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

                     A S I A   P A C I F I C

          Friday, April 1, 2022, Vol. 25, No. 60

                           Headlines



A U S T R A L I A

CONDEV CONSTRUCTION: Next Phase of Liquidation is Underway
NORTH QUEENSLAND EXPORT: S&P Affirms 'BB-' LT ICR, Outlook Neg.
OAK PARK: First Creditors' Meeting Set for April 8
OFW SERVICES: First Creditors' Meeting Set for April 12
ONE FOR WOMEN: First Creditors' Meeting Set for April 12

PROBUILD: SRG Inks Sale Agreement to Acquire WHBO Infrastructure
RESTPOINT PTY: Second Creditors' Meeting Set for April 8
RUBY BOND 2022-1: S&P Assigns Prelim. B Rating on Cl. F Notes
SUMO GROUP: Second Creditors' Meeting Set for April 7


B A N G L A D E S H

BANGLADESH: Moody's Affirms 'Ba3' Issuer Rating, Outlook Stable


C H I N A

361 DEGREES: Fitch Withdraws All Ratings
CHINA: Developers' Accounts Under Scrutiny as More Auditors Resign
SUNAC CHINA: Sweetens Proposed Bond Extension Plan
ZHENRO PROPERTIES: Fitch Lowers LongTerm IDR to 'RD'


H O N G   K O N G

LAI FUNG: Fitch Affirms 'B+' Foreign Currency IDR, Outlook Neg.


I N D I A

ADIE BROSWON: ICRA Keeps B+ Debt Ratings in Not Cooperating
BAFNA MOTORS: ICRA Keeps B+ Debt Ratings in Not Cooperating
BAJAJ FINANCE: S&P Affirms BB+/B ICRs & Alters Outlook to Positive
C & R TEXTILES: ICRA Keeps B+ Issuer Rating in Not Cooperating
GREAT VALUE: ICRA Keeps B+ Debt Ratings in Not Cooperating

GSR AND KKR: CRISIL Keeps D Debt Ratings in Not Cooperating
JAI HANUMAN: CRISIL Keeps D Debt Ratings in Not Cooperating
KALPANA NATURAL: CRISIL Keeps D Debt Ratings in Not Cooperating
KANCHESHWAR SUGAR: CRISIL Moves D Debt Ratings to Not Cooperating
KAYCEE INDUSTRIES: CRISIL Withdraws D Rating on INR7.50cr Loan

KHWAHISH MARKETING: CRISIL Keeps D Ratings in Not Cooperating
KSR PROPERTIES: ICRA Lowers Rating on INR30cr LT Loan to C
LAXMI SRINIVASA: ICRA Withdraws B+ Rating on INR6.50cr Loan to B+
MARK INFRASTRUCTURE: CRISIL Keeps D Ratings in Not Cooperating
MATRIX SECURITY: ICRA Keeps B Debt Ratings in Not Cooperating

MOJIKA REAL: ICRA Withdraws D Rating on INR37cr Term Loan
NEO BUILDERS: CRISIL Keeps D Debt Ratings in Not Cooperating
RA FASHIONS: CRISIL Keeps D Debt Ratings in Not Cooperating
RAJ CHICK: CRISIL Keeps D Debt Ratings in Not Cooperating
RELIABLE AGENCIES: ICRA Keeps B+ Debt Ratings in Not Cooperating

ROYSONS CERAMICS: CRISIL Keeps D Debt Ratings in Not Cooperating
SRIKARA PARENTERALS: CRISIL Keeps D Ratings in Not Cooperating
TARA HEALTH: CRISIL Keeps D Debt Ratings in Not Cooperating
URIHK PHARMACEUTICAL: ICRA Withdraws B+ Rating on LT/ST Loans
V.R.K. ASSOCIATES: ICRA Keeps D Debt Rating in Not Cooperating

