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

                     A S I A   P A C I F I C

          Wednesday, March 9, 2022, Vol. 25, No. 43

                           Headlines



A U S T R A L I A

DEWPOINT AIR: First Creditors' Meeting Set for March 16
FIRST EQUILIBRIUM: Second Creditors' Meeting Set for March 15
LEGAL SEARCH: S&P Assign 'B' Long-Term ICR, Outlook Stable
MILO PROJECTS: First Creditors' Meeting Set for March 16
PROBUILD CONSTRUCTIONS: Roberts Co Mulls Takeover of Projects

RESTPOINT PTY: First Creditors' Meeting Set for March 16
THOMAS PAUL: First Creditors' Meeting Set for March 17


C H I N A

GUANGZHOU FINELAND: Moody's Affirms 'B2' CFR, Alters Outlook to Neg
JIANGSU ZHONGNAN: Moody's Affirms 'B2' CFR, Alters Outlook to Neg.
JIAYUAN INT'L: Moody's Puts 'B2' CFR Under Review for Downgrade
LANDSEA GREEN: Moody's Affirms 'B2' CFR, Alters Outlook to Negative
LOGAN GROUP: Fitch Lowers LT IDRs to 'B+'

LOGAN GROUP: Moody's Lowers CFR to B2, On Review for Downgrade
REDCO PROPERTIES: Fitch Lowers LT Foreign Currency IDR to 'CCC-'
SUNRIVER HOLDING: Moody's Withdraws 'B2' Corporate Family Rating


I N D I A

ALECTRONA ENERGY: Insolvency Resolution Process Case Summary
APPOLLO DISTILLERIES: Insolvency Resolution Process Case Summary
BAJAJ APPLIANCES: Insolvency Resolution Process Case Summary
BALAJI TECH: CRISIL Keeps D Debt Ratings in Not Cooperating
BALLARPUR INDUSTRIES: Liquidation Process Case Summary

BARCLEY ENTERPRISES: Liquidation Process Case Summary
BIRLADP CARPETS: Insolvency Resolution Process Case Summary
BRAND ALLOYS: Ind-Ra Lowers Long Term Issuer Rating to 'D'
CEEBUILD COMPANY: Insolvency Resolution Process Case Summary
CHEVRON PHILLIPS: Voluntary Liquidation Process Case Summary

CITRUS PROCESSING: Voluntary Liquidation Process Case Summary
DEVI CONSTRUCTION: CRISIL Keeps D Debt Ratings in Not Cooperating
DIVINESEAIR LOGISTICS: Insolvency Resolution Process Case Summary
EMPEE SUGARS: Insolvency Resolution Process Case Summary
FE AAGROCHEM PRIVATE: Liquidation Process Case Summary

FUTURETECH INSTRUMENTS: Insolvency Resolution Process Case Summary
GAJANAND CORPORATION: Insolvency Resolution Process Case Summary
H&V ENGINEERING: Liquidation Process Case Summary
HALDIA STEELS: Ind-Ra Lowers Long Term Issuer Rating to 'D'
HYDROLINA BIOTECH: Liquidation Process Case Summary

INDUSTRIAL METALS: Ind-Ra Moves B+ Issuer Rating to Non-Cooperating
KAYNES TECHNOLOGY: CRISIL Keeps D Debt Rating in Not Cooperating
LAL BABA: Ind-Ra Withdraws 'BB' Long-Term Issuer Rating
LAMIFABS AND PAPERS: CRISIL Keeps D Ratings in Not Cooperating
LEBEN LIFE: Ind-Ra Moves BB- LT Issuer Rating to Non-Cooperating

MNR CONSTRUCTION: CRISIL Lowers Rating on Long Term Debt to D
NAGABHUSHANAM & CO: Ind-Ra Keeps 'B-' Rating in Non-Cooperating
ONYX HOSPITALITY: Voluntary Liquidation Process Case Summary
P.N. WRITER: Ind-Ra Affirms BB+ LT Issuer Rating, Outlook Stable
PERFACT COLOR: Liquidation Process Case Summary

PRADHAMA MULTI: CRISIL Keeps D Debt Ratings in Not Cooperating
Q NINETH: CRISIL Withdraws D Rating on INR11cr Cash Debt
RAHIL COLD: CRISIL Moves D Debt Ratings to Not Cooperating
RAJESH HOUSING: CRISIL Lowers Rating on INR140cr NCD to D
RAVI TEXO: CRISIL Keeps D Debt Rating in Not Cooperating

REGENT BEERS: Ind-Ra Withdraws 'D' Long Term Issuer Rating
SHIVA ENERGY: CRISIL Keeps D Debt Ratings in Not Cooperating
SIDDHAM JEWELS: CRISIL Keeps D Debt Ratings in Not Cooperating
SK. CHAN: CRISIL Keeps D Debt Ratings in Not Cooperating Category
SKANDASHREE JEWEL: CRISIL Keeps D Debt Ratings in Not Cooperating

STAR CLAYS: CRISIL Keeps D Debt Ratings in Not Cooperating
STEEL HYPERMART: Insolvency Resolution Process Case Summary
SUDHIR AGRO: CRISIL Keeps D Debt Ratings in Not Cooperating
SUN PROJECTS: CRISIL Keeps D Debt Rating in Not Cooperating
SUPER TEX LABELS: Voluntary Liquidation Process Case Summary

TEXAS LIFESTYLE: CRISIL Keeps D Debt Ratings in Not Cooperating
THAKKARSONS ROLL: CRISIL Keeps D Debt Ratings in Not Cooperating
THRIVE SOLAR: CRISIL Keeps D Debt Ratings in Not Cooperating
TRIMULA G: CRISIL Keeps D Ratings in Not Cooperating Category
TRIMURTI FLOUR: CRISIL Keeps C Debt Ratings in Not Cooperating

TRUMP IMPEX: CRISIL Keeps D Debt Rating in Not Cooperating
TULIPS AMBBIENCE: CRISIL Keeps D Debt Ratings in Not Cooperating
USHDEV ENGITECH: Ind-Ra Lowers Bank Loan Rating to 'C'
VEEKAY POLYCOATS: CRISIL Keeps D Debt Rating in Not Cooperating
VIJ AGRO: CRISIL Keeps D Debt Rating in Not Cooperating Category

VIRGINIA DEVELOPERS: CRISIL Moves D Rating to Not Cooperating
VISHNU POWER: CRISIL Keeps D Debt Ratings in Not Cooperating
VPR CONSTRUCTIONS: CRISIL Keeps D Debt Ratings in Not Cooperating
WRITER LIFESTYLE: Ind-Ra Affirms BB+ Long Term Issuer Rating
Y AND R BUILDERS: Voluntary Liquidation Process Case Summary

[*] INDIA: 195 Businesses Admitted to NCLT in December Quarter


I N D O N E S I A

ADARO INDONESIA: Moody's Affirms 'Ba1' CFR, Outlook Remains Stable


J A P A N

MARELLI HOLDINGS: Creditors OK Voluntary Debt Reorganization Plan


M A L A Y S I A

SERBA DINAMIK: Bid to Stop EY From Releasing Findings Dismissed


M O N G O L I A

DEVELOPMENT BANK: Moody's Affirms B3 Issuer Rating, Outlook Stable


N E W   Z E A L A N D

AUGMENT INTELLIGENCE: Creditors' Proofs of Debt Due April 8
BRASSERIE74 LIMITED: Creditors' Proofs of Debt Due April 11
FITZROY HOTEL: Court to Hear Wind-Up Petition on April 8
FORESTLANDS GROUP: Receivers Place Founder's Home Up for Sale
HAWKES BAY: Court to Hear Wind-Up Petition on May 6

WHEELS ON: Creditors' Proofs of Debt Due April 21


S I N G A P O R E

AN GUANG: Commences Wind-Up Proceedings
HAPPY MEGA: Court Enters Wind-Up Order
XIN BO: Commences Wind-Up Proceedings


S O U T H   K O R E A

DOOSAN BOBCAT: S&P Alters Outlook to Stable, Affirms 'BB' LT ICR


S R I   L A N K A

SRI LANKA: Debt Crisis Lingers as Foreign-Currency Reserves Slip

                           - - - - -


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A U S T R A L I A
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DEWPOINT AIR: First Creditors' Meeting Set for March 16
-------------------------------------------------------
A first meeting of the creditors in the proceedings of Dewpoint Air
& Energy Pty Ltd, trading as Dewpoint Group and Dewpoint Service
NSW Pty Ltd, will be held on March 16, 2022, at 10:30 a.m.  

Terry Grant Van der Velde and David Michael Stimpson of SV Partners
were appointed as administrators of Dewpoint Air on March 4, 2022.


FIRST EQUILIBRIUM: Second Creditors' Meeting Set for March 15
-------------------------------------------------------------
A second meeting of creditors in the proceedings of First
Equilibrium Pty Ltd has been set for March 15, 2022, at 11:00 a.m.
at DVT Group, 110 Harris Street, in Harris Park, NSW.

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

Creditors wishing to attend are advised proofs and proxies should
be submitted to the Administrator by March 14, 2022, at 4:00 p.m.

Riad Tayeh of de Vries Tayeh was appointed as administrator of
First Equilibrium on Feb. 22, 2022.


LEGAL SEARCH: S&P Assign 'B' Long-Term ICR, Outlook Stable
----------------------------------------------------------
On March 8, 2022, S&P Global Ratings assigned its 'B' long-term
issuer credit rating to Legal Search Holdings Pty Ltd. (Legal
Search). S&P also assigned a 'B' issue rating to the company's
proposed A$785 million first-lien term loan, and a 'CCC+' issue
rating to the proposed A$215 million second-lien term loan. The
recovery ratings for the first and second-lien loans are '3' and
'6' respectively.

The outlook on Legal Search is stable, reflecting S&P's
expectations that the company will realize operational synergies
from recent acquisitions of bolt-on and adjacent businesses. The
rating also encapsulates management's ambitious growth strategy
over the next two years as the company seeks out new markets
overseas and continues pursuing opportunistic acquisitions as they
arise.

Legal Search is an Australia-based legal technology provider with
operations in Australia, New Zealand, the U.K., and North America.

S&P expects Legal Search to complete the refinancing of its
existing debt from the proposed issuance of two new term loans and
a revolving credit facility through its subsidiaries Legal Search
Pty Ltd. and ATI US Holdings Inc. The proposed debt issuances will
benefit from a cross guarantee from Legal Search and its key
subsidiaries, including the borrowers. Legal Search is a subsidiary
of the ATI Holdings Co. Pty Ltd. (ATIH) group.

As the major operating subsidiary of ATIH, S&P considers Legal
Search to be core to the ATIH group.

Based on management accounts, Legal Search contributed
approximately 82% and 70% of the ATIH group revenue and EBITDA in
fiscal 2021 (year ending June 2021), respectively. Legal Search and
its subsidiaries act as the guarantor group and will guarantee the
two proposed term loan issuances by Legal Search Pty Ltd. and ATI
US Holdings Inc. Legal Search will use the proceeds to repay ATIH
group's existing debt and provide cash to fund expansion. S&P said,
"In addition, should Legal Search encounter any distress or require
financial assistance, we believe ATIH group will likely provide
support. Hence, we consider the credit quality of Legal Search to
be a function of the 'b' group credit profile of ATIH."

The creditworthiness of Legal Search is constrained by its
financial leverage and our expectation that the ATIH group could
periodically re-deploy financial leverage to fund growth, in S&P's
view.

S&P expects Legal Search's pro forma S&P Global Ratings-adjusted
debt-to-EBITDA ratio to increase to about mid-7x by fiscal 2022,
from fiscal 2021 levels of about 4.0x. The fiscal 2021 financials
are based off management accounts reviewed by an independent
auditing firm.

The ATIH group has historically pursued a strategy of purchasing
legal, conveyancing, credit information, and software integration
companies to bolster their product offering and strengthen the
group's market position as an aggregator and provider of search
offerings. The operating strategy reflects a desire to grow revenue
across jurisdictions with well-developed legal frameworks, to
increase client network bases, and to achieve operating
efficiencies by consolidating and rationalizing group entity
back-office functions. S&P said, "We note that profits from
acquisitions have historically facilitated a subsequent reduction
in leverage by two or three turns. Nevertheless, our base case
reflects our belief the group will periodically re-leverage up to
about 7x as acquisitions are a key element of its growth
strategy."

S&P assesses the business risk profile of the ATIH group to be
equivalent to Legal Search's stand-alone business risk assessment.

S&P said, "The group benefits from a sizable position in the niche
markets for providing company, property, and personal searches.
Nevertheless, our assessment of the group's weak competitive
position reflects our view that the industry is undergoing rapid
change with an emphasis on the aggregation and digitization of data
and has modest barriers to entry. ATIH's market position in
Australia is underpinned by its integration into professional
practices and is supported by the need for leading industry players
to hold key licenses to operate. As a result, it has some revenue
visibility, supported by its product offerings to legal and
professional practices from which it has a customer base with high
retention rates. Nevertheless, we consider there is some
uncertainty on the underlying level and sustainability of profit
margins through industry cycles due to ATIH undertaking a number of
acquisitions. This is despite the group generally achieving some
level of meaningful acquisition synergies."

While S&P considers the group's counterparty exposure is heavily
exposed to the legal and conveyancing sectors, growth has led to
increased operating scale and geographic diversification, which
partially mitigate these industry concentration risks. Expansion
into the U.K. and select states in North America has bolstered the
group's revenues from Australia and New Zealand. The U.K.
operations are now the second biggest contributor to group revenue
and provide similar offerings to that of Australia and New Zealand.
This includes due diligence search products for commercial and
property markets. Established in 2016, the North America operations
focus more on providing integrated one-stop litigation process
solutions.

The strong Australia property market from mid-2020 has provided
improved margins and free cashflow generation.

During fiscal 2021, property transaction volumes and dwelling
prices substantially increased in the Australian property market.
This was driven by the low interest rates and various stimulus
packages, including first-home owner grants. As these market
conditions are abnormal and cyclical, S&P believes Legal Search's
ability to maintain consistent earnings and cashflow through a
market cycle will remain a key credit consideration.

Due to Legal Search's integral role within the ATIH group S&P
believes its credit quality is linked to the credit quality of the
AITH group. Hence, the outlook triggers are based on ATIH's
financial metrics.

S&P said, "We expect that, following the issuance of A$785 million
first-lien and A$215 million second-lien term loans, the group will
effectively execute its growth strategy over the next two years
across its three main geographical areas of operations in
Australia, New Zealand, the U.K., and North America. In our view,
the group's ability to successfully integrate its existing and any
near-term acquisitions and to maintain earnings through market
cycles is key to the group's operating cash flow.

"For ratings stability, we expect ATIH's debt-to-EBITDA ratio to be
at or below 6.0x in fiscal 2022 before declining to about low 4x in
fiscal 2024, thereby providing a buffer for the group to continue
its growth strategy."

Downside scenario

S&P said, "We could lower the rating if the group adopts a more
aggressive growth strategy than our base-case assumptions. Downside
rating action could also occur if our expectation of the group's
growth in revenues and EBITDA does not materialize, such that ATIH
debt-to-EBITDA is likely to be sustained above 7.0x. A downgrade
could also occur if we no longer view Legal Search as core to ATIH
group or if we determine ATIH's group credit profile has
deteriorated."

Upside scenario

S&P said, "We believe rating upside is limited over the next couple
of years given our expectation management will periodically
re-leverage as it pursues its growth strategy with the inherent
execution risks associated with integrating existing and potential
future acquisitions. Nevertheless, we could raise the rating if the
group delivers a track record of improving
profitability--notwithstanding any cyclicality of the property
market, which is a key demand driver for the company's products.
Also, we could raise the rating if management implemented more
conservative financial policies, including remaining below 5.0x
debt-to-EBITDA on a sustained basis or if ATIH's group credit
profile is raised."

Environmental, Social, And Governance

ESG credit indicators: E-2, S-2, G-3

Governance is a moderately negative consideration in S&P's credit
rating analysis of Legal Search. This reflects primarily the
ownership structure, with a majority shareholder holding
approximately 60% of Legal Search's parent company. Additionally,
the company's board lacks independence from management, which could
prevent it from serving the interests of all stakeholders.


MILO PROJECTS: First Creditors' Meeting Set for March 16
--------------------------------------------------------
A first meeting of the creditors in the proceedings of Milo
Projects Pty Ltd will be held on March 16, 2022, at 3:00 p.m. via
virtual meeting technology.

David Ian Mansfield and Robert Woods of Deloitte Financial Advisory
were appointed as administrators of Milo Projects on March 4,
2022.


PROBUILD CONSTRUCTIONS: Roberts Co Mulls Takeover of Projects
-------------------------------------------------------------
The Sydney Morning Herald reports that Sydney-based builder Roberts
Co, founded by Multiplex developer Andrew Roberts, is looking to
take over embattled Probuild Melbourne projects as administrators
work to get the business and workers back on track.

Probuild, which went into administration last month, said on March
7 that Roberts Co was entering into due diligence over the projects
but has not made any firm decisions, SMH relates.

More than AUD5 billion of major building projects around Australia
are in limbo after Probuild collapsed into administration on
February 24, owing 2300 creditors and 786 employees millions of
dollars, according to SMH.

Probuild's parent company WBHO Australia Group is controlled by
South African-based Wilson Bayly Holmes-Ovcon Limited, but last
month it withdrew financial support for the Australian business,
and administrators from Deloitte were appointed.

According to the report, Deloitte said in a statement on March 8
that Roberts Co would undertake due diligence over the next two
weeks and any deal would include ongoing employment for the
relevant Probuild staff.

If it went ahead, the deal would give Roberts Co, which Mr Roberts
founded in 2017, much bigger exposure in the Victorian market.

SMH relates that Deloitte said it had paid back fees it earned in
the six months prior to Probuild's collapse to avoid any "potential
perception" it may be conflicted.

"It's not often the right opportunities present themselves under
such challenging circumstances. This one aligns with our growth
plans into Victoria following a successful launch in NSW over the
past five years," SMH quotes Roberts Co chief executive Alison
Mirams as saying.  "We look forward to regaining the trust of the
clients, staff and subcontractors as we continue to build a better
way."

According to the report, the developer Far East Consortium will
take over its four-tower, AUD2 billion West Side Place project on
Lonsdale Street in the Melbourne CBD, while an agreement has been
reached with Woodlink for Probuild to restart construction of
Woodlink's 137-suite, 15-storey hotel project in East Melbourne
from later this week.

The administrators are still working on resolutions for the Sydney,
Brisbane and Perth ProBuild projects, the report relays.

According to SMH, Deloitte administrator Sal Algeri said it was "an
excellent" outcome that a potential buyer was undertaking due
diligence just over a week into the administration.

"While due diligence is still to be completed, this is an excellent
outcome for these parts of the group's operations in terms of
employment and certainty for sub-contractors, suppliers and other
stakeholders," he said.

Deloitte also confirmed that the sale process of the WHBO
Infrastructure diversified engineering and infrastructure business
in Western Australia was progressing well with offers due on
Friday, March 11, SMH discloses.

Mr Algeri said administrators hoped that work would restart on some
Probuild projects shortly under arrangements agreed with Probuild's
clients, adds SMH.

                           About Probuild

Melbourne-based Probuild Constructions Australia operates as a
building contractor. The Company focuses on commercial, educational
and institutional, industrial, residential, retail and
entertainment, sport, and leisure contractions.

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


RESTPOINT PTY: First Creditors' Meeting Set for March 16
--------------------------------------------------------
A first meeting of the creditors in the proceedings of Restpoint
Pty Ltd, previously Bayview Seafoods Pty. Ltd., will be held on
March 16, 2022, at 8:30 a.m. via virtual meeting only.

Mervyn Jonathan Kitay and Christopher Darin of Worrells were
appointed as administrators of Restpoint Pty on March 4, 2022.


THOMAS PAUL: First Creditors' Meeting Set for March 17
------------------------------------------------------
A first meeting of the creditors in the proceedings of Thomas Paul
Security Services Pty Ltd will be held on March 17, 2022, at 12:00
p.m. via virtual meeting technology.

Travis Anderson and Robert Woods of Deloitte Financial Advisory
were appointed as administrators of Thomas Paul on March 4, 2022.




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C H I N A
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GUANGZHOU FINELAND: Moody's Affirms 'B2' CFR, Alters Outlook to Neg
-------------------------------------------------------------------
Moody's Investors Service has revised the rating outlook of
Guangzhou Fineland Real Estate Development Co., Ltd. to negative
from stable.

At the same time, Moody's has affirmed Fineland's B2 corporate
family rating and B3 senior unsecured rating.

"The negative outlook reflects Fineland's worsening sales and
credit metrics over the next 6-12 months due to weak market
conditions and a potential delay in the company's launch of urban
redevelopment projects (URPs)," says Alfred Hui, a Moody's
Analyst.

"The affirmation of the rating reflects our expectation that the
company will maintain adequate liquidity and a disciplined approach
in its business development," adds Hui.

RATINGS RATIONALE

Moody's expects Fineland's contracted sales to decline over the
next 6-12 months, driven by weaker homebuyer confidence amid tight
funding conditions. Evolving regulations over investments in URPs
could also delay its project launches, further pressuring its sales
growth. Its projected weak sales performance will also weigh on the
company's operating cash flow, credit metrics and liquidity.

