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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

          Friday, February 25, 2022, Vol. 25, No. 35

                           Headlines



A U S T R A L I A

AFG 2022-1NC: S&P S&P Assigns B (sf) Rating to Class F Notes
EDN SUPPLIES: First Creditors' Meeting Set for March 4
FIRST EQUILIBRIUM: de Vries Tayeh Appointed as Liquidators
PERCEPTION WHOLESALE: First Creditors' Meeting Set for March 7
PROBUILD CONSTRUCTIONS: First Creditors' Meeting Set for March 4

TRITON BOND 2022-1: S&P Assigns B (sf) Rating to Class F Notes


C H I N A

CHINA HGS: Issues Going Concern Doubt Warning
E-HOUSE (CHINA): S&P Downgrades ICR to 'CCC', Outlook Negative
JINGRUI HOLDINGS: Moody's Lowers CFR to Caa2, Outlook Remains Neg.
SHIMAO GROUP: Moody's Cuts CFR to Caa1, Alters Outlook to Negative


I N D I A

ABC TRANSFORMERS: ICRA Keeps B+ Debt Ratings in Not Cooperating
AEROC SPACE: ICRA Keeps B Debt Ratings in Not Cooperating
AJAB SINGH: ICRA Keeps B+ Ratings in Not Cooperating Category
ANANDA AQUA: ICRA Hikes Rating on INR50cr Loans to B+
BRADY & MORRIS: ICRA Withdraws B+ Rating on INR7.50c Cash Loan

CALL EXPRESS: ICRA Keeps B+ Debt Rating in Not Cooperating
EVO GREEN TRADING: Insolvency Resolution Process Case Summary
FAIRDEAL MULTIFILAMENT: ICRA Keeps D Ratings in Not Cooperating
GOVIND CABLE: ICRA Keeps B Rating in Not Cooperating Category
HOOGHLY SHIPBREAKERS: ICRA Keeps D Ratings in Not Cooperating

JAIN SHOPPERS: Insolvency Resolution Process Case Summary
KOTARKI CONSTRUCTIONS: ICRA Keeps B+ Rating in Not Cooperating
KRISHNA RICE: ICRA Lowers Rating on INR17.50cr Cash Loan to B+
LENZ CERAMIC: ICRA Keeps B Debt Ratings in Not Cooperating
NARENDRA PLASTICS: NCLAT Orders Start of Insolvency Proceedings

NITASHA CONSTRUCTIONS: ICRA Keeps B Rating in Not Cooperating
ORANGE INFRACON: ICRA Keeps B+ Debt Ratings in Not Cooperating
PARVEEN INDUSTRIES: ICRA Cuts Rating on INR33cr LT Loan to B+
PIONEER BUSINESS: Insolvency Resolution Process Case Summary
PRIUS COMMERCIAL: ICRA Keeps D Debt Rating in Not Cooperating

R.R. INDUSTRIES: ICRA Keeps B Debt Ratings in Not Cooperating
S.T. WOOLLEN: ICRA Keeps B+ Debt Ratings in Not Cooperating
SAI EARTH: ICRA Keeps B+ Debt Rating in Not Cooperating Category
SHIRDIWALE SAI: ICRA Keeps D Debt Rating in Not Cooperating
SOLAR IDEA: ICRA Keeps B+ Debt Rating in Not Cooperating Category

SUKRITHA BUILDMANN: ICRA Keeps D Debt Rating in Not Cooperating
SUNWATT INTERNATIONAL: ICRA Keeps B+ Rating in Not Cooperating
W. H. BRADY: ICRA Withdraws B+ Ratings on INR2.30cr Cash Loan
WALLMARK CERAMIC: ICRA Keeps B Debt Ratings in Not Cooperating


J A P A N

KIRIN HOLDINGS: Myanmar Partner Seeks to Liquidate Joint Venture


M A L A Y S I A

VERDE RESOURCES: Issues Going Concern Doubt Warning


N E W   Z E A L A N D

AIR NEW ZEALAND: Half-Year Loss Widens to NZD272 Million
DE SAVOYA: Court to Hear Wind-Up Petition on March 7
DN CONCRETING: Court to Hear Wind-Up Petition on March 4
EVOLUTION TILING: Creditors' Proofs of Debt Due March 17
FASTLANE EXPRESS: Court to Hear Wind-Up Petition on March 4

JIM'S BRAKE: Creditors' Proofs of Debt Due March 22


S I N G A P O R E

BT GLOBAL: Creditors' Proofs of Debt Due March 24
EAZT GLOBAL: Court to Hear Wind-Up Petition on March 18
EXTERA PTE: DHA+ pac Appointed as Liquidators
EZION HOLDINGS: Unit Placed Under Voluntary Liquidation
HS COMPRESSION: Court to Hear Wind-Up Petition on March 7

RAFFLES EDUCATION: 5 Directors to be Formally Arrested

                           - - - - -


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A U S T R A L I A
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AFG 2022-1NC: S&P S&P Assigns B (sf) Rating to Class F Notes
------------------------------------------------------------
S&P Global Ratings assigned its ratings to eight of the nine
classes of nonconforming and prime residential mortgage-backed
securities (RMBS) issued by Perpetual Corporate Trust Ltd. as
trustee for AFG 2022-1NC Trust in respect of Series 2022-1NC.

The ratings reflect:

-- S&P's view of the credit risk of the underlying collateral
portfolio, including our view that the credit support is sufficient
to withstand the stresses we apply. The credit support for the
rated notes comprises note subordination and lenders' mortgage
insurance on 0.26% of the portfolio.

-- The availability of a retention amount and amortization amount,
which will all be funded by excess spread, but at various stages of
the transaction's term. They will have separate functions and
timeframes, including reducing the balance of senior notes and
reducing the balance of the most subordinated notes.

-- S&P's expectation that the various mechanisms to support
liquidity within the transaction, including a liquidity facility
equal to 1.5% of the aggregate outstanding amount of the notes,
subject to a floor of A$675,000, and the principal draw function
are sufficient to ensure timely payment of interest.

-- The extraordinary expense reserve of A$150,000 funded by AFG
Securities Pty Ltd. on the closing date to meet extraordinary
expenses. The reserve is to be topped up from excess spread, if
any, to the extent it has been drawn.

-- The counterparty exposure to National Australia Bank Ltd. as
liquidity facility provider and bank account provider. The
transaction documents for the liquidity facility and bank account
include downgrade language consistent with S&P Global Ratings'
counterparty criteria.

  Ratings Assigned

  AFG 2022-1NC Trust in respect of Series 2022-1NC

  Class A1-S, A$100,000,000: AAA (sf)
  Class A1-L, A$237,500,000: AAA (sf)
  Class A2, A$82,580,000: AAA (sf)
  Class B, A$9,200,000: AA (sf)
  Class C, A$7,880,000: A (sf)
  Class D, A$5,630,000: BBB (sf)
  Class E, A$3,380,000: BB (sf)
  Class F, A$2,030,000: B (sf)
  Class G, A$1,800,000: Not rated


EDN SUPPLIES: First Creditors' Meeting Set for March 4
------------------------------------------------------
A first meeting of the creditors in the proceedings of EDN Supplies
Pty Ltd will be held on March 4, 2022, at 2:00 p.m. via virtual
meeting technology.

Con Kokkinos of Worrells Solvency & Forensic Accountants was
appointed as administrator of EDN Supplies on Feb. 23, 2022.


FIRST EQUILIBRIUM: de Vries Tayeh Appointed as Liquidators
----------------------------------------------------------
Riad Tayeh and Antony Resnick of de Vries Tayeh on Feb. 22, 2022,
were appointed as administrator of First Equilibrium Pty Ltd.

The administrators may be reached at:

          de Vries Tayeh
          110 Harris Street
          Harris Park, NSW 2150


PERCEPTION WHOLESALE: First Creditors' Meeting Set for March 7
--------------------------------------------------------------
A first meeting of the creditors in the proceedings of Perception
Wholesale Lending Solutions Pty Ltd will be held on March 7, 2022,
at 11:00 a.m. via virtual meeting technology.

Stephen Dixon and Geoffrey Trent Hancock of Hamilton Murphy
Advisory were appointed as administrators of Perception Wholesale
on Feb. 23, 2022.


PROBUILD CONSTRUCTIONS: First Creditors' Meeting Set for March 4
----------------------------------------------------------------
A first meeting of the creditors in the proceedings of:

     - Probuild Constructions (NSW) Pty Ltd
     - Probuild Constructions (VIC) Pty Ltd
     - Probuild Constructions (WA) Pty Ltd
     - Probuild Constructions (QLD) Pty Ltd
     - WBHO Australia Pty Ltd
     - WBHO Construction Australia Pty Ltd
     - WBHO Infrastructure Pty Ltd
     - Carr Civil Contracting Pty Ltd
     - Northcoast Holdings Pty Ltd
     - Probuild Constructions (Aust) Pty Ltd
     - Probuild Civil Pty Ltd
     - PCA (QLD) Pty Ltd
     - ACN 098 866 794 Pty Ltd
     - Contexx Holdings Pty Ltd
     - Contexx Pty Ltd
     - Prodev Murphy Pty Ltd
     - Prodev Investments 4 Pty Ltd
     - Monaco Hickey Pty Ltd

will be held on March 4, 2022, at 12:00 p.m. via  virtual meeting
technology.

David Orr, Sal Algeri, Jason Tracy and Matt Donnelly of Deloitte
were appointed as administrators of Probuild Constructions et al.
on Feb. 23, 2022.


TRITON BOND 2022-1: S&P Assigns B (sf) Rating to Class F Notes
--------------------------------------------------------------
S&P Global Ratings assigned its ratings to 10 classes of prime
residential mortgage-backed securities (RMBS) issued by Perpetual
Corporate Trust Ltd. as trustee for Triton Bond Trust 2022-1 Series
1.

The ratings reflect:

-- S&P's view of the credit risk of the underlying collateral
portfolio, including the fact that this is a closed portfolio,
which means no further loans will be assigned to the trust after
the closing date.

-- S&P's view that the credit support is sufficient to withstand
the stresses it applies. This credit support comprises mortgage
lenders insurance covering 10.9% of the loans in the portfolio, as
well as note subordination for all rated notes.

-- S&P's expectation that the various mechanisms to support
liquidity within the transaction, including an amortizing liquidity
facility equal to 1.0% of the invested amount of all notes, subject
to a floor of 0.10% of the initial invested amount of all notes,
principal draws, and a loss reserve that builds from excess spread,
are sufficient under its stress assumptions to ensure timely
payment of interest.

-- The extraordinary expense reserve of A$150,000, funded from day
one by Columbus Capital Pty Ltd., available to meet extraordinary
expenses. The reserve will be topped up via excess spread if
drawn.

-- The benefit of a fixed- to floating-rate interest-rate swap
provided by National Australia Bank Ltd. to hedge the mismatch
between receipts from any fixed-rate mortgage loans and the
variable-rate RMBS, should any be entered into after transaction
close.

  Ratings Assigned

  Triton Bond Trust 2022-1 Series 1

  Class A1-MM, A$320.00 million: AAA (sf)
  Class A1-AU, A$725.00 million: AAA (sf)
  Class A1-5Y, A$230.00 million: AAA (sf)
  Class A2, A$105.00 million: AAA (sf)
  Class AB, A$43.50 million: AAA (sf)
  Class B, A$27.00 million: AA (sf)
  Class C, A$22.20 million: A (sf)
  Class D, A$12.30 million: BBB (sf)
  Class E, A$7.20 million: BB (sf)
  Class F, A$3.150 million: B (sf)
  Class G, A$4.650 million: Not rated




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C H I N A
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CHINA HGS: Issues Going Concern Doubt Warning
---------------------------------------------
China HGS Real Estate, Inc. warned in a recent regulatory filing
with the U.S. Securities and Exchange Commission that there is
substantial doubt about the Company's ability to continue as a
going concern.

China HGS disclosed that in recent years, the Chinese government
has implemented measures to control overheating residential and
commercial property prices including but not limited to
restrictions on home purchase, increasing the down-payment
requirement against speculative buying, development of low-cost
rental housing properties to help low-income groups while reducing
the demand in the commercial housing market, increasing real estate
property taxes to discourage speculation, control of the land
supply and slowdown the construction land auction process, etc.

In addition, in December 2019, a novel strain of coronavirus
(COVID-19) surfaced. COVID-19 has spread rapidly throughout China
and worldwide, which has caused significant volatility in the PRC
and international markets. China HGS said there is significant
uncertainty around the breadth and duration of business disruptions
related to COVID-19, as well as its impact on the PRC and
international economies.

To reduce the spread of COVID-19, the Chinese government has
employed measures including city lockdowns, quarantines, travel
restrictions, suspension of business activities and school
closures. Due to difficulties resulting from the COVID-19 pandemic,
including, but not limited to, the temporary closure of the
Company's facilities and operations beginning in early February
through early March 2020, limited support from the Company's
employees, delayed access to construction raw material supplies,
reduced customer visits to the Company's sales office, and
inability to promote real estate property sales to customers on a
timely basis, the Company is experiencing recovery of its real
estate business in fiscal 2021 and the following periods. The
Company had real estate sales of approximately $2.9 million for the
three months ended December 31, 2021, increased from $2.8 million
in the same period of last year.