ZINDRELLA: CRISIL Keeps D Debt Rating in Not Cooperating Category


J A P A N

JAPAN: Power Retailers Exiting Business as Energy Crunch Worsens
TOSHIBA CORPORATION: S&P Affirms 'BB+/B' ICRs, Outlook Negative


N E W   Z E A L A N D

AROHA CAFE: Creditors' Proofs of Debt Due on April 25
BEACHCROFT BHL: Creditors' Proofs of Debt Due on May 6
HABITAT REAL: Creditors' Proofs of Debt Due on May 28
OM SHANTI: Creditors' Proofs of Debt Due on May 13


S I N G A P O R E

BIJLIPAY ASIA: Court Enters Wind-Up Order
JUBILANT PHARMA: S&P Affirms 'BB' ICR & Alters Outlook to Negative
MAJ AVIATION: Court to Hear Wind-Up Petition on April 22
SKILLTECH ALUMINIUM: Court to Hear Wind-Up Petition on April 22
SWISSCO HOLDINGS: Court Enters Wind-Up Order


                           - - - - -


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

CONDEV CONSTRUCTION: Next Phase of Liquidation is Underway
----------------------------------------------------------
Worrells' Jason Bettles and James Robba have finalised their review
of the Report on Company Activities and Property submitted by the
director of Condev Construction Pty Ltd, and issued an initial
notice to all known creditors of the company.

Key figures in the liquidation are reported to be liabilities in
the vicinity of AUD45 million and assets to be in the vicinity of
AUD33 million.  The major company assets include debtors and
retentions due to the company, cash and real property. While the
majority of the company's debts are owed to unsecured creditors,
lenders, and company employees.

Worrells understands that unsecured creditor debt may change due to
certain developers electing to engage subcontractors who were
working for the company.

Mr. Robba said, "We understand developers have engaged a number of
subcontractors and employees who were formerly working for the
company to assist in completing projects. It's important to note
that these decisions and engagements are all being made completely
independent of our role as liquidators of Condev Construction Pty
Ltd.

"As stated in our last press release, we still expect the 100-plus
Condev employees' outstanding entitlements up to the date of
liquidation to be paid in full.  Those employees are either
expected to be paid from the company's assets or through the
assistance of the government's Fair Entitlement Guarantee Scheme."

Again, all known creditors have been sent the initial report
regarding the appointment and Worrells is urging for all creditors
to lodge proofs of debt via its portal at worrells.net.au.

"Our teams are continuing to liaise with all affected parties,
completing our own investigations into the company records, and
have engaged agents to assist in collecting the company assets for
sale.

It's still very early days in this appointment, and we're very
aware and empathic to the impact it's having on everyone. We're
doing our best to find a way to make a bad situation a little
better for everyone."

Worrells advises it will continue to give updates as they become
available.

Condev Construction is a Queensland-based construction company.
Condev's projects include Allegria at Palm Beach, Allure at Chevron
Island, Capital Court at Varsity Lakes, Natura Burleigh Heads,
Brooke Residences at Robina One and Cannes Surfers Paradise.


NORTH QUEENSLAND EXPORT: S&P Affirms 'BB-' LT ICR, Outlook Neg.
---------------------------------------------------------------
S&P Global Ratings affirmed its 'BB-' long-term issue credit rating
on North Queensland Export Terminal Pty Ltd.'s (NQXT) debt. The
recovery rating is unchanged.

The negative outlook reflects the risk of a multiple notch
downgrade if funding for NQXT's upcoming refinancing is not in the
project account by September 2022. The project's debt service
coverage could be lower if the refinancing cost is beyond S&P's
expectations.

S&P's revised the liquidity assessment to reflect the delay in
NQXT's refinancing of its US$500 million bullet facility due in
December 2022. The revision indicates that the port's ratio of
sources to uses of funds is less than 1x over the next 12 months. A
further delay in refinancing is likely to increase liquidity risks
as the maturity approaches.

