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

                     A S I A   P A C I F I C

          Friday, March 18, 2022, Vol. 25, No. 50

                           Headlines



A U S T R A L I A

ASCOT RESOURCES: Commences Wind-Up Proceedings
BIG UN: Company Auditor's Registration Suspended
HAMON AUSTRALIA: Second Creditors' Meeting Set for March 25
HUMM ABS 2022-1: Fitch Gives Final 'BB' Rating to Class E-G Notes
MILLOW GROUP: Second Creditors' Meeting Set for March 24

RESIMAC TRIOMPHE 2022-1: S&P Assigns B Rating on Class F Notes
WAYOUTBACK AUSTRALIAN: Second Creditors' Meeting Set for March 23


C H I N A

LOGAN GROUP: Restructuring Fear Crops Up for Property Developer
REDCO PROPERTIES: Fitch Lowers LT Foreign Currency IDR to 'C'
SUNAC CHINA: Does Not Rule Out Extension Proposal, REDD Reports
YANGGU XIANGGUANG: Creditors Stop Loan Renewals
YANGO GROUP: Defaults on US$94.6MM Onshore Bond, Underwriter Says



H O N G   K O N G

GENTING HONG KONG: Global Dream Cruise Ship is Up for Sale


I N D I A

BHALOTHIA FOODS: CRISIL Moves B+ Debt Ratings to Not Cooperating
GLAZEBROOKE TRADING: ICRA Keeps C+ Debt Rating in Not Cooperating
GOALTORE COLD: CRISIL Keeps B- Debt Ratings in Not Cooperating
HAL-KO-INFRA: CRISIL Downgrades LT/ST Debt Ratings to D
HEMNIL METAL: CRISIL Keeps D Debt Ratings in Not Cooperating

JADWET RESORTS: CRISIL Keeps B Debt Rating in Not Cooperating
JAMNA METAL: CRISIL Keeps C Debt Ratings in Not Cooperating
JNSL FERRO: CRISIL Keeps B Debt Ratings in Not Cooperating
KRISH CEREALS: ICRA Withdraws D Rating on INR23cr Fund Based Debt
LAKSHMEE HOMES: CRISIL Keeps B- Debt Rating in Not Cooperating

LAXMI VENKATESHWARA: CRISIL Keeps B Rating in Not Cooperating
MALABAR HOTEL: CRISIL Downgrades Debt Ratings to D
NICE POULTRY: CRISIL Keeps B- Debt Ratings in Not Cooperating
OXINA CARS: CRISIL Keeps B Debt Ratings in Not Cooperating
P.S.K. TEXTILES: CRISIL Keeps B+ Debt Ratings in Not Cooperating

PALNADU INFRASTRUCTURE: CRISIL Keeps D Ratings in Not Cooperating
PATEL TRADING: CRISIL Keeps B Debt Rating in Not Cooperating
PVSRSN ENTERPRISE: CRISIL Keeps D Debt Ratings in Not Cooperating
R. R. DEVELOPERS: CRISIL Keeps B+ Debt Ratings in Not Cooperating
RAJ SHREE: CRISIL Keeps B Ratings in Not Cooperating Category

RAJLAXMI DENIM: CRISIL Keeps B+ Debt Ratings in Not Cooperating
SAPPHIRE LIFESCIENCES: ICRA Moves D Ratings to Not Cooperating
SHAMSHREE INT'L: CRISIL Keeps B Debt Ratings in Not Cooperating
SHIV NARAIN: CRISIL Keeps B Debt Rating in Not Cooperating
SHIVAM ENTERPRISE: CRISIL Keeps B Debt Ratings in Not Cooperating

SHIVAM OFFSET: CRISIL Keeps B Debt Rating in Not Cooperating
SIGMA SYNTHETICS: CRISIL Keeps B Debt Ratings in Not Cooperating
SIRI GANESH: CRISIL Keeps B Debt Ratings in Not Cooperating
SULAKSHANA AGENCIES: CRISIL Keeps B Rating in Not Cooperating
TATA CHEMICALS: Fitch Affirms 'BB+' Foreign Currency IDR

TRINITY MAHALASA: ICRA Withdraws B+ Rating on INR4.50cr Cash Loan


M A L A Y S I A

AIRASIA X: Completes Debt Revamps, To Write Back Nearly US$8BB


N E W   Z E A L A N D

CORE CIVIL: Creditors' Proofs of Debt Due on April 21
DIAMOND BUILDING: Commences Wind-Up Proceedings
J. AND J. WATT: Court to Hear Wind-Up Petition on April 4
MARKEATON FARMS: Court to Hear Wind-Up Petition on April 4
ORANGE SERVICE: Creditors' Proofs of Debt Due on April 16



S I N G A P O R E

DOWNTOWN FITNESS: Creditors' Meetings Set for on April 1
ECOWISE HOLDINGS: April 14 EGM to Oust Deputy CEO, Name 3 Directors
ZHI XIN: Creditors' Meetings Set for March 28

                           - - - - -


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

ASCOT RESOURCES: Commences Wind-Up Proceedings
----------------------------------------------
Members of Ascot Resources Limited, on March 16, 2022, passed a
resolution to voluntarily wind up the company's operations.

The company's liquidator is:

          Dino Travaglini
          Travaglini Corporate Advisory
          45 Ventnor Avenue
          West Perth, WA 6005


BIG UN: Company Auditor's Registration Suspended
------------------------------------------------
Former Big Un Limited auditor Jakin Leong Loke's company auditor
registration has been suspended for 12 months by the Companies
Auditors Disciplinary Board (CADB) following an application by
Australian Securities and Investments (ASIC).

Mr. Loke was involved in the audit of the 2017 financial statements
of Big Un Limited, which was then a public company listed on the
ASX.  He participated in the 2017 audit as a member of the Ecovis
Clark Jacobs (ECJ) audit engagement team, working under the
supervision of Graham Swan of Rothsay Resources and Rothsay
Auditing, who were appointed by Big Un to perform the 2017 audit.

ECJ were engaged to manage the day-to-day audit activities despite
one of the partners of ECJ being the company secretary of Big Un.
The CADB found that Mr. Loke should have been aware of this
conflict of interest, which affected his and ECJ's independence in
managing the audit activities.

The CADB also found that Mr. Loke failed to meet relevant audit
benchmarks when he accepted accounting records at face value
without obtaining additional evidence and signed off on audit
papers without providing appropriate audit evidence. As a result,
he failed to identify issues that were likely to impact Big Un's
ongoing viability.

In making its decision, the CADB said, 'Mr. Loke's failures are not
insignificant, and the twelve month suspension of his registration
as a company auditor reflects that.'

Mr. Loke provided an undertaking to ASIC that he would complete an
additional 45 hours of professional education. He also provided an
undertaking that his first three company audits following the
completion of his suspension would be subject to peer review by
another registered company auditor.

The CADB acknowledged Mr. Loke's undertakings, as well as his
cooperation with ASIC, including his agreement to pay AUD95,000
towards ASIC's costs. The CADB considered these key reasons that a
suspension was considered appropriate.

Big Un was placed in a trading halt and suspended from quotation in
February 2018.  In August 2018, administrators were appointed to
Big Un and it was removed from the official ASX list.

ASIC's investigation into Big Un is ongoing.

ASIC's increased focus on auditor misconduct has seen an increase
in ASIC referrals to the CADB seeking the suspension or cancelation
of auditors' registrations. In the last 18 months, ASIC has lodged
five conduct applications with the CADB relating to audit quality
and auditor independence and referred 36 administrative matters to
the CADB in relation to auditors who failed to complete annual
statements over multiple years.

ASIC has also referred five criminal briefs relating to auditor
misconduct to the Commonwealth Director of Public Prosecutions. The
conviction of former Halifax auditors Richard Evett and EC Audit in
2021 was the first criminal conviction for failure to comply with
audit standards.

CADB proceedings are confidential and final orders are not
published until at least 14 days after orders are made. Recent
orders and decisions can be found on the CADB's website:
https://www.cadb.gov.au/decisions/cadb-decisions/


HAMON AUSTRALIA: Second Creditors' Meeting Set for March 25
-----------------------------------------------------------
A second meeting of creditors in the proceedings of Hamon Australia
Pty Ltd has been set for March 25, 2022, at 12:00 p.m. via virtual
meeting technology.

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

Creditors wishing to attend are advised proofs and proxies should
be submitted to the Administrator by March 24, 2022, at 5:00 p.m.

Sule Arnautovic and Cameron Shaw of Hall Chadwick were appointed as
administrators of Hamon Australia on Feb. 18, 2022.


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

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

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

A1 AU3FN0066551     LT AAAsf  New Rating    AAA(EXP)sf
A1-G AU3FN0066569   LT AAAsf  New Rating    AAA(EXP)sf
B-G AU3FN0066577    LT AAsf   New Rating    AA(EXP)sf
C-G AU3FN0066585    LT Asf    New Rating    A(EXP)sf
D-G AU3FN0066593    LT BBBsf  New Rating    BBB(EXP)sf
E-G AU3FN0066601    LT BBsf   New Rating    BB(EXP)sf
F                   LT NRsf   New Rating    NR(EXP)sf

TRANSACTION SUMMARY

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

KEY RATING DRIVERS

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

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

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

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

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

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

RATING SENSITIVITIES

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

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

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

Downgrade Sensitivity

Rating Sensitivity to Increased Default Rates:

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

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

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

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

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

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

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

Upgrade Sensitivity

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

Rating Sensitivity to Reduced Defaults:

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

-- Rating: AAsf / Asf / BBBsf / BBsf

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

BEST/WORST CASE RATING SCENARIO

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

DATA ADEQUACY

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

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

ESG CONSIDERATIONS

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


MILLOW GROUP: Second Creditors' Meeting Set for March 24
--------------------------------------------------------
A second meeting of creditors in the proceedings of Millow Group
Pty Ltd has been set for March 24, 2022, at 11:00 a.m. via
teleconference.

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 23, 2022, at 4:00 p.m.

Timothy James Clifton and Simon Richard Miller of Clifton Hall were
appointed as administrators of Millow Group on Feb. 16, 2022.


RESIMAC TRIOMPHE 2022-1: S&P Assigns B Rating on Class F Notes
--------------------------------------------------------------
S&P Global Ratings assigned its ratings to eight classes of prime
residential mortgage-backed securities (RMBS) issued by Perpetual
Trustee Co. Ltd. as trustee for RESIMAC Triomphe Trust - RESIMAC
Premier Series 2022-1. RESIMAC Triomphe Trust - RESIMAC Premier
Series 2022-1 is a securitization of prime residential mortgage
loans originated by RESIMAC Ltd.

