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

                     A S I A   P A C I F I C

          Wednesday, March 23, 2022, Vol. 25, No. 53

                           Headlines



A U S T R A L I A

ADRIAN G: First Creditors' Meeting Set for March 31
AFG TRUST 2022-1: S&P Assigns Prelim. BB Rating on Cl. E Notes
EDN SUPPLIES: Second Creditors' Meeting Set for March 30
GIGGEDIN PTY: Second Creditors' Meeting Set for March 30
PERCEPTION WHOLESALE: Second Creditors' Meeting Set for March 30

ROMAN PLANT: First Creditors' Meeting Set for March 30
[*] AUSTRALIA: WA Builders Face Insolvency on COVID Vax Mandate


C H I N A

CHINA EVERGRANDE: Unable to Publish Annual Results by March 31
CHINA EVERGRANDE: Unit Starts Probe on $2.1-Billion Seized Cash


I N D I A

ALCOB INDIA: CARE Keeps D Debt Ratings in Not Cooperating Category
BHANSALI PACKING: CARE Reaffirms B+ Rating on INR14.08cr LT Loan
EXCEL VENTURE: CARE Lowers Rating on INR2.0cr LT Loan to B+
FUTURE RETAIL: Lenders to Start Debt Recovery Process vs Retailer
MARGDARSHEE HOSPITALITY: CARE Lowers Rating on INR6.78cr Loan to C

MURLI COLD: CARE Reaffirms B+ Rating on INR9.97cr LT Loan
RADHA KRISHNA: CARE Lowers Rating on INR6.24cr LT Loan to B-
RAMASIGNS INDUSTRIES: CARE Reaffirms B+ Rating on INR7.20cr NCD
RELIANCE NAVAL: Lenders Vote for Hazel Mercantile-Swan Energy Plan
S.R.K. FABRICS: CRISIL Keeps D Debt Ratings in Not Cooperating

SHYAM BEARINGS: CRISIL Keeps D Debt Ratings in Not Cooperating
SITARAM COLD: CRISIL Keeps B Debt Ratings in Not Cooperating
SKPVV HINDU: CARE Assigns B+ Rating to INR3.14cr LT Loan
SKY ALLOYS: CARE Withdraws D Rating on LT/ST Bank Debts
SOHUM WORLD: CARE Keeps D Debt Ratings in Not Cooperating Category

SSMP INDUSTRIES: CRISIL Keeps D Debt Ratings in Not Cooperating
STANDARD AUTOGEARS: CRISIL Keeps D Ratings in Not Cooperating
V. D. MOTORS: CARE Assigns B+ Rating to INR19cr LT Loans
VENKATESWARA RICE: CRISIL Keeps B Debt Ratings in Not Cooperating
VIJAN HOTELS: CARE Lowers Rating on INR11.70cr LT Loan to B

VIP ENTERPRISE: CARE Reaffirms B+ Rating on INR5.50cr LT Loan


N E W   Z E A L A N D

AJ FENCING: Court to Hear Wind-Up Petition on March 24
ARO RACEHORSE: Creditors' Proofs of Debt Due on April 28
BUILD STRONG: Court to Hear Wind-Up Petition on March 25
FREEFLOW PIPES: Creditors' Proofs of Debt Due on April 19
HAWKE'S BAY SEAFOORDS: Placed in Liquidation, Owes NZD3,500 in Debt

MARKEATON FARMS: Court to Hear Wind-Up Petition on April 4
WAX EYE: Creditors' Proofs of Debt Due on April 22


S I N G A P O R E

AETURNUM ENERGY: Court Enters Wind-Up Order
EAGLE HOSPITALITY: Bankruptcy Court Nixes $21-Mil. Contract Claims
ENGINE INTERNATIONAL: Commences Wind-Up Proceedings
MULHACEN PTE: Fitch Withdraws Ratings Amid Debt Restructuring
MULHACEN PTE: S&P Cuts ICR to 'D' on Completion of Exchange Offer

RENTAK LAND: Court to Hear Wind-Up Petition on April 1
SIN KIAT: Court to Hear Wind-Up Petition on April 1

                           - - - - -


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

ADRIAN G: First Creditors' Meeting Set for March 31
---------------------------------------------------
A first meeting of the creditors in the proceedings of Adrian G
Mathieson & Associates Pty Ltd will be held on March 31, 2022, at
10:00 a.m. via virtual meeting technology only.

Anne Marie Barley of AMB Insolvency was appointed as administrator
of Adrian G on March 21, 2022.


AFG TRUST 2022-1: S&P Assigns Prelim. BB Rating on Cl. E Notes
--------------------------------------------------------------
S&P Global Ratings assigned its preliminary ratings to seven of the
eight classes of prime residential mortgage-backed securities
(RMBS) to be issued by Perpetual Corporate Trust Ltd. as trustee
for AFG 2022-1 Trust in respect of Series 2022-1.

The preliminary ratings reflect:

-- S&P's view of the credit risk of the underlying collateral
portfolio, including its view that the credit support is sufficient
to withstand the stresses it applies. The credit support for the
rated notes comprises note subordination and lenders' mortgage
insurance on 16.3% of the portfolio.

-- S&P's expectation that the various mechanisms to support
liquidity within the transaction, including a liquidity facility
equal to 1.0% of the aggregate outstanding amount of the notes,
subject to a floor of A$500,000, and the principal draw function
are sufficient to ensure timely payment of interest.

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

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

  Preliminary Ratings Assigned

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

  Class A1-S, A$100,000,000: AAA (sf)
  Class A1-L, A$350,000,000: AAA (sf)
  Class A2, A$22,500,000: AAA (sf)
  Class B, A$16,750,000: AA (sf)
  Class C, A$4,750,000: A (sf)
  Class D, A$2,500,000: BBB (sf)
  Class E, A$1,750,000: BB (sf)
  Class F, A$1,750,000: Not rated


EDN SUPPLIES: Second Creditors' Meeting Set for March 30
--------------------------------------------------------
A second meeting of creditors in the proceedings of EDN Supplies
Pty Ltd has been set for March 30, 2022, at 11:00 a.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 29, 2022, at 5:00 p.m.

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


GIGGEDIN PTY: Second Creditors' Meeting Set for March 30
--------------------------------------------------------
A second meeting of creditors in the proceedings of GiggedIn Pty
Ltd has been set for March 30, 2022, at 9:30 a.m. via electronic
means.

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 29, 2022, at 4:00 p.m.

Michael Hogan of HoganSprowles was appointed as administrator of
GiggedIn Pty on Feb. 23, 2022.


PERCEPTION WHOLESALE: Second Creditors' Meeting Set for March 30
----------------------------------------------------------------
A second meeting of creditors in the proceedings of Perception
Wholesale Lending Solutions Pty Ltd has been set for March 30,
2022, at 3:00 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 29, 2022, at 4:00 p.m.

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


ROMAN PLANT: First Creditors' Meeting Set for March 30
------------------------------------------------------
A first meeting of the creditors in the proceedings of Roman Plant
Hire Pty Ltd will be held on March 30, 2022, at 11:00 a.m. via
teleconference.

Dane Skinner of BCR Advisory was appointed as administrator of
Roman Plant on March 21, 2022.


[*] AUSTRALIA: WA Builders Face Insolvency on COVID Vax Mandate
---------------------------------------------------------------
Gareth Parker at 6PR 882 News Talk reports that Western Australia's
construction industry is facing a wave of insolvencies unless the
State Government removes its workforce from the COVID vaccine
mandate.

According to the report, Master Builders Association WA executive
director John Gelavis also wants Premier Mark McGowan to facilitate
the entry of overseas workers as the industry confronted labor
shortages and soaring costs due to border restrictions and other
issues.

Mr. Gelavis told Gareth Parker on the program '6PR Breakfast' that
price rises and global supply chain disruptions had also combined
to create a perfect storm.

"Most of the materials we get into WA come from road, rail or sea,
we really need those materials and at the moment builders are
waiting on those materials to build peoples homes and projects
. . . if we can't meet those milestone payments, there's cashflow
issues, and that's why this is a real tipping point."

Opposition Leader Mia Davies said when Omicron cases start
declining, the Government must justify which restrictions and
mandates remained, the report adds.




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

CHINA EVERGRANDE: Unable to Publish Annual Results by March 31
--------------------------------------------------------------
Reuters reports that China Evergrande Group said on March 22 the
embattled developer would not be able to publish its financial
results for last year by March 31 as required by stock listing
rules because audit work has not been completed.

Its two Hong Kong-listed units, China Evergrande New Energy Vehicle
Group and Evergrande Property Services Group, also said the
publication of their financial results will be delayed, Reuters
relates.

According to Reuters, Evergrande said in a stock exchange filing
that due to the "drastic changes" in its operations since the
second half of last year, the auditor has added a large number of
additional audit procedures.

The developer will publish the audited annual results "as soon as
practicable" after the audit procedures have been completed, it
said, adding as per rules a trading suspension in its shares will
remain in place until it publishes the latest results, Reuters
relays.

Shares of the three companies were suspended from trading on March
21.  Trade in onshore bonds issued by Evergrande's flagship unit
Hengda Real Estate Group was also suspended.

                      About China Evergrande

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

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

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

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

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

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


CHINA EVERGRANDE: Unit Starts Probe on $2.1-Billion Seized Cash
---------------------------------------------------------------
Bloomberg News reports that China Evergrande Group's
property-services unit is investigating how CNY13.4 billion (US$2.1
billion) of its deposits were used as security for pledge
guarantees and seized by banks.

Bloomberg relates that the unusual development, which Evergrande
Property Services Group Ltd. said it discovered while preparing its
annual report, may heighten scrutiny of corporate governance at the
real estate empire founded by billionaire Hui Ka Yan.  While
Evergrande's main property business has been in financial distress
for months, the services unit has long been considered among the
stronger parts of Hui's empire.

"It was found that deposits of approximately CNY13.4 billion as
security for third-party pledge guarantees had been enforced by the
relevant banks," Evergrande Property Services said in a statement
to the Hong Kong stock exchange, without providing details on the
pledge, the third party or the lenders, Bloomberg relays.  "The
company will establish an independent investigation committee and
arrange for experts to be appointed to investigate the pledge
guarantees."

In a separate statement, Evergrande said it considers the matter to
be a "major incident" and will assess the implications on itself.
Shares of Evergrande and its units have been suspended in Hong Kong
since March 21, the report notes.

Bloomberg says the financial statements of Chinese property
companies are coming under increased scrutiny as they prepare their
first annual reports in the wake of credit-market turmoil that
triggered a record wave of defaults.  Evergrande joined several
other developers this week to warn they will probably miss
deadlines for reporting audited 2021 results this month.

Bondholders are closely watching Evergrande, the world's most
indebted developer, after it defaulted on dollar-bond payments in
December, according to Bloomberg.  The firm's debt restructuring is
expected to be among China's largest and most complex.  The builder
told creditors in January it aimed to issue a preliminary
restructuring plan in the subsequent six months.

Evergrande tried to sell a 50.1% stake in its property services
unit to Guangdong-based Hopson Development Holdings Ltd. for HK$20
billion (US$2.5 billion) when its credit crunch intensified last
year, only for the talks to be scrapped in October, Bloomberg
recalls.

Long considered a cash cow for the group, Evergrande Property
Services now has a market value of HK$24.9 billion, more than the
parent company's HK$21.8 billion.  

                      About China Evergrande

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

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

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

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

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

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




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

ALCOB INDIA: CARE Keeps D Debt Ratings in Not Cooperating Category
------------------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Alcob India
Pvt Ltd (AIPL) continues to remain in the 'Issuer Not Cooperating '
category.

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank        8.00      CARE D; ISSUER NOT COOPERATING
   Facilities                      Rating continues to remain
                                   under ISSUER NOT COOPERATING
                                   category

   Short Term Bank      16.75      CARE D; ISSUER NOT COOPERATING
   Facilities                      Rating continues to remain
                                   under ISSUER NOT COOPERATING
                                   category

Detailed Rationale & Key Rating Drivers

CARE Ratings Ltd. has been seeking information from AIPL to monitor
the rating vide e-mail communications/letters dated February 22,
2022; March 3, 2022 and March 8, 2022 among others and numerous
phone calls. However, despite CARE's repeated requests, the company
has not provided the requisite information for monitoring the
ratings. In line with the extant SEBI guidelines, CARE Ratings Ltd.
has reviewed the rating on the basis of the best available
information which however, in CARE Ratings Ltd.'s opinion is not
sufficient to arrive at a fair rating. Further, AIPL has not paid
the surveillance fees for the rating exercise as agreed to in its
Rating Agreement. The rating on AIPL's bank facilities will now be
denoted as CARE D/CARE D; ISSUER NOT COOPERATING.