The NQXT management has indicated that the upcoming payment will be
met via additional funding from the sponsors, the Adani Group; the
company is therefore not seeking external funding. Over the past
two years, NQXT has raised more than A$500 million of shareholder
loans from its ultimate parent to meet multiple debt maturities and
legal liabilities. Although NQXT raised US$150 million through a
private placement in 2021, it has been unable to undertake any
sizable refinancing in the capital markets.

Given NQXT is a project financed asset, S&P does not factor in any
potential support from the Adani Group, despite the parent's recent
track record. So, it does not ascribe any benefit to liquidity
until either a refinancing is complete or NQXT receives funds from
the parent. Consequently, the refinancing risks associated with the
project remain high.

If the project looks at a refinancing in the capital markets,
widening credit margins could remain a persistent feature for
future issuances. This is owing to environment, social and
governance (ESG)-related considerations over coal assets in general
as well as this project itself. S&P's base-case refinance margin
assumptions remain unchanged at 6%.

NQXT has favorably resolved a handling charges dispute (subject to
subsequent appeals) with some shippers. Timely completion of the
next tariff reset (including arbitrations if any) and renewal of
the Glencore contract would be relevant credit factors over the
next 12-24 months.

The negative outlook reflects the high refinancing risk associated
with NQXT's US$500 million bond maturing in December 2022. The
maturity amount is 50% of the project's outstanding debt and could
see an increase in the company's borrowing costs. Over the past two
years, NQXT has been unable to refinance most of its debt
maturities in the market and has instead primarily relied on funds
from the Adani Group.

S&P may lower the rating by multiple notches if uncertainty
increases around the upcoming refinancing, such that funds for
refinancing are not received by September 2022.

S&P could also lower the rating if our calculated minimum debt
service coverage ratio (DSCR) drops below 1.4x. This could most
likely happen if borrowing costs increase beyond levels factored
into its base case.

Uncertainty around the tariff reset, contract renewal, or any other
operational challenges can also weigh on the rating.

S&P could revise the outlook to stable if the upcoming refinancing
is completed. A precursor to the revision would also include the
DSCR remaining above 1.4x in its base case and 1x in its downside
case assessment.

After the refinancing, any sustained debt reduction, such as the
conversion of shareholder loans to equity, could positively
influence the rating.


OAK PARK: First Creditors' Meeting Set for April 8
--------------------------------------------------
A first meeting of the creditors in the proceedings of Oak Park
(Tullamarine) Pty Ltd in its own right and ATF OPT Holdings Trust
will be held on April 8, 2022, at 3:00 p.m. via virtual meeting
technology.

David Coyne of BRI Ferrier was appointed as administrator of Oak
Park on March 30, 2022.


OFW SERVICES: First Creditors' Meeting Set for April 12
-------------------------------------------------------
A first meeting of the creditors in the proceedings of OFW Services
Pty Ltd will be held on April 12, 2022, at 3:30 p.m. via Zoom.

Robert Allan Jacobs of Auxilium Partners was appointed as
administrator of OFW Services on March 31, 2022.


ONE FOR WOMEN: First Creditors' Meeting Set for April 12
--------------------------------------------------------
A first meeting of the creditors in the proceedings of One for
Women Pty Ltd will be held on April 12, 2022, at 2:00 p.m. via
Zoom.

Robert Allan Jacobs of Auxilium Partners was appointed as
administrator of One for Women on March 31, 2022.


PROBUILD: SRG Inks Sale Agreement to Acquire WHBO Infrastructure
----------------------------------------------------------------
Business News Australia reports that one of Wilson Bayly Holmes -
Ovocon (WBHO) Australia's subsidiaries will be saved after
administrators Deloitte on March 30 announced SRG Global had signed
a sale agreement for WBHO Infrastructure Western Australia.

The deal, worth AUD15.2 million, was completed March 31 following a
successful second meeting of the company's creditors on March 30.