The ratings reflect:

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

-- S&P views that the credit support is sufficient to withstand
the stresses it applies. This credit support comprises note
subordination for the rated notes and lenders' mortgage insurance
on 22.8% of the loan portfolio, which covers 100% of the face value
of these loans, accrued interest, and reasonable costs of
enforcement.

-- S&P's expectation that the various mechanisms to support
liquidity within the transaction, including principal draws, and a
liquidity facility equal to 0.75% of the outstanding balance of the
rated notes, are sufficient under our stress assumptions to ensure
timely payment of interest.

-- The extraordinary expense reserve of A$150,000, funded by
RESIMAC Ltd. before closing, available to meet extraordinary
expenses. The reserve will be topped up via excess spread if
drawn.

  Ratings Assigned

  RESIMAC Triomphe Trust - RESIMAC Premier Series 2022-1

  Class A1, A$90.00 million: AAA (sf)
  Class A2, A$810.00 million: AAA (sf)
  Class AB, A$50.00 million: AAA (sf)
  Class B, A$17.00 million: AA+ (sf)
  Class C, A$21.00 million: A (sf)
  Class D, A$6.00 million: BBB (sf)
  Class E, A$3.00 million: BB (sf)
  Class F, A$1.50 million: B (sf)
  Class G, A$1.50 million: Not rated


WAYOUTBACK AUSTRALIAN: Second Creditors' Meeting Set for March 23
-----------------------------------------------------------------
A second meeting of creditors in the proceedings of Wayoutback
Australian Safaris Pty Ltd has been set for March 23, 2022, at
11:00 a.m. via virtual meeting only.

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

Creditors wishing to attend are advised proofs and proxies should
be submitted to the Administrator by March 22, 2022, at 10:00 a.m.


Liam Healey and Quentin Olde of Ankura were appointed as
administrators of Wayoutback Australian on Feb. 16, 2022.




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

LOGAN GROUP: Restructuring Fear Crops Up for Property Developer
---------------------------------------------------------------
Bloomberg News reports that worries about the possible scale of
Logan Group Co.'s undisclosed leverage now include talk of a
potential debt reorganization as repayment pressure piles up on its
US$6.8 billion of outstanding bonds.

Considered a higher-quality Chinese developer several months ago,
Logan's credit ratings have been slashed into the equivalent of CCC
territory by all three major international assessors, signaling
there's heightened risk that bondholders won't be made whole,
Bloomberg says. S&P Global Ratings said the builder is likely to
restructure its onshore debt given its cash levels and the amounts
owed.

Some of Logan's dollar notes have slumped from near face value in
January to just 10 cents on the dollar. Shares have slumped 72%
this year despite a record 23% surge on March 16, part of a rally
across Chinese asset classes after Beijing issued a strong promise
for policies to boost financial markets and stimulate economic
growth, according to Bloomberg.

Throughout 2022 there's been rising concerns about Logan's debt,
including bond guarantees, helping amplify worries about
balance-sheet transparency among Chinese developers. The builder is
looking to extend repayment into 2023 on at least two onshore notes
and has reportedly yet to repay a loan backing a private bond,
Bloomberg says.

Founded in 1996, Shenzhen-based Logan focuses on developing
residential properties, mainly in the Greater Bay Area comprising
Guangdong, Hong Kong and Macau. The company ranked 16th among
Chinese builders by contracted sales the first two months of this
year, according to estimates from China Real Estate Information
Corp.

Logan's dollar bonds have had the worst return so far this year
among companies in a Bloomberg index of China's high-yield market
at -87%. Its stock is the third-biggest decliner in the Hang Seng
Composite Index. Bloomberg says investors have bailed amid concerns
over the company's potential undisclosed debt and ability to meet
payment obligations on all its borrowings.

In its latest downgrade of Logan, S&P analysts wrote the company
might face debt accelerations, demands which could complicate
imminent repayments. Logan's key domestic unit said in a stock
exchange filing last week that its March payment obligations for
notes becoming due or puttable and asset-backed securities totaled
CNY5.3 billion ($831 million), Bloomberg relays.

Bloomberg notes that Logan's liquidity troubles are the latest
evidence that China's property crisis is far from limited to a few
highly leveraged developers, spilling to the nation's stronger
builders and state-backed players. More than half of Chinese
developers' high-yield offshore notes are trading at less than 50
cents, according to Bloomberg Intelligence.

Debt-transparency concerns hanging over the sector were given a
spotlight thanks to Logan, amid a drumbeat of reports that it
provided guarantees to loans backing private notes, Bloomberg
states. The company in January denied a story about one such loan
before reportedly telling investors it guaranteed no more than $1
billion of private-placement bonds. The state of builders' debt
loads may become clearer in the next several weeks as firms' 2021
results are due.

Logan said in a statement to Bloomberg on March 15 that it won't
"lie flat" regarding debt pressures, noting it's been making
efforts on asset disposals. The builder also pledged to treat
fairly and communicate actively with domestic and overseas
financial institutions.

Before the loan-guarantee denial, Logan had also said in January it
didn't have any privately placed debt. Key unit Shenzhen Logan
Holdings Co. said the same about itself in last week's Shenzhen
Stock Exchange filing, adding it also hasn't sold wealth-management
products to professional investors or done external commercial
paper financing, Bloomberg relays.

Consistent with language in recent filings by peers, Shenzhen Logan
also said its cash flow has been pressured by a combination of
factors including slumping home sales, heightened near-term debt
maturities and an inability to sell new bonds to investors. But the
company is "determined and confident to address short-term
liquidity problems." Logan Group's combined January-February
contracted sales fell 53% from a year earlier, according to Hong
Kong filings.

                         About Logan Group

Logan Group Company Limited is a property developer based in
Shenzhen. The company's focuses mainly on 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.

As reported in the Troubled Company Reporter-Asia Pacific on March
17, 2022, Fitch Ratings has downgraded Logan Group Company
Limited's Long-Term Foreign- and Local-Currency Issuer Default
Ratings (IDRs) to 'CCC', from 'B+'. Fitch has also downgraded the
senior unsecured rating and the rating on Logan's outstanding
US-dollar senior notes to 'CCC', from 'B+', maintaining a Recovery
Rating 'RR4'. The rating on Logan's subordinated perpetual capital
securities has been downgraded to 'CC', from 'B-', maintaining a
Recovery Rating of 'RR6'. All ratings removed from Rating Watch
Negative.  The downgrade is driven by Logan's low margin of safety
in its liquidity and increasing refinancing risks. Negative news
flow has continued to affect market confidence in the company, and
Fitch believes it is reliant on alternative funding sources, such
as asset disposals, for debt repayment. Logan has significant
capital-market debt that will mature or turn puttable in the next
nine months.

The TCR-AP also reported on March 17, 2022, that Moody's Investors
Service has downgraded Logan Group's corporate family rating to
Caa2 from B2, and its senior unsecured ratings to Caa3 from B3. At
the same time, Moody's has changed the outlook to negative from
ratings under review.  This concludes the most recent rating review
of Logan's ratings initiated on March 7, 2022.

S&P Global Ratings has also lowered its long-term issuer credit
rating on Logan Group to 'CCC-' from 'B-'. S&P also lowered its
long-term issue rating on the U.S. dollar-denominated notes that
the company guarantees to 'CC' from 'CCC+'. All the ratings were
taken off CreditWatch, where they were placed with negative
implications on March 8, 2022.  The negative outlook reflects S&P's
view that Logan faces rising nonpayment risk or an increasing
chance for a de facto debt restructuring.


REDCO PROPERTIES: Fitch Lowers LT Foreign Currency IDR to 'C'
-------------------------------------------------------------
Fitch Ratings has downgraded China-based homebuilder Redco
Properties Group Ltd's Long-Term Foreign-Currency Issuer Default
Rating (IDR) to 'C' from 'CCC-'. The senior unsecured ratings have
also been downgraded to 'C' from 'CCC-', and the Recovery Rating
remains at 'RR4'.

The downgrade follows Redco's announcement that it has offered to
purchase USD197 million of bonds outstanding due in April 2022,
USD305 million bonds outstanding due in August 2022 and USD150
million of bonds outstanding due in May 2023 in exchange for bonds
due in 2023.

Fitch considers the effective extension of the bond maturities by
9-12 months as a distressed debt exchange (DDE) under its criteria,
although there is an incentive fee offered and no reduction in
principal and interest. The IDR will be downgraded to 'RD'
(Restricted Default) if the proposed offer to purchase the bonds is
successfully completed. Fitch will then reassess Redco's credit
profile to determine an IDR consistent with the company's capital
structure and risk profile. The IDR will most likely be within a
very low speculative-grade range.

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

KEY RATING DRIVERS

Offer to Purchase Constitutes a DDE: The offer to purchase, if
successful, will constitute a DDE under Fitch's criteria. Fitch,
when considering whether the offer to purchase should be classified
as a DDE, expects the following to apply: the offer to purchase
imposes a material reduction in terms compared with the original
contractual terms; and the offer to purchase is conducted to avoid
bankruptcy, similar insolvency or intervention proceedings, or a
traditional payment default.

Offer to Purchase to Avoid Default: Fitch considers the offer to
purchase to be necessary for Redco to avoid default because of
limited liquidity. 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. Redco had CNY2.15 billion
cash at holding company level at end-2021, which would be
insufficient to repay upcoming bond maturities in 2022. It is
unclear how much cash will be available for the bond repayments as
of February 2022.

Material Reduction in Terms: Fitch believes the offer to purchase
presents a material reduction in the terms of the existing notes
because there is an effective extension of the bond maturities by
nine to 12 months, although there is a cash consideration for each
principal amount of USD1,000 and no reduction in the principal and
interest for the bonds in the proposed offer to purchase.

Conditions of Purchase Offer: The company's obligation to
consummate the offer to purchase is conditional upon the
bondholders tendering not less than 90% in aggregate principal of
the outstanding amount of the existing notes.

Consent Solicitation: Redco has also announced a consent
solicitation for offshore bonds due January 2023 and February 2024.
The purpose of the consent solicitation is to amend the events of
default provision to increase the cross-default and judgement
default threshold to USD25 million from USD10 million, and to carve
out any default on the two offshore bonds if there is any default
in the three bonds that Redco has offered to purchase and a
US-dollar term loan facility.

DERIVATION SUMMARY

Redco's rating reflects Fitch's assessment that its offer to
purchase amounts to a DDE.

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, and this 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.

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

-- A 54% advance rate to net inventory because 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.

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

-- A 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.

-- A 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 because it is more readily transferrable, provided it is
    in good locations. Around 70% of Redco's land is in Tier 2 and
    Tier 3 cities in China.

-- A 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.

-- A 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 and Recovery Rating of 'RR4'.