Users of this rating (including investors, lenders and the public
at large) are hence requested to exercise caution while using the
above rating.

Detailed description of the key rating drivers

At the time of last rating on March 25, 2021, the following were
the rating weakness:

Key Rating Weaknesses

* Continuous overdrawals and expected weak cash accrual generation
to meet repayment obligations: Due to stressed liquidity the
company had overdrawals in cash credit account for more than 30
continuous days at various instances till December 2020.
Furthermore, due to weak financial performance expectation, the
company may not be able to generate sufficient gross cash accrual
to meet its repayment obligations.

Alcob India Private Limited (AIPL), formerly known as Alcob System
Private Limited was incorporated on July 26, 2004 based in Pune
promoted by Mr. Badrinarayan Rajagopalan. AIPL is engaged into
aluminum façade engineering includes designing, engineering,
manufacturing and installation of all types of facade systems, the
advanced curtain-wall and cladding systems which is offered
globally. AIPL's client base includes ITC, Hindustan Unilever,
Sahayadri Hospitals, Ruby Hall Clinic etc. The company operates
from headquarter at Pune however has office in Mumbai, Noida and
Ahmedabad as well.

BHANSALI PACKING: CARE Reaffirms B+ Rating on INR14.08cr LT Loan
----------------------------------------------------------------
CARE Ratings has reaffirmed ratings on certain bank facilities of
Bhansali Packing Service (BPS), as:

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank
   Facilities           14.08      CARE B+; Stable Reaffirmed

Detailed Rationale & Key Rating Drivers

The rating assigned to the bank facilities of BPS continues to
remain constrained on account of small scale of operations coupled
with decline in profitability margins, modest debt coverage
parameters and stretched liquidity in FY21 (Audited, refers to the
period from April 1 to March 31). The rating is further constrained
on account of firm's susceptibility to volatile raw material
prices, fragmented and competitive nature of operations of industry
and partnership nature of its constitution.

The rating however; derives strength from established track record
of operations with an experienced and resourceful management,
established relationship with reputed clientele and comfortable
capital structure.

Rating Sensitivities

Positive Factors

* Increase in scale of operations with a total operating income
exceeding INR50.00 crore,
* Improvement in the profit margins with PBILDT margin and PAT
margin exceeding 10% and 3% on a sustained basis,
* Improvement in capital structure with the overall gearing
reaching below 1.00 times on a sustained basis.
* Improvement in the debt coverage indicators with interest
coverage ratio exceeding 3 times with total debt to GCA reaching
below 5 times on a sustained basis.

Negative Factors

* Deterioration in working capital cycle beyond 150 days on
sustained basis.
* Deterioration in profitability marked by PBILDT margin of below
5% on sustained basis.

Detailed description of the key rating drivers

Key Rating Weaknesses

* Small scale of operations coupled with decline in profitability
margins and modest debt coverage indicators: Total operating income
of BPS improved by 17% y-o-y and was small at INR42.88 crore during
FY21 as compared to INR36.79 crore during FY20. The firm's
operations remained largely unaffected as demand from
pharmaceutical companies for corrugated boxed contributed
significantly to its top line. BPS is a registered supplier with
many pharma companies which helped the firm tide over the difficult
market conditions during FY21. Despite the above; the firm's PBILDT
margin during FY21 declined on account of increase in cost of
material consumed and the inability of the firm to pass on the
incremental costs to its customers immediately. PBILDT margin stood
at 6.59% in FY21 (8.73% in FY20). Resultantly, with increase in
finance costs specifically interest on unsecured loans, PAT margin
also declined to 0.54% in FY21 (1.85% in FY20). Consequently, gross
cash accruals (GCA) also decreased and remained low at INR0.90
crore in FY21 Further, BPS' debt coverage indictors stood modest
owing to decline in profitability and relative increase in interest
costs marked by total debt to GCA ratio of 17.71 years as on March
31, 2021 (P.Y.: 15.18 years) and interest coverage of 1.14x in FY21
(P.Y.: 1.64x).

* Susceptibility to volatile raw material prices: The procurement
of most of its material (kraft paper) is based on estimates and
expected demands, due to which BPS has to procure raw materials in
advance to meet the demand of the client. As a result, BPS may have
to absorb any adverse fluctuations in prices and the same may
impact the profitability margins of the company. However, over the
past years BPS has been able to pass on the increase in raw
material prices to its customers albeit with a certain time lag.

* Fragmented and competitive nature of operations of industry:
The packaging industry has minimal entry barriers, leading to large
number of small-sized players in the unorganized sector.
This increases the intensity of competition in the industry. The
access to modern technology has improved, enabling advanced
set ups by new players. Many small units set up plants near the
premises/ plant of the user company to save transportation
costs. The user companies require higher level of customization
across packaging products.

* Partnership nature of its constitution: Due to BPS being a
partnership firm, it has limited ability to raise capital as it has
restricted access to external borrowings where personal networth
and credit worthiness of partners affects decision of prospective
lenders. Further, it is susceptible to risks of withdrawal of
partners' capital at time of personal peril and poor succession
decisions may raise the risk of dissolution of the firm.

Key Rating Strengths

* Established track record of operations with an experienced and
resourceful management: The partner Mr. Ojas P. Bhansali has around
two decades of extensive experience in packing industry and looks
after overall management of the firm with adequate support from
other partners namely Mrs. Purvi Bhansali & Mrs. Varsha P.
Bhansali. Further, BPS has experienced and qualified second line of
management supported by Mr. Deepak Shah (CFO) to carry out the day
to day operations of the firm. Over the years, BPS has received
funding support from the partners which is evident from infusion of
funds in the form of unsecured loans of INR2.14 crore during FY21
to support the business operations.

* Established relationship with reputed clientele: BPS deals with
various customers situated across the country and gets repetitive
regular orders from them. Over the years, firm has expanded its
client portfolio and added reputed and leading players from various
sectors namely Pharmaceuticals and FMCG industry. BPS deals with
reputed clients namely, Cipla Limited (CARE AAA/Stable/ CARE A1+),
EPL Limited (formerly known as Essel Propack Limited) (CARE AA;
Stable / CARE A1+), etc.

* Comfortable capital structure: The capital structure marked by
overall gearing ratio of the firm remained comfortable at 1.01x as
on March 31, 2021 (1.23x as on March 31, 2020) on account of
accretion of profits to reserves as well as addition of unsecured
loans from promoters and relatives which are considered as quasi
equity.

Liquidity: Stretched

The liquidity position of the firm remained stretched marked by
tightly matched accruals vis-à-vis repayment obligations. Its bank
limits are utilized maximum to the extent of 82% during past 12
months ended January 31, 2022. The cash and bank balance stood low
at INR1.76 crore as on March 31, 2021, while The cash flow from
operating activities stood positive at INR6.06 crore in FY21
(vis-à-vis negative cash flow of INR4.21 crore in FY20). The firm
has availed additional term loans worth INR1.64 crore as well as an
enhancement in its cash credit limit worth INR1.50 crore in FY22.
Further, BPS' operations continue to remain working capital
intensive on back of an elongation in the firm's operating cycle
from 94 days in FY20 to 108 days in FY21. This was the result of a
high inventory. BPS has a large number of clients and every client
requires a difference combination and dimension of boxes so the
firm keeps adequate stock of inventory so as to service its clients
in a timely manner.

Bhansali Packing Service (BPS) was established in the year 1981 as
a partnership firm by Bhansali family. BPS is engaged in
manufacturing of all kinds of paper board and corrugated boxes used
for packaging. BPS mainly supplies corrugated boxes to
multinationals, exporters, pharmaceuticals and consumer goods
manufacturers. BPS has its ISO 9001, 14001, 18001, 27001 certified
unit located at Vapi, Gujarat with installed capacity of 2000
Metric tons corrugated boxes per month. BPS procures raw materials
kraft paper from domestic market and sells its product to domestic
only.


EXCEL VENTURE: CARE Lowers Rating on INR2.0cr LT Loan to B+
-----------------------------------------------------------
CARE Ratings has revised the ratings on certain bank facilities of
Excel Venture Construction Private Limited (EVCPL), as:

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank       2.00       CARE B+; Stable; ISSUER NOT
   Facilities                      COOPERATING; Rating continues
                                   To remain under ISSUER NOT
                                   COOPERATING category and
                                   Revised from CARE BB-; Stable

   Short Term Bank     15.00       CARE A4; ISSUER NOT
   Facilities                      COOPERATING; Rating continues
                                   to remain under ISSUER NOT
                                   COOPERATING category

Detailed Rationale & Key Rating Drivers

CARE Ratings Ltd. had, vide its press release dated January 25,
2021, placed the rating(s) of EVCPL under the 'issuer
non-cooperating' category as EVCPL had failed to provide
information for monitoring of the rating and had not paid the
surveillance fees for the rating exercise as agreed to in its
Rating Agreement. EVCPL continues to be non-cooperative despite
repeated requests for submission of information through e-mails,
phone calls and a letter/email dated December 11, 2021, March 3,
2022, March 4, 2022.

In line with the extant SEBI guidelines, CARE Ratings Ltd. has
reviewed the rating on the basis of the best available information
which however, in CARE Ratings Ltd.'s opinion is not sufficient to
arrive at a fair rating.

Users of this rating (including investors, lenders and the public
at large) are hence requested to exercise caution while using the
above rating(s).

The ratings assigned to the bank facilities of EVCPL have been
revised on account of non-availability of requisite information.

The ratings also factored in Profitability during FY21 compare to
FY20.

Excel Venture Construction Private Limited was established in April
1999 with its service facility located at Harmu, Near Sahjnanada
Chowk, Ranchi, Jharkhand-834002. Since its inception, the entity
has been engaged in civil construction business in the segment like
building, bridges and roads. Further, the entity is also classified
as class 'I' contractor in civil (B&R) under the department of PWD
Government of Jharkhand. Class 'I' contractor can bid for all types
and higher value of contracts of Public Works Department (PWD) in
Jharkhand. The entity is also engaged in contractor business with
Jharkhand State Building Construction Department (JSBCD), Rural
Development Department, Road Construction Department, Irrigation
department and Police Housing Corporation. Mr. Sanjit (Managing
Director) has more than two decades of experience in civil
construction industry. He looks after the day to day operations of
the entity along with other director. The promoters are ably
supported by other technical and non-technical professionals who
are having long experience in this industry.


FUTURE RETAIL: Lenders to Start Debt Recovery Process vs Retailer
-----------------------------------------------------------------
Reuters, citing information from two bankers, reports that Indian
lenders are set to initiate debt recovery proceedings against
Future Retail this week to safeguard their interests after rival
Reliance unexpectedly took over some of the retailer's stores.

Future Retail, hit by the pandemic, has been struggling to pay off
its debt and is fighting a bitter legal battle with U.S retail
giant Amazon.  That battle has successfully blocked a US$3.4
billion sale of its retail assets to India's largest retailer
Reliance, citing violation of certain contracts, Reuters cites.

Reuters relays that Future denies any wrongdoing.  But Reliance
Industries suddenly took control of hundreds of Future stores late
last month, citing non-payment of rent, after assuming many of the
leases held by cash-strapped Future.

According to Reuters, state-owned lender Bank of Baroda will be the
first to take Future to the Debt Recovery Tribunal (DRT) and is
expected to file the paperwork this week, the two bankers said.

"We are taking this step as a measure of last resort because we
want to protect ourselves in this legal fiasco," Reuters quotes one
of the bankers directly involved in the matter as saying.  "Going
to DRT will ensure that Reliance can't pull another sudden move."

Other lenders are likely to follow suit, the second banker with
knowledge of the matter told Reuters.

Future Group as a whole has more than US$4 billion in debt and
lenders have already started classifying the loans as
non-performing assets (NPA) this quarter, the report states.

Lenders are also likely to subsequently file a case in the National
Company Law Tribunal (NCLT) that handles corporate insolvency
cases, both bankers told Reuters.  Future and Amazon are fighting
it out at multiple levels, including at India's Supreme Court.

