/raid1/www/Hosts/bankrupt/TCRAP_Public/220330.mbx        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 30, 2022, Vol. 25, No. 58

                           Headlines



A U S T R A L I A

ALL HAUL: First Creditors' Meeting Set for April 6
ARG GINGER: Creditors Approve Deed of Company Arrangement
BLUESTONE NZ 2022-1: S&P Assigns B Rating on Class F Notes
GA MAHAJAN: First Creditors' Meeting Set for April 6
INFRABUILD AUSTRALIA: Fitch Lowers LT IDR to 'B-', Outlook Neg.

SUN KITCHEN: Second Creditors' Meeting Set for April 5


H O N G   K O N G

NEWOCEAN ENERGY: Warns of Trading Halt Shares on HKSE From April 1


I N D I A

ADEPT REAL ESTATE: Voluntary Liquidation Process Case Summary
AELIS ENTERPRISE: Insolvency Resolution Process Case Summary
AVADH COTEX: ICRA Keeps B+ Debt Ratings in Not Cooperating
B.H. COTTON: ICRA Keeps B Debt Rating in Not Cooperating Category
BALAJI MOTORS: ICRA Keeps B Debt Ratings in Not Cooperating

BAMBINO AGRO: Ind-Ra Lowers Long-Term Issuer Rating to 'BB'
BSR DIAGNOSTIC LIMITED: Liquidation Process Case Summary
CHANAKYA EDUCATION: ICRA Keeps B+ Debt Rating in Not Cooperating
DAVINTA FINSERV: Voluntary Liquidation Process Case Summary
GLOBAL SMART: Voluntary Liquidation Process Case Summary

GVG EXIM: Ind-Ra Moves 'B+' LT Issuer Rating to Non-Cooperating
H.R. EDUCATIONAL: ICRA Keeps D Debt Rating in Not Cooperating
IVRCL INDORE: Ind-Ra Keeps 'D' Bank Loan Rating in Non-Cooperating
JANA HOLDINGS: ICRA Reaffirms PP-MLD[ICRA]B+ Debt Rating
JET AIRWAYS: ICRA Keeps D Debt Ratings in Not Cooperating

KANCHAN MOTORS: ICRA Lowers Rating on INR10cr ST Loan to D
KIRPA RICE: ICRA Keeps B+ Debt Rating in Not Cooperating Category
KITTURU CHENNAMMA: ICRA Keeps B+ Debt Ratings in Not Cooperating
KVK GRANITES: ICRA Keeps D Debt Ratings in Not Cooperating
LOT MOBILES: ICRA Keeps B+ Debt Rating in Not Cooperating

MADHUR ENGINEERS: ICRA Keeps B+ Debt Rating in Not Cooperating
MATESWARI ROYALTIES: ICRA Keeps B- Debt Rating in Not Cooperating
MATHURA FIBERS: Ind-Ra Moves 'B+' Issuer Rating to Non-Cooperating
MAX UNITED: Ind-Ra Withdraws B Bank Loan Rating on INR20MM
MUKAND SUMI: Ind-Ra Keeps 'BB' LT Issuer Rating in Non-Cooperating

NEOHAPSIS SOFTWARE: Voluntary Liquidation Process Case Summary
NJ GLOBAL FINANCE: Voluntary Liquidation Process Case Summary
PCP INTERNATIONAL: Ind-Ra Moves D Issuer Rating to Non-Cooperating
PLUTO PLAZA: ICRA Keeps B+ Rating in Not Cooperating Category
POSHS METAL: Ind-Ra Moves 'BB' LT Issuer Rating to Non-Cooperating

PRATIBHA CONSTRUCTIONS: ICRA Cuts Rating on INR25cr ST Loan to C
SANTOSH ENTERPRISES: ICRA Keeps D Debt Ratings in Not Cooperating
SARE FACILITY: Liquidation Process Case Summary
SATHYANARAYANA EDUCATION: ICRA Keeps B+ Rating in Not Cooperating
SCHWEITZER LOGISTICS: Voluntary Liquidation Process Case Summary

SHARANAMMA DIGGAVI: ICRA Keeps D Debt Ratings in Not Cooperating
SOLEX ENERGY: Ind-Ra Assigns BB+ LT Issuer Rating, Outlook Stable
SRINIVASAN CHARITABLE: ICRA Keeps D Rating in Not Cooperating
SRINIVASAN HEALTH: ICRA Keeps D Debt Rating in Not Cooperating
SWE FASHIONS PRIVATE: Liquidation Process Case Summary

VASISTA EDUCATIONAL: ICRA Keeps D Debt Ratings in Not Cooperating
VIKAS COTEX: ICRA Keeps B Debt Ratings in Not Cooperating
VIPTELA SYSTEMS: Voluntary Liquidation Process Case Summary
WORLD CAT: Voluntary Liquidation Process Case Summary


I N D O N E S I A

LIPPO KARAWACI: Fitch Affirms 'B-' LongTerm IDRs, Outlook Stable


M A L A Y S I A

SAPURA ENERGY: Taps Restructuring Specialist Borrelli as Director


N E W   Z E A L A N D

APOTEX NZ: Creditors' Proofs of Debt Due on April 21
ARCHITECTURAL WINDOW: Creditors' Proofs of Debt Due on April 28
POKE BAR: Creditors' Proofs of Debt Due on April 29
RAMMAC STEEL: Creditors' Proofs of Debt Due on April 25
SANDY'S HOME: Creditors' Proofs of Debt Due on April 4



P H I L I P P I N E S

RB OF SAN LORENZO: Creditors' Claims Deadline Set for May 9


S I N G A P O R E

COM3 SINGAPORE: Court to Hear Wind-Up Petition on April 8
PHARMA INC: Court to Hear Wind-Up Petition on April 8
SEMBCORP MARINE: Records 3 Straight Years of Losses
SUPERNOVA ENTERPRISES: Court to Hear Wind-Up Petition on April 8
TUBULAR SERVICES: Creditors' Proofs of Debt Due on April 25

XIN GUANG: Creditors' Meetings Set for April 14


S R I   L A N K A

SRI LANKA: Needs Debt Restructuring as Signaled by IMF, Citi Says


V I E T N A M

NATIONAL POWER: Fitch Affirms 'BB' Foreign Currency IDR
VIETNAM: Fitch Affirms 'BB' Foreign Currency IDR, Outlook Positive

                           - - - - -


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

ALL HAUL: First Creditors' Meeting Set for April 6
--------------------------------------------------
A first meeting of the creditors in the proceedings of All Haul
Transport Pty Ltd will be held on April 6, 2022, at 10:00 a.m. via
virtual facilities.

Bradd William Morelli and Stewart William Free of Jirsch Sutherland
were appointed as administrators of All Haul Transport on March 28,
2022.


ARG GINGER: Creditors Approve Deed of Company Arrangement
---------------------------------------------------------
Fashion label Ginger & Smart has dipped into and out of
administration in the space of a month, emerging free of onerous
leases struck before the pandemic after a tough period of prolonged
closures during COVID-19.

Olvero Advisory principals Damien Hodgkinson and Katherine Barnet
were appointed voluntary administrators of the company on February
25.

According to AFR, creditors on March 29 approved the deed of
company arrangement that releases Ginger & Smart from leases at
stores including The Strand Arcade, Sydney, Westfield, Bondi
Junction, Paddington and its head office at Rosebery. All are in
NSW.

Founders Alexandra and Genevieve Smart created the brand in the
early 2000s and sold it in April 2019 to retail investment firm
Alquemie Group.

Alquemie, founded by executive chairman Richard Facioni, is a
secured creditor with security over a substantial portion of Ginger
& Smart's assets, the report notes. It also holds licensing deals
with Lego Australia, kidswear retailer Pumpkin Patch and owns
previously listed retailers SurfStitch and EziBuy.

AFR says the group is overseen by specialist retail and consumer
brands private equity firm ACTA Capital, which was set up about a
year ago by Mr Facioni. He previously was an executive director at
Alceon Group.

AFR relates that Mr. Facioni said voluntary administration had
allowed the group to exit certain leases and finalise the
negotiations of COVID-19 relief packages with landlords.

"We had that lockdown July to October 2021," the report quotes
Mr. Facioni as saying. "The landlords have not been as
accommodating in that period as they were in the first lockdown
period.   "Secondly, we had these leases [and] as each day passed
they were costing us money, so I said let's pull the pin and get on
with it."

Before the pandemic, Ginger & Smart operated five stand-alone
retail stores in NSW and Victoria. The company also operates seven
concession locations with David Jones, an international wholesale
business and sells online through its own platform and digital
retailers The Iconic and eBay.com.au. These will all continue to
operate, the report says.

Under the deed of company arrangement, landlords of the exited
properties will receive 20 cents on the dollar and trade creditors
will get 75 cents. Staff will be paid in full, according to AFR.

Alquemie is owed more than AUD2.5 million, while Alquemie owes
money to Alceon for an outstanding debt facility, AFR discloses
citing the administrators report to creditors.

The estimated liability due to Alceon is about AUD8 million, but
the firm said it would participate in the DOCA and roll those debts
over.

Sales at Ginger & Smart reached AUD4.7 million in the year to March
22, compared with sales in fiscal 2020-21 of AUD7.4 million. Retail
online revenue surged by 90 per cent last year as shoppers flocked
online amid lockdowns.

The lockdowns in early fiscal 2021-22 continued to dent foot
traffic at the physical stores. The brand has been incurring
trading losses since 2020, according to the creditors report cited
by AFR.

Katherine Elizabeth Barnet and Damien Mark Hodgkinson of Olvera
Advisors were appointed as administrators of ARG Ginger & Smart Pty
on Feb. 25, 2022.


BLUESTONE NZ 2022-1: S&P Assigns B Rating on Class F Notes
----------------------------------------------------------
S&P Global Ratings assigned its ratings to eight classes of prime
residential mortgage-backed securities (RMBS) issued by New Zealand
Guardian Trust Co. Ltd. as trustee of Bluestone NZ Prime 2022-1
Trust. Bluestone NZ Prime 2022-1 Trust is a securitization of prime
residential mortgages originated by Bluestone Mortgages NZ Ltd.

The ratings S&P has assigned to the floating-rate RMBS reflect the
following factors.

The credit risk of the underlying collateral portfolio and the
credit support provided to each class of notes are commensurate
with the ratings assigned. Note subordination and excess spread
provide credit support. S&P's assessment of credit risk considers
Bluestone's underwriting standards and approval process, and
Bluestone's strong servicing quality.

The rated notes can meet timely payment of interest and ultimate
payment of principal under the rating stresses. Key rating factors
are the level of subordination provided, the provision of a
liquidity facility, the principal draw function, and the provision
of an extraordinary expense reserve. S&P said, "Our analysis is on
the basis that the rated notes are fully redeemed via the principal
waterfall mechanism under the transaction documents by their legal
final maturity date, and we assume the notes are not called at or
beyond the call-option date."

S&P said, "Our ratings also consider the counterparty exposure to
ASB Bank Ltd. as bank account provider, Westpac New Zealand Ltd. as
the liquidity facility provider, and Bank of New Zealand as the
interest-rate hedge provider. The transaction documents for the
swaps and facilities include downgrade language consistent with S&P
Global Ratings' counterparty criteria.

"We have also factored into our ratings the legal structure of the
trust, which is established as a special-purpose entity and meets
our criteria for insolvency remoteness."

  Ratings Assigned

  Bluestone NZ Prime 2022-1 Trust

  Class A1, NZ$100.00 million: AAA (sf)
  Class A2, NZ$138.00 million: AAA (sf)
  Class A3, NZ$23.52 million: AAA (sf)
  Class B, NZ$5.60 million: AA (sf)
  Class C, NZ$5.04 million: A (sf)
  Class D, NZ$3.36 million: BBB (sf)
  Class E, NZ$2.10 million: BB (sf)
  Class F, NZ$1.40 million: B (sf)
  Class G1, NZ$0.49 million: Not rated
  Class G2, NZ$0.49 million: Not rated


GA MAHAJAN: First Creditors' Meeting Set for April 6
----------------------------------------------------
A first meeting of the creditors in the proceedings of GA Mahajan
Pty Ltd will be held on April 6, 2022, at 11:00 a.m. via
teleconference only.

Richard Albarran and Kathleen Vouris of Hall Chadwick were
appointed as administrators of GA Mahajan on March 1, 2022.


INFRABUILD AUSTRALIA: Fitch Lowers LT IDR to 'B-', Outlook Neg.
---------------------------------------------------------------
Fitch Ratings has resolved the Rating Watch Negative on
Australia-based InfraBuild Australia Pty Ltd. by downgrading the
Long-Term Issuer Default Rating (IDR) to 'B-' from 'B' as well as
the senior secured rating to 'B+' from 'BB-'. The Recovery Rating
remains at 'RR2'. The Outlook is Negative.

The downgrade reflects InfraBuild's higher refinancing risk as the
refinancing of its AUD250 million syndicated asset-based lending
(ABL) facility, which matures in October 2022, has not been
completed. Fitch understands the company is focussed on operating
and working-capital improvements, which, if successful, should
improve its free cash generation and bolster liquidity. It has
sufficient cash to repay the ABL and cash collateralise its
contingent liabilities, but Fitch believes the use of its cash will
weigh on the company's liquidity profile and financial
flexibility.

The Negative Outlook factors in InfraBuild's decreasing financial
flexibility, uncertainty over the company achieving its
working-capital initiatives and increased refinancing risk. Its
liquidity buffers based on cash and Fitch's forecast of free cash
generation will be sufficient until, at least, June 2023, but Fitch
believes its liquidity buffers will reduce should the company not
refinance the ABL facility and replenish its cash, making it
susceptible to underperformance or external shocks.

KEY RATING DRIVERS

Contagion Risk Affects Funding Access: Fitch believes InfraBuild's
linkage to GFG Alliance and the governance risk are affecting the
company's financial flexibility and its access to traditional
capital markets. If the company does not refinance the ABL, its
liquidity buffer and financial flexibility will weaken, especially
given its working-capital needs.

Fitch understands that the company has been evaluating its options
on refinancing. This has contributed to the delays from Fitch's
earlier expectations in refinancing the ABL. However, Fitch
believes it may also signify that the company's access to
traditional capital markets is weaker than previously incorporated
in the rating as the company seeks a more optimal funding solution.
Fitch believes its refinancing difficulties will weigh further on
its liquidity profile for its upcoming debt maturities in 2023 and
a significant USD325 million bond due October 2024.

Increased Related-Party Transactions: InfraBuild reduced its
payable days and provided prepayments to Liberty Primary Metals
Australia Pty Ltd (LPMA), another GFG Alliance entity, in FY20 in
exchange for market-based pricing discounts. It also acquired
affiliates from GFG Alliance in 2021, which is permitted per
existing financing and as stated by the company, was for a
strategic purpose to provide an alternative channel of scrap supply
and were conducted on an arm's length basis. Fitch believes these
payments have contributed to InfraBuild's reduced liquidity
buffer.

However, LPMA has completed its refinancing, which may reduce
InfraBuild's potential cash outflows to LPMA.

Strong Performance: Fitch expects InfraBuild's revenue and EBITDA
to improve significantly in the financial year ending June 2022
(FY22) due to strong construction demand across Australia,
especially in the detached housing sector, and redirected spending
into housing from overseas travel. Thus, Fitch expects InfraBuild's
Fitch-adjusted debt to EBITDA to remain below 2x over the next four
years.

Market Leadership: InfraBuild is Australia's sole electric arc
furnace steel long-product manufacturer and operates the country's
second-largest ferrous and non-ferrous recycling business. It has
maintained a large volume share of domestic steel long products
over the last decade, despite stiff competition from imports. This
is helped by its flexible operations, reliable supply and broad
product offerings compared with imports.

ESG - Governance Structure: InfraBuild has an ESG Relevance Score
of '5' for Governance Structure due to concentrated ownership,
transactions with related parties and affiliates, and private
company status with two independent board members out of seven.