According to the report, new owner SRG said the Deed of Company
Arrangement pertaining to WBHO Infrastructure WA was
"overwhelmingly supported by creditors".

"We are pleased to see our proposal get the support of creditors
and look forward to integrating the WBHO Infrastructure WA business
into our operations as seamlessly as possible, underpinning the
ongoing employment of workforce at all levels, providing certainty
for them as well as clients and suppliers," the report quotes SRG
Global managing director David Macgeorge as saying.

Proceeds from the sale will be included in a fund established for
the benefit of creditors which will facilitate a distribution to
creditors at a later time, the report notes.

"Achieving this sale at such speed, and to have it endorsed by
creditors, is an excellent outcome in terms of jobs," Deloitte
turnaround & restructuring Western Australia leader and voluntary
administrator Matt Donnelly said, BNA relays.

"Well-established in the industry, SRG Global has presented a
compelling value proposition and, as the new owner of the business
and assets, jobs are retained and suppliers and customers have
certainty going forward."

The deal was completed just over a month after WBHO Infrastructure
WA's South African parent company placed its Australian group of
businesses into administration, including construction and project
management giant Probuild and Monaco Hickey, BNA notes.

Having operated in Western Australia for 35 years, WBHO
Infrastructure has a number of long-term, blue-chip clients and
currently services a range of sectors including transport,
resources, water, agriculture, waste, renewables and aviation.

In addition, SRG said it has a "long and successful history of
working together on several joint venture projects" with WBHO
Infrastructure, including the Ocean Reef/Wanneroo Road Interchange
in the northern suburbs of Perth.

When the proposal was announced in mid-March, Mr. Macgeorge said
the acquisition would be complementary to SRG Global's existing
operations.

"We look forward to welcoming the WBHO Infrastructure WA team to
SRG Global. This acquisition will ensure minimal disruption to WBHO
Infrastructure's WA business and its clients, while helping solve
one of the biggest constraints to growth in the current economic
environment," the report quotes Mr. Macgeorge as saying.

Deloitte meanwhile said the sale of Probuild's Victorian projects
to Sydney-based Roberts Co is ongoing, with administrators close to
finalising the in-principle agreement, adds BNA.


RESTPOINT PTY: Second Creditors' Meeting Set for April 8
--------------------------------------------------------
A second meeting of creditors in the proceedings of Restpoint Pty
Ltd, previously known as Bayview Seafoods Pty Ltd, has been set for
April 8, 2022, at 10:30 p.m. via virtual meeting only.

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

Creditors wishing to attend are advised proofs and proxies should
be submitted to the Administrator by April 7, 2022, at 5:00 p.m.

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


RUBY BOND 2022-1: S&P Assigns Prelim. B Rating on Cl. F Notes
-------------------------------------------------------------
S&P Global Ratings assigned its preliminary ratings to seven
classes of residential mortgage-backed securities (RMBS) to be
issued by Perpetual Corporate Trust Ltd. as trustee for Ruby Bond
Trust 2022-1. Ruby Bond Trust 2022-1 is a securitization of prime
residential mortgage loans originated by BC Securities Pty Ltd.
(BCS).

The preliminary ratings assigned to the floating-rate RMBS reflect
the following factors.

The credit risk of the underlying collateral portfolio, which
predominantly comprises residential mortgage loans to nonresidents
of Australia, and the credit support provided to each class of
notes are commensurate with the ratings assigned. Credit support is
provided by subordination, excess spread, if any, and a loss
reserve funded by the trapping of excess spread, subject to
conditions. S&P's assessment of credit risk considers BCS's
underwriting standards and approval process as well as its
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 loss reserve, the
principal draw function, the liquidity reserve, the interest-rate
swap, and the provision of an extraordinary expense reserve. S&P
said, "Our analysis is on the basis that the 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 take into account the counterparty
exposure to Australia and New Zealand Banking Group Ltd. as the
bank account provider and Natixis S.A. as interest-rate swap
provider. Natixis will provide an interest-rate swap to hedge the
interest-rate risk between any fixed-rate mortgage loans and the
floating-rate obligations on the notes. The transaction documents
for the swap and bank account include downgrade language consistent
with S&P Global Ratings' counterparty criteria.

