by Mr Shishir Aggarwal and Mr Sushil Aggarwal,
PBPL based out of Raipur, manufactures potato chips, fryums, and
namkeen.

PERAMBALUR SUGAR: CRISIL Keeps B Debt Ratings in Not Cooperating
----------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Perambalur
Sugar Mills Limited (PSML) continue to be 'CRISIL B/Stable Issuer
Not Cooperating'.

                      Amount
   Facilities       (INR Crore)     Ratings
   ----------       -----------     -------
   Cash Credit          9.55        CRISIL B/Stable (Issuer Not
                                    Cooperating)

   Cash Credit          4.20        CRISIL B/Stable (Issuer Not
                                    Cooperating)

   Cash Credit         10.10        CRISIL B/Stable (Issuer Not
                                    Cooperating)

   Cash Credit          6.15        CRISIL B/Stable (Issuer Not
                                    Cooperating)

CRISIL Ratings has been consistently following up with PSML for
obtaining information through letters and emails dated December 14,
2021 and January 12, 2022 among others, apart from telephonic
communication. However, the issuer has remained non cooperative.

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

Detailed Rationale

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

Incorporated in 1977, PSML produces sugar and is a subsidiary of
Tamil Nadu Sugar Corporation Ltd (a GoTN Undertaking). Mr. Mahesan
Kasirajan, is the current Chairman and MD of the company.


PRATITI HEALTH: CRISIL Lowers Rating on INR17cr Loan to B
---------------------------------------------------------
CRISIL Ratings has revised the ratings on bank facilities of
Pratiti Health Educational Institutes Private Limited (PHEIPL) to
'CRISIL B/Stable Issuer Not Cooperating' from 'CRISIL BB-/Stable
Issuer Not Cooperating'.

                      Amount
   Facilities       (INR Crore)     Ratings
   ----------       -----------     -------
   Long Term Loan        17         CRISIL B/Stable (ISSUER NOT
                                    COOPERATING; Revised from
                                    'CRISIL BB-/Stable ISSUER NOT
                                    COOPERATING')

CRISIL Ratings has been consistently following up with PHEIPL for
obtaining information through letters and emails dated December 14,
2021 and January 12, 2022 among others, apart from telephonic
communication. However, the issuer has remained non cooperative.

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

Detailed Rationale

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

Incorporated in 2008 and promoted by Mr Shanker Kumar, PHEIPL began
operations in fiscal 2016 and provides hostel service.


R.K. CONSTRUCTIONS: CRISIL Keeps D Ratings in Not Cooperating
-------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of R.K.
Constructions - Parbhani (RKC) continue to be 'CRISIL D/CRISIL D
Issuer Not Cooperating'.

                      Amount
   Facilities       (INR Crore)     Ratings
   ----------       -----------     -------
   Bank Guarantee         1         CRISIL D (Issuer Not
                                    Cooperating)

   Cash Credit            4         CRISIL D (Issuer Not
                                    Cooperating)
   Proposed Cash
   Credit Limit           3         CRISIL D (Issuer Not
                                    Cooperating)

CRISIL Ratings has been consistently following up with RKC for
obtaining information through letters and emails dated December 14,
2021 and January 12, 2022 among others, apart from telephonic
communication. However, the issuer has remained non cooperative.

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

Detailed Rationale

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

RKC was established as a partnership firm in 2000, by Mr Shaikh
Nazir and Mrs Sheela R Pawar. The firm executes government
contracts for civil construction work, related to road, bridges,
and buildings.


RATNAGIRI CHEMICALS: CRISIL Keeps D Ratings in Not Cooperating
--------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Ratnagiri
Chemicals Private Limited (RCPL) continue to be 'CRISIL D/CRISIL D
Issuer Not Cooperating'.

                      Amount
   Facilities       (INR Crore)     Ratings
   ----------       -----------     -------
   Cash Credit           4.5        CRISIL D (Issuer Not
                                    Cooperating)

   Packing Credit        4.5        CRISIL D (Issuer Not
                                    Cooperating)
   Post Shipment
   Credit                2          CRISIL D (Issuer Not
                                    Cooperating)

CRISIL Ratings has been consistently following up with RCPL for
obtaining information through letters and emails dated December 21,
2021 and January 20, 2022 among others, apart from telephonic
communication. However, the issuer has remained non cooperative.