In 2021, the company's contracted sales declined 27% year-on-year
to RMB12.2 billion, due to weak market conditions and some delays
in its launch of URPs in Guangzhou.

Moody's expects Fineland's debt leverage, as measured by
revenue/adjusted debt, to worsen to 40%-45% over the next 12-18
months from 53% for the 12 months ended June 2021 on expected lower
revenue. Similarly, its interest-servicing ability, as measured by
EBIT/interest coverage, will fall to 1.5x-1.7x from 1.8x over the
same period because of expected declines in revenue and profit
margins. These ratios will position the company at the weaker end
of the B2 CFR.

However, Moody's expects Fineland to maintain adequate liquidity.
The company has RMB918 million of onshore bonds that will be
puttable in December 2022 and had unrestricted cash of RMB5.8
billion as of June 2021. While Fineland will have to keep part of
the cash at the project level to support its operations, Moody's
expects the company to have sufficient resources, including cash
and operating cash flow, to service its maturing debt at the
holding and operating company levels over the next 6-12 months.
Still, the upcoming debt repayment by internal cash sources will
reduce the funding available for its operations over the next 12-18
months.

Fineland's B2 CFR reflects its long track record of property
development and established brand in Guangdong Province and its
adequate liquidity.

On the other hand, the CFR is constrained by the company's (1)
small scale and geographic concentration in Guangdong province, and
(2) weak credit metrics.

The B2 CFR also takes into account Fineland's private company
status, as its information disclosure and corporate governance are
less transparent than that of its listed peers.

Fineland's B3 senior unsecured bond rating is one notch lower than
its CFR because of the risk of structural subordination. This
subordination risk reflects the fact that most of Fineland's claims
are at the operating subsidiaries and have priority over claims at
the holding company in a bankruptcy scenario. In addition, the
holding company lacks significant mitigating factors for structural
subordination. As a result, the expected recovery rate for claims
at the holding company will be lower.

In terms of environmental, social and governance (ESG) factors,
Moody's has considered the company's concentrated ownership, as the
chairman owns 100% of the company. Moody's has also considered the
low level of related party transactions relative to Fineland's
scale over the past 3 years, as well as the management's ability to
operate the company through various industry cycles for the past
two decades.

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

An upgrade of Fineland's ratings is unlikely in the near term,
given the negative outlook.

However, Moody's could revise the outlook to stable if Fineland can
grow its contracted sales, as well as improve its credit metrics
and liquidity.

Credit metrics that could indicate a stable rating outlook include
EBIT/interest above 2.0x and unrestricted cash/short-term debt
above 1.0x on a sustained basis.

On the other hand, Moody's could downgrade Fineland's ratings if
the company's contracted sales, profitability, credit metrics or
liquidity weaken or if the company purses aggressive expansion.

Credit metrics indicating a downgrade include EBIT/interest
coverage falling below 1.5x-2.0x, or liquidity weakening, as
reflected by unrestricted cash/short-term debt decreasing below
1.0x.

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

Founded in 1995, Guangzhou Fineland Real Estate Development Co.,
Ltd. is a property developer based in Guangdong Province targeting
mid to high-end customers. The company adopts Eastern-style design
within its development to cater for different customers. As of the
end of 2021, the company was wholly owned by Fang Ming, who is also
the founder and chairman of the company.

JIANGSU ZHONGNAN: Moody's Affirms 'B2' CFR, Alters Outlook to Neg.
------------------------------------------------------------------
Moody's Investors Service has changed Jiangsu Zhongnan Construction
Grp Co., Ltd.'s (Jiangsu Zhongnan) and Haimen Zhongnan Investment
Development (International) Co., Ltd.'s (Haimen Zhongnan) rating
outlooks to negative from stable.

At the same time, Moody's has affirmed Jiangsu Zhongnan's B2
corporate family rating and the B3 senior unsecured rating on the
bonds issued by Haimen Zhongnan and guaranteed by Jiangsu
Zhongnan.

"The change in outlook to negative reflects Jiangsu Zhongnan's
weakening sales and credit, which will weakly position the company
at the B2 level," says Daniel Zhou, a Moody's Analyst.

Moody's also expects the company's tight access to funding and use
of internal cash for debt repayment will reduce its liquidity
buffer.

"However, the rating affirmation reflects our expectation that
Jiangsu Zhongnan will maintain adequate liquidity to address its
refinancing needs over the next 6-12 months," adds Zhou.

RATINGS RATIONALE

Moody's expects Jiangsu Zhongnan's operating and credit metrics to
weaken over the next 6-12 months due to difficult operating and
funding conditions.

Specifically, Zhongnan's contracted sales will decline 20%-25% over
the next 6-12 months, after a 12% fall in 2021. This weak
performance will reduce the company's operating cash flow and, in
turn, pressure the company's profit margins, credit metrics and
liquidity.

In 2021, the company's contracted sales decreased 12% to RMB197.4
billion, with a considerable 46% year-over-year reduction in the
fourth quarter. This performance is weaker than many of its Chinese
property peers'.

Moody's also estimates Jiangsu Zhongnan's gross profit margin will
drop to around 10% over the next 12-18 months from 17% in 2020
because the rating agency expects the company to offer price
discounts to boost sales and due to rising material costs for its
construction business.

As a result, its EBIT/interest will reduce to 1.5x-1.6x over the
next 12-18 months from 2.4x for the 12 months ended June 2021. This
ratio weakly positions the company at the B2 level.

Moody's expects Jiangsu Zhongnan's liquidity to remain adequate and
enable the company to utilize internal cash to repay its maturing
debt over the next 12 months. Specifically, the company will have
RMB5.7 billion bonds maturing or becoming puttable before the end
of June 2023, including USD223 million of offshore bonds maturing
in June 2022 and USD240 million of offshore bonds becoming puttable
in April 2023.

However, the company's continued usage of internal resources to
repay debt will deplete its liquidity buffer if it is unable to
secure other funding channels over the next 6-12 months.

Jiangsu Zhongnan's total cash balance declined to RMB23 billion as
of the end of September 2021, from RMB33 billion as of the end of
2020. Moody's estimates that the company's cash balance would
likely reduce at a similar pace as of the end of 2021. Meanwhile,
its adjusted debt fell to RMB82 billion as of the end of September
2021, from RMB93 billion as of the end of 2020.

Jiangsu Zhongnan's B2 CFR also reflects its sizable operating scale
and track record in the Yangtze River Delta region.

However, Jiangsu Zhongnan's B2 rating is constrained by its high
exposure to trust borrowings, significant exposure to lower-tier
cities, the low profitability of its construction and property
development businesses, and its high exposure to joint ventures
(JV).

The B3 senior unsecured debt rating is one notch lower than Jiangsu
Zhongnan's B2 CFR due to structural subordination risk. The
subordination risk refers to the fact that the majority of Jiangsu
Zhongnan's claims are at its operating subsidiaries and, in the
event of a bankruptcy, have priority over claims at the holding
company. In addition, the holding company lacks significant
mitigating factors for structural subordination. Consequently, the
expected recovery rate for claims at the holding company will be
lower.

In terms of environmental, social and governance (ESG)
considerations, Moody's has considered the company's concentrated
ownership by Zhongnan Urban Construction Investment Co., Ltd.,
which had a 54.12% stake in the company as of January 29, 2022, and
the risks posed by its shareholder's share pledge financing.

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

An upgrade of the rating is unlikely in the near term, given the
negative rating outlook.

However, the rating outlook could return to stable if the company
(1) improves its liquidity and demonstrates its ability to access
funding by refinancing its onshore and offshore debt maturing over
the next 6-12 months, as well as (2) increases its profit margin
and EBIT interest coverage, with the latter staying above
1.5x-1.75x consistently.

On the other hand, Moody's could downgrade Jiangsu Zhongnan's
rating if the company suffers further declines in contracted sales,
or if its liquidity or access to funding further deteriorates.

Credit metrics indicative of a downgrade include EBIT/interest
coverage falling below 1.5x and unrestricted cash/short-term debt
dropping below 1.0x, both on a sustained basis.

The rating could also be downgraded if the contingent liabilities
associated with the company's JVs or the likelihood of it providing
funding support to the JVs increases significantly. This could
arise from a substantial increase in the company's investments in
new JV projects.

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

Jiangsu Zhongnan is based in China's Jiangsu Province and
principally engages in property development and construction
services. The company had a total land bank of around 47.4 million
square meters as of June 2021.

Jiangsu Zhongnan was founded by Chen Jinshi, who has been in
China's construction business since 1988 when he established the
company. The company was listed on the Shenzhen Stock Exchange in
2009.

JIAYUAN INT'L: Moody's Puts 'B2' CFR Under Review for Downgrade
---------------------------------------------------------------
Moody's Investors Service has placed Jiayuan International Group
Limited's B2 corporate family rating and B3 senior unsecured rating
on review for downgrade.

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

"The review for downgrade reflects Jiayuan's heightened refinancing
risks in view of its sizable debt maturing over the next 6-12
months," says Kelly Chen, a Moody's Assistant Vice President and
Analyst.

"The company's high reliance on offshore debt funding and its
weakened access to the offshore bond market would limit its
financial flexibility to address its refinancing needs," adds
Chen.

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

Moody's expects Jiayuan's liquidity to worsen over the next 6-12
months in view of its high offshore refinancing needs and the
prolonged weak funding environment.

Jiayuan relies heavily on offshore bond markets for financing,
which accounted for 43% of its total debt as of the end of June
2021. In particular, the company had around USD900 million of
offshore bonds maturing or becoming puttable before the end of June
2023. Given Jiayuan's weakened access to the offshore bond market,
it is unlikely to raise new bonds at a reasonable cost to refinance
its maturing debts over the next 6-12 months.

Moody's expects Jiayuan to repay these maturing bonds with its
internal cash, but this would reduce the funding available for its
operations. As of the end of June 2021, the company had
unrestricted cash of RMB10.5 billion, covering 1.3x of its reported
short-term debt on the same date. However, Moody's believes it is
uncertain that Jiayuan will be able to utilize a significant part
of its cash for debt repayment at the holding company level,
particularly the cash trapped at the project levels.

Moody's forecasts that Jiayuan's contracted sales will fall over
the next 6-12 months, driven by weak homebuyer confidence and
reduced funding for its operations. The drop in contracted sales
will reduce the company's operating cash flow and weaken its
financial and liquidity profiles. Jiayuan's contracted sales
declined 19.5% year over year in the fourth quarter (Q4) of 2021.

Moody's expects Jiayuan's interest coverage, measured by
EBIT/interest coverage, to decrease to 2.5x-2.6x over the next
12-18 months, from 2.9x for the 12 months ended June 2021, driven
by slower revenue recognition and declining profit margins as the
company will likely offer price discounts to accelerate sales. On
the other hand, Moody's forecasts that the company's debt leverage,
as measured by revenue/debt, will stay around 80%-85% over the same
period given the expected debt reduction.

Jiayuan's CFR reflects the company's track record in its core
markets in the Yangtze River Delta and its low-cost and quality
land bank, tempered by Jiayuan's developing operating scale and its
high exposure to the offshore debt market.

Jiayuan's senior unsecured rating is one notch below its CFR
because of legal and structural subordination risks. Most of the
claims are at the operating subsidiaries and in the event of a
bankruptcy, they have priority over claims at the holding company.
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 low.

In terms of environmental, social and governance (ESG) factors,
Moody's has considered the risks associated with the company's
concentrated ownership, with Mr. Shum Tin Ching, holding a 74.7%
stake in Jiayuan and pledging around 8.7% of the company's total
outstanding shares for financing as of December 1, 2021.

Moody's has also considered the company's listed status on the Hong
Kong Stock Exchange and the application of the Hong Kong Listing
Rules and Securities and Future Ordinance on the company. In
addition, Mr. Shum has demonstrated his commitment to the company
by injecting assets to strengthen its operations and equity base,
and reducing his share pledge loan to lower the risk of a change in
control.

Moody's review will assess (1) Jiayuan's liquidity and refinancing
risks; (2) its ability to address its maturing debt (including
puttable bonds) in a timely manner; and (3) the company's ability
to maintain stable sales and operating cash flow on a sustained
basis.

Moody's could confirm Jiayuan's rating if the company strengthens
its (1) access to different types of funding, (2) liquidity, and
(3) its operating cash flow.

On the other hand, Moody's could downgrade the rating if the
company's (1) liquidity and refinancing risks heighten; (2) access
to onshore or offshore funding further weakens; or (3) operating
cash flow declines materially due to a drop in property sales.

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

Jiayuan International Group Limited develops mass-market
residential properties mainly in Jiangsu and Anhui provinces. The
company had a total land bank of around 18.7 million square meters
as of the end of June 2021. It also develops and operates
commercial properties alongside its residential property projects.

LANDSEA GREEN: Moody's Affirms 'B2' CFR, Alters Outlook to Negative
-------------------------------------------------------------------
Moody's Investors Service has changed Landsea Green Properties Co.,
Ltd.'s rating outlook to negative from stable.

At the same time, Moody's has affirmed Landsea's B2 corporate
family rating and B3 senior unsecured rating.

"The change in outlook to negative reflects our expectation that
Landsea's liquidity buffer will weaken over the next 12-18 months,
driven by the company's sizable refinancing needs for its maturing
offshore bonds, and weakened access to the offshore bond market,"
says Daniel Zhou, a Moody's Analyst.

"The rating affirmation reflects our expectation that Landsea will
maintain adequate liquidity over the next 6-12 months and maintain
its ability to upstream cash flow from its projects in China and
the US through dividends for debt repayment," adds Zhou.

RATINGS RATIONALE

Moody's expects Landsea's liquidity to remain adequate over the
next 6-12 months. However, the buffer to absorb market volatility
will meaningfully narrow from the current level, because the
company is likely to use internal resources to repay its sizable
maturing debt amid weakened access to the capital market. The
shrinkage in buffer will weaken Landsea's position at the B2
level.

Landsea has $147 million and $165 million of offshore bonds
maturing in June and October 2022, respectively. The two bonds
collectively accounted for 30% of Landsea's total debt as of the
end of June 2021.

While Moody's expects Landsea will utilize internal cash to repay
the maturing bonds, such a move will deplete the company's cash and
reduce its financial flexibility for its operations.

Landsea conducts its property business in China mainly through JVs
while operating in the US through its 71%-owned subsidiary Landsea
Homes Corporation, which is listed on Nasdaq. This business model
limits the company to access the cash flow of its projects, aside
from dividends upstream, to replenish liquidity at the holdco
level.

Moody's forecasts Landsea's contracted sales in China will decline
by 5%-10% over the next 6-12 months due to weak market sentiment.
This will reduce cash flow upstreamed to the company. While the
robust demand in the US will support property sales there, the
company is likely to reinvest the capital in the US market to meet
the demand.

Landsea's gross sales, including contribution from JVs and
non-equity-holding development management projects, increased 16%
to RMB46.5 billion in 2021. But the sales were down by 17% year on
year in the second half of the year after a strong 91% year-on-year
growth in the first half.

On financial metrics, Moody's expects Landsea's debt leverage, as
measured by adjusted debt/EBITDA, to improve toward 5.5x-5.7x over
the next 12-18 months from 6.8x over the past 12 months ended June
2021, driven mainly by revenue and profit growth from its US
operations.

Likewise, Landsea's EBIT interest coverage will improve to
1.7x-1.8x over the next 12-18 months from 1.5x over the past 12
months ended June 2021.

Landsea's B2 CFR continues to reflect its asset-light business
model, recognized brand in green property development and growing
US operations, which support growth and offer geographic
diversification.

However, Landsea's B2 CFR is constrained by the developing track
record of its asset-light business model, the company's narrow
funding sources and its moderate financial metrics.

The B3 senior unsecured debt rating is one notch lower than the
corporate family rating due to structural subordination risk. This
subordination risk reflects the fact that the majority of Landsea's
claims are at the operating subsidiaries and have priority over
claims at the holding company in a bankruptcy scenario. In
addition, the holding company lacks significant mitigating factors
for structural subordination. Consequently, the expected recovery
rate for claims at the holding company will be lower.

In terms of environmental, social and governance (ESG) factors,
Moody's has taken into account Landsea's concentrated ownership by
its key shareholder, Mr. Tian Ming, who held an approximate 57.94%
stake (direct and indirect) in Landsea as of June 30, 2021.

Moody's has also considered the presence of three independent
nonexecutive directors out of a total of seven board members and
the presence of other internal governance structures and standards
as required by the Hong Kong Stock Exchange.

Landsea's heavy reliance on JVs exposes the company to greater
governance risk, as this practice weakens the company's corporate
and financial transparency.

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

An upgrade of the rating is unlikely in the near term, given the
negative rating outlook.

However, the rating outlook could return to stable if Landsea
improves its liquidity and demonstrates its ability to access
funding by refinancing its offshore debt maturing over the next
6-12 months.

On the other hand, Moody's could downgrade Landsea's rating if the
company's contracted sales decline, financial metrics weaken, or
liquidity or access to funding further deteriorates.

Credit metrics indicative of a downgrade include adjusted
debt/EBITDA rising above 6.0x-6.5x and EBIT/interest coverage
falling below 1.5x-2.0x on a sustained basis.

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

Landsea is a property developer, as well as a development and
management services provider in China and the US, specializing in
green property projects.

The company listed its shares in Hong Kong through a reverse IPO in
2013, after acquiring Shenzhen High-Tech Holding Limited. As of
June 2021, the company was 57.94% owned by its founder Tian Ming.
Landsea had total land reserves of 5.0 million square meters on a
gross basis across 36 cities in China and six states in the US as
of the same date.

LOGAN GROUP: Fitch Lowers LT IDRs to 'B+'
-----------------------------------------
Fitch Ratings has downgraded China-based homebuilder Logan Group
Company Limited's Long-Term Foreign- and Local-Currency Issuer
Default Ratings (IDRs) to 'B+' from 'BB-'.

Fitch has also downgraded the senior unsecured rating and the
rating on Logan's outstanding US dollar senior notes to 'B+' from
'BB-', and assigned a Recovery Rating 'RR4'. The rating on Logan's
subordinated perpetual capital securities has also been downgraded
to ''B-' from 'B', and assigned a Recovery Rating of 'RR6'. All
ratings have been placed on Rating Watch Negative (RWN).

The downgrade is driven by the large amount of Logan's
capital-market debt that will mature or turn puttable in the next
nine months. Capital-market access is shut for most developers,
including Logan, and the company will have to rely on its cash
balance to repay the maturities. Fitch believes Logan's cash
balance has decreased since 1H21. Negative news flows have affected
market confidence in the company, which may affect its funding
access.

The RWN reflects the potential for further negative rating action
if Logan's liquidity and funding access deteriorate, if it fails to
address the capital-market debt maturing in 2022, or if the
market's sentiments towards the company weaken.

KEY RATING DRIVERS

Debt Maturities: Fitch believes Logan faces rising refinancing risk
as it has CNY13 billion in capital-market debt maturing or turning
puttable in 2022. Of this, CNY5.7 billion are onshore bonds due or
puttable from March to May this year. Logan had available cash at
the holding company level of CNY5 billion at end-February 2022, but
Fitch believes the cash for debt repayment has since fallen
significantly because its access to capital markets is poor and it
had to make operational payments. Its ability to repay debt is
dependent on contracted sales performance and cash released from
escrow accounts.

Unfavourable Financing Conditions: Negative news flows related to
the company have diminished investor confidence, which has weakened
Logan's access to funding. Logan has yet to stem the fall in
investor confidence, as reflected in a collapse of its bond
prices.

Declining Sales: Attributable contracted sales fell by 44% yoy in
January 2022, after a 9% yoy increase in December 2021 and 5% yoy
fall in November 2021. Attributable contracted sales totalled
CNY140 billion in 2021, up by 16% from 2020. Fitch expects
softening sentiment and market confidence to continue to affect the
sales collection and liquidity of property developers in 2022,
including Logan.

Higher Return Efficiency: Logan's return efficiency of 17.6% in
2020 and 17.9% in 2019 was higher than that of peers, but Fitch
expects its gross profit margin to narrow in the medium term on
rising land and construction costs.

ESG - Financial Transparency: Logan has an ESG Relevance Score of
'5' for Financial Transparency due to the lack of disclosure of the
existence of an off-balance-sheet private debt arrangement with an
unrelated third party. This has a negative impact on the credit
profile, and is highly relevant to the ratings, resulting in the
downgrade of the ratings on 8 February 2022. Logan said it
guarantees around USD1 billion of the off-balance sheet debt and
the third party has provided counter-guarantees with onshore
assets.

DERIVATION SUMMARY

Logan's credit profile is no longer consistent with a 'BB' category
rating due to decreasing liquidity buffer and large capital-markets
maturities in 2022, although the fundamental strength of its
business profile and financial leverage do not appear to have
deteriorated.

KEY ASSUMPTIONS

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

-- Contracted sales to decline in 2022;

-- Minimal land acquisitions.

KEY RECOVERY RATING ASSUMPTIONS

-- The recovery analysis assumes that Logan would be liquidated
    in a bankruptcy because it is essentially an asset-trading
    company.

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

-- Given the nature of homebuilding, the liquidation value
    approach always results in a much higher value than the going-
    concern approach.