"We also have 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.

"We have assessed the servicing and standby servicing arrangements
in this transaction under our "Global Framework For Assessing
Operational Risk In Structured Finance Transactions" criteria,
published on Oct. 9, 2014, and concluded that there are no
constraints on the maximum rating that can be assigned to the
notes."

  Preliminary Ratings Assigned

  Ruby Bond Trust 2022-1

  Class A1-MM, A$95.00 million: AAA (sf)
  Class A1-AU-G, A$127.70 million: AAA (sf)
  Class B-G, A$39.74 million: AA (sf)
  Class C-G, A$47.72 million: A (sf)
  Class D, A$43.98 million: BBB (sf)
  Class E, A$30.20 million: BB (sf)
  Class F, A$19.90 million: B (sf)
  Class G, A$13.76 million: Not rated


SUMO GROUP: Second Creditors' Meeting Set for April 7
-----------------------------------------------------
A second meeting of creditors in the proceedings of:

     - Sumo Group Australia Pty Ltd
     - Sumo IP Holdings Pty Ltd
     - Sumo Salad (Franchising) Pty Ltd
     - Sumo Salad Wholesale Pty Ltd
     - Sumo Marketing Fund Pty Ltd

has been set for April 7, 2022, at 11:00 a.m. via teleconference
only.

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

Creditors wishing to attend are advised proofs and proxies should
be submitted to the Administrator by April 6, 2022, at 4:00 p.m.

Marcus William Ayres and Brett Stephen Lord of Kroll Advisory Co
were appointed as administrators of Sumo Group on March 3, 2022.




===================
B A N G L A D E S H
===================

BANGLADESH: Moody's Affirms 'Ba3' Issuer Rating, Outlook Stable
---------------------------------------------------------------
Moody's Investors Service has affirmed the Government of
Bangladesh's long-term issuer and senior unsecured ratings at Ba3
and maintained the stable outlook. The short-term issuer ratings
are also affirmed at Not Prime.

The drivers behind the rating affirmation include Moody's
expectation that the growth rebound following the pandemic will
continue to anchor macroeconomic and external stability. Reliance
on concessional borrowing also lowers debt refinancing risks.
Nonetheless, weak revenue generation capacity continues to
constrain improvements in debt affordability and limits
Bangladesh's fiscal flexibility at a time when deficits have
increased. It also limits the government's capacity to absorb
inflationary pressures exacerbated by the energy and food price
shock resulting from Russia's invasion of Ukraine, and thereby
contain social risks. The rating affirmation also considers
increased vulnerability to future shocks as structural challenges
have been exacerbated by the pandemic. The challenges include
addressing infrastructure needs and low levels of human capital,
both of which constrain greater foreign investment and limit
prospects for economic diversification over the medium term.

The stable outlook reflects broadly balanced risks at the Ba3
rating level, mainly related to the government's slow
implementation of key economic and fiscal reforms. Most
significantly, more effective execution of fiscal reforms would
expand Bangladesh's revenue base and increase the government's
fiscal flexibility beyond Moody's current expectations. Conversely,
weaker implementation of measures to expand Bangladesh's narrow
revenue base would increasingly constrain the government's fiscal
flexibility.

Bangladesh' local-currency (LC) and foreign-currency (FC) ceilings
are unchanged at Baa3 and Ba2, respectively. The LC ceiling is
placed three notches above the sovereign rating, reflecting
Bangladesh's relatively small government footprint, but also weak
predictability and reliability of government institutions; domestic
political and geopolitical risks, and external imbalances are
moderate. The FC ceiling is placed two notches below the LC
ceiling, reflecting low capital account openness, weak policy
effectiveness, but also a lower degree of external indebtedness.