RATING SENSITIVITIES

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

-- Fitch will reassess Redco's capital structure and cash flow
    after the completion of the offer to purchase, or if the offer
    to purchase is not completed, to determine its IDR and senior
    unsecured ratings.

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

-- Fitch will downgrade Redco's IDR to 'RD' if the offer to
    purchase is completed, or if the company fails to meet any of
    the debt obligations.

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.

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.


SUNAC CHINA: Does Not Rule Out Extension Proposal, REDD Reports
---------------------------------------------------------------
Reuters reports that Sunac China told some onshore holders it did
not rule out an extension proposal for a CNY4 billion (US$630.38
million) puttable bond due April 1, financial intelligence provider
REDD said on March 16.

Reuters relates that the country's No.3 property developer by sales
previously said it had prepared sufficient funding to repurchase
the bond.

The firm also planned to initiate talks with holders of its private
offshore debt worth US$1 billion, REDD reported, part of which
became puttable after Fitch Ratings downgrade by three notches on
March 16.

Sunac flagged its financial difficulties to the People's Bank of
China over the weekend, according to the report.

The ratings agency cut Sunac's issuer default rating (IDR) to "B-"
from "BB-", citing increasing uncertainty over the refinancing of
the firm's onshore and offshore debt maturing over the next few
months amid decreasing market confidence, as well as falling
contracted sales, the report notes.

According to Reuters, the developer last week reached an agreement
with investors to add a sell-back date of April 2023 for the
CNY4 billion puttable bond due April 2024, on top of an existing
option to sell it back this April.

REDD reported on March 16 that a Chinese bank holding around CNY1
billion of the bond decided to sell it back, after previously
agreeing to hold it for another year, leaving Sunac scrambling for
funds as it had planned to use the CNY1 billion to repay a trust
loan.

Sunac said on March 15 only institutional investors would be
allowed to buy its onshore bonds from March 16, Reuters adds.

                         About Sunac China

Sunac China Holdings Limited (SEHK:1918) --
http://www.sunac.com.cn/-- is principally engaged in the sales of
properties in the People's Republic of China. The Company operates
its business through two segments: Property Development and
Property Management and Others. The Company's subsidiaries include
Sunac Real Estate Investment Holdings Ltd., Qiwei Real Estate
Investment Holdings Ltd. and Yingzi Real Estate Investment Holdings
Ltd.

As reported in the Troubled Company Reporter-Asia Pacific on March
17, 2022, Fitch Ratings has downgraded China-based property
developer Sunac China Holdings Limited's Issuer Default Rating
(IDR) to 'B-', from 'BB-', and the senior unsecured rating and
outstanding senior unsecured notes to 'B-', from 'BB-', and
assigned a Recovery Rating of 'RR4'. All ratings have been placed
on Rating Watch Negative (RWN).

The downgrade reflects increasing uncertainty over the refinancing
of Sunac's onshore and offshore capital-market debt maturing over
the next few months amid decreasing market confidence, as well as
falling contracted sales. Sunac raised long-term funding via share
placements in January 2022, but capital markets have since become
largely inaccessible for the company. Sunac has disposed of its
stakes in some projects and is currently in discussions on
additional project sales. Nevertheless, Sunac's margin of safety is
narrowing.


YANGGU XIANGGUANG: Creditors Stop Loan Renewals
-----------------------------------------------
Bloomberg News reports that creditors to Yanggu Xiangguang Copper
Co., one of China's biggest copper smelters, have stopped providing
more loans over concerns about its ability to repay, according to
people familiar with the matter.

The lenders of Xiangguang include Chinese and foreign banks, said
the people, who asked not to be named as the information is
private. The creditors are in discussions with Xiangguang on
solutions, the people said, Bloomberg relays.

The local government is lobbying the banks to extend debt
maturities and resume some financing, but no agreement has been
made yet, the people said. Xiangguang, based in Yanggu of the
eastern Chinese province of Shandong, held a combined liability of
CNY11 billion (US$1.7 billion) as of September last year, Bloomberg
discloses citing its latest quarterly result.

It's not clear why creditors have withdrawn support, and Xiangguang
is still turning a profit in its refining business. But firms
across China have grappled with tighter liquidity in the past year
as regulators reined in lending, with private firms such as
property developer China Evergrande Group bearing the worst of the
credit crunch, the report states.

The situation with Xiangguang -- which can make about 450,000 tons
of copper and 20 tons of gold each year -- highlights how financing
pressures remain elevated in China even as Beijing seeks an
economic expansion at about 5.5%, according to Bloomberg.  Morgan
Stanley has said the world's second-largest economy may miss the
target, citing restrictive policies to bar the spread of Covid.

The copper smelter's 6.5% yuan bond due September 2022 has been
indicated above par value with limited trading.

At least one of the smelter's foreign copper concentrate suppliers
has stopped sending material because Xiangguang couldn't get
letters of credit from its banks, according to a separate person
familiar with the matter.  Fees for processing ores into metals --
the major source of income for smelters -- are seen rising this
year as concentrate production is expected to increase.

According to Bloomberg, Xiangguang's difficulties also tie in with
a tougher financing environment worldwide as banks turn more
cautious about commodities in the wake of high-profile scandals and
heightened volatility.  Trafigura Group, one of the world's top
commodity traders, has held talks with private equity groups for
additional financing as soaring prices triggered giant margin
calls, the report says.

Yanggu Xiangguang Copper Co.,Ltd. conducts copper smelting
businesses.  The Company mainly smelts, processes, and sells
cathode copper products.  Yanggu Xiangguang Copper also produces
alloy, gold, silver, and other products.


YANGO GROUP: Defaults on US$94.6MM Onshore Bond, Underwriter Says
-----------------------------------------------------------------
Reuters reports that Yango Group Co Ltd has defaulted on a CNY600
million (US$94.62 million) onshore bond after it failed to meet a
payment due on March 15, the bond's underwriter said.

China Construction Bank, the underwriter, said in a statement late
on March 16 Yango did not pay the principal and interest in full on
the due date, Reuters relays.

Yango defaulted on two dollar bonds in February, triggering demand
for early repayments from some investors of its onshore bonds, the
report says.

Reuters adds that the onshore bond payment in question was
originally due in June.  

Yango Group Co.,Ltd is a China-based company principally engaged in
the development and sale of real estates. The Company’s property
projects include residential buildings, office buildings and
commercial properties, among others. The Company is also involved
in the import and export trading, hotel operation, education
management and other businesses. The Company mainly operates its
business in domestic market, with East China as its main market.




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

GENTING HONG KONG: Global Dream Cruise Ship is Up for Sale
----------------------------------------------------------
Traveller reports that the sale of Genting Hong Kong's unfinished
mega-liner Global Dream has already lured plenty of potential
buyers, including billionaire ex-Genting boss Lim Kook Thay.

Traveller says the vessel is set to become the world's biggest
cruise ship, by capacity, once completed, but currently sits
unfinished in a German shipyard.

Troubled cruise company Genting HK, which also owns Dream Cruises,
Crystal Cruises and Star Cruises, filed for bankruptcy on January
19, days after the Hong Kong government paused "cruises to nowhere"
(short round-trip sailings that stop at no additional ports), the
report notes.

According to traveller.com, liquidators are looking to finalise the
sale before the German shipbuilder MV Werften runs out of money –
around the start of Europe's summer.

Despite the urgency to sell, the court-appointed insolvency
administrator Dr Christoph Morgen said the process will not be
rushed, telling Bloomberg they're fielding "significant interest,"
Bloomberg relays.

Dr. Morgen has not confirmed a price tag for the ship's sale, but
did reveal he's looking for "completion costs plus a little on
top".

Serious investors and interested parties have been visiting the
shipyard with their delegations and requesting details about the
build, a press spokesman for the insolvency administrator of MV
Werften Group confirmed with Traveller.

A letter written by Mr. Lim to creditors in December put the ship
at approximately 75 per cent complete, with the billionaire blaming
the German government for declining to finance US$620 million ($835
million) to finish the build and keep the shipyard in business.

Global Dream reportedly cost US$1.8 billion to build, and was
heavily financed up to US$1.4 billion.

The record-breaking vessel was set to signal a new era of mega
cruising, however, Genting suffered combined blows from the
pandemic and Hong Kong's notoriously tough coronavirus
restrictions, the report says.

Dr. Morgen told Bloomberg Mr. Lim was among those who expressed
early interest in the sale, and believed he was looking to purchase
the ship cheaply and take the build elsewhere, Traveller relates.

The Malaysian billionaire resigned as Genting's chairman and CEO
days after the company went into insolvency, the report notes.

                      About Genting Hong Kong

Genting Hong Kong Limited is a Hong Kong-based investment holding
company principally engaged in cruise businesses. The Company
operates through two segments. Cruise and Cruise-related Activities
segment is engaged in the sales of passenger tickets, the sales of
foods and beverages onboard, shore excursion, as well as the
provision of onboard entertainment and other onboard services.
Non-cruise Activities segment is engaged in onshore hotel
businesses, travel agency, aviation businesses, entertainment
businesses and shipyard businesses, among others. The Company
operates businesses in Asia Pacific, North America and Europe,
among others.

As reported in the Troubled Company Reporter-Asia Pacific on Jan.
20, 2022, Genting Hong Kong has filed a winding-up petition in
Bermuda, after the bankruptcy of its shipyard in Germany triggered
US$2.78 billion of debt and forced Asia's largest operator of sea
cruises to be liquidated.

The owner of Dream Cruise Holding appointed Alvarez & Marsal's
Edward Simon Middleton and Tiffany Wong Wing-sze as provisional
liquidators, South China Morning Post disclosed citing a filing on
Jan. 19 to the Hong Kong stock exchange.

Dream Cruises Holding Ltd., an indirect non-wholly owned unit of
Genting Hong Kong that has also filed a winding up petition, will
continue to operate its fleet in the region, the company said.




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

BHALOTHIA FOODS: CRISIL Moves B+ Debt Ratings to Not Cooperating
----------------------------------------------------------------
CRISIL Ratings has migrated the rating on bank facilities of
Bhalothia Foods Private Limited (BFPL) to 'CRISIL B+/Stable Issuer
not cooperating'.

                       Amount
   Facilities       (INR Crore)     Ratings
   ----------       -----------     -------
   Cash Credit            4         CRISIL B+/Stable (ISSUER NOT
                                    COOPERATING; Rating Migrated)

   Term Loan             10         CRISIL B+/Stable (ISSUER NOT
                                    COOPERATING; Rating Migrated)

CRISIL Ratings has been consistently following up with BFPL for
obtaining information through letters and emails dated January 28,
2022 and February 28, 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 BFPL, which restricts CRISIL
Ratings' ability to take a forward-looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on BFPL
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 BFPL to 'CRISIL B+/Stable Issuer not
cooperating'.