"Based on the assessment of the current economic environment,
customer demand and sales trends, we believe that consumer spending
has been restored in the local real estate market and real estate
sales are expected to grow in the coming periods," the Company said
in its Form 10-Q report for the three months ended December 31,
2021. "On the other side, due to the negative impact from the
COVID-19 pandemic and its spread, the development period of real
estate properties and our operating cycle has been extended and we
may not be able to liquidate our large balance of completed real
estate properties within the short term as we originally
expected."

"In addition, as of December 31, 2021, we had large construction
loans payable of approximately $121.0 million and accounts payable
of approximately $13.9 million to be paid to subcontractors. The
extent of the impact of COVID-19 on the Company's future financial
results will be dependent on future developments such as the length
and severity of the crisis, the potential resurgence of the crisis,
future government actions in response to the crisis and the overall
impact of the COVID-19 pandemic on the local economy and real
estate markets, among many other factors, all of which remain
highly uncertain and unpredictable.

"Given this uncertainty, the Company is currently unable to
quantify the expected impact of the COVID-19 pandemic on its future
operations, financial condition, liquidity and results of
operations if the current situation continues. The above mentioned
facts raise substantial doubt about the Company's ability to
continue as a going concern for at least one year from the date of
this filing."

In assessing its liquidity, management monitors and analyzes the
Company's cash on-hand, its ability to generate sufficient revenue
sources in the future, and its operating and capital expenditure
commitments. "As of December 31, 2021, our total cash and
restricted cash balance was approximately $5.7 million, increased
from approximately $3.5 million as of September 30, 2021. With
respect to capital funding requirements, the Company budgeted its
capital spending based on ongoing assessments of needs to maintain
adequate cash," the Company said.

On January 14, 2022, the Company closed a private placement with
net proceeds of approximately $24.3 million.

The Company continued, "As of December 31, 2021, we had
approximately $87.7 million of completed residential apartments and
commercial units available for sale to potential buyers. Although
we reported approximately $13.9 million accounts payable as of
December 31, 2021, due to the long-term relationship with our
construction suppliers and subcontractors, we were able to
effectively manage cash spending on construction and negotiate with
them to adjust the payment schedule based on our cash on hand."

"In addition, most of our existing real estate development projects
relate to the old town renovation which are supported by the local
government. As of December 31, 2021, we reported approximately
$121.0 million of construction loans borrowed from financial
institutions controlled by the local government and such loans can
only be used on the old town renovation related project
development.

"We expect that we will be able to renew all of the existing
construction loans upon their maturity and borrow additional new
loans from local financial institutions, when necessary, based on
our past experience and the Company's good credit history. Also,
the Company's cash flows from pre-sales and current sales should
provide financial support for our current development projects and
operations. For the three months ended December 31, 2021, we had
six large ongoing construction projects . . . which were under the
preliminary development stage due to delayed inspection and
acceptance of the development plans by the local government.

"In June 2020, we completed the residence relocation surrounding
the Liangzhou Road related projects and launched the construction
of these projects in December 2020. For the other four projects, we
expect we will be able to obtain the government's approval of the
development plans on these projects in the coming fiscal year and
start the pre-sale of the real estate properties to generate cash
when certain property development milestones have been achieved."

China HGS Real Estate, Inc., through its subsidiaries and variable
interest entity, engages in real estate development, and the
construction and sales of residential apartments, parking spaces
and commercial properties in Tier 3 and Tier 4 cities and counties
in China.  The Company is based in Hanzhong City, Shaanxi Province,
PRC.

As of December 31, 2021, the Company had $388.5 million in total
assets against $193 million in total liabilities.


E-HOUSE (CHINA): S&P Downgrades ICR to 'CCC', Outlook Negative
--------------------------------------------------------------
On Feb. 23, 2022, S&P Global Ratings lowered its long-term issuer
credit rating on E-House (China) Enterprise Holdings Ltd. to 'CCC'
from 'B' and the long-term issue rating on the company's
outstanding senior unsecured notes to 'CCC' from 'B'.

S&P said, "The negative outlook on the long-term rating reflects
our view that the company faces heightened pressure for the
repayment of its April 2022 senior note. We also note challenges
for the company in maintaining its business scale, given continuous
tight cash flow in 2022.

"We believe repayment pressure on E-House's US$300 million offshore
note due April 2022 is rising on the back of its sharply
deteriorating liquidity profile."

The China-based real estate agency has exposure to significant
receivable write-offs given that several of its customers are
facing financial stress. This will severely limit the company's
ability to generate cash flow. Operating cash flow in the second
half of 2021 likely returned to negative territory.

S&P downgraded E-House because the company faces high repayment
pressure for its US$300 million senior unsecured note due April
2022 and beyond. Liquidity is deteriorating and the company now
faces a potential liquidity crunch. This arises from difficulties
in collecting payments from troubled developers, reduced cash
levels, and a sizable maturity over the next two months. Although
it is not entirely impossible for E-House to obtain new funds or
sources of liquidity during this period, it may need to address the
situation urgently.

Under current market conditions, the company's liquidity profile
will likely remain strained even if it can sort out the repayment
of the bond maturing this April. The company faces more offshore
maturities amounting to US$300 million in the first half of 2023.

Operating cash flow will remain challenging after falling negative
in the second half of 2021.
S&P expects continued risk for the company in collecting various
payments from developers as the sector downturn continues. This
will weigh on its operating cash flow on an ongoing basis. In its
assessment, the company should have written off a substantial
amount of receivables in the second half of 2021, given that many
of its customers were in financial distress during that period.
Operating cash flow in the second half of 2021 likely reversed to a
deficit again, from a positive Chinese renminbi (RMB) 557 million
in the first half of 2021.

Despite a provision of over RMB1.9 billion made in the first half
of 2021, E-House still had over RMB7.4 billion of accounts
receivables as of end-June 2021. The balance was also at risk of
being written off.

E-House's cash generation over the first quarter of 2022 will
likely remain very weak.

Although the company is prioritizing working with customers with
better credit qualities, industry property sales remain very weak
with waning customer demand. The sales of China's top 100
developers plunged by 40% year over year in January 2022. This
likely hit E-House's commission income.

Cash balance should be significantly lower than June 2021 levels.
This would greatly reduce E-House's liquidity sources for the
upcoming repayment. S&P estimates the company's cash balance could
have dropped markedly from its reported RMB6.1 billion as of
end-June 2021. Of this amount, E-House's listed platform, Leju
Holdings Ltd., accounted for RMB2.1 billion.

Excluding Leju's cash holdings, E-House's accessible cash holdings
will likely be insufficient to cover all its operating needs and
repayment of the offshore note maturing in April 2022. S&P is
revising its assessment of the company's liquidity position to weak
from less than adequate to reflect this strained liquidity.

New funding is vital to keep the business running.

S&P understands E-House is seeking fresh liquidity from its
shareholders to keep the business running and to repay the bond in
April. However, the timeline and amount remain unclear. Offshore
bond issuance is also hard, given current market volatility and
weak investor sentiment.

S&P said, "The negative outlook reflects our view that E-House
faces heightened pressure for the repayment of the April 2022
senior note due to reduced liquidity. At the same time, it faces
pressure in maintaining its business scale, given continuous tight
cash flow in 2022. New funding from other financing channels lacks
visibility or certainty amid a tight timeline.

"We may lower the ratings if E-House continues to deplete its
liquidity sources, its cash balance continues to dwindle, and it
will not have sufficient funds to repay the upcoming offshore bond
due April 2022.

"We could also lower the ratings if the company conducts an
exchange offer for its offshore senior note due April 2022, which
we would view as distressed.

"We may raise the ratings if E-House receives significant new funds
for its imminent bullet maturity and subsequently recovers its
access to other financing channels. The company should also have a
feasible plan to handle its offshore bond maturing in the first
half of 2023."


JINGRUI HOLDINGS: Moody's Lowers CFR to Caa2, Outlook Remains Neg.
------------------------------------------------------------------
Moody's Investors Service has downgraded Jingrui Holdings Limited's
corporate family rating to Caa2 from B3, and the company's senior
unsecured ratings to Caa3 from Caa1.

The outlook on the ratings remains negative.

"The rating downgrades reflect Jingrui's heightened liquidity risk,
following its proposed exchange offer and consent solicitation to
its noteholders," says Cedric Lai, a Moody's Vice President and
Senior Analyst.

"The negative outlook reflects the uncertainty over the company's
ability to address all its near-term debt maturities amid
challenging funding conditions," adds Lai.

RATINGS RATIONALE

On February 22, 2022, Jingrui announced an exchange offer and
consent solicitation to its bondholders for the company's USD
senior notes due in March 2022 with a total principal amount of
USD190 million. The company said that it may not be able to fully
redeem the notes if the consent solicitation is not successful.

The proposal indicates Jingrui's liquidity stress. In particular,
the company had offshore bonds of USD600 million maturing before
the end of December 2022. Jingrui had unrestricted cash of RMB11.1
billion as of the end of June 2021, but Moody's estimates that a
significant portion of such cash resides at the operating project
levels, which could not be used to repay its debt at the holding
company level, particularly the offshore bonds. In addition, the
company has a high exposure to joint ventures, which could limit
its ability to control its cash flow.

Moody's expects Jingrui's contracted sales to decline notably over
the next 6-12 months, driven by weak homebuyers' confidence and
tight funding conditions. This will, in turn, reduce the company's
operating cash flow for debt repayment.

Jingrui's Caa2 CFR reflects the company's weak liquidity over the
next 12-18 months, and Moody's expectation that the company will
face difficulties in raising new funds from onshore and offshore
channels to address its refinancing needs amid tight funding
conditions.

The Caa3 senior unsecured debt rating is one notch lower than its
CFR due to structural subordination risk. This risk reflects the
fact that the majority of claims are at the operating subsidiaries
and have priority over Jingrui's senior unsecured claims in a
bankruptcy scenario. In addition, the holding company lacks
significant mitigating factors for structural subordination. As a
result, the expected recovery rate for claims at the holding
company will be lower.

In terms of environmental, social and governance (ESG) factors,
Moody's has considered Jingrui's concentrated ownership by its key
shareholders, Mr. Chen Xin Ge and Mr. Yan Hao, who held an
approximate 67.9% stake in the company as of the end of June 2021.
Moody's has also considered the presence of other internal
governance structures and standards as required by the Hong Kong
Stock Exchange, where the company is listed.

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

An upgrade is unlikely given the negative outlook.

However, the outlook could return to stable if Jingrui improves its
funding access and materially reduces its refinancing risks.

On the other hand, Moody's could downgrade the ratings if the
company's liquidity and refinancing risks heighten, or if the
recovery prospects for its creditors deteriorate.

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

Jingrui Holdings Limited is a Shanghai-based property developer.
The company was listed on the Hong Kong Stock Exchange in October
2013. It was originally established in 1993 as Shanghai Jingrui
Property Development Company by a group of businessmen, including
its current key shareholders and executive directors, Mr. Chen Xin
Ge and Mr. Yan Hao.

The company engages in property development, with a focus on
residential projects in the Yangtze River Delta and other
second-tier cities in China. As of June 2021, Jingrui had a total
land bank of about 5.3 million square meters across 18 cities in
China, including Beijing, Shanghai, Tianjin, Hangzhou, Suzhou,
Nanjing and Ningbo.

SHIMAO GROUP: Moody's Cuts CFR to Caa1, Alters Outlook to Negative
------------------------------------------------------------------
Moody's Investors Service has downgraded the corporate family
rating of Shimao Group Holdings Limited to Caa1 from B2.

At the same time, Moody's has changed the outlook to negative from
ratings under review.

This concludes the most recent rating review initiated on January
10, 2022.

"The downgrade of Shimao's CFR to Caa1 reflects the company's
heightened liquidity risks over the next 6-12 months given the
company's slower-than-expected fundraising progress to address its
large upcoming debt maturities," says Celine Yang, a Moody's Vice
President and Senior Analyst.

"The negative outlook reflects Shimao's weak debt-repayment ability
over the same period," adds Yang.

RATINGS RATIONALE

Shimao has disposed various assets since December 2021, raising
around RMB9 billion cash for debt repayment. However, Moody's
estimates that the company will still face a significant liquidity
gap considering its sizable debt maturity.

At the holding company level, Shimao has large debt maturities
becoming due or puttable by the end of 2022, including offshore
bank loans, offshore bonds totaling around USD1.7 billion, and
onshore bonds of around RMB6.9 billion.

Moody's estimates that a significant part of Shimao's cash was held
at the project level, which will be used for project-level debt
repayment and construction expenses. As a result, Moody's expects
Shimao will not have sufficient cash at the holding company level
to service its maturing debt, particularly its offshore loans and
bonds, absent any new fundraising activities amid the tight funding
environment and weak investor confidence.