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

Detailed Rationale

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

Incorporated in 1996 by Mr. P. V. Ramana Rao, RCPL is engaged in
the manufacturing of specialty chemicals and antioxidant additives,
which find application in food processing, petrochemical, and
pharmaceutical industries. The company has its manufacturing
facilities at Parshuram (Ratnagiri) with a total installed capacity
of around 2500 MT per annum.


RCM INFRASTRUCTURE LIMITED: Liquidation Process Case Summary
------------------------------------------------------------
Debtor: M/s. RCM Infrastructure Limited
        # 8-2-622/5/A/2, Indira Chambers
        2nd Floor, Avenue-4
        Road No. 10 Banjara Hills
        Hyderabad 500034

Liquidation Commencement Date: February 7, 2022

Court: National Company Law Tribunal, Hyderabad Bench

Date of closure of
insolvency resolution process: February 7, 2022

Insolvency professional: Dantu Indu Sekhar

Interim Resolution
Professional:            Dantu Indu Sekhar
                         29-1401/6/1 Plot No. 253
                         Road No. 2 (West)
                         Deen Dayal Nagar
                         Neredmet, Hyderabad
                         Telangana 500056
                         E-mail: indu.sekhar3@gmail.com

                            - and -

                         Flat No. 104, Kavuri Supreme Enclave
                         Kavuri Hills, Hyderabad 500033
                         Telangana
                         E-mail: lq.rcminfra@gmail.com

Last date for
submission of claims:    March 9, 2022


REDHU HATCHERIES: CRISIL Moves D Debt Ratings to Not Cooperating
----------------------------------------------------------------
CRISIL Ratings has migrated the rating on bank facilities of Redhu
Hatcheries Private Limited (RHPL) to 'CRISIL D Issuer not
cooperating'.

                      Amount
   Facilities       (INR Crore)     Ratings
   ----------       -----------     -------
   Cash Credit           9.14       CRISIL D (ISSUER NOT
                                    COOPERATING; Rating Migrated)

   Funded Interest       7.17       CRISIL D (ISSUER NOT
   Term Loan                        COOPERATING; Rating Migrated)

   Term Loan             5.03       CRISIL D (ISSUER NOT
                                    COOPERATING; Rating Migrated)

   Working Capital      18.66       CRISIL D (ISSUER NOT
   Term Loan                        COOPERATING; Rating Migrated)

CRISIL Ratings has been consistently following up with RHPL for
obtaining information through letters and emails dated December 31,
2021 and January 26, 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 RHPL, which restricts CRISIL
Ratings' ability to take a forward-looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on RHPL
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 RHPL to 'CRISIL D Issuer not cooperating'.

Incorporated in 1992 by Mr Baljeet Singh and his brother Mr
Mohinder Singh, RHPL undertakes poultry farming. It sells day-old
chicks and eggs. The hatchery units and broiler farms are based out
of Jind (Haryana).


RK-CPR (JV): CRISIL Keeps D Debt Rating in Not Cooperating
----------------------------------------------------------
CRISIL Ratings said the rating on bank facilities of RK-CPR
(JV)(RK-CPR) continues to be 'CRISIL D Issuer Not Cooperating'.

                       Amount
   Facilities       (INR Crore)     Ratings
   ----------       -----------     -------
   Cash Credit           30         CRISIL D (Issuer Not
                                    Cooperating)

CRISIL Ratings has been consistently following up with RK-CPR  for
obtaining information through letters and emails dated December 14,
2021 and January 12, 2022 among others, apart from telephonic
communication. However, the issuer has remained non cooperative.

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

Detailed Rationale

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

Established in 2012, RK-CPR (JV) is engaged in residential real
estate construction business in Hyderabad, Telanagana. It is joint
venture between CPR Construction Pvt Ltd and R.K.Infracorp Pvt Ltd.
The firm has two ongoing projects under the name 'Palmridge' and
'BellaVista'. The firm is promoted and managed by Mr.K V Chalapati
Reddy.