InfraBuild is a separate legal entity that is ring-fenced and
independently financed from GFG Alliance and the US dollar senior
secured notes include a covenant package that contains a list of
restricted payments. However, Fitch believes a share pledge granted
to Greensill Capital (UK) Limited, a creditor of LPMA, using
InfraBuild's Australian holding company, Liberty Holdings Australia
Ltd, links the interests of the two entities and incentivises the
ultimate shareholder to support LPMA.

DERIVATION SUMMARY

InfraBuild's financial and business profiles are comparable with
that of its peers in the 'BB' rating category, such as Commercial
Metals Company (BB+/Stable). However, InfraBuild's ratings reflect
its weaker liquidity and increased refinancing risk.

KEY ASSUMPTIONS

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

-- Modest decline in steel prices from 2022.

-- Fitch-adjusted EBITDA margin of around 6% on average over the
    medium term (1HFY22 Fitch-adjusted EBITDA margin was around
    9%) as Fitch expects cyclical commodity prices to mean revert
    over time.

-- Capex and investments of around 2% of revenue.

KEY RECOVERY RATING ASSUMPTIONS

Recovery analysis for InfraBuild is on a going-concern (GC) basis
in case of bankruptcy and assumes that the company would be
reorganised and not liquidated. Fitch has assumed a 10% discount to
the enterprise value (EV) to account for bankruptcy-related
administrative claims.

GC Approach

The GC EBITDA estimate of AUD200 million, excluding AASB 16's
impact, reflects Fitch's view of a sustainable, post-reorganisation
EBITDA upon which Fitch bases the EV. The GC EBITDA is based on
FY19 performance and includes the benefits of the company's
transformation initiatives since 2019.

An EV multiple of 5.0x EBITDA is applied to the GC EBITDA to
calculate a post-reorganisation EV. The choice of this multiple
takes into consideration the EV/EBITDA multiple used in M&A
transactions in the sector through the cycle, as well as
InfraBuild's strategic value and strong market position.

The assumptions result in a recovery rate corresponding to the
'RR2' Recovery Rating for InfraBuild's senior secured US dollar
notes.

RATING SENSITIVITIES

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

-- Deterioration in liquidity.

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

-- Improvement in liquidity;

-- Provision of a clear plan to refinance its USD325 million
    bond.

BEST/WORST CASE RATING SCENARIO

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

LIQUIDITY AND DEBT STRUCTURE

Modest Liquidity: Fitch expects the company to have modest
liquidity from its unrestricted cash on the balance sheet and cash
flow from operations following the repayment of its ABL facility by
October 2022. Fitch believes the non-refinancing of the ABL
facility would increase the refinancing risk on its US dollar notes
due 2024 as the company's access to traditional capital markets
appears to have weaken. However, the company has sufficient time to
address the maturity of the notes. Progress on the refinancing of
the notes that demonstrates improved access to funding would be a
precursor to positive rating action.

ISSUER PROFILE

Infrabuild comprises the manufacturing, product mill, distribution
and recycling assets of the former Arrium Group that were taken
over by GFG Alliance in 2018. It is Australia's sole vertically
integrated manufacturer, processor and distributor of steel long
products, including reinforcing steel, supplying over 15,000 active
customers nationally.

ESG CONSIDERATIONS

InfraBuild has an ESG Relevance Score of '5' for Governance
Structure due to the share pledge, Sanjeev Gupta's concentrated
ownership, its transactions with related parties and affiliates,
and private company status with two independent board members out
of seven. These have a negative impact on the credit profile, and
are highly relevant to the rating, resulting in the downgrade.

InfraBuild has an ESG Relevance Score of '4' for Group Structure as
it is part of the complex GFG Alliance and conducts a large number
of transactions with related parties. This has a negative impact on
the credit profile, and is relevant to the ratings in conjunction
with other factors.

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


SUN KITCHEN: Second Creditors' Meeting Set for April 5
------------------------------------------------------
A second meeting of creditors in the proceedings of Sun Kitchen F&B
(Melbourne) Proprietary Limited has been set for April 5, 2022, at
11:00 a.m. via the Zoom application.
  
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 April 4, 2022, at 4:00 p.m.

Henry McKenna and Steven Staatz of Vincents were appointed as
administrators of Sun Kitchen on March 1, 2022.




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

NEWOCEAN ENERGY: Warns of Trading Halt Shares on HKSE From April 1
------------------------------------------------------------------
Manifold Times reports that Hong Kong-listed NewOcean Energy
Holdings Limited on March 23 warned of trading suspension in its
company shares on the Hong Kong Stock Exchange from April 1
onwards.

Manifold Times relates that the development was in pursuant to
Rules 13.50 of the Listing Rules, if the issuer fails to release
regular financial information in accordance with the Listing Rules,
it explained.

"The Stock Exchange of Hong Kong Limited will usually request a
suspension of trading in the issuer's securities, and the
suspension will usually continue until the issuer publishes an
announcement containing the necessary financial information," it
informed.

"Therefore, trading in the shares of the Company is currently
expected to be suspended with effect from 9:00 a.m. on April 1,
2022, pending the publication of the 2021 Annual Results."

According to the report, NewOcean Energy on March 29 said it has
experienced difficulties in preparing preliminary annual results of
the Group for the year ended Dec. 31, 2021 and expects results to
be published on or before July 31, 2022.

Manifold Times says the development was due to the relocation of
the headquarters to Mainland China and the departure of a
considerable number of Hong Kong management and account staff who
were unable to accept the relocation of their place of work.

This difficulty was compounded by the unforeseen severity of the
spread of COVID-19 recently taking place in Hong Kong and the
Mainland China and the stringent prevention measures of the
governments in different locations.

Manifold Times earlier reported bunkering firm NewOcean Energy, a
subsidiary of NewOcean Energy Holdings, officially beginning its
"soft touch" debt restructuring process on December 21.

Based in Hong Kong, NewOcean Energy Holdings Limited --
http://www.newoceanhk.com/-- is an investment holding company
principally engaged in the sales and distribution of liquefied
petroleum gas (LPG) and natural gas (NG), oil products business and
sales of electronic products. The Company operates through three
main segments. The Sales and Distribution of LPG segment is mainly
engaged in the sales of LPG to various customers. The Oil Products
Business segment is mainly engaged in the sales of oil products to
both wholesaler and retailer customers, as well as leasing of oil
vessels. The Sales of Electronic Products segment is mainly
involved in the trade of electronic products, such as integrated
circuit and mobile phones.




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

ADEPT REAL ESTATE: Voluntary Liquidation Process Case Summary
-------------------------------------------------------------
Debtor: Adept Real Estate Developers Private Limited
        4th Floor, Gopal Dass Bhawan
        28, Barakhamba Road
        New Delhi 110001

Liquidation Commencement Date: March 11, 2022

Court: National Company Law Tribunal, New Delhi Bench

Insolvency professional: Sanjay Agrawal

Interim Resolution
Professional:            Sanjay Agrawal
                         Plot No. 39, Pocket-1
                         Jasola, New Delhi 110025
                         E-mail: ska9001@gmail.com
                         Mobile: 9810376790

Last date for
submission of claims:    April 10, 2022


AELIS ENTERPRISE: Insolvency Resolution Process Case Summary
------------------------------------------------------------
Debtor: Aelis Enterprise Learning and Implementation
        Solutions Private Limited
        4/8, S.N. Bannerjee Road
        Barrackpore Shopping Arcade
        Kolkata, Paraganas North
        WB 700120
        IN

Insolvency Commencement Date: March 21, 2022

Court: National Company Law Tribunal, Kolkata Bench

Estimated date of closure of
insolvency resolution process: September 17, 2022

Insolvency professional: Rashmi Chhawchharia

Interim Resolution
Professional:            Rashmi Chhawchharia
                         2A, Nandlal Jew Road
                         Kolkata 700026
                         E-mail: rashmi.chhawchharia@gmail.com

                            - and -

                         Annapurna Apartments
                         Flat 1A, 12A
                         Suhasini Ganguly Sarani
                         Kolkata 700025
                         E-mail: cirpaelis@gmail.com

Last date for
submission of claims:    April 4, 2022


AVADH COTEX: ICRA Keeps B+ Debt Ratings in Not Cooperating
----------------------------------------------------------
ICRA has retained the long-term and short-term ratings of Avadh
Cotex Private Limited in the 'Issuer Not Cooperating' category. The
ratings are denoted as "[ICRA]B+(Stable)/[ICRA]A4; ISSUER NOT
COOPERATING".

                     Amount
   Facilities      (INR crore)     Ratings
   ----------      -----------     -------
   Long Term-         15.00        [ICRA]B+ (Stable) ISSUER NOT
   Fund Based-                     COOPERATING; Rating continues
   Cash Credit                     to remain under 'Issuer Not
                                   Cooperating' category

   Long Term/          1.95        [ICRA]B+(Stable)/[ICRA]A4;
   Short Term-                     ISSUER NOT COOPERATING;
   Unallocated                     Rating Continues to remain
                                   under issuer not cooperating
                                   category

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

Established in 2006, Avadh Cotex Private Limited is a private
limited company managed by Mr. Bharatbhai Bhalala and Mr.
Sanjaybhai Bhalala. The company is engaged in ginning and pressing
of raw cotton to produce cotton bales and cottonseeds. The plant is
equipped with 26 ginning machines and 1 pressing machine with
processing capacity of 2300 kg of raw cotton per day per machine
(assuming 12 hours shift). The key promoters, Mr. Bharatbhai
Bhalala and Mr. Sanjaybhai Bhalala, have extensive experience in
the cotton ginning business.


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

                     Amount
   Facilities      (INR crore)     Ratings
   ----------      -----------     -------
   Fund based-         7.00        [ICRA]B (Stable) ISSUER NOT
   Cash Credit                     COOPERATING; Rating continues
                                   to remain under 'Issuer Not
                                   Cooperating' category

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

B.H. Cotton Private Limited (BHCPL) was incorporated in 2007 and is
involved in the cotton ginning and pressing business. The company
has 30 ginning machines and one pressing machine; its production
capacity is 15000 MTPA. The company is managed by the Padaliya
family and its manufacturing facility is at Tankara, in Rajkot
district. BHCPL reported a profit after tax (PAT) of INR0.09 crore
on an operating income (OI) of INR32.01 crore in FY2019, compared
to a profit after tax (PAT) of INR0.02 crore on an OI of INR19.67
crore in FY2018.


BALAJI MOTORS: ICRA Keeps B Debt Ratings in Not Cooperating
-----------------------------------------------------------
ICRA has retained the Long-term ratings of Balaji Motors in the
'Issuer Not Cooperating' category. The ratings are denoted as
[ICRA]B (Stable); ISSUER NOT COOPERATING".

                     Amount
   Facilities      (INR crore)     Ratings
   ----------      -----------     -------
   Fund based-         4.80        [ICRA]B (Stable) ISSUER NOT
   Term Loan                       COOPERATING; Rating continues
                                   to remain under 'Issuer Not
                                   Cooperating' category

   Fund based-         7.00        [ICRA]B (Stable) ISSUER NOT
   Cash Credit                     COOPERATING; Rating continues
                                   to remain under 'Issuer Not
                                   Cooperating' category

   Unallocated         0.20        [ICRA]B (Stable); ISSUER NOT
   Limits                          COOPERATING; Rating continues
                                   to remain under 'Issuer Not
                                   Cooperating' category

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

Established in 2004, Balaji Motors (BM) started commercial
operations from September 25, 2015 as an authorized dealer of
Mahindra & Mahindra Limited (MML). The firm sells and services
passenger and commercial vehicles besides selling spare parts and
accessories. BM also sells used vehicles through Mahindra First
Choice. BM has one 3-S facility (salesservices-spares), located at
Jagdalpur in the Bastar district of Chhattisgarh. Apart from
Bastar, the firm also operates in other surrounding districts -
Sukma, Bijapur, and Dantewada and is the sole MML dealer in those
districts. The firm is promoted by the Jagdalpurbased Kapoor
family.


BAMBINO AGRO: Ind-Ra Lowers Long-Term Issuer Rating to 'BB'
-----------------------------------------------------------
India Ratings and Research (Ind-Ra) has downgraded Bambino Agro
Industries Ltd.'s (BAIL) Long-Term Issuer Rating to 'IND BB (ISSUER
NOT COOPERATING)' from 'IND BBB- (ISSUER NOT COOPERATING)'.

The instrument-wise rating actions are:

-- INR95.00 mil. Fund-based working capital limits downgraded
     with IND BB (ISSUER NOT COOPERATING)/ IND A4+ (ISSUER NOT
     COOPERATING) rating; and

-- INR342.90 mil. Term loan due on September 2026 downgraded with
     IND BB (ISSUER NOT COOPERATING) rating.

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

KEY RATING DRIVERS

The downgrade is pursuant to the Securities and Exchange Board of
India's circular SEBI/HO/MIRSD/CRADT/CIR/P/2020/2 dated January 3,
2020. As per the circular, any issuer with an investment-grade
rating remaining non-cooperative with a rating agency for more than
six months should be downgraded to a sub-investment grade rating.

While BAIL's financials are available in the public domain, Ind-Ra
does not have information regarding its capacity utilization,
utilization of its current debt facilities, outstanding debt
facilities, projections for the next three years and status of
capex details. Hence, the agency has not taken a rating action.

The current outstanding rating of 'IND BB (ISSUER NOT COOPERATING)'
may not reflect BAIL's credit strength as the company has been
non-cooperative with the agency. Therefore, investors and other
users are advised to take appropriate caution while using these
ratings.

COMPANY PROFILE

Established in 1982, BAIL manufactures pasta and wheat products.
The company, which is promoted by M Kishan Rao, has been listed on
BSE Ltd since 1993.


BSR DIAGNOSTIC LIMITED: Liquidation Process Case Summary
--------------------------------------------------------
Debtor: BSR Diagnostic Limited
        15-Commercial Complex
        Nehru Nagar (East)
        Bhilai CT 490020
        IN

Liquidation Commencement Date: March 18, 2022

Court: National Company Law Tribunal, Cuttack Bench

Date of closure of
insolvency resolution process: January 22, 2019

Insolvency professional: Mr. Mukesh Kumar Jain

Interim Resolution
Professional:            Mr. Mukesh Kumar Jain
                         C-203, EDGE
                         Opposite Maruti Suzuki Arena
                         Vidhansabha Road
                         Mova, Rajpur 492007
                         E-mail: mkj2822@gmail.com
                                 bsr.liquidation@gmail.com

Last date for
submission of claims:    April 16, 2022


CHANAKYA EDUCATION: ICRA Keeps B+ Debt Rating in Not Cooperating
----------------------------------------------------------------
ICRA has retained the ratings for the bank facilities of Shree
Chanakya Education Society in the 'Issuer Not Cooperating'
category. The rating is denoted as "[ICRA]B+(Stable); ISSUER NOT
COOPERATING".

                     Amount
   Facilities      (INR crore)     Ratings
   ----------      -----------     -------
   Long Term-        100.00        [ICRA]B+ (Stable) ISSUER NOT
   Fund Based-                     COOPERATING; Rating continues
   Term Loan                       to remain under 'Issuer Not
                                   Cooperating' category

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

Shree Chanakya Education Society (SCES) is a public charitable
trust established on 30th Dec 1993 founded by Dr. Tarita Shankar
with the objective of establishing quality educational institutes
capable of maintaining high academic standards in the field of
post-graduate education. Indira Institute of Management, Pune was
the first educational institute to be opened under the aegis of the
trust with a modest intake of 70 students in 1994. Over the years
SCES has grown into a multi-institute trust with an annual intake
of around 7,000 students.