RATINGS RATIONALE

RATIONALE FOR THE AFFIRMATION OF THE Ba3 RATING

MACROECONOMIC STABILITY DRIVES THE RECOVERY FROM THE PANDEMIC,
RESILIENCE TO RUSSIA-UKRAINE MILITARY CONFLICT

Bangladesh's macroeconomic stability during the pandemic
illustrates the economy's resilience. Following a low of 3.5% in
fiscal 2020 (ending June 2020), GDP growth reached 5% in fiscal
2021, supported by ready-made garments (RMG) export growth (+11% in
fiscal 2021) and a surge in remittance flows (+36%).

Moody's expects real GDP growth to reach 6% in fiscal 2022 and 6.5%
in fiscal 2023, driven by exports and domestic demand. Moody's
expects the recovery will be slightly dented by a slowdown in
export demand from Bangladesh's key export markets (especially the
EU) due to the Russia-Ukraine crisis. Nevertheless GDP growth is
expected to return to pre-pandemic levels within the next two
years.

Higher commodity prices, exacerbated by the global spillover
effects of Russia's invasion of Ukraine, will lead to increased
inflationary pressures. For fiscal 2022, Bangladesh Bank, the
central bank, expects to maintain an expansionary stance, even
though it projects inflation to be above its target rate of 5.3%,
at 5.9%, after remaining relatively stable at 5.6% in fiscal 2021.
Considering the surge in oil and food prices, Moody's forecasts
inflation to reach 6-7% over the next two years. Based on a
historical track record of relatively stable inflation in
Bangladesh, and adequate monetary policy management of potential
pressures, Moody's does not expect inflationary pressures to build
up further and start jeopardizing macroeconomic stability.

CONCESSIONAL FUNDING MITIGATES DEBT AFFORDABILITY AND LIQUIDITY
RISKS, EVEN THOUGH FISCAL SPACE HAS DETERIORATED

At less than 10% of GDP, Bangladesh's general government revenue
remains one of the lowest among sovereigns rated by Moody's,
significantly lower than the Ba-rated median of 25% of GDP.
Meanwhile, increased spending under the government's expansionary
policy has led to wider deficits, surpassing the self-imposed 5% of
GDP deficit limit for at least three years (fiscal 2021-23).
Moody's expects consolidation to pre-pandemic deficit levels by
fiscal 2025 only.

Low revenues and high domestic financing costs weigh on
Bangladesh's debt affordability. Interest payments hover around 20%
of revenue. Though slightly lower than its peak during the
pandemic, reliance on National Savings Certificates (NSCs) remains
high at 29% of Bangladesh's total general government debt stock.
Although NSC reforms have been implemented Moody's expects
improvements in debt affordability to be slow.

Nevertheless, the debt burden remains moderate, and Moody's expects
it to remain below 40% of GDP over the next few years, anchored by
strong growth.

Moreover, continued access to concessional funding (30% of
Bangladesh's general government debt and more than 70% of
government external debt), even after pandemic-related support
expires, is key to mitigating debt financing costs.

Concessional financing also alleviates liquidity risks, although
Moody's expects gross borrowing requirements to rise as deficits
have increased and debt maturities have shortened. Despite a recent
increase in bilateral financing, Moody's expects concessional
financing to remain a material portion of Bangladesh's government
borrowings. In the medium term however, graduation from Least
Developed Country (LDC) status suggests that Bangladesh will
gradually lose its access to concessional funding, which could
increase debt affordability and liquidity risks.

VULNERABILITY TO FUTURE SHOCKS HAS RISEN DUE TO PANDEMIC'S IMPACT
ON STRUCTURAL CONSTRAINTS

Bangladesh will continue facing challenges related to institutions
and governance, particularly in areas of legislative policy
effectiveness, control of corruption, and weak credibility and
effectiveness of its judiciary system. Such institutional
weaknesses limit efficacy in enacting structural reforms that would
improve the quality of infrastructure and human capital, thereby
raising economic competitiveness and diversification, and
attracting foreign investment – issues that are becoming more
pressing as Bangladesh seeks to transition to a middle-income
economy.