SHIRAJ TIMBER: CRISIL Keeps D Debt Ratings in Not Cooperating
-------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Shiraj Timber
Traders (STT) continue to be 'CRISIL D/CRISIL D Issuer Not
Cooperating'.

                      Amount
   Facilities       (INR Crore)     Ratings
   ----------       -----------     -------
   Cash Credit          15.5        CRISIL D (Issuer Not
                                    Cooperating)

   Cash Credit          10          CRISIL D (Issuer Not
                                    Cooperating)

   Letter of Credit     14.5        CRISIL D (Issuer Not
                                    Cooperating)
  
CRISIL Ratings has been consistently following up with STT for
obtaining information through letters and emails dated December 14,
2021 and January 12, 2022 among others, apart from telephonic
communication. However, the issuer has remained non cooperative.

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

Detailed Rationale

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

STT was set up as a partnership firm in 1985 by Mr Shirajul-Haque
Mohammad and his brothers, Mr Maroof Mohammad and Mr Salim
Mohammad. The firm trades in timber. It mainly imports teakwood and
hardwood from countries across West Africa and South America. The
administrative office is at Mumbai.


SOVIKA AVIATION: CRISIL Moves D Debt Rating to Not Cooperating
--------------------------------------------------------------
CRISIL Ratings has migrated the rating on bank facilities of Sovika
Aviation Services Private Limited (SASPL) to 'CRISIL D/CRISIL D
Issuer not cooperating'.

                      Amount
   Facilities       (INR Crore)     Ratings
   ----------       -----------     -------
   Bank Guarantee         15        CRISIL D (ISSUER NOT
                                    COOPERATING; Rating Migrated)

   Cash Credit           15         CRISIL D (ISSUER NOT
                                    COOPERATING; Rating Migrated)

   Proposed Long Term    30         CRISIL D (ISSUER NOT
   Bank Loan Facility               COOPERATING; Rating Migrated)

   Term Loan             30         CRISIL D (ISSUER NOT
                                    COOPERATING; Rating Migrated)

CRISIL Ratings has been consistently following up with SASPL for
obtaining information through letters and emails dated December 31,
2021 and January 26, 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 SASPL, which restricts CRISIL
Ratings' ability to take a forward-looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on SASPL
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 SASPL to 'CRISIL D/CRISIL D Issuer not
cooperating'.

SASPL, incorporated in 2007, is a part of the Sovika group based in
Mumbai and promoted by Mr Soham Mehta and his family members. SASPL
undertakes cargo forwarding business and underwrites the belly
capacity for cargo of the airline's entire fleet of aircraft.


STAR SCHOOL: Ind-Ra Keeps 'D' Loan Rating in Non-Cooperating
------------------------------------------------------------
India Ratings and Research (Ind-Ra) has maintained Star School
Samiti'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 D (ISSUER NOT COOPERATING)' on the agency's website.

The instrument-wise rating actions are:

-- INR89.5 mil. Term loan (long-term) December 2021 maintained in

     non-cooperating category with IND D (ISSUER NOT COOPERATING)
     rating; and

-- INR20 mil. Fund-based working capital facility (long-term)  
     maintained in non-cooperating category with IND D (ISSUER NOT

     COOPERATING) rating.

Note: ISSUER NOT COOPERATING: The ratings were last reviewed on
January 19, 2016. Ind-Ra is unable to provide an update as the
agency does not have adequate information to review the rating.

COMPANY PROFILE

Star School Samiti was established in 1980 to provide technical and
allied education services. It manages two institutes (Shiv Kumar
Singh Institute of Technology and Science and Shiv Kumar Singh
College of Professional Studies) and two schools (SKS International
School and Star Public School) in Indore.


SWASTIK COPPER: CRISIL Keeps D Debt Ratings in Not Cooperating
--------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Swastik
Copper Private Limited (SCPL) continue to be 'CRISIL D/CRISIL D
Issuer Not Cooperating'.