Moody's forecasts the company's contracted sales will reduce
significantly in 2022 and 2023 from RMB269.1 billion in 2021, which
had declined 10.4% from 2020 levels. The expected drop in
contracted sales amid the challenging operating environment and the
company's diminished saleable resources due to ongoing assets
disposal will weaken the company's operating cash flow, and in
turn, its liquidity. The size and scale of the company will also
shrink if further assets disposal plan materialized.

In terms of environmental, social and governance (ESG) factors,
Moody's has considered Shimao's weak liquidity management. Moody's
has also considered Shimao's concentrated ownership, given its key
shareholder Mr. Hui Wing Mau's 65% shareholding of Shimao as of
June 30, 2021, as well as the company's established internal
governance structures and standards, as required by the Corporate
Governance Code for companies listed on the Hong Kong Stock
Exchange. In particular, the company has three independent
non-executive directors (INEDs) on its nine-member board, and its
board has established three committees with specific written terms
of reference to oversee particular aspects of the company's
affairs. All three committees are composed of INEDs only.

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

An upgrade is unlikely given the negative outlook.

However, the outlook could return to stable if Shimao improves its
liquidity substantially.

On the other hand, Moody's could downgrade the company's rating if
its liquidity deteriorates further.

The principal methodology used in this rating was Homebuilding And
Property Development Industry published in January 2018.

Shimao Group Holdings Limited is a Chinese property developer that
listed on the Hong Kong Stock Exchange in July 2006. It develops
residential properties and owns a portfolio of investment
properties, including hotels. As of the end of June 2021, the
company, together with its 64%-owned Shanghai A-share listed
subsidiary, Shanghai Shimao Co., Ltd, held an attributable land
bank of 44.2 million square meters (sqm) in China. Shanghai Shimao
mainly develops commercial properties.



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ABC TRANSFORMERS: ICRA Keeps B+ Debt Ratings in Not Cooperating
---------------------------------------------------------------
ICRA has retained the ratings for the bank facilities of ABC
Transformers Private Limited in the 'Issuer Not Cooperating'
category. The rating is denoted as "[ICRA]B+(Stable)/[ICRA]A4;
ISSUER NOT COOPERATING".

                     Amount
   Facilities      (INR crore)     Ratings
   ----------      -----------     -------
   Long Term-          3.50        [ICRA]B+ (Stable) ISSUER NOT
   Fund Based-                     COOPERATING; Rating continues
   Cash Credit                     to remain under 'Issuer Not
                                   Cooperating' category

   Long Term-          1.20        [ICRA]B+ (Stable) ISSUER NOT
   Unallocated                     COOPERATING; Rating continues
                                   to remain under 'Issuer Not
                                   Cooperating' category

   Short Term–         2.50        [ICRA]A4; ISSUER NOT
   Non fund Based                  COOPERATING Rating Continues
                                   to remain under the 'Issuer
                                   Not Cooperating' category

ICRA has been trying to seek information from the entity so as to
monitor its performance, Further, ICRA has been sending repeated
reminders to the entity for payment of surveillance fee that became
due. but despite repeated requests by ICRA, the entity's management
has remained non-cooperative. The current rating action has been
taken by ICRA basis best available/dated/limited information on the
issuers' performance. Accordingly, the lenders, investors and other
market participants are advised to exercise appropriate caution
while using this rating as the rating may not adequately reflect
the credit risk profile of the entity. The rating action has been
taken in accordance with ICRA's policy in respect of
non-cooperation by a rated entity available at www.icra.in.

Noida (Uttar Pradesh) based ABC Transformers Private Limited (ABC)
was incorporated in July, 1993 as a private limited company and is
currently being managed by Mr. Gurinder Kumar Bansal, Mr. Om
Prakash Goyal and Mr. Nirmal Kant Goyal. The product range of ABC
includes transformers for power generation, transmission and
distribution as well as industrial & special purpose transformers
and servo stabilizers. The major raw materials required are copper
conductors, aluminium conductors, transformers oil and CRGO
(lamination) which are procured domestically.The company sells its
products to state owned electricity boards, corporates and private
clients namely Bombay Suburban Electric Supply (BSES),
Paschimanchal Vidyut Vitaran Nigam Limited (PVVNL), North Delhi
Power Limited (NDPL)/TATA Power, Noida Power Company Limited
(NPCL), Bharti Airtel Limited, etc.

AEROC SPACE: ICRA Keeps B Debt Ratings in Not Cooperating
---------------------------------------------------------
ICRA has retained the ratings for the bank facilities of Aeroc
Space Technologies Pvt. Ltd. in the 'Issuer Not Cooperating'
category. The rating is denoted as "[ICRA]B(Stable); ISSUER NOT
COOPERATING".

                     Amount
   Facilities      (INR crore)     Ratings
   ----------      -----------     -------
   Long Term-         12.82        [ICRA]B (Stable) ISSUER NOT
   Non Fund Based                  COOPERATING; Rating continues
                                   to remain under 'Issuer Not
                                   Cooperating' category

   Long Term-          0.18        [ICRA]B (Stable) ISSUER NOT
   Unallocated                     COOPERATING; Rating continues
                                   to remain under 'Issuer Not
                                   Cooperating' category

ICRA has been trying to seek information from the entity so as to
monitor its performance, Further, ICRA has been sending repeated
reminders to the entity for payment of surveillance fee that became
due. but despite repeated requests by ICRA, the entity's management
has remained non-cooperative. The current rating action has been
taken by ICRA basis best available/dated/limited information on the
issuers' performance. Accordingly, the lenders, investors and other
market participants are advised to exercise appropriate caution
while using this rating as the rating may not adequately reflect
the
credit risk profile of the entity. The rating action has been taken
in accordance with ICRA's policy in respect of non-cooperation by a
rated entity available at www.icra.in.

Aeroc Space Technologies Private Limited (ASTPL) is incorporated in
2009 and is involved in the manufacturing of high precision
components and assemblies which cater to the needs of aerospace
component manufacturing companies who in turn supply their products
to ISRO, DRDO, BDL, BEML, Midhani and HAL etc. ASTPL is equipped
with tool room machines, CNC production machines, production
general machines and host specialized facilities for task like,
metalizing equipment (PTA), welding (Arc, MIG, TIG), short peening
and vibro finishing. The company also follows inspection practices
like: QA coverage over entire product development cycle,
Traceability at all stages, Comprehensive reporting, Heading
towards TQM.

AJAB SINGH: ICRA Keeps B+ Ratings in Not Cooperating Category
-------------------------------------------------------------
ICRA has retained the ratings for the bank facilities of Ajab Singh
And Company in the 'Issuer Not Cooperating' category. The rating is
denoted as "[ICRA]B+ (Stable) ISSUER NOT COOPERATING".

                     Amount
   Facilities      (INR crore)     Ratings
   ----------      -----------     -------
   Fund based-        18.20        [ICRA]B+ (Stable) ISSUER NOT
   Cash Credit                     COOPERATING; Rating continues
                                   to remain under 'Issuer Not
                                   Cooperating' category

   Long Term-         20.00        [ICRA]B+ (Stable) ISSUER NOT
   Nonfund Based                   COOPERATING; Rating continues
                                   to remain under 'Issuer Not
                                   Cooperating' category

ICRA has been trying to seek information from the entity so as to
monitor its performance, but despite repeated requests by ICRA, the
entity's management has remained non-cooperative. The current
rating action has been taken by ICRA basis best
available/dated/limited information on the issuers' performance.
Accordingly, the lenders, investors and other market participants
are advised to exercise appropriate caution while using this rating
as the rating may not adequately reflect the credit risk profile of
the entity. The rating action has been taken in accordance with
ICRA's policy in respect of non-cooperation by a rated entity
available at www.icra.in.

Incorporated in 2009 by Mr. Ajab Singh, ASCO is a partnership firm
involved in the construction of roads, flats, boundary wall and
other civil engineering projects in the Delhi NCR region.
Presently, the firm is a class-I contractor of Delhi Development
Authority (DDA).

ANANDA AQUA: ICRA Hikes Rating on INR50cr Loans to B+
-----------------------------------------------------
ICRA has revised the ratings on certain bank facilities of Ananda
Aqua Exports Private Limited (AAEPL), as:

                     Amount
   Facilities      (INR crore)    Ratings
   ----------      -----------    -------
   Long term-         20.00       [ICRA]B+(Stable) upgraded from
   Fund based                     [ICRA]D ISSUER COOPERATING;
   Packing Credit                 and removed from the 'Issuer
                                  Not Cooperating' category;
                                  Stable outlook assigned

   Long-term          20.00       [ICRA]B+(Stable) upgraded from
   Fund-based–                    [ICRA]D ISSUER NOT
COOPERATING;
   Foreign Bill                   and removed from the 'Issuer
   Discounting                    Not Cooperating'category;
                                  Stable outlook assigned

   Long term-         10.00       [ICRA]B+(Stable) upgraded from
   Fund based                     [ICRA]D ISSUER NOT COOPERATING;
   Cash Credit                    and removed from the 'Issuer
                                  Not Cooperating'category;
                                  Stable outlook assigned

Rationale

The rating revision factors in the regularisation of debt servicing
for more than past four months by AAEPL. The rating has also been
removed from the 'Issuer Not Cooperating' category based on
adequate information furnished by the company to carry out a
detailed credit assessment.

The rating considers the established track record of AAEPL backed
by the long experience of the promoters in the seafood industry.
The rating also factors in the benefits arising from the favorable
location of the company's facilities in proximity to the major
aqua-culture belt of Andhra Pradesh and a conservative capital
structure, as reflected by a gearing of 0.4 times as of March 31,
2021.  However, the rating is constrained by the modest scale of
current operations. The revenues declined to INR92.7 crore in
FY2021 from INR139.2 crore in FY2020 primarily due to a reduction
in sales in the shrimp feed trading segment. The contraction in
revenues is likely to continue in the current fiscal as well as the
company has generated sales of INR61 crore in 9M FY2022, a ~21%
decline on a YoY basis. AAEPL is exposed to significant
geographical concentration risk as it derived ~64% of its shrimp
processing segment's revenues in FY2021 from the US. The top-3
customers contributed 75% to the sales in FY2021 in the shrimp
processing segment, making AAEPL vulnerable to client concentration
risks as well. The entire shrimp feed sales are generated from the
domestic market. With exports contributing ~42% to its sales in
FY2021, the company remains exposed to forex fluctuation risks with
no formal hedging policy in place. ICRA notes that AAEPL's
profitability is supported by export incentives received from the
Government of India (GoI). The rate of export incentives for the
company's products has been reduced to some extent by the GoI with
effect from January 2021. Such reduction in incentives or adverse
changes in the foreign trade policies of the importing nations may
affect the business profile of all the domestic players in the
industry, including AAEPL. The rating also remains constrained by
the fragmented nature of the industry and vulnerability of shrimp
exports to changes in climatic conditions and disease outbreaks,
which can impact sales.

The Stable outlook on the [ICRA]B+ rating reflects ICRA's opinion
that AAEPL will be able to sustain its business position while
maintaining its profitability.

Key rating drivers and their description

Credit strengths

* Established track record of the company: Established in 1994,
AAEPL exports processed shrimps and trades in shrimp feeds.  The
company has long relationships with its customers, resulting in
repeat orders.

* Location-specific advantages: The company's facilities are
located in proximity to the major aquaculture belt of Andhra
Pradesh, which fulfills more than 99% of the raw shrimp
requirements, resulting in regular availability of shrimps at low
landed costs. AAEPL also benefits from its proximity to customers
as the entire shrimp feed sales is made in Andhra Pradesh.

* Comfortable capital structure: The capital structure of the
company has remained conservative over the years owing to steady
accretion to reserves. The gearing of the company stood at 0.4
times as on March 31, 2021.

Credit challenges

* Modest scale of current operations: The company's revenue stood
at a modest level of INR92.7 crore in FY2021, down from INR139.2
crore in FY2020 primarily due to a fall in sales in the shrimp feed
trading segment (INR91.7 crore in FY2020 vis-à-vis INR52.1 crore
in FY2021). The company achieved sales of INR61 crore in 9M FY2022,
which is ~21% reduction on a YoY basis. Therefore, reduction in the
scale of operations is likely to continue in FY2022 as well.

* High geographical and customer concentration risks: The US
contributed ~64% to the sales in the shrimp processing segment in
FY2021, exposing the company to adverse regulatory changes and
demand slowdown in the region. AAEPL also exports processed shrimp
to Vietnam, South Africa, China and other countries. Further, the
entire sales of shrimp feed in FY2021 were generated from the
domestic market. AAEPL also remains vulnerable to client
concentration risk as the top-3 customers contributed ~75% to the
sales in the shrimp processing segment in FY2021.

* Vulnerability to adverse changes in export incentives,
international trade policies and forex risk: Exports contributed
~42% to AAEPL's sales in FY2021 and its operating profitability is
supported by the export incentives received from the Government of
India (GoI). The GoI replaced the Merchandise Exports from India
Scheme (MEIS) with the Remission of Duties and Taxes on Export
Products (RoDTEP) scheme in January 2021. The rate of incentive
under RoDTEP is 2.5% against 5% received under MEIS earlier. Such
reduction in export incentive is likely to negatively impact the
operating margins of AAEPL to some extent. The company is also
exposed to forex risks as it does not have any formal hedging
policy. Further, adverse changes in trade policies of importing
nations can affect the business risk profile of all the domestic
players including AAEPL.