DAVINTA FINSERV: Voluntary Liquidation Process Case Summary
-----------------------------------------------------------
Debtor: Davinta Finserv Private Limited
        Sy No. 7P & 93P, Electronic City
        Phase II, Industrial Area
        Begur Hobli, Bangalore 560100
        Karnataka

Liquidation Commencement Date: February 23, 2022

Court: National Company Law Tribunal, Bengaluru Bench

Insolvency professional: B Mahesh Shenoy

Interim Resolution
Professional:            B Mahesh Shenoy
                         Flat No. 102, 1st Floor
                         Gangothri Parshwa Krupa
                         16th Main Road, 4th T Block
                         Next to Ample Mart
                         Jayanagar Bangalore South
                         Bengaluru, Karnataka 560041
                         E-mail: bmaheshshenoy@gmail.com
                         Mobile: 9341256531

Last date for
submission of claims:    March 25, 2022


GLOBAL SMART: Voluntary Liquidation Process Case Summary
--------------------------------------------------------
Debtor: Global Smart Chip Solutions Private Limited
        Block No. 6, B Wing 2nd Floor
        Shastri Bhawan 26
        Haddows Road
        Chennai 600034

           - and -

        Shroff Orchards
        Door No. 78/14
        New Avadi Road
        Kilpauk, Chennai 600010

Liquidation Commencement Date: March 21, 2022

Court: National Company Law Tribunal, Chennai Bench

Insolvency professional: Mr. T Ranganathan

Interim Resolution
Professional:            Mr. T Ranganathan
                         Flat No. 12, Vasavi Rangasai Apartments
                         New No. 48, Car Street
                         Triplicane, Chennai 600005
                         E-mail: balrang2000@yahoo.co.in
                         Tel: +91-9962922241

Last date for
submission of claims:    April 20, 2022


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

The instrument-wise rating actions are:

-- INR20 mil. Fund-based working capital limits migrated to non-
     cooperating category with IND B+ (ISSUER NOT COOPERATING)/IND

     A4 (ISSUER NOT COOPERATING) rating; and

-- INR30 mil. Non-fund-based working capital limits migrated to
     non-cooperating category with IND A4 (ISSUER NOT COOPERATING)

     rating.

Note: ISSUER NOT COOPERATING: The ratings were last assigned on
January 18, 2021. Ind-Ra is unable to provide an update, as the
agency does not have adequate information to review the ratings.

COMPANY PROFILE

GVG Exim is engaged in the trading of iron scrap and waste paper.


H.R. EDUCATIONAL: ICRA Keeps D Debt Rating in Not Cooperating
-------------------------------------------------------------
ICRA has retained the Long-term ratings of H.R. Educational
Foundation Trust in the 'Issuer Not Cooperating' category. The
ratings are denoted as [ICRA]D; ISSUER NOT COOPERATING".

                    Amount
   Facilities     (INR crore)    Ratings
   ----------     -----------    -------
   Long-term–        10.00       [ICRA]D; ISSUER NOT
COOPERATING;
   Fund based                    Rating Continues to remain under
   Term Loan                    'Issuer Not Cooperating'
                                 Category

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

Established in 2006, HREFT is a single-school entity operating the
Prestige International School in Mangalore. The trust is a part of
the Presidency Homes and Infrastructure Group, promoted by Mr.
Hyder Ali, the Chairman of the school. The school is affiliated to
Central Board of Secondary Education Board (CBSE) and follows the
curriculum based on the continuous and comprehensive evaluation
assessment. It offers education from pre-primary to pre-university
levels. In FY2019, on provisional basis, the trust reported a net
profit of INR0.3 crore on an operating income (OI) of INR8.1 crore
compared to a net loss of INR0.2 crore on an OI of INR7.1 crore in
the previous year.


IVRCL INDORE: Ind-Ra Keeps 'D' Bank Loan Rating in Non-Cooperating
------------------------------------------------------------------
India Ratings and Research (Ind-Ra) has maintained the ratings of
IVRCL Indore Gujarat Tollways Limited's long-term bank loans in the
non-cooperating category. The issuer did not participate in the
rating exercise despite continuous requests and follow-ups by the
agency. Therefore, investors and other users are advised to take
appropriate caution while using these ratings. The rating will
continue to appear as 'IND D (ISSUER NOT COOPERATING)' on the
agency's website.

The instrument-wise rating actions are:

-- INR11,785.65 bil. Long-term senior project bank loan (Long-
     term) maintained in non-cooperating category with IND D
     (ISSUER NOT COOPERATING) rating; and

-- INR70 mil. Bank guarantee (Long-term) maintained in non-
     cooperating category with IND D (ISSUER NOT COOPERATING)
     rating.                                                       
                             

Note: ISSUER NOT COOPERATING: The ratings were last reviewed on
February 6, 2019. Ind-Ra is unable to provide an update, as the
agency does not have adequate information to review the ratings.

COMPANY PROFILE

IVRCL Indore Gujarat Tollways is a special-purpose company that was
incorporated to undertake a 155.15 kilometer expansion of a stretch
between Indore and Gujarat to four lanes from two lanes, and a
capacity augmentation project on a design, build, finance, operate
and transfer basis, both under a 25-year concession from the
National Highways Authority of India ('IND AAA'/Stable) The project
achieved provisional commercial operation date on 6 November 2018.


JANA HOLDINGS: ICRA Reaffirms PP-MLD[ICRA]B+ Debt Rating
--------------------------------------------------------
ICRA has reaffirmed ratings on certain bank facilities of Jana
Holdings Limited (JHL), as:

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Non-convertible
   debentures          658.00      PP-MLD[ICRA]B+ (Negative);
                                   reaffirmed

Rationale

The rating factors in Jana Holdings Limited's (JHL) continued weak
financial risk profile, its significant dependence on Jana Small
Finance Bank Limited's {JSFB; rated [ICRA]BBB (Stable)} performance
and the sensitivity of the rated instrument to any adverse changes
in JSFB's valuation. The rating, however, notesthe flexible
structure of the rated instrument with no committed annual coupons
during the tenure of the instrument. JHL's earning profile remains
weak with net losses of INR202.2 crore in 9M FY2022 (net loss of
INR232.7 crore in FY2021) and accumulated losses of INR1,102.8
crore as of December 31, 2021.

Consequently, its gearing increased to 6.4x as on December 31, 2021
(3.2x as on March 31, 2021). ICRA also notes that JHL is not
meeting the minimum consolidated capital adequacy ratio (CAR) of
15% (reported consolidated CAR stood at -7.5% as on December 31,
2021) and the standalone leverage ratio of 1.25x (actual – 6.4x
as of December 31, 2021) as per the regulatory requirements for a
non-operative financial holding company (NOFHC). The company is
also not meeting the minimum net owned funds requirement. The
auditors' report on JHL for FY2021 mentions the material
uncertainty related to going concern, considering the accumulated
losses, the resultant erosion in the net worth and the breaches in
the regulatory financial parameters.

ICRA notes that Jana Capital Limited (JCL; 100% stake in JHL) is
also not meeting the minimum adjusted net worth to aggregate
risk-weighted assets (ANW%) of 30.0% and the leverage ratio of 2.5x
as per the regulatory requirements for a core investment company
(CIC) as of December 31, 2021. JHL is expected to merge into JCL in
the near term, subject to various regulatory approvals. However,
the capital profile of the combined entity, a CIC, would remain in
breach of the regulatory capitalisation requirements.

The Negative outlook factors in the continued weakness in JHL's
earnings, liquidity and capital profile, which could hinder it in
meeting the key prudential and regulatory requirements in the near
to medium term.

Key rating drivers and their description

Credit strengths

* Holding company of JSFB: JHL had a 42.84% stake in JSFB as of
February 28, 2022. JSFB has a diversified presence across 23 states
and Union Territories in India, with a gross portfolio of INR14,115
crore as of December 2021. The bank has steadily increased its
non-microfinance portfolio share, which stood at about 47% as of
December 2021. Its non-microfinance portfolio includes secured
business loans, micro, small, and medium enterprise (MSE) loans,
affordable housing loans, micro housing, gold loans, loans to
non-banking financial companies (NBFCs), etc. The share of the
microfinance portfolio (group loans, agricultural loans and
individual loans), which is unsecured, reduced to 60% (of the gross
portfolio) in March 2021 and further to ~53% in December 2021 from
75% in March 2020. JSFB's 0+ days past due (dpd) and 90+ dpd (for
its overall book) stood at 14.7% and 7.1%, respectively, as of
December 2021 compared to 23.8% and 8.4%, respectively, as of June
2021 (11.5% and 6.7%, respectively, in March 2021). The bank's
standard restructured portfolio stood at 5.3% of its overall
portfolio as on December 31, 2021.

The bank's net profits improved to INR84.3 crore (return on managed
assets (RoMA) – 0.5%) in FY2021 from INR30.1 crore (0.2%) in
FY2020, supported by the various cost control measures undertaken
by the management, even as the credit costs went up (1.8% in FY2021
from 0.6% in FY2020) on account of the Covid-19 pandemic. The bank
faced higher credit costs in 9M FY2022 as well (2.5%; annualized)
on account of the second wave of the pandemic, which led to a
modest INR4-crore profit for the period.

As of December 31, 2021, JSFB's capital adequacy ratio stood at
15.30%, which was marginally above the regulatory requirement of
15%. Hence, it is critical for the bank to maintain a prudent
capitalization profile and raise capital in a timely manner. It
recently raised INR66 crore from JHL in January 2022 and February
2022. JSFB's gearing levels continue to remain high (gearing,
considering deposits as debt, stood at 17.1x as of December 31,
2021 and at 15.5x as of March 2021). It could not complete its
initial public offering (IPO) process, in line with the small
finance bank (SFB) licensing requirement (by March 2021) on account
of the Covid-19-related disruptions. The bank is in the process of
raising equity from JHL (to be funded through additional debt
and/or equity) in the near term before proceeding with the IPO
process.

Credit challenges

* Weak financial risk profile: JHL's earnings profile remains weak
with a net loss of INR202.2 crore in 9M FY2022 (net loss of
INR232.7 crore in FY2021) and accumulated losses of INR1,102.8
crore as of December 31, 2021. Consequently, its gearing increased
to 6.4x as on December 31, 2021 (3.2x as on March 31, 2021). ICRA
also notes that JHL is not meeting the minimum consolidated CAR of
15% and the standalone leverage ratio of 1.25x as per the
regulatory requirements for an NOFHC. JHL's consolidated CAR stood
at -7.5% as on December 31, 2021 (-5.2% as on March 31, 2021 and
-4.1% as on March 31, 2020). The company is also not meeting the
minimum net owned funds requirement. The auditors' report on JHL
for FY2021 mentions the material uncertainty related to going
concern, considering the accumulated losses, the resultant erosion
in the net worth and the breaches in the regulatory financial
parameters as stated above.

JHL is in the process of merging into JCL, which is a CIC. Thus,
post the merger, the regulatory requirements of an NOFHC would not
be applicable. ICRA notes that JCL is also not meeting the minimum
ANW% of 30.0% and the leverage ratio of 2.5x as per the regulatory
requirements for a CIC and is not expected to meet the CIC
requirement post-merger. Thus, capital infusion is crucial in the
near term. As of December 31, 2021, JCL reported an ANW of 24.47%
and a gearing of 3.1x. JSFB's valuation, post
the IPO and listing, would also be crucial for the merged entity in
meeting the regulatory requirement.

JHL has limited financial flexibility as JSFB is not yet listed and
the income expectation (dividend income) from JSFB during the
tenure of the non-convertible debentures (NCDs) is low. Over the
years, JHL has raised NCDs from TPG Asia VI SF Pte. Ltd (TPG),
Government of Singapore Investment Co. (GIC), Edelweiss Group
(Edelweiss), Manipal Group (Manipal), and Centrum Group (Centrum).
About INR372.5 crore was raised in FY2022. As per the debt
covenants agreed upon with the existing investors, approval from
all NCD investors will be needed for raising any additional debt in
JHL. Currently, some of the NCDs are secured by a) JSFB's shares
held by JHL over and above the 40% regulatory holding requirement
applicable for an NOFHC in an SFB for five years (till March 2023
for JSFB), and b) the shares of JCL. After the expiry of the
five-year lock-in period, additional security is proposed to be
offered to some of the NCD investors. The redemption of the NCDs
would depend on the valuations of JSFB at the time of NCD
maturities. JSFB is expected to be listed before the maturity of
the NCDs while JCL is expected to remain unlisted. ICRA notes that
TPG has subordinated its NCDs to Edelweiss, Centrum and GIC and is
at par with Manipal. Risks related to adverse movement in JSFB's
valuation – The ICRA-rated NCDs are to be redeemed at the base
internal rate of return (IRR) in the range of 16.50% - 20.35% with
a cap in the range of 20.60% - 25.00%, depending on JSFB's
valuation at the time of redemption over the valuation on the date
of allotment. This makes the instrument highly sensitive to any
adverse movement in JSFB's valuation as the NCDs are expected to be
redeemed primarily from the sale of the shares of JSFB post
listing. Further, JCL's share valuation would depend on JSFB's
valuation. ICRA notes that JSFB is planning an IPO in the near
term. The successful conclusion of the same and the management's
expected valuation could enhance JHL's financial flexibility.

Liquidity position: Poor

The rated NCDs have a flexible structure with no committed annual
coupons during the tenure of the instruments. However, JHL's
liquidity position remains weak with the funds raised at JHL
downstreamed as equity capital into JSFB. JHL has limited financial
flexibility as JSFB is not listed and the dividend expectation from
JSFB during the tenure of the NCDs is low. JHL had raised
INR52.5-crore NCDs in January 2022 from Centrum Group, but early
redemption has been triggered as certain lender covenants have not
been met. ICRA notes that JHL is expected to prepay/redeem these
NCDs in the near term. The timely repayment of these instruments
would be a monitorable.

Rating sensitivities

Positive factors – ICRA could revise the outlook to Stable if
there is a significant improvement in the capitalisation and
liquidity profile of JHL or if there is a significant improvement
in the credit profile of JSFB.

Negative factors – Pressure on JHL's rating could arise if there
is a material deterioration in the credit profile of JSFB or a
weakening in the refinancing ability/liquidity profile of JHL.

Incorporated on March 10, 2016, Jana Holdings Limited (JHL) is a
non-banking financial company – non-operative financial holding
company (NBFC-NOFHC) with a 42.84% stake in JSFB as on February 28,
2022. The company received its certificate of registration from the
Reserve Bank of India (RBI) on January 27, 2017. JHL is a
wholly-owned subsidiary of JCL, which is a nondeposit taking
systemically important CIC registered with the RBI. Jana Urban
Foundation holds a 43.9% stake in JCL while foreign investors hold
a 48.7% stake and domestic investors the rest.

In 9M FY2022, JHL reported a net loss of INR202.2 crore and had a
total asset base of INR2,061.7 crore as on December 31, 2021. It
reported a net loss of INR232.7 crore for FY2021 and had a total
asset base of INR2,031.2 crore as on March 31, 2021.


JET AIRWAYS: ICRA Keeps D Debt Ratings in Not Cooperating
---------------------------------------------------------
ICRA has retained the long-term and short-term ratings of Jet
Airways (India) Limited in the 'Issuer Not Cooperating' category.
The ratings are denoted as [ICRA]D/[ICRA]D; ISSUER NOT
COOPERATING".

                    Amount
   Facilities     (INR crore)    Ratings
   ----------     -----------    -------
   Non-convertible   698.90      [ICRA]D; ISSUER NOT COOPERATING;
   Debenture                     Rating continues to remain under
   Programme                     'Issuer Not Cooperating'
                                 category

   Long Term-       4970.00      [ICRA]D; ISSUER NOT COOPERATING;
   Loans                         Rating Continues to remain under
                                 'Issuer Not Cooperating'
                                 Category

   Long-term–       645.00       [ICRA]D; ISSUER NOT
COOPERATING;
   Fund based                    Rating Continues to remain under
   Facilities                    'Issuer Not Cooperating'
                                 Category

   Long-term–       700.00       [ICRA]D; ISSUER NOT
COOPERATING;
   Fund based                    Rating Continues to remain under
   Facilities                    'Issuer Not Cooperating'
                                 Category

   Short-term      3950.00       [ICRA]D; ISSUER NOT COOPERATING;
   Non-fund based                Continues to remain under the
                                 'Issuer Not Cooperating'
                                 Category

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

Incorporated in 1992 as a private limited company, Jet Airways
(India) Limited commenced operations as an Air Taxi Operator in May
1993, with a fleet of four leased Boeing 737 aircraft. The company
was granted scheduled airline status in January 1995. Jet Airways
was founded by Mr. Naresh Goyal. Post infusion of INR2,057.6 crore
by Etihad Airways in November 2013, Mr. Nreash Goyal held 51% stake
in the company, with 24% held by Etihad Airways. Due to the
liquidity constraints faced by the company, its aircraft had to be
grounded starting December 2019 due to non-payment of lease rentals
to the lessors. Subsequently, the company announced temporary
shutdown of its operations from April 18, 2019. As on December 31,
2020, Mr. Naresh Goyal and Ms. Anita Goyal held a 24.99% stake in
the company, Etihad Airways held a 24% stake, Punjab National Bank
held a 26.01% stake, Life Insurance Corporation of India Limited
held a 2.07% stake, with the rest held by Others.