Liquidation Approach

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

80% advance rate to accounts receivable in line with Fitch's
criteria.

50% advance rate to investment properties.

50% advance rate to property, plant and equipment as it mostly
consists of assets under construction.

63% advance rate to net inventory, which mainly consists of
completed properties held for sale, properties under development
(PUD) and deposits/prepayments for land acquisitions. Different
advance rates were applied to these different inventory categories
to derive the blended advance rate for net inventory

70% advance rate to completed properties held for sale, which are
closer to readily marketable inventory. Logan's profitability has
been higher compared to peers' in recent years in terms of gross
margin at 30%-35%. As such, an advance rate of 70% was applied.

50% advance rate to PUD. PUD are more difficult to sell than
completed properties. The PUD balance - prior to applying the
advance rate - is net of margin adjusted customer deposits.

90% advance rate to deposits and prepayments for land acquisitions.
Land held for development is more readily transferrable provided
the sites are located well. More than 50% of Logan's land is in
Tier 1 2 cities in China. As such, a higher advance rate than the
typical 50% mentioned in the criteria was considered.

50% advance rate to JV net assets, which typically include
completed units, PUD and land. The advance rate is in line with the
baseline advance rate for inventories.

0% advance rate to excess cash. Chinese homebuilders' available
cash, including pre-sales regulated cash, are typically prioritised
for project completion, including payment for trade payables. Net
payables (trade payables - available cash) are included in the debt
waterfall ahead of secured debt, but Fitch does not assume
available cash in excess of outstanding trade payables would be
available for other debt servicing purposes and therefore the
advance rate for excess cash is 0%.

The allocation of value in the liability waterfall results in
recovery corresponding to 'RR3' for the senior unsecured offshore
bonds. However, the Recovery Rating is capped at 'RR4' because
under Fitch's Country-Specific Treatment of Recovery Ratings
Criteria, China falls into Group D of creditor friendliness, and
instrument ratings of issuers with assets in the group are subject
to a soft cap at the issuer's Issuer Default Rating and Recovery
Rating of 'RR4'. The Recovery Rating on the subordinated perpetual
capital securities is 'RR6'.

RATING SENSITIVITIES

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

-- The RWN will be resolved upon greater clarity of Logan's plans
    to repay the maturities in 2022 and of the company's cash
    balance.

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

-- Deterioration in liquidity or failure to address its upcoming
    capital-market maturities in 2022;

-- Weakening market confidence that results in weaker sales or
    access to funding;

-- Contingent liabilities higher than previously disclosed.

BEST/WORST CASE RATING SCENARIO

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

LIQUIDITY AND DEBT STRUCTURE

Tight Liquidity : Fitch believes Logan faces rising refinancing
risk as it has CNY13 billion in capital-market debt maturities,
including bonds turning puttable, in 2022. CNY 5.7 billion of
onshore bonds are due or puttable from March to May this year.
However, its cash at the holding company level was only CNY5
billion at end-February 2022.

ISSUER PROFILE

Logan is a mid-sized Chinese property developer with a strong base
in the Greater Bay Area. The majority of Logan's near-term land
bank in 2021 was in the area.

ESG CONSIDERATIONS

Logan has an ESG Relevance Score of '5' for Financial Transparency
due to the lack of disclosure of an off-balance-sheet private debt
arrangement with an unrelated third party. This has a negative
impact on the credit profile, and is highly relevant to the
ratings, resulting in the downgrade.

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

LOGAN GROUP: Moody's Lowers CFR to B2, On Review for Downgrade
--------------------------------------------------------------
Moody's Investors Service has downgraded Logan Group Company
Limited's corporate family rating to B2 from Ba3, and the company's
senior unsecured ratings to B3 from B1.

The rating remains on review for further downgrade.

"The rating action reflects our expectation that Logan's
refinancing risks will be elevated, driven by its weakening
liquidity due to its tight access to funding," says Cedric Lai, a
Moody's Vice President and Senior Analyst.

The rating downgrade also reflects Moody's expectation that Logan's
weaker-than-expected contracted sales will further stress its
already weakening financial and liquidity profiles.

"The review for downgrade reflects the uncertainty over the
company's ability to generate new funds, through new borrowing or
asset disposals, to address all its near-term debt maturities in
the coming 6-12 months amid challenging funding conditions," adds
Lai.

RATINGS RATIONALE

Moody's has changed its assessment of Logan's liquidity profile to
weak from adequate in view of the company's deteriorated operations
and constrained access to funding amid the weak market sentiment.
In particular, Logan's access to various funding channels has
weakened, as reflected by the sharp decline in its share and bond
prices, following the latest negative news around the company's
financial positions.

While the company has made announcement on February 18, 2022 to
clarify its situation, Moody's believes Logan's access to funding
has materially weakened. As a result, the company is unlikely to be
able to raise new funds at a reasonable cost to refinance its
maturing (including puttable) onshore and offshore bonds of around
RMB11.8 billion by end of 2022.

Moody's believes it is uncertain that Logan will be able to utilize
a significant part of its cash for debt repayment at the holding
company level, particularly the cash trapped at the project
levels.

Moody's forecasts that Logan's contracted sales will decline
notably over the next 6-12 months, driven by weaker homebuyer
confidence and diminishing saleable resources as the company slows
its land acquisitions, and amid tight funding conditions. A decline
in contracted sales will weaken the company's operating cash flow
and, in turn, its liquidity. Logan's contracted sales fell 11% and
44% year-on-year in the second half of 2021 and January 2022,
respectively.

Logan's B3 senior unsecured debt rating is one notch lower than the
CFR due to structural subordination risk. The majority of Logan's
claims are at its operating subsidiaries and have priority over
claims at the holding company in a liquidation scenario. In
addition, the holding company lacks significant mitigating factors
for structural subordination. Consequently, the expected recovery
rate for claims at the holding company will be lower.

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

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

Moody's review will focus on (1) Logan's liquidity and funding
access, in particular its ability to raise new funds to address its
maturing debt (including puttable bonds); and (2) its contracted
sales performance and progress in disposing its assets to improve
its liquidity; (3) the size of its contingent and other liabilities
and their impact on the company's financial profile.

Moody's could confirm the rating if Logan strengthens its funding
access and liquidity, demonstrates its ability to refinance or
repay its maturing debt without impairing its balance sheet
liquidity, and maintains healthy credit metrics.

On the other hand, Moody's could downgrade Logan's rating if (1)
the company's liquidity and refinancing risks heighten; (2) its
operating cash flow declines materially due to declining property
sales.

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

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

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

REDCO PROPERTIES: Fitch Lowers LT Foreign Currency IDR to 'CCC-'
----------------------------------------------------------------
Fitch Ratings has downgraded China-based Redco Properties Group
Ltd's Long-Term Foreign-Currency Issuer Default Rating (IDR) to
'CCC-' from 'B+'. Fitch has also downgraded Redco's senior
unsecured rating to 'CCC-' from 'B+' and maintained the Recovery
Rating at 'RR4'.

The downgrade reflects the narrow margin of safety over Redco's
ability to repay its offshore bond maturities in April and August
2022 and the company's syndication loan due in March 2022. Redco
will need to repay the bonds with its own cash as capital-market
access remains limited. It is unclear how much cash will be
available by April 2022 for bond repayment. There is continued
uncertainty over Redco's cash collection from projects due to
weaker demand in the property market.

KEY RATING DRIVERS

Narrow Margin for Safety: Redco has USD541 million in bonds
maturing from now to end-2022, including USD236 million in senior
notes due April 2022 and USD305 million in August 2022. In
addition, Redco's syndication loan of around CNY0.8 billion is due
in March 2022. Redco's cash position deteriorated by end-2021 due
to a sales decline, and Fitch believes cash at holding company
level of CNY2.15 billion would be insufficient to meet upcoming
debt maturities.

Weakened Funding Access: Redco's capital-market access has
deteriorated, with its bonds trading at a significant discount. It
will be challenging for the company to issue new bonds under
current market conditions. Failure to refinance the syndicated loan
will lead to further deterioration in liquidity.

Lower Sales: Redco quarter-on-quarter contracted sales declined by
19% and 10% in 4Q21 and 3Q21, respectively. Redco had attributable
sales of CNY24 billion in 2021, which is comparable with that of
peers, but sales deteriorated in 2H21 and Fitch expects a continued
worsening in 2022 due to the weakness in the property market.

High Non-Controlling Interests: Redco's non-controlling interests
(NCI) were 54% of total equity in 2021 and Fitch expects NCIs to be
around 50%-55% of total equity in 2022. This reflects its reliance
on capital contributions from non-controlling shareholders - mostly
developers - to finance its projects. This reduces Redco's need for
debt funding, but creates the potential for cash leakage and
diminishes financial flexibility.

DERIVATION SUMMARY

Redco's ratings are driven by its very low margin for safety for
the repayment of its upcoming capital-market maturities amid the
negative capital-market sentiment. Redco's available cash has also
deteriorated.

KEY ASSUMPTIONS

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

-- Deteriorating contracted sales in line with negative market
    sentiment.

-- No land acquisitions.

KEY RECOVERY RATING ASSUMPTIONS

-- The recovery analysis assumes that Redco would be liquidated
    in a bankruptcy because it is essentially an asset-trading
    company.

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

-- Fitch uses a multiple assumption tool to derive a 4x EBITDA
    multiple to estimate the going-concern value. The nature of
    homebuilding means the liquidation value approach always
    results in a much higher value than the going-concern
    approach.

Liquidation Approach

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

Fitch has adopted an 80% advance rate for accounts receivable in
line with Fitch's criteria. Accounts receivable constitute a very
small percentage of total assets for Redco, which is typical in the
Chinese homebuilding industry.

Fitch has adopted a 50% advance rate to investment properties as
Redco's investment-property portfolio mainly consists of commercial
buildings in Tier 2 and Tier 3 cities with an implied yield of
5%-6%. Fitch applies advance rates based on the quality and rental
yield of the assets. For high quality assets, an advance rate above
the typical 50% mentioned in the criteria for inventory can be
considered. Conversely, a lower advance rate for weaker assets can
be justified. Investment properties are typically reported at
market value, unlike development-property assets, which are at
historical cost.

50% advance rate on property, plant and equipment was applied as
they are mainly assets under construction. They are not heavily
depreciated on the balance sheet and not in exceptional locations.

54% advance rate to net inventory as Redco's inventory mainly
consists of completed properties held for sale, properties under
development (PUD) and deposits or prepayments for land
acquisitions. Different advance rates were applied to these
different inventory categories to derive the blended advance rates
for net inventory

70% advance rate to completed properties held for sale. Completed
commodity housing units are closer to readily marketable inventory.
Redco has been similar to peers in recent years in terms of gross
margins of 20%-25%.

50% advance rate to PUDs, which are more difficult to sell, unlike
completed projects. These assets are also in various stages of
completion. The PUD balance - prior to applying the advance rate -
is net of margin-adjusted customer deposits.

50% advance rate to deposits or prepayments for land acquisitions
in line with the typical 50% in criteria. Land held for development
is similar to completed commodity housing units as they are more
readily transferrable, provided they are in good locations. Around
70% of Redco's land is in Tier 2 and Tier 3 cities in China.

50% advance rate to joint-venture net assets in line with the
baseline advance rate for inventories. These assets typically
include a combination of completed units, PUDs and land bank.

0% advance rate to excess cash as Fitch does not assume available
cash in excess of outstanding trade payables would be available for
other debt-servicing purposes. Chinese homebuilding regulations
require available cash, including pre-sales regulated cash, to be
prioritised for project completion, which includes payment for
trade payables. Net payables (trade payables - available cash) are
included in the debt waterfall ahead of secured debt.

The allocation of value in the liability waterfall results in
recovery corresponding to 'RR3' for the senior unsecured offshore
bonds. However, the Recovery Rating is capped at 'RR4' because,
under Fitch's Country-Specific Treatment of Recovery Ratings
Criteria, China falls into Group D of creditor friendliness, and
instrument ratings of issuers with assets in the group are subject
to a soft cap at the issuer's IDR.

RATING SENSITIVITIES

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

-- Repayment of bonds due in 2022 and greater clarity on the
    repayment plans for capital-market maturities and syndicated
    loans due in 2022.

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

-- Failure to repay the bonds due in 2022.

BEST/WORST CASE RATING SCENARIO

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

LIQUIDITY AND DEBT STRUCTURE

Significant Maturities: Redco has USD541 million in bonds maturing
from now to end-2022, including USD236 million in senior notes due
April 2022 and USD305 million in August 2022. In addition, Redco
has the syndication loan of around CNY0.8 billion due in March
2022. It is unclear how much cash will be available for the bond
repayments in 2022.

ISSUER PROFILE

Redco, founded in 1992 as a construction and decoration business,
has ventured into property sales, and construction and
project-management services. Property sales accounted for over 90%
of the company's revenue in 2020 and 2021.

ESG CONSIDERATIONS

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

SUNRIVER HOLDING: Moody's Withdraws 'B2' Corporate Family Rating
----------------------------------------------------------------
Moody's Investors Service has withdrawn Sunriver Holding Group
Company Limited's B2 corporate family rating.

Prior to the withdrawal, the rating outlook was stable.

RATINGS RATIONALE

Moody's has decided to withdraw the rating because it believes it
has insufficient or otherwise inadequate information to support the
maintenance of the ratings.
COMPANY PROFILE

Founded in 2002, Sunriver Holding Group Company Limited (Sunriver)
is a privately owned company. The company engages in real estate,
construction, tourism and cultural businesses, mainly in Anhui
Province. It also owns and operates self-developed tourism projects
and a construction company.



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

ALECTRONA ENERGY: Insolvency Resolution Process Case Summary
------------------------------------------------------------
Debtor: Alectrona Energy Private Limited
        3rd Floor, Block A
        Bannari Amman Towers, No. 29
        Dr. Radhakrishnan Road
        Mylapore, Chennai 600004
        Tamil Nadu

Insolvency Commencement Date: March 2, 2022

Court: National Company Law Tribunal, Chennai Bench

Estimated date of closure of
insolvency resolution process: August 27, 2022
                               (180 days from commencement)

Insolvency professional: Radhakrishnan Dharmarajan

Interim Resolution
Professional:            Radhakrishnan Dharmarajan
                         D3, Triumph Apartments
                         114, Jawaharlal Nehru Salai
                         Arumbakkam, Chennai 600106
                         E-mail: dharma67@gmail.com

                            - and -

                         RDH & Co.
                         Flat No. 31, 3rd Floor
                         No. 59, Krishna
                         1st Avenue, 100 Feet Road
                         Ashok Nagar, Chennai 600083
                         E-mail: cirp.alectrona@gmail.com

Last date for
submission of claims:    March 18, 2022


APPOLLO DISTILLERIES: Insolvency Resolution Process Case Summary
----------------------------------------------------------------
Debtor: M/s. Appollo Distilleries and Breweries Private Limited
        Midford House, Plot No. 205-A
        II Floor, Amidford Gardens
        M.G. Road, Bangalore 560001

Insolvency Commencement Date: February 28, 2022

Court: National Company Law Tribunal, Bengaluru Bench

Estimated date of closure of
insolvency resolution process: August 27, 2022

Insolvency professional: R Venkatakrishnan

Interim Resolution
Professional:            R Venkatakrishnan
                         "Rajparis Trimeni Towers" First Floor
                         147, G N Chetty Road
                         Chennai 600017
                         India
                         E-mail: rvk@rvkassociates.com
                                 appollo.cirp@rvkassociates.com

Last date for
submission of claims:    March 16, 2022


BAJAJ APPLIANCES: Insolvency Resolution Process Case Summary
------------------------------------------------------------
Debtor: Bajaj Appliances Limited

        Registered office:
        Unit No. 1205, 12th Floor
        D Mall, Netaji Subhash Place
        Pitampura, New Delhi 110034

        Corp./Other office:
        Level 18, DLF Cyber City
        Building No. 5, Tower-A
        Phase-III, Gurgaon
        Haryana 122002

Insolvency Commencement Date: March 2, 2022

Court: National Company Law Tribunal, New Delhi Bench

Estimated date of closure of
insolvency resolution process: August 20, 2022
                               (180 days from commencement)

Insolvency professional: Sanjay Agrawal

Interim Resolution
Professional:            Sanjay Agrawal
                         Sanjay Monika & Associates
                         Plot No. 39, Pocket-1
                         Jasola, New Delhi 110025
                         E-mail: ska9001@gmail.com

                            - and -

                         A-102, Dronagiri Apartments
                         Sector-11, Vasundhra
                         Ghaziabad (UP) 201012
                         E-mail: ip.bajajappliances@gmail.com

Last date for
submission of claims:    March 16, 2022


BALAJI TECH: CRISIL Keeps D Debt Ratings in Not Cooperating
-----------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Sri Balaji
Tech (SBT) continue to be 'CRISIL D/CRISIL D Issuer Not
Cooperating'.

                       Amount
   Facilities       (INR Crore)     Ratings
   ----------       -----------     -------
   Bank Guarantee       0.75        CRISIL D (Issuer Not
                                    Cooperating)

   Drop Line            2.25        CRISIL D (Issuer Not
   Overdraft Facility               Cooperating)

   Letter of Credit     0.25        CRISIL D (Issuer Not
                                    Cooperating)

   Proposed Working     0.25        CRISIL D (Issuer Not
   Capital Facility                 Cooperating)

   Secured Overdraft    3.5         CRISIL D (Issuer Not
   Facility                         Cooperating)

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

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

Detailed Rationale

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

Set up in 2004, SBT manufactures valves, bushes and sleeves. The
operations of the firm are managed by Mr. Suresh Kumar. The firm is
located in Chennai.


BALLARPUR INDUSTRIES: Liquidation Process Case Summary
------------------------------------------------------
Debtor: Ballarpur Industries Limited

        Registered office:
        P O Ballarpur Paper Mills
        Chandrapur
        Maharashtra 442901

        Head office:
        First India Place
        Tower-C, Block A
        Sushant Lok-I
        Mehrauli Gurgaon Road
        Gurugram 122002

        Shreegopal Unit:
        Jagadhari Road
        Yamuna Nagar
        Haryana 135001

        Other Principal office:
        Unit Kamalapuram, Mangpet Mandal
        District Warangal 506172
        Telangana

Liquidation Commencement Date: February 22, 2022

Court: National Company Law Tribunal, Mumbai Bench

Date of closure of
insolvency resolution process: February 22, 2022

Insolvency professional: Mr. Ravi Sethia

Interim Resolution
Professional:            Mr. Ravi Sethia
                         KPMG Restructuring Service LLP
                         Building No. 10, Tower C, 8th Floor
                         DLF Cyber City, Phase II
                         Gurgaon, Haryana 122002
                         E-mail: ravisethia@kpmg.com
                                 liquidatorbilt@kpmg.com

Last date for
submission of claims:    March 25, 2022


BARCLEY ENTERPRISES: Liquidation Process Case Summary
-----------------------------------------------------
Debtor: Barcley Enterprises Limited
        3A Ripon Street
        Kolkata 700016

Liquidation Commencement Date: January 24, 2022

Court: National Company Law Tribunal, Kolkata Bench

Date of closure of
insolvency resolution process: January 24, 2022

Insolvency professional: Mr. Jai Narayan Gupta

Interim Resolution
Professional:            Mr. Jai Narayan Gupta
                         2nd Floor, YMCA Building
                         25, Jawaharlal Nehru Road
                         Kolkata 700087
                         E-mail: cajainarayangupta@gmail.com
                                 ip.belcirp@gmail.com

Last date for
submission of claims:    February 23, 2022


BIRLADP CARPETS: Insolvency Resolution Process Case Summary
-----------------------------------------------------------
Debtor: BirlaDP Carpets Private Limited
        1st Floor, Dalamal House
        J B Marg, Nariman Point
        Mumbai 400021

Insolvency Commencement Date: February 17, 2022

Court: National Company Law Tribunal, Mumbai Bench

Estimated date of closure of
insolvency resolution process: August 16, 2022
                               (180 days from commencement)

Insolvency professional: Ravi Bagri

Interim Resolution
Professional:            Ravi Bagri
                         Octacrest Complex
                         Wing-E, Flat No. 1401
                         Lokhandwala Township
                         Kandivali (East)
                         Mumbai 400101
                         E-mail: ravibagri@yahoo.com
                                 birladcarpets.cirp@gmail.com

Last date for
submission of claims:    March 11, 2022


BRAND ALLOYS: Ind-Ra Lowers Long Term Issuer Rating to 'D'
----------------------------------------------------------
India Ratings and Research (Ind-Ra) has downgraded Brand Alloys
Private Limited's (BAPL) Long-Term Issuer Rating to 'IND D (ISSUER
NOT COOPERATING)' from 'IND BB (ISSUER NOT COOPERATING)'.

The instrument-wise rating actions are:

-- INR156.7 mil. Term loan (Long-term) due on February 2021
     downgraded with IND D (ISSUER NOT COOPERATING) rating;

-- INR115 mil. Fund-based limit (Long-term) downgraded with IND D

     (ISSUER NOT COOPERATING) rating; and

-- INR50 mil. Non-fund-based limit (Short-term­) downgraded with
     IND D (ISSUER NOT COOPERATING) rating.