Incorporated in 2018, BFPL is owned and managed by Mr. Bhagwat
Prasad Agrawal, Mr. Rajesh Kumar Bhalothia, Mr. Ritesh Kumar
Bhalothia, Mr. Puneet Kumar Bhalothia, and Mr. Madhav Bhalothia.
The company operates a flour mill in Amethi, Uttar Pradesh.


GLAZEBROOKE TRADING: ICRA Keeps C+ Debt Rating in Not Cooperating
-----------------------------------------------------------------
ICRA has retained the ratings for the bank facilities of
Glazebrooke Trading Private Limited in the 'Issuer Not Cooperating'
category. The ratings are denoted as "[ICRA]C+; ISSUER NOT
COOPERATING".

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Non-convertible      150.00     [ICRA]C+; ISSUER NOT
   Debentures                      COOPERATING; Rating continues
                                   To remain under 'Issuer Not
                                   Cooperating' category

As part of its process and in accordance with its rating agreement
with Glazebrooke Trading Private Limited, ICRA has been trying to
seek information from the entity so as to monitor its performance.
Further, ICRA has been sending repeated reminders to the entity for
payment of surveillance fee that became due. Despite multiple
requests by ICRA, the entity's management has remained
non-cooperative. In the absence of requisite information and in
line with the aforesaid policy of ICRA, the rating has been
continues to the "Issuer Not Cooperating" category. The rating is
based on the best available
information.

The company was incorporated in 2017 to carry out import and
trading of spices in India. The company is diversifying into mining
related logistics in association with another firm, Kallal
Logistics. Glazebrooke is promoted by Mr. Vijayakumaran
Dwarakanathan and Mrs. Lakshmi Muthuraman.

GOALTORE COLD: CRISIL Keeps B- Debt Ratings in Not Cooperating
--------------------------------------------------------------
CRISIL Ratings has migrated the rating on bank facilities of
Goaltore Cold Storage Private Limited (GCSPL) to 'CRISIL B-/Stable
Issuer not cooperating'.

                       Amount
   Facilities       (INR Crore)     Ratings
   ----------       -----------     -------
   Cash Credit           6.33       CRISIL B-/Stable (ISSUER NOT
                                    COOPERATING; Rating Migrated)

   Proposed Long Term    3.35       CRISIL B-/Stable (ISSUER NOT
   Bank Loan Facility               COOPERATING; Rating Migrated)

   Working Capital       1.32       CRISIL B-/Stable (ISSUER NOT
   Facility                         COOPERATING; Rating Migrated)

CRISIL Ratings has been consistently following up with GCSPL for
obtaining information through letters and emails dated January 28,
2022 and February 24, 2022 among others, apart from telephonic
communication. However, the issuer has remained non cooperative.

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

Detailed Rationale

Despite repeated attempts to engage with the management, CRISIL
Ratings failed to receive any information on either the financial
performance or strategic intent of GCSPL, which restricts CRISIL
Ratings' ability to take a forward looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on GCSPL
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 GCSPL to 'CRISIL B-/Stable Issuer not
cooperating'.

Initially established as a partnership firm in 1993, West
Bengal-based GCSPL was reconstituted as a private limited company
in 1997. The company operates a cold storage unit for potato
farmers. Mr. Tapan Karak and his family members are the promoters.


HAL-KO-INFRA: CRISIL Downgrades LT/ST Debt Ratings to D
-------------------------------------------------------
CRISIL Ratings has downgraded its ratings on the bank facilities of
Hal-ko-Infra Projects (HI) to 'CRISIL D/CRISIL D' from 'CRISIL
B/Stable/CRISIL A4'.

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

   Short Term Rating      -         CRISIL D (Downgraded from
                                    'CRISIL A4')

The downgrade reflects instances of delay in interest servicing and
overdrawing in funded working capital facilities with overdue
beyond thirty days in the past 90 days. Further, there has been
delays in interest servicing and repayment of term loans during the
past 90 days.

The ratings continue to reflect weak business performance, below
average financial risk profile and poor liquidity. These weaknesses
are partially offset by company's longstanding presence in the
civil construction business.

Key Rating Drivers & Detailed Description

Weakness:

* Decline in scale of operations and significant geographical
concentration in the highly fragmented construction industry: Due
to low turnover, company is executing the projects as a
sub-contractor since they are not able to directly bid for the
government projects. Moreover, the contracts are undertaken mainly
of Maharashtra and Karnataka regions, leading to significant
exposure to geographical concentration risk. Company remains
exposed to changes in policies related to civil infrastructure,
socio-economic and political conditions in this region. Due to
delay in execution of work on account of Covid-19 led lockdowns,
operating income declined from INR8.5 crore in fiscal 2020 to
INR1.5 crore in fiscal 2021 and company booked net loss in fiscal
2021. Revenue and profitability is expected to remain constrained
over the medium term.

* Below average financial risk profile: Networth declined from
INR2.9 crore in fiscal 2020 to INR2.6 crore in fiscal 2021. In
medium term, networth is expected to range between INR2.8 - 3.5
crore. The TOL/ANW ratio was estimated to be 3.5 times as of March
31 2021, and likely to remain in the range of 2.9 – 3.4 times on
account of moderate improvement in networth, however, leverage
levels are expected to remain high, constraining the financial risk
profile.

* Below average debt protection metrics: Debt protection metrics
are weak due to cash losses and net cash accrual to adjusted debt
was (0.04) times as on fiscal 2021, in medium term it is expected
to remain weak in the range of 0.05 – 0.08 times.

Strengths:

* Partners' extensive experience in the civil construction
business: Partners- Mr. Subhash Kotekar and Mr. Amol Halurkar have
experience of over two decades in the construction industry. The
firm benefits from their extensive experience and understanding of
the dynamics of the market.

Liquidity: Poor

Due to pandemic, the construction work was delayed which led to low
revenue and profitability in fiscal 2021. Company booked net loss
leading to poor liquidity. Cash credit limit was fully utilized for
last 12-months ending Nov 2021. Poor liquidity has led to delay in
servicing of debt obligations by the company. Liquidity is
supported in the form of unsecured loan from the promoter and
related parties amounting to INR2.4 crore as on March 31, 2021.
However, the required timely support was not available which has
led to delay in servicing the debt obligations.

Rating Sensitivity Factors

Upward factor:

* Sustainable improvement in the business risk profile; where net
cash accrual is above 1 crore
* Sufficient liquidity to manage working capital requirement and
timely servicing of debt obligation for 90 days or more

Established in 2008 and based in Mumbai, HI undertakes construction
projects, such as construction of roads and bridges, schools, dams,
water supply projects, and water treatment plants.


HEMNIL METAL: CRISIL Keeps D Debt Ratings in Not Cooperating
------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Hemnil Metal
Processors Private Limited (HMPPL) continue to be 'CRISIL D Issuer
Not Cooperating'.

                    Amount
   Facilities    (INR Crore)    Ratings
   ----------    -----------    -------
   Cash Credit        7         CRISIL D (Issuer Not Cooperating)
   Term Loan          9.62      CRISIL D (Issuer Not Cooperating)

CRISIL Ratings has been consistently following up with HMPPL for
obtaining information through letters and emails dated January 22,
2022 and February 7, 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 HMPPL, which restricts CRISIL
Ratings' ability to take a forward looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on HMPPL
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the ratings on bank facilities of
HMPPL continues to be 'CRISIL D Issuer Not Cooperating'.

Incorporated in 1996, HMPPL cuts coils or sheets in sizes as
specified by customers, mainly from the automobile industry.
Operations are managed by key promoter, Mr. Hemant Mehta.


JADWET RESORTS: CRISIL Keeps B Debt Rating in Not Cooperating
-------------------------------------------------------------
CRISIL Ratings said the rating on bank facilities of Jadwet Resorts
and Leisure Private Limited (JRLPL) continues to be 'CRISIL
B/Stable Issuer Not Cooperating'.

                       Amount
   Facilities       (INR Crore)     Ratings
   ----------       -----------     -------
   Long Term Loan        10         CRISIL B/Stable (Issuer Not
                                    Cooperating)

CRISIL Ratings has been consistently following up with JRLPL for
obtaining information through letters and emails dated January 22,
2022 and February 7, 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 JRLPL, which restricts CRISIL
Ratings' ability to take a forward-looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on JRLPL
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the ratings on bank facilities of
JRLPL continue to be 'CRISIL B/Stable Issuer Not Cooperating'.

Incorporated in fiscal 2014, JRLPL is based in Port Blair (Union
Territory of Andaman & Nicobar Islands) and is promoted by Mr.
Mohamed Jadwet and Mr. Zakir Jadwet.

The company is undertaking a project for setting up a high-end spa
resort on 9200 square meters on Vijay Nagar Beach in Havelock
(Andaman and Nicobar Islands). The project plan includes a 30-room
resort, one all-year restaurant, bar and lounge, indoor
meeting/conference space, and spa and scuba centre. The project
outlay is around INR20 crore. The operations are expected to start
from September 2018.


JAMNA METAL: CRISIL Keeps C Debt Ratings in Not Cooperating
-----------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Jamna Metal
Co. (JMC) continue to be 'CRISIL C/CRISIL A4 Issuer Not
Cooperating'.

                         Amount
   Facilities          (INR Crore)     Ratings
   ----------          -----------     -------
   Bank Guarantee           1.67       CRISIL A4 (Issuer Not
                                       Cooperating)

   Cash Credit              4          CRISIL C (Issuer Not
                                       Cooperating)

   Proposed Long Term      10.01       CRISIL C (Issuer Not
   Bank Loan Facility                  Cooperating)

   Term Loan                1.82       CRISIL C (Issuer Not
                                       Cooperating)

   Working Capital          5.5        CRISIL C (Issuer Not
   Term Loan                           Cooperating)

CRISIL Ratings has been consistently following up with JMC for
obtaining information through letters and emails dated January 22,
2022 and February 7, 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 JMC, which restricts CRISIL
Ratings' ability to take a forward-looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on JMC
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the ratings on bank facilities of
JMC continue to be 'CRISIL C/CRISIL A4 Issuer Not Cooperating'.

JMC commenced operations in 1997 as Shree Jamna Metal Works, a
proprietorship concern of Mr. Kishan Chand Bansal. The firm
manufactures galvanized steel trays used in the power sector as a
base for laying power transmission cables.


JNSL FERRO: CRISIL Keeps B Debt Ratings in Not Cooperating
----------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of J N S L Ferro
Alloys (JFA) continue to be 'CRISIL B/Stable Issuer Not
Cooperating'.