* Fragmented nature of the industry and exposure to inherent
industry risks: The shrimp processing and shrimp feed industry are
fragmented in nature, with the presence of a few big players and
several small processors/manufacturers. Additionally, processed
shrimp exporters also face stiff competition from countries such as
Indonesia, Vietnam and Ecuador. Such high competition and low
product differentiation limit AAEPL's bargaining power and pricing
flexibility, putting the margins under check. Adverse agro-climatic
conditions and virus contamination can affect the quality of
shrimps and consequently affect the sales.

Rating sensitivities

Positive factors – ICRA may upgrade AAEPL's rating if there is a
substantial growth in revenue, profitability, and liquidity
position.

Negative factors – Pressure on the rating could arise if AAEPL's
cash accrual declines substantially from the current level, or if a
stretch in the working capital cycle weakens its liquidity.

Incorporated in 1994, AAEPL exports processed shrimps and is also a
distributor of shrimp feed of the Charoen Pokphand Group. The
processed shrimps are exported to the US, Vietnam, South Africa,
China etc., while the entire shrimp feed is sold in India. AAEPL
has a shrimp processing capacity of 50 MTPD as of date.

BRADY & MORRIS: ICRA Withdraws B+ Rating on INR7.50c Cash Loan
--------------------------------------------------------------
ICRA has withdrawn the ratings assigned to the bank facilities of
Brady & Morris Engineering Company Limited at the request of the
company and based on the No Objection Certificate/Closure
Certificate received from the banker. However, ICRA does not have
information to suggest that the credit risk has changed since the
time the rating was last reviewed. The Key Rating Drivers,
Liquidity Position, Rating Sensitivities, Key Financial indicators
have not been captured as the rated instruments are
being withdrawn.

                     Amount
   Facilities      (INR crore)     Ratings
   ----------      -----------     -------
   Fund based-         0.72        [ICRA]B+ (Stable) ISSUER NOT
   Term Loan                       COOPERATING; Withdrawn

   Fund based-         7.50        [ICRA]B+ (Stable) ISSUER NOT
   Cash Credit                     COOPERATING; Withdrawn

   Non-fund Based     11.00        [ICRA]A4; ISSUER NOT
   Bank Guarantee                  COOPERATING; Withdrawn

   Non-fund Based      1.00        [ICRA]A4; ISSUER NOT
   Bill Discounting                COOPERATING; Withdrawn

   Unallocated Limit   1.78        [ICRA]B+ (Stable)/[ICRA]A4;
                                   ISSUER NOT COOPERATING;
                                   Withdrawn

WHBCL established BMECL in 1946 to manufacture and sell material
handling equipment such as chain pulley blocks and various types of
cranes and electric hoist blocks. Established in 1895, by two
individuals of British origin, and later incorporated in 1913,
WHBCL sells material handling equipment and services various
products related to the aviation industry. WHBCL also owns Brady
House located at Fort, Mumbai, from where it receives significant
rental income. The Group has been controlled by the Mumbai-based
Morarka family since 1960s. BMECL has its manufacturing facility at
Vatva (Gujarat).


CALL EXPRESS: ICRA Keeps B+ Debt Rating in Not Cooperating
----------------------------------------------------------
ICRA has retained the ratings for the bank facilities of Call
Express Construction India Private Limited in the 'Issuer Not
Cooperating' category. The rating is denoted as "[ICRA]B+
(Stable)/[ICRA]A4 ISSUER NOT COOPERATING".

                     Amount
   Facilities      (INR crore)     Ratings
   ----------      -----------     -------
   Long Term-         50.00        [ICRA]B+ (Stable) ISSUER NOT
   Fund Based-                     COOPERATING; Rating continues
   Term Loan                       to remain under 'Issuer Not
                                   Cooperating' category

   Long Term/         10.00        [ICRA]B+ (Stable)/[ICRA]A4
   Short Term-                     ISSUER NOT COOPERATING;
   Unallocated                     Rating continues to remain
                                   under 'Issuer Not Cooperating'
                                   category

ICRA has been trying to seek information from the entity so as to
monitor its performance, but despite repeated requests by ICRA, the
entity's management has remained non-cooperative. The current
rating action has been taken by ICRA basis best
available/dated/limited information on the issuers' performance.
Accordingly, the lenders, investors and other market participants
are advised to exercise appropriate caution while using this rating
as the rating may not adequately reflect the credit risk profile of
the entity. The rating action has been taken in accordance with
ICRA's policy in respect of non-cooperation by a rated entity
available at www.icra.in.

Incorporated in 2006, Call Express Construction (India) Private
Limited is a Chennai based real - estate company involved in the
development of residential projects with the focus primarily being
on project planning and land acquisition. The company completed its
first residential project located at Sholinganallur, Chennai known
as Euphoria in March 2011. The company is currently executing its
second residential project - Ushera, which is a luxury offering.
The project is located in 2 Sholinganallur which is in the early
stages of construction and is expected to be completed earliest by
March 2019. The construction is carried in-house lead by a group
entity.


EVO GREEN TRADING: Insolvency Resolution Process Case Summary
-------------------------------------------------------------
Debtor: M/s EVO Green Trading Private Limited
        1/5 W.H.S. Kirti Nagar
        New Delhi 110015

Insolvency Commencement Date: February 10, 2022

Court: National Company Law Tribunal, New Delhi Bench IV

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

Insolvency professional: Kamal Agarwal

Interim Resolution
Professional:            Kamal Agarwal
                         487/27 School Road
                         Near Peeragarhi Metro Station
                         New Delhi 110087
                         E-mail: advocate.kamal.aggl@gmail.com
                                 cirpevogreen@gmail.com
                         Mobile: 9811138823

Last date for
submission of claims:    March 1, 2022


FAIRDEAL MULTIFILAMENT: ICRA Keeps D Ratings in Not Cooperating
---------------------------------------------------------------
ICRA continues the ratings for the bank facilities of Fairdeal
Multifilament Private Limited (FMPL) in the 'Issuer Not
Cooperating' category. The rating is denoted as "[ICRA]D/D ISSUER
NOT COOPERATING".

                     Amount
   Facilities     (INR crore)    Ratings
   ----------     -----------    -------
   Fund Based–         4.50      [ICRA]D ISSUER NOT COOPERATING;
   Cash Credit                   Rating continues to remain under
                                 'Issuer Not Cooperating'
                                 Category

   Fund Based–        12.24      [ICRA]D ISSUER NOT COOPERATING;
   Term Loan                     Rating continues to remain under
                                 'Issuer Not Cooperating'
                                 Category

   Non-fund Based      1.26      [ICRA]D ISSUER NOT COOPERATING;
   Bank Guarantee                Rating continues under 'Issuer
                                 Not Cooperating' category

The rating is assigned because of lack of adequate information
regarding FMPL's performance and hence the uncertainty around its
credit risk. ICRA assesses whether the information available about
the entity is commensurate with its rating and reviews the same as
per its "Policy in respect of non-cooperation by a rated entity"
available at www.icra.in. The lenders, investors and other market
participants are thus advised to exercise appropriate caution while
using this rating as the rating may not adequately reflect the
credit risk profile of the entity.

As part of its process and in accordance with its rating agreement
with FMPL, ICRA has been trying to seek information from the entity
so as to monitor its performance and is sending repeated reminders
to the entity for payment of surveillance fee that became due.
However, despite multiple requests by ICRA, the entity's management
has remained non-cooperative. In the absence of requisite
cooperation and in line with SEBI's Circular No.
SEBI/HO/MIRSD4/CIR/2016/119, dated November 1, 2016, the company's
rating has been moved to the "Issuer Not Cooperating" category.

Incorporated in 2014, Fairdeal Multifilament Private Limited (FMPL)
is promoted by Mr. Manoj Sanklecha, Mr. Sneh Shah and Ms. Khushboo
Modi. It manufactures high tenacity polyester yarn, which finds
application in various industries such as automobile, pipe,
construction, FIBC and medical. The company's manufacturing
facility is located at the Chacharwadi village of Ahmedabad
(Gujarat), and has an installed capacity of 3600 MTPA. The company
is a part of the Fairdeal Group, which is
involved in a similar industry.

In FY2020, the company reported a net loss of INR0.7 crore on an OI
of INR27.5 crore, as compared to a net profit of INR0.1 crore on an
OI of INR39.2 crore in FY2019.

GOVIND CABLE: ICRA Keeps B Rating in Not Cooperating Category
-------------------------------------------------------------
ICRA has retained the ratings for the bank facilities of Govind
Cable Industries in the 'Issuer Not Cooperating' category. The
rating is denoted as "[ICRA]B(Stable)/[ICRA]A4; ISSUER NOT
COOPERATING".

                     Amount
   Facilities      (INR crore)     Ratings
   ----------      -----------     -------
   Long Term-          6.00        [ICRA]B (Stable) ISSUER NOT
   Fund Based-                     COOPERATING; Rating continues
   Cash Credit                     to remain under 'Issuer Not
                                   Cooperating' category

   Short Term–         7.00        [ICRA]A4; ISSUER NOT
   Non fund Based                  COOPERATING Rating Continues
                                   to remain under the 'Issuer
                                   Not Cooperating' category

ICRA has been trying to seek information from the entity so as to
monitor its performance, but despite repeated requests by ICRA, the
entity's management has remained non-cooperative. The current
rating action has been taken by ICRA basis best
available/dated/limited information on the issuers' performance.
Accordingly, the lenders, investors and other market participants
are advised to exercise appropriate caution while using this rating
as the rating may not adequately reflect the credit risk profile of
the entity. The rating action has been taken in accordance with
ICRA's policy in respect of non-cooperation by a rated entity
available at www.icra.in.

Govind Cable Industries (GCI) was established in 1978 to
manufacture power, control and instrumentation cables mainly for
steel and power sectors. The firm caters to Government entities or
private dealers who supply to Government entities. The
manufacturing facility is located at the industrial area of
Sahibabad in Ghaziabad, Uttar Pradesh.


HOOGHLY SHIPBREAKERS: ICRA Keeps D Ratings in Not Cooperating
-------------------------------------------------------------
ICRA has retained the Long-term ratings of Hooghly Shipbreakers
Limited in the 'Issuer Not Cooperating' category. The ratings are
denoted as [ICRA]D/ [ICRA]D; ISSUER NOT COOPERATING".

                    Amount
   Facilities     (INR crore)    Ratings
   ----------     -----------    -------
   Short term–       70.00       [ICRA]D; ISSUER NOT
COOPERATING;
   Non fund based                Rating Continues to remain under
                                 'Issuer Not Cooperating'
                                 Category

   Long Term-        (2.55)      [ICRA]D; ISSUER NOT COOPERATING;
   Interchangeable               Rating Continues to remain under
                                 'Issuer Not Cooperating'
                                 Category

ICRA has been trying to seek information from the entity so as to
monitor its performance, but despite repeated requests by ICRA, the
entity's management has remained non-cooperative. The current
rating action has been taken by ICRA basis best
available/dated/limited information on the issuers' performance.
Accordingly, the lenders, investors and other market participants
are advised to exercise appropriate caution while using this rating
as the rating may not adequately reflect the credit risk profile of
the entity. The rating action has been taken in accordance with
ICRA's policy in respect of non-cooperation by a rated entity
available at www.icra.in.

Incorporated in 1998, HSL was a joint venture between Mr. Russi
Mody (Ex-Chairman Tata Steel Ltd., MOBAR Group) and the partners of
a family-owned shipbreaking firm, M/s. Ganpatrai Jaigopal Group.
However, in 2007, the Mobar Group withdrew from the joint venture
and 100% holding came to Mr. Ramesh Aggarwal and family from the
M/s. Ganpatrai Jaigopal Group. At present, the Aggarwal family owns
54% of the shares of the firm. At present, HSL has been allotted
plot no. V-2 at AlangSosiya ship re-cycling yard by the Gujarat
Maritime Board and is involved in ship-breaking activities.

JAIN SHOPPERS: Insolvency Resolution Process Case Summary
---------------------------------------------------------
Debtor: Jain Shoppers Private Limited
        134/B, Diamond Harbour Road
        1st Floor, Block-G
        New Alipore, Kolkata
        West Bengal 700053
        India

Insolvency Commencement Date: February 17, 2022

Court: National Company Law Tribunal, Kolkata Bench

Estimated date of closure of
insolvency resolution process: August 15, 2022
                               (180 days from commencement)

Insolvency professional: Mr. Kamal Prakash Singh

Interim Resolution
Professional:            Mr. Kamal Prakash Singh
                         South City Garden
                         61 B.L. Saha Road
                         Tower-2 Flat-11 i
                         Kolkata 700053
                         West Bengal
                         E-mail: kamalprakashco@gmail.com

                            - and -

                         Stellar Insolvency Professionals LLP
                         Suite-1B, 1st Floor
                         22/28A Manoharpukur Road
                         Deshopriya Park
                         Kolkata 700029
                         West Bengal
                         E-mail: jainshoppers.sipl@gmail.com

Last date for
submission of claims:    March 3, 2022


KOTARKI CONSTRUCTIONS: ICRA Keeps B+ Rating in Not Cooperating
--------------------------------------------------------------
ICRA has retained the ratings for the bank facilities of Kotarki
Constructions Private Limited in the 'Issuer Not Cooperating'
category. The rating is denoted as "[ICRA]B+ (Stable)/[ICRA]A4
ISSUER NOT COOPERATING".