Given the legal complexities in this case, approaching the DRT
first is likely to help banks attach, seize and sell Future's
assets promptly, instead of going after the entire company at NCLT,
Ketan Mukhija, a partner at Link Legal said, Reuters relays.

"It is a very strategic, tactical call (by the banks)," he said.

                         About Future Group

Future Group operates multi-branded retail outlets. The company's
retail chains include department stores, outlet stores, sportswear,
home improvement and consumer durables, supermarket, and
convenience stores as well as food parks.

Cash-strapped Future Group owes around INR19,000 crore to banks and
INR6,000 crore to the vendors. Future Retail Limited owes INR6,278
crore debt with 28 banks, including SBI, Union Bank, Bank of India,
Bank of Baroda, Axis Bank, and IDBI Bank, among others.

Future, India's second-largest retailer, has sought to complete its
US$3.4 billion retail asset sale to Reliance Retail since 2020.
The Indian Supreme Court has upheld the Singapore Emergency
Arbitrator's award against Reliance Retail's takeover of Future
group companies.


MARGDARSHEE HOSPITALITY: CARE Lowers Rating on INR6.78cr Loan to C
------------------------------------------------------------------
CARE Ratings has revised the ratings on certain bank facilities of
Margdarshee Hospitality and Retails Private Limited (MHRPL), as:

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank       6.78       CARE C; ISSUER NOT COOPERATING
   Facilities                      Rating continues to remain
                                   under ISSUER NOT COOPERATING
                                   category and Revised from
                                   CARE B-; Stable

Detailed Rationale & Key Rating Drivers

CARE Ratings Ltd. had, vide its press release dated January 25,
2021, placed the rating(s) of MHRPL under the 'issuer
non-cooperating' category as MHRPL had failed to provide
information for monitoring of the rating and had not paid the
surveillance fees for the rating exercise as agreed to in its
Rating Agreement. MHRPL continues to be non-cooperative despite
repeated requests for submission of information through e-mails,
phone calls and a letter/email dated 11, December 2021, March 3,
2022, March 4, 2022.

In line with the extant SEBI guidelines, CARE Ratings Ltd. has
reviewed the rating on the basis of the best available information
which however, in CARE Ratings Ltd.'s opinion is not sufficient to
arrive at a fair rating.

Users of this rating (including investors, lenders and the public
at large) are hence requested to exercise caution while using the
above rating(s).

The ratings assigned to the bank facilities of MHRPL have been
revised on account of non-availability of requisite information.

Incorporated in August 2014, Margdarshee Hospitality and Retails
Private Limited (MHRPL) was promoted by Mr. Manas Ranjan Swain, Ms.
Margdarshee Manas and Mrs. Madhujyotsna Swain based out of Odisha.
Since its inception, the company is into trading of home
appliances, crockery, utensils, fast moving consumer goods and
readymade garments through its three shops located at Paradeep and
Rahama, Odisha. For diversify its business profile, MHRPL has come
out with a hotel business during FY18. The company has already set
up a hotel 'Hotel Shakti Residency' which became operational from
April 2017. The hotel of the company is a premium category hotel
located in prime location at Paradeep, in Odisha. The hotel
consists of 24 rooms, multi cuisine restaurant, banquet and
conference halls.


MURLI COLD: CARE Reaffirms B+ Rating on INR9.97cr LT Loan
---------------------------------------------------------
CARE Ratings has reaffirmed ratings on certain bank facilities of
Murli Cold Storage Private Limited (MCSPL), as:

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank
   Facilities            9.97      CARE B+; Stable Reaffirmed

Detailed Rationale & Key Rating Drivers

The ratings assigned to bank facilities of MCSPL continue to
remained constrained on account of its Small scale of operations
with moderate profitability margins, stretched liquidity during
FY21 (refers to period April 1 to March 31), regulated nature of
business, seasonality of business with susceptibility to vagaries
of nature, Risk of delinquency in loans extended to farmers,
competition from other local players. However, the ratings derive
strength from comfortable capital structure with moderate debt
coverage indicators, extensive experience of the promoter in the
industry with long track record of operations, Proximity to potato
growing area.

Rating Sensitivities

Positive factors:

* Sizeable improvement in scale of operations (turnover beyond
INR10 crore) while maintaining current operating margin on a
sustained basis

* Sustaining capital structure at below unity

Negative factors:

* Any sizeable capex and its increase reliance on external
borrowing for funding its working capital requirement which leads
to deterioration in capital structure marked by overall gearing
ratio of above 5 times on a sustained basis

Detailed description of the key rating drivers

Key Rating Weaknesses

* Small scale of operations with moderate profitability margins
MCSPL is a small player vis-a-vis other player in the domestic cold
storage industry. However, during FY21 total operating income has
improved and remained at INR3.24 crore as against INR2.87 crore in
FY20. The improvement was on account of higher income from cooling
charges as well as drying charges. Further, the profitability
margins of the company have also remained moderate marked by PBILDT
margin of 15.23% in FY21 as against 17.58% during FY20. The
operating margin has deteriorated during FY21 due to increase in
power and fuel cost, cost of material consumed as well other
service costs. Moreover, the PAT margin has improved to 6.28%
during FY21 from 3.13% in FY20 due to decrease in interest and
finance charges. However, in absolute terms profitability was low
marked by PBILDT and PAT of INR0.49 crore and INR0.20 crore in
FY21.

* Regulated nature of business: In West Bengal, the basic rental
rate for cold storage operations is regulated by the state
government through West Bengal State Marketing Board. The rent of
these cold storages is decided by considering political
considerations, not economic viability.  Due to severe government
intervention, the cold storage facility providers cannot enhance
rental charge commensurate with increased power tariff and labor
charge.

* Seasonality of business with susceptibility to vagaries of
nature: MCSPL's operation is seasonal in nature as potato is a
winter season crop with its harvesting period commencing in March.
The loading of potatoes in cold storages begins by the end of
February and lasts till March. Additionally, with potatoes having a
perceivable life of around eight months in the cold storage,
farmers liquidate their stock from the cold storage by end of
season i.e., generally in the month of November. The unit remains
non-operational during the period from December to January.
Furthermore, lower agricultural output may have an adverse impact
on the rental collections as the cold storage units collect rent on
the basis of quantity stored and the production of potato is highly
dependent on vagaries of nature.

* Risk of delinquency in loans extended to farmers: Against the
pledge of cold storage receipts, MCSPL provides interest-bearing
advances to the farmers & traders. Before the closure of the season
in November, the farmers & traders are required to clear their
outstanding dues with the interest. In view of this, there exists a
risk of delinquency in loans extended, in case of downward
correction in potato or other stored goods prices, as all such
goods are agro commodities.

* Competition from other local players: In spite of being capital
intensive, the entry barrier for new cold storage is low, backed by
capital subsidy schemes of the government. As a result, the potato
storage business in the region has become competitive, forcing cold
storage owners to lure farmers by providing them interest-bearing
advances against stored potatoes which augments the business risk
profile of the companies involved in the trade.

Key Rating Strengths

* Extensive experience of the promoter in the industry with long
track record of operations: MCSPL is into cold storage business
since 1976 and accordingly has a long track record of operations of
more than four decades. Mr. Rajesh Kumar Patwari, has more than
three decades of experience in cold storage industry, looks after
the overall management of the company. He is supported by other
director Mr. Neeraj Agarwal who has more than decade of experience
in this line of business. The promoters are supported by a team of
experienced professionals.

* Proximity to potato growing area: MCSPL's storing facility is
situated at Cooch Bihar, West Bengal which is one of the major
potatoes growing regions of the state. The favorable location of
the storage unit, in close proximity to the leading potato growing
areas provides it with a wide catchment and making it suitable for
the farmers in terms of transportation and connectivity.

* Comfortable capital structure with moderate debt coverage
indicators: Capital structure remained comfortable as of March 31,
2021 marked by overall gearing ratio of 0.43x as against 2.19x as
on March 31, 2020. The improvement was on account of lower debt
levels mainly pertains to lower utilization of working capital
limit. Furthermore, due to decrease in debt level and its resultant
interest cost during the year, the debt coverage indicators have
improved and remained moderate marked by interest coverage of 2.88x
and TDGCA of 2.83 years as of March 31, 2021 as against 2.11x and
15.97 years respectively as on March 31, 2020. The interest
coverage ratio improved in FY21.

Liquidity: Stretched

Liquidity was stretched marked by low cushion in accruals for
managing debt repayment obligation of any major capex planned. The
average utilization of working capital limit was around 60% during
last 12 month ended of February, 2022. The cash and bank balance
stood at INR0.41 crore as of March 31, 2020. Net cash flow from
operations have turned positive and remained at INR3.31 crore
during FY21 as against negative CFO of INR1.73 crore during FY20.
The improvement was on account of increase in realization of funds
from receivables and inventories.

Murli Cold Storage Private Limited (MCSPL) was incorporated in
September 1976 and presently managed by Mr. Rajesh Kumar Patwari
and Mr. Neeraj Agarwal. The cold storage facility of MCSPL is
located at Boinchi, Hooghly with aggregated storage capacity of
241836 quintal. The company provides cold storage services for
potatoes to the farmers and traders. This apart the company
provides interest bearing advances to the farmers & traders against
the pledge of cold storage receipts.

RADHA KRISHNA: CARE Lowers Rating on INR6.24cr LT Loan to B-
------------------------------------------------------------
CARE Ratings has revised the ratings on certain bank facilities of
Radha Krishna Rice Mill (RKRM), as:

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank       6.24       CARE B-; Stable; ISSUER NOT
   Facilities                      COOPERATING; Rating continues
                                   To remain under ISSUER NOT
                                   COOPERATING category and
                                   Revised from CARE B; Stable

   Short Term Bank      1.00       CARE A4; ISSUER NOT
   Facilities                      COOPERATING; Rating continues
                                   to remain under ISSUER NOT
                                   COOPERATING category

Detailed Rationale & Key Rating Drivers

CARE Ratings Ltd. had, vide its press release dated January 25,
2021, placed the rating(s) of RKRM under the 'issuer
non-cooperating' category as RKRM had failed to provide information
for monitoring of the rating and had not paid the surveillance fees
for the rating exercise as agreed to in its Rating Agreement. RKRM
continues to be non-cooperative despite repeated requests for
submission of information through e-mails, phone calls and a
letter/email dated December 11, 2021, March 3, 2022, March 4,
2022.

In line with the extant SEBI guidelines, CARE Ratings Ltd. has
reviewed the rating on the basis of the best available information
which however, in CARE Ratings Ltd.'s opinion is not sufficient to
arrive at a fair rating.

Users of this rating (including investors, lenders and the public
at large) are hence requested to exercise caution while using the
above rating(s).

The ratings assigned to the bank facilities of RKRM have been
revised on account of non-availability of requisite information.

Radha Krishna Rice Mill was established in 1989 with an objective
to enter into the rice milling and processing business. The entity
started its commercial operation from March 1989. The manufacturing
unit of the entity is located at Paragaon, Nawapara, Rajim Dist,
Raipur-493881, Chhattisgarh. The current installed capacity of the
unit is 21,600 metric tons per annum (MTPA). The entity primarily
procures paddy from farmers & local agents located in Chhattisgarh
and other neighboring states. Further the firm is also engaged in
custom milling on behalf of Chhattisgarh government aggregating to
1-2% of TOI in FY18. Mr. Mohan Lal Agarwal (proprietors) manages
the day-to-day operations of the business along other partner and
with a team of expert professionals who are having a long
experience in the similar line of business.


RAMASIGNS INDUSTRIES: CARE Reaffirms B+ Rating on INR7.20cr NCD
---------------------------------------------------------------
CARE Ratings has reaffirmed ratings on certain bank facilities of
Ramasigns Industries Limited (RSIL), as:

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Non Convertible
   Debentures           7.20       CARE B+; Stable Reaffirmed

Detailed Rationale & Key Rating Drivers

The rating assigned to the instruments of RSIL are constrained by
modest scale of operations, moderate operating margin and net
profit margin, working capital intensive nature of operation,
stretched liquidity position and pending undisputed statutory dues.
The rating is further constrained by presence in highly competitive
& fragmented industry. The rating, however, derives strength from
experienced director, comfortable capital structure and moderate
debt coverage indicators.