                      Amount
   Facilities       (INR Crore)     Ratings
   ----------       -----------     -------
   Bank Guarantee        36         CRISIL D (Issuer Not
                                    Cooperating)

   Cash Credit           20         CRISIL D (Issuer Not
                                    Cooperating)
   Inland/Import
   Letter of Credit       1.5       CRISIL D (Issuer Not
                                    Cooperating)

   Letter of Credit       2.5       CRISIL D (Issuer Not
                                    Cooperating)

CRISIL Ratings has been consistently following up with SCPL for
obtaining information through letters and emails dated December 14,
2021 and January 12, 2022 among others, apart from telephonic
communication. However, the issuer has remained non cooperative.

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

Detailed Rationale

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

Incorporated by Mr Sandeep Jain in 1995, SCPL manufactures
distribution and power transformers, with capacity ranging from
5-10,000 kilovolt amperes (kVA). The company supplies transformers
to electricity boards/power distribution companies in Uttar
Pradesh, Rajasthan, Chhattisgarh and Madhya Pradesh. It has
installed capacity to manufacture 1,000 transformers of up to 250
kVA, 1,500 transformers from 250-10,000 kVA and 3,000 protective
boxes.

TENNY JOSE: CRISIL Keeps D Debt Ratings in Not Cooperating
----------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Tenny Jose
Limited (TJL) continue to be 'CRISIL D/CRISIL D Issuer Not
Cooperating'.

                      Amount
   Facilities       (INR Crore)     Ratings
   ----------       -----------     -------
   Cash Credit            12        CRISIL D (Issuer Not
                                    Cooperating)

   Letter Of Guarantee    20        CRISIL D (Issuer Not
                                    Cooperating)

   Letter of Credit        3        CRISIL D (Issuer Not
                                    Cooperating)

   Term Loan               1.8      CRISIL D (Issuer Not
                                    Cooperating)

   Term Loan               0.03     CRISIL D (Issuer Not
                                    Cooperating)

CRISIL Ratings has been consistently following up with TJL for
obtaining information through letters and emails dated December 14,
2021 and January 12, 2022 among others, apart from telephonic
communication. However, the issuer has remained non cooperative.

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

Detailed Rationale

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

Incorporated in 2012 in Thrissur, Kerala, and promoted by Mr Tenny
Jose, TJL is engaged in trading and distributorship of writing and
printing paper, and steel and steel products. The company is
expected to begin trading dry fruits and cereals from August 2018.


ZEE ENTERTAINMENT: Seeks to Dismiss IndusInd Bank's Insolvency Bid
------------------------------------------------------------------
Livemint.com reports that Zee Entertainment Enterprise Ltd (ZEEL)
has moved an application before the National Company Law Tribunal
(NCLT) requesting the dismissal of the plea filed by private sector
lender IndusInd Bank against the company.

IndusInd Bank had moved NCLT claiming default of INR83.08 crore
against the media & entertainment firm, the report says. The
petition, to initiate insolvency proceedings against ZEEL, has been
filed under section 7 of the Insolvency & Bankruptcy Code (IBC).

"The Company has on February 21, 2022 filed an interlocutory
application before the NCLT, Mumbai Bench for dismissal of IndusInd
Bank's petition under Section 7 of the Insolvency and Bankruptcy
Code, 2016," said ZEEL in a regulatory update, Livemint.com
relays.

According to the report, ZEEL has claimed that the petition by
IndusInd Bank is an "act in breach/violation of the orders dated
February 25, 2021 and December 3, 2021 passed by the Delhi High
Court".

Earlier this month, while sharing the details, ZEEL had said it is
a party to the Debt Service Reserve Account Guarantee Agreement
(DSRA Guarantee Agreement) entered into with IndusInd Bank Limited
for the term-loan facility advanced to another Essel Group firm
Siti Networks Ltd, Livemint.com recalls.

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

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

"Filing of the said C1RP Application is in breach of the order
dated 25th February 2021 as modified by the order of December 3,
2021 passed in the said suit," it said, adding "the Company will
therefore be adopting appropriate legal steps in that regard".

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



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

CULTURESAFE NZ: Court to Hear Wind-Up Petition on March 7
---------------------------------------------------------
A petition to wind up the operations of Culturesafe NZ Limited will
be heard before the High Court at Hamilton on March 7, 2022, at
10:45 a.m.

Rangiura Trust Boardfiled the petition against the company on Jan.
19, 2022.