                     Amount
   Facilities      (INR crore)     Ratings
   ----------      -----------     -------
   Long Term-         13.00        [ICRA]B+ (Stable) ISSUER NOT
   Fund Based/CC                   COOPERATING; Rating continues
                                   to remain under 'Issuer Not
                                   Cooperating' category

   Short Term-        12.00        [ICRA]A4 ISSUER NOT
   Non Fund Based                  COOPERATING; Rating continues
                                   to remain under 'Issuer Not
                                   Cooperating' category

ICRA has been trying to seek information from the entity so as to
monitor its performance, but despite repeated requests by ICRA, the
entity's management has remained non-cooperative. The current
rating action has been taken by ICRA basis best
available/dated/limited information on the issuers' performance.
Accordingly, the lenders, investors and other market participants
are advised to exercise appropriate caution while using this rating
as the rating may not adequately reflect the credit risk profile of
the entity. The rating action has been taken in accordance with
ICRA's policy in respect of non-cooperation by a rated entity
available at www.icra.in.

Kotarki Constructions Private Limited (KCPL) was incorporated in
the year 2004 and the promoters of this company are Mr. Kotarki
Shanker, Mr. Kotarki Prabhurao, Mrs. Kotarki Anjali, Mr. Kotarki
Anand and Mr. Kotarki Sangamesh. It is a family owned and closely
held company led by Mr. Kotarki Shanker who looks after the overall
operations, supported by Mr. Kotraki Prabhurao and Mr. Kotarki
Sangamesh handling project executions and Mr. Kotraki Anand
handling administration. The company was established as a
proprietorship firm in the year 1989, by Mr. Kotraki Shanker and
was reconstituted as private limited company in the year 2004.
Currently, the company, undertakes contracts for construction of
roads, bridges, civil construction, and construction of irrigation
canals in Karnataka. The company has executed orders for various
reputed clients like NHAI (National Highways Authority of India),
KRDCL (Karnataka Road 2 Development Corporation Limited), PWD
(Public Works Department), KIADB (Karnataka Industrial Area
Development Board), etc.


KRISHNA RICE: ICRA Lowers Rating on INR17.50cr Cash Loan to B+
--------------------------------------------------------------
ICRA has downgraded the ratings on certain bank facilities of
Krishna Rice Mills Private Limited (KRMPL), as:

                      Amount
   Facilities      (INR crore)     Ratings
   ----------      -----------     -------
   Cash Credit        17.50        [ICRA]B+(Stable) ISSUER NOT
                                   COOPERATING; Rating downgraded
                                   from [ICRA]BB-(Stable) and
                                   rating continues to remain
                                   under 'Issuer Not Cooperating'
                                   category

   Term Loan           3.74        [ICRA]B+(Stable) ISSUER NOT
                                   COOPERATING; Rating downgraded
                                   from [ICRA]BB-(Stable) and
                                   rating continues to remain
                                   under 'Issuer Not Cooperating'
                                   category

  Unallocated          3.76        [ICRA]B+ (Stable)/[ICRA]A4
                                   ISSUER NOT COOPERATING;
                                   Long-term rating downgraded
                                   from [ICRA]BB- (Stable) and
                                   ratings continues to remain
                                   under 'Issuer Not Cooperating'
                                   category

Rationale

The rating downgrade is because of lack of adequate information
regarding KRMPL performance and hence the uncertainty around its
credit risk. ICRA assesses whether the information available about
the entity is commensurate with its rating and reviews the same as
per its "Policy in respect of non-cooperation by a rated entity"
available at www.icra.in. The lenders, investors and other market
participants are thus advised to exercise appropriate caution while
using this rating as the rating may not adequately reflect the
credit risk profile of the entity, despite the downgrade.

As part of its process and in accordance with its rating agreement
with Krishna Rice Mills Private Limited, ICRA has been trying to
seek information and No Default statement from the entity so as to
monitor its performance, but despite repeated requests by ICRA, the
entity's management has remained non-cooperative. In the absence of
requisite information and in line with the aforesaid policy of
ICRA, a rating view has been taken on the entity based on the best
available information.

Incorporated in 1988 and promoted by Mr. Ashok Kumar, Mr. Jatinder
Agarwal, and Mr. Krishan Gopal, KRMPL processes rice bran oil,
de-oil cake, Basmati rice, etc. Its registered office is in
Industrial Areana Kodar Road, Kapurthala, Punjab. The company has
an installed capacity 60,000 MT per annum, which will increase to
1,00,000 MT per annum by FY2020 for processing of rice bran.
Earlier, the company used to sell only Basmati rice and was named
Shree Krishna Rice Mills. However, from 2002 it ventured into rice
bran oil and de-oiled cake.

LENZ CERAMIC: ICRA Keeps B Debt Ratings in Not Cooperating
----------------------------------------------------------
ICRA has retained the ratings for the bank facilities of Lenz
Ceramic Pvt. Ltd. in the 'Issuer Not Cooperating' category. The
rating is denoted as "[ICRA]B (Stable)/[ICRA]A4; ISSUER NOT
COOPERATING".

                     Amount
   Facilities      (INR crore)     Ratings
   ----------      -----------     -------
   Fund based-         5.00        [ICRA]B (Stable) ISSUER NOT
   Term Loan                       COOPERATING; Rating continues
                                   to remain under 'Issuer Not
                                   Cooperating' category

   Fund based-         8.00        [ICRA]B (Stable) ISSUER NOT
   Cash Credit                     COOPERATING; Rating continues
                                   to remain under 'Issuer Not
                                   Cooperating' category

   Non fund Based-     2.50        [ICRA]A4; ISSUER NOT
   Bank Guarantee                  COOPERATING Rating Continues
                                   to remain under the 'Issuer
                                   Not Cooperating' category

ICRA has been trying to seek information from the entity so as to
monitor its performance, but despite repeated requests by ICRA, the
entity's management has remained non-cooperative. The current
rating action has been taken by ICRA basis best
available/dated/limited information on the issuers' performance.
Accordingly, the lenders, investors and other market participants
are advised to exercise appropriate caution while using this rating
as the rating may not adequately reflect the credit risk profile of
the entity. The rating action has been taken in accordance with
ICRA's policy in respect of non-cooperation by a rated entity
available at www.icra.in.

Incorporated in February 2010, Lenz Ceramic Pvt. Ltd. (LCPL) is a
vitrified tiles manufacturer with its plant in Morbi, Gujarat. LCPL
commenced its operations in April 2011. It manufactures vitrified
tiles of two sizes 600" X 600" and 600" X 1200", which find wide
application in commercial as well as residential buildings. The
company is managed and promoted by Mr. Ashokbhai Patel, Mr. Babulal
Nayakpara, Mr. Jayendrabhai Sanja and Mr. Jitendrabhai Nayakpara.
It has an installed capacity to manufacture 1440000 boxes of
vitrified tiles per annum.


NARENDRA PLASTICS: NCLAT Orders Start of Insolvency Proceedings
---------------------------------------------------------------
The Economic Times reports that the National Company Law Appellate
Tribunal (NCLAT) on Feb. 22 set aside an NCLT order that rejected
an appeal by Reliance Asset Reconstruction Company Ltd (RARCL) to
initiate insolvency proceeding against Narendra Plastics. The NCLAT
also directed the NCLT to initiate the insolvency proceedings
against the company.

A three-member NCLAT bench headed by Chairperson Justice Ashok
Bhushan set aside the order passed by the Mumbai bench of the
National Company Law Tribunal (NCLT) which on August 13, 2021,
rejected RARCL's plea to initiate insolvency proceedings.

The NCLT had said the RARCL's plea was barred under limitations as
it was filed beyond the prescribed limit of three years after
default.

The tribunal had said the RARCL had filed a petition under section
7 of the Insolvency & Bankruptcy Code on May 8, 2019, while
Narendra Plastics' account was declared as NPA on June 30, 2014,
which was prima facie filed after more than five years.

This was challenged by RARCL, which is registered as a
securitization and reconstruction company, before the appellate
tribunal contending that it was within the limitation period.

As per the Limitation Act, which is also applicable on the
Insolvency & Bankruptcy Code (IBC) cases, any insolvency plea filed
over defaults occurred over three years prior to the date of filing
of the application are barred under article 137 of the act.

Narendra Plastic manufactures and exports of plastic bags.


NITASHA CONSTRUCTIONS: ICRA Keeps B Rating in Not Cooperating
-------------------------------------------------------------
ICRA has retained the ratings for the bank facilities of Nitasha
Constructions in the 'Issuer Not Cooperating' category. The rating
is denoted as "[ICRA]B (Stable)/[ICRA]A4; ISSUER NOT COOPERATING".

                     Amount
   Facilities      (INR crore)     Ratings
   ----------      -----------     -------
   Long Term-          8.00        [ICRA]B (Stable) ISSUER NOT
   Fund Based/CC                   COOPERATING; Rating continues
                                   to remain under 'Issuer Not
                                   Cooperating' category

   Short Term-         5.00        [ICRA]A4 ISSUER NOT
   Non Fund Based                  COOPERATING; Rating continues
                                   to remain under 'Issuer Not
                                   Cooperating' category

ICRA has been trying to seek information from the entity so as to
monitor its performance, but despite repeated requests by ICRA, the
entity's management has remained non-cooperative. The current
rating action has been taken by ICRA basis best available/dated/
limited information on the issuers' performance. Accordingly, the
lenders, investors and other market participants are advised to
exercise appropriate caution while using this rating as the rating
may not adequately reflect the
credit risk profile of the entity. The rating action has been taken
in accordance with ICRA's policy in respect of non-cooperation by a
rated entity available at www.icra.in.

Based in Chandigarh, Nitasha Constructions was established as a
proprietorship concern in 1987 by Mr. Prakash Bhambhani. In April
2012, the firm was converted into a partnership with Mr. Prakash
Bhambhani and Mr. Ashish Bhambhani as the partners. The firm is
listed as S class contractor under the Military Engineering
Services (MES) which enables it to bid for contracts up to value of
INR15 crore. The main line of operations of the firm involves
setting up of sewerage water treatment plant and Air conditioning
plant for MES and other related bodies like CPWD. Apart from
setting up STP and air conditioning plants, the firm also takes up
contracts related to installing boilers, hot water generators,
incinerators and related civil work.  The firm is a channel
associate with Thermax Limited, Pune through which it procures the
water treatment plants and other plants. All the civil, mechanical,
erection work including project management and supervision is
undertaken by the company.

ORANGE INFRACON: ICRA Keeps B+ Debt Ratings in Not Cooperating
--------------------------------------------------------------
ICRA has retained the ratings for the bank facilities of Orange
Infracon Private Limited in the 'Issuer Not Cooperating' category.
The rating is denoted as "[ICRA]B+ (Stable); ISSUER NOT
COOPERATING".

                     Amount
   Facilities      (INR crore)     Ratings
   ----------      -----------     -------
   Long Term-         38.00        [ICRA]B+ (Stable) ISSUER NOT
   Fund Based                      COOPERATING; Rating continues
                                   to remain under 'Issuer Not
                                   Cooperating' category

   Long Term-         12.00        [ICRA]B+ (Stable) ISSUER NOT
   Unallocated                     COOPERATING; Rating continues
                                   to remain under 'Issuer Not
                                   Cooperating' category

ICRA has been trying to seek information from the entity so as to
monitor its performance, but despite repeated requests by ICRA, the
entity's management has remained non-cooperative. The current
rating action has been taken by ICRA basis best
available/dated/limited information on the issuers' performance.
Accordingly, the lenders, investors and other market participants
are advised to exercise appropriate caution while using this rating
as the rating may not adequately reflect the credit risk profile of
the entity. The rating action has been taken in accordance with
ICRA's policy in respect of non-cooperation by a rated entity
available at www.icra.in.

OIPL, incorporated in 1997, is a part of the Indore-based B.C.M.
Group, which was promoted by Late Mr. B.C. Mehta. It has presence
across diverse sectors such as snack foods manufacturing, food
processing and real estate development. OIPL is developing its
first project 'BCM Park' at Piplyakumar in Indore, Madhya Pradesh,
wherein 0.52 million square feet would be developed in two phases
at ~INR107.7 crore. The project would have a total of 230 flats in
four towers with fourteen floors each. The project is funded by
INR38.0 crore of bank debt, INR22.0 crore of promoter's
contribution and INR47.7 crore of
customer advances. The land for the project is owned by the company
and the construction started in Q4 FY2014.