Key Rating Sensitivities

Positive Factors

* Increase in the scale of operations with total operating income
to exceeding INR100 crore on sustained basis.
* Improvement in operating cycle below 30 days on sustained basis

Negative Factors

* Deterioration in capital structure with overall gearing above 1x
on a sustained basis
* Decline in PBILDT margin below 3% on sustained basis

Detailed description of the key rating drivers

Key Rating Weaknesses

* Declining and modest scale of operations: RSIL's TOI has
reflected declining trend for past five years ending as of March
31, 2021. Total operating income of the company declined to
INR32.58 crore in FY21 (A) vis-a-vis INR86.22 crore in FY20 (A)
owing to lower demand due to outbreak of COVID-19. Further company
has achieved total operating income of INR25.02 crore in 9MFY22
vis-à-vis INR20.58 crore in 9MFY21.

* Moderate operating margin and low net profit margin: PBILDT
margin improved to 5.12% in FY21 (A) compared to 1.70% in FY20 (A)
mainly on account of decline in cost of traded goods sales (80% of
TOI in FY21 vis-à-vis 86% of TOI in FY20). Further with
improvement in PBILDT margin, its PAT margin also improved to 0.81%
in FY21 vis-à-vis 0.52% in FY20. The company's PBILDT margin also
improved to 5.72% in 9MFY22 vis-à-vis 0.68% in 9MFY21 and it
earned net profit 0.46 crore in 9MFY22 vis-a-vis net loss of
INR0.50 crore in 9MFY21.

* Working capital intensive operation: The operations of RSIL are
working capital intensive in nature on account of funds being
blocked in inventory and receivables. RSIL receives orders directly
from printers and fabricators. In light of long- term relationship
with customers as well as due to stiff competition it generally
gives 5-6 months credit periods to its customers to make payment.
However, collection period stretched to 376 days in FY21 vis-à-vis
162 days in FY20 due to delay in receipt of payment from client in
Covid-19 pandemic situation. RSIL procures material from domestic
market and it gets credit period of 5-6 months creditor period.
Nevertheless, the operating cycle continues to remain elongated. On
the other hand, RSIL also delayed the payment of suppliers due to
which creditor's period also stretched to 454 days in FY21
vis-à-vis 190 days in FY20.

* Volatile material prices: The major material of RSIL includes PVC
Free foam boards, Vinyl, Photo Paper, Display roll up standees LED
modules & LED bars for backlit signages, aluminum composite panel
and cast acrylic sheets whose prices are very volatile in nature.
The cost of material to total sales stood at 80% for FY21.
Fluctuation in material cost has an adverse impact on profit
margins of the company.

* Fragmented and competitive nature of Industry as well as COVID-19
impact on industry: Printing Consumable industry is characterized
as fragmented & competitive with very little differentiation in
terms of service offering. RSIL faces direct competition from
various organized and unorganized players in the market. The
profits margins are likely to be under pressure in the medium term.
Further the price flexibility is also remains constrained due to
low bargaining power with the customers. Further in the COVID
pandemic, many hoarding sites are empty as there are no consumers
to view these. Many organizations have slashed their ad campaign
budgets, which has impacted the Out Of Home(OOH) agencies. OOH has
been acutely affected in this scenario.

Key Rating Strengths

* Long track record of operations with experienced directors: RSIL
is into existence for more three decades however it has changed the
line of business since the year 2017. Mr. Pankaj Jobalia aged 57
years, is a managing director of the company and he holds more than
20 years of experience in manufacturing and marketing of signage
consumables industries. Mrs. Bijal Jatin Jahveri was as a
Chairperson of the Company. She is B.com. Graduate and she have
vast experience in finance and accounting she have versatile
experience in finance and accounts and she had worked different
type of projects also.

* Comfortable capital structure and debt coverage indicators: The
capital structure of the company stood comfortable however overall
gearing deteriorated marginally and stood at 0.29x as on March
31,2021 (vis-à-vis 0.22x as on March 31, 2019) owing to availment
of overdraft facility in FY21. Debt coverage indicator of the
company stood moderate in FY21 marked by total debt to GCA of 4.89x
and interest coverage of 3.09x (vis-à-vis 3.09x and 3.23x
respectively in FY20) on account of increase in debt and reduction
in GCA and operating profitability. Further interest coverage ratio
also improved to 3.49x in 9MFY22 vis-à-vis 0.64x in 9MFY21 with
improvement in PBILDT.

Liquidity analysis: Stretched

Stretched liquidity is characterized by tightly matched accruals
vis-à-vis repayment obligations of INR1.05 crore in FY22 and low
cash balance of INR0.65 crore as of September 30, 2021. Further
company has not paid undisputed statutory dues of INR0.65 crore as
per audit report FY21. Further, current ratio and quick ratio stood
at 1.33x and 0.96x respectively as of March 31, 2021 (vis-a-vis
1.34x and 1.05x respectively as of March 31, 2020.

Incorporated in 1981, Ramasigns Industries Limited (RSIL) (Formerly
Known as M/s Rammaica India Limited till FY17 & was engaged in the
business of manufacturing decorative laminates) is engaged in the
business of trading of signage and digital media consumables namely
Frontlit Flex, Backilt Flex, Self Adhesive Vinyl, Color Vinyl,
Lamination Films, Acrylic Sheets, Wall Painting Media, Printable
Fabrics, Window Films, Roll UP Films, Inkjet & Eco Solvent Medias,
UV Medias, One Way Vision Films, Mesh Banner, Digital Printable
Wall Papers, PP Films, Sun Board & Celuka Sheets, Plastic sheets &
Rolls, Acrylic sheets etc. RSIL sources its traded goods from
Maharashtra, Gujarat and New Delhi etc. and sells PAN India
primarily in cities namely Mumbai, Pune, Aurangabad, Nasik, Rajkot
and Surat. RSIL have more than 12 branches all over India and is
presently working closely with a customer base of over 4000
printers and fabricators and provides door to door delivery
services.


RELIANCE NAVAL: Lenders Vote for Hazel Mercantile-Swan Energy Plan
------------------------------------------------------------------
The Economic Times, citing two people aware of the development,
reports that resolution applicant Hazel Mercantile in partnership
with Swan Energy received on March 16 the required number of lender
votes to acquire the Anil Ambani-promoted shipbuilder Reliance
Naval & Engineering in a bankruptcy resolution process.

Naveen Jindal-promoted Jindal Steel and Power (JSPL) was also in
the fray for the debt-laden company, ET relays.  Reliance
Infrastructure (RInfra), another Anil Ambani company, had made a
final attempt to regain control over Reliance Naval by submitting a
resolution plan that was reportedly better than those offered by
the two bidders.  A plan should receive at least 66% of votes by
value to be declared as the winning bidder.

ET relays that the offer by RInfra was made when lenders had begun
voting for the bankrupt company.  This prompted the resolution
professional, Sudip Bhattacharya, to extend the voting deadline to
March 17 from March 15.

On March 16, the Ahmedabad bench of the National Company Law
Tribunal (NCLT) refused to stay the voting following an appeal by
RInfra to give lenders time to consider its offer.  However, the
tribunal directed the committee of creditors and the resolution
professional to submit a reply by March 30, said the people aware
of the development.

Bhattacharya now must submit the Hazel Mercantile-Swan Energy plan
before NCLT for its approval. He did not respond to ET's queries.

On March 11, RInfra offered staggered payments under Section 12(A)
of the Insolvency and Bankruptcy Code (IBC), which gives tribunals
the power to permit withdrawal of an application from insolvency
proceedings, subject to agreement from 90% of the lenders by the
value of debt, according to ET.

The net present value (NPV) of RInfra's plan was the highest - at
INR1,694 crore; Hazel Mercantile is offering INR1,218 crore by way
of NPV, while JSPL's offer is worth INR703 crore by the same
metric, ET discloses.

Since the tribunal did not stay the balloting, lenders proceeded to
vote on the plan, the report notes.  Although Hazel Mercantile's
offer has received the required number of votes, Bhattacharya and
the lenders have received several letters questioning the
eligibility of the joint plan by Hazel Mercantile and Swan Energy
under Section 29(A) of the IBC, which prohibit defaulting promoters
or their related parties from submitting a resolution plan for a
company under insolvency proceedings.

ET relates that the letter stated that Nikhil Merchant, who is
managing director of Swan Energy, had been a director until
recently of Navi Mumbai Smart City Infrastructure, a company
promoted by defaulter Nikhil Gandhi. Lenders had directed
Bhattacharya to verify if Hazel Mercantile's plan is indeed
eligible following these complaints.

Hazel Mercantile, a part of Groupe Veritas, is offering INR2,040
crore to lenders of which INR1,640 crore would be paid over the
next five years and the remaining after the recoveries of certain
dues, ET discloses.  JSPL has offered INR2,210 crore.  Of this,
INR850 crore would be paid over the next five years, while the
payment of the balance would be conditional upon certain
recoveries, the report notes.

As per the Reliance Infrastructure proposal, lenders would receive
INR25 crore as an upfront payment, INR25 crore at the end of the
first year, INR50 crore each at the end of the second and third
years, INR75 crore after the fourth year and INR2,300 crore a year
later, as reported earlier, ET says.

The RP has admitted INR12,429 crore of secured financial creditors'
claims.  The fair value of RNEL is pegged at INR1,676 crore, while
the liquidation value is INR1,251 crore, as reported earlier, adds
ET.

                         About Reliance Naval

Reliance Naval and Engineering Limited designs and constructs
warships and submarines. The Company offers offshore patrol and
research vessels, frigates, corvettes, aircraft carriers, and
destroyers, as well as piping, propeller, trilshaft, rudder,
coating, and machinery repair and maintenance services.  Reliance
Naval and Engineering serves oil and gas sectors worldwide.

As reported in the Troubled Company Reporter-Asia Pacific in
January 2020, The Hindu said that the Ahmedabad bench of the
National Company Law Tribunal (NCLT) has admitted an application
against Reliance Naval and Engineering Limited (R-Naval) for
insolvency.  "The application by IDBI Bank Ltd. for a claim of
INR1,159.43 crore before the NCLT Ahmedabad bench has been
admitted," R-Naval said in a filing with the exchanges.

This is the second Reliance Group firm to go for insolvency after
Reliance Communications, the Hindu disclosed.  The company had
total outstanding dues of INR9,534 crore as on December 31, 2019.
It reported a net loss of INR340 crore on net sales of INR20.5
crore for the second quarter ended Sept. 30, 2019.


S.R.K. FABRICS: CRISIL Keeps D Debt Ratings in Not Cooperating
--------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of S.R.K.
Fabrics (SRK) continue to be 'CRISIL D Issuer Not Cooperating'.

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

   Proposed Long Term     3.3       CRISIL D (Issuer Not
   Bank Loan Facility               Cooperating)

   Term Loan              3.2       CRISIL D (Issuer Not
                                    Cooperating)

CRISIL Ratings has been consistently following up with SRK 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 SRK, which restricts CRISIL
Ratings' ability to take a forward-looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on SRK
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the ratings on bank facilities of
SRK continue to be 'CRISIL D Issuer Not Cooperating'.

Established in 2008 and based in Ludhiana (Punjab), SRK
manufactures knitted fabrics. The firm has a manufacturing unit in
Ludhiana with a capacity of around 5 tonnes per day, and is owned
and managed by Mr. Sachin Kaushal.


SHYAM BEARINGS: CRISIL Keeps D Debt Ratings in Not Cooperating
--------------------------------------------------------------
CRISIL Ratings said the rating on bank facilities of Shree Shyam
Bearings Private Limited (SSBPL) continues to be 'CRISIL D/CRISIL D
Issuer Not Cooperating'.

                       Amount
   Facilities       (INR Crore)     Ratings
   ----------       -----------     -------
   Cash Credit           22         CRISIL D (Issuer Not
                                    Cooperating)

   Letter of Credit       2.5       CRISIL D (Issuer Not
                                    Cooperating)

CRISIL Ratings has been consistently following up with SSBPL 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 SSBPL, which restricts CRISIL
Ratings' ability to take a forward-looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on SSBPL
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the ratings on bank facilities of
SSBPL continue to be 'CRISIL D/CRISIL D Issuer Not Cooperating'.

SSBPL, based in Kolkata, was set up in 2005 to take over operations
of Shree Shyam Enterprises, established in 1995. The company is an
authorized distributor of bearings for principals NSK Ltd, Japan,
and Minsk Bearings Plant, Belarus. It is also an authorized dealer
for fire extinguishers of Siam Safety Premier Company Ltd,
Thailand.


SITARAM COLD: CRISIL Keeps B Debt Ratings in Not Cooperating
------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Sree Sitaram
Cold Storage Private Limited (SCSPL) continue to be 'CRISIL
B/Stable Issuer Not Cooperating'.