KANCHAN MOTORS: ICRA Lowers Rating on INR10cr ST Loan to D
----------------------------------------------------------
ICRA has revised the ratings on certain bank facilities of Kanchan
Motors, as:

                    Amount
   Facilities    (INR crore)    Ratings
   ----------    -----------    -------
   Short Term-      10.00       [ICRA]D ISSUER NOT COOPERATING;
   Fund Based                   Rating downgraded from [ICRA]A4
                                and Continues to remain under
                                'Issuer Not Cooperating'
                                Category

Rationale

The rating downgrade reflects the company has come under NPA
Account as per the feedback provided by the bank The rating is
based on limited information on the entity's performance since the
time it was last rated on January, 2021. The lenders, investors and
other market participants are thus advised to exercise appropriate
caution while using this rating as the rating may not adequately
reflect the credit risk profile of the entity, despite the
downgrade.

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

Established in 2002, Kanchan Motors is a proprietorship firm
engaged dealership of Light Commercial Vehicles (LCV) and Passenger
Vehicles (PV) of Tata Motors Limited (TML) in Nashik, Maharashtra.
The firm enjoys exclusive dealership for the TML's LCVs in Nashik
though faces competition from other TML dealers for the PV segment
in the region. Additionally, the firm also provides auxiliary
services like sale of spare parts, accessories, insurance services,
workshop and financing of vehicles among others. The firm is
headquartered in Nashik city. The firm has an outlet in Aurangabad
which has 3S (sales, spare and services) facility while other are
either 1S or 2S outlets. Also, promoters of the group operate an
IOCL petrol pump in Nashik.


KIRPA RICE: ICRA Keeps B+ Debt Rating in Not Cooperating Category
-----------------------------------------------------------------
ICRA has retained the ratings for the bank facilities of M/S Kirpa
Rice Mills in the 'Issuer Not Cooperating' category. The rating is
denoted as "[ICRA]B+(Stable); ISSUER NOT COOPERATING".

                     Amount
   Facilities      (INR crore)     Ratings
   ----------      -----------     -------
   Long Term-         29.00        [ICRA]B+ (Stable) ISSUER NOT
   Fund Based-                     COOPERATING; Rating continues
   Cash Credit                     to remain under 'Issuer Not
                                   Cooperating' category

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

KRM, established in 1998, processes and sells Basmati rice. Its
facility in Ladhu Ka (district Firozpur), Punjab, has milling and
sorting capacity of 4 tonne per hour.


KITTURU CHENNAMMA: ICRA Keeps B+ Debt Ratings in Not Cooperating
----------------------------------------------------------------
ICRA has retained the long-term ratings of Kitturu Chennamma
Poultry Farm in the 'Issuer Not Cooperating' category. The ratings
are denoted as [ICRA]B+(Stable); ISSUER NOT COOPERATING".

                     Amount
   Facilities      (INR crore)     Ratings
   ----------      -----------     -------
   Long Term-         12.60        [ICRA]B+ (Stable) ISSUER NOT
   Fund Based/CC                   COOPERATING; Rating continues
                                   to remain under 'Issuer Not
                                   Cooperating' category

   Long Term-          2.80        [ICRA]B+ (Stable) ISSUER NOT
   Fund Based                      COOPERATING; Rating continues
   Term Loans                      to remain under 'Issuer Not
                                   Cooperating' category

   Long Term-          5.60        [ICRA]B+ (Stable) ISSUER NOT
   Unallocated                     COOPERATING; Rating continues
                                   to remain under 'Issuer Not
                                   Cooperating' category

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

KCPF operates poultry farms with a total capacity of 600000-layer
birds in Honnapur and Turamari Village, Belgaum district,
Karnataka. The farm at Honnapur has capacity of 300000-layer birds
and the farm at Turamari has capacity of 300000-layer birds. The
firm's capacity expanded to 600000-layer birds from 420000-layer
birds during Q1 in FY2020. The firm has been involved in sale of
table eggs of the Vencobb breed.


KVK GRANITES: ICRA Keeps D Debt Ratings in Not Cooperating
----------------------------------------------------------
ICRA has retained the long-term and short-term ratings of Kvk
Granites in the 'Issuer Not Cooperating' category. The ratings are
denoted as [ICRA]D/[ICRA]D; ISSUER NOT COOPERATING".

                    Amount
   Facilities     (INR crore)    Ratings
   ----------     -----------    -------
   Long-term–         1.76       [ICRA]D; ISSUER NOT
COOPERATING;
   Fund based/TL                 Rating Continues to remain under
                                 'Issuer Not Cooperating'
                                 Category

   Short-term         5.00       [ICRA]D; ISSUER NOT COOPERATING;
   Non-fund based                Continues to remain under the
                                 'Issuer Not Cooperating'
                                 Category

   Long-term/         0.05       [ICRA]D/[ICRA]D; ISSUER NOT
   Short Term                    COOPERATING; Rating Continues to
   Unallocated                   remain under 'Issuer Not
                                 Cooperating' Category

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

Founded in 2007 by Mr. KV Krishna Reddy, KVK granites is primarily
into mining and trading of granite. The firm operates two quarries
based in Karimnagar. In line with its growth aspirations, the firm
had acquired two other mines, one each in Mysore and Chittoor in
FY2014. Only the two Karimnagar mines are operational at present.
The majority of the sales of the firm are from exports to China
while a small portion of it comes from the domestic market.


LOT MOBILES: ICRA Keeps B+ Debt Rating in Not Cooperating
---------------------------------------------------------
ICRA has retained the long-term rating of Lot Mobiles Private
Limited in the 'Issuer Not Cooperating' category. The rating is
denoted as [ICRA]B+(Stable); ISSUER NOT COOPERATING".

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

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

Lot Mobiles Private Limited (LMPL) was incorporated in 2012 in
order to undertake retailing of telecommunication devices,
particularly mobiles phone and tablets and telecommunication
services through a chain of multi-brand and multi service outlets
under the brand name of 'LOT'. Currently, LMPL has total 108 retail
outlets in various cities of Andhra Pradesh and Telangana selling
mobiles communication devices of brands such as Apple, Blackberry,
Celkon, HTC, Karbon, Micromax, Nokia, Samsung, LG, and Sony. LMPL
also provides accessories and services like recharge, new sim card,
hellotunes and other downloads.


MADHUR ENGINEERS: ICRA Keeps B+ Debt Rating in Not Cooperating
--------------------------------------------------------------
ICRA has retained the ratings for the bank facilities of Madhur
Engineers Private Limited in the 'Issuer Not Cooperating' category.
The rating is denoted as "[ICRA]B+(Stable); ISSUER NOT
COOPERATING".

                     Amount
   Facilities      (INR crore)     Ratings
   ----------      -----------     -------
   Long Term-         60.00        [ICRA]B+ (Stable) ISSUER NOT
   Fund Based                      COOPERATING; Rating continues
   Cash Credit                     to remain under 'Issuer Not
                                   Cooperating' category

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

Madhur Engineers Private Limited (MEPL) is a trader of special
purpose carbon /alloy steel and bright bars. The company purchases
steel from JSW Steel and supplies it to forging and machining
companies located in the state of Maharashtra. The company also
operates a dedicated warehouse for JSW to store steel inventory for
all the steel to be sold at Alandi (Maharashtra) and Chennai.


MATESWARI ROYALTIES: ICRA Keeps B- Debt Rating in Not Cooperating
-----------------------------------------------------------------
ICRA has retained the ratings for the bank facilities of Mateswari
Royalties in the 'Issuer Not Cooperating' category. The rating is
denoted as "[ICRA]B+ (Stable); ISSUER NOT COOPERATING".

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

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

Mateswari Royalties (The Firm), incorporated in FY 2016 is a
partnership concern, promoted by Mr. Sunil kulhari (60%), Mr Sunil
Kumar (20%) and Mr Narendra (20%). The firm is a royalty contractor
for Masonary Stone and other minerals in the state of Rajasthan.
Such contracts are awarded on competitive bidding by Directorate of
Mines and Geology (DMG), Government of Rajasthan. Under these
contracts, the firm collects royalties from the miners based on
volumes extracted by the latter and in turn pays a fixed royalty
amount to DMG as per the pre-fixed schedule. Currently, Mateswari
Minerals is working on three Royalty collections for mining area in
Bikaner, Jaipur and Tonk region of Rajasthan. Details about which
are further discussed in report.

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

The instrument-wise rating action is:

-- INR270 mil. Fund-based working capital limits migrated to non-
     cooperating category with IND B+ (ISSUER NOT COOPERATING)/
     IND A4 (ISSUER NOT COOPERATING) rating.

Note: ISSUER NOT COOPERATING: The ratings were last reviewed on
March 26, 2021. Ind-Ra is unable to provide an update, as the
agency does not have adequate information to review the ratings.

COMPANY PROFILE

Incorporated in 2013, Mathura Fibers & Cotton Industries is a
partnership firm engaged in cotton ginning and pressing to produce
cotton bales and cotton seeds. It has a manufacturing facility in
Adilabad (Telangana) with a ginning capacity of 2,600 quintals per
day and the installed capacity of 500 bales per day.


MAX UNITED: Ind-Ra Withdraws B Bank Loan Rating on INR20MM
----------------------------------------------------------
India Ratings and Research (Ind-Ra) has withdrawn Max United
Foundation's rating as follows:

-- The 'IND B/Stable' rating on the INR 20 mil. bank loans is
     withdrawn.

KEY RATING DRIVERS

Ind-Ra has withdrawn the ratings on Max United Foundation's on
company's request. Ind-Ra is no longer required to maintain the
rating as there is no debt outstanding against the rated
instrument. The agency will no longer provide ratings or analytical
coverage for the company.

COMPANY PROFILE

Max United Foundation was founded by Jose A. Kuriakose and Anish
John in 2017 with focus to serve underprivileged and empower women.
It is a registered public charitable trust (NGO-MFI), headquartered
at Kothamangalam, Kerala. The trust provides personal unsecured
microloans to its members. Its loan portfolio consists of women
self-help group loans. The trust also provides house repair loans,
general purpose loans based on the repayment track record for
micro-loans.


MUKAND SUMI: Ind-Ra Keeps 'BB' LT Issuer Rating in Non-Cooperating
------------------------------------------------------------------
India Ratings and Research (Ind-Ra) has maintained Mukand Sumi
Metal Processing Limited's Long-Term Issuer Rating in the
non-cooperating category. The issuer did not participate in the
rating exercise despite continuous requests and follow-ups by the
agency. Therefore, investors and other users are advised to take
appropriate caution while using these ratings. The rating will
continue to appear as 'IND BB (ISSUER NOT COOPERATING)' on the
agency's website.

The instrument-wise rating actions are:

-- INR400 mil. Fund-based limits maintained in non-cooperating
     category with IND BB (ISSUER NOT COOPERATING)/IND A4+ (ISSUER

     NOT COOPERATING) rating; and

-- INR30 mil. Non-fund-based limits maintained in non-cooperating

     category with IND A4+ (ISSUER NOT COOPERATING) rating.

Note: ISSUER NOT COOPERATING: The ratings were last reviewed on
January 29, 2021. Ind-Ra is unable to provide an update, as the
agency does not have adequate information to review the ratings.

COMPANY PROFILE

Incorporated in 2012, Mukand Sumi Metal Processing is a joint
venture between Mukand Limited and Sumitomo Corporation, which hold
51.0% and 49.0% in the company, respectively. The company
manufactures bright bars and wires of special alloy steel and
stainless steel (hived-off from Mukand).


NEOHAPSIS SOFTWARE: Voluntary Liquidation Process Case Summary
--------------------------------------------------------------
Debtor: Neohapsis Software Private Limited
        Unit 511 & 512, 5th Floor
        Wing Alpha, Block A
        Raheja Towers
        No. 113-134, Anna Salai
        Chennai 600002

Liquidation Commencement Date: March 7, 2022

Court: National Company Law Tribunal, Hyderabad Bench

Insolvency professional: V. Shankar

Interim Resolution
Professional:            V. Shankar
                         303, Block-A
                         Legend Commercial Complex
                         3-4-770 & 136
                         Opp. ICICI Bank
                         Above Keshav Medicals
                         Barkatpura, Hyderabad 500027
                         E-mail: 1981shanky@gmail.com

Last date for
submission of claims:    April 6, 2022


NJ GLOBAL FINANCE: Voluntary Liquidation Process Case Summary
-------------------------------------------------------------
Debtor: NJ Global Finance (IFSC) Private Limited

        Registered office:
        Premise No. 432, 4th Floor
        Signature Building
        Block 13-B, Zone 1
        Gift Sez, Gift City
        Gandhinagar 382355

        Corporate office:
        901, 6th Floor, B Tower
        Udhna Udyognagar Sangh Commercial Complex
        Central Road No. 10
        Udhna, Surat 394210

Liquidation Commencement Date: March 23, 2022

Court: National Company Law Tribunal, Vadodara Bench

Insolvency professional: Kashyap Shah

Interim Resolution
Professional:            Kashyap Shah
                         B-203, Manubhai Towers
                         Opp. M S University
                         Sayajigunj, Vadodara 390020
                         E-mail: kashyap.cs@gmail.com
                         Tel: 0265-2362244

Last date for
submission of claims:    April 22, 2022


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

The instrument-wise rating actions are:

-- INR150 mil. Fund-based limits (long-term/short term) migrated
     to non-cooperating category with IND D (ISSUER NOT
     COOPERATING) rating;

-- INR370 mil. Non-fund-based limits (long-term/short term)
     migrated to non-cooperating category with IND D (ISSUER NOT
     COOPERATING) rating; and

-- INR42.28 mil. Term loans (long-term) due on August 2023
     migrated to non-cooperating category with IND D (ISSUER NOT
     COOPERATING) rating.

Note: ISSUER NOT COOPERATING: The ratings were last assigned on
February 26, 2021. Ind-Ra is unable to provide an update, as the
agency does not have adequate information to review the ratings.

COMPANY PROFILE

PCP International was incorporated in 1969 as Punjab Chemi-Plants
(P) Ltd. The company mainly erects, fabricates and commissions
boilers turbines for power plants under a boiler, turbine and
generator package.


PLUTO PLAZA: ICRA Keeps B+ Rating in Not Cooperating Category
-------------------------------------------------------------
ICRA has retained the Long-term ratings of Pluto Plaza Private
Limited in the 'Issuer Not Cooperating' category. The ratings are
denoted as [ICRA]B+ (Stable); ISSUER NOT COOPERATING".

                     Amount
   Facilities      (INR crore)     Ratings
   ----------      -----------     -------
   Fund based-        35.00        [ICRA]B+ (Stable) ISSUER NOT
   Limit-                          COOPERATING; Rating continues
   Term Loan                       to remain under 'Issuer Not
                                   Cooperating' category

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

Incorporated in August 2005 as a private limited company, Pluto
Plaza Private Limited (PPPL) is developing a shopping mall
'Plutone' over 3.88 acres of land at Chhend, which is adjacent to
the Ring Road in Rourkela, Odisha. The proposed shopping mall is
likely to host a multiplex, restaurants, food court, shops and an
anchor store. The mall will be partially sold out and the balance
part will be put on rent. The proposed shopping mall-cum-multiplex
is scheduled to start operations from April 2019.