KEY RATING DRIVERS

The downgrade reflects delays in debt servicing of various
facilities by BAPL in December 2020, May to June 2021 and
October-December 2021 based on information from public sources.

However, Ind-Ra has not been able to ascertain the reason for the
same, as the company has been non-cooperative.

RATING SENSITIVITIES

Positive: Timely debt servicing for at least three consecutive
months could result in a rating upgrade.

COMPANY PROFILE

BAPL was incorporated as a limited company in June 1994 and changed
into a private limited company in January 2017. It manufactures
steel billets, CASNUB bogies and related components, coupler
components, thermomechanical treatment bars and stainless steel
castings for Indian Railways.


CEEBUILD COMPANY: Insolvency Resolution Process Case Summary
------------------------------------------------------------
Debtor: M/s Ceebuild Company Private Limited
        2nd Floor, Room No. 19 & 20
        Fortuna Tower, 23A
        Netaji Subhas Road
        Kolkata 700001
        West Bengal, India

Insolvency Commencement Date: February 22, 2022

Court: National Company Law Tribunal, Kolkata Bench

Estimated date of closure of
insolvency resolution process: August 16, 2022

Insolvency professional: Mr. Bishwanath Choudhary

Interim Resolution
Professional:            Mr. Bishwanath Choudhary
                         Flat No. 8F, Block 7
                         Prasad Exotica, 71/3
                         Canal Circular Road
                         Kolkata, West Bengal 700054
                         E-mail: choudhary_bishwanath@
                                 rediffmail.com

                            - and -

                         104, S.P. Mukherjee Road
                         Sagar Trade Cube, 2nd floor
                         Kolkata, West Bengal 700054
                         E-mail: ceebuild.cirp@gmail.com

Last date for
submission of claims:    March 3, 2022


CHEVRON PHILLIPS: Voluntary Liquidation Process Case Summary
------------------------------------------------------------
Debtor: Chevron Phillips Chemicals india Private Limited
        Alpha Building, 2nd Floor
        Unit No. 201, Hiranandani Gardens
        Powai, Mumbai
        Maharashtra 400076
        India

Liquidation Commencement Date: January 10, 2022

Court: National Company Law Tribunal, Pune Bench

Insolvency professional: Shashikant Shravan Dhamne

Interim Resolution
Professional:            Shashikant Shravan Dhamne
                         10, Shreeban
                         Opp. Police Ground
                         F.C. Road, Shivajinagar
                         Pune 411016
                         Maharashtra
                         E-mail: ssdhamne@yahoo.co.in
                         Tel: 020-25665551

Last date for
submission of claims:    February 9, 2022


CITRUS PROCESSING: Voluntary Liquidation Process Case Summary
-------------------------------------------------------------
Debtor: Citrus Processing India Private Limited
        901 G, Regus Business Centre
        Kolkata Private Ltd
        G Block, Plot C 59
        Platina BKC, Bandra East
        Mumbai 400051

Liquidation Commencement Date: February 23, 2022

Court: National Company Law Tribunal, Mumbai Bench

Insolvency professional: Krishna Chamadia

Interim Resolution
Professional:            Krishna Chamadia
                         B-13, Anjani Complex
                         Parera Hill Road
                         Andheri East
                         Mumbai 400099
                         E-mail: krishna@sphereadvisory.com
                         Mobile: 9833909615

Last date for
submission of claims:    March 25, 2022


DEVI CONSTRUCTION: CRISIL Keeps D Debt Ratings in Not Cooperating
-----------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Devi
Construction Company (DCC) continue to be 'CRISIL D/CRISIL D Issuer
Not Cooperating'.

                     Amount
   Facilities     (INR Crore)   Ratings
   ----------     -----------   -------
   Bank Guarantee       4       CRISIL D (Issuer Not Cooperating)
   Cash Credit          9       CRISIL D (Issuer Not Cooperating)

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

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

Detailed Rationale

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

The firm, established in 1983, is a civil contractor and undertakes
projects such as construction of roads and bridges, and
improvement, widening, and straightening of roads, for government
departments and private players. Operations are concentrated in
Rajasthan as the firm is headquartered in Jaipur, and are managed
by Mr Krishna Yadav and his son Mr Abhijeet Yadav. The firm is an
'AA' class contractor.


DIVINESEAIR LOGISTICS: Insolvency Resolution Process Case Summary
-----------------------------------------------------------------
Debtor: Divineseair Logistics Private Limited
        59, Vijay Block
        3rd Floor, Office No. 310
        Laxmi Nagar, East Delhi
        Delhi 110092
        India

Insolvency Commencement Date: March 2, 2022

Court: National Company Law Tribunal, New Delhi Bench

Estimated date of closure of
insolvency resolution process: August 16, 2022

Insolvency professional: Anil Kumar Mittlal

Interim Resolution
Professional:            Anil Kumar Mittlal
                         House No. 212/2, Street No. 4
                         Padam Nagar, Kishan Ganj
                         Near Hindi Academy Padam Nagar
                         National Capital Territory of Delhi
                         110007
                         E-mail: fcs.akmittal@gmail.com

                            - and -

                         1203-1205, Vijaya Building
                         17, Barakhamba Road
                         Connaught Circus
                         New Delhi 110001
                         E-mail: ip.divineseair@gmail.com

Last date for
submission of claims:    March 16, 2022


EMPEE SUGARS: Insolvency Resolution Process Case Summary
--------------------------------------------------------
Debtor: M/s. Empee Sugars and Chemicals Limited
        Ayyapareddipalem, Naidupet Mandal
        Nellore Dist, A.P. 524126
        IN

Insolvency Commencement Date: February 28, 2022

Court: National Company Law Tribunal, Amaravathi Bench

Estimated date of closure of
insolvency resolution process: August 23, 2022

Insolvency professional: Immaneni Eswara Rao

Interim Resolution
Professional:            Immaneni Eswara Rao
                         Sankalp Restructuring Private Limited
                         40-26-22, Mohiddin Street
                         Opp. BSNL Exchange
                         Labbipeta, MG Road
                         Vijayawada Krishna
                         Andhra Pradesh 520010
                         E-mail: ier_ca@outlook.com
                                 ip.empee@gmail.com

Last date for
submission of claims:    March 14, 2022


FE AAGROCHEM PRIVATE: Liquidation Process Case Summary
------------------------------------------------------
Debtor: Fe Aagrochem Private Limited

        Registered office:
        W-19, Greater Kailash-II
        New Delhi 110048
        India

        Factory:
        Plot No. 123
        Matsya Industrial Area
        District Alwar
        Rajasthan

Liquidation Commencement Date: February 28, 2022

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

Date of closure of
insolvency resolution process: February 21, 2022

Insolvency professional: Akarsh Kashyap

Interim Resolution
Professional:            Akarsh Kashyap
                         C-10, LGF
                         Lajpat Nagar-3
                         New Delhi
                         National Capital Territory of Delhi
                         110024
                         E-mail: akashyap2002@yahoo.com
                                 liquidator.feaagrochem@gmail.com

Last date for
submission of claims:    March 30, 2022


FUTURETECH INSTRUMENTS: Insolvency Resolution Process Case Summary
------------------------------------------------------------------
Debtor: Futuretech Instruments Private Limited
        Plot No. 16a, Survey No. 1/1
        Hardware Park Raviryala (V)
        Maleeshwaram (M)
        Srilaisam Highway
        Hyderabad, Telangana 500005

Insolvency Commencement Date: March 2, 2022

Court: National Company Law Tribunal, Hyderabad Bench

Estimated date of closure of
insolvency resolution process: August 22, 2022

Insolvency professional: Ms. Azra Banu

Interim Resolution
Professional:            Ms. Azra Banu
                         12-13-377, Street No. 2
                         Flat 302, Gayatri Garden Apartments
                         Tarnaka, Secunderabad
                         Telangana 500017
                         E-mail: caazra27@gmail.com

                            - and -

                         Sanjay Kumar Kothari and Co.
                         205, Doshi Chambers
                         Basheerbagh, Hyderabad 500029
                         E-mail: futuretechinstrumentscirp@
                                 gmail.com

Last date for
submission of claims:    March 16, 2022


GAJANAND CORPORATION: Insolvency Resolution Process Case Summary
----------------------------------------------------------------
Debtor: Gajanand Corporation Private Limited
        B-606, Titenium Square
        Opp. Vasant Nature Quare
        Thaltej Cross Road, Thaltej
        Ahmedabad Gujarat 380063
        India

Insolvency Commencement Date: February 25, 2022

Court: National Company Law Tribunal, Ahmedabad Bench

Estimated date of closure of
insolvency resolution process: August 21, 2022

Insolvency professional: CA Dhaval Jitendrakumar Mistry

Interim Resolution
Professional:            CA Dhaval Jitendrakumar Mistry
                         9 B, Vardan Tower
                         Near Lakhudi Circle
                         Navrangpura
                         Ahmedabad 380014
                         E-mail: cadhavalmistry@yahoo.com
                                 cirp.gajanand@gmail.com

Last date for
submission of claims:    March 11, 2022


H&V ENGINEERING: Liquidation Process Case Summary
-------------------------------------------------
Debtor: H & V Engineering and Constructions Private Limited
        A-401, M.K. Plaza
        Kasarvadavali
        Near Hyper City Mall
        Ghobunder Road
        Thane 400607

Liquidation Commencement Date: February 23, 2022

Court: National Company Law Tribunal, Mumbai Bench

Date of closure of
insolvency resolution process: October 14, 2019

Insolvency professional: Mr. Anish Gupta

Interim Resolution
Professional:            Mr. Anish Gupta
                         413, Autumn Grove
                         Near Lokhandwala Foundation School
                         Lokhadwala, Kandivali-East
                         Mumbai 400101
                         E-mail: anish@csanishgupta.com
                                 agirp03@gmil.com

Last date for
submission of claims:    March 25, 2022


HALDIA STEELS: Ind-Ra Lowers Long Term Issuer Rating to 'D'
-----------------------------------------------------------
India Ratings and Research (Ind-Ra) has downgraded Haldia Steels
Private Limited's (HSPL) Long-Term Issuer Rating to 'IND D (ISSUER
NOT COOPERATING)' from 'IND BB (ISSUER NOT COOPERATING)'. The
issuer did not participate in the rating exercise despite
continuous requests and follow-ups by the agency. Thus, the rating
is based on the best available information. Therefore, investors
and other users are advised to take appropriate caution while using
the rating.

The instrument-wise rating actions are:

-- INR350 mil. Fund-based limits (Long-term) downgraded with
     IND D (ISSUER NOT COOPERATING) rating;

-- INR50 mil. Term loan (Long-term) due on March 2021 downgraded
     with IND D (ISSUER NOT COOPERATING) rating; and

-- INR400 mil. Non-fund-based limits (Short-term) downgraded with

     IND D (ISSUER NOT COOPERATING) rating.

Note: ISSUER NOT COOPERATING: Issuer did not cooperate; based on
the best available information.

KEY RATING DRIVERS

The downgrade reflects HSPL's delays in debt servicing in December
2021, December 2020, July 2020, and June 2020, based on information
from public sources.

Ind-Ra has not been able to ascertain the reason for the same, as
the issuer has been non-cooperative.

RATING SENSITIVITIES

Positive: Timely debt servicing for at least three consecutive
months could result in an upgrade.

COMPANY PROFILE

Haldia Steels manufactures ferroalloys, sponge iron and billets at
its facility in Durgapur, West Bengal.


HYDROLINA BIOTECH: Liquidation Process Case Summary
---------------------------------------------------
Debtor: Hydrolina Biotech Private Limited
        New No. 68 (Old No. 122)
        Vedachalam Street
        Vasudevan Nagar, Jafferkhanpet
        Chennai 600083

Liquidation Commencement Date: February 11, 2022

Court: National Company Law Tribunal, Chennai Bench

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

Insolvency professional: Ramela Rangasamy

Interim Resolution
Professional:            Ramela Rangasamy
                         A6, Aryaa Harmony Apartment
                         Police Kandasamy Street
                         Olympus, Ramanathapuram
                         Coimbatore 641045
                         E-mail: rum_jai@yahoo.com

Last date for
submission of claims:    March 13, 2022


INDUSTRIAL METALS: Ind-Ra Moves B+ Issuer Rating to Non-Cooperating
-------------------------------------------------------------------
India Ratings and Research (Ind-Ra) has migrated Industrial Metals'
Long-Term Issuer Rating to the non-cooperating category. The issuer
did not participate in the rating exercise despite continuous
requests and follow ups by the agency. Therefore, investors and
other users are advised to take appropriate caution while using
these ratings. The rating will now appear as 'IND B+ (ISSUER NOT
COOPERATING)' on the agency's website.

The instrument-wise rating actions are:

-- INR40 mil. Fund-based facilities migrated to Non-Cooperating
     category with IND B+ (ISSUER NOT COOPERATING)/IND A4 (ISSUER
     NOT COOPERATING) rating; and

-- INR210 mil. Non-fund-based facilities migrated to Non-
     Cooperating category with IND A4 (ISSUER NOT COOPERATING)
     rating.

Note: ISSUER NOT COOPERATING: The ratings were last assigned on
February 24, 2021. Ind-Ra is unable to provide an update, as the
agency does not have adequate information to review the ratings.

COMPANY PROFILE

Incorporated in 1979, Mumbai-based Industrial Metals is a
partnership firm engaged in the importing and trading of boiler
quality plates, high tensile steel plates/coils, mild steel
products, hot-rolled and galvanized coils/sheets, and construction
and structural items.


KAYNES TECHNOLOGY: CRISIL Keeps D Debt Rating in Not Cooperating
----------------------------------------------------------------
CRISIL Ratings said the rating on bank facilities of Kaynes
Technology India Private Limited (KTIPL) continues to be 'CRISIL D
Issuer Not Cooperating'.

                       Amount
   Facilities       (INR Crore)     Ratings
   ----------       -----------     -------
   Non-Convertible       17         CRISIL D (ISSUER NOT
   Debentures                       COOPERATING)

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

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

Detailed Rationale

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

KTIPL was set up as a sole proprietorship of Mr Ramesh Kanan in
1988, and reconstituted as a private limited company in 2008. The
company is primarily engaged in turnkey manufacturing of printed
circuit board (PCB) assemblies, and also offers end-to-end services
for PCBs. It has seven manufacturing facilities, one design
services facility, and two service centers.


LAL BABA: Ind-Ra Withdraws 'BB' Long-Term Issuer Rating
-------------------------------------------------------
India Ratings and Research (Ind-Ra) has maintained Lal Baba
Industrial Corporation Private Limited's Long-Term Issuer Rating of
'IND BB (ISSUER NOT COOPERATING)' in the non-cooperating category
and has simultaneously withdrawn it.

The instrument-wise rating actions are:

-- The 'IND BB' rating on the INR114 mil. Fund-based limits is
     withdrawn (fully repaid); and

-- The 'IND BB' rating on the INR30 mil. Non-fund-based limits*
     maintained in non-cooperating category and withdrawn.

*Maintained at 'IND A4+ (ISSUER NOT COOPERATING)' before being
withdrawn.

KEY RATING DRIVERS

Ind-Ra has maintained the ratings in the non-cooperating category
because the issuer did not participate in the rating exercise,
despite requests by the agency and has not provided information
about financials, sanctioned bank facilities and utilization and
projections for the next three years and management certificate.

Ind-Ra is no longer required to maintain the ratings, as the agency
has received a no-objection certificate from the lender. This is
consistent with the Securities and Exchange Board of India's
circular dated March 31, 2017 for credit rating agencies.

COMPANY PROFILE

Lal Baba Industrial Corporation was formed by Babu Lal Dhanuka and
Murari Lal Dhanuka as a partnership firm in 1961. In 2010, it was
converted into a private limited company. The company manufactures
components for wagons and bogies at its four production units in
West Bengal.


LAMIFABS AND PAPERS: CRISIL Keeps D Ratings in Not Cooperating
--------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Lamifabs and
Papers Private Limited (LPPL) continue to be 'CRISIL D/CRISIL D
Issuer Not Cooperating'.

                       Amount
   Facilities       (INR Crore)     Ratings
   ----------       -----------     -------
   Bank Guarantee        0.75       CRISIL D (Issuer Not
                                    Cooperating)

   Cash Credit          11          CRISIL D (Issuer Not
                                    Cooperating)

   Long Term Loan        9.3        CRISIL D (Issuer Not
                                    Cooperating)

   Proposed Long Term    3.15       CRISIL D (Issuer Not
   Bank Loan Facility               Cooperating)

   Term Loan             3.8        CRISIL D (Issuer Not
                                    Cooperating)

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

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

Detailed Rationale

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

Incorporated in 1982, LPPL manufactures plastic woven fabrics
(HDPE, polyethylene, and polypropylene), vermi beds, irrigation
pipes, pond linings, HDPE tarps, tarpaulins, and tents. The company
has two manufacturing units in Aurangabad, Maharashtra, with total
capacity of 3,200 tonne per annum.


LEBEN LIFE: Ind-Ra Moves BB- LT Issuer Rating to Non-Cooperating
----------------------------------------------------------------
India Ratings and Research (Ind-Ra) has migrated Leben Life
Sciences Private Limited Long-Term Issuer Rating to the
non-cooperating category. The issuer did not participate in the
rating exercise despite continuous requests and follow-ups by the
agency. Therefore, investors and other users are advised to take
appropriate caution while using these ratings. The rating will now
appear as 'IND BB- (ISSUER NOT COOPERATING)' on the agency's
website.

The instrument-wise rating actions are:

-- INR60 mil. Fund-based facilities migrated to non-cooperating
     category with IND BB- (ISSUER NOT COOPERATING) rating; and

-- INR296.39 mil. Long-term loans due on September 2027 migrated
     to non-cooperating category with IND BB- (ISSUER NOT
     COOPERATING) rating.

Note: ISSUER NOT COOPERATING: The ratings were last reviewed on
February 4, 2021. Ind-Ra is unable to provide an update, as the
agency does not have adequate information to review the ratings.

COMPANY PROFILE

Leben Life Sciences was incorporated in July 2016 by Haresh Shah.
The company is selling around 80 pharmaceutical products including
tablets, capsules, ointments, and injectables, among others. Since
November 2020, the company has been manufacturing its products at
its plant in Akola, Maharashtra.


MNR CONSTRUCTION: CRISIL Lowers Rating on Long Term Debt to D
-------------------------------------------------------------
CRISIL Ratings has downgraded the ratings on the bank facilities of
MNR Construction Company to 'CRISIL D/CRISIL D Issuer Not
Cooperating' from 'CRISIL BB-/Stable/CRISIL A4'.

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

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

CRISIL Ratings has been consistently following up with MNR for
obtaining information through letters and emails dated December 31,
2021 and January 26, 2022 among others, apart from telephonic
communication. However, the issuer has remained non cooperative.

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

Detailed Rationale

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

There has been an irregularity in the company's account conduct due
to delays in servicing the debt obligations. Therefore, CRISIL
Ratings has downgraded the ratings on the bank facilities of MNR to
'CRISIL D/CRISIL D Issuer Not Cooperating' from 'CRISIL
BB-/Stable/CRISIL A4'.

MNC was established in 2013 and is located in Dehradun,
Uttarakhand. The company is managed by Mr Narendra Singh Rawat and
are engaged in the construction of roads and bridges.


NAGABHUSHANAM & CO: Ind-Ra Keeps 'B-' Rating in Non-Cooperating
---------------------------------------------------------------
India Ratings and Research (Ind-Ra) has maintained Nagabhushanam &
Co's  Long-Term Issuer Rating of 'IND B- (ISSUER NOT COOPERATING)'
in the non-cooperating category and has simultaneously withdrawn
it.

The instrument-wise rating actions are:

-- INR70 mil. Fund-based working capital limit(Long Term)*
     maintained in the non-cooperating category and withdrawn; and

-- INR225 mil. Non-fund-based working capital limit(Short Term)**

     maintained in the non-cooperating category and withdrawn.

*Maintained at 'IND B- (ISSUER NOT COOPERATING)/IND A4 (ISSUER NOT
COOPERATING)' before being withdrawn

**Maintained at 'IND A4 (ISSUER NOT COOPERATING)' before being
withdrawn.

KEY RATING DRIVERS

Ind-Ra has maintained the ratings in the non-cooperating category
because the issuer did not participate in the rating exercise
despite requests by the agency and has not provided information
pertaining to the full-year financial performance for FY21,
sanctioned bank facilities and utilization, business plan and
projections for the next three years, information on corporate
governance, and management certificate.

Ind-Ra is no longer required to maintain the ratings, as the agency
has received no-objection certificates from the lenders. This is
consistent with the Securities and Exchange Board of India's
circular dated March 31, 2017 for credit rating agencies.

COMPANY PROFILE

Incorporated in 2001, Nagabhushanam & Co executes civil works for
the government of Telangana such as the construction and
improvement of roads and bridges. The firm is a partnership concern
and is operated by two partners- Nagabhushana Rao and Visweswara.