                         Amount
   Facilities         (INR Crore)     Ratings
   ----------         -----------     -------
   Cash Credit            2.78        CRISIL B/Stable (Issuer Not
                                      Cooperating)

   Proposed Long Term     3.22        CRISIL B/Stable (Issuer Not
   Bank Loan Facility                 Cooperating)

   Working Capital        1.00        CRISIL B/Stable (Issuer Not
   Demand Loan                        Cooperating)

CRISIL Ratings has been consistently following up with SCSPL 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 SCSPL, which restricts CRISIL
Ratings' ability to take a forward-looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on SCSPL
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the ratings on bank facilities of
SCSPL continues to be 'CRISIL B/Stable Issuer Not Cooperating'.

Incorporated in 1978, SCSPL provides a cold storage facility to
potato farmers and traders in Hooghly, West Bengal. The company has
a capacity of 192,000 tonnes. The company is promoted by the West
Bengal-based Kundu family, which has been in the cold storage
business for over three decades. Operations are managed by Mr.
Amitava Kundu.

SKPVV HINDU: CARE Assigns B+ Rating to INR3.14cr LT Loan
--------------------------------------------------------
CARE Ratings has assigned ratings on certain bank facilities of S K
P V V Hindu High Schools Committee (SKPVV), as:

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank
   Facilities            3.14       CARE B+; Stable Assigned

   Long Term Bank
   Facilities           16.21       CARE B+; Stable Revised from
                                    CARE B; Stable

Detailed Rationale & Key Rating Drivers

The revision in the ratings assigned to the bank facilities of
SKPVV is on account of improvement in surplus generated from
operation, improved capital structure as well as debt coverage
indicators and improved working capital cycle during FY21 (refers
to April 1 to March 31). The ratings, however, derives strengths
from long track record of the society and experience of the
trustees for more than two decades in educational services, on
campus placement facility, satisfactory infrastructure facilities
and resources and Stable outlook of education industry. The
ratings, however, continued to remain constrained on account of
small scale of operations, stretched liquidity, uneven cash-flow
associated with educational Institutes, highly regulated nature of
educational industry and presence in a highly competitive
industry.

Rating Sensitivities

Positive factors:

* Consistent increase in the society's gross receipts by more than
INR50.00 crores while maintaining its SBID margins leads
substantial increase in GCA
* Improvement in collection days leads to lower utilization of debt
subsequently improvement in TD/ GCA to below 3.00x
* Improvement in capital structure marked by overall gearing ratio
below 1.00x

Negative factors:

* Decline in enrolment that results in decrease in Income from
Operations (IFO) below INR30.00 crore
* Decline in SBID margin marked by PBILDT margin below 10%
* Any debt-funded project undertaken by the entity which results in
deterioration of capital structure

Detailed description of the key rating drivers

Key Rating Weaknesses

* Small scale of operations:  The gross receipts of the society
have marginally declined from INR35.33 crore in FY20 to INR34.34
crore in FY 21 due to slack in overall enrolment of the students
which has led to decline in term fees receipt of school and
colleges. The society has enrolled total 3077 students during
AY21(refers to period June 01 to May 31) as against total 4326
students during AY20 in various courses of various colleges and
schools due to Covid pandemic outbreak. However, the society has
enrolled total 5544 students in AY22 in various courses of various
colleges and schools and reported total income of around INR34
crores in 11MFY22(Prov).

* Uneven cash-flow associated with educational Institutes: The
revenue stream of the society is skewed towards the beginning of
the academic year (normally between June-August) when the bulk of
the tuition fees, hostel fees and other related income is collected
whereas the society incurs regular stream of payments for meeting
staff salary, maintenance activities, interest expenses amongst
others. 20% of the total fees of engineering and PG education
courses received from students and remaining 80% reimbursed from
State Government.

* Highly regulated nature of educational industry: SKPVV is
operating in a highly regulated industry. In addition to AICTE, the
educational institutions are regulated by respective State
Governments with reference to matters such as determining the
number of management quota seats, amount of tuition fee charged for
government quota and management quota giving limited flexibility to
the institutions. The technical education sector also requires
regular approvals from various government bodies for addition of
new courses/seats as well as continuation of the existing courses
which exposes it to high regulatory risk. These factors have
significant bearing on the revenues and surplus levels of the
institutions and resultantly on SKPVV's financial risk profile.
Also, the fees for various courses are presently fixed by
regulatory authority, which limits on the revenue growth.

* Presence in a highly competitive industry: The education sector
offers immense potential as there is a growing demand for the
services offered driven by increasing propensity of the middle
class to spend on education and India's increasing population. Due
to new colleges being added every year along with established
college's results in high competition level in the state and
adjoining areas of SKPVV.

Key Rating Strengths

* Improved Surplus generated from operation: The SBID margin of
society improved on account of curtailing employee cost along with
other administration cost during the year due to COVID and remained
satisfactory during FY21 at 24.99% as against 16.52% during FY20.
Furthermore with decline in interest and finance charges, Surplus
margin increased from 2.45% in FY20 to 11.79% in FY21. Resultantly,
gross cash accruals(GCA) also increased to INR6.49 crore in FY21
from INR3.61 crore FY20.

* Improved capital structure and debt coverage indicators: The
capital structure of the society improved and was moderate marked
by improved overall gearing ratio from 2.00x as of March 31, 2020
to 1.55x as of March 31, 2021 on account of improved tangible net
worth level due to accretion of profits to reserves. Further with
improved capital structure with surplus derived from operation,
debt coverage indicators also improved marked by Total debt/GCA
ratio of 4.23x as on March 31, 2021 improved from 7.50x as on March
31, 2020 and interest coverage ratio of 4.11x (FY20:2.61x) in
FY21.

* Improved working capital cycle: The operating cycle of the
society has improved and remained at 12 days in FY21(59 days in
FY20). The average collection days have improved 18 days in FY21 on
account of amount reimbursed from State Government of Andhra
Pradesh which was due in last years. Around 80% of the total fees
of engineering and PG Education courses are eligible for fee
reimbursement scheme and rest of other i.e school and remaining
courses fee paid by students quarterly and half yearly once. The
average creditor days remained satisfactory in the range of 5- 7
days during review period.

* Long track record of the society and experience of the trustees
for more than two decades in educational services: SKPVV was
established in 1906 by Bhava Narayana (Late), succeeded by Mr.
Ravikrindi Rama Swamy (President), Mr. Chittuir Ananda Rama
Sudhakar (Vice President), Mr. Gopisetti Mallaiah (General
Secretary & Correspondent), Mr. Golla Baba Vijaya Kumar (Treasurer)
among others. All trustee members of the committee are qualified by
graduates by qualification. All the trustees have more than two
decades of experience in educational services industry.

* On campus placement facility: The availability of on-campus
placement facility after completion of any professional course is a
key driver for attracting new students to the institution. SKPVV,
over the years has been arranging for campus placements for its
students enrolled in various courses mainly in the two times of a
year. Few of the companies which participated and recruited
students from various courses of SKPVV are Byjus, HCL Technologies,
Western India Palm Refined Oil Limited (Wipro), Tata Consultancy
Services (TCS), Birla Soft, International Business Machines (IBM),
Accenture among others. Total 555 students have got placement
during AY21 as against 685 students during AY20 in various courses
like engineering, degree and PG courses. Further, for AY22, till
February 2022, total 629 students were placed through on campus
placement.

* Satisfactory infrastructure facilities and resources: The campus,
which is spread over 16 acres of land with separate blocks and
building for every department. It has multiple libraries with vast
and comprehensive collections on various topics and subjects. The
institution has laboratories with sophisticated modern equipment
for undertaking leading edge research. Each Department is provided
with the latest computer systems and internet facility. Also, the
campus provides other facilities like canteen and post office. The
campus has built buildings, well-furnished class rooms and E-class
rooms, lecture halls, library, workshop, computer labs, internet
facility, conference hall, spacious playground and hostels, offer
an ideal environment for pursuit of a hi-tech career. The
environment in the Campus has been carefully designed and executed
and made it conducive for mind and body development.

Liquidity Analysis: Stretched liquidity

Liquidity position remained stretched marked by high utilization of
its working capital limit with average utilization of 90% for past
one year ended February 2022 with low cash and bank balance of
INR1.24 crore as on March 31, 2021. However, its Gross cash
accruals was adequate to meet its debt repayment obligation of
around INR1 crore for FY22. Net Cash Flow from operating activities
remained at INR3 crore during FY21 which has been improved from
INR2.38 crore during FY20.

Andhra Pradesh-based, S K P V V Hindu High Schools Committee
(SKPVV) established in 1906 and registered as society under
Societies Registration Act, 1860 by the members. SKPVV presently
runs 3 schools, 4 colleges out of one UG, PG, Engineering &
Technical and B.Ed & D.Ed colleges under different names within the
same group at K.T. Road, Vijayawada, Andhra Pradesh. SKPVV group of
schools and college's are recognized by state school board and
Intermediate education and AICTE & affiliated to Jawaharlal Nehru
Technological University, Kakinada (JNTU) and Krishna University
along with accredited by NACC(for General Colleges and university)
with 'A' grade on February 08, 2019, NAAC(for Engineering &
Management education) with B++ on October 18,2019 and also National
Board of Accreditation (NBA for Technical & Management Studies) of
December 20,2019. SKPVV group has committed to provide a highly
industry-relevant education and supported by the most up-to-date
facilities and equipment. Aesthetically built buildings,
well-furnished class rooms & E-class rooms, lecture halls, library,
computer labs, Internet facility, conference hall, spacious play
grounds, hostels and offer an ideal environment for pursuit of a
professional career. 70% of the seats are occupied through
government quota and remaining 30% for management quota in
Engineering & management education.


SKY ALLOYS: CARE Withdraws D Rating on LT/ST Bank Debts
-------------------------------------------------------
CARE has reaffirmed and withdrawn the outstanding ratings of 'CARE
D; ISSUER NOT COOPERATING' assigned to the bank facilities of Sky
Alloys and Power Pvt Ltd (SAPPL) with immediate effect. The above
action has been taken at the request of SAPPL and 'No Objection
Certificate' received from the bank(s) that has extended the
facilities rated by CARE.

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long-term Bank         -        Rating continues to remain
   Facilities                      under ISSUER NOT COOPERATING
                                   category; Reaffirmed at CARE D;
                                   ISSUER NOT COOPERATING and
                                   Withdrawn

   Short-term Bank        -        Rating continues to remain
   Facilities                      under ISSUER NOT COOPERATING
                                   category; Reaffirmed at CARE D;
                                   ISSUER NOT COOPERATING and
                                   Withdrawn

CARE had, vide its press release dated September 16, 2021,
continued the ratings of SAPPL under the 'Issuer non-cooperating'
category. SAPPL has not provided requisite information for
monitoring of the rating and continues to be non-cooperative
despite request for submission of information. In line with the
extant SEBI guidelines, CARE has reviewed the ratings on the basis
of the best available information which however, in CARE's opinion
is not sufficient to arrive at a fair rating.

Detailed description of the key rating drivers

At the time of last rating on September 16, 2021, the following
were the rating strengths and weaknesses (updated for information
received).

Key Rating Weaknesses

* Delays in debt servicing: There were delays in debt servicing on
account of stretched liquidity position.

* Small scale of operations: SAPPL is a relatively small sized
player in the iron and steel industry with installed capacity of
sponge iron of 60,000 MTPA, ingot of 48,000 MTPA, 2x6 MVA
ferro-alloy furnaces and power plant of 16 MW. Thus, it suffers
from lack of economies of scale in an industry marked by presence
of large, organized players. Furthermore, the small size restricts
the financial flexibility of the company in times of stress.

* Financial risk profile: SAPPL reported a total operating income
of INR272.92 crore in FY20 vis-à-vis INR256.91 crore in FY21,
thereby witnessing a degrowth of 5.86%. The operating profit stood
at INR30.51 crore in FY21 as compared with INR25.56 crore in FY20.
The profit after tax (PAT) stood at INR11.55 crore in FY21 as
compared with INR4.91 crore in FY20. The entity remains highly
leveraged with an overall gearing of 2.03x as on March 31, 2021
(3.06x as on March 31, 2020).