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

The instrument-wise rating actions are:

-- INR300 mil. Fund-based facilities*# migrated to non-
     cooperating category and withdrawn;

-- INR500 mil. Fund-based facilities migrated to non-cooperating
     category with IND BB (ISSUER NOT COOPERATING)/IND A4+ (ISSUER

     NOT COOPERATING) rating; and

-- INR130 mil. Term loan*$ due on September 2023 migrated to non-
     cooperating category and withdrawn.

*Withdrawn following the receipt of no-objection certificate from
the lender. This is consistent with the Securities and Exchange
Board of India's circular dated March 31, 2017 for credit rating
agencies.

#Migrated to 'IND BB (ISSUER NOT COOPERATING)/IND A4+ (ISSUER NOT
COOPERATING)' before being withdrawn

$Migrated to 'IND BB (ISSUER NOT COOPERATING)' before being
withdrawn

Note: ISSUER NOT COOPERATING: The ratings were last reviewed on
January 14, 2021. Ind-Ra is unable to provide an update, as the
agency does not have adequate information to review the ratings.

COMPANY PROFILE

Poshs Metal Industries was incorporated in December 1998. The
company has a steel servicing center and manufactures shape blanks
of steel at its plants located in Taloja and Pune.


PRATIBHA CONSTRUCTIONS: ICRA Cuts Rating on INR25cr ST Loan to C
----------------------------------------------------------------
ICRA has revised the ratings on certain bank facilities of Pratibha
Constructions Engineers & Contractors (India) Private Limited
(PCECPL), as:

                     Amount
   Facilities     (INR crore)    Ratings
   ----------     -----------    -------
   Long Term-         24.77      [ICRA]C ISSUER NOT COOPERATING;
   Fund Based/CC                 Rating downgraded from [ICRA]C-
                                 and Continues to remain under
                                 'Issuer Not Cooperating'
                                 Category

   Short Term-        25.00      [ICRA]C ISSUER NOT COOPERATING;
   Non Fund Based                Rating downgraded from [ICRA]A4
                                 and Continues to remain under
                                 'Issuer Not Cooperating'
                                 Category

   Long term/         65.23      [ICRA]D/[ICRA]D ISSUER NOT
   Short term–                   COOPERATING; Rating downgraded
   Unallocated                   from [ICRA]C-/[ICRA]A4 and
                                 Continues to remain under
                                 'Issuer Not Cooperating'
                                 Category

Rationale

The rating downgrade reflects irregularities in debt servicing as
mentioned in publicly available sources. The rating is based on
limited information on the entity's performance since the time it
was last rated on January, 2021. The lenders, investors and other
market participants are thus advised to exercise appropriate
caution while using this rating as the rating may not adequately
reflect the credit risk profile of the entity, despite the
downgrade.

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

Pratibha Constructions Engineers & Contractors (India) Private
Limited (PCECPL) is in the construction business since last 30
years. It started as a partnership firm in 1984 and with the
increasing scale of operation it was subsequently converted to a
Private Limited Company in 2002. Pratibha started with construction
of industrial buildings for sugar factories and spinning mills.

SANTOSH ENTERPRISES: ICRA Keeps D Debt Ratings in Not Cooperating
-----------------------------------------------------------------
ICRA has retained the ratings for the bank facilities of Santosh
Enterprises in the 'Issuer Not Cooperating' category. The rating is
denoted as "[ICRA]D/[ICRA]D; ISSUER NOT COOPERATING".

                    Amount
   Facilities     (INR crore)    Ratings
   ----------     -----------    -------
   Long-term–         2.75       [ICRA]D; ISSUER NOT
COOPERATING;
   Fund based                    Rating Continues to remain under
   Cash Credit                   'Issuer Not Cooperating'
                                 Category

   Short-term–        4.00       [ICRA]D; ISSUER NOT
COOPERATING;
   Fund based                    Rating Continues to remain under
   Cash Credit                   'Issuer Not Cooperating'
                                 Category

   Long Term-         0.20       [ICRA]D; ISSUER NOT COOPERATING;
   Unallocated                   Rating Continues to remain under
                                 issuer not cooperating category

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

Established in 1990, Santosh Enterprises (SE) is a proprietorship
concern and is engaged in fabrication of steel structural
installation components like angle, channel, plates, railings and
gallery mainly used in windmills supplied by Wind World India
Limited (WWIL) erstwhile Enercon India Limited. The firm operates
through its fabrication and galvanization units at Ambad and Gonde,
Nashik.

SARE FACILITY: Liquidation Process Case Summary
-----------------------------------------------
Debtor: Sare Facility (Gurgaon) Services Private Limited
        6, 383 C, Bank Street
        Munirka, New Delhi 110067

Liquidation Commencement Date: March 17, 2022

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

Date of closure of
insolvency resolution process: March 17, 2022

Insolvency professional: Bikram Singh Gusain

Interim Resolution
Professional:            Bikram Singh Gusain
                         A-1003, Spring Valley Apartments
                         Plot No. 3-C, Sector 11
                         Dwarka, New Delhi 110075
                         E-mail: bikramgusain@gmail.com

                            - and -

                         c/o Yogakshem Insolvency Professionals
                             LLP
                         UGF 1/15, Near Punjab National Bank
                         Tilak Nagar, New Delhi 110018
                         E-mail: liquidatorsarefacility@yahoo.com

Last date for
submission of claims:    April 16, 2022


SATHYANARAYANA EDUCATION: ICRA Keeps B+ Rating in Not Cooperating
-----------------------------------------------------------------
ICRA has retained the long-term rating of Sri Sathyanarayana
Education Trust (erstwhile Sri Sathyanarayana Educational Society)
in the 'Issuer Not Cooperating' category. The rating is denoted as
[ICRA]B+(Stable); ISSUER NOT COOPERATING".

                     Amount
   Facilities      (INR crore)     Ratings
   ----------      -----------     -------
   Long Term-         16.00        [ICRA]B+ (Stable) ISSUER NOT
   Fund Based/TL                   COOPERATING; Rating continues
                                   to remain under 'Issuer Not
                                   Cooperating' category

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

SSET was registered and incorporated in 1990 by Mr. T. Venugopal.
The trust's operations started with the setting up of New Baldwin
Residential School in 1990, which is located at Doddabanaswadi in
Bangalore. The school provides education from pre-nursery to Std.
X. In 2006, the society set up New Baldwin International
Residential School (NBRS) on a 15-acre campus near Old Madras Road.
SSET started New Baldwin Residential PU College in 2007 in the same
campus of NBRS. In order to diverse the course offering, the
society has set up Sri Sai Sathyanarayana College in
Doddabanaswadi, which offers pre-degree and degree level courses.
In 2014 and 2015, the trust has set up New Baldwin International
School in Anekal and TC Palya respectively.


SCHWEITZER LOGISTICS: Voluntary Liquidation Process Case Summary
----------------------------------------------------------------
Debtor: Schweitzer Logistics India Private Limited
        306, 3rd floor Emperor
        L T Road, Babhai Naka
        Borivali West, Mumbai 400092
        IN

Liquidation Commencement Date: March 21, 2022

Court: National Company Law Tribunal, Mumbai Bench

Insolvency professional: Mr. Pranav Damania

Interim Resolution
Professional:            Mr. Pranav Damania
                         407, Sanjar Enclave
                         Above Mahindra Showroom
                         Opposite Milap Cinema
                         S.V. Road, Kandivali West
                         Mumbai 400067
                         E-mail: pranav@winadvisors.co.in
                         Mobile: +919820469825

Last date for
submission of claims:    Within 30 days from the Liquidation
                         Commencement date


SHARANAMMA DIGGAVI: ICRA Keeps D Debt Ratings in Not Cooperating
----------------------------------------------------------------
ICRA has retained the ratings for the bank facilities of Sharanamma
Diggavi Memorial Educational Trust in the 'Issuer Not Cooperating'
category. The rating is denoted as "[ICRA]D; ISSUER NOT
COOPERATING".

                    Amount
   Facilities     (INR crore)    Ratings
   ----------     -----------    -------
   Long-term–         6.29       [ICRA]D; ISSUER NOT
COOPERATING;
   Fund based                    Rating Continues to remain under
   Term Loan                     'Issuer Not Cooperating'
                                 Category

   Long-term–         1.71       [ICRA]D; ISSUER NOT
COOPERATING;
   Unallocated                   Rating Continues to remain under
                                 'Issuer Not Cooperating'
                                 Category

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

Sharanamma Diggavi Memorial Education Trust (SDME) was formed and
registered as a Trust in the year October, 2006. SDME was
established by the educationist Mr. Basawaraj Diggavi, the Chairman
of SDME. SDME operates three educational institutions comprising of
one primary school, one high school and one pre-university
college.


SOLEX ENERGY: Ind-Ra Assigns BB+ LT Issuer Rating, Outlook Stable
-----------------------------------------------------------------
India Ratings and Research (Ind-Ra) has assigned Solex Energy
Limited (SEL) a Long-Term Issuer Rating of 'IND BB+'. The Outlook
is Stable.

The instrument-wise rating actions are:

-- INR190 mil. Fund-based working capital limits assigned with
     IND BB+/Stable/IND A4+ rating;

-- INR357.5 mil. Non-fund-based working capital limits assigned
     with IND A4+ rating;

-- INR410.84 mil. Term loan due on October 2030 assigned with
     IND BB+/Stable rating; and

-- INR12 mil. Proposed term loan* assigned with IND BB+/Stable
     rating.

*unallocated

The ratings reflect SEL's small scale of operations, modest EBITDA
margins, moderate credit metrics, and stretched liquidity position.


KEY RATING DRIVERS

The ratings reflect SEL's small scale of operations as indicated by
revenue of INR796.21 million in FY21 (FY20: INR1,380.37million).
The decline in revenue was due to COVID-19-led disruptions. The
company achieved revenue of INR350.547 million in 1HFY22. As of
February 2022, SEL had an unexecuted order book of INR1,857.6
million (2.3x of FY21 revenue), to be executed over the
medium-to-long term. Management expects the top line to grow
significantly from manufacturing of solar panels, following capex
completion in FY23 and receipt of additional orders from new and
existing customers.

The ratings also factor in SEL's modest EBITDA margin of 4.19% in
FY21 (FY20: 5.31%) with a return on capital employed of 10% (27%).
The decline in margin was due to an increase in production and
administrative expenses, resulting from the impact of COVID-19-led
disruptions. However, Ind-Ra expects the margin to improve
gradually with the likely rise in the revenue; although will remain
modest over the medium term.

The ratings also reflect SEL's moderate credit metrics as indicated
by interest coverage (operating EBITDA/gross interest expenses) of
3.09x in FY21 (FY20: 6.41x, FY19: 10.54x) and net leverage
(adjusted net debt/operating EBITDA) of 2.98x (0.78x, 0.89x). The
deterioration in the credit metrics in FY21 was due to a decline in
the operating EBITDA to INR33.39 million (FY20: INR73.33 million).
Ind-Ra expects the credit metrics to deteriorate further in FY22 on
account of the ongoing debt-funded capex.

Liquidity Indicator – Stretched: The average maximum use of the
fund-based and the non-fund-based limits was around 74% and 42%,
respectively, during the 12 months ended January 2022. It had a
cash balance of INR20.68 million at FYE21 (FYE20: INR5.82 million).
The cash flow from operations turned negative to INR43.48 million
in FY21 (FY20: INR9.87 million) on account of a higher working
capital requirement. Typically, the fourth quarter of the year is
the highest-grossing quarter for SEL. However, the COVID-19-led
disruptions had affected client operations, including bill
processing and payments in March 2021, leading to lower cash
flows.

The net cash conversion cycle elongated to 152 days in FY21 (FY20:
64 days) owing to an increase in receivable period to 255 days (147
days) and inventory holding period to 50 days (16 days). SEL has
scheduled debt repayments of INR8.70 million and INR4.07million in
FY22 and FY23, respectively, which Ind-Ra expects to be met through
internal accruals. However, in FY21, the company availed a COVID-19
emergency credit facility of INR12.2 million under the Guaranteed
Emergency Credit Line Scheme to support its working capital
requirements.

The ratings are also constrained by the company's large debt-funded
capex of around INR546.96 million in FY22-FY23. SEL is expanding
its solar manufacturing capacity by 600MW from 45MW. About 73% of
the capex will be funded by a term loan of INR400 million and the
balance through internal accruals. Ind-Ra expects the  additional
capacity to become operational from July 2022, which will lead to
an improvement in the top line and operating EBITDA.

The ratings are further constrained by SEL's moderate geographical
concentration risk. Gujarat accounted for 44% of SEL's total
revenue in FY21, followed by Uttar Pradesh (9%) and Ranchi (8%).
However, the company plans to venture into other states to reduce
the concentration risk to some extent.

The ratings, however, are supported by the promoters' over two
decades of experience in the solar industry, leading to established
relationships with its customers and suppliers.

RATING SENSITIVITIES

Positive: A substantial improvement in the scale of operations,
along with an improvement in the liquidity position and operating
margins, and/or timely completion of capex without any cost
overrun, and the net leverage remaining below 3.5x, all on a
sustained basis, could lead to a positive rating action.

Negative: A significant decline in the scale of operations, and/or
a fall in the operating margins along with deterioration in the
liquidity position, any time and cost overrun in capex leading to a
substantial deterioration in the credit metrics would lead to a
negative rating action.

COMPANY PROFILE

Incorporated in 2014, Gujarat-based SEL manufactures solar products
and undertakes engineering, procurement, and construction contracts
for setting up solar power plants, solar water pumps, solar water
heating systems, and others. It offers a wide range of solar
products such as mono/multi-crystalline solar photovoltaic modules,
solar lanterns, solar street lights, solar water pumps, and solar
inverters. The company is listed on NSE Emerge.


SRINIVASAN CHARITABLE: ICRA Keeps D Rating in Not Cooperating
-------------------------------------------------------------
ICRA has retained the long-term ratings of Srinivasan Charitable
and Educational Trust in the 'Issuer Not Cooperating' category. The
ratings are denoted as [ICRA]D; ISSUER NOT COOPERATING".
                    Amount
   Facilities     (INR crore)    Ratings
   ----------     -----------    -------
   Long Term-        175.00      [ICRA]D; ISSUER NOT COOPERATING;
   Term Loan                     Rating Continues to remain under
                                 'Issuer Not Cooperating'
                                 Category

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

DS group of trusts namely Dhanalakshmi Srinivasan Charitable and
Educational Trust (DSCET), Srinivasan Health and Educational Trust
(SHET), Srinivasan Charitable and Educational Trust (SCET) were
established in 1994 by Mr. Srinivasan, with the objective of
running charitable and educational institutions. Dhanalakshmi
Srinivasan Hotels Private Limited (DSHPL) was incorporated in 2008.
The group has 23 colleges, 2 hospitals, 3 schools and one 68 key
hotel.


SRINIVASAN HEALTH: ICRA Keeps D Debt Rating in Not Cooperating
--------------------------------------------------------------
ICRA has retained the long-term ratings of Srinivasan Health and
Educational Trust in the 'Issuer Not Cooperating' category. The
ratings are denoted as [ICRA]D; ISSUER NOT COOPERATING".

                    Amount
   Facilities     (INR crore)    Ratings
   ----------     -----------    -------
   Long Term-        181.00      [ICRA]D; ISSUER NOT COOPERATING;
   Term Loan                     Rating Continues to remain under
                                 'Issuer Not Cooperating'
                                 Category

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

DS group of trusts namely Dhanalakshmi Srinivasan Charitable and
Educational Trust (DSCET), Srinivasan Health and Educational Trust
(SHET), Srinivasan Charitable and Educational Trust (SCET) were
established in 1994 by Mr. Srinivasan, with the objective of
running charitable and educational institutions. Dhanalakshmi
Srinivasan Hotels Private Limited (DSHPL) was incorporated in 2008.
The group has 23 colleges, 2 hospitals, 3 schools and one 68 key
hotel.