                       Amount
   Facilities       (INR Crore)     Ratings
   ----------       -----------     -------
   Cash Credit           4.9        CRISIL B/Stable (Issuer Not
                                    Cooperating)

   Proposed Long Term    1.6        CRISIL B/Stable (Issuer Not
   Bank Loan Facility               Cooperating)

   Term Loan             1.5        CRISIL B/Stable (Issuer Not
                                    Cooperating)

CRISIL Ratings has been consistently following up with JFA for
obtaining information through letters and emails dated January 22,
2022 and February 7, 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 JFA, which restricts CRISIL
Ratings' ability to take a forward-looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on JFA
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the ratings on bank facilities of
JFA continues to be 'CRISIL B/Stable Issuer Not Cooperating'.

JFA, a proprietorship firm, was incorporated in 2006-07 (refers to
financial year, April 1 to March 31) by Mr. Lakesh Juneja. It
trades in various ferrous metals like hot-rolled coils/sheets,
cold-rolled coils/sheets, structured steel products, stainless
steel products and metal scrap. JFA has also developed a shopping
mall in Ludhiana (Punjab) which is expected to commence operations
in October 2015.


KRISH CEREALS: ICRA Withdraws D Rating on INR23cr Fund Based Debt
-----------------------------------------------------------------
ICRA has withdrawn the ratings assigned to the bank facilities of
Krish Cereals Pvt. Ltd. at the request of the company and based on
the No Objection Certificate/No Due Certificate/Closure Certificate
received from the banker. However, ICRA does not have information
to suggest that the credit risk has changed since the time the
rating was last reviewed. The Key Rating Drivers, Liquidity
Position, Rating Sensitivities, Key Financial indicators have not
been captured as the rated instruments are being withdrawn.  

                    Amount
   Facilities    (INR crore)    Ratings
   ----------    -----------    -------
   Fund based        23.00      [ICRA]D ISSUER NOT COOPERATING;
   limits                       Withdrawn

Krish Cereals Pvt. Ltd. (KCPL) is engaged in the business of
milling of Basmati Rice. The company has processing unit with
capacity of 16 tonnes per hour which is located in Nissing (Distt.
Karnal)- Haryana. The Company caters to both domestic as well as
export markets.


LAKSHMEE HOMES: CRISIL Keeps B- Debt Rating in Not Cooperating
--------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Shree
Lakshmee Homes & Infrastructures (SLHI) continue to be 'CRISIL
B-/Stable Issuer Not Cooperating'.

                       Amount
   Facilities       (INR Crore)     Ratings
   ----------       -----------     -------
   Long Term Loan         6         CRISIL B-/Stable (Issuer Not
                                    Cooperating)

CRISIL Ratings has been consistently following up with SLHI for
obtaining information through letters and emails dated January 22,
2022 and February 7, 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 SLHI, which restricts CRISIL
Ratings' ability to take a forward-looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on SLHI
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the ratings on bank facilities of
SLHI continues to be 'CRISIL B-/Stable Issuer Not Cooperating'.

SLHL was set up in 1999 as a proprietary concern by Mr. Amrith
Shenoy, who manages operations. The firm is an Udupi-based real
estate developer.


LAXMI VENKATESHWARA: CRISIL Keeps B Rating in Not Cooperating
-------------------------------------------------------------
CRISIL Ratings said the rating on bank facilities of Sri Laxmi
Venkateshwara Rice Mill Ginning Factory (LVRMG) continues to be
'CRISIL B/Stable Issuer Not Cooperating'.

                       Amount
   Facilities       (INR Crore)     Ratings
   ----------       -----------     -------
   Overdraft Facility    7.5        CRISIL B/Stable (Issuer Not
                                    Cooperating)

CRISIL Ratings has been consistently following up with LVRMG for
obtaining information through letters and emails dated January 31,
2022 and February 28, 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 LVRMG, which restricts CRISIL
Ratings' ability to take a forward-looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on LVRMG
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the ratings on bank facilities of
LVRMG continue to be 'CRISIL B/Stable Issuer Not Cooperating'.

Set up in 1991 as a partnership firm by Mr. Ramu, Mr. Pushpavathi,
Mr. Krishnamurthy, and Mr. Venkata Shailaja, LVRMG gins and
processes steamed and raw rice at its facility in Karatagi,
Karnataka). The promoters have been in the rice milling business
since 1991.


MALABAR HOTEL: CRISIL Downgrades Debt Ratings to D
--------------------------------------------------
CRISIL Ratings has downgraded its ratings on the bank facilities of
Malabar Hotel Management and Catering Promotion Trust (MHMCPT) to
'CRISIL D/CRISIL D' from 'CRISIL BB/Stable/CRISIL A4+'.

                       Amount
   Facilities       (INR Crore)     Ratings
   ----------       -----------     -------
   Long Term Rating      -          CRISIL D (Downgraded from
                                    'CRISIL BB/Stable')

   Short Term Rating     -          CRISIL D (Downgraded from
                                    'CRISIL A4+')

The ratings downgrade reflects delays in servicing of debt
obligations for the past few months, on account of delay in fee
collection.

MHMCPT has modest scale of operations, large working capital cycle
and established position in the education industry.

Analytical Approach

Unsecured loans of 6.55 crore as on March 31, 2021, are treated as
no debt no equity as they are expected to be retained in business
over medium term

Key Rating Drivers & Detailed Description

Weakness:

* Delay in servicing of debt: MHMCPT has delayed servicing its debt
obligation due to delay in receiving fees, leading to mismatch of
cash flows.

* Modest scale of operations: Despite being operational for more
than 20 years, the scale continues to remain modest, reflected in
revenue of INR 11.68 crore, on account of intense competition from
other colleges in the same region.

* Large working capital cycle: Its intensive working capital
management is reflected in its gross current assets (GCA) of 275
days as on March 31, 2021, due to high debtor of 207 days. The
debtor days are expected to be high on account of inconsistency in
payments from student fees. This leads to high dependence on bank
lines.

Strengths:

* Established position in the education industry: The trust has
been providing education services in the field of hospitality
management for the past 20 years and has established strong
regional market position as reflected in the increased intake of
students for the courses offered.

Liquidity Poor

MHMCPT has weak liquidity as reflected in delay in repayment of
debt obligations on account of weak cash flows.

Rating Sensitivity factors

Upward factor

* Timely repayment of debt obligations for 90 days
* Improvement in working capital cycle and liquidity profile

MHMCPT conducts courses in hospitality management, fashion
designing, mass communication and journalism, and information
technology, among others. The three institutes are Oriental School
of Hotel Management (established in 1995), Oriental College of
Hotel Management and Culinary Arts (established in 2009) and
Oriental Institute of Management Studies (established in 2013). The
trust is managed by Mr. N. K. Mohamed and his wife Mrs. Aisabi.


NICE POULTRY: CRISIL Keeps B- Debt Ratings in Not Cooperating
-------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Nice Poultry
Feeds Mill Private Limited (NPFPL) continue to be 'CRISIL B-/Stable
Issuer Not Cooperating'.

                       Amount
   Facilities       (INR Crore)     Ratings
   ----------       -----------     -------
   Cash Credit           1          CRISIL B-/Stable (Issuer Not
                                    Cooperating)

   Proposed Long Term    0.75       CRISIL B-/Stable (Issuer Not
   Bank Loan Facility               Cooperating)

   Term Loan             9.25       CRISIL B-/Stable (Issuer Not
                                    Cooperating)

CRISIL Ratings has been consistently following up with NPFPL for
obtaining information through letters and emails dated January 22,
2022 and February 7, 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 NPFPL, which restricts CRISIL
Ratings' ability to take a forward-looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on NPFPL
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the ratings on bank facilities of
NPFPL continue to be 'CRISIL B-/Stable Issuer Not Cooperating'.

NPFPL, incorporated in 2011, manufactures poultry feed at its
facility in Ghaziabad (Uttar Pradesh). NPFPL is promoted by Mr.
Rais Ahmad, Mr. Naeem Ahmad, and Ms. Shama Praveen.


OXINA CARS: CRISIL Keeps B Debt Ratings in Not Cooperating
----------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Oxina Cars
Private Limited (OCPL) continue to be 'CRISIL B/Stable Issuer Not
Cooperating'.

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

   Proposed Long Term     0.1       CRISIL B/Stable (Issuer Not
   Bank Loan Facility               Cooperating)

   Term Loan              9.9       CRISIL B/Stable (Issuer Not
                                    Cooperating)

CRISIL Ratings has been consistently following up with OCPL for
obtaining information through letters and emails dated January 22,
2022 and February 28, 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 OCPL, which restricts CRISIL
Ratings' ability to take a forward-looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on OCPL
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the ratings on bank facilities of
OCPL continues to be 'CRISIL B/Stable Issuer Not Cooperating'.

Incorporated in 2016, OCPL is a dealer of Hyundai in
Tiruchirappalli, Tamil Nadu. The company is promoted by Mr. K
Karunanithi. It commenced operations in March 2017.


P.S.K. TEXTILES: CRISIL Keeps B+ Debt Ratings in Not Cooperating
----------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of P.S.K.
Textiles India Private Limited (PSK) continue to be 'CRISIL
B+/Stable Issuer Not Cooperating'.

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

   Proposed Long Term     1.21      CRISIL B+/Stable (Issuer Not
   Bank Loan Facility               Cooperating)

   Term Loan              8.06      CRISIL B+/Stable (Issuer Not
                                    Cooperating)

CRISIL Ratings has been consistently following up with PSK for
obtaining information through letters and emails dated January 22,
2022 and February 28, 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 PSK, which restricts CRISIL
Ratings' ability to take a forward-looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on PSK
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the ratings on bank facilities of
PSK continues to be 'CRISIL B+/Stable Issuer Not Cooperating'.

Incorporated in 2005 by Mr. K S Shekar, Namakkal (Tamil Nadu)-based
PSK primarily weaves fabrics on jobwork basis.


PALNADU INFRASTRUCTURE: CRISIL Keeps D Ratings in Not Cooperating
-----------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Palnadu
Infrastructure Private Limited (PIPL) continue to be 'CRISIL D
Issuer Not Cooperating'.

                        Amount
   Facilities        (INR Crore)     Ratings
   ----------        -----------     -------
   Long Term Loan         3.5        CRISIL D (Issuer Not
                                     Cooperating)

   Proposed Long Term     2.15       CRISIL D (Issuer Not
   Bank Loan Facility                Cooperating)

   Term Loan             10.35       CRISIL D (Issuer Not
                                     Cooperating)

CRISIL Ratings has been consistently following up with PIPL for
obtaining information through letters and emails dated January 22,
2022 and February 7, 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 PIPL, which restricts CRISIL
Ratings' ability to take a forward-looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on PIPL
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the ratings on bank facilities of
PIPL continues to be 'CRISIL D Issuer Not Cooperating'.