Key Rating Strength

* Experienced Promoters: Shri Ravi Singhal has more than a decade's
experience in steel manufacturing business. Besides, he is also
involved in other business activities such as transportation and
trading of iron-ore. Other directors of the company also have rich
experience in related business activities.

Liquidity: Not Applicable

SAPPL incorporated in 2009, had set up a 60,000 MTPA sponge iron,
48,000 MTPA ingot and 16 MW captive power plant [of which 4 MW is
based on Waste Heat Recovery Boiler (WHRB)] in Raigarh,
Chhattisgarh. The sponge iron unit along with 4 MW WHRB commenced
operation from April 2013, ingot facility got commissioned in June
2013 and 12 MW coal-based power plant from Oct 2013. The company
also set up a 2x6 MVA ferro alloy furnaces (with an annual capacity
of 19,000 MTPA of silico manganese & 25,000 MTPA of ferro
manganese) by October 2014. The company is promoted by Shri Ravi
Singhal along with his friends and family members - Shri Sankar
Hari Aggarwal, Shri Sandeep Aggarwal, Shri Vinay Aggarwal, Shri
Sumeet Kukerja and Shri Arun Singhal. Shri Ravi Singhal has an
experience of more than a decade in steel manufacturing.

SOHUM WORLD: CARE Keeps D Debt Ratings in Not Cooperating Category
------------------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Sohum World
Foundation (SWF) continues to remain in the 'Issuer Not Cooperating
' category.

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank        7.49      CARE D; ISSUER NOT COOPERATING
   Facilities                      Rating continues to remain
                                   under ISSUER NOT COOPERATING
                                   category

Detailed Rationale & Key Rating Drivers

CARE Ratings Ltd. has been seeking information from SWF to monitor
the rating vide e-mail communications/letters dated February 14,
2022, October 18, 2021 among others and numerous phone calls.
However, despite CARE's repeated requests, the trust has not
provided the requisite information for monitoring the ratings. In
line with the extant SEBI guidelines, CARE Ratings Ltd. has
reviewed the rating on the basis of the best available information
which however, in CARE Ratings Ltd.'s opinion is not sufficient to
arrive at a fair rating. Further, SWF has not paid the surveillance
fees for the rating exercise as agreed to in its Rating Agreement.
The rating on SWF's bank facilities will now be denoted as CARE D;
ISSUER NOT COOPERATING.

Users of this rating (including investors, lenders and the public
at large) are hence requested to exercise caution while using the
above rating.

The rating takes into account the delay in term debt servicing of
entity.

Detailed description of the key rating drivers

At the time of last rating on December 18, 2020, the following were
the rating weaknesses

Key Rating Weaknesses

* Delay in debt servicing: There were instances of delay in term
debt servicing of the entity due to poor liquidity. As per the term
loan account statement penal interest has been charged for the
month of October 2020.

Established on November 21, 2003, SWF was promoted by Mr. Pragyan
Ranjan Gharai, Mrs. Priyabrata Gharai and Mrs. Nandini Gharai for
imparting educations from Standard XI to XII in science stream
under the school name of “Vivekananda Institute of Social Work &
Social Science (VISWASS) Higher Secondary School” which was
established in 2009-10 and also B. Sc. (Nursing), M. Sc. (Nursing),
GNM & PBBSc. under the college name of “VISWASS School & College
of Nursing” which was established in 2005-06 in the city of
Bhubaneswar, Odisha. Currently SWF has total sanctioned seats of
298 students with 81.20% occupancy rate and around 90 teachers
during the academic session 2020-21. SWF also provide hostel
facilities to its students. Currently, the entity has 860
cumulative students strength.

SWF is currently constructing two buildings at its existing campus
which will increase its intake capacity to 439 students from its
existing capacity of 313 students with an aggregate project cost of
INR7.70 crore which is proposed to be funded by term loan of
INR5.50 crore and balance of INR2.20 crore from promoter's
contributions. Out of INR5.50 crore term loan required for the
project, INR3.00 crore has already been tied-up; however, the
balance is under consideration with the banker. Therefore, project
debt funding risk exits. Moreover, the entity has already spent
around INR4.00 crore in the aforesaid project till December 15,
2020 funded through term loan of INR2.50 crore and promoter's
contribution of INR1.50 crore.

SSMP INDUSTRIES: CRISIL Keeps D Debt Ratings in Not Cooperating
---------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of SSMP
Industries Limited (SSMP) continue to be 'CRISIL D/CRISIL D Issuer
Not Cooperating'.

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

   Packing Credit       10.5        CRISIL D (Issuer Not
                                    Cooperating)

CRISIL Ratings has been consistently following up with SSMP 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 SSMP, which restricts CRISIL
Ratings' ability to take a forward-looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on SSMP
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the ratings on bank facilities of
SSMP continue to be 'CRISIL D/CRISIL D Issuer Not Cooperating'.

Incorporated in 2007 in New Delhi, SSMP is a closely held
public-limited company. SSMP processes fruit pulp, largely mango
pulp. The company generates majority of its revenue via export of
pulp, under the brand Garden Fresh, to the Middle East countries.


STANDARD AUTOGEARS: CRISIL Keeps D Ratings in Not Cooperating
-------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Standard
Autogears Private Limited (SAPL) continue to be 'CRISIL D Issuer
Not Cooperating'.

                       Amount
   Facilities       (INR Crore)     Ratings
   ----------       -----------     -------
   Bill Discounting      3          CRISIL D (Issuer Not
                                    Cooperating)

   Bill Discounting      0.75       CRISIL D (Issuer Not
                                    Cooperating)

   Open Cash Credit      3          CRISIL D (Issuer Not
                                    Cooperating)

   Proposed Cash         0.5        CRISIL D (Issuer Not
   Credit Limit                     Cooperating)

CRISIL Ratings has been consistently following up with SAPL 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 SAPL, which restricts CRISIL
Ratings' ability to take a forward-looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on SAPL
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the ratings on bank facilities of
SAPL continue to be 'CRISIL D Issuer Not Cooperating'.

SAPL, incorporated in 1997 in Mohali (Punjab) by Mr. Anil Atri,
manufactures ceiling fan blades and refrigerator components. It has
a fan blade manufacturing plant in Mohali with capacity of 100,000
packs.


V. D. MOTORS: CARE Assigns B+ Rating to INR19cr LT Loans
--------------------------------------------------------
CARE Ratings has assigned ratings on certain bank facilities of V.
D. Motors Private Limited (VDMPL), as:

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank
   Facilities            4.00      CARE B+; Stable Assigned

   Long Term Bank
   Facilities           15.00      CARE B+; Stable Reaffirmed

Detailed Rationale & Key Rating Drivers

The rating assigned to the bank facilities of VDMPL continues to
remain constrained on account of small scale of operation owing to
volume-driven nature of business, thin profitability margins,
leveraged capital structure and weak debt coverage indicators and
stretched liquidity position. The rating, further, continues to
remain constrained on account of high competition in auto
dealership industry. The rating, however, continues to favorably
consider long-standing experience of the promoters in automobile
dealership business with established track record of operations and
long-standing association with its principal.

Rating Sensitivities

Positive factors:
* Sustained increase in scale of operations of the company above
INR75 crore with improvement in profitability marked by PBILDT
margin of more than 5%

* Sustained improvement in capital structure marked by overall
gearing below 2.50 times with improvement in debt coverage
parameters marked by TDGCA of below 10 times with interest coverage
of more than 2.50 times

* Sustained improvement in operating cycle below 75 days with lower
collection period

Negative Factors

* Decline in scale of operations of the company below INR50 Crore

* Any deterioration in the liquidity owing to delay in the payment
from its customers

Detailed description of the key rating drivers

Key Rating Weaknesses

* Small scale of operation owing to volume-driven nature of
business: As per the results of FY21(refers to period April 01 to
March 31), total operating income of VDMPL was stable and stood
small at INR64.36 crore as against INR63.29 crore during FY20.
VDMPL has sold 825 vehicles in FY21 vs. 971 vehicles in FY20.
Further, in FY21 VDMPL generated 95% of TOI from selling vehicle
and rest 5% from selling spares and providing services. During
11MFY22(Prov), VDMPL has sold 910 vehicles and booked TOI of INR85
crores.

* Thin profitability margins: Being engaged into dealership nature
of business, the profitability margins of the company remained thin
marked by PBILDT margin of 3.75% against 3.49% in FY21.
Resultantly, PAT margin although improved as a result of decrease
in interest cost during the year, but remained thin at 0.94% in
FY21 as against 0.21% in FY20. Further, gross cash accruals was low
at INR0.79 crore in FY21 (FY20: INR0.32 crore).

* Leveraged capital structure and weak debt coverage indicators:
Capital structure of the company has improved but remained
leveraged marked by overall gearing ratio of 2.92x as of March 31,
2021 as against 3.52x as on March 31, 2020. The improvement was on
account of improved tangible net worth level due to profit
accretion along with lower total debt level mainly due to lower
outstanding of working capital borrowing as on balance sheet date.
Further, as a consequence of leveraged gearing with thin
profitability, Debt coverage indicators although improved but
remained weak marked by TDGCA of 21.85 years as of March 31, 2021
as against 58.77 years as of March 31, 2020. Further, interest
coverage ratio remained modest at 1.49x during FY21 as against
1.17x during FY20.

* Volume driven business with high competition in auto dealership
industry: Indian automobile industry is highly competitive in
nature as there are large numbers of players operating in the
market like Maruti Suzuki, Hyundai, Tata Motors, Honda and Toyota
etc. in the passenger vehicle segment and Tata Motors, Ashok
Leyland and Volvo Eicher in commercial vehicle segment. Original
Equipment Manufacturers (OEMs) are encouraging more dealerships to
improve penetration and sales, thereby increasing competition
amongst dealers. Entry of the global players in the Indian market
has further intensified the competition. Hence, OEMs offer various
discount schemes to attract customers.Due to very high competition
in the industry, dealers are also forced to pass on discounts and
exchange schemes to attract customer as this is a volume driven
business. Dealers' fate is also linked to the industry scenario and
performance of OEMs. VDMPL is dealer of Mahindra & Mahindra Limited
(M&M) and it derives its TOI from sale of M&M's cars as well as
commercial vehicles and spare parts. Hence, performance and
prospects of VDMPL is highly dependent on Mahindra being its
principal.  Moreover, in this business a dealer has very less
bargaining power over principal manufacturer. The margin on
products is set at a particular level by the principal manufacturer
thereby restricting the company to earn incremental income.

Key Rating Strengths

* Long-standing experience of the promoters in Automobile
dealership business: The overall affairs of VDMPL are looked after
by Mr. Vikas Godara, Director, who has more than two decades of
experience in the automobile dealership. He is further supported by
other directors, Mr. Rajendra Singh Godara who has experience of
around three decades and is involved in strategic decision making
of the company. The directors are supported by qualified and
experienced management for smooth functioning of the company.

* Established track record of operations and long-standing
association with its principal – M&M: VDMPL is engaged in the
automobile dealership business and has a long-standing association
with its principal since 1998. Currently, the company operates two
showrooms at Sri Ganganagar and Hanumangarh and has five sales
showrooms. It has total employee strength of around 500 personnel.
The company has an integrated mode of operations, functioning in
various verticals of automobile dealership business to provide one
stop solution to its customers. It has service stations, spare
parts distribution, vehicle finance and insurance which provide the
customer with complete solution at single point.

Liquidity Analysis: Stretched liquidity

Inventory management is crucial for VDMPL as it needs to maintain
optimal inventory of vehicles and spare parts to meet the customer
demand and unforeseen supply shortage which led to average
inventory period of 50-100 days. Since, majority of the vehicles
are financed by banks/financial institution and the processing of
such vehicle loans takes up marginal time and the company also
receives orders form Rajasthan Government for service of vehicles
in various departments which results in higher collection period.
Due to both high inventory and collection period, operating cycle
although improved but stood elongated at 90 days in FY21 improved
from 100 days in FY20. Further, due to large working capital
requirement in the automobile dealership business, average
utilization of working capital limit remained more than 80% during
past twelve months ended January 2022. Further, VDMPL has low cash
and bank balance of INR0.43 crore as of March 31, 2021, while its
cash flow from operating activity was INR3.18 crore in FY21 against
INR4.16 crore in FY20. Further, VDMPL has tightly matched cash
accruals to meet its repayment obligations of INR0.82 crore in
FY22.