SWE FASHIONS PRIVATE: Liquidation Process Case Summary
------------------------------------------------------
Debtor: SWE Fashions Private Limited
        Plot No. W-12 & W-13 (P)
        KIADB Apparel Park
        Doddaballapur Industrial Area
        Bangalore Rural
        Bangalore 561203
        Karnataka, India

Liquidation Commencement Date: March 21, 2022

Court: National Company Law Tribunal, Bengaluru Bench

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

Insolvency professional: Venkata Subbarao Kalva

Interim Resolution
Professional:            Venkata Subbarao Kalva
                         F-204, Sri Sai Priya Residency
                         13th Cross, Sarakki Main Road
                         JP Nagar, 1st Phase
                         Bangalore, Karnatak 560078

                            - and -

                         #41/1, 11th Cross
                         8th Main Road
                         2nd Block, Jayanagar
                         Bengaluru 560011
                         E-mail: swefashionscirp@gmail.com

Last date for
submission of claims:    April 20, 2022


VASISTA EDUCATIONAL: ICRA Keeps D Debt Ratings in Not Cooperating
-----------------------------------------------------------------
ICRA has retained the ratings for the bank facilities of The
Vasista Educational Society in the 'Issuer Not Cooperating'
category.  The rating is denoted as "[ICRA]D/[ICRA]D; ISSUER NOT
COOPERATING".

                    Amount
   Facilities     (INR crore)    Ratings
   ----------     -----------    -------
   Long-term–         2.00       [ICRA]D; ISSUER NOT
COOPERATING;
   Fund based                    Rating Continues to remain under
   Cash Credit                   'Issuer Not Cooperating'
                                 Category

   Long-term–         8.20       [ICRA]D; ISSUER NOT
COOPERATING;
   Fund based                    Rating Continues to remain under
   Term Loan                     'Issuer Not Cooperating'
                                 Category

   Long Term/        11.80       [ICRA] D/[ICRA] D; ISSUER NOT
   Short Term-                   COOPERATING; Rating Continues to
   Unallocated                   remain under issuer not
                                 cooperating category

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

The Vasista Educational Society was established in August 2000 at
Seetharampuram village, West Godavari District of Andhra Pradesh by
Mr. K.V. Satyanarayana & Mr. S. Ramesh Babu to promote technical
education. The Society runs two engineering colleges Swarnandhra
College of Engineering & Technology (SCET) and Swarnandhra
Institute of Engineering & Technology (SIET) offering Diploma, B.
Tech, M. Tech, MBA and MCA courses.


VIKAS COTEX: ICRA Keeps B Debt Ratings in Not Cooperating
---------------------------------------------------------
ICRA has retained the long-term ratings of Vikas Cotex in the
'Issuer Not Cooperating' category. The ratings are denoted as
[ICRA]B(Stable); ISSUER NOT COOPERATING".

                     Amount
   Facilities      (INR crore)     Ratings
   ----------      -----------     -------
   Long Term-         12.35        [ICRA]B (Stable) ISSUER NOT
   Fund Based-                     COOPERATING; Rating continues
   Cash Credit                     to remain under 'Issuer Not
                                   Cooperating' category

   Long Term-          1.75        [ICRA]B (Stable) ISSUER NOT
   Fund Based-                     COOPERATING; Rating continues
   Term Loan                       to remain under 'Issuer Not
                                   Cooperating' category

   Long Term-          5.90        [ICRA]B (Stable) ISSUER NOT
   Unallocated                     COOPERATING; Rating continues
                                   to remain under 'Issuer Not
                                   Cooperating' category

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

Incorporated in the year August 2013, Vikas Cotex (VC) is engaged
in the business of cotton ginning. The firm commenced commercial
production from February 2014 from its manufacturing facility
located at Wankaner, Dist. Rajkot in Gujarat. The unit is equipped
with 48 ginning machines, 1 pressing machine, having processing
capacity of approx. 31000 MTPA of raw cotton. VC is a partnership
firm with the promoters having an extensive experience in the
cotton industry.


VIPTELA SYSTEMS: Voluntary Liquidation Process Case Summary
-----------------------------------------------------------
Debtor: Viptela Systems Private Limited
        Brigade South Parade, 2nd Floor
        No. 10, Mahatma Gandhi Road
        Bangalore KA 560001

Liquidation Commencement Date: March 21, 2022

Court: National Company Law Tribunal, Hyderabad Bench

Insolvency professional: V. Shankar

Interim Resolution
Professional:            V. Shankar
                         303, Block-A
                         Legend Commercial Complex
                         3-4-770 & 136
                         Opp. ICICI Bank
                         Above Keshav Medicals
                         Barkatpura, Hyderabad 500027
                         E-mail: 1981shanky@gmail.com

Last date for
submission of claims:    April 20, 2022


WORLD CAT: Voluntary Liquidation Process Case Summary
-----------------------------------------------------
Debtor: World Cat Sourcing India Private Limited
        496, Krrish Towers
        Next to Hewlett Pakkard Service
        Mahadevapura Main Road
        Bengalru 560048

Liquidation Commencement Date: March 17, 2022

Court: National Company Law Tribunal, Bangalore Bench

Insolvency professional: Ravi Sankar Devarakonda

Interim Resolution
Professional:            Ravi Sankar Devarakonda
                         No. 80, D602
                         Prestige St. John Wood Apartments
                         Tavarakare Main Road
                         Chkkaadugodi, Bangalore 560029
                         Tel: 080-41278817
                         Mobile: 9844102554
                                 9341979634
                         E-mail: ravicacscma@icai.org

Last date for
submission of claims:    April 17, 2022




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

LIPPO KARAWACI: Fitch Affirms 'B-' LongTerm IDRs, Outlook Stable
----------------------------------------------------------------
Fitch Ratings has affirmed Indonesia-based homebuilder PT Lippo
Karawaci TBK's 'B-' Long-Term Foreign- and Local-Currency Issuer
Default Ratings (IDRs) with Stable Outlooks. At the same time,
Fitch Ratings Indonesia has affirmed Lippo's National Long-Term
Rating at 'BBB-(idn)' with a Stable Outlook.

The affirmation and Stable Outlook reflect Lippo's rising presales
and cost reductions that narrowedFitch's estimate of the free cash
flow (FCF) gap at the standalone level to around IDR1 trillion in
2021, or 8% of gross debt. This is in line with Fitch's forecast.

Fitch expects the FCF gap to shrink further in the next 12-18
months, with around half of the 2022 gap consisting of one-off
costs from legacy high-rise projects. However, the current
inflationary environment and high commodity prices affecting
construction costs pose downside risk to Fitch's FCF forecast.
Positive rating action will depend on Lippo's ability to achieve
and sustain neutral FCF.

'BBB' National Ratings denote a moderate default risk relative to
other issuers or obligations in the same country or monetary
union.

KEY RATING DRIVERS

Narrowing FCF Gap: Fitch forecasts Lippo's FCF gap to narrow to
around IDR750 billion, or 6% of gross debt, in 2022. This amount
includes around IDR425 billion in one-off deferred costs from
legacy projects, leading to the gap nearly halving to around IDR400
billion, or 3% of gross debt, in 2023. However, the inflationary
environment poses a risk to this recovery. Fitch estimates that the
company's FCF gap reduced to IDR1 trillion in 2021, from IDR4
trillion in 2020, on lower construction costs following the
completion of legacy high-rise projects, and a surge in presales.

Lower Rent Support: The continued improvement in FCF will also be
helped by lower rent support to First REIT, following the
restructuring of its agreements with Lippo, as well as to Lippo
Malls Indonesia Retail Trust (LMIRT, B+/Negative), after better
shopping-mall cash flow and the expiry of rent support to some
malls in 2022. Fitch's FCF estimate includes aggregate dividend
income from Lippo's key listed subsidiaries - LMIRT, PT Lippo
Cikarang Tbk and PT Siloam International Hospitals Tbk - of around
IDR400 billion-450 billion in the next two years, given stronger
operating performance.

Inflation a Risk to FCF: Lippo's capacity to improve FCF hinges on
its ability to price new products and control costs amid an
inflationary environment. The ability to execute fast sales of
legacy projects will also affect cash collection in 2022-2023, as
these are incrementally zero-cost sales. Lippo plans to introduce
presales of mid-rise apartments this year, which should lower the
mix of affordable landed homes to around 50%. Fitch estimates that
these mid-rise homes will have lower margins than landed homes,
particularly in the first year, weighed down by promotional and
sales expenses.

Larger Presales Scale: Fitch expects Lippo's presales at the
standalone company level to remain steady at IDR3.3 trillion in
2022, excluding a planned bulk land sale of IDR500 billion, and to
improve to IDR3.5 billion in 2023. This should be supported by a
continued recovery in economic activity as Covid-19 pandemic-led
pressures ease, although this is counterbalanced by the threat of
rising inflation and higher interest rates. Presales, excluding
bulk land, doubled to IDR3.6 trillion in 2021, demonstrating
Lippo's ability to shift its product mix to cater to changing
demand.

Moderate Leverage: Fitch expects leverage, measured as net debt/net
property assets, to remain below 50% in the next two years,
supported by improving cash flow and one-off asset sales that
boosted Lippo's cash balance in 2021. This saw leverage fall to an
estimated 45% in 2021, from 52% in 2020. Lippo also has the option
of selling more land plots or diluting its stakes in key
subsidiaries without losing control, supporting its financial
flexibility.

Mortgages Boost Cash Collection: Fitch expects cash collection from
presales to remain strong in 2022 on an enlarged presales base as
well as a higher mix of mortgage-loan funded sales. The loosening
of mortgage-loan rules since early 2021, which allow banks to
disburse up to 90% of loans to developers up front, has been a key
driver of stronger cash collection for Indonesian homebuilders; as
at 2021, 58% of Lippo's presales were funded by mortgages (2020:
49%), with the rest from cash and instalments.

Rating Based on Standalone Profile: Fitch assesses Lippo's rating
based on the standalone company and closely held subsidiaries, but
excluding its key listed subsidiaries, Lippo Cikarang and Siloam as
well as LMIRT, which was a subsidiary during most of 2021 until
Lippo divested a controlling stake in December 2021. The assessment
includes other business units.

ESG - Management Strategy: Lippo has an ESG Relevance Score of '4'
[+] for management strategy, which indicates that the degree of
success in Lippo's management strategy has had a positive impact on
the company's rating, in conjunction with other factors.

DERIVATION SUMMARY

Lippo's ratings can be compared with those of peers such as PT
Kawasan Industri Jababeka Tbk (KIJA, B-/BBB-(idn)/Stable), PT Alam
Sutera Realty Tbk (ASRI, B-/Stable) and PT Ciputra Development Tbk
(CTRA, B+/Positive).

Lippo's presales at the standalone level stem almost entirely from
residential property, which is more resilient to economic downturns
than industrial land sales, which make up around half of KIJA's
presales. Lippo also has a much larger presales scale at over IDR3
trillion compared with KIJA's IDR1 trillion and a wider presence
across price-points. However, KIJA is rated at the same level as
Lippo due to its steady recurring cash flow from its power plant,
dry port and estate-management services, which nearly cover its
interest expenses. Lippo's liquidity is stronger, with its nearest
significant debt maturity due in January 2025, while KIJA's USD300
million note is due in October 2023.

ASRI has a smaller presales scale than Lippo, worth around IDR2.5
trillion-3.0 trillion in 2022. However, the company has a higher
profit margin and a larger portion of land plot sales in its sales
mix, which helps to drive cash flow. Fitch expects ASRI to generate
neutral to positive FCF in the next two years. However, Lippo has
stronger liquidity and less refinancing needs compared with ASRI,
which has significant bond maturing in May 2024, whose refinance
depends on regaining the confidence of investors and lenders
following the distressed debt exchange in 2020.

CTRA is rated two notches higher than Lippo. It has a larger
operating scale, with IDR5.0 trillion of attributable pre-sales in
2021, supported by a diversified product offering and wide
geographical presence in Indonesia. It has a better operating cash
flow profile and Fitch forecasts FCF/gross debt to remain at or
below -3%. CTRA's credit profile is further supported by its
prudent financial policy, with leverage to stay below 20% in the
next two years. Its non-development cash flow from shopping malls,
hotels and offices also provides some downside protection against
more cyclical property presales. Fitch's Positive Outlook on CTRA
is based on Fitch's view that the company will sustain its
attributable presales and low leverage, leading to an upgrade in
the next 12-18 months.

KEY ASSUMPTIONS

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

-- Presales, excluding bulk land, at the standalone level of
    IDR3.3 billion-3.5 trillion over 2022-2024;

-- FCF gap of IDR1 trillion in 2021 and IDR750 billion in 2022;

-- Dividend income from key subsidiaries of IDR395 billion in
    2022 and IDR449 billion in 2023;

-- Neutral EBITDA from recurring-income segments net of rental
    payments to First REIT and rental guarantees to LMIRT.

Recovery Rating Assumptions:

Lippo, excluding Siloam, LMIRT and Lippo Cikarang, will be
liquidated during bankruptcy because it is primarily an
asset-trading company:

-- 10% administrative claims;

-- 25% haircut on trade receivables, in line with domestic and
    regional peers;

-- 50% haircut on the book value of adjusted inventory, in line
    with domestic and regional peers;

-- 50% haircut on net property, plant and equipment;

-- proceeds from the disposal of Lippo's 55% share of Siloam and
    47% share of LMIRT will be available during a liquidation;

-- 60% haircut on Siloam and LMIRT market value in a liquidation;

-- Based on the above calculation of the adjusted liquidation
    value after administrative claims, Fitch estimates the
    Recovery Rating of the senior unsecured bonds at 100%, which
    corresponds to a Recovery Rating of 'RR1'. However, Fitch has
    rated the senior unsecured bonds 'B-'/'RR4' because Indonesia
    falls into Group D of creditor-friendliness under Fitch's
    Country-Specific Treatment of Recovery Ratings Criteria and
    the instrument ratings of issuers with assets in this group
    are subject to a soft cap at the company's IDR.

RATING SENSITIVITIES

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

-- Ability to achieve and sustain neutral FCF at the standalone
    company level.

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

-- A significant weakening in liquidity.

BEST/WORST CASE RATING SCENARIO

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

LIQUIDITY AND DEBT STRUCTURE

Comfortable Liquidity: Liquidity has improved significantly after
the divestment of Puri Mall for a net inflow of around IDR1
trillion in 1Q21 and the 11% stake in LMIRT for IDR709 billion in
4Q21, while concurrently improving the FCF gap to around IDR1
trillion during the year. Fitch estimates Lippo's cash balance at
the standalone company level at around IDR1.8 trillion by end-2022.
This, together with the company's IDR970 billion in committed
undrawn bank lines as of March 2022, should comfortably support
negative FCF of IDR750 billion in 2022 and IDR450 billion in 2023.
Lippo's nearest significant debt maturity is its USD420 million
unsecured notes due in January 2025.

Lippo was not compliant with the incurrence test of consolidated
fixed-charge cover of above 2.0x on in its US-dollar bonds as of
end-2020, and is therefore restricted from raising debt, aside from
permitted indebtedness, and paying dividends. Lippo confirms that
it has headroom to raise around IDR1.4 trillion in permitted
indebtedness based on its bond indenture across its consolidated
group, if required. Fitch does not think that Lippo will need to
draw on material debt in the next two- to three-years on account of
its comfortable liquidity.

ISSUER PROFILE

Lippo is an Indonesian-based homebuilder with over 1,000 hectares
of landbank, which the company says is sufficient for more than a
decade of development. It also has a small portfolio of investment
properties consisting of retail malls and hotels, and a property
and portfolio management business.

ESG CONSIDERATIONS

Lippo has an ESG Relevance Score of '4' [+] for Management Strategy
as Lippo's success in this area has a positive impact on the credit
profile, and is relevant to the ratings in conjunction with other
factors.

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




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

SAPURA ENERGY: Taps Restructuring Specialist Borrelli as Director
-----------------------------------------------------------------
The Star reports that Sapura Energy Bhd has appointed restructuring
specialist Cosimo Borrelli as its director effective on March 25,
just two weeks after it announced its massive debt-restructuring
exercise.

The Star relates that market observers said that aside from its
debt restructuring, the oil and gas (O&G) firm is also working on
ways to restructure its operations that have been struggling with
high operational costs and low-margin contracts.