ONYX HOSPITALITY: Voluntary Liquidation Process Case Summary
------------------------------------------------------------
Debtor: Onyx Hospitality India Private Limited
        J-7057, Devinder Vihar
        Sector-56, Gurugram
        Haryana 122011

Liquidation Commencement Date: February 28, 2022

Court: National Company Law Tribunal, New Delhi Bench

Insolvency professional: CS Sanjay Khandelwal

Interim Resolution
Professional:            CS Sanjay Khandelwal
                         E-7/12, LGF
                         Malviya Nagar
                         New Delhi 110017
                         E-mail: sanjay918@gmail.com
                         Mobile: 9899516433
                                 9289444666

Last date for
submission of claims:    March 30, 2022


P.N. WRITER: Ind-Ra Affirms BB+ LT Issuer Rating, Outlook Stable
----------------------------------------------------------------
India Ratings and Research (Ind-Ra) has affirmed P.N. Writer &
Company Pvt Ltd.'s (PNW) Long-Term Issuer Rating at 'IND BB+'. The
Outlook is Stable.

The instrument-wise rating action is:

-- INR297.5 mil. (reduced from INR348 mil.) Term loan due on May
     2026 affirmed with IND BB+/Stable rating.

Analytical Approach: Ind-Ra continues to take a consolidated view
of PNW and its wholly-owned subsidiary, Writer Lifestyle Private
Limited (WLPL; 'IND BB+'/Stable) in view of the strong legal,
operational and strategic linkages between the entities. The agency
has factored in liquidity support from other group companies,
including Writer Business Services Limited (WBS; 'IND A'/Stable),
while arriving at the rating of the company.

KEY RATING DRIVERS

Financial Profile Continues to be Weak: PNW's consolidated revenue
fell to INR340.1 million in FY21 (FY20: INR459 million) due to the
fall in occupancy levels at the Hilton Shillim Retreat and Spa in
Lonavala, Maharashtra. The scale of operations continued to be
small.  The consolidated EBITDA, however, turned positive at INR4.9
million in FY21 (FY20: EBITDA losses of INR34.3 million) on account
of stable rental income from the residential apartments, office
space and warehouses; and a fall in energy expenses, resulting from
the installation of low-cost heat pumps and solar harvesting farms.
Furthermore, the company has demonstrated strong control over
employee expenses. The interest coverage ratio stood at 0.02x in
FY21.The management has informed the agency that these changes are
structural in nature, and would help the EBITDA remain positive
over the long term.

Operating Performance of Hilton; WLPL's Standalone EBITDA Remains
Negative: Hilton's occupancy fell to 29% in FY21 (FY20: 51%) owing
to COVID-19-led disruptions, but is estimated to improve slightly
to 34% in FY22 owing to the easing of the restrictions. On a
standalone basis, WLPL's revenue declined to INR272.1 million in
FY21 (FY20: INR396.6 million), and its EBITDA remained negative at
INR33.8 million (negative INR77.9 million) on account of high
operating expenses (mainly energy expenses). However, according to
the management, the operating cost reduced in FY22 as the company
received an uninterrupted power supply line directly, which helped
reduce the cost of diesel generators. Furthermore, the company is
constructing 20 villas in the vicinity of the hotel, which is
scheduled to be completed by FY24.

PNW's Standalone Financial Performance: PNW's operating revenue was
fairly stable at INR67.6 million in FY21 (FY20: INR69.3 million)
due to stable rental income from the residential apartments, office
space and warehouses. The company's standalone operating EBITDA
reduced slightly to INR38.7 million in FY21 (FY20: INR45.6
million). PNW receives interest income (FY21: INR38.3 million;
FY20: INR36.3 million) on loans and advances extended to its group
companies. In FY20 and FY21, PNW sold two apartments in Bandra,
Mumbai for a consideration of INR74.3 million and INR74.8 million.
The proceeds from sale were primarily used to repay debt.

Liquidity Indicator - Stretched: The consolidated cash flow from
operations remained negative at INR201 million in FY21 (FY20:
negative INR133 million) owing to continued operating losses and
high interest expenses. The consolidated cash and bank balances
amounted to INR20.4 million at end-FY21 (end-FY20: INR17.3
million). The company had restructured its external term loans in
FY21, thereby reducing its debt servicing obligations over the near
term and providing liquidity comfort. Given the EBITDA losses, the
company serviced its debt obligations with the help of unsecured
loans from its directors and group companies. The hotel is unlikely
to generate substantial positive cash flows in the near term, and
thus, is likely to remain dependent on additional borrowings in the
form of external debt or loans from related parties.

Strong Group Support: PNW has received strong the liquidity support
in the form of loans and advances from either the promoters or
group companies (including WBS), in case of financial losses. At
end-FY21, PNW had a consolidated debt of INR3,015.8 million (FY20:
INR2,867.5 million); of this, about INR1,641.5 million had been
extended by either the promoters or group companies. Furthermore,
PNW had loaned a large portion of these advances to WLPL.

In FY21, PNW received incremental loans of INR68.4 million (FY20:
INR224.1 million) from WBS to meet its financial obligations. As
per the management, the promoter and the group companies would
continue to extend liquidity support to PNW and WLPL in a timely
manner without any cap on the amount required to cover any cash
shortfall and service the external debt. Also, the interest on
director loans and loans from group companies is deferable and
principal maturity date would be extended, if required.

RATING SENSITIVITIES

Positive: A positive rating action could result from –

-- a substantial improvement in the scale of operations, leading
to a significant and sustained increase in the revenue and EBITDA
generation, leading to interest coverage of 1.25x, on a sustained
basis, and

-- deleveraging, including through the sale of residential
properties/land bank and villas and/or equity infusion.

Negative: A negative rating action could result from –

-- weakening of linkages with WBS, resulting in
lower-than-expected financial support for PNW.

-- any deterioration in the liquidity situation, a sustained rise
in the leverage, EBITDA losses, or weak cash flow generation.

COMPANY PROFILE

PNW is a part of Mumbai-based Writer Corporation group, which is
engaged in diversified businesses such as relocation services,
information and records management services, cash management
services and hospitality. As a standalone entity, PNW derives
revenue through rental income from a residential property in Bandra
West, Mumbai (St. Leo Apartments; a seven-storey building with an
area of 857 square meters) and some commercial properties leased to
Writer Business Services. WLPL, a wholly owned subsidiary of PNW,
is engaged in the hospitality business. It has a luxury resort,
Hilton Shillim Estate Retreat and Spa, in Lonavala, near Mumbai. It
is also involved in the real estate business, and has been
constructing villas in Shillim, Lonavala, for sale.

A business restructuring was carried out in the group in FY16,
wherein the services and real estate businesses were split into
separate entities. The information management  and domestic
relocations businesses that were earlier a part of PNW were
hived-off into a separate entity, named, WBS, and the shares of
Writer Safeguard Pvt Ltd, which is involved in cash management
business, were transferred to WBS. Subsequently, Ind-Ra began to
take a consolidated view of PNW and its real estate subsidiary
WLPL. Earlier, P.N. Writer and Company Ltd, Dubai, was a 100%
subsidiary of PNW; however, during FY18, PNW divested all its stake
from PND.


PERFACT COLOR: Liquidation Process Case Summary
-----------------------------------------------
Debtor: Perfact Color Digital Prints Private Limited
        Shop No. 2, Prem Nagar Market
        Tyagraj Nagar
        New Delhi 110003

Liquidation Commencement Date: February 28, 2022

Court: National Company Law Tribunal, New Delhi Bench V

Date of closure of
insolvency resolution process: February 25, 2022

Insolvency professional: Harish Taneja

Interim Resolution
Professional:            Harish Taneja
                         236 L, Model Town
                         Sonipat
                         Haryana 131001
                         E-mail: harishtaneja78@gmail.com
                                 cirp.perfactcolor@gmail.com

Last date for
submission of claims:    March 30, 2022


PRADHAMA MULTI: CRISIL Keeps D Debt Ratings in Not Cooperating
--------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Pradhama
Multi speciality Hospitals & Research Institute Limited (PMSHRIL)
continue to be 'CRISIL D Issuer Not Cooperating'.

                     Amount
   Facilities     (INR Crore)  Ratings
   ----------     -----------  -------
   Cash Credit        5        CRISIL D (Issuer Not Cooperating)
   Cash Credit        1.75     CRISIL D (Issuer Not Cooperating)
   Cash Credit        1.25     CRISIL D (Issuer Not Cooperating)
   Cash Credit        1        CRISIL D (Issuer Not Cooperating)
   Cash Credit        0.75     CRISIL D (Issuer Not Cooperating)
   Cash Credit        1.75     CRISIL D (Issuer Not Cooperating)
   Long Term Loan     25       CRISIL D (Issuer Not Cooperating)
   Long Term Loan     15       CRISIL D (Issuer Not Cooperating)
   Long Term Loan     30       CRISIL D (Issuer Not Cooperating)
   Long Term Loan     10       CRISIL D (Issuer Not Cooperating)
   Long Term Loan     15       CRISIL D (Issuer Not Cooperating)
   Long Term Loan     25       CRISIL D (Issuer Not Cooperating)
   Long Term Loan     2.5      CRISIL D (Issuer Not Cooperating)
   Long Term Loan     3        CRISIL D (Issuer Not Cooperating)  

   Long Term Loan     2.5      CRISIL D (Issuer Not Cooperating)
   Long Term Loan     1.5      CRISIL D (Issuer Not Cooperating)
   Long Term Loan     1.5      CRISIL D (Issuer Not Cooperating)

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

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

Detailed Rationale

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

Incorporated in 2014, PMSHRIL is setting up a 593-bed
multi-specialty hospital in Visakhapatnam, Andhra Pradesh. The
operations of the hospital will be managed by Dr. Visweswara Rao
Pusarla and Dr. K Ramamurthy Kummaraganti. PMSHRIL started
commercial operations in July, 2017.


Q NINETH: CRISIL Withdraws D Rating on INR11cr Cash Debt
--------------------------------------------------------
CRISIL has withdrawn the ratings on certain bank facilities of Q
Nineth Ceramics (QNC), as:

                       Amount
   Facilities       (INR Crore)     Ratings
   ----------       -----------     -------
   Open Cash Credit       11        CRISIL D/Issuer Not
                                    Cooperating (Withdrawn)

CRISIL Ratings has been consistently following up with QNC for
obtaining information through letters and emails dated February 21,
2022 and February 26, 2022 among others, apart from telephonic
communication. However, the issuer has remained non cooperative.

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

Detailed Rationale

Despite repeated attempts to engage with the management, CRISIL
Ratings failed to receive any information on either the financial
performance or strategic intent of QNC. This restricts CRISIL
Ratings' ability to take a forward-looking view on the credit
quality of the entity. CRISIL Ratings believes that rating action
on QNC is consistent with 'Assessing Information Adequacy Risk'.
CRISIL Ratings has migrated the ratings on the bank facilities of
QNC to 'CRISIL D Issuer not cooperating'.

CRISIL Ratings has withdrawn its rating on the bank facilities of
QNC on the request of the company and after receiving no objection
certificate from the bank. The rating action is in-line with CRISIL
Rating's policy on withdrawal of its rating on bank loan
facilities.

Established in 2013 as a proprietorship firm in Thirukkad, Kerala,
by Mr Moopan Kunnath, QNC trades in tiles, marbles and granite.



RAHIL COLD: CRISIL Moves D Debt Ratings to Not Cooperating
----------------------------------------------------------
CRISIL Ratings has migrated the rating on bank facilities of Rahil
Cold Storage LLP (RCS) to 'CRISIL D Issuer not cooperating.

                    Amount
   Facilities     (INR Crore)   Ratings
   ----------     -----------   -------
   Cash Credit       3.25       CRISIL D (ISSUER NOT
                                COOPERATING; Rating Migrated)

   Long Term Loan   14.92       CRISIL D (ISSUER NOT
                                COOPERATING; Rating Migrated)

CRISIL Ratings has been consistently following up with RCS for
obtaining information through letters and emails dated February 10,
2022 and February 15, 2022 among others, apart from telephonic
communication. However, the issuer has remained non cooperative.

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

Detailed Rationale

Despite repeated attempts to engage with the management, CRISIL
Ratings failed to receive any information on either the financial
performance or strategic intent of RCS, which restricts CRISIL
Ratings' ability to take a forward-looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on RCS
is consistent with 'Assessing Information Adequacy Risk'.
Therefore, on account of inadequate information and lack of
management cooperation, CRISIL Ratings has migrated the rating on
bank facilities of RCS to 'CRISIL D Issuer not cooperating'.

Set up in 2013, RCS is an Ahmedabad-based partnership firm engaged
in storage and trading of fruits and vegetables.


RAJESH HOUSING: CRISIL Lowers Rating on INR140cr NCD to D
---------------------------------------------------------
CRISIL Ratings has downgraded the ratings on the non-convertible
debentures (NCDs) of Rajesh Housing Private Limited (RHPL) to
'CRISIL D Issuer Not Cooperating' from CRISIL C Issuer Not
Cooperating.

                       Amount
   Facilities       (INR Crore)     Ratings
   ----------       -----------     -------
   Non Convertible      140.0       CRISIL D (ISSUER NOT
   Debentures                       COOPERATING; Downgraded from
                                    'CRISIL C ISSUER NOT
                                    COOPERATING')

CRISIL Ratings has been following up with RHPL for getting
information through letters and emails, dated December 31, 2021 and
January 12, 2022 apart from various telephonic communications.
However, the issuer has continued to be non-cooperative.

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

Detailed Rationale

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

The repayment date of NCDs have expired in September 2021 and
CRISIL has not received any communication regarding further
extension of NCDs. The final redemption amount is above Rs 500
crore and company is expected to default considering the project is
stuck for a long time, high IRR and multiple extensions of the
NCDs. Therefore, CRISIL Ratings has downgraded the ratings on the
non-convertible debentures (NCDs) of RHPL to 'CRISIL D Issuer Not
Cooperating' from CRISIL C Issuer Not Cooperating.

RHPL, which is a part of the Rajesh Lifespaces group, was set up in
2015. The company is developing a residential-cum-commercial
project in Vikhroli, Mumbai.

The Rajesh Lifespaces group is a Mumbai-based real estate
developer, promoted by Mr Raghav Patel. The group has been in real
estate construction and development for over 50 years. Operations
are currently managed by the third-generation of the family, Mr
Priyal Patel and Mr Pratik Patel. As on date, the group has nearly
8.6 million sq ft of area under development across Mumbai.


RAVI TEXO: CRISIL Keeps D Debt Rating in Not Cooperating
--------------------------------------------------------
CRISIL Ratings said the rating on bank facilities of Ravi Texo Fab
Private Limited (RTFPL) continues to be 'CRISIL D Issuer Not
Cooperating'.

                    Amount
   Facilities    (INR Crore)    Ratings
   ----------    -----------    -------
   Cash Credit        6.5       CRISIL D (Issuer Not Cooperating)

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

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

Detailed Rationale

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

RTFPL, incorporated in November 1994 at Panipat, Haryana, trades in
all types of yarn, fabrics, and handloom goods. The company is
managed by Mr Vaibhav Khurana.


REGENT BEERS: Ind-Ra Withdraws 'D' Long Term Issuer Rating
----------------------------------------------------------
India Ratings and Research (Ind-Ra) has withdrawn Regent Beers &
Wines Ltd.'s  Long-Term Issuer Rating of 'IND D'.

The instrument-wise rating actions are:

-- The 'IND D' rating on the INR110 mil. Fund-based working
     capital limit is withdrawn;

-- The 'IND D' rating on the INR6 mil. Non-fund-based working
     capital limit is withdrawn; and

-- The 'IND D' rating on the INR15.21 mil. Term loan is
     withdrawn.

KEY RATING DRIVERS

Ind-Ra is no longer required to maintain the ratings, as the agency
has received no-dues certificate from the rated facility lender.
This is consistent with the Securities and Exchange Board of
India's circular dated March 31, 2017 for credit rating agencies.

COMPANY PROFILE

Regent Beers & Wines manufactures beer at its 300,000
hectoliters-per-annum brewery located in Maksi, Madhya Pradesh. The
company sells its products to the Madhya Pradesh government. It
ventured into the conversion business with B9 Beverages Pvt Ltd in
FY17.


SHIVA ENERGY: CRISIL Keeps D Debt Ratings in Not Cooperating
------------------------------------------------------------
CRISIL Ratings the ratings on bank facilities of Shiva Energy
Resources Private Limited (SERPL) continue to be 'CRISIL D/CRISIL D
Issuer Not Cooperating'.

                     Amount
   Facilities     (INR Crore)   Ratings
   ----------     -----------   -------
   Bank Guarantee     2.5       CRISIL D (Issuer Not Cooperating)
   Long Term Loan    14.9       CRISIL D (Issuer Not Cooperating)

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

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

Detailed Rationale

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

SERPL owns a 3.5-megawatt hydropower generation project. It has
entered into a 40-year PPA with Himachal Pradesh State Electricity
Board at Rs 3.08 per unit. Operations began in May 2018.


SIDDHAM JEWELS: CRISIL Keeps D Debt Ratings in Not Cooperating
--------------------------------------------------------------
CRISIL Ratings the ratings on bank facilities of Siddham Jewels
Private Limited (SJPL) continue to be 'CRISIL D Issuer Not
Cooperating'.

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

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

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

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

Detailed Rationale

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

CRISIL Ratings consolidates the business and financial profile of
SOPL, Siddham SJPL and Osia Jewels Private Limited (OJPL) as all
the entities are in similar line of business and are managed by the
same management.

Sancheti Group is promoted by Mr Ashok Sancheti and his family. The
three group companies, SOPL, SJPL and OJPL were setup in 2011 in
Mumbai to manufacture and wholesale gold jewelry. The promoters
have been in business since 1988.


SK. CHAN: CRISIL Keeps D Debt Ratings in Not Cooperating Category
-----------------------------------------------------------------
CRISIL Ratings the ratings on bank facilities of SK. Chan Basha and
Co (SCB) continue to be 'CRISIL D/CRISIL D Issuer Not
Cooperating'.

                       Amount
   Facilities       (INR Crore)     Ratings
   ----------       -----------     -------
   Bill Discounting      8.25       CRISIL D (Issuer Not
   under Letter                     Cooperating)
   of Credit                
                                    
   Cash Credit           5.00       CRISIL D (Issuer Not    
                                    Cooperating)

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

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

Detailed Rationale

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

SCB, set up in 2009, trades in shrimp. The firm is promoted by Mr.
SK Chan Basha and his family members.


SKANDASHREE JEWEL: CRISIL Keeps D Debt Ratings in Not Cooperating
-----------------------------------------------------------------
CRISIL Ratings the ratings on bank facilities of Skandashree Jewel
Creations (SJC) continue to be 'CRISIL D/CRISIL D Issuer Not
Cooperating'.

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

   Cash Credit            9         CRISIL D (Issuer Not
                                    Cooperating)

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

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

Detailed Rationale

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

SJC was set up in 2008 as a partnership firm by Mr. A V Vijay
Krishna and his brother-in-law, Mr Karthik Nallapeta. The firm
manufactures plain gold and diamond-studded jewellery. Its
clientele comprises retailers in Karnataka and Tamil Nadu. SJC's
manufacturing facility is in Bangalore.


STAR CLAYS: CRISIL Keeps D Debt Ratings in Not Cooperating
----------------------------------------------------------
CRISIL Ratings the ratings on bank facilities of Star Clays (SC)
continue to be 'CRISIL D Issuer Not Cooperating'.

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

   Proposed Long Term    4.8        CRISIL D (Issuer Not
   Bank Loan Facility               Cooperating)

   Term Loan             0.7        CRISIL D (Issuer Not    
                                    Cooperating)

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

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

Detailed Rationale

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

SC, established in 2006, is engaged in manufacturing of Terracotta
Floor Tiles, is partnership entity established by Mr. Mandakan
Jose, Mr. Mandakan Joy, Mr. Mandakan Jojo and is based out of
Thrissur, Kerala. The firm sales its products by the brand
'Mandakan' majorly in the states of Tamil Nadu, Karnataka, Kerala
and Andhra Pradesh., The firm is also entering into manufacturing
of Terracotta Roof tiles as well.


STEEL HYPERMART: Insolvency Resolution Process Case Summary
-----------------------------------------------------------
Debtor: Steel Hypermart India Private Limited
        Mannat, # 2/1 A
        Nanjappa Road
        Shanthi Nagar, Bangalore
        Karnataka 560027

Insolvency Commencement Date: December 1, 2021

Court: National Company Law Tribunal, Chennai Bench

Estimated date of closure of
insolvency resolution process: May 23, 2022
                               (180 days from commencement)

Insolvency professional: B. Ramana Kumar

Interim Resolution
Professional:            B. Ramana Kumar
                         I Floor (Rear Side)
                         51A Dr. Ranga Road
                         Mylapore, Chennai 600004
                         E-mail: rpsteelhypermart@gmail.com

Last date for
submission of claims:    December 22, 2021


SUDHIR AGRO: CRISIL Keeps D Debt Ratings in Not Cooperating
-----------------------------------------------------------
CRISIL Ratings the ratings on bank facilities of Sudhir Agro Oils
Private Limited (SAOPL; part of Sudhir Group) continue to be
'CRISIL D/CRISIL D Issuer Not Cooperating'.