PIPL was set up in 2013 by Mr. K Mahesh Reddy, Mr. Rajesh Alla, and
their family members. The company develops real estate, and is
currently developing a commercial real estate project in
Hyderabad.


PATEL TRADING: CRISIL Keeps B Debt Rating in Not Cooperating
------------------------------------------------------------
CRISIL Ratings said the rating on bank facilities of Patel Trading
Corporation (PTC) continues to be 'CRISIL B/Stable Issuer Not
Cooperating'.

                         Amount
   Facilities         (INR Crore)    Ratings
   ----------         -----------    -------
   Overdraft Facility       7        CRISIL B/Stable (Issuer Not
                                     Cooperating)

CRISIL Ratings has been consistently following up with PTC for
obtaining information through letters and emails dated January 22,
2022 and February 7, 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 PTC, which restricts CRISIL
Ratings' ability to take a forward-looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on PTC
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the ratings on bank facilities of
PTC continues to be 'CRISIL B/Stable Issuer Not Cooperating'.

Set up in 1982, Bengaluru-based PTC trades in a large number of
industrial tools and welding products primarily catering to the
manufacturing, construction, and infrastructure industries. The
day-to-day operations of PTC are managed by its partner, Mr.
Sandeep Patel.


PVSRSN ENTERPRISE: CRISIL Keeps D Debt Ratings in Not Cooperating
-----------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of PVSRSN
Enterprise Private Limited continue to be 'CRISIL D/CRISIL D Issuer
Not Cooperating'.

                       Amount
   Facilities       (INR Crore)     Ratings
   ----------       -----------     -------
   Bank Guarantee        10         CRISIL D (Issuer Not
                                    Cooperating)

   Cash Credit           15         CRISIL D (Issuer Not
                                    Cooperating)

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


CRISIL Ratings has been consistently following up with PVSRSN for
obtaining information through letters and emails dated January 22,
2022 and February 28, 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 PVSRSN, which restricts CRISIL
Ratings' ability to take a forward-looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on
PVSRSN is consistent with 'Assessing Information Adequacy Risk'.
Based on the last available information, the ratings on bank
facilities of PVSRSN continues to be 'CRISIL D/CRISIL D Issuer Not
Cooperating'.

PVSRSN was set up as a proprietorship firm in 2003 by Mr. P V Sita
Rama Swamy Naidu. The firm was reconstituted as a closely held
company in 2008. PVSRSN undertakes civil construction activities
entailing irrigation and roadwork, and has implemented projects in
Andhra Pradesh.


R. R. DEVELOPERS: CRISIL Keeps B+ Debt Ratings in Not Cooperating
-----------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of R. R.
Developers (RRD) continue to be 'CRISIL B+/Stable Issuer Not
Cooperating'.

                    Amount
   Facilities    (INR Crore)     Ratings
   ----------    -----------     -------
   Drop Line          8.3        CRISIL B+/Stable (Issuer Not
   Overdraft                     Cooperating)
   Facility           
                       
   Drop Line          1.7        CRISIL B+/Stable (Issuer Not
   Overdraft                     Cooperating)
   Facility           

CRISIL Ratings has been consistently following up with RRD for
obtaining information through letters and emails dated January 22,
2022 and February 7, 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 RRD, which restricts CRISIL
Ratings' ability to take a forward-looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on RRD
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the ratings on bank facilities of
RRD continues to be 'CRISIL B+/Stable Issuer Not Cooperating'.

Set up in 2002 and promoted by the Lucknow-based Agarwal family,
RRD is part of the RR group. The firm operates a budget hotel in
Lucknow. RRD follows a franchise model and operates under the Best
Western Plus Levana brand.


RAJ SHREE: CRISIL Keeps B Ratings in Not Cooperating Category
-------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Raj Shree
Limes (RSL) continue to be 'CRISIL B/Stable Issuer Not
Cooperating'.

                       Amount
   Facilities       (INR Crore)     Ratings
   ----------       -----------     -------
   Cash Credit           4.3        CRISIL B/Stable (Issuer Not
                                    Cooperating)

   Term Loan             1.05       CRISIL B/Stable (Issuer Not
                                    Cooperating)

CRISIL Ratings has been consistently following up with RSL for
obtaining information through letters and emails dated January 22,
2022 and February 7, 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 RSL, which restricts CRISIL
Ratings' ability to take a forward-looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on RSL
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the ratings on bank facilities of
RSL continues to be 'CRISIL B/Stable Issuer Not Cooperating'.

Set up in 2013, RSL, a proprietorship firm of Mr. Vikram Singh
Rathore, is engaged in the extraction of limestone and manufacture
of hydrated lime and quick lime from it and supplying the output
locally.


RAJLAXMI DENIM: CRISIL Keeps B+ Debt Ratings in Not Cooperating
---------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Shri Rajlaxmi
Denim Limited (SRDL) continue to be 'CRISIL B+/Stable Issuer Not
Cooperating'.

                       Amount
   Facilities       (INR Crore)     Ratings
   ----------       -----------     -------
   Cash Credit           30         CRISIL B+/Stable (Issuer Not
                                    Cooperating)

   Long Term Loan        51.5       CRISIL B+/Stable (Issuer Not
                                    Cooperating)

CRISIL Ratings has been consistently following up with SRDL for
obtaining information through letters and emails dated January 22,
2022 and February 28, 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 SRDL, which restricts CRISIL
Ratings' ability to take a forward-looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on SRDL
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the ratings on bank facilities of
SRDL continues to be 'CRISIL B+/Stable Issuer Not Cooperating'.

Incorporated in 2012, SRDL'promoted by Mr. Shrikant Shah and Mr.
Bharat Sickji'manufactures denim. It is based in Surat, Gujarat,
and commenced commercial operations in May 2015.


SAPPHIRE LIFESCIENCES: ICRA Moves D Ratings to Not Cooperating
--------------------------------------------------------------
ICRA moved the ratings for the bank facilities of Sapphire
Lifesciences Private Limited (SLPL) to 'Issuer Not Cooperating'
category. The rating is denoted as "[ICRA]D ISSUER NOT
COOPERATING".

                    Amount
   Facilities    (INR crore)     Ratings
   ----------    -----------     -------
   Fund based-       12.50       [ICRA]D ISSUER NOT COOPERATING;
   Cash Credit                   Rating Moved to 'Issuer Not
                                 Cooperating' category

   Fund based–        5.68       [ICRA]D ISSUER NOT COOPERATING;
   Term Loan                     Rating Moved to 'Issuer Not
                                 Cooperating' category

The rating is based on limited cooperation from the entity since
the time it was last rated in June 2021. As part of its process and
in accordance with its rating agreement with SLPL, ICRA has been
sending repeated reminders to the entity for payment of
surveillance fee that became due. However, despite multiple
requests by ICRA, the entity's management has remained
noncooperative. In the absence of requisite cooperation and in line
with SEBI's Circular No. SEBI/HO/MIRSD4/CIR/2016/119, dated
November 1, 2016, the company's rating has been moved to the
"Issuer Not Cooperating" category.

Sapphire Lifesciences Private Limited, earlier known as Sapphire
Capsules Pvt. Ltd., is an integrated pharmaceutical contract
manufacturing enterprise, involved in the production of tablets and
capsules. Its current installed manufacturing capacity is 180 crore
of capsules and tablets each. SLPL's registered office is in Mumbai
and its manufacturing plant is at Palghar (Thane district) in
Maharashtra, which holds the Good Manufacturing Practices (GMP)
certification from World Health Organization (WHO).


SHAMSHREE INT'L: CRISIL Keeps B Debt Ratings in Not Cooperating
---------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Shamshree
International Private Limited (SIPL) continue to be 'CRISIL
B/Stable Issuer Not Cooperating'.

                       Amount
   Facilities       (INR Crore)     Ratings
   ----------       -----------     -------
   Cash Credit           4.9        CRISIL B/Stable (Issuer Not
                                    Cooperating)
   Letter of Credit      4.5        CRISIL B/Stable (Issuer Not
                                    Cooperating)

CRISIL Ratings has been consistently following up with SIPL for
obtaining information through letters and emails dated January 22,
2022 and February 7, 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 SIPL, which restricts CRISIL
Ratings' ability to take a forward-looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on SIPL
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the ratings on bank facilities of
SIPL continues to be 'CRISIL B/Stable Issuer Not Cooperating'.

SIPL's financial risk profile continues to be weak with modest net
worth of INR46 million, and high gearing of 2.5 times, as of March
31, 2015. The interest coverage was also low at 1.31 times for
2014-15. The financial risk profile is expected to remain weak over
the near term.


SHIV NARAIN: CRISIL Keeps B Debt Rating in Not Cooperating
----------------------------------------------------------
CRISIL Ratings said the rating on bank facilities of Shiv Narain
Periwal and Sons Private Limited (SNPPL) continues to be 'CRISIL
B/Stable Issuer Not Cooperating'.

                       Amount
   Facilities       (INR Crore)     Ratings
   ----------       -----------     -------
   Cash Credit            11        CRISIL B/Stable (Issuer Not
                                    Cooperating)

CRISIL Ratings has been consistently following up with SNPPL for
obtaining information through letters and emails dated January 22,
2022 and February 28, 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 SNPPL, which restricts CRISIL
Ratings' ability to take a forward-looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on SNPPL
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the ratings on bank facilities of
SNPPL continues to be 'CRISIL B/Stable Issuer Not Cooperating'.

SNPPL, set up in 1978 as a proprietorship firm by Mr. Sunil Periwal
and reconstituted as a private limited company in June 2014, is the
authorised distributor of fertilizers, pesticides, and seeds of
various companies in Abohar. Its operations are managed by Mr.
Sunil Periwal and his brother Mr. Jagat Periwal.


SHIVAM ENTERPRISE: CRISIL Keeps B Debt Ratings in Not Cooperating
-----------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Shivam
Enterprise - Morbi (SE) continue to be 'CRISIL B/Stable Issuer Not
Cooperating'.

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

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

CRISIL Ratings has been consistently following up with SE for
obtaining information through letters and emails dated January 22,
2022 and February 7, 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 SE, which restricts CRISIL
Ratings' ability to take a forward looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on SE is
consistent with 'Assessing Information Adequacy Risk'. Based on the
last available information, the ratings on bank facilities of SE
continue to be 'CRISIL B/Stable Issuer Not Cooperating'.

SE, based in Morbi, Gujarat, was established in 2012. The firm
trades in coal, wall tiles, ink, Abrasive, and oil lubricants used
in the ceramic machinery. It started commercial operations in
December 2013.


SHIVAM OFFSET: CRISIL Keeps B Debt Rating in Not Cooperating
------------------------------------------------------------
CRISIL Ratings said the rating on bank facilities of Shivam Offset
(SO) continues to be 'CRISIL B/Stable Issuer Not Cooperating'.