Bangladesh's export-driven growth model, which is reliant on a
single commodity (RMG), faces challenges in moving up the value
chain, while regional competition intensifies. While Bangladesh
remains competitive in the RMG industry, due to low labour costs,
vertical integration, technological investment and environmentally
sustainable processes, it has been losing some market share to
competitors such as Vietnam.

The pandemic has also exacerbated weaknesses in the banking sector.
Rescheduling and restructuring have delayed systemic reform. As of
December 2021, about 25% of loans in the banking system were
restructured or rescheduled. The NPL ratios have increased, and
reported NPLs do not fully reflect the extent of problem assets,
which Moody's estimates to increase modestly after forbearance
measures are rolled back. A weak banking sector constrains
productivity, effective allocation of capital and GDP growth.

Meanwhile, poverty, inequality, and unemployment have risen during
the pandemic – exacerbating social risk at a time when
inflationary pressures are also expected to rise. Unemployment
levels increased to 5.3% in fiscal 2020 from 4.2% in fiscal 2019,
according to International Labour Organisation estimates, and the
poverty rate (based on $1.9 per day) has risen to 12.9% in fiscal
year 2020 from 11.9% in fiscal 2019, amounting to an additional 1.6
million people in poverty according to the IMF. The global energy
and food price shock related to Russia's invasion of Ukraine could
lead to social discontent if the government is unable to contain
inflationary pressures. Finally, schools have remained closed
throughout the pandemic, and although some were able to provide
online learning, this was not available to large segments of the
population, pointing to lasting economic and social marks from
missed education.

RATIONALE FOR STABLE OUTLOOK

The stable outlook reflects Moody's expected progress on reforms,
albeit very gradual, as pandemic pressures ease, which will help
shore up macroeconomic stability.

While the authorities have initiated a series of reforms to
increase the tax base in recent years, implementation remains weak
due to low capacity and poor governance, and has stalled during the
pandemic. Moody's expects government revenue to recover to around
9-10% of GDP largely due to the rebound in activity, still a very
low level by international standards.

External vulnerability risks remain low, and foreign exchange
reserves have increased during the pandemic due to a surge in
official remittance flows. This provides some protection against
widening current account deficits as import prices rise.

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

FACTORS THAT COULD LEAD TO AN UPGRADE

Upward pressure on the rating would result from a rising likelihood
of (1) significant progress in the government's fiscal reform
implementation that would increase its revenue generation capacity,
leading to an increase in debt affordability and fiscal space;
and/or (2) material progress in diversifying the economy away from
its reliance on the RMG sector, and developing key infrastructure
that would raise longer-term economic competitiveness and FDI to
sustain its economic growth.

FACTORS THAT COULD LEAD TO A DOWNGRADE

Downward pressure on the rating would result from a rising
likelihood of (1) a severe weakening of the macroeconomic
environment, including a slowdown in growth, sustained high
inflation and depreciation pressures leading to a worsening of
fiscal and external metrics; and/or (2) increased reliance on
bilateral debt that would lead to a worsening of debt affordability
and liquidity metrics without a commensurate improvement in
infrastructure development; and/or (3) a weakening of the banking
sector's financial health after rolling back forbearance measures,
particularly for state-owned banks, with rising contingent
liability risks to the government.

ENVIRONMENTAL, SOCIAL, GOVERNANCE CONSIDERATIONS

Bangladesh's very highly negative (CIS-5) ESG Credit Impact Score
reflects very high exposure to environmental and social risks,
further weakened by institutional challenges that present
weaknesses in the control of corruption and rule of law, as well as
challenges related to banking regulation and supervision.