Sri Ganganagar (Rajasthan) based V.D. Motors Private Limited
(VDMPL) was incorporated in 1998 by Mr. Rajendra Singh Godara and
Mr. Vikas Godara. VDMPL is an authorized dealer of M&M for
passenger as well as commercial vehicles and currently, the company
operates two showrooms at Sri Ganganagar and Hanumangarh and also
have sales offices at Anupgarh, Suratgarh, Nohar and Bhadra within
Rajasthan region. Further, the company also receives orders form
Rajasthan Government for service of vehicles in various
departments. The promoters have also promoted Sonak Automobile Pvt.
Ltd. which has dealership of Toyota vehicles, Rudrashree Automobile
Pvt. Ltd. which has dealership of Honda two-wheelers, Shree Amba
Bajaj which has dealership of Bajaj two wheelers and VD Auto wheels
Pvt. Ltd. which has dealership of Honda two-wheelers.


VENKATESWARA RICE: CRISIL Keeps B Debt Ratings in Not Cooperating
-----------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Sri
Venkateswara Rice Mill - Gollaprolu (SVRM) continue to be 'CRISIL
B/Stable Issuer Not Cooperating'.

                       Amount
   Facilities       (INR Crore)     Ratings
   ----------       -----------     -------
   Cash Credit          3.95        CRISIL B/Stable (Issuer Not
                                    Cooperating)

   Long Term Loan       1.2         CRISIL B/Stable (Issuer Not
                                    Cooperating)

   Proposed Long Term   1.1         CRISIL B/Stable (Issuer Not
   Bank Loan Facility               Cooperating)

   SME Credit           0.25        CRISIL B/Stable (Issuer Not
                                    Cooperating)

CRISIL Ratings has been consistently following up with SVRM 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 SVRM, which restricts CRISIL
Ratings' ability to take a forward-looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on SVRM
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the ratings on bank facilities of
SVRM continue to be 'CRISIL B/Stable Issuer Not Cooperating'.

Set up in 2002 as a proprietorship firm, SVRM is engaged in milling
and processing of paddy into rice, rice bran, broken rice and husk.
Its rice mill is located in Gollaprolu in East Godavari District of
Andhra Pradesh. The firm is promoted by Mr. Gollapalli Tirupathi
Rao and his family.


VIJAN HOTELS: CARE Lowers Rating on INR11.70cr LT Loan to B
-----------------------------------------------------------
CARE Ratings has revised the ratings on certain bank facilities of
Vijan Hotels Private Limited (VHPL), as:

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank      11.70       CARE B; Stable; ISSUER NOT
   Facilities                      COOPERATING; Rating continues
                                   To remain under ISSUER NOT
                                   COOPERATING category and
                                   Revised from CARE B+; Stable

Detailed Rationale & Key Rating Drivers

CARE Ratings Ltd. had, vide its press release dated January 22,
2021, placed the rating(s) of VHPL under the 'issuer
non-cooperating' category as VHPL had failed to provide information
for monitoring of the rating and had not paid the surveillance fees
for the rating exercise as agreed to in its Rating Agreement. VHPL
continues to be noncooperative despite repeated requests for
submission of information through e-mails, phone calls and a
letter/email dated December 8, 2021, December 18, 2021 and December
28, 2021.

In line with the extant SEBI guidelines, CARE Ratings Ltd. has
reviewed the rating on the basis of the best available information
which however, in CARE Ratings Ltd.'s opinion is not sufficient to
arrive at a fair rating.

Users of this rating (including investors, lenders and the public
at large) are hence requested to exercise caution while using the
above rating(s).

The ratings assigned to the bank facilities of VHPL have been
revised on account of non-availability of requisite information.

Jabalpur (Madhya Pradesh) based Vijan Hotels Private Limited (VHPL)
was incorporated on April 29, 2013 and undertook a project for
construction of hotel in Jabalpur with total project cost of
INR34.22 crore to be funded through term loan of INR19.00 crore and
balance by way of capital and unsecured loans from the directors.
It started its commercial operations from July, 2016. It presently
operates the hotel under the name of Vijan Mahal, located in
Jabalpur (Madhya Pradesh) with total 108 suits rooms along with
restaurant and bar. VHPL is a 5-star hotel with various other
facilities such as Pub, Gym, Swimming pool, spa, coffee shop,
terrace garden, 8 banquet halls, conference hall, mini board rooms
etc. The hotel is well-known for being a destination wedding venue
in the region. Further, Vijan Mahal is approved Convention Centre
by Ministry of Tourism, Government of India.


VIP ENTERPRISE: CARE Reaffirms B+ Rating on INR5.50cr LT Loan
-------------------------------------------------------------
CARE Ratings has revised the ratings on certain bank facilities of
VIP Enterprise Private Limited (VEPL), as:

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank
   Facilities            5.50      CARE B+; Stable Reaffirmed

Detailed Rationale & Key Rating Drivers

The rating assigned to the bank facilities of VEPL continue to
remain constrained on account of moderate scale of operations and
thin profitability, leveraged capital structure and weak debt
coverage indicators during FY21 (Audited, refers to period April 1
to March 31). The rating, further, continues to remain constrained
on account of fortunes of the company linked with growth of
principal automobile manufacturers and exposure to intense
competition in the automobile dealership industry.

The rating, however, continues to derive strength from VEPL's long
standing experience of promoters in automobile dealership
industry.

Rating Sensitivities

Positive Factors - Factors that could lead to positive rating
action/upgrade:

* Growth in scale of operations marked by Total Operating Income
(TOI) by more than 20% and profitability with a PBILDT margin of
more than 5% on a sustained basis.
* Improvement in capital structure marked by overall gearing below
2.5 times.

Negative Factors- Factors that could lead to negative rating
action/downgrade:

* Deterioration in debt coverage indicators with interest coverage
ratio of below unity
* Deterioration in overall liquidity profile with an elongation in
operating cycle and inadequate cash accruals to suffice the debt
repayments

Detailed description of the key rating drivers

Key Rating Weaknesses

* Moderate scale of operations and thin profitability:  The scale
of operations of VEPL as marked by TOI declined however continued
to remain moderate at INR44.99 crore during FY21 as compared to
INR56.88 crore during FY20, due to decrease in the demand due to
worldwide pandemic COVID19. Also, the showroom was closed from
March 22, 2020 to May 15, 2020 due to nationwide lockdown declared
by the government. The profitability continued to remain thin as
marked by PBILDT margin at 2.09% during FY21 as against 2.38%
during FY20. PAT margin of VEPL also remained thin at 0.36% during
FY21 in similar line with FY20 (0.32%). Gross Cash Accruals (GCA)
level remained low at INR0.27 crore during FY21.

* Leveraged capital structure and weak debt coverage indicators:
The capital structure of the company continued to remain leveraged
as marked by an overall gearing of 5.18 times as of March 31, 2021
as against 5.47 times as of March 31, 2020. The marginal
improvement is due to an increase in the level of tangible net
worth as of March 31, 2021 led by accretion of profits to reserves
during FY21. The debt coverage indicators of VEPL deteriorated and
continued to remain weak marked by total debt to gross cash
accruals (TDGCA) of 33.57 years as of March 31, 2021, as against
27.47 years as of March 31, 2020 mainly due to increase in the
total debt level led by higher utilization of working capital bank
borrowings as on balance sheet date. The interest coverage ratio
continued to remain moderate at 1.44 times during FY21 as against
1.43 times during FY20.  

* Fortunes of the company linked with growth of principal
automobile manufacturers: Though the company is an authorized
dealer of established brands like Ashok Leyland and Royal Enfield,
any unfavorable event affecting the growth plans of Original
Equipment Manufacturers (OEM) will have a significant impact on the
performance of VEPL.

* Exposure to intense competition in the automobile dealership
industry: VEPL's business growth is exposed to the intense
competition in the automobile dealership industry. VEPL is an
authorized dealer for Royal Enfield (Two-Wheeler- Passenger
Vehicle) and Ashok Leyland (Four-Wheeler- Light Commercial
vehicles). Hence the entity has to compete with dealers of other
reputed brands. Intense pricing pressure has forced automobile
players to cut costs, leading to competitive rates of commissions
for dealers.

Key Rating Strengths

* Long-standing experience of promoters in automobile dealership
Industry: VEPL was earlier into the same business under the name of
VIP Automobiles Private Limited. The key promoter Mr. Jayant Vaidya
has an experience of around three decades in the automobile
industry. Mr. Navinchandra Janani, Director, also holds experience
of two decades in the field of automobile dealership field. Both
these key promoters look after management and operations of the
business. Another director Mr. Keshav Faldu, looks after accounts
and finance department. All over, VEPL is benefitted from the
long-standing experience of its directors.

Liquidity: Stretched

Liquidity position of VEPL continued to remain stretched marked by
higher average working capital limits utilization at around 95%
during past twelve months period ended February 2022. Net Cash flow
from operating activities deteriorated and remained modest at
INR0.33 crore during FY21 as against INR1.97 crore during FY20,
mainly due to funds blocked in the inventories as of March 31,
2021. Cash and bank balance remained modest at INR0.77 crore as on
March 31, 2021. The current ratio remained moderate at 1.38 times
as on March 31, 2021. GCA level remained inadequate at INR0.27
crore during FY21 as against gross loan repayments of INR0.58 crore
arising in FY22. VEPL has not availed moratorium under COVID-19
relief measures. However, it has availed Working capital term loan
(WCTL) under General Emergency Credit Line (GECL) scheme of INR1.00
crore which is fully disbursed which is repayable in 36 EMIs of
INR3.19 lacs commenced from June 2021.

Surat-based (Gujarat) VIP Enterprise Private Limited (VEPL) was
incorporated in April 2012. The entity is as an authorized dealer
of Ashok Leyland (Light Commercial Vehicles - LCVs) and Royal
Enfield (passenger vehicles). The company also provides ancillary
products like helmets, automobile spare parts and accessories
besides providing maintenance services for the vehicles from its 5
workshops. VEPL has two showrooms and five workshops in Surat.




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

AJ FENCING: Court to Hear Wind-Up Petition on March 24
------------------------------------------------------
A petition to wind up the operations of AJ Fencing Limited will be
heard before the High Court at Napier on March 24, 2022, at 2:15
p.m.

The Commissioner of Inland Revenue filed the petition against the
company on Jan. 20, 2022.

The Petitioner's solicitor is:

           Constance Bradnock
           Legal Services
           11 Jepsen Grove, Wallaceville
           Upper Hutt 5018


ARO RACEHORSE: Creditors' Proofs of Debt Due on April 28
--------------------------------------------------------
Creditors of Aro Racehorse Syndications Limited, which is in
voluntary liquidation, are required to file their proofs of debt by
April 28, 2022, to be included in the company's dividend
distribution.

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

The company's liquidators are:

         Geoff Brown
         Lynda Smart
         Rodgers Reidy (NZ) Limited
         PO Box 39090
         Harewood, Christchurch 8545


BUILD STRONG: Court to Hear Wind-Up Petition on March 25
--------------------------------------------------------
A petition to wind up the operations of Build Strong Limited will
be heard before the High Court at Auckland on March 25, 2022, at
10:00 a.m.

The Commissioner of Inland Revenue filed the petition against the
company on Aug. 11, 2021.

The Petitioner's solicitor is:

         Cloete Van der Merwe
         5 Osterley Way
         Manukau City, Auckland 2104


FREEFLOW PIPES: Creditors' Proofs of Debt Due on April 19
---------------------------------------------------------
Creditors of Freeflow Pipes Limited are required to file their
proofs of debt by April 19, 2022, to be included in the company's
dividend distribution.

The company commenced wind-up proceedings on March 15, 2022.

The company's liquidators are:

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


HAWKE'S BAY SEAFOORDS: Placed in Liquidation, Owes NZD3,500 in Debt
-------------------------------------------------------------------
Stuff.co.nz reports that Hawke's Bay Seafoods Ltd, a company that
once employed thousands of people and exported "hundreds of
millions of dollars" of fish over two decades, has been put into
liquidation over an unpaid debt of NZD3,500.

Hawke's Bay Seafoods Ltd was put into liquidation by the High Court
in Auckland last week after an application by accounting firm BDO
Auckland, Stuff discloses.

According to the report, the company, which hadn't operated since
2019, was the third company belonging to the D'Esposito family to
go into liquidation over the past year.

Stuff says the Hawke's Bay Seafoods name once graced a large
processing plant in Napier and popular fish and chip shops in
Hastings and Napier.