                       Amount
   Facilities       (INR Crore)     Ratings
   ----------       -----------     -------
   Term Loan            5.83        CRISIL B/Stable (Issuer Not
                                    Cooperating)

CRISIL Ratings has been consistently following up with SO for
obtaining information through letters and emails dated January 22,
2022 and February 7, 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 SO, which restricts CRISIL
Ratings' ability to take a forward looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on SO is
consistent with 'Assessing Information Adequacy Risk'. Based on the
last available information, the ratings on bank facilities of SO
continues to be 'CRISIL B/Stable Issuer Not Cooperating'.

Set up by Mr. Sanjay Thorwat as a proprietary firm in 2000, SO
prints textbooks for schools and colleges, and undertakes
commercial printing of files, calendars, and pamphlets at its unit
in Kolhapur, Maharashtra.


SIGMA SYNTHETICS: CRISIL Keeps B Debt Ratings in Not Cooperating
----------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Sigma
Synthetics Private Limited (SSPL) continue to be 'CRISIL B/Stable
Issuer Not Cooperating'.

                       Amount
   Facilities       (INR Crore)     Ratings
   ----------       -----------     -------
   Cash Credit            30        CRISIL B/Stable (Issuer Not
                                    Cooperating)

   Term Loan               4        CRISIL B/Stable (Issuer Not
                                    Cooperating)

CRISIL Ratings has been consistently following up with SSPL for
obtaining information through letters and emails dated January 31,
2022 and February 28, 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 SSPL, which restricts CRISIL
Ratings' ability to take a forward-looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on SSPL
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the ratings on bank facilities of
SSPL continues to be 'CRISIL B/Stable Issuer Not Cooperating'.

SSPL, incorporated in 1987, manufactures ready-made garments (RMG)
fabrics and RMG. Headquartered in Ludhiana (Punjab), the company is
owned and managed by Mr. Jasjot Singh and his family.


SIRI GANESH: CRISIL Keeps B Debt Ratings in Not Cooperating
-----------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Siri Ganesh
Rice And Oil Mills (SGRM) continue to be 'CRISIL B/Stable Issuer
Not Cooperating'.

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

   Proposed Long Term     5.5       CRISIL B/Stable (Issuer Not
   Bank Loan Facility               Cooperating)

CRISIL Ratings has been consistently following up with SGRM for
obtaining information through letters and emails dated January 22,
2022 and February 28, 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 SGRM, which restricts CRISIL
Ratings' ability to take a forward-looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on SGRM
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the ratings on bank facilities of
SGRM continues to be 'CRISIL B/Stable Issuer Not Cooperating'.

SGRM was incorporated by Mahajan family of Amritsar (Punjab) in
1972 as a proprietorship firm and was reconstituted as a
partnership firm in 2002. It mills and processes paddy into basmati
rice, rice bran, broken rice, and husk. Mr. Krishan Lal Mahajan,
Mr. Sumit Mahajan, and Ms. Saroj Mahajan are partners in the firm
and manage its operations.


SULAKSHANA AGENCIES: CRISIL Keeps B Rating in Not Cooperating
-------------------------------------------------------------
CRISIL Ratings said the rating on bank facilities of Sulakshana
Agencies continues to be 'CRISIL B/Stable Issuer Not Cooperating'.

                       Amount
   Facilities       (INR Crore)     Ratings
   ----------       -----------     -------
   Cash Credit            6         CRISIL B/Stable (Issuer Not
                                    Cooperating)

CRISIL Ratings has been consistently following up with Sulakshana
for obtaining information through letters and emails dated January
22, 2022 and February 7, 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 Sulakshana, which restricts
CRISIL Ratings' ability to take a forward-looking view on the
entity's credit quality. CRISIL Ratings believes that rating action
on Sulakshana is consistent with 'Assessing Information Adequacy
Risk'. Based on the last available information, the ratings on bank
facilities of Sulakshana continue to be 'CRISIL B/Stable Issuer Not
Cooperating'.

Sulakshana was originally established as a proprietorship firm in
1994 by Mr. Sridhar Kamath; it was reconstituted as a partnership
firm in 2010. Sulakshana, based in Mangaluru (Karnataka), is
currently engaged in distribution of the Samsung brand of consumer
durables over three districts of Karnataka' Dakshina Kannada,
Udupi, and North Kanara.


TATA CHEMICALS: Fitch Affirms 'BB+' Foreign Currency IDR
--------------------------------------------------------
Fitch Ratings has affirmed Tata Chemicals Limited's (TCL) Long-Term
Foreign-Currency Issuer Default Rating (IDR) at 'BB+'. The Outlook
is Stable.

The rating reflects TCL's leading position as the world's
third-largest soda ash producer, its cost-competitive operations
and geographic diversification, a healthy financial profile
maintained through periods of pandemic-related disruptions, and the
soda-ash sector's adequate exposure to non-discretionary
end-markets. The rating is constrained by TCL's small scale
relative to global peers, and limited product diversification. The
Stable Outlook reflects Fitch's expectations that TCL's credit
metrics would remain adequate for its rating over the medium term.

KEY RATING DRIVERS

Strong Market Position: TCL is the world's third-largest soda ash
producer. Its soda ash capacity in the US and Kenya (68% of TCL's
total capacity of 4.1 million tonnes) benefits from natural trona
deposits, which require low conversion costs. TCL's capacity in
Gujarat, India (23% of total) is one of the lowest-cost producers
of synthetic soda ash, aided by proximity to limestone quarries and
economies of scale. It also has an integrated cement plant that
uses waste generated from soda-ash manufacturing. These underpin
the company's cost competitiveness relative to peers.

Small Scale: Fitch expects TCL's EBITDA, which Fitch forecasts to
average around USD280 million in the financial year ending March
2022 (FY22) to FY25, to be one the lowest among Fitch-rated
chemical companies in APAC. Fitch expects around 85% of TCL's
EBITDA to be from soda ash-related products and salt. This exposes
TCL to higher risks associated with the commodity nature of soda
ash than peers that are larger or sell multiple products.

However, the risk is mitigated by its favourable geographic
diversification. Fitch estimates developed markets in the US and
Europe account for around 40% of TCL's soda ash EBITDA, and the
company has a good mix of discretionary (flat glass) and
non-discretionary (salt, detergents, glassware and chemical
products) end-markets.

Volume Recovery Underway: Fitch expects TCL's soda ash sales,
including salt, to rise by 15% in FY22 and by 2%-4% per year
thereafter (9MFY22: 19%). The sharp increase in FY22 is led by an
improvement in TCL's US exports (+92% in 9MFY22, -37% in 9MFY21),
particularly to south-east Asia and Latin America, as demand
recovered from the pandemic lows. The ongoing global economic
recovery, emergence of new applications like lithium carbonate and
solar glass, and capacity expansion at TCL's India operations
should support sales over the medium term.

Tight Industry Conditions Support Prices: Fitch expects the tight
demand and supply conditions in the global soda ash industry to
continue in FY23 and support TCL's ability to increase prices.
While demand continues to recover in key end-markets, supply is
constrained by stricter environment policies adopted by industry
players. Prices for TCL's India and Africa contracts, which are
short-term in nature, have been increased in recent quarters, while
those for its US and UK contracts are negotiated annually and
should see increases in FY23.

Margins Reflect Higher Energy Costs: TCL has effectively navigated
the rising energy costs in FY22 through price increases, hedging
and inventory management, and Fitch expects it to continue to do so
in the medium term. Fitch forecasts its EBITDA margins to average
15%-16% over FY22-FY25 versus 14% in FY21 and 18% in FY20,
reflecting the pressures from rising energy costs, which are
mitigated by the positive operating leverage from increasing demand
and soda ash prices.

Fitch believes the recent global geopolitical developments,
particularly Russia's invasion of Ukraine and the subsequent
sanctions on Russia, have minimal impact on energy availability for
TCL's operations. However, energy-cost inflation sustained beyond
Fitch's baseline scenario could present downside risks to Fitch's
profitability estimates.

Steady Performance at Rallis: Fitch expects TCL's agri-chemical
subsidiary Rallis to continue to make up around 15% of EBITDA over
the medium term. This reflects Fitch's view that the launch of new
products, a better product mix, and an increasing share of exports
will drive broad-based revenue growth in Rallis' crop care and
seeds segments. Fitch's margin estimates reflect higher
realisations in certain products, competitive pressures from
substitutes for some products (such as the increased availability
of illegal cotton seeds in 9MFY22 in India) and volatility in input
costs due to tight supplies from China.

Healthy Financial Profile: Fitch expects TCL's net leverage,
defined as net debt/EBITDA, to average around 2.5x over FY22-FY25.
TCL's credit metrics have adequate headroom under the negative
sensitivities, and were resilient during the pandemic's peak in
FY21, when leverage of 2.8x was commensurate with its credit
profile. The credit metrics incorporate Fitch's view that TCL will
incur annual capex of around INR14 billion over the next few years,
leading to negative free cash flows, which are balanced by earnings
from the additional capacities.

DERIVATION SUMMARY

TCL's business profile is similar to that of Cydsa, S.A.B. de C.V.
(BB+/Stable). Both companies have small scales with EBITDA of less
than USD300 million. Cydsa's product and service portfolio includes
chlorine-caustic soda, refrigerant gases and underground
hydrocarbon storage, but most of its assets are in Mexico, which
accounts for 92% of overall revenues. TCL's product portfolio is
concentrated in soda ash, but its operations are diversified across
the US, the UK, India and Africa, with 72% of non-current assets
located in the US and UK. Cydsa's expected leverage is similar to
TCL's.

Both TCL and lower-rated peer H.B. Fuller Company (FUL,
BB/Positive) have EBITDA of less than USD500 million and strong
geographic diversification. TCL's EBITDA margins are typically in
the mid-to-high teens given its strong market position and low-cost
operations in the commoditised soda ash market. This is somewhat
better than FUL's margins, which are in the early-to-mid teens,
despite higher exposure to specialised products. TCL's credit
metrics are better than FUL's, which justifies the one-notch
difference in their ratings.

KEY ASSUMPTIONS

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

-- Soda ash sales (including salt) to increase by 15% in FY22,
    led by improving US exports, and rise by by 2%-4% per year
    thereafter, supported by the ongoing global economic recovery,
    capacity expansion, and emergence of new applications.

-- EBITDA margin of 15%-16% over FY22-FY25 (14% in FY21),
    reflecting near-term pressures from rising energy costs,
    offset by the positive operating leverage from increasing
    demand and steady increases in soda ash prices.

-- Capex of INR14 billion per year over FY22-FY25.