In a filing with Bursa Malaysia on March 28, the O&G firm said
Borrelli, 55, was the leader of the Asia-Pacific and Caribbean
restructuring practice of Kroll.

According to the report, Sapura Energy also noted that Borrelli was
a leading restructuring and insolvency practitioner in Asia, having
worked exclusively in this area since 1990.

"Borrelli is also well regarded for his work as an independent
director to listed companies internationally, especially those
undergoing or targeting turnarounds, mergers and acquisitions,
divestments and special situations.

"Borrelli's assignments often have a cross-border focus, including
work in Hong Kong, China, Singapore, India, Taiwan, Malaysia,
Australia, the United States, the United Kingdom, Europe, Bermuda,
the British Virgin Islands, the Cayman Islands and Africa," the
company elaborated.

On March 18, Sapura Energy posted its largest quarterly loss of
MYR6.61 billion for its fourth quarter ended Jan. 31, 2022.

Its full-year net loss was MYR8.9 billion. It had made a MYR3.3
billion provision for impairment on goodwill, mainly on its
drilling assets.

Prior to the results announcement, Sapura Energy announced a
44-page document to restructure its unpaid debts and payables to
the tune of MYR15 billion that would involve banks, vendors and
contractors, the report says.

According to the report, the company has been facing several
winding-up petitions by some of its vendors over unpaid monies.

However, Sapura Energy managed to secure a restraining order –
effective for three months from March 10 – to restrain and
suspend legal proceedings against it, while enabling the group and
its subsidiaries to engage with its creditors without being
disrupted by the threat of litigation.

It was also given a court order to summon meetings with its
creditors to consider a proposed scheme of arrangement as part of
its debt-restructuring plan, The Star states.

While Sapura Energy has for some time had a massive order book
running into billions of ringgit, analysts pointed out that the
group struggled due to its high operational cost and losses from
legacy contracts and low-margin projects.

"Sapura Energy blamed its state of affairs on 'legacy contracts'
that did not factor in Covid-19-related compliance costs, but that
is not likely to be the only issue, in our view.

"The company's misfortunes are probably due to over-optimistic cost
estimates, aggressive bid prices in past efforts to win contracts
and possible management competency issues," CGS-CIMB Research said
in a recent report.

The Star says the debt restructuring entails that for every MYR1
debt owned, 25 sen will be refinanced, 20 sen will be converted
into perpetual non-tradeable notes that have a 5% coupon per
annum.

This perpetual paper is convertible into ordinary shares of Sapura
Energy from its fourth year.

The remaining 55 sen will be converted to perpetual non-tradable
zero-coupon notes issued by Sapura Energy, the report relates.
These notes will be converted into shares in Sapura Energy's
subsidiaries, namely, Sapura Drilling Sdn Bhd, Sapura Technology
Solutions Sdn Bhd and Sapura Geosciences Sdn Bhd, in the fourth
year.

It is left to be seen if creditors will accept the proposal,
considering it involved a significant haircut for the creditors and
vendors, says The Star. A debt-restructuring expert reckoned that
in order for companies like Sapura Energy to sustain their cash
flows and operations, a white knight is likely needed to come in
with fresh capital, the report says.

Sapura Energy Berhad, formerly SapuraKencana Petroleum Berhad, is
engaged in investment holding and the provision of management
services to its subsidiaries. The Company's segments include
Engineering and Construction (E&C), Drilling, Energy and
Corporate.




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

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

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

The company's liquidators are:

          Gareth Russel Hoole
          Clive Robert Bish
          Ecovis KGA Limited
          PO Box 37223
          Parnell, Auckland 1151


ARCHITECTURAL WINDOW: Creditors' Proofs of Debt Due on April 28
---------------------------------------------------------------
Creditors of Architectural Window Solutions Limited 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 24, 2022.

The company's liquidator is:

          John Marshall Scutter
          Fervor Limited
          Level 1, 17–19 Seaview Road
          Paraparaumu Beach
          New Zealand


POKE BAR: Creditors' Proofs of Debt Due on April 29
---------------------------------------------------
Creditors of Poke Bar (Sylvia Park) Limited, Poke Bar (Ponsonby)
Limited, Poke Bar (Auckland CBD) Limited And Poke Bar Regional
Franchise Limited are required to file their proofs of debt by
April 29, 2022, to be included in the company's dividend
distribution.

The company commenced wind-up proceedings on March 25, 2022.

The company's liquidator is:

          Craig Andrew Young
          PO Box 87340, Auckland


RAMMAC STEEL: Creditors' Proofs of Debt Due on April 25
-------------------------------------------------------
Creditors of Rammac Steel Fixing Limited, Braddock Interiors (NZ)
Limited, Studio Signs Limited, Xtreme Balustrades Limited, Graphic
Construction Limited, Collezioni Limited and Creazioni Limited, are
required to file their proofs of debt by April 25, 2022, to be
included in the company's dividend distribution.

The company commenced wind-up proceedings on March 25, 2022.

The company's liquidators can be reached at:

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


SANDY'S HOME: Creditors' Proofs of Debt Due on April 4
------------------------------------------------------
Creditors of Sandy's Home Salon (2021) Limited are required to file
their proofs of debt by April 4, 2022, to be included in the
company's dividend distribution.

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

The company's liquidator is Kelera Nayacakalou.




=====================
P H I L I P P I N E S
=====================

RB OF SAN LORENZO: Creditors' Claims Deadline Set for May 9
-----------------------------------------------------------
All creditors of the closed Rural Bank of San Lorenzo Ruiz
(Siniloan), Inc. have until May 9, 2022 to file their claims
against the assets of the closed bank either by e-mail, mail, or
personal filing.

Creditors refer to any individual or entity with a valid claim
against the assets of the closed Rural Bank of San Lorenzo Ruiz
(Siniloan), Inc. and include depositors whose deposits exceed the
maximum deposit insurance coverage (MDIC) of PHP500,000. The
Philippine Deposit Insurance Corporation (PDIC) said that creditors
may file their claims through any of the following:

1. Online through e-mail at lorenzo-pad@pdic.gov.ph;

2. Through mail addressed to the PDIC Public Assistance Department,
Ground Floor, PDIC Chino Bldg., 2228 Chino Roces Avenue, Makati
City 1231. Claims filed by mail must have a postmark dated not
later than  May 9, 2022; or

3. Personal filing at the PDIC Public Assistance Center located at
the 3rd Floor, SSS Bldg., 6782 Ayala Avenue corner V.A. Rufino St.,
Makati City, Monday to Friday, 8:00 AM to 5:00 PM.
For visits to the PAC, clients are highly encouraged to request for
an appointment, observe health protocols and present their
vaccination cards. Appointments may be requested through
the Public Assistance Hotline at (02) 8841-4141 or at Toll Free
number 1-800-1-888-7342 or 1-800-1-888-PDIC, by sending an e-mail
request to lorenzopad@pdic.gov.ph, or by sending a request through
private message at PDIC’s official Facebook page at
www.facebook.com/OfficialPDIC.

The prescribed Claim Form against the assets of the closed bank may
be downloaded from the PDIC website at
http://www.pdic.gov.ph/files/Claim_Form_Against_Assets_of_Closed_Banks.pdf.
PDIC reminds creditors to transact only with authorized PDIC
personnel.

Claims filed after May 9, 2022 shall be disallowed. PDIC, as
Receiver, shall notify creditors of denial of claims through mail.
Claims denied or disallowed by the PDIC may be filed with the
liquidation court within 60 days from receipt of final notice of
denial of claim or within 20 days from date of publication of the
Order setting the Petition for Assistance in the Liquidation
Proceeding for initial hearing, whichever is later.

In addition, PDIC said that depositors with account balances of
more than the MDIC of PHP500,000 who have already filed claims for
the insured portion of their deposits as of May 9, 2022 are deemed
to have filed their claims for the uninsured portion or the amount
in excess of the MDIC.

PDIC, as Receiver of closed banks, requires personal data from
creditors to be able to process their claims and protects these
data in compliance with the Data Privacy Act of 2012.

Rural Bank of San Lorenzo Ruiz (Siniloan), Inc. was ordered closed
by the Monetary Board (MB) of the Bangko Sentral ng Pilipinas on
February 17, 2022 and PDIC, as the designated Receiver, was
directed by the MB to proceed with the takeover and liquidation of
the closed bank in accordance with Section 12(a) of Republic Act
No. 3591, as amended. It is a single-unit rural bank located on P.
Burgos St., Siniloan, Laguna.

All requests and inquiries relating to Rural Bank of San Lorenzo
Ruiz (Siniloan), Inc. shall be addressed to the PDIC Public
Assistance Department through email at lorenzo-pad@pdic.gov.ph, or
through telephone number (02) 8841-
4141. Creditors outside Metro Manila may call the PDIC Toll Free
Hotline during office hours at 1-800-1-888-PDIC (7342). Inquiries
may also be sent as private message to the PDIC’s official
Facebook page at www.facebook.com/OfficialPDIC.

The Philippine Deposit Insurance Corporation (PDIC) was established
on June 22, 1963 by Republic Act 3591 to provide depositor
protection and help maintain stability in the financial system by
providing deposit insurance. Effective June 1, 2009, the maximum
deposit insurance coverage is PHP500,000 per depositor. All deposit
accounts by a depositor in a closed bank maintained in the same
right and capacity shall be added together. A joint account shall
be insured separately from any individually-owned deposit account.




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

COM3 SINGAPORE: Court to Hear Wind-Up Petition on April 8
---------------------------------------------------------
A petition to wind up the operations of Com3 Singapore Pte Ltd will
be heard before the High Court of Singapore on April 8, 2022, at
10:00 a.m.

The Comptroller Of Income Tax filed the petition against the
company on March 15, 2022.

The Petitioner's solicitors are:

          Infinitus Law Corporation
          77 Robinson Road
          #16-00, Robinson 77
          Singapore 068896


PHARMA INC: Court to Hear Wind-Up Petition on April 8
-----------------------------------------------------
A petition to wind up the operations of Pharma Inc. (Worldwide) Pte
Ltd will be heard before the High Court of Singapore on April 8,
2022, at 10:00 a.m.

The Comptroller of Income Tax filed the petition against the
company on March 15, 2022.

The Petitioner's solicitors are:

          Infinitus Law Corporation
          77 Robinson Road
          #16-00, Robinson 77
          Singapore 068896


SEMBCORP MARINE: Records 3 Straight Years of Losses
---------------------------------------------------
The Business Times reports that Sembcorp Marine on March 29 gave
notice that it recorded 3 consecutive years of pre-tax losses,
based on its audited full-year consolidated accounts.

The group's 6-month average daily market capitalisation was SGD2.6
billion as at March 28, which means the group still meets the
financial entry criteria to avoid being placed on the Singapore
Exchange's (SGX) watch list, BT relates.

According to BT, firms are placed on the SGX watch list if they
record losses for the 3 latest consecutive financial years and have
an average daily market cap of under SGD40 million over the last 6
months.

Prior to its announcement, Sembmarine had ended on March 28 at a
7-month high of SGD0.103, up 9.6 per cent or SGD0.009.

On March 23, the group announced that its wholly-owned subsidiary
won a contract to construct a wind turbine installation vessel. It
did not disclose the value of the contract.

In February, Sembmarine posted a net loss of SGD523.3 million for
its second half ended December 2021, widening from a SGD390.4
million loss a year earlier, as challenges from the Covid-19
pandemic weighed on its operations, BT discloses.

Sembmarine has been issuing notices for 3 consecutive years of
pre-tax losses for the past 2 years. Its 6-monthly average daily
market capitalisation was SGD1.9 billion as at Mar 30, 2021, and
SGD2.4 billion as at April 2, 2020.

Headquartered in Singapore, Sembcorp Marine Ltd --
https://www.sembmarine.com/ -- an investment holding company,
provides offshore and marine engineering solutions worldwide.
Sembcorp Marine Ltd. is a subsidiary of Sembcorp Industries Ltd.

For the full year ended Dec. 31, 2020, the group's net loss had
widened to SGD582.5 million from SGD137.2 million a year ago.  The
group reported a net loss if SGD74.13 million in 2018.


SUPERNOVA ENTERPRISES: Court to Hear Wind-Up Petition on April 8
----------------------------------------------------------------
A petition to wind up the operations of Supernova Enterprises Pte
Ltd will be heard before the High Court of Singapore on April 8,
2022, at 10:00 a.m.

The Comptroller Of Income Tax filed the petition against the
company on March 16, 2022.

The Petitioner's solicitors are:

          Infinitus Law Corporation
          77 Robinson Road
          #16-00, Robinson 77
          Singapore 068896


TUBULAR SERVICES: Creditors' Proofs of Debt Due on April 25
-----------------------------------------------------------
Creditors of Tubular Services (Asia-Pacific) Pte Ltd are required
to file their proofs of debt by April 25, 2022, to be included in
the company's dividend distribution.

The company commenced wind-up proceedings on March 18, 2022.

The company's liquidators can be reached at:

          Lin Yueh Hung
          Oon Su Sun
          c/o 8 Wilkie Road
          #03-08 Wilkie Edge
          Singapore 228095


XIN GUANG: Creditors' Meetings Set for April 14
-----------------------------------------------
Xin Guang Shipping (Pte) Ltd will hold a meeting for its creditors
on April 14, 2022, at 10:30 a.m.

Agenda of the meeting includes:

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

   b. to appoint liquidators; and

   c. to be authorised to appoint solicitors to (i) assist the
      liquidators in the liquidators’ duties; and/or (ii) to
bring
      or defend any action or legal proceeding in the name and on
      behalf of the Company.

Paresh Tribhovan Jotangia and Ho May Kee of Grant Thornton
Singapore Private Limited were appointed joint and several
provisional liquidators of the company on March 17, 2022.




=================
S R I   L A N K A
=================

SRI LANKA: Needs Debt Restructuring as Signaled by IMF, Citi Says
-----------------------------------------------------------------
Lilian Karunungan at Bloomberg News reports that Sri Lanka will
have to undergo debt restructuring as strongly suggested by the
International Monetary Fund (IMF) in order to secure financing from
creditors, according to Citigroup Global Markets.

According to Bloomberg, the prescription follows IMF's observation
that fiscal consolidation efforts alone to pare debt to safe levels
would be too large to be economically and politically feasible.
While the IMF specify what a safe level is, Citi sees reduction to
a 79.7% public debt ratio witnessed between 2010-18 as a good
benchmark from 119% level last year, the report says.

"The government will likely need to secure private creditor
participation in debt reduction," Johanna Chua, chief economist for
Asia Pacific at Citigroup, wrote in a report to clients.

While the South Asian nation has already allowed its exchange rate
to weaken and raised borrowing costs, Citi sees room for more
policy tightening given low interest rates throughout the pandemic
led to an import boom, Bloomberg notes. That added to pressure on
an economy that was turning fragile after Covid cut-off foreign
exchange earnings from tourism, even as reserves were running out
on account of debt repayment, including $500 million in January.

In its Article IV consultation report released on March 25, the IMF
said Sri Lanka faces "solvency" issues. Its "debt overhang" will
impede growth and threaten its macroeconomic stability, Bloomberg
relays.

Sri Lanka will also need fiscal/macro adjustments and divestments,
in order to mobilize sufficient financing from official sources,
including the IMF, Citi's Chua said.

Citi's estimate of a 10% principal haircut, up to 20-year maturity
extension and 42-28% coupon cut may now be "too conservative" as
the public debt ratio has worsened and the local currency has
depreciated more than expected, she said, Bloomberg relays.




=============
V I E T N A M
=============

NATIONAL POWER: Fitch Affirms 'BB' Foreign Currency IDR
-------------------------------------------------------
Fitch Ratings has affirmed Vietnam-based National Power
Transmission Corporation's (EVNNPT) Long-Term Foreign-Currency
Issuer Default Rating (IDR) at 'BB'. The Outlook is Positive. Fitch
has also affirmed EVNNPT's senior unsecured rating at 'BB'.