                     Amount
   Facilities     (INR Crore)   Ratings
   ----------     -----------   -------
   Cash Credit          4       CRISIL D (Issuer Not Cooperating)
   Cash Credit          2       CRISIL D (Issuer Not Cooperating)
   Letter of Credit    24       CRISIL D (Issuer Not Cooperating)
   Letter of Credit    12       CRISIL D (Issuer Not Cooperating)

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

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

Detailed Rationale

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

For arriving at the ratings, CRISIL Ratings has combined the
business and financial risk profiles of SAOPL and Amar Nath Harbans
Lal (ANHL). This is because both these entities, collectively
referred to as the Sudhir group, have common management and same
line of business.

SAOPL was incorporated in 1993, and is managed by Shri Prem Kumar,
the company is in the business of wholesale trade business in
Edible and non-edible oils e.g. Cotton seed Oils, Mustard Oils,
Sunflower Oils, Soya Oils, Soya DOC. The company supplies this raw
material to various manufacturing units and customers throughout
India. The company imports around 70% of its requirement.

ANHL incorporated in 1947 is currently managed by Shri Prem Kumar,
the company is in the business of wholesale trade business in
Edible and non-edible oils e.g. Cotton seed Oils, Mustard Oils,
Sunflower Oils, Soya Oils, Soya DOC. The company supplies this raw
material to various manufacturing units and customers throughout
India. All the procurement happens from domestic market.


SUN PROJECTS: CRISIL Keeps D Debt Rating in Not Cooperating
-----------------------------------------------------------
CRISIL Ratings the rating on bank facilities of Sun Projects
(India) Private limited (SPIL) continues to be 'CRISIL D Issuer Not
Cooperating'.

                         Amount
   Facilities         (INR Crore)     Ratings
   ----------         -----------     -------
   Cash Credit/             1         CRISIL D (Issuer Not
   Overdraft facility                 Cooperating)

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

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

Detailed Rationale

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

Established in 1998, SPIL-promoted by Mr V Sanjeev-is involved in
residential real estate construction business in Kerala.


SUPER TEX LABELS: Voluntary Liquidation Process Case Summary
------------------------------------------------------------
Debtor: Super Tex Labels Private Limited
        No. 26A, 2nd Phase
        3rd Main Road
        Near NTTF Circle
        Peenya, Bangalore
        KA 560058
        IN

Liquidation Commencement Date: February 21, 2022

Court: National Company Law Tribunal, Bengaluru Bench

Insolvency professional: Ganesh Sundaram

Interim Resolution
Professional:            Ganesh Sundaram
                         Flat No. B 5
                         Mayflower Westmount Apartments
                         Tadagam Road
                         Near GCT College
                         Coimbatore 641013
                         E-mail: ganesh1960@rediffmail.com
                         Mobile: 9025649415

Last date for
submission of claims:    March 23, 2022


TEXAS LIFESTYLE: CRISIL Keeps D Debt Ratings in Not Cooperating
---------------------------------------------------------------
CRISIL Ratings the ratings on bank facilities of Texas Lifestyle
Furniture Private Limited continue to be 'CRISIL D/CRISIL D Issuer
Not Cooperating'.

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

   Cash Credit            3        CRISIL D (Issuer Not
                                   Cooperating)

   Long Term Loan         4.3      CRISIL D (Issuer Not
                                   Cooperating)

   Proposed Long Term     0.3      CRISIL D (Issuer Not
   Bank Loan Facility              Cooperating)

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

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

Detailed Rationale

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

Incorporated in 2003, Texas manufactures furniture and constructs
pre-engineered buildings. The company sells furniture under the
brand name next. It is based in Aurangabad (Maharashtra) and
promoted by Mr. Ranjeet Kakkad and Mr. Ankushkumar Kadam.


THAKKARSONS ROLL: CRISIL Keeps D Debt Ratings in Not Cooperating
----------------------------------------------------------------
CRISIL Ratings the ratings on bank facilities of Thakkarsons Roll
Forming Private Limited (TRFPL) continue to be 'CRISIL D Issuer Not
Cooperating'.

                       Amount
   Facilities       (INR Crore)     Ratings
   ----------       -----------     -------
   Cash Credit            9.5       CRISIL D (Issuer Not    
                                    Cooperating)

   Letter of credit       6.5       CRISIL D (Issuer Not
   & Bank Guarantee                 Cooperating)

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

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

Detailed Rationale

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

TRFPL was set up in 1990 by Mr. Devang Thakkar, his brother, Mr.
Bhavin Thakar, and his wife, Mrs. Mansi Thakkar. The company
manufactures metal crash barriers (guard rails), mounting panels,
and floor decking sheets. It has an ISO 9001:2000- certified
manufacturing facility at Palghar (Maharashtra) and a sales office
in Mumbai.


THRIVE SOLAR: CRISIL Keeps D Debt Ratings in Not Cooperating
------------------------------------------------------------
CRISIL Ratings the ratings on bank facilities of Thrive Solar
Energy Private Limited (TSEPL) continue to be 'CRISIL D/CRISIL D
Issuer Not Cooperating'.

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

   Cash Credit          17          CRISIL D (Issuer Not
                                    Cooperating)

   Letter of Credit      2          CRISIL D (Issuer Not
                                    Cooperating)

   Proposed Long Term    3.7        CRISIL D (Issuer Not
   Bank Loan Facility               Cooperating)

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

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

Detailed Rationale

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

TSEPL was incorporated in 2007 as Thrive Energy Technologies Pvt
Ltd and got its present name in 2013. It manufactures LED-based
solar power lighting systems and solar power generating systems.
Hyderabad-based, TSEPL is promoted by Dr Bodavala Ranganayakulu.


TRIMULA G: CRISIL Keeps D Ratings in Not Cooperating Category
-------------------------------------------------------------
CRISIL Ratings the ratings on bank facilities of Trimula G Basmati
Private Limited (TBPL) continue to be 'CRISIL D Issuer Not
Cooperating'.

                    Amount
   Facilities    (INR Crore)    Ratings
   ----------    -----------    -------
   Cash Credit        8         CRISIL D (Issuer Not Cooperating)
   Cash Credit        6.25      CRISIL D (Issuer Not Cooperating)

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

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

Detailed Rationale

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

TBPL was incorporated by Mr Sudhir Kumar, Mr Shilpi Kumar, and Mr
Ankur Kumar in 2009. It mills basmati rice at its unit in Nehtaur
(Uttar Pradesh). The facility has milling and sorting capacity of 5
tonne per hour each.


TRIMURTI FLOUR: CRISIL Keeps C Debt Ratings in Not Cooperating
--------------------------------------------------------------
CRISIL Ratings the ratings on bank facilities of Trimurti Flour
Mill Private Limited (TFMPL) continue to be 'CRISIL C Issuer Not
Cooperating'.

                       Amount
   Facilities       (INR Crore)     Ratings
   ----------       -----------     -------
   Cash Credit-          1.5        CRISIL C (Issuer Not
   Book Debt                        Cooperating)

   Cash Credit-          4.5        CRISIL C (Issuer Not
   Stock                            Cooperating)

   Term Loan             3          CRISIL C (Issuer Not
                                    Cooperating)

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

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

Detailed Rationale

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

Incorporated in 2010, TFMPL started commercial operations in
February 2014. The company is engaged in processing of wheat at its
facility in Patna. The day-to-day operations of the company are
managed by Mr. Abhishek Sinha.


TRUMP IMPEX: CRISIL Keeps D Debt Rating in Not Cooperating
----------------------------------------------------------
CRISIL Ratings the rating on bank facilities of Trump Impex Private
Limited (TIPL) continues to be 'CRISIL D Issuer Not Cooperating'.

                     Amount
   Facilities    (INR Crore)    Ratings
   ----------    -----------    -------
   Cash Credit        9.5       CRISIL D (Issuer Not Cooperating)

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

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

Detailed Rationale

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

Established in 2009, TIPL, promoted and managed by Mr Devang Mehta,
trades in ingots, billets, and ferrous and non-ferrous metal scrap.
Its office is in Mumbai.


TULIPS AMBBIENCE: CRISIL Keeps D Debt Ratings in Not Cooperating
----------------------------------------------------------------
CRISIL Ratings the ratings on bank facilities of Tulips Ambbience
Private Limited (TAPL) continue to be 'CRISIL D/CRISIL D Issuer Not
Cooperating'.

                      Amount
   Facilities      (INR Crore)     Ratings
   ----------      -----------     -------
   Cash Credit           3.5       CRISIL D (Issuer Not
                                   Cooperating)

   Letter of Credit      0.3       CRISIL D (Issuer Not
                                   Cooperating)

   Term Loan             4.2       CRISIL D (Issuer Not
                                   Cooperating)

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

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

Detailed Rationale

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

Incorporated in 2001, TAPL is promoted by Mrs Raajkumarri Mutha,
who has been in this line of business for over two decades. The
company designs and manufactures customized soft furnishings for
retail and corporate clients. It has a workshop in Pune and
showrooms in Pune, Bengaluru, and Delhi.


USHDEV ENGITECH: Ind-Ra Lowers Bank Loan Rating to 'C'
------------------------------------------------------
India Ratings and Research (Ind-Ra) has downgraded Ushdev Engitech
Limited's (UEL) rupee term loan as follows:

-- INR895.2 mil. Rupee term loan due on June 2022 downgraded with
     IND C rating.

The downgrade reflects the risk of default for UEL in future due to
a breach in the terms of facility agreement with respect to a
default in the corporate guarantee extended on behalf of its parent
Ushdev International Limited (UIL; 'IND D (ISSUER NOT
COOPERATING)', as per the lender's demand letter on September 1,
2021.

KEY RATING DRIVERS

The downgrade reflects a breach in the terms of facility agreement
with respect to a default in the corporate guarantee extended on
behalf of UIL. On September 1, 2021,  the lender sent a demand
letter citing breach of terms of facility agreement with respect to
default in corporate guarantee extended to UIL from UEL to the
lender. Although the matter is sub-judice as per management
representation, the invocation and subsequent enforcement of the
corporate guarantee used by UEL poses it at a risk of default in
future. Also, the possibility of the lender exercising an event of
default citing the cross-default clause in the loan agreement with
UIL cannot be ruled out. However, as per management representation
and lender's confirmation, debt servicing has been timely till
now.

Liquidity Indicator - Stretched: The total debt outstanding as of
January 31, 2022 was INR80.8 million and the net debt adjusted for
the debt service reserve account (DSRA) is INR40.8 million.
Although the loan is likely to be repaid by June 2022 and there
seems to be enough cash flows along with a DSRA of INR 40 million
for the current debt obligation, any restriction on the usage of
UEL funds for its debt servicing due to the events mentioned above
could hamper the repayment ability, thus constraining the ratings.
During FY21, the company dipped into DSRA to meet the cashflow
mismatches. Ind-Ra sees the frequent tapping of DSRA as a sign of
liquidity weakness.

The rating is also constrained by UEL's operational performance
being weaker than Ind-Ra's base case estimates, stemming from its
reduced plant load factor (PLF) of 15.4% in FY21( FY20: 17.59%,
FY19: 17.97%, FY18: 19.14%). This was due to the low wind
availability across the country during FY21, which had caused wind
projects in Ind-Ra's portfolio to underperform by 10%-25% during
the year compared to the last few years, though the extent of
underperformance varied across geographies. As per the management,
the low generation was on account of the low wind season and not
due to any turbine or grid curtailment issues. However, the PLF for
7MFY22 increased to 22.5% from 18.5% in 7MFY21.

The company has long-term power purchase agreements (PPAs) with
four state distribution companies along with group captive
consumers in Tamil Nadu (28.05MW). The average tariff remained
comparable at INR4.3/unit across all the off-takers (FY21:
INR4.3/unit, FY20: INR4.5/unit). The receivables days for the
Rajasthan state distribution company has been high, averaging
around 240 days during 7MFY22 (FY21: 269 days). The PPA with
Maharashtra counterparties namely Netmagic IT Services Private
Limited and Edelweiss Commodities Services Limited are short term
and will expire in March 2022. However, these are open-access
agreements, which are subject to a risk of lower tariff and high
open-access charges.

However, the ratings benefit from UEL's low operational risk as
Ind-Ra believes the company's wind turbine technologies are
standard and proven. UEL has entered into a 10-year operation and
maintenance (O&M) contract with Suzlon Infrastructure Services
Limited (SISL), the O&M arm of Suzlon Energy Limited (its turbine
supplier). The stipulation of 95% machine availability at the
minimum in the O&M contract provides sufficient support to the
ratings. The rating also factors in total operating costs within
Ind-Ra base case estimate of INR3.36 million per MW in FY22 with a
fixed annual escalation.

The ratings are also supported by UEL's operational track record of
six years and diversified wind generation assets extending across
five states with a capacity of 7.5MW in Karnataka, 14.6MW in
Rajasthan, 5.05MW in Maharashtra, 3MW in Gujarat and 28.05MW in
Tamil Nadu spread across nine locations, mitigating cash flow
volatility to an extent.

RATING SENSITIVITIES

Positive: A clarity on the non-invocation of any event of default
on account of the corporate guarantee extended to UIL or an
invocation of the cross-default clause with any of the group
entities, along with stable operational and financial performance,
in line with Ind-Ra's base case could lead to a rating upgrade.

Negative: Any adverse action on account of the corporate guarantee
extended to UIL, an invocation of cross default by UEL's lenders or
any other event hampering timely debt servicing can result in a
rating downgrade.

COMPANY PROFILE

UEL operates wind power plants across Karnataka, Maharashtra, Tamil
Nadu, Gujarat and Rajasthan with an aggregate capacity of 58.2MW.
Ushdev Power Holdings Private Limited is UEL's holding company and
is part the Ushdev Group with a presence in power, mining, trading
and industrial sectors.


VEEKAY POLYCOATS: CRISIL Keeps D Debt Rating in Not Cooperating
---------------------------------------------------------------
CRISIL Ratings the ratings on bank facilities of Veekay Polycoats
Limited (VPL) continue to be 'CRISIL D/CRISIL D Issuer Not
Cooperating'.

                       Amount
   Facilities       (INR Crore)     Ratings
   ----------       -----------     -------
   Term Loan            25.61       CRISIL D (Issuer Not
                                    Cooperating)
   Working Capital
   Term Loan            22.50       CRISIL D (Issuer Not
                                    Cooperating)

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

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

Detailed Rationale

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

VPL was set up by Mr. Vinod Garg in 1992. The company manufactures
synthetic leather, vinyl flooring, and Polyvinyl Chloride (PVC)
films, and commenced manufacturing of non-woven fabric in 2006. It
has two manufacturing facilities, in Gurgaon (Haryana) and Bhiwadi
(Rajasthan).


VIJ AGRO: CRISIL Keeps D Debt Rating in Not Cooperating Category
----------------------------------------------------------------
CRISIL Ratings the ratings on bank facilities of Vij Agro Exports
Private Limited continue to be 'CRISIL D Issuer Not Cooperating'.

                    Amount
   Facilities    (INR Crore)    Ratings
   ----------    -----------    -------
   Cash Credit         60       CRISIL D (Issuer Not Cooperating)

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

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

Detailed Rationale

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

For arriving at the rating, CRISIL Ratings has combined the
business and financial risk profiles of Vij Agro and K L Sons. This
is because both the companies, together referred to as the Vij
group, are in similar lines of business and have the same
promoters.


Incorporated in 1999, the Vij group mills and processes basmati
rice (Pusa 1121 quality). The group is promoted by Mr. Sunil Kumar
Vij, his two brothers, Mr. Sachin Kumar and Mr. Pravin Kumar, and
their mother, Mrs. Naresh Kumari Vij. Its processing unit is in
Ferozepur, Punjab.


VIRGINIA DEVELOPERS: CRISIL Moves D Rating to Not Cooperating
-------------------------------------------------------------
CRISIL Ratings has migrated the rating on bank facilities of
Virginia Developers Private Limited (VDPL) to 'CRISIL D Issuer not
cooperating'.

                       Amount
   Facilities       (INR Crore)     Ratings
   ----------       -----------     -------
   Lease Rental         220         CRISIL D (ISSUER NOT
   Discounting Loan                 COOPERATING; Rating Migrated)

In accordance with the terms of the rating agreement with VDPL,
CRISIL Ratings has sent repeated reminders for payment of fees
towards the surveillance exercise through letters and emails dated
June 24, 2021 and February 3, 2022 among others, apart from
telephonic communication. However, the issuer has remained non
cooperative.

'The investors, lenders and all other market participants should
exercise due caution while using the rating assigned/ reviewed with
the suffix 'ISSUER NOT COOPERATING'.

On account of lack of management cooperation towards non-payment of
fees, CRISIL Ratings has migrated the rating on bank facilities of
VDPL to 'CRISIL D Issuer not cooperating'.

VDPL, promoted by Ms. Banu Ramaswamy owns and operates the Virginia
mall in Whitefield, Bengaluru. Operations are managed by the
promoters along with a professional team.


VISHNU POWER: CRISIL Keeps D Debt Ratings in Not Cooperating
------------------------------------------------------------
CRISIL Ratings the ratings on bank facilities of Shree Vishnu Power
& Energy Private Limited (SVPEPL) continue to be 'CRISIL D Issuer
Not Cooperating'.

                     Amount
   Facilities     (INR Crore)   Ratings
   ----------     -----------   -------
   Cash Credit        6.5       CRISIL D (Issuer Not Cooperating)
   Term Loan         17         CRISIL D (Issuer Not Cooperating)
   Term Loan         23         CRISIL D (Issuer Not Cooperating)

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

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

Detailed Rationale

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

SVPEPL, incorporated in November, 2008, is promoted by
Chhattisgarh-based Mr Kanhaiyalal Daga, Mr Deepak Daga, and Mr
Manoj Kumar Daga. The company currently operates a 10 MW rice husk
based bio-mass power plant in Rajnandgaon (Chhattisgarh). The
commercial operations of the unit commenced from March 2016
onwards.


VPR CONSTRUCTIONS: CRISIL Keeps D Debt Ratings in Not Cooperating
-----------------------------------------------------------------
CRISIL Ratings maintained the ratings on bank facilities of VPR
Constructions (VPR) and continue to be 'CRISIL D/CRISIL D Issuer
Not Cooperating'.

                       Amount
   Facilities       (INR Crore)     Ratings
   ----------       -----------     -------
   Bank Guarantee        3.8        CRISIL D (Issuer Not
                                    Cooperating)

   Secured Overdraft    12.0        CRISIL D (Issuer Not
   Facility                         Cooperating)

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

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

Detailed Rationale

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

VPR, which was set up as a partnership firm in 1993, undertakes
civil construction projects, primarily roads and bridges, for the
Panchayat Raj departments of the state governments of Andhra
Pradesh and Telangana.  Operations are managed by Mr Paramdhami
Reddy.


WRITER LIFESTYLE: Ind-Ra Affirms BB+ Long Term Issuer Rating
------------------------------------------------------------
India Ratings and Research (Ind-Ra) has affirmed Writer Lifestyle
Private Limited's (WLPL) Long-Term Issuer Rating at 'IND BB+'. The
Outlook is Stable.

The instrument-wise rating action is:

-- INR890.0 mil. Term loan due on June 2025 affirmed with IND BB+

     /Stable rating; and

-- INR150.0 mil. Bank overdraft affirmed with IND A4+ rating.

Analytical Approach: Ind-Ra continues to take a consolidated view
of WLPL and its parent, P.N. Writer & Company Pvt. Ltd. (PNW; 'IND
BB+'/Stable) in view of the strong legal, operational and strategic
linkages between the entities. The agency had also considered
liquidity support coming from other group companies including
Writer Business Services Limited (WBS; 'IND A'/Stable) while
arriving at the rating of the company.

KEY RATING DRIVERS

Financial Profile Continues to be Weak: PNW's consolidated revenue
fell to INR340.1 million in FY21 (FY20: INR459 million) due to the
fall in occupancy levels at the Hilton Shillim Retreat and Spa in
Lonavala, Maharashtra. The scale of operations continued to be
small.  The consolidated EBITDA, however, turned positive at INR4.9
million in FY21 (FY20: EBITDA losses of INR34.3 million) on account
of stable rental income from the residential apartments, office
space and warehouses; and a fall in energy expenses, resulting from
the installation of low-cost heat pumps and solar harvesting farms.
Furthermore, the company has demonstrated strong control over
employee expenses. The interest coverage ratio stood at 0.02x in
FY21.The management has informed the agency that these changes are
structural in nature, and would help the EBITDA remain positive
over the long term.

Operating Performance of Hilton; WLPL's Standalone EBITDA Remains
Negative: Hilton's occupancy fell to 29% in FY21 (FY20: 51%) owing
to COVID-19-led disruptions, but is estimated to improve slightly
to 34% in FY22 owing to the easing of the restrictions. On a
standalone basis, WLPL's revenue declined to INR272.1 million in
FY21 (FY20: INR396.6 million), and its EBITDA remained negative at
INR33.8 million (negative INR77.9 million) on account of high
operating expenses (mainly energy expenses). However, according to
the management, the operating cost reduced in FY22 as the company
received an uninterrupted power supply line directly, which helped
reduce the cost of diesel generators. Furthermore, the company is
constructing 20 villas in the vicinity of the hotel, which is
scheduled to be completed by FY24.