PARVEEN INDUSTRIES: ICRA Cuts Rating on INR33cr LT Loan to B+
-------------------------------------------------------------
ICRA has revised the ratings on certain bank facilities of Parveen
Industries Private Limited, as:

                     Amount
   Facilities      (INR crore)     Ratings
   ----------      -----------     -------
   Long Term-         33.00        [ICRA]B+ (Stable) ISSUER NOT
   Cash Credit                     COOPERATING; Rating downgraded
                                   from [ICRA]BB+(Stable) and
                                   continues to remain under the
                                   'Issuer Not Cooperating'
                                   Category

   Non Fund Based      9.00        [ICRA]A4 ISSUER NOT
                                   COOPERATING; Rating downgraded
                                   from [ICRA]A4+ and continues
                                   to remain in the 'Issuer Not
                                   Cooperating' category

   Long/Short-term     8.00        [ICRA]B+ (Stable)/[ICRA]A4;
   Unallocated                     ISSUER NOT COOPERATING;
                                   Ratings downgraded from
                                   [ICRA]BB+(Stable)/[ICRA]A4+
                                   and continue to remain under
                                   the 'Issuer Not Cooperating'
                                   category

Rationale

The rating downgrade is because of lack of adequate information
regarding Parveen Industries Private Limited performance
and hence the uncertainty around its credit risk. ICRA assesses
whether the information available about the entity is
commensurate with its rating and reviews the same as per its
"Policy in respect of non-cooperation by a rated entity" available
at www.icra.in. The lenders, investors and other market
participants are thus advised to exercise appropriate caution while
using this rating as the rating may not adequately reflect the
credit risk profile of the entity, despite the downgrade.

As part of its process and in accordance with its rating agreement
with Parveen Industries Private Limited, ICRA has been trying to
seek information from the entity so as to monitor its performance.
Further, ICRA has been sending repeated reminders to the entity for
payment of surveillance fee that became due. Despite repeated
requests by ICRA, the entity's management has remained
non-cooperative. In the absence of requisite information and in
line with the aforesaid policy of ICRA, a rating view has been
taken on the entity based on the best available information.

Incorporated in 1960, PIPL used to manufacture steel pipes for
buildings and power plants. The company diversified its operations
in 1974 and has been manufacturing oilfield equipment since then.
The company has seven manufacturing facilities in India across
Delhi, Haryana and Maharashtra. The key promoters of the company
include the founder member Mr. Parveen Kumar Gupta, and Mr. Sanjeev
Kumar, Mr. Prakash Kumar and Mr. Prabhat Kumar. The promoters have
extensive experience in the oilfield equipment business through
their association with PIPL and other entities in similar lines of
business. The company has two subsidiaries, namely American
Completion Tools located in USA and Gulf Well Solutions located in
the UAE; both entities are involved in the same line of business.


PIONEER BUSINESS: Insolvency Resolution Process Case Summary
------------------------------------------------------------
Debtor: Pioneer Business Samadhan Private Limited
        1/1 Poddar Nagar
        Corporation Premises no. 391/1
        Prince Anwar Shah Road
        Kolkata 700068

Insolvency Commencement Date: February 16, 2022

Court: National Company Law Tribunal, Kolkata Bench

Estimated date of closure of
insolvency resolution process: August 14, 2022

Insolvency professional: Jayshree Bhandari

Interim Resolution
Professional:            Jayshree Bhandari
                         Sunrise Towers, Flat 5L
                         134B Beliaghata Road
                         Kolkata 700015
                         E-mail: ip.bhandarijayshree@gmail.com

                            - and -

                         12A Harrington Mansion
                         8 Ho Chi Minh Sarani
                         Opposite U.S. Consulate
                         Ground Floor
                         Behind PDT Lounge
                         Kolkata 700071
                         E-mail: cirp.pioneer@gmail.com

Last date for
submission of claims:    March 2, 2022


PRIUS COMMERCIAL: ICRA Keeps D Debt Rating in Not Cooperating
-------------------------------------------------------------
ICRA has retained the ratings for the bank facilities of Prius
Commercial Projects Private Limited. in the 'Issuer Not
Cooperating' category. The rating is denoted as [ICRA]D; ISSUER NOT
COOPERATING".

                     Amount
   Facilities     (INR crore)    Ratings
   ----------     -----------    -------
   Term Loans        424.00      [ICRA]D ISSUER NOT COOPERATING;
                                 Rating continues to remain under
                                 'Issuer Not Cooperating'
                                 Category

ICRA has been trying to seek information from the entity so as to
monitor its performance, but despite repeated requests by ICRA, the
entity's management has remained non-cooperative. The current
rating action has been taken by ICRA basis best
available/dated/limited information on the issuers' performance.
Accordingly, the lenders, investors and other market participants
are advised to exercise appropriate caution while using this rating
as the rating may not adequately reflect the credit risk profile of
the entity. The rating action has been taken in accordance with
ICRA's policy in respect of non-cooperation by a rated entity
available at www.icra.in.

Prius Commercial Projects Private Limited (previously known as GYS
Real Estates Private Limited) was incorporated on December 8, 2006.
84% stake in the company is held by Ms. Shabnam Dhillon and 16%
stake is held by Mr. Yuvraj NarainGorwaney. The company is based
out of New Delhi and it owns and manages a commercial property in
Saket in New Delhi. The commercial building is operational since
2009 and has total leasable area of 2,56,641 sq ft. GYS has five
subsidiaries, each of which owns and manages commercial properties
in various locations. Total saleable area across the six companies
(GYS and its five subsidiaries) is 1.15 million sq ft.

R.R. INDUSTRIES: ICRA Keeps B Debt Ratings in Not Cooperating
-------------------------------------------------------------
ICRA has retained the Long-term and Short-Term ratings of R.R.
Industries in the 'Issuer Not Cooperating' category. The ratings
are denoted as [ICRA]B (Stable)/ [ICRA]A4; ISSUER NOT
COOPERATING".

                     Amount
   Facilities      (INR crore)     Ratings
   ----------      -----------     -------
   Long Term-          5.00        [ICRA]B (Stable) ISSUER NOT
   Fund Based/CC                   COOPERATING; Rating continues
                                   to remain under 'Issuer Not
                                   Cooperating' category

   Long Term-          2.43        [ICRA]B (Stable) ISSUER NOT
   Fund Based/TL                   COOPERATING; Rating continues
                                   to remain under 'Issuer Not
                                   Cooperating' category

   Non fund Based      0.03        [ICRA]A4; ISSUER NOT
                                   COOPERATING Rating Continues
                                   to remain under the 'Issuer
                                   Not Cooperating' category

   Interchangeable    (0.32)       [ICRA]A4; ISSUER NOT
                                   COOPERATING; Rating continues
                                   to remain under the 'Issuer
                                   Not Cooperating' category

   Unallocated         1.54        [ICRA]B (Stable)/[ICRA]A4;
   Limits                          ISSUER NOT COOPERATING;
                                   Rating continues to remain
                                   under the 'Issuer Not
                                   Cooperating' category

ICRA has been trying to seek information from the entity so as to
monitor its performance, but despite repeated requests by ICRA, the
entity's management has remained non-cooperative. The current
rating action has been taken by ICRA basis best
available/dated/limited information on the issuers' performance.
Accordingly, the lenders, investors and other market participants
are advised to exercise appropriate caution while using this rating
as the rating may not adequately reflect the credit risk profile of
the entity. The rating action has been taken in accordance with
ICRA's policy in respect of non-cooperation by a rated entity
available at www.icra.in.

RRI was established as a partnership firm in 2009. The firm is
engaged in the milling of rice at its plant located in Kashipur,
Uttarakhand. Initially, the firm had an installed capacity of 4
Metric Tonnes Per Hour (MTPH), which was gradually increased to the
current level of 8 MTPH. The firm is owned and managed by the
Agarwal family, with the partners being Mr. Sachin Agarwal, Mr.
Anubhav Agarwal, Mr. Gaurav Agarwal and Mr. Ashok Agarwal.


S.T. WOOLLEN: ICRA Keeps B+ Debt Ratings in Not Cooperating
-----------------------------------------------------------
ICRA has retained the ratings for the bank facilities of S.T.
Woollen Mills Pvt Ltd in the 'Issuer Not Cooperating' category. The
rating is denoted as "[ICRA]B+(Stable)/[ICRA]A4; ISSUER NOT
COOPERATING".

                     Amount
   Facilities      (INR crore)     Ratings
   ----------      -----------     -------
   Long Term-          1.12        [ICRA]B+ (Stable) ISSUER NOT
   Fund Based-                     COOPERATING; Rating continues
   Term Loan                       to remain under 'Issuer Not
                                   Cooperating' category

   Long Term-          6.25        [ICRA]B+ (Stable) ISSUER NOT
   Fund Based-                     COOPERATING; Rating continues
   Cash Credit                     to remain under 'Issuer Not
                                   Cooperating' category

   Short Term–         7.00        [ICRA]A4; ISSUER NOT
   Non fund Based                  COOPERATING Rating Continues
                                   to remain under the 'Issuer
                                   Not Cooperating' category

   Long Term/          0.63        [ICRA]B+(Stable)/[ICRA]A4;
   Short Term                      ISSUER NOT COOPERATING;
   Unallocated                     Rating Continues to remain
   Limits                          under issuer not cooperating
                                   category

ICRA has been trying to seek information from the entity so as to
monitor its performance, but despite repeated requests by ICRA, the
entity's management has remained non-cooperative. The current
rating action has been taken by ICRA basis best
available/dated/limited information on the issuers' performance.
Accordingly, the lenders, investors and other market participants
are advised to exercise appropriate caution while using this rating
as the rating may not adequately reflect the credit risk profile of
the entity. The rating action has been taken in accordance with
ICRA's policy in respect of non-cooperation by a rated entity
available at www.icra.in.

Incorporated in 1990, SWMPL was promoted by Mr Shiv Raj Gupta to
engage in the trading of yarns, fibers and fabrics. He commenced
manufacturing facility in the company in 2002 and the company is
currently into the production of wool tops, yarns and knitted cloth
along with the trading activities. Around 60-70% of the sales of
the company are from manufacturing operations. The installed
capacity of the plant located at Maler Kotla in Sangrur (Punjab)
depends upon the quality of yarn/cloth being manufactured. The
company primarily manufactures winter yarn with varied quality.


SAI EARTH: ICRA Keeps B+ Debt Rating in Not Cooperating Category
----------------------------------------------------------------
ICRA has retained the ratings for the bank facilities of Sri Sai
Earth Movers in the 'Issuer Not Cooperating' category. The rating
is denoted as "[ICRA]B+ (Stable)/[ICRA]A4; ISSUER NOT
COOPERATING".

                     Amount
   Facilities      (INR crore)     Ratings
   ----------      -----------     -------
   Long Term-          5.00        [ICRA]B+ (Stable) ISSUER NOT
   Fund Based/CC                   COOPERATING; Rating continues
                                   to remain under 'Issuer Not
                                   Cooperating' category

   Short Term-        15.00        [ICRA]A4 ISSUER NOT
   Non Fund Based                  COOPERATING; Rating continues
                                   to remain under 'Issuer Not
                                   Cooperating' category

ICRA has been trying to seek information from the entity so as to
monitor its performance, but despite repeated requests by ICRA, the
entity's management has remained non-cooperative. The current
rating action has been taken by ICRA basis best
available/dated/limited information on the issuers' performance.
Accordingly, the lenders, investors and other market participants
are advised to exercise appropriate caution while using this rating
as the rating may not adequately reflect the credit risk profile of
the entity. The rating action has been taken in accordance with
ICRA's policy in respect of non-cooperation by a rated entity
available at www.icra.in.

Established in 1990, SSEM was involved in earth-work related
activities like excavation and site development, among others till
FY2015. During FY2016, the entity ventured into civil-construction
business. The entity is a proprietorship concern owned and managed
by Mr. P. Raghupathy and is based out of Bangalore, Karnataka. The
proprietor has an experience of more than three decades in this
line of business.


SHIRDIWALE SAI: ICRA Keeps D Debt Rating in Not Cooperating
-----------------------------------------------------------
ICRA has retained the ratings for the bank facilities of Shirdiwale
Sai Exim Private Limited in the 'Issuer Not Cooperating' category.
The rating is denoted as "[ICRA]D; ISSUER NOT COOPERATING".

                    Amount
   Facilities     (INR crore)    Ratings
   ----------     -----------    -------
   Fund Based-        8.00       [ICRA]D; ISSUER NOT COOPERATING;
   Cash Credit                   Rating Continues to remain under
                                 'Issuer Not Cooperating'
                                 Category

ICRA has been trying to seek information from the entity so as to
monitor its performance, but despite repeated requests by ICRA, the
entity's management has remained non-cooperative. The current
rating action has been taken by ICRA basis best
available/dated/limited information on the issuers' performance.
Accordingly, the lenders, investors and other market participants
are advised to exercise appropriate caution while using this rating
as the rating may not adequately reflect the credit risk profile of
the entity. The rating action has been taken in accordance with
ICRA's policy in respect of non-cooperation by a rated entity
available at www.icra.in.