Sole director Nino D'Esposito, 62, was raised in the fishing
industry in Wellington and started working at Harbour Inn Seafoods
in Petone in the 1980s.

It has not been smooth sailing for the family, whose companies have
attracted more than their share of charges and convictions for
illegal fishing activities, the report notes.

Nino D'Esposito and brother Joe (Giancarlo)'s companies Harbour Inn
Seafood Export and Harbour City Seafoods were fined almost NZD1
million for fishing offences in 1991, Stuff recalls.

The brothers moved to Hawke's Bay and began Hawke's Bay Seafoods
Ltd in the 90s.  It was one of numerous companies the family used
for its fishing and retailing endeavours.

In 2014, the companies were raided by the Ministry of Primary
Industries, leading to years of court action.  In 2019, fines of
NZD1.08 million were imposed on the companies, the two brothers and
Nino's son Marcus.

Stuff relates that assets were sold to Ngati Kahungunu Inc. and
began operating under a new entity, Takitimu Seafoods Ltd, in 2019
and the family formed another commercial fishing company, Eastern
Fishing Ltd, which had Nino D'Esposito's wife Karina as sole
director.

Eastern Fishing Ltd went into liquidation by shareholders last
month owing more than NZD2 million.

A third family company, Esplanade No.3, was liquidated in May last
year after MPI applied for an order over a debt of NZD3,811, the
report discloses. The company also owed the Ministry of Justice
NZD234,994 and related parties (believed to be Hawke's Bay Seafoods
Ltd) were owed more than NZD2.4 million.

The family's remaining foothold in the fish business is held by
Marcus D'Esposito, who started Saltwater Seafoods - a fish
wholesaler in Hastings - last year, and his company, Saltwater
Fishing, which has four boats operating out of Hawke's Bay,
according to Stuff.


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.

Livestock Improvement Corporation Limited filed the petition
against the company on Feb. 11, 2022.

The Petitioner's solicitor is:

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


WAX EYE: Creditors' Proofs of Debt Due on April 22
--------------------------------------------------
Creditors of Wax Eye Holdings Limited, which is in voluntary
liquidation, are required to file their proofs of debt by April 22,
2022, to be included in the company's dividend distribution.

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

The company's liquidator is:

          Digby John Noyce
          RES Corporate Services Limited
          PO Box 301890
          Albany, Auckland 0752




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

AETURNUM ENERGY: Court Enters Wind-Up Order
-------------------------------------------
The High Court of Singapore entered an order on March 8, 2022, to
wind up the operations of Aeturnum Energy International Pte. Ltd.

Navig8 Chemicals Pool Inc filed the petition against the company.

The company's liquidator is:

          Mr. Don M Ho
          c/o DHA+ pac
          63 Market Street
          #05-01A Bank of Singapore Centre
          Singapore 048942


EAGLE HOSPITALITY: Bankruptcy Court Nixes $21-Mil. Contract Claims
------------------------------------------------------------------
Rick Archer of Law360 reports that a Delaware bankruptcy judge has
shot down nearly $21.3 million in claims against Eagle Hospitality
Group for unpaid hotel management fees and costs, saying the
management companies' contracts weren't with Eagle.

U.S. Bankruptcy Judge Christopher Sontchi said that while he would
allow Evolution Hospitality to pursue its claims that it should be
paid because the entities it had entered hotel management
agreements with are part of the Eagle "economic entity," neither it
nor Interstate Management Co. have direct contractual claims
against Eagle.

                   About Eagle Hospitality Group

Eagle Hospitality Trust -- https://eagleht.com/ -- is a hospitality
stapled group comprising Eagle Hospitality Real Estate Investment
Trust ("Eagle H-REIT") and Eagle Hospitality Business Trust. Based
in Singapore, Eagle H-REIT is established with the principal
investment strategy of investing on a long-term basis, in a
diversified portfolio of income-producing real estate which is used
primarily for hospitality and/or hospitality-related purposes, as
well as real estate-related assets in connection with the
foregoing, with an initial focus on the United States.

EHT US1, Inc., and 26 affiliates, including 15 LLC entities that
each owns hotels in the U.S., sought Chapter 11 protection (Bankr.
D. Del. Lead Case No. 21-10036) on Jan. 18, 2021.

EHT US1, Inc., estimated $500 million to $1 billion in assets and
liabilities as of the bankruptcy filing.

The Debtors tapped Paul Hastings LLP as bankruptcy counsel; FTI
Consulting, Inc., as restructuring advisor; and Moelis & Company
LLC, as investment banker. Cole Schotz P.C. is the Delaware
counsel. Rajah & Tann Singapore LLP is Singapore Law counsel, and
Walkers is Cayman Law counsel. Donlin, Recano & Company, Inc., is
the claims agent.


ENGINE INTERNATIONAL: Commences Wind-Up Proceedings
---------------------------------------------------
Members of Engine International Pte Ltd, on March 9, 2022, passed a
resolution to voluntarily wind up the company's operations.

The company's liquidator is:

          Mr. Yiong Kok Kong
          DKKY Corporate Advisory
          24 Peck Seah Street
          #04-01 Nehsons Building
          Singapore 079314


MULHACEN PTE: Fitch Withdraws Ratings Amid Debt Restructuring
-------------------------------------------------------------
Fitch Ratings has downgraded Mulhacen Pte Ltd's Long-Term Issuer
Default Rating (IDR) to 'RD' (Restricted Default) from 'C'.  This
follows the completion of an exchange offer that Fitch views as a
distressed debt exchange (DDE).  Mulhacen's EUR515 million senior
secured payment-in-kind (PIK) toggle notes (XS1860991766) have been
affirmed at 'C'.  The rating actions are in accordance with Fitch's
rating definitions.

The rating actions follow Mulhacen's announcement on March 21, 2022
that it had completed its exchange offer announced on January 20,
2022.

Mulhacen is a non-operating holding company set up by Varde
Partners to acquire WiZink Bank (WiZink, unrated), which is
Mulhacen's only significant asset. Mulhacen is not included in
WiZink's regulated banking group supervised by the Bank of Spain.

The concluded transaction involved a write-down of the PIK toggle
notes by 45% and the extension of their maturity to December 2026
from August 2023. Following the exchange offer, bondholders hold a
40% equity stake in Mulhacen's parent company, Teide Pte. Mulhacen
also set up a new first-lien facility (not rated) of EUR285.6
million, equally funded by a capital injection from Värde
Partners, and existing bondholders, with EUR250 million of the
proceeds used to recapitalise WiZink.

Following the debt restructuring, Fitch has withdrawn Mulhacen's
Long-Term IDR and debt rating and will no longer provide ratings or
analytical coverage for Mulhacen.

KEY RATING DRIVERS

IDR AND DEBT

Fitch views the transaction as a DDE as it meets both conditions
outlined in Fitch's Non-Bank Financial Institutions (NBFI) Rating
Criteria: it represents both a material reduction in terms and in
Fitch's view was conducted to avoid Mulhacen's bankruptcy, similar
insolvency or intervention proceedings, or a traditional payment
default.

The PIK notes' rating reflects Fitch's view that the debt is
Mulhacen's main reference liability of and Fitch consider a default
of the instrument as a default of Mulhacen, as reflected in the
downgrade of Mulhacen's Long-Term IDR to 'RD'. Fitch does not
assign a Recovery Rating to the notes, given that there is a wide
range of possible outcomes at this stage.

Material Reduction in Terms: The transaction included the
write-down of Mulhacen's EUR515 million senior secured PIK toggle
notes by 45% and an extension of the bonds' maturity to December
2026. While the transaction included an increase in the coupon rate
to 8% (from 6.5% if paid in cash and 7.25% if paid in kind) and a
40% equity stake in Mulhacen, Fitch views the terms of the notes as
materially reduced because of the material write-down, maturity
extension and the notes' contractual subordination to the
newly-established first-lien facility.

Offer to Avoid Payment Default: Fitch believes the transaction has
been conducted to avoid payment default upon original maturity of
the bonds in August 2023. This is largely because WiZink's credit
profile continues to be negatively affected by litigation risks and
the need to adjust product pricing in Spain related to the March
2020 supreme court ruling. This negatively affects Fitch's
assessment of WiZink bank being able to distribute dividends in the
medium term, and made conventional refinancing of the notes or a
sale of the bank before August 2023 challenging.

Fitch acknowledges that the EUR250 million capital increase in
WiZink should materially strengthen the bank's regulatory capital
ratios, and depending on the amount of future litigation claims,
improve its ability to resume dividend payments in the medium
term.

RATING SENSITIVITIES

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

Not applicable as the ratings have been withdrawn.

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

Not applicable as the ratings have been withdrawn.

BEST/WORST CASE RATING SCENARIO

International scale credit ratings of Financial Institutions and
Covered Bond 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.


MULHACEN PTE: S&P Cuts ICR to 'D' on Completion of Exchange Offer
-----------------------------------------------------------------
S&P Global Ratings lowered its long- and short-term issuer credit
rating on Singapore-based non-operating holding company Mulhacen
Pte. Ltd. (Mulhacen) to 'D' from 'CC/C'. S&P also lowered to 'D'
from 'CC' its issue rating on the senior secured PIK toggle bond
due 2023, and subsequently withdrew the rating on the bond, since
it is no longer outstanding.

On March 18, 2022, Mulhacen announced the completion of its bond
restructuring.

S&P said, "We view Mulhacen's exchange as a distressed
restructuring. On March 18, 2022, Mulhacen announced the completion
of its EUR557 million PIK toggle bond restructuring, with 99.79% of
its bondholders consenting. The transaction involved the exchange
of the existing bond for shares equivalent to 40% of the capital of
Mulhacen's owner, Teide. It also involved the issuance by Teide of
a new second-lien facility totaling about EUR317.5 million--as
opposed to the initially announced new PIK bond--maturing in
December 2026, with a face value of 55% of the principal amount of
Mulhacen's PIK toggle bonds outstanding on the closing date, plus
all accrued interest. We consider the transaction as distressed and
tantamount to a default, since bondholders have received less than
they were originally promised and in the form of a longer-tenor,
more junior instrument." Furthermore, bondholders have had to
inject about EUR140 million of additional senior financing into
Mulhacen. Mulhacen's shareholder, private equity investor Varde
Partners, has also contributed EUR140 million in senior financing,
and reduced its 100% stake in Mulhacen to 60%.

Concurrently, as previously announced, Mulhacen has injected EUR250
million of capital into its subsidiary, WiZink Bank (WiZink). S&P
said, "We anticipate WiZink will use most of this capital to
reinforce its provisions to meet legal claims regarding alleged
usury rates. As a result, we expect WiZink's risk-adjusted capital
(RAC) ratio will strengthen toward 9.0% over the next 12-18 months
compared to our previous expectation of closer to 7.0%. This
capital injection will help WiZink to operate with a more
comfortable buffer over the regulatory requirement and at least
partly alleviate potential pressure on its capital from legal
claims." Following a negative ruling by Spain's Supreme Court in
March 2020, WiZink has been facing significant legal claims on
alleged usury rates, and these have weighed on its financial and
business profile.

S&P said, "We do not assign outlooks to 'D' ratings because they
express a condition and not a forward-looking opinion of default
probability.

"We expect to raise the issuer credit ratings on Mulhacen in the
next few days, given that it has now completed the distressed
exchange. The rating will reflect our forward-looking view of
Mulhacen's capacity and willingness to serve its obligations."


RENTAK LAND: Court to Hear Wind-Up Petition on April 1
------------------------------------------------------
A petition to wind up the operations of Rentak Land Pte Ltd will be
heard before the High Court of Singapore on April 1, 2022, at 10:00
a.m.

Alex Chia Che Keng filed the petition against the company on March
10, 2022.

The Petitioner's solicitors are:

          Eldan Law LLP
          6 Raffles Quay #15-01
          Singapore 048580


SIN KIAT: Court to Hear Wind-Up Petition on April 1
---------------------------------------------------
A petition to wind up the operations of Sin Kiat Metal Works Pte
Ltd will be heard before the High Court of Singapore on April 1,
2022, at 10:00 a.m.

DBS Bank Ltd filed the petition against the company on March 11,
2022.

The Petitioner's solicitors are:

          Kelvin Chia Partnership
          6 Temasek Boulevard
          29th Floor, Suntec Tower Four
          Singapore 038986



                           *********


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

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

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

This material is copyrighted and any commercial use, resale or
publication in any form (including e-mail forwarding,
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Information contained herein is obtained from sources believed
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