Liquidity Indicator - Stretched: The consolidated cash flow from
operations remained negative at INR201 million in FY21 (FY20:
negative INR133 million) owing to continued operating losses and
high interest expenses. The consolidated cash and bank balances
amounted to INR20.4 million at end-FY21 (end-FY20: INR17.3
million). The company had restructured its external term loans in
FY21, thereby reducing its debt servicing obligations over the near
term and providing liquidity comfort. Given the EBITDA losses, the
company serviced its debt obligations with the help of unsecured
loans from its directors and group companies. The hotel is unlikely
to generate substantial positive cash flows in the near term, and
thus, is likely to remain dependent on additional borrowings in the
form of external debt or loans from related parties.

Strong Group Support: PNW has received strong the liquidity support
in the form of loans and advances from either the promoters or
group companies (including WBS), in case of financial losses. At
end-FY21, PNW had a consolidated debt of INR3,015.8 million (FY20:
INR2,867.5 million); of this, about INR1,641.5 million had been
extended by either the promoters or group companies. Furthermore,
PNW had loaned a large portion of these advances to WLPL.

In FY21, PNW received incremental loans of INR68.4 million (FY20:
INR224.1 million) from WBS to meet its financial obligations. As
per the management, the promoter and the group companies would
continue to extend liquidity support to PNW and WLPL in a timely
manner without any cap on the amount required to cover any cash
shortfall and service the external debt. Also, the interest on
director loans and loans from group companies is deferable and
principal maturity date would be extended, if required.

RATING SENSITIVITIES

Positive: A positive rating action could result from –

-- a substantial improvement in the scale of operations, leading
to a significant and sustained increase in the revenue and EBITDA
generation, leading to interest coverage of 1.25x, on a sustained
basis, and

-- deleveraging, including through the sale of residential
properties/land bank and villas and/or equity infusion

Negative: A negative rating action could result from –

-- weakening of linkages with WBS, resulting in
lower-than-expected financial support for PNW

-- any deterioration in the liquidity situation, a sustained rise
in the leverage, EBITDA losses, or weak cash flow generation.

COMPANY PROFILE

PNW is a part of the Mumbai-based Writer Corporation group, which
is engaged in diversified businesses such as relocation services,
information and records management services, cash management
services and hospitality. As a standalone entity, PNW derives
revenue through rental income from a residential property in Bandra
West, Mumbai (St. Leo Apartments; a seven-storey building with an
area of 857 square meters) and some commercial properties leased to
Writer Business Services. WLPL, a wholly owned subsidiary of PNW,
is engaged in the hospitality business. It has a luxury resort,
Hilton Shillim Estate Retreat and Spa, in Lonavala, near Mumbai. It
is also involved in the real estate business, and has been
constructing villas in Shillim, Lonavala, for sale.

A business restructuring was carried out in the group in FY16,
wherein the services and real estate businesses were split into
separate entities. The information management and domestic
relocations businesses that were earlier a part of PNW were
hived-off into a separate entity, named, WBS, and the shares of
Writer Safeguard Pvt Ltd, which is involved in cash management
business, were transferred to WBS. Subsequently, Ind-Ra began to
take a consolidated view of PNW and its real estate subsidiary
WLPL. Earlier, P.N. Writer and Company Ltd, Dubai, was a 100%
subsidiary of PNW; however, during FY18, PNW divested all its stake
from PND.


Y AND R BUILDERS: Voluntary Liquidation Process Case Summary
------------------------------------------------------------
Debtor: Y and R Builders Private Limited
        B-1/570 Janakpuri
        New Delhi North West
        Delhi 110058
        India

Liquidation Commencement Date: February 26, 2022

Court: National Company Law Tribunal, New Delhi Bench

Insolvency professional: Vinod Kumar Chaurasia

Interim Resolution
Professional:            Vinod Kumar Chaurasia
                         A-756, Sector-2
                         Rohini, New Delhi 110085

                            - and -

                         B-022, Pragati Vihar Hostel
                         Lodhi Road
                         New Delhi 110003
                         E-mail: cavinodchaurasia@gmail.com
                         Mobile: 9953587496

Last date for
submission of claims:    March 28, 2022


[*] INDIA: 195 Businesses Admitted to NCLT in December Quarter
--------------------------------------------------------------
Livemint.com reports that in the December quarter, a whopping 195
businesses were admitted to the various benches of the National
Company Law Tribunal (NCLT) for bankruptcy resolution, taking the
total cases ending up in courts for rescue to 4,946 so far, as per
an official update from the Insolvency and Bankruptcy Board of
India (IBBI).

According to Livemint.com, the figures show that close to 200
bankruptcy cases are being added to the tribunals, with around 50
closing each quarter, gradually pushing up the burden on tribunals.
Data also show that while the number of cases getting liquidated
are relatively high, these companies have very little assets while
the cases which are getting rescued, although relatively fewer in
number, have substantial assets, which are getting redeployed in
the economy.

Of the total cases ending up in tribunals, 3,247 have been closed
in various ways including liquidation, resolution and settlement or
withdrawal at the end of December, Livemint.com discloses. Among
all closed cases, in just over 14%, bankruptcy resolution plan was
approved, while in about 47% cases, liquidation was ordered, showed
the data.

At the end of December, 1,699 bankruptcy cases are continuing in
tribunals, 73% of which have exceeded 270 days, the data, as cited
by Livemint.com, showed. Bulk of the cases ending up in tribunals
and were also getting closed, resolved or liquidated are in the
manufacturing and real estate sectors, indicating the stress that
these industries face.

December quarter data shows that under the Insolvency and
Bankruptcy Code (IBC), 457 cases were rescued so far, one third of
which were in deep distress, according to Livemint.com.  The
businesses rescued had assets of INR1.5 trillion, while the 1,514
cases referred for liquidation had assets of only INR55,000 crores
when they were admitted. "Thus, in value terms, 73% of distressed
assets were rescued," IBBI said in the latest update. According to
industry executives, businesses with a strong asset base find it
easier to attract investors and put together a turnaround plan
under IBC.

Bulk of the bankruptcy cases are triggered by operational creditors
like vendors, while the rest are triggered by financial creditors
and in some cases, the business voluntarily initiates the process,
Livemint.com relays. Roughly half of the cases initiated by
financial creditors end up in liquidation, while only a smaller
share of the cases initiated by operational creditors end up in
liquidation. Three in four cases initiated by the defaulting
company end up in liquidation, as per the data.




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

ADARO INDONESIA: Moody's Affirms 'Ba1' CFR, Outlook Remains Stable
------------------------------------------------------------------
Moody's Investors Service has affirmed Adaro Indonesia (P.T.)
(AI)'s Ba1 corporate family rating and the Ba1 rating on its backed
senior unsecured notes. The notes are guaranteed by AI's parent
Adaro Energy Indonesia Tbk (P.T.) (Adaro Energy).

The outlook remains stable.

AI's Ba1 CFR reflects the credit quality of its parent, Adaro
Energy , given the strong operational links between the two
companies. These include (1) Adaro Energy holding the largest stake
in AI at 88.5%, (2) AI benefiting from Adaro Energy's vertically
integrated operations across the coal supply chain, and (3) Adaro
Energy guaranteeing all of AI's debt.

"The ratings affirmation reflects our expectation that Adaro Energy
will maintain strong credit metrics and very good liquidity over
the next 12-18 months, and a conservative approach to investments
and shareholder returns," says Maisam Hasnain, a Moody's Vice
President and Senior Analyst.

RATINGS RATIONALE

Due to strong earnings at AI's thermal coal mining operations amid
high thermal coal prices, Moody's estimates that Adaro Energy's
adjusted leverage, as measured by adjusted debt/EBITDA, declined to
around 0.8x in 2021 from 2.1x in 2020. Adaro Energy was in a net
cash position as of December 31, 2021.

"Adaro Energy's credit quality remains supported by AI, which is
its key subsidiary with substantial thermal coal reserves, low
operating costs, and solid profitability through coal price
cycles," adds Hasnain, who is also Moody's lead analyst for AI.

AI is one of the largest single-location coal producers in the
southern hemisphere, with a reserve life of around 17 years, based
on around 730 million metric tons of coal reserves as of December
31, 2021.

Assuming Newcastle thermal coal price of around $90-$110 per metric
ton, Moody's estimates that Adaro Energy's leverage will remain
around 1.0x - 1.5x over the next 12-18 months. Such leverage levels
are supportive of the Ba1 ratings.

Moody's expects Adaro Energy to maintain a conservative approach
toward new investments, such that they are not incurred at the
expense of the company's overall credit profile. Adaro Energy is
seeking to diversify its operations and reduce its earnings
reliance on thermal coal.

In December 2021, Adaro Energy announced it had signed a letter of
intention to invest $728 million in an aluminum smelter in
Indonesia. This follows investments in recent years, including
power projects and metallurgical coal.

However, non-thermal coal investments are unlikely to provide
meaningful earnings over the next 1-2 years. Therefore, Adaro
Energy's credit quality will remain constrained by its limited
operational and geographic diversification, given its reliance on
thermal coal sales at AI to drive most of its earnings over the
next few years. Cash generated from AI will also be a key source of
funding for Adaro Energy's diversification plans and will help
Adaro Energy reduce its reliance on external debt to fund these
investments.

The Ba1 ratings also reflect Moody's expectation that AI's coal
contract of work (CCoW) mining license, which expires in October
2022, will be extended on broadly similar terms. Regulatory
uncertainty around the extension of AI's mine license has
decreased, following PT Arutmin Indonesia's 10-year license
extension in November 2020. Arutmin, which is owned by Bumi
Resources Tbk (P.T.) (Caa3 negative), was one of the first large
Indonesian coal miners to have its CCoW expire and will likely
serve as a precedent for other CCoW license holders, including AI.

Moody's expects Adaro Energy will maintain very good liquidity over
the next 18 months with sufficient cash to meet its needs until
June 30, 2023. Moody's also expects Adaro Energy to continue to
proactively repay debt ahead of scheduled maturities, including the
$750 million notes due in October 2024.

AI's US dollar notes are rated in line with AI's Ba1 CFR. Legal
subordination risk for noteholders is mitigated as the notes rank
pari passu with AI's unsecured bank loans. Structural subordination
risk is mitigated as AI is an operating company, generating most of
Adaro Energy's revenue.

ENVIRONMENTAL, SOCIAL, GOVERNANCE CONSIDERATIONS

Adaro's ESG Credit Impact Score is moderately negative (CIS-3),
reflecting the company's very high exposure to environmental risks
and high exposure to social risks. These risks are counterbalanced
by the company's ability to operate with strong credit metrics,
very good liquidity, and strong governance practices.

Adaro's exposure to environmental risk is very highly negative (E-5
issuer profile score), driven by very high carbon transition risk
for thermal coal, which will continue to generate most of Adaro's
earnings over the next 2-3 years.

Adaro's exposure to social risk is highly negative (S-4 issuer
profile score), driven primarily by the high exposure of its coal
mining activities to human capital, health and safety, responsible
production, and demographic and societal trend risks.

Adaro's exposure to governance risk is neutral-to-low (G-2 issuer
profile score), reflecting the company's sound financial strategy,
and strong creditability and track record in terms of maintaining
prudent financial policies, including operating with low leverage
and proactive debt repayments even during coal price downturns.

OUTLOOK

The outlook is stable, reflecting Moody's expectation that Adaro
Energy will effectively execute its growth strategy while adhering
to conservative financial policies over the next 12-18 months.

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

An upgrade is unlikely in the next 12-18 months because of the
company's lower scale and limited product diversification relative
to its similarly rated mining peers.

Nevertheless, prospects for an upgrade could arise over time if
Adaro Energy significantly improves its business profile through
commodity and geographic diversification while adhering to
conservative financial policies, maintaining very good liquidity
and demonstrating a prudent approach toward further investments and
shareholder distributions.

Moody's could downgrade the rating if (1) Adaro Energy experiences
operational disruptions or industry fundamentals weaken such that
its earnings and cash flow decline; (2) AI fails to extend its CCoW
on similar terms; (3) Adaro Energy engages in aggressive
shareholder distributions or capital investments, which would
indicate a deviation from its stated prudent financial policies.

Specifically, adjusted debt/EBITDA above 3.0x or adjusted
EBIT/interest below 4.0x on a sustained basis could prompt a review
for downgrade.

The principal methodology used in these ratings was Mining
published in October 2021.

Adaro Indonesia (P.T.) (AI) is one of the largest single-site coal
producers in the southern hemisphere, and one of the world's
largest sub-bituminous coal companies. AI is 88.5% owned by Adaro
Energy Indonesia Tbk (P.T.), an integrated energy group listed on
the Indonesia Stock Exchange with a market capitalization of around
IDR83 trillion ($5.7 billion) as of March 1, 2022.



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

MARELLI HOLDINGS: Creditors OK Voluntary Debt Reorganization Plan
-----------------------------------------------------------------
Asia Nikkei reports that creditors of Marelli Holdings unanimously
agreed March 7 to move forward with a voluntary debt reorganization
plan that aims to keep one of the world's largest auto parts makers
afloat and running.

All 26 financial institutions approved the alternative dispute
resolution plan in their first meeting since KKR-owned Marelli
filed for the procedure last week, the Nikkei says.

Marelli was created in 2019 from private equity giant KKR's merger
of Calsonic Kansei and Magneti Marelli, key suppliers to Nissan
Motor and Stellantis. According to the report, the ADR would enable
the manufacturer, which was hit hard by the supply chain
disruptions caused by the COVID-19 pandemic, to continue operating
as usual as it negotiates a reorganization of its debt.

The Nikkei notes that the ADR plan required approval from all of
Marelli's lenders. Some observers had expected the process to be
more contentious, with Chinese and other creditors objecting. The
banks likely signed off on the plan to avoid harsher alternatives,
such as bankruptcy proceedings, that could disrupt its operations.

The turnaround proposal calls for selling shares in Tokyo Radiator
Manufacturing, in which Marelli holds a 40.1% stake, the report
notes. Marelli will consider shedding other businesses as well,
with gasoline engine components seen as one candidate as the
industry shifts toward electric vehicles.

Marelli is believed to owe about JPY360 billion ($3.13 billion) to
main lender Mizuho Bank, the report notes. Other creditors include
the government-backed Japan Bank for International Cooperation and
the Development Bank of Japan, along with regional banks and
foreign financial institutions.

According to the Nikkei, the manufacturer will seek new sponsors as
the details of the turnaround plan are hammered out. The amount of
debt relief creditors will provide has yet to be decided, but now
looks set to run into the billions of dollars.

Marelli has asked Stellantis and Nissan to help out by taking on
some of its inventory, committing to new orders or sharing the cost
of its withdrawal from foreign manufacturing facilities, the report
relays. Nissan is expected to offer some support, including with
inventory, but how it will be involved in the turnaround with the
ADR in the works remains to be seen.

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



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

SERBA DINAMIK: Bid to Stop EY From Releasing Findings Dismissed
---------------------------------------------------------------
theedgemarkets.com reports that the High Court had on March 8
dismissed an originating summons by Serba Dinamik Holdings Bhd for
an injunction to be imposed on Ernst & Young Consulting Sdn Bhd (EY
Consulting) to restrain it from sharing any findings or opinions of
its special independent review (SIR) with Bursa Malaysia or other
parties.

This comes after the beleaguered oil and gas group argued that the
firm is not a qualified auditor, the report says.

According to theedgemarkets.com, Justice Datuk Ahmad Fairuz Zainol
Abidin in his broad grounds in dismissing Serba Dinamik's
application ruled that EY Consulting had taken steps to ensure the
team performing the SIR included a qualified auditor, namely
Muhammad Syahrizal Abd Rahim, a partner in E&Y PLT.

"Syarizal, a partner of E&Y PLT, was listed in EY Consulting's
proposal dated May 31, 2021, as one of the partners who would be
working on the engagement.

"Syarizal is registered with the Audit Oversight Board (AOB). Serba
Dinamik too was well aware that Syarizal was on EY Consulting's
team as early as March 30, 2021. Thus, while EY Consulting was not
registered with the AOB, it took steps to ensure it had a
registered auditor in its team," the judge said.

He added that an auditor must be a real person and the firm (E&Y
PLT) merely houses the auditor, the report relays.

"As such, what is crucial is for Syarizal to be authorised by the
Finance Minister, and registered with the AOB. As provided for
under the terms of the letter of engagement, EY Consulting is
entitled to contract with E&Y PLT to obtain the services of
Syarizal," he stated.

theedgemarkets.com relates that Justice Ahmad Fairuz said the court
found that the appointment of EY Consulting was regularly made
under paragraphs 2.23 and 2.24 of the Main Market Listing
Requirement (MMLR).

"This is consistent with the ruling in the other suit (filed by
Bursa Malaysia versus Serba Dinamik). Apart from that, EY
Consulting also had a qualified auditor in its team. In the
circumstances, there is no room for Serba Dinamik to argue that EY
Consulting was not qualified to be a special auditor (SA). Either
way the argument is taken, EY Consulting was qualified to be
appointed as SA," he elaborated.

On settled principles of law, Justice Ahmad Fairuz said even if EY
Consulting was not a party in Bursa Malaysia's other action against
Serba Dinamik, the issue estoppel applies, according to
theedgemarkets.com.

Estoppel is a legal principle that prevents someone from arguing
something or asserting a right that contradicts what they
previously said or agreed to by law.

On Feb. 7, Judicial Commissioner Wan Muhammad Amin Wan Yahya in the
origination summons by Bursa Malaysia against Serba Dinamik had
directed the company to make a public announcement of the
fact-finding update (FFU) by EY Consulting, which was appointed to
conduct a SIR on the company's financial accounts for the 12-month
period ended Dec. 31, 2020, within two market days from the date of
the order.

Wan Muhammad Amin also dismissed a stay application by Serba
Dinamik on Feb. 14, 2022, of his decision on Fe.b 8.

According to the report, Justice Ahmad Fairuz in his decision on
March 8 also said EY Consulting did not misrepresent itself to
Serba Dinamik in its letter of engagement as the firm did not in
any manner claim to be an auditor.

The judge said all that was stated in the opening paragraph of the
letter was that EY Consulting was appointed to carry out the SIR.

"This is factually correct. This court rejects the emphasis placed
by Serba Dinamik on paragraph 2.23 and 2.24 of MMLR in interpreting
the first paragraph of the letter of engagement. The paragraph
needs to be read in its entirety.

"The appointment of EY Consulting was also after negotiations were
carried out. It was contractually agreed upon. This court finds no
misrepresentation by EY Consulting as alleged by Serba Dinamik and
it follows that the letter of engagement is valid. As such all work
products of EY Consulting were also validly produced including the
FFU which Serba seeks to prevent the dissemination of in this
originating summons," he said.

The judge added that EY Consulting's appointment does not raise any
issue of conflict of interests with Bursa or the Securities
Commission and there is no issue of no curtailment of its
independence.

"Hence, the application for injunction is dismissed," Justice Ahmad
Fairuz ruled. He also ordered Serba Dinamik to pay RM20,000 costs
to EY Consulting, the report notes

In March 9 proceedings, EY Consulting was represented by Gopal
Sreenevasan while Mak Lin Kum appeared for Serba Dinamik while
Christopher Leong held a watching brief for Securities Commission
Malaysia, theedgemarkets.com discloses.

Serba Dinamik had on Nov. 5, 2021, filed the originating summons to
stop EY Consulting from releasing any findings, theedgemarkets.com
recalls. The firm had also filed a separate action against Bursa
Malaysia to prevent it from releasing the findings.

However, Justice Ahmad Fairuz had on Feb. 10 decided against Serba
Dinamik's application to impose an injunction on Bursa Malaysia to
prevent the company from being compelled by the regulator to
release the FFU, theedgemarkets.com adds.

                        About Serba Dinamik

Serba Dinamik Holdings Berhad provides engineering solutions. The
Company offers operation and maintenance, system integration,
training, civil works, planning, procurement, construction, and
commissioning services. Serba Dinamik Holdings operates facilities
in Malaysia, Indonesia, UAE, Bahrain, and the United Kingdom.

As reported in the Troubled Company Reporter-Asia Pacific on Dec.
15, 2021, Fitch Ratings has downgraded Serba Dinamik Holdings
Berhad's (SDHB) Long-Term Issuer Default Rating to 'RD' (Restricted
Default) from 'C'.  The downgrade follows the expiry of the 30-day
grace period after the non-payment of the coupon on the group's
USD222 million senior unsecured sukuk due in 2022. Potential
cross-acceleration clauses in its other debt may be triggered by
the non-payment of the 2022 notes. The 'RD' rating indicates an
issuer that in Fitch's opinion has experienced an uncured payment
default, but has not entered into bankruptcy filings and has not
ceased operating.

At the same time, Fitch has affirmed the ratings on the May 2022
sukuk issued by SD International Sukuk Limited and the sukuk due
March 2025 issued by SD International Sukuk II Limited at 'C', with
the Recovery Rating remaining at 'RR4'.

The TCR-AP reported on Dec. 13, 2021, that S&P Global Ratings
lowered its issuer credit ratings on Serba Dinamik and issue
ratings on the company's guaranteed senior unsecured sukuks due May
2022 and March 2025 to 'D' from 'CC'.




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

DEVELOPMENT BANK: Moody's Affirms B3 Issuer Rating, Outlook Stable
------------------------------------------------------------------
Moody's Investors Service has affirmed Development Bank of Mongolia
LLC's (DBM) B3 foreign-currency issuer rating with a stable
outlook.