The Petitioner's solicitors are:

          Samuel Hood
          Norris Ward McKinnon
          711 Victoria Street
          Hamilton 3204


OPUS GROUP: Creditors' Proofs of Debt Due March 25
--------------------------------------------------
Creditors of Opus Group 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. 21, 2022.

The company's liquidators can be reached at:

          Rachel Mason-Thomas
          Jeffrey Philip Meltzer
          Meltzer Mason, Chartered Accountants
          PO Box 6302, Victoria Street West
          Auckland 1141


THINKING MACHINE: Creditors' Proofs of Debt Due March 25
--------------------------------------------------------
Creditors of Thinking Machine Productions 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. 18, 2022.

The company's liquidators can be reached at:

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


VALLEY MEATS: Creditors' Proofs of Debt Due April 5
---------------------------------------------------
Creditors of Valley Meats Limited (formerly Dawah Investments
Limited), which is in voluntary liquidation, are required to file
their proofs of debt by April 5, 2022, to be included in the
company's dividend distribution.

The company commenced wind-up proceedings on Feb. 21, 2022.

The company's liquidator can be reached at:

          Pritesh Patel
          Patel & Co
          344 Great South Road
          Papatoetoe, Auckland 2215




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

BIJLIPAY ASIA: Court to Hear Wind-Up Petition on March 11
---------------------------------------------------------
A petition to wind up the operations of Bijlipay Asia Pte Ltd will
be heard before the High Court of Singapore on March 11, 2022, at
10:00 a.m.

Dr. Michael Jaffe, in his capacity as insolvency administrator of
Wirecard AG and Wirecard Sales International Holding Gmbh, filed
the petition against the company on Feb. 16, 2022.

The Petitioner's solicitors are:

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


CHINA HAIDA: SGX Issues Delisting Notice
----------------------------------------
The Business Times reports that China Haida has been issued a
notice to delist from the mainboard of the Singapore Exchange for
failing to meet listing rules, the company said in a filing on Feb.
21.

According to the report, China Haida was served a notice of
compliance (NOC) by the Singapore Exchange Regulation (SGX RegCo)
in June 2021 to conduct a special audit on its finances as well as
investigate the company's former directors.

BT relates that China Haida said it had been unable to meet the NOC
according to the timeline it set out, as the company had used the
funds previously set aside for the initial retainer fee required by
the special auditor to settle a separate statutory demand for over
S$500,000 in loans from a related party.

It also did not provide further updates after announcing on Jan.
28, 2022 that it was in the final stages of obtaining a loan for
its working capital requirements, including funding for the initial
retainer fees, BT relays.

The company on Feb. 21 submitted an appeal in response to the
delisting notification, but said it will assess the possibility of
a reasonable exit offer to its shareholders.

                          About China Haida

Based in Singapore, China Haida Ltd (SGX:C92) --
http://www.haida.com.sg/-- manufactures and sells aluminum panels
for various applications in the building and construction
industries in the People's Republic of China. The company offers a
range of aluminum composite and aluminum single panels under the
Haida brand name. Its products are used in various interior and
exterior applications, such as curtain walls, wall claddings,
facades, ceilings, roof edgings, column claddings, shop fronts,
partitions, furniture, stairways, and elevators. The company also
provides spray-painting services. It also exports its products to
the United Arab Emirates, India, Japan, Vietnam, Sri Lanka, Turkey,
Kazakhstan, Russia, the United States, Mexico, Brazil, Peru,
Malaysia, Singapore, and internationally. The company was formerly
known as Comat Industrial Ltd. and changed its name to China Haida
Ltd. in October 2006.


CHINA PETROLEUM: Court to Hear Wind-Up Petition on March 4
----------------------------------------------------------
A petition to wind up the operations of China Petroleum and Gas (S)
Pte Ltd will be heard before the High Court of Singapore on, March
4, 2022, at 10:00 a.m.

Zheshang Development Group Co. Ltd filed the petition against the
company on Oct. 14, 2021.

The Petitioner's solicitors are:

          M/s Harry Elias Partnership LLP
          SGX Centre 2, #17-01
          4 Shenton Way, Singapore 068807


DESIGN STUDIO: Gets Delisting Notice; Gets No Exit Offer
--------------------------------------------------------
The Business Times reports that insolvent furniture manufacturer
Design Studio was issued a delisting notice on Feb. 11, which the
company's liquidators sought to appeal to explore a reverse
takeover deal (RTO) for the company.