SSEPL is a private limited company which was incorporated in 2005
and is managed by Mr. Deepak Gupta and his wife, Mrs. Pallavi
Gupta. The company is involved in merchant trading of betel nuts
and memory cards used in mobile phones. The company imports betel
nuts from Indonesia and exports to Dubai. The memory cards are
imported from China and sold to group companies, as well as in the
domestic market.

SOLAR IDEA: ICRA Keeps B+ Debt Rating in Not Cooperating Category
-----------------------------------------------------------------
ICRA has retained the ratings for the bank facilities of Solar Idea
Private Limited in the 'Issuer Not Cooperating' category. The
rating is denoted as "[ICRA]B+(Stable)/[ICRA]A4; ISSUER NOT
COOPERATING".

                     Amount
   Facilities      (INR crore)     Ratings
   ----------      -----------     -------
   Long Term-          5.00        [ICRA]B+ (Stable) ISSUER NOT
   Fund Based-                     COOPERATING; Rating continues
   Cash Credit                     to remain under 'Issuer Not
                                   Cooperating' category

   Long Term/          1.50        [ICRA]B+(Stable)/[ICRA]A4;
   Short Term-                     ISSUER NOT COOPERATING;
   Non-Fund Based                  Rating Continues to remain
                                   under issuer not cooperating
                                   category

ICRA has been trying to seek information from the entity so as to
monitor its performance, but despite repeated requests by ICRA, the
entity's management has remained non-cooperative. The current
rating action has been taken by ICRA basis best
available/dated/limited information on the issuers' performance.
Accordingly, the lenders, investors and other market participants
are advised to exercise appropriate caution while using this rating
as the rating may not adequately reflect the credit risk profile of
the entity. The rating action has been taken in accordance with
ICRA's policy in respect of non-cooperation by a rated entity
available at www.icra.in.

SIPL, incorporated in 2014, is an authorised distributor of diesel
generators of Greaves Cotton Limited for Telangana. It manufactures
a wide range of solar products such as solar inverters, solar water
heating systems, solar water pumping systems, solar street lighting
systems and a host of other customised solar products. It also
undertakes system integration services, wherein it offers to build
and operate off-grid, on-grid and roof-top solar power projects
using solar modules. The
manufacturing unit of the company is in Cherlapally, Telangana.

SUKRITHA BUILDMANN: ICRA Keeps D Debt Rating in Not Cooperating
---------------------------------------------------------------
ICRA has retained the ratings for the bank facilities of Sukritha
Buildmann Private Limited in the 'Issuer Not Cooperating' category.
The rating is denoted as "[ICRA]D; ISSUER NOT COOPERATING".

                    Amount
   Facilities     (INR crore)    Ratings
   ----------     -----------    -------
   Long-term–         30.00      [ICRA]D; ISSUER NOT
COOPERATING;
   Fund based/TL                 Rating Continues to remain under
                                 'Issuer Not Cooperating'
                                 Category

ICRA has been trying to seek information from the entity so as to
monitor its performance, but despite repeated requests by ICRA, the
entity's management has remained non-cooperative. The current
rating action has been taken by ICRA basis best
available/dated/limited information on the issuers' performance.
Accordingly, the lenders, investors and other market participants
are advised to exercise appropriate caution while using this rating
as the rating may not adequately reflect the credit risk profile of
the entity. The rating action has been taken in accordance with
ICRA's policy in respect of non-cooperation by a rated entity
available at www.icra.in.

Incorporated in 1988, Sukritha Buildmann Pvt Ltd (SBPL) is involved
in real-estate development in Bengaluru, Karnataka. The promoters
have long experience in the field of real-estate development and
construction. The company's business spanned across contracting,
consulting engineering and real-estate development, but at present,
the focus is on realestate development. The company is executing a
a villa cum apartment project called, "Buildmann Aaroha" at KR
Puram, Off Old Madras road, Bangalore. The project is split into
two phases spread across 2.96 lakh sqft of land parcel and has two
towers
with 85 apartments and 39 villas with an aggregate super built up
area of 4,25,757 square feet (sqft). In the future, the company
plans to launch unique mid-segment housing projects in
well-connected locations.

SUNWATT INTERNATIONAL: ICRA Keeps B+ Rating in Not Cooperating
--------------------------------------------------------------
ICRA has retained the ratings for the bank facilities of Sunwatt
International Private Limited in the 'Issuer Not Cooperating'
category. The rating is denoted as "[ICRA]B+(Stable)/[ICRA]A4;
ISSUER NOT COOPERATING".

                     Amount
   Facilities      (INR crore)     Ratings
   ----------      -----------     -------
   Fund based-         0.50        [ICRA]B+ (Stable) ISSUER NOT
                                   COOPERATING; Rating continues
                                   to remain under 'Issuer Not
                                   Cooperating' category

   Non Fund Based      6.50        [ICRA]A4 ISSUER NOT
                                   COOPERATING; Rating continues
                                   to remain under 'Issuer Not
                                   Cooperating' category

ICRA has been trying to seek information from the entity so as to
monitor its performance, but despite repeated requests by ICRA, the
entity's management has remained non-cooperative. The current
rating action has been taken by ICRA basis best
available/dated/limited information on the issuers' performance.
Accordingly, the lenders, investors and other market participants
are advised to exercise appropriate caution while using this rating
as the rating may not adequately reflect the credit risk profile of
the entity. The rating action has been taken in accordance with
ICRA's policy in respect of non-cooperation by a rated entity
available at www.icra.in.

Sunwatt International Private Limited (SIPL) was established in the
year 2004 by Mr. Anil Nair and SIPL is a system integrator for
solar PV based power plants. The company was earlier engaged in
manufacturing of solar photovoltaic modules, with a 3 MW
manufacturing facility at Kushaiguda in Hyderabad. The company has
discontinued the manufacturing operations (in 2006) and from 2011
onwards is only engaged in providing EPC (engineering, procurement
and construction) solutions to solar power plants. From April 2015
onwards, the company have also started trading of bio products
mainly organic fertilizers and
pesticides which are used in organic farming.


W. H. BRADY: ICRA Withdraws B+ Ratings on INR2.30cr Cash Loan
-------------------------------------------------------------
ICRA has withdrawn the ratings assigned to the bank facilities of
W. H. Brady & Company Limited at the request of the company and
based on the No Objection Certificate/Closure Certificate received
from the banker. However, ICRA does not have information to suggest
that the credit risk has changed since the time the rating was last
reviewed. The Key Rating Drivers, Liquidity Position, Rating
Sensitivities, Key Financial indicators have not been captured as
the rated instruments are being withdrawn.

                     Amount
   Facilities      (INR crore)     Ratings
   ----------      -----------     -------
   Fund based-         2.18        [ICRA]B+ (Stable) ISSUER NOT
   Future Rent                     COOPERATING; Withdrawn
   Receivable

   Fund based-         2.30        [ICRA]B+ (Stable) ISSUER NOT
   Cash Credit                     COOPERATING; Withdrawn
   Receivable

   Non-fund Based      3.00        [ICRA]B+ (Stable); ISSUER NOT
   Bank Guarantee                  COOPERATING; Withdrawn

   Non-fund-based–     0.50        [ICRA]B+ (Stable); ISSUER NOT

   Letter of Credit                COOPERATING; Withdrawn

   Unallocated        12.02        [ICRA]B+ (Stable); ISSUER NOT
   Limit                           COOPERATING; Withdrawn

Established in 1895 by two individuals of British origin, and later
incorporated in 1913, WHBCL sells material handling equipment and
services various products related to the aviation industry. WHBCL
also owns Brady House located at Fort, Mumbai, which generates
significant rental income. WHBCL established BMECL in 1946 to
manufacture and sell material handling equipment (such as chain
pulley blocks, and various types of cranes and electric hoist
blocks). The Group is controlled by the Mumbai-based Morarka family
since 1960. BMECL has its manufacturing facility at Vatva
(Gujarat).


WALLMARK CERAMIC: ICRA Keeps B Debt Ratings in Not Cooperating
--------------------------------------------------------------
ICRA has retained the ratings for the bank facilities of Wallmark
Ceramic Industry in the 'Issuer Not Cooperating' category. The
rating is denoted as [ICRA]B (Stable)/[ICRA]A4; ISSUER NOT
COOPERATING".

                     Amount
   Facilities      (INR crore)     Ratings
   ----------      -----------     -------
   Fund based-         4.44        [ICRA]B (Stable) ISSUER NOT
   Term Loan                       COOPERATING; Rating continues
                                   to remain under 'Issuer Not
                                   Cooperating' category

   Fund based-         2.00        [ICRA]B (Stable) ISSUER NOT
   Cash Credit                     COOPERATING; Rating continues
                                   to remain under 'Issuer Not
                                   Cooperating' category

   Non-fund Based–     1.10        [ICRA]A4 ISSUER NOT
   Bank Guarantee                  COOPERATING; Rating continues
                                   to remain under 'Issuer Not
                                   Cooperating' category

ICRA has been trying to seek information from the entity so as to
monitor its Further, ICRA has been sending repeated reminders to
the entity for payment of surveillance fee that became due, the
entity's management has remained noncooperative. The current rating
action has been taken by ICRA basis best available/dated/ limited
information on the issuers' performance. Accordingly, the lenders,
investors and other market participants are advised to exercise
appropriate caution while using this rating as the rating may not
adequately reflect the credit risk profile of the entity. The
rating action has been
taken in accordance with ICRA's policy in respect of
non-cooperation by a rated entity available at www.icra.in.

Established in October 2013, Wallmark Ceramic Industry (WCI) is
owned and managed by five partners headed by Mr. Balvantbhai Ambani
and Mr. Mangalbhai Ambani. It manufactures digitally printed wall
tiles of three sizes i.e. 10"X15", www.icra .in Page |2 12"X12"and
12"X18", which find wide application in commercial as well as
residential buildings. WCI commenced operations in November 2014.
The manufacturing facility, located at Morbi in Gujarat, has an
installed manufacturing capacity of 21375 Metric Tonnes Per Annum
(MTPA) of wall tiles.




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

KIRIN HOLDINGS: Myanmar Partner Seeks to Liquidate Joint Venture
----------------------------------------------------------------
Reuters reports that Japanese beverage company Kirin Holdings Co
said on Feb. 28 that its military-linked partner in a Myanmar
brewery has filed a new petition to liquidate the joint venture.

According to Reuters, Kirin has been in a dispute with local
partner Myanma Economic Holdings Public Company Limited (MEHPCL) on
how to dissolve their brewery venture following a military coup
that ousted the democratically elected government last year.

Reuters relates that Kirin said in a statement it just became aware
that MEHPCL filed a petition on Jan. 27 to a Yangon court seeking
to liquidate the venture, a day after the same court dismissed a
similar petition.

The Japanese brewery said it would respond to the new petition
accordingly, the report relays.

Reuters adds that Kirin said last week it intended to sell its
stakes in two businesses in Myanmar and withdraw from the country.




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

VERDE RESOURCES: Issues Going Concern Doubt Warning
---------------------------------------------------
Verde Resources, Inc. warned in a recent regulatory filing there is
substantial doubt about the Company's ability to continue as a
going concern.

In its quarterly report on Form 10-Q filed with the Securities and
Exchange Commission for the three months ended December 31, 2021,
the Company disclosed that as of December 31, it had suffered
recurring net losses and records an accumulated deficit of
$7,562,240. These conditions raise substantial doubt about the
Company's ability to continue as a going concern. The Company said
it intends to fund operations through debt and equity financing
arrangements.

"The ability of the Company to survive is dependent upon, among
other things, obtaining additional financing to continue
operations, and development of its business plan," according to
Verde.

In response to these problems, management intends to raise
additional funds through public or private placement offerings, and
related party loans.

"No assurance can be given that any future financing, if needed,
will be available or, if available, that it will be on terms that
are satisfactory to the Company. Even if the Company is able to
obtain additional financing, if needed, it may contain undue
restrictions on its operations, in the case of debt financing, or
cause substantial dilution for its stock holders, in the case of
equity financing," Verde said.

In March 2020, the World Health Organization declared the outbreak
of COVID-19 as a global pandemic, which continues to spread around
the world. There is significant uncertainty around the breadth and
duration of business disruptions related to COVID-19, as well as
its impact on the Malaysia's and global economy. While it is
difficult to estimate the financial impact of COVID-19 on the
Company's operations, management believes that COVID-19 could have
a material impact on its financial results at this time.

Wanchai, Hong Kong-based Verde Resources, Inc. holds 100% equity
interest in Gold Billion Global Limited (GBL) and 85% variable
interest in Champmark Sdn Bhd (CSB). Its consolidated subsidiaries
include GBL being its wholly owned subsidiary and 85% of CSB being
a variable interest entity (VIE) and deemed subsidiary of GBL.

GBL was incorporated in British Virgin Islands on February 7, 2013.
GBL was setup by the Board of Directors of Federal Mining Resources
Limited.  Its major operation is to manage and monitor the mineral
exploration and mining projects of FMR.



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

AIR NEW ZEALAND: Half-Year Loss Widens to NZD272 Million
--------------------------------------------------------
Channel News Asia reports that Air New Zealand posted a record
interim loss on Feb. 24 and warned the airline is set to plunge
further into the red as it faces the most difficult year in its
history.