EVNNPT's ratings are based on the consolidated profile of its
parent - Vietnam Electricity (EVN, BB/Positive) - under Fitch's
Parent and Subsidiary Rating Linkage (PSL) Criteria. Fitch takes
into consideration EVN's profile - including support from the
sovereign - as Fitch expects sovereign support to flow through to
EVNNPT, given its monopoly position in Vietnam's transmission
sector. Fitch assesses EVNPT's linkages with EVN to be strong,
driving the consolidated rating approach.

Fitch assesses EVNNPT's standalone credit profile (SCP) at 'bb+',
stronger than EVN's IDR. EVNNPT's SCP is supported by its monopoly
of Vietnam's electricity transmission sector, pooled counterparty
risk and strong receivables. Fitch believes its financial profile
is stronger than that commensurate for its rating.

KEY RATING DRIVERS

EVN's Strong Control Over EVNNPT: EVN owns 100% of EVNNPT,
controlling key management and approving business and investment
plans, with strong access and control over EVNNPT. EVN approves
EVNNPT's financing plans, including borrowings above certain
thresholds, organisational structure, and key executives and their
compensation. EVN also supervises EVNNPT's regulatory compliance.
There is no centralised treasury, but about 31% of EVNNPT's total
borrowings go through EVN. The flow of dividends from EVNNPT to EVN
is not restricted

Strong Standalone Credit Profile: EVNNPT has a monopoly of
Vietnam's electricity transmission sector, and faces limited price
and volume risk under the regulatory framework, which enhances
visibility over revenue and profit. EVNNPT's receivables benefit
from no direct single-counterparty risk as transmission charges
from the five distribution companies are collected by a pooling
mechanism by Electricity Power Trading Company, which is a separate
department within EVN group. Its credit profile is constrained by
the short history of the regulatory framework.

Cost-Plus Transmission Tariff: The regulator fixes the electricity
transmission tariff annually, ensuring EVNNPT recovers appropriate
expenses and earns permissible profit that allows it to maintain
operations and meet investment plans. However, the final tariff is
subject to approval by the regulator in consultation with EVN. The
regulator and EVN target a pre-tax return on equity (ROE) of 3% for
EVNNPT. However, ROE has been volatile and has deviated
significantly - both higher (2019: 10%) and lower than 3% (2017:
2.2%). ROE for 2021 was around 3%.

Low Price Risk: Transmission tariffs account for only about 4%-6%
of the retail tariff, which means an increase in the transmission
tariff would have only a limited impact on the final retail
electricity tariff. Hence, Fitch believes EVNNPT's price risk is
lower than that of EVN. EVN can increase the electricity retail
tariff every six months, in line with rising production costs, but
has to seek approval from the ministry for increases above 5% - and
automatic tariff adjustments under 5% have only a limited record.

Moderate Impact of Covid-19: Fitch expects EVNNPT's transmission
volume to rise by 7.4% to 215 billion units in 2022, and further by
8% over the next three years. Transmission volume was hurt slightly
due to uncertainty caused by the pandemic in 2021, declining by
around 1.5% to 201 billion units. Impact on transmission volumes
was mitigated partly by higher hydro generation, as key hydro-power
plants are located away from major demand centres - hence higher
hydro generation adds to transmission volumes.

EVNNPT's Rising Capex: Fitch estimates EVNNPT to incur average
annual capex of about VND12 trillion from 2022 (2021: around VND9
trillion). EVNNPT's net debt to EBITDA should stay around 4.0x
(2020: 3.2x; 2021E: 3.7x) over the medium term, resulting in a
stronger financial profile than that commensurate for its SCP.
EVNNPT's capex initiatives are focused on improving grid quality
and reliability, and strengthening regional connections.

DERIVATION SUMMARY

EVNNPT's ratings are based on the consolidated profile of its
parent EVN, under Fitch's Parent and Subsidiary Linkage Criteria.
EVN fully owns EVNNPT and has extensive influence over EVNNPT's
business plans, profitability and financial profile. EVN is the
state-owned utility that has a monopoly over electricity
transmission and distribution in Vietnam. It also owns and operates
the majority of installed power-generation capacity. EVN's
transmission business is highly strategic, and is operated through
EVNNPT.

EVNNPT has a lower operating risk than Vietnam Electricity Northern
Power Corporation (EVNNPC, BB/Positive) - a power distribution
company within the EVN group - because it is a pure transmission
player and has broader geographical diversification. Still, EVNNPC
has a slightly better financial profile and wider counterparty
diversification, with lower receivable days than EVNNPT.

EVNNPC's and EVNNPT's profiles are comparable, although EVN
exercises a lot more control over EVNNPC - as reflected in
management of its profit through determination of annual ROE.
EVNNPT's ROE is determined by the regulator, albeit in consultation
with EVN. As such, Fitch assesses EVNNPT's SCP a notch higher than
EVNNPC, as Fitch believes the latter cannot be better than EVN.

EVNNPC's rating reflects its standalone credit profile of 'bb',
which is the same level as that of EVN.

KEY ASSUMPTIONS

-- Transmission volumes to increase by 7%-8% from 2022 (2021:
    decline by 1.5%);

-- Transmission tariffs to decline by decline by 2.4% in 2022 and
    remain flat thereafter (2021: declined 9.4% to VND78/kWh);

-- Average annual capex of VND12 trillion from 2022 to 2024
    (2021: VND9 trillion);

-- Average interest rate of 4%, rising to 5% by 2024;

-- No dividend payout.

RATING SENSITIVITIES

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

-- Positive rating action on EVN.

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

-- Negative rating action on EVN.

BEST/WORST CASE RATING SCENARIO

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

LIQUIDITY AND DEBT STRUCTURE

Adequate Liquidity: Fitch estimates EVNNPT's cash and cash
equivalents to be around VND6 trillion at end-2021, against the
current debt maturity of VND5.3 trillion. Fitch expects the company
to generate around VND10 of operational cash flow over the next
three years, which will be sufficient to manage annual debt
maturities but will require external funds to manage annual capex
targets. EVNNPT's liquidity benefits from its strong access to
domestic markets and overseas development assistance - due to its
linkages with EVN and hence the state.

ISSUER PROFILE

EVNNPT is wholly owned by Vietnam Electricity, and has a monopoly
position in electricity transmission in Vietnam. It is responsible
for the development, operation and control the national electricity
transmission system.

PUBLIC RATINGS WITH CREDIT LINKAGE TO OTHER RATINGS

EVNNPT's ratings are directly linked to the credit quality of its
parent, EVN. A change in Fitch's assessment of the credit quality
of the parent would automatically result in a change in the rating
on EVNNPT.

ESG CONSIDERATIONS

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


VIETNAM: Fitch Affirms 'BB' Foreign Currency IDR, Outlook Positive
------------------------------------------------------------------
Fitch Ratings has affirmed Vietnam's Long-Term Foreign-Currency
Issuer Default Rating (IDR) at 'BB' with a Positive Outlook.

The affirmation reflects continued strong medium-term growth
prospects, despite the Covid-19 pandemic and the global economic
spillovers from the war in Ukraine, and strong external finance
metrics relative to peers. The rating remains constrained by
contingent liability risks associated with the large state-owned
enterprise (SOE) sector and structural weaknesses in the banking
sector.

KEY RATING DRIVERS

Strong Medium-Term Growth Prospects: Fitch expects GDP growth to
accelerate to 6.1% in 2022 and 6.3% in 2023 from 2.6% in 2021, led
by a recovery in domestic demand, strong exports and high FDI
inflows, particularly in the manufacturing sector. The economy
contracted by 6% yoy in 3Q21 on measures to control a surge in
Covid-19 cases. Economic activity resumed in 4Q21 as policy changed
to a more flexible approach to the pandemic, made possible by
higher vaccination rates; almost the entire adult population of
Vietnam is now fully vaccinated.

Risks to Fitch's growth outlook remain, including the global
economic implications of the war in Ukraine and sanctions on
Russia, further pandemic-related shocks and high commodity prices.
Fitch's forecasts for Vietnam's GDP growth factor in Fitch's most
recent downward revision to global growth to 3.5% in 2022 from
4.2%.

Vulnerable to External Shocks: Vietnam's economic prospects remain
susceptible to shifts in external demand due to the economy's high
degree of openness. However, Fitch expects the export sector to
continue to perform well into the medium term, benefitting from
Vietnam's cost competitiveness, trade diversion from China and
implementation of key trade agreements.

Export-related FDI inflows have not weakened despite the supply
disruptions in 3Q21. Inward investment remained strong in 2021 at
USD19.7 billion, down marginally from USD20 billion in 2020. Fitch
is factoring in a gradual resumption of tourism inflows from 2022,
although pandemic-related disruptions remain a significant risk to
Fitch's forecasts. Under Fitch's baseline, Fitch forecasts a
reversal to a current account surplus in 2022 and 2023 from a
deficit of about 1% of GDP in 2021.

Strong Reserve Buffers: Foreign-exchange reserves continued to
improve in 2021, as the State Bank of Vietnam (SBV) intervened in
the foreign-exchange market to stabilise the currency.
Foreign-exchange reserves rose further to a record of USD109.4
billion by end-2021, supported by large FDI inflows.

Fitch forecasts a gradual appreciation of the exchange rate, in
line with its expectation of current account surpluses, although
Fitch expects the SBV to intervene in the case of excessive
currency volatility or if the currency faces significant upward
pressure. Vietnam's large external buffers offer a cushion against
shocks and support a strong external liquidity ratio, which was
340% at end-2021, above the 175% of the 'BB' median.

New Fiscal Stimulus: A package that was recently approved for
disbursement over 2022-2023, equal to about 4% of 2021 GDP, will
lead to wider fiscal deficits of 4.8% of GDP in 2022 and 4.2% of
GDP in 2023. The package includes measures such as tax cuts and
deferrals to support firms, ensure social welfare and job creation,
and enhance healthcare capacity.

The fiscal stimulus also includes a capex component worth about 2%
of 2022 GDP, which could support medium-term growth prospects,
although there are risks over the government's implementation
capacity. Vietnam's low revenue base compared with that of its
peers remains a weakness in the credit profile.

Government Debt Still Below Peers: The pandemic has had a smaller
impact on Vietnam's public finances than the 'BB' median, as early
success in containing the pandemic allowed for a restrained fiscal
response. Fitch forecasts Vietnam's general government debt-to-GDP
ratio will rise to about 42% by 2023 from an estimated 39.7% in
2021, based on the authorities' recently revised GDP data series.
This is well below the 'BB' median of 54.5% in 2022 and 55.3% in
2023. Government debt to revenue of 213.5% is lower than the 'BB'
median of 239.3%.

Contingent Liability Risks: Fitch thinks contingent liability risks
from legacy issues at SOEs and banking-sector weakness remain a
drag on the rating. Explicit government guarantees fell to 3.8% of
GDP by end-2021 from 4.6% in 2020, but institutional weaknesses
continue to weigh on Vietnam's public finances. Fitch believes the
banking system remains subject to structural weaknesses, such as
thin capitalisation and under-reporting of problem loans. The
under-reporting is exacerbated by regulatory forbearance on
pandemic-affected restructured loans, which is available until June
2022.

Weaker Structural Indicators: Vietnam's per capita income and human
development indicators are weaker than those of peer medians. Fitch
estimates per capita income was USD3,685 at end-2021, against the
'BB' median of USD5,261. Vietnam is in the 38th percentile on the
UN Human Development Index, compared with the 'BB' median's 50th
percentile. In the latest World Bank Governance Rankings, the
country's World Bank Governance Indicator ranking is in the 43rd
percentile, below the 46th percentile of the peer median.

ESG - Governance: Vietnam has an ESG Relevance Score of '5' for
Political Stability and Rights as well as for the Rule of Law,
Institutional and Regulatory Quality and Control of Corruption, as
is the case for all sovereigns. These scores reflect the high
weight that the World Bank Governance Indicators have in Fitch's
proprietary Sovereign Rating Model. Vietnam has a medium ranking at
the 43rd percentile, reflecting a recent peaceful political
transition, a moderate level of rights for participation in the
political process, moderate institutional capacity, established
rule of law and a moderate level of corruption.

RATING SENSITIVITIES

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

-- Macroeconomic: A deterioration in Vietnam's policy mix that
    creates risks for macroeconomic stability or leads to an
    increase in macroeconomic imbalances, for instance, resulting
    in a sustained decline in foreign-currency reserves.

-- Public Finances: Crystallisation of contingent liabilities on
    the sovereign's balance sheet or a sustained period of higher
    fiscal deficits, which lead to a failure to stabilize
    government debt over the medium term.

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

-- Macroeconomic Policy and Performance: Sustained high growth
    that reduces the GDP per capita gap vis-a-vis Vietnam's peers
    while maintaining macroeconomic stability.

-- Public Finances: Improvement in public finances, for example,
    through sustainable fiscal consolidation and debt
    stabilisation over the medium term, as well as a higher
    revenue base or a reduction in the risk of contingent
    liabilities.

-- Structural: A material reduction in risks posed to the
    sovereign balance sheet from weaknesses in the banking sector,
    for instance, through improvements in capitalisation,
    transparency regarding asset quality and the regulatory
    framework.

SOVEREIGN RATING MODEL (SRM) AND QUALITATIVE OVERLAY (QO)

Fitch's proprietary SRM assigns Vietnam a score equivalent to a
rating of 'BBB-' on the Long-Term Foreign-Currency (LT FC) IDR
scale.

Fitch's sovereign rating committee adjusted the output from the SRM
to arrive at the final LT FC IDR by applying its QO, relative to
rated peers, as follows:

-- Structural Factors: -1 notch to reflect structural weaknesses
    in Vietnam's large financial sector (about 162% of GDP)
    related to unresolved legacy issues in banks, weaker asset
    quality than official data indicate and low capitalisation.

-- Public Finances: -1 notch to reflect relatively high
    contingent liability risks from a large SOE sector, including
    government guarantees for SOEs and potential banking-sector
    recapitalisation costs, as well as institutional weaknesses in
    public-finance management.

Fitch's SRM is the agency's proprietary multiple regression rating
model that employs 18 variables based on three-year centred
averages, including one year of forecasts, to produce a score
equivalent to a LT FC IDR. Fitch's QO is a forward-looking
qualitative framework designed to allow for adjustment to the SRM
output to assign the final rating, reflecting factors within
Fitch's criteria that are not fully quantifiable and/or not fully
reflected in the SRM.

BEST/WORST CASE RATING SCENARIO

International scale credit ratings of Sovereigns, Public Finance
and Infrastructure 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 three 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.

ESG CONSIDERATIONS

Vietnam has an ESG Relevance Score of '5' for Political Stability
and Rights as World Bank Governance Indicators have the highest
weight in Fitch's SRM and are therefore highly relevant to the
rating and a key rating driver with a high weight. Vietnam has a
percentile rank below 50 for the World Bank Governance Indicator,
which has a negative impact on the credit profile.

Vietnam has an ESG Relevance Score of '5' for Rule of Law,
Institutional and Regulatory Quality and Control of Corruption as
World Bank Governance Indicators have the highest weight in Fitch's
SRM and are therefore highly relevant to the rating and are a key
rating driver with a high weight. Vietnam has a percentile rank
below 50 for the World Bank Governance Indicator, which has a
negative impact on the credit profile.

Vietnam has an ESG Relevance Score of '4' for Human Rights and
Political Freedoms as the Voice and Accountability pillar of the
World Bank Governance Indicators is relevant to the rating and a
rating driver. Vietnam has a percentile rank below 50 for the World
Bank Governance Indicators, which has a negative impact on the
credit profile.

Vietnam has an ESG Relevance Score of '4[+]' for Creditor Rights,
as willingness to service and repay debt is relevant to the rating
and is a rating driver for Vietnam, as for all sovereigns. Vietnam
has a record of more than 20 years without a restructuring of
public debt, which is captured in Fitch's SRM variable. This has a
positive impact on the credit profile.

Except for the matters discussed above, the highest level of ESG
credit relevance, if present, is a score of 3. This means ESG
issues are credit-neutral or have only a minimal credit impact on
the entity, either due to their nature or to the way in which they
are being managed by the entity.



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

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

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

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