The mainboard-listed stock has been suspended from trading since
January 2020.

According to BT, Design Studio's liquidators in their appeal on
Feb. 15 requested for an extension of time until at least April 30,
2022 to determine if the RTO could proceed for 2 parties which
expressed interest in the RTO.

This was, however, declined by the Singapore Exchange Securities
Trading on Feb. 17, on the basis that Design Studio did not have a
definitive RTO target on hand - and that the company also failed to
meet its deadline for submitting its trading resumption proposal,
BT relates.

In its bourse filing on Feb. 21, Design Studio said it did not have
the means to make an exit offer to any shareholders given its
insolvency. Its controlling shareholder also confirmed it will not
be making an exit offer, it said, BT reports.

                       About Design Studio

Headquartered in Singapore, Design Studio Group Ltd (SGX:D11)  --
https://www.ds-group.com/ -- provides joinery manufacturing and
interior fit-out solutions to the residential, hospitality,
commercial, F&B, retail, themed works, corporate office, and cruise
sectors. The company operates through four segments: Singapore BU,
Malaysia BU, International BU, and Manufacture BU. It operates in
Singapore, Malaysia, the United Arab Emirates, Thailand, and
internationally. The company was formerly known as Design Studio
Furniture Manufacturer Ltd.

On Nov. 25, 2021, Jason Aleksander Kardachi and Patrick Bance of
Borrelli Walsh Pte Limited (trading as Kroll) were appointed as
liquidators of Design Studio Asia Pte Ltd and DSG Asia Holdings Pte
Ltd.


LIBRA GROUP: Receives Notice of Delisting from SGX
--------------------------------------------------
The Business Times reports that Libra Group has been issued a
notice to delist from the Catalist board of the Singapore Exchange
for failing to meet listing rules, the company said in a filing on
Feb. 21.

Libra Group was noted by the SGX RegCo to have contravened various
Catalist rules - including failure to announce its unaudited
financial results for H1 and Q3 FY2021 by the given deadlines, and
not having a minimum number of 3 directors in its audit committee,
BT says.

Based on its records, the mechanical and engineering solutions
provider owes S$58.7 million in debt as at end-2021. The Singapore
Court also recently granted a winding up-order against Libra's sole
operating subsidiary, Kin Xin Engineering, according to BT.

Trading of the group's shares have been suspended since August
2019. The company has not submitted a proposal to resume trading
since.

BT add that Libra said it intended to appeal its delisting notice
as it is in the midst of implementing the company's financial
restructuring as well as number of materials supply contracts "with
a view to achieve value for shareholders".

                         About Libra Group

Libra Group Limited provides integrated M&E services as a
sub-contractor. The Company's services include the contracting and
installation of ACMV systems, fire alarms and fire protection
systems, electrical systems as well as sanitary and plumbing
services. Libra also manufactures and sells ACMV related products.

In October 2019, the Singapore High Court has granted Libra Group a
six-month reprieve against its creditors, according to The Business
Times. Libra's creditors include UOB, which issued a letter of
demand on Oct. 8, 2019, for US$18.8 million, and Maybank Singapore,
which on Sept. 3, 2019, issued a letter of demand to possess
Libra's property at 34 Sungei Kadut Loop.

The moratorium granted and extended by the Singapore Court had
lapsed since June 30, 2021, and no further extensions were
obtained.


TRENCHLESS TECHNOLOGY: Court to Hear Wind-Up Petition on March 11
-----------------------------------------------------------------
A petition to wind up the operations of Trenchless Technology (S)
Pte Ltd will be heard before the High Court of Singapore on March
11, 2021, at 10:00 a.m.

MI Polymer Concrete Pipes (S) Pte Ltd filed the petition against
the company on Feb. 16, 2022.

The Petitioner's solicitors are:

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



                           *********


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

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

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

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
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mail.  Additional e-mail subscriptions for members of the same
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thereof are US$25 each.  For subscription information, contact
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                *** End of Transmission ***