-- Dividend pay-out of around INR3 billion per year over FY23-
    FY25.

RATING SENSITIVITIES

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

-- A meaningful improvement in TCL's scale, such that EBITDA
    increases to more than USD500 million with net leverage (as
    measured by net debt/operating EBITDA) sustained below 2.0x.

-- Positive free cash flow for a sustained period.

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

-- Net leverage exceeding 3.0x for a sustained period.

-- EBITDA margin deteriorating to below 15% for a sustained
    period.

BEST/WORST CASE RATING SCENARIO

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

LIQUIDITY AND DEBT STRUCTURE

Strong Liquidity: TCL's liquidity is strong, supported by its cash
balance of INR28 billion, and undrawn working-capital facilities of
INR11 billion, as of end-December 2021. TCL also had investments of
INR33 billion in various Tata Group entities as of FYE21 (including
unquoted ones, such as around 2.5% stake in Tata Sons Private
Limited), which boosts its liquidity options. TCL refinanced INR15
billion of its debt in FY22 and Fitch expects it to comfortably
refinance its INR28 billion of debt maturing in FY23. TCL has easy
access to credit markets as it is part of the Tata group, one of
India's largest conglomerates, and its financial flexibility
remains strong.

ISSUER PROFILE

TCL is the world's third-largest producer of soda ash, with a
global capacity of 4.137 million tonnes per annum (4.353 million
tonnes including sodium bicarbonate) and manufacturing operations
spread across India, the US, UK and Kenya.

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.

TRINITY MAHALASA: ICRA Withdraws B+ Rating on INR4.50cr Cash Loan
-----------------------------------------------------------------
ICRA has withdrawn the ratings assigned to the bank facilities of
Trinity Mahalasa Durga Sales and Services at the request of the
company and based on the No Objection Certificate (NOC) received
from its banker. However, ICRA does not have information to suggest
that the credit risk has changed since the time the rating was last
reviewed. The Key Rating Drivers, Liquidity Position, Rating
Sensitivities, Key financial indicators have not been captured as
the rated instruments are being withdrawn.  

                      Amount
   Facilities       (INR crore)     Ratings
   ----------       -----------     -------
   Long Term-           4.50        [ICRA]B+ (Stable) ISSUER NOT
   Fund Based-                      COOPERATING; Withdrawn
   Cash credit          
                                   
   Short Term-          1.50        [ICRA]A4 ISSUER NOT
   Non-Fund Based                   COOPERATING; Withdrawn
   Bank Guarantee       
                                    
Trinity Mahalasa Durga Sales and Services is a partnership firm
established in 2007. It is an authorised distributor of products
manufactured and marketed by Cummins India Limited (CIL) in Goa and
17 districts of Maharashtra. The firm is a Grade 'A' distributor of
products of CIL and operates from two head branches, one in Panaji
(which handles Goa operations) and the other in Aurangabad (which
handles operations of 17 districts in Maharashtra).




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

AIRASIA X: Completes Debt Revamps, To Write Back Nearly US$8BB
--------------------------------------------------------------
Reuters reports that Airasia X said on March 16 it had completed
its debt restructuring, and will write MYR33 billion (US$7.86
billion) back to profits in the next quarter.

Under the airline's restructuring proposal, it would pay just 0.5%
of debt owed and end its existing contracts, Reuters notes. It was
approved by its creditors and the High Court of Malaya last year.

Reuters says the restructuring was proposed to avoid liquidation
after the long-haul low-cost airline posted a record quarterly loss
last September. It is one of many carriers in the Asia-Pacific
region to have entered a court-overseen debt restructuring process
to survive the pandemic.

"Cargo has been a strong lifeline for AAX and our recovery is
already underway as a combination carrier with equal emphasis on
cargo and passenger revenues," Reuters quotes CEO Benyamin Ismail
as saying.  "In the next two months we will recommence passenger
services to several more international destinations in line with
borders reopening."

Reuters adds that the completion of the debt restructuring will now
pave the way for the proposed 500 million ringgit fund raising, the
company said.

                          About AirAsia X

Headquartered in Kuala Lumpur, Malaysia, the AirAsia X Group is the
entity controlling the AirAsia Group's long-haul, low-cost
operations.

As reported in the Troubled Company Reporter-Asia Pacific on Nov.
2, 2021, Bloomberg News said AirAsia X was officially categorized
as a financially distressed company, giving the company a year to
restructure its finances or risk losing its Malaysian listing.

AirAsia X's external auditor Ernst & Young issued a disclaimer of
opinion on the airline's audited financial statements for the
18-month period ended June 2021, the company said in a stock
exchange filing on Oct. 29, Bloomberg related. There are threats
that may cast "significant doubt" on AirAsia X continuing as a
going concern, Ernst & Young said. "The company is taking the
necessary steps to address its PN17 (Practice Note 17) status,"
AirAsia X said in a separate filing, adding that it has one year to
regularise its financial condition, failing which it will be
delisted from the stock exchange.




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

CORE CIVIL: Creditors' Proofs of Debt Due on April 21
-----------------------------------------------------
Creditors of CORE Civil Solutions NZ Limited are required to file
their proofs of debt by April 21, 2022, to be included in the
company's dividend distribution.

Tony Leonard Maginness and Jared Waiata Booth were appointed joint
and several liquidators of the company by order of the High Court
at Christchurch on March 10, 2022. The applicant creditor was
Ortego Limited.

The company's liquidators can be reached at:

         Tony Leonard Maginness
         Jared Waiata Booth
         Baker Tilly Staples Rodway Auckland
         PO Box 3899
         Auckland 1140


DIAMOND BUILDING: Commences Wind-Up Proceedings
-----------------------------------------------
Members of Diamond Building Company Limited, on March 14, 2022,
passed a resolution to voluntarily wind up the company's
operations.

The company's liquidator is:

          Grant Bruce Reynolds
          Reynolds & Associates Limited
          PO Box 259059
          Botany, Auckland 2163


J. AND J. WATT: Court to Hear Wind-Up Petition on April 4
---------------------------------------------------------
A petition to wind up the operations of J. and J. Watt Limited will
be heard before the High Court at Hamilton on April 4, 2022, at
10:45 a.m.

Webb & Wood Accountants Limited filed the petition against the
company on Feb. 16, 2022.

The Petitioner's solicitor is:

          Vernon Woodhams
          Vosper Law Limited
          66 Alpha Street, Cambridge


MARKEATON FARMS: Court to Hear Wind-Up Petition on April 4
----------------------------------------------------------
A petition to wind up the operations of Markeaton Farms Limited
will be heard before the High Court at Hamilton on April 4, 2022,
at 10:45 a.m.

Webb & Wood Accountants Limited filed the petition against the
company on Feb. 16, 2022.

The Petitioner's solicitor is:

          Vernon Woodhams
          Vosper Law Limited
          66 Alpha Street, Cambridge


ORANGE SERVICE: Creditors' Proofs of Debt Due on April 16
---------------------------------------------------------
Creditors of Orange Service Centre Limited, which is in voluntary
liquidation, are required to file their proofs of debt by April 16,
2022, to be included in the company's dividend distribution.

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

The company's liquidators can be reached at:

          Damien Grant
          Greg Sherriff
          Waterstone Insolvency
          PO Box 352
          Auckland 1140




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S I N G A P O R E
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DOWNTOWN FITNESS: Creditors' Meetings Set for on April 1
--------------------------------------------------------
Downtown Fitness Pte Ltd will hold a meeting for its creditors on
April 1, 2022, at 3:00 p.m., via electronic means.

Agenda of the meeting includes:

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

   b. to confirm the appointment of the Liquidator nominated by
      the Company or nominate another person or persons as
      Liquidator(s) for the purpose of winding up the affairs
      of the Company and his remuneration thereof;

   c. to appoint a Committee of Inspection of not more than 5
      members, if thought fit; and

   d. any other business.


ECOWISE HOLDINGS: April 14 EGM to Oust Deputy CEO, Name 3 Directors
-------------------------------------------------------------------
The Business Times reports that eight shareholders of ecoWise
Holdings have sounded their intention to convene an extraordinary
general meeting (EGM) on April 14 via electronic means to remove
deputy chief executive Cao Shixuan from both his office as a
director of the group and all his appointments with the company and
its associated firms, as well as to appoint 3 new directors.

These shareholders collectively own some 107 million ordinary
shares of ecoWise, or a collective stake of about 11.3 per cent, BT
notes. Two of the 8 shareholders were also part of the group of
shareholders that had requisitioned for an EGM to be held on
Aug. 13 last year to remove Cao from his position, among other
resolutions.

This EGM, however, did not proceed as Cao had obtained an interim
injunction from the High Court to prohibit the convening of the
EGM.

All of the 8 shareholders were also part of the group of
shareholders that called for another EGM to be held on Nov. 26 last
year, but this EGM also fell through due to a "voluntary"
postponement, the report relates.

According to BT, the 3 new directors that these shareholders have
put forth to be elected as non-executive directors of ecoWise with
effect from the date of the EGM are Danny Oh Beng Teck, Gan Fong
Jek and Tan Poh Chye Allan.

No further details were given about these 3 people, only that they
have reportedly provided the "relevant information" pursuant to the
respective Catalist rules, and have been interviewed by ecoWise's
current sponsor W Capital Markets.

The resolutions do not appear to be interconditional, BT says. If
the resolution to oust Cao is passed, the company will have only 1
executive director, Lee Thiam Seng.

If the 3 new directors are appointed, ecoWise will have 6
non-executive directors until the company's next annual general
meeting where shareholders can put the composition of the board to
a vote.

BT relates that ecoWise's board of directors said the special
notice and the notice of the EGM do not specify the background and
reasons for each of the proposed resolutions that were tabled, and
do not contain information relating to the proposed new directors
that are required under the Catalist rules.

The board also flagged that the deadline set out in the notice of
the EGM for CPF and SRS investors to approach their respective
agent banks and SRS operators is inaccurate. ecoWise also does not
intend to prepare a circular in respect of the EGM.

The EGM is slated for April 14 at 2:30 p.m. The board said it will
update shareholders as and when material developments arise, BT
adds.

ecoWise Holdings Limited, an investment holding company, provides
resource recovery, renewable energy, and integrated environmental
solutions in Singapore, Malaysia, Australia, the People's Republic
of China, and internationally.


ZHI XIN: Creditors' Meetings Set for March 28
---------------------------------------------
Zhi Xin Gu (S) Technology Pte Ltd will hold a meeting for its
creditors on March 28, 2022, at 11:30 a.m., via video conference.

Agenda of the meeting includes:

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

   b. to confirm the appointment of liquidator;  

   c. to appoint a committee of inspection of not more than 5
      members, if thought fit; and

   d. any other business.



                           *********


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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