Moody's has also affirmed DBM's foreign-currency long-term
Counterparty Risk Rating (CRR) at B3.

At the same time, Moody's has downgraded DBM's Baseline Credit
Assessment (BCA) and Adjusted BCA to caa2 from b3, and its
local-currency long-term CRR to B3 from B2 and Counterparty Risk
(CR) Assessment to B3(cr) from B2(cr).

The outlook on DBM remains stable, reflecting Moody's expectation
that the Mongolian government (B3 stable) will support the bank
should its credit quality weakens.

RATINGS RATIONALE

The downgrade of DBM's BCA to caa2 from b3 reflects Moody's
expectation of a significant pressure on the bank's capitalization
and profitability over the next 12-18 months as a result of a
weakening in the bank's asset quality and heightened risks in its
loan portfolio. The bank disclosed that 29% of its total loans as
of February 10, 2022 are under legal proceedings because of issues
such as the misuse of proceeds, and another 30% are experiencing
difficulties in recovery. Moody's expects some, not all, of these
loans to become nonperforming, noting concerted efforts made by the
government agencies and DBM for the recovery of loans.

Moody's regards the expected deterioration in DBM's capitalization
and profitability as a governance risk under the rating agency's
environmental, social and governance (ESG) framework, given its
implications for the bank's financial strategy and risk management.
This rating action was triggered by the misuse issues in a large
portion of DBM's loan portfolio, which Moody's views as signaling a
weakness in the bank's risk management and controls.

The affirmation of DBM's ratings reflects the bank's caa2 BCA and a
two-notch uplift from the Mongolian government, in times of need,
based on Moody's assessment of a government-backed level of
support. This reflects DBM's clear public policy mandate to support
the country's strategically important sectors; the full government
ownership under the bank's founding law; and the government's
strong willingness to support DBM as highlighted by the
cross-default clause in the government's guarantee on part of DBM's
bonds and borrowings.

Moody's expects DBM's asset quality to remain weak in 2022-23, with
its problem loan/gross loans staying above 30% compared with around
29% that Moody's estimates for the end of 2021. Moody's expects the
pace of recovery to be similar to what the bank has seen during the
month after the bank first disclosed the loan portfolio issues in
January 2022. This slow recovery will lead to a further impairment
by the end of 2022, resulting in more of the low-quality loans
being classified as nonperforming loans under the criteria set
forth by the Bank of Mongolia. Accordingly, Moody's expects DBM to
report net losses in 2022 and its tangible common equity (TCE)/risk
weighted assets (RWA) to materially deteriorate, although the
rating agency expects the bank to meet the regulatory minimum for
capital adequacy ratio at 9% based on the current rate of
recoveries.

DBM's funding structure will remain weak because of its constraints
on accepting retail deposits as a policy bank. That said, Moody's
views the bank's heavy reliance on market funds is partially
tempered by the explicit guarantees that the Government of Mongolia
provides on part of the bank's debt obligations. At the same time,
Moody's expects a moderate weakening in DBM's liquidity given its
likely use to repay debt maturing over 2022-23 as well as the
expected difficulties in recovering low quality loans in time.

Moody's has not incorporated affiliate support for DBM, and
therefore, the Adjusted BCA is in line with the bank's BCA of
caa2.

DBM's long-term CRR is B3 and long-term CR Assessment is B3(cr).
Mongolia does not have an operational bank resolution regime.
Moody's therefore applies a basic Loss Given Failure (LGF) approach
in rating Mongolian banks. The starting point for DBM's long-term
CRR and CR Assessment is one notch above the bank's Adjusted BCA.
Moody's typically then adds the same notch of uplift for government
support as applied to the bank's long-term issuer rating. In the
case of DBM, its starting point for the long-term CRR and CR
Assessment is one notch lower than Mongolia's B3 government bond
rating; therefore, uplift for government support is capped at one
notch.

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

The bank's ratings are at the same level as the sovereign rating,
and an upgrade in its ratings is unlikely in the absence of an
upgrade of the sovereign rating.

Moody's could upgrade the bank's BCA if the bank's asset quality
improves with its problem loans/gross loans ratio falling below
20%; and capitalization strengthens with its TCE/RWA rising above
15% on a sustained basis, while maintaining its funding and
liquidity strengths.

Moody's could downgrade DBM's ratings if (1) Mongolia's sovereign
rating is downgraded; (2) there is evidence of weakening in the
government's support for DBM; or (3) DBM's strategic role and
importance to Mongolia weakens.

The bank's BCA could be downgraded if the bank's capitalization
weakens with its TCE/RWA falling below 9% on a sustained basis; or
the bank's funding structure and liquidity weaken materially.

The principal methodology used in these ratings was Banks
Methodology published in July 2021.

Development Bank of Mongolia LLC is headquartered in Ulaanbaatar.
It reported assets of MNT4.2 trillion (around $1.5 billion) as of
December 31, 2020.

LIST OF AFFECTED RATINGS AND ASSESSMENTS

Issuer: Development Bank of Mongolia LLC

Baseline Credit Assessment (BCA) downgraded to caa2 from b3

Adjusted BCA downgraded to caa2 from b3

Long-term Counterparty Risk Assessment downgraded to B3(cr) from
B2(cr)

Short-term Counterparty Risk Assessment of NP(cr) affirmed

Local currency long-term Counterparty Risk Rating downgraded to B3
from B2

Foreign currency long-term Counterparty Risk Rating of B3
affirmed

Local currency and foreign currency short-term Counterparty Risk
Ratings of NP affirmed

Foreign currency long-term issuer rating of B3 affirmed, outlook
remains stable

Outlook remains stable



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

AUGMENT INTELLIGENCE: Creditors' Proofs of Debt Due April 8
-----------------------------------------------------------
Creditors of Augment Intelligence Limited, Augment Press Limited
and Casas Design Limited, are required to file their proofs of debt
by April 8, 2022, to be included in the company's dividend
distribution.

The company commenced wind-up proceedings on March 4, 2022.

The company's liquidators can be reached at:

          Iain Bruce Shephard
          Jessica Jane Kellow
          BDO Wellington
          Level 1, 50 Customhouse Quay
          Wellington 6011


BRASSERIE74 LIMITED: Creditors' Proofs of Debt Due April 11
-----------------------------------------------------------
Creditors of Brasserie74 Limited (formerly trading as Garage
Kitchen) are required to file their proofs of debt by April 11,
2022, to be included in the company's dividend distribution.

The company commenced wind-up proceedings on March 3, 2022.

The company's liquidators can be reached at:

          Heath Gair
          Palliser Insolvency
          PO Box 57124
          Mana, Porirua 5247


FITZROY HOTEL: Court to Hear Wind-Up Petition on April 8
--------------------------------------------------------
A petition to wind up the operations of Fitzroy Hotel Limited
(formerly Parnell Junction Limited) (trading as The Strand Tavern
and White Room) will be heard before the High Court at Auckland on
April 8, 2022, at 10:00 a.m.

Mt Roskill Cash'n Carry Limited trading as Gilmours Mt Roskill,
filed the petition against the company on Aug. 20, 2021.

The Petitioner's solicitor is:

          Catherine Louise Waugh
          Credit Consultants Group NZ Limited
          Level 12, 15 Willeston Street
          Wellington Central, Wellington 6011


FORESTLANDS GROUP: Receivers Place Founder's Home Up for Sale
-------------------------------------------------------------
Stuff.co.nz reports that a large French-style chateau home of
Forestlands founder Rowan Kearns is being sold by receivers.

The 1144sq m home and sprawling rural estate at 64 Thorpe-Orinoco
Rd in Ngatimoti, near Motueka, has been placed up for sale by BDO
accountants and insolvency practitioners Rees Logan and Diana
Matchett, who have been appointed receivers of the Kearns Family
Trust, according to the report.

Stuff says the property, which includes 27.34 hectares of land, is
being sold by tender through Bayleys Nelson, with tenders closing
on March 21.

According to Stuff, the Financial Markets Authority (FMA) has filed
criminal charges against Kearns in relation to the Forestlands
group of companies he was founder and sole director of, for alleged
disclosure and financial record keeping breaches.

A trial date has not yet been set, with the case scheduled for a
callover in the Nelson District Court on March 31.

In 2018, 18 Forestlands subsidiary companies were put into
liquidation, with that process still ongoing, the report notes.

Stuff notes that the FMA has previously said that after
Motueka-based Forestlands group ran into financial difficulty it
started a process to sell forestry assets in mid-2015, but
investors were allegedly not notified or consulted. In October
2016, the forestry was sold for about NZD23.5 million and in early
2017, at the direction of the FMA, NZD18 million was placed in a
trust for investors.

The three-storey Ngatimoti mansion, built in 2002, includes eight
bedrooms, six bathrooms, five separate living areas, two large
kitchens, a basement wine and dry foods storage cellar, and office,
media and music rooms.

Bayleys real estate agent Daniel Reed would not comment on how much
the home was expected to sell for or if there was a minimum figure
attached to its sale, Stuff adds.

                        About Forestlands

Forestlands claimed to have owned 1,934 hectares of forest land on
the east coast of the North Island and in the south-west of the
South Island.

After the Forestlands group ran into financial difficulty, a sale
process was commenced in mid-2015, but investors were not notified
or consulted.

Investors began to raise concerns about the lack of financial
information and rumors around the sale of the forestry assets and
the associated treatment of investor funds. In October 2016, the
forestry assets were sold for approximately NZD23.5 million and in
early 2017, at the direction of the FMA, NZD18 million was placed
in trust to secure the interests of investors.

In September 2018, the FMA successfully applied for the 18 numbered
Forestlands companies (which raised money from the public) to be
placed into liquidation after determining that insufficient
progress had been made towards completing the shareholder
distribution process. The liquidation process is ongoing and the
FMA has not sought costs.

Investor updates can be found on the liquidators' (Calibre
Partners) website.

Forestlands New Zealand Ltd was liquidated separately as it was not
a financial markets participant.


HAWKES BAY: Court to Hear Wind-Up Petition on May 6
---------------------------------------------------
A petition to wind up the operations of Hawkes Bay Seafoods Limited
will be heard before the High Court at Auckland on May 6, 2022, at
10:00 a.m.

Robert Page Engineering Limited filed the petition against the
company on Jan. 24, 2022.

The Petitioner's solicitor is:

          Turner Hopkins
          BHW Limited
          Suite 3, 27 Bath Street
          Parnell, Auckland



WHEELS ON: Creditors' Proofs of Debt Due April 21
-------------------------------------------------
Creditors of Wheels On Wairau Sales Limited and Healdford Holdings
Limited are required to file their proofs of debt by April 21,
2022, to be included in the company's dividend distribution.

The company commenced wind-up proceedings on March 4, 2022.

The company's liquidators can be reached at:

          Simon Dalton
          Gerry Rea Partners
          PO Box 3015, Auckland




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

AN GUANG: Commences Wind-Up Proceedings
---------------------------------------
Members of An Guang Shipping Pte Ltd, on Feb. 24, 2022, passed a
resolution to voluntarily wind up the company's operations.

The company's liquidators are:

          Paresh Tribhovan Jotangia
          Ho May Kee
          Grant Thornton Singapore
          c/o 8 Marina View
          #40-04/05 Asia Square Tower 1
          Singapore 018960


HAPPY MEGA: Court Enters Wind-Up Order
--------------------------------------
The High Court of Singapore entered an order on Feb. 25, 2022, to
wind up the operations of Happy Mega International Group Pte Ltd.

Maybank Singapore Limited filed the petition against the company.

The company's liquidators are:

          BDO Advisory Pte Ltd
          600 North Bridge Road
          #23-01 Parkview Square
          Singapore 188778


XIN BO: Commences Wind-Up Proceedings
-------------------------------------
Members of Xin Bo Shipping (Pte) Ltd on Feb. 24, 2022, passed a
resolution to voluntarily wind up the company's operations.

The company's liquidators are:

          Paresh Tribhovan Jotangia
          Ho May Kee
          Grant Thornton Singapore
          c/o 8 Marina View
          #40-04/05 Asia Square Tower 1
          Singapore 018960




=====================
S O U T H   K O R E A
=====================

DOOSAN BOBCAT: S&P Alters Outlook to Stable, Affirms 'BB' LT ICR
----------------------------------------------------------------
On March 7, 2022, S&P Global Ratings revised its rating outlook on
Doosan Bobcat Inc. (DBI) to stable from negative. This is based on
significant progress in DHIC group's restructuring and deleveraging
measures and our expectation of robust profitability and financial
metrics for DBI over the next 12 months.

S&P affirmed its 'BB' long-term issuer credit rating on DBI. At the
same time, S&P maintained its recovery rating on the Korea-based
compact construction equipment maker's senior secured debt at '3'
and affirmed our 'BB' long-term issue ratings on the senior secured
debts.

DBI is likely to maintain stable credit metrics over the next 12-24
months on the back of good and steady earnings.

The company's strong position in the compact construction segment
in the U.S., where demand trends remain good, should support its
steady performance. North America is a key market for DBI,
accounting for 74% of its revenue (excluding the forklift business)
in 2021. Despite rising competitive pressure, the company has been
defending this segment's profitability and diversifying product
lines.

DBI's businesses in other regions will likely grow as well. The
company purchased its forklift business in mid-2021. This business
has a strong position in its captive Korean market with the
potential for further expansion in the U.S. DBI's European business
is also benefiting from cost reduction and optimization efforts
implemented over the past few years.

Despite DBI's limited direct exposure to Russia, there could be
some moderation in its profitability arising from raw-material cost
pressure and the construction equipment (CE) market's vulnerability
to macroeconomic conditions.

S&P said, "We forecast DBI's debt will gradually decline on steady
free operating cash flows over the next two years. The company's
adjusted debt reached US$1.2 billion in 2021, from US$700 million
in 2020. The rise was mainly attributable to the debt-financed
acquisition of its forklift business for US$650 million-US$700
million in July 2021. Its cash balance went up to US$819 million in
2021 from US$733 million in 2020 and US$183 million in 2019. The
abundant cash balance should provide a buffer against current
business volatility and can be used for debt repayment in the
future. We estimate a ratio of debt to EBITDA of 1.4x-1.8x for
2022-2023, broadly similar to our estimate of 1.7x for 2021."

Parent DHIC's business restructuring and deleveraging could provide
a buffer for the group's liquidity and financial profile over the
next 12 months. The issuer credit rating on DBI is capped at two
notches above the 'b+' group credit profile (GCP) for the DHIC
group. According the DHIC's 2021 preliminary results, the group
further reduced its reported net debt to Korean won (KRW) 4.8
trillion for fiscal 2021, from KRW7.4 trillion in 2020 and KRW8.5
trillion in 2019. The reduction came from accelerated business
restructuring, including the sale of Doosan Infracore Co. Ltd. for
KRW850 billion and partial ownership sale of Doosan Engineering and
Construction Co. Ltd. for KRW250 billion.

S&P said, "We expect the positive trend in DHIC's key credit
metrics to continue in 2022. The group is likely to maintain its
operating performance over the next 12 months, supported by sound
order backlogs and cost reductions. Additionally, it raised KRW1.1
trillion from equity markets in February 2022. Under our base case,
we estimate a ratio of debt to EBITDA of below 5x for DHIC in
2022-2023, compared with our estimate of 4.7x-5.1x for 2021 and the
18.5x in 2020.

"Despite macro uncertainties, we see limited refinancing risks for
DHIC. This is because the group obtains its funding (excluding DBI)
mostly from the domestic market and maintains its relationship with
Korea's policy banks. That said, it could take more time for DHIC
to fully recover its standing in credit markets. Although we saw
significant improvements over the past one to two years, the
group's historical financials had been weak and volatile for
several years before that. The group still highly relies on
short-term debt and has limited access to public long-term bond
markets.

"The stable outlook on DBI reflects our expectation that the
company will maintain robust profitability and financial metrics
over the next 12 months. It is likely to generate steady EBITDA,
albeit with some moderation, supported by its strong position in
North America's compact CE market and ongoing diversification
efforts. DBI is building up a buffer in its leverage profile with
stable operating cash flow and a substantial cash balance.

"We expect the negative pressure from parent DHIC on DBI's credit
profile to drop over the next 12 months. DHIC's credit profile is
improving on sizable business restructuring and deleveraging
measures over the past two years, although it could continue to
rely heavily on short-term debt. In our opinion, DHIC will not face
significant liquidity pressure, given its steady relationship with
Korea's policy banks.

"We could lower the ratings on DBI if we lower the GCP for DHIC.
This could occur if DHIC's ratio of debt to EBITDA approaches or
stays over 7x over the next 12 months, or if liquidity pressure
escalates due to macroeconomic uncertainties. We could also
downgrade DBI if we see a higher possibility that DHIC will
increase control of or negatively intervene in DBI.

"We may also lower the ratings if we revise downward our assessment
of DBI's stand-alone credit profile (SACP) from the current 'bb'.
This could happen if the company's debt-to-EBITDA ratio approaches
4.0x on a sustained basis. A severe economic downturn in the U.S.,
intensifying competition, or the company's weakening market
position could result in such a scenario.

"In a remote scenario, we may raise the ratings on DBI if the two
conditions below are met."

DBI's key credit metrics remain strong with its ratio of debt to
EBITDA remaining about or below 1.5x on a sustainable basis. This
could flow from debt reduction on strong cash flow generation in
the coming years and a prudent financial policy.

The DHIC group improves its liquidity profile while maintaining a
ratio of debt to EBITDA below 4.0x on a sustainable basis. DHIC's
short-term debt reduction through free operating cash flow or the
issuance of longer-term debt could indicate such an improvement.




=================
S R I   L A N K A
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SRI LANKA: Debt Crisis Lingers as Foreign-Currency Reserves Slip
----------------------------------------------------------------
Bloomberg News reports that Sri Lanka is effectively devaluing its
currency as its foreign reserves dwindle, potentially accelerating
the worst inflation surge in Asia as the nation struggles to
service its debt and pay for imports.

According to Bloomberg, the Central Bank of Sri Lanka said in a
statement on March 7 that "greater flexibility in the exchange rate
will be allowed to the markets with immediate effect." The central
bank also said it's "of the view" that transactions would be capped
at INR230 per dollar, about 12% below the current market level of
INR201.49.

The decision comes as the government of Gotabaya Rajapaksa grapples
with a spiraling economic crisis, as its foreign currency reserves
shrink and after consumer prices accelerated 15% last month, the
fastest on record, Bloomberg says.

Bloomberg relates that the island nation's debt load, which the
International Monetary Fund has said is "unsustainable," is
becoming increasingly difficult to manage as it also struggles to
pay for imports of fuel and other necessities, leading to power
cuts and other shortages.

"This was definitely needed to ease pressure in the system. We saw
the impact on fuel," the report quotes Kavinda Perera, head of
research at Asia Securities in Colombo, as saying.  He added that
inflation would be stoked in the near-term.

Speculation began growing recently that the central bank wouldn't
be able to defend the currency as its reserves shrank, the report
states. Economists at Standard Chartered Plc had seen the rupee
tumbling to 230 per dollar by the end of June as the central bank
ran low on dollars.

The local currency has traded in a relatively tight band of 201 to
203 per dollar since October, a range central bank Governor Ajith
Nivard Cabraal last month called "fair" for all stakeholders,
Bloomberg relays.

But in unofficial trading the rupee was being quoted at a far
weaker rate as exporters have been mandated by the central bank to
convert 25% of their earnings while importers were forced to seek
dollars from exporters in the so-called kerb market.

"There was no choice other than to allow the exchange rate to move.
Most of the importers were importing between 230 to 240 already,"
the report quotes Udeeshan Jonas, chief strategist at CAL
Securities, as saying. "Monetary policy should be tightened further
to prevent a very steep fall of the currency," he said.

W A Wijewardena, a former deputy governor of the central bank, said
the monetary authority would not be able to eliminate "parallel
exchange rates" unless the rupee is allowed to float freely,
Bloomberg relays.

"The kerb rate will simply go up," he said, adding that further
monetary policy tightening was needed to support the currency.

Shortly before the currency announcement on March 7, the central
bank said foreign-exchange holdings dropped to $2.31 billion in
February, the lowest since November 2021, from $2.36 billion a
month earlier, the report notes.

Bloomberg says the government has so far relied on bilateral loans
to bolster its finances, including from China and India, while
shunning an IMF bailout.

A depleting foreign exchange pile heightens risks the country may
have difficulties meeting its next overseas debt repayment in
July.

Sri Lanka's dollar bond that matures in April 2023 was up about 0.5
cents on the dollar at 43.3 cents as of 8:30 a.m. Hong Kong time on
March 8, according to data compiled by Bloomberg. The price had
fallen 4.6 cents on March 7, the biggest decline since April 2020,
the data show.

The central bank last week raised borrowing costs for a second
meeting, and urged the government to provide economic support by
undertaking measures such as discouraging non-urgent imports and
increasing fuel costs, the report says.

Sri Lanka's dollar-denominated debt repayments due this year total
more than $6 billion, including a sovereign bond of $1 billion
maturing in July, Bloomberg discloses.

Bloomberg adds that the central bank on March 7 also said it will
"continue to closely monitor the developments in the domestic
foreign exchange market and make appropriate policy adjustments
accordingly."



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

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

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

This material is copyrighted and any commercial use, resale or
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Information contained herein is obtained from sources believed
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