The flag carrier, which is majority owned by the New Zealand
government, said half-year losses blew out almost four-fold to
NZD272 million (US$185 million), from NZD72 million a year earlier,
CNA discloses.

It said the airline was on track for a full-year loss exceeding
NZD800 million amid rising fuel prices and ongoing COVID-19
restrictions at the New Zealand border, the report relates.

According to CNA, Chairwoman Therese Walsh said the 2022 financial
year, which runs to June 30, would be "the most difficult one yet
for the airline" as the pandemic only affected the last quarter of
financial 2020 and government subsidies softened the blow in 2021.

"The 2022 financial year has and will continue to be much more
heavily impacted, both by continued suppressed demand and rising
costs," the report quotes Ms. Walsh as saying.

CNA relates that the airline said it planned to tap the market for
a capital raising around the end of March and the government had
agreed to participate.

Air New Zealand has not specified how much equity it is seeking
under the plan, which was postponed twice in 2021 due to adverse
market conditions, the report notes.

CNA relates that Chief executive Greg Foran said Air New Zealand's
international passenger network - which normally provides about
two-thirds of total revenue - was effectively grounded during the
June-December 2021 reporting period.

Mr. Foran said lockdowns, particularly in the country's largest
city Auckland, also affected domestic passenger numbers.

He was encouraged by New Zealand's plan to slowly reopen the border
over the next eight months, beginning on Feb. 28 when Kiwis
arriving from Australia can self-isolate instead of going into
hotel quarantine.

"We have the right strategy, the right people and we are ready to
fly," the report quotes Mr. Foran as saying.  "We're excited about
welcoming Kiwis home in the coming days and months and
international travellers back to Aotearoa (New Zealand) later in
the year."


                       About Air New Zealand

Based in Auckland, Air New Zealand Limited operates scheduled
passenger flights to 20 domestic and 32 international destinations
in 20 countries, primarily around and within the Pacific Rim.

As reported in the Troubled Company Reporter-Asia Pacific on Aug.
27, 2021, Stuff.co.nz said Air New Zealand has reported an after
tax loss of NZD289 million for the year to June 30, its first full
year result operating in a Covid-19 environment. In 2020, the
national carrier posted a NZD454 million loss, its first annual
loss in 18 years.


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

The Commissioner of Inland Revenue filed the petition against the
company on Aug. 16, 2021.

The Petitioner's solicitor is:

         C. D. Walmsley
         Inland Revenue, Legal Services
         21 Home Straight (PO Box 432), Hamilton


DN CONCRETING: Court to Hear Wind-Up Petition on March 4
--------------------------------------------------------
A petition to wind up the operations of DN Concreting Limited will
be heard before the High Court at New Plymouth on March 4, 2022, at
2:15 p.m.

The Commissioner of Inland Revenue filed the petition against the
company on Dec. 17, 2021.

The Petitioner's solicitor is:

         C. D. Walmsley
         Inland Revenue, Legal Services
         21 Home Straight (PO Box 432), Hamilton


EVOLUTION TILING: Creditors' Proofs of Debt Due March 17
--------------------------------------------------------
Creditors of Evolution Tiling Limited, which is in voluntary
liquidation, are required to file their proofs of debt by March 17,
2022, to be included in the company's dividend distribution.

The company commenced wind-up proceedings on Feb. 17, 2022.

The company's liquidators can be reached at:

          Brenton Hunt
          PO Box 13400
          City East, Christchurch 8141


FASTLANE EXPRESS: Court to Hear Wind-Up Petition on March 4
-----------------------------------------------------------
A petition to wind up the operations of Fastlane Express Limited
will be heard before the High Court at Auckland on March 4, 2022,
at 10:00 a.m.

The Commissioner of Inland Revenue filed the petition against the
company on Aug. 5, 2021.

The Petitioner's solicitor is:

          Cloete Van der Merwe
          Inland Revenue, Legal Services
          5 Osterley Way
          Manukau City, Auckland 2104


JIM'S BRAKE: Creditors' Proofs of Debt Due March 22
---------------------------------------------------
Creditors of Jim's Brake Disc Machining (2019) Limited, which is in
voluntary liquidation, are required to file their proofs of debt by
March 22, 2022, to be included in the company's dividend
distribution.

The company commenced wind-up proceedings on Feb. 22, 2022.

The company's liquidators can be reached at:

          Brenton Hunt
          PO Box 13400
          City East, Christchurch 8141




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

BT GLOBAL: Creditors' Proofs of Debt Due March 24
-------------------------------------------------
Creditors of BT Global Services Technologies Pte Ltd, which is in
voluntary liquidation, are required to file their proofs of debt by
March 24, 2022, to be included in the company's dividend
distribution.

The company commenced wind-up proceedings on Feb. 16, 2022.

The company's liquidators can be reached at:

          Leow Quek Shiong
          Gary Loh Weng Fatt
          Seah Roh Lin
          c/o BDO Advisory Pte. Ltd.
          600 North Bridge Road
          #23-01 Parkview Square
          Singapore 188778


EAZT GLOBAL: Court to Hear Wind-Up Petition on March 18
-------------------------------------------------------
A petition to wind up the operations of Eazt Global Pte Ltd will be
heard before the High Court of Singapore on March 18, 2022, at
10:00 a.m.

Maybank Singapore Limited filed the petition against the company on
Feb. 18, 2022.

The Petitioner's solicitors are:

          Tito Isaac & Co LLP
          1 North Bridge Road
          #30-00 High Street Centre
          Singapore 179094


EXTERA PTE: DHA+ pac Appointed as Liquidators
---------------------------------------------
Don M Ho and David Ho Chjuen Meng of M/s DHA+ pac on Feb. 15, 2022,
were appointed as liquidators of Extera Pte Ltd.

The liquidators may be reached at:

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


EZION HOLDINGS: Unit Placed Under Voluntary Liquidation
-------------------------------------------------------
Rigzone reports that Ezion Holdings disclosed that its wholly-owned
unit incorporated in Singapore, Teras Conquest 9 Pte Ltd (TC9PL),
has been placed under creditors' voluntary winding-up, effective
February 10.

The decision follows a resolution passed at the extraordinary
general meeting of the unit, held on February 10.

Teras Conquest 9 is the body owning the Teras Conquest 9
self-elevating liftboat built in 2014 at Triyards and classed by
ABS, Rigzone says.

According to the report, Ezion Holdings sold the vessel in March
2021 to SLH (Tianjin) Ship Leasing for $18.5 million. The company
was forced into selling the vessel to repay its secured bank
loans.

It also hoped the sale of the vessel would stop it from incurring
additional operating costs and liabilities. It was only one among
several vessels Ezion sold during the first few months of 2021.

To wind-up affairs, Oon SU Sun and Lin Yueh Hung, both care of RSM
Corporate Advisory, have been appointed as the joint and several
liquidators, Rigzone discloses. Ezion informed that the creditors'
voluntary winding-up of TC9PL is not expected to have any material
impact on the net tangible assets or earnings per share of the
group for the financial year ending December 31, 2021.

Rigzone relates that Ezion Holdings said none of the directors and
to the best knowledge of the directors, and none of the controlling
shareholders of the company or their respective associates, has any
interest, direct or indirect -- other than through their respective
shareholdings in the company, if any -- in the above transaction.

Although the company's shares are currently under suspension,
shareholders, security holders, and investors are advised to
consult their stockbrokers, bank managers, solicitors, or other
professional advisors if they have any doubt about the actions they
should take or when dealing with their shares or securities of the
company, Rigzone adds.

                       About Ezion Holdings

Singapore-based, Ezion Holdings Limited --
http://www.ezionholdings.com/-- an investment holding company,
develops, owns, and charters offshore assets to support the
offshore energy markets in Singapore, India, Brunei, Thailand, the
Middle East, Nigeria, and internationally. The company operates
through Liftboats, Jack-Up Rigs, Offshore Support Logistics
Services, and Others segments. It owns, charters, and manages rigs
and vessels involved in the production, maintenance, and
exploration phases of the oil and gas, and offshore windfarm
industries. The company also provides shipping agency and
management services, as well as undertakes engineering works;
financing services; and cargo transportation services. In addition,
it holds assets or investments involved in renewable energy, and
other oil and gas related industries.

As reported in the Troubled Company Reporter-Asia Pacific on Feb.
22, 2022, Ezion Holdings is going into liquidation.  Its winding up
application, which was filed last month, has been granted by the
High Court. RSM Corporate Advisory's Ng Kian Kiat and Goh Wee Teck
were appointed as joint and several liquidators.

The company had previously stated it faced difficulties procuring
investment and was unable to proceed with its restructuring and
recapitalisation plans.

HS COMPRESSION: Court to Hear Wind-Up Petition on March 7
---------------------------------------------------------
A petition to wind up the operations of HS Compression & Process
Pte Ltd will be heard before the High Court of Singapore on March
7, 2022, at 10:00 a.m.

Lin Yueh Hung and Oon Su Sun as joint and several Judicial Managers
of the company filed the petition on Feb. 17, 2022.

The Petitioner's solicitors are:

          JWS Asia Law Corporation
          168 Robinson Road
          #11-01 Capital Tower
          Singapore 068912


RAFFLES EDUCATION: 5 Directors to be Formally Arrested
------------------------------------------------------
The Business Times reports that following investigations by the
Monetary Authority of Singapore and Commercial Affairs Department
(CAD), five directors of Raffles Education Corporation were
notified of their formal arrest and bail conditions on Feb. 21.

These investigations are related to disclosures made by the company
about a claim by Affin Bank against certain subsidiaries of the
company, including Raffles K12 and Raffles Iskandar, which manage
schools in Malaysia, BT relates.

In a bourse filing on Feb. 22, the company shared that several
directors had been notified to attend the CAD's offices to effect
their formal arrest, and post and release on bail, which is
understood to be SGD30,000 for each director, BT relates. They
are:

   * Chew Hua Seng, chairman and chief executive officer;
   * Lim How Teck, lead independent non-executive director;
   * Joseph He Jun, non-independent non-executive director;
   * Ng Kwan Meng, independent non-executive director; and
   * Doris Chung Gim Lian, a director and key management of
     Raffles K12 and Raffles Iskandar

Under the bail conditions, the directors have to routinely attend
to the CAD's office to assist with ongoing investigations.

They may also travel outside of Singapore if they have obtained
clearance before doing so.

None of the directors have been charged for any offence, and the
arrests do not necessarily signify that there will be any further
actions taken or charges in the future, the filing, as cited by BT,
stated.

Each director is fully cooperating with the authorities on
investigations and have undertaken to inform the company of these
investigations and their subsequent developments, it added.

According to BT, the directors will continue to serve their roles
within the company in the interim, as the nomination committee
believes the ongoing investigations will not compromise the ability
of the current officers to discharge their duties.

The filing also noted that the operations and day-to-day management
of the company are not impacted by the ongoing investigations, BT
relays.

In previous announcements, it was revealed that the authorities are
investigating a potential offence under section 203 of the
Securities and Futures Act, which covers continuous disclosures. An
offence is deemed to have been committed if material information
was not disclosed on the exchange to shareholders when it
occurred.

Raffles Education and its subsidiaries had been served writs and
statements of claim by Affin Bank on May 27, 2021, BT recalls. The
company had disclosed these on July 29, 2021, "further to
discussions" and "at the request" of the Singapore Exchange.

In the latest filing, Raffles Education has reiterated that the
writs are "unmeritorious". It also said that Affin Bank had filed
notices of discontinuance on Aug. 23, 2021 to discontinue the
actions under the writs.

Gan Hui Tin, an independent non-executive director who had with the
aforementioned five directors attended interviews with the
authorities in October 2021, was not mentioned in the latest
filing, the report notes.

It was previously announced that Gan had wanted to retire in June
2021 over disagreements with the board for not disclosing a writ
from Affin Bank, but had been requested by chairman Chew to hold
back her resignation.

                       About Raffles Education

Raffles Education Corporation Limited is an investment holding
company. The Company is engaged in the provision of business and
management consultancy services. Its segments include Private
Education System (PES), National Education System (NES), Education
Facilities Rental Service, Real Estate Investment & Development,
and Corporate & Others. The Company offers students a range of
degree, diploma and full-time certification programs in design and
business-oriented disciplines at post-secondary level. It also
participates in pre-tertiary education. The PES segment includes
Raffles K12 Sdn. Bhd. (RAS), offering an American K12 curriculum.
The Company runs programs within the Chinese national public school
system. The Education Facilities Rental Service segment refers to
Oriental University City Holdings (H.K.) Limited (OUCHK), which is
engaged in education facilities leasing and commercial leasing for
supporting facilities. It participates in real estate investments
and development.

As reported in the Troubled Company Reporter-Asia Pacific on Oct.
12, 2021, Raffles Education (REC) said that its auditors had
highlighted material uncertainty on its ability to continue as a
going concern.  The announcement, made Oct. 8, noted that the
group's liabilities exceeded its current assets by SGD196.4 million
for the financial year ended June 2021, according to the Straits
Times.


                           *********


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

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

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

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

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



                *** End of Transmission ***