Bangladesh's exposure to environmental risk is very highly negative
(E-5). As a low-lying country with large coastal areas, Bangladesh
is highly prone to flooding, which disrupts economic activity and
raises social costs. Low incomes and weak infrastructure quality
compound the impact of weather-related events on the economy, and
in turn, associated fiscal costs. In addition, unreliability of
seasonal monsoon rainfall also influence agricultural sector
growth, generating some volatility and raising uncertainty about
rural incomes and consumption.

Moody's assess Bangladesh's exposure to social risks as very highly
negative (S-5). Low incomes stem in part from physical and social
infrastructure constraints to economic development that will take
time to address. That said, per capita incomes have grown strongly
over the past decade and poverty rates have declined sharply,
thanks to high and stable economic growth. This has also delivered
improvement in access to basic services, although Bangladesh's
challenges related to improvements in educational opportunities and
outcomes, health and safety, and labor force inclusion remain areas
of social risk.

Bangladesh's weak institutions and governance profile constrain its
rating, as captured by a highly negative governance issuer profile
score (G-4). Challenges in control of corruption and rule of law
weaken existing institutions, while the credibility of legal
structures is also limited. These governance challenges have in
part contributed to asset quality issues in the banking sector.
Nevertheless, a relatively strong monetary policy framework and
fiscal prudence contribute to ongoing macroeconomic stability.

GDP per capita (PPP basis, US$): 5,287 (2020 Actual) (also known as
Per Capita Income)

Real GDP growth (% change): 3.4% (2020 Actual) (also known as GDP
Growth)

Inflation Rate (CPI, % change Dec/Dec): 6% (2020 Actual)

Gen. Gov. Financial Balance/GDP: -4.8% (2020 Actual) (also known as
Fiscal Balance)

Current Account Balance/GDP: -1.5% (2020 Actual) (also known as
External Balance)

Economic resiliency: ba2

Default history: No default events (on bonds or loans) have been
recorded since 1983.

On March 24, 2022, a rating committee was called to discuss the
rating of the Bangladesh, Government of. The main points raised
during the discussion were: The issuer's economic fundamentals,
including its economic strength, have not materially changed. The
issuer's institutions and governance strength, have not materially
changed. The issuer's governance and/or management, have not
materially changed.

The principal methodology used in these ratings was Sovereign
Ratings Methodology published in November 2019.




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

361 DEGREES: Fitch Withdraws All Ratings
----------------------------------------
Fitch Ratings has affirmed China-based sportswear producer 361
Degrees International Limited's Long-Term Foreign-Currency Issuer
Default Rating (IDR) at 'B+' with a Stable Outlook. Fitch has also
affirmed the company's senior unsecured rating at 'B+' with a
Recovery Rating of 'RR4' and has simultaneously withdrawn all
ratings.

The ratings reflect the company's small scale and low market share
in the Chinese sportswear market, but are supported by stable
profitability and a sustained net cash position.

Fitch has chosen to withdraw the ratings of 361 Degrees for
commercial reasons.

KEY RATING DRIVERS

Stable Profitability: Fitch expects profitability to be stable
after a recovery in 2021. The EBITDA margin rose to 14% after a
trough of 12% in 2020, as revenue rebounded following the impact of
the Covid-19 pandemic. Meanwhile, the gross margin improved to 42%
in 2021, from 38%-40% in 2019-2020, with wholesale discounts
returning to normal. However, Fitch does not expect incremental
margin improvement due to investments in the e-commerce segment for
promotions and the further development of online-exclusive
products.

Neutral-to-Positive FCF: Fitch expects neutral to positive free
cash flow generation, with stable profitability and no significant
outflows. Working capital normalised in 2021 following a
temporarily longer account receivable collection period, which was
offered as support to distributors in 2020. Capex spending should
be stable and more than offset by operating cash flow. There was no
dividend in 2021, but Fitch forecasts an ongoing payout rate
consistent with the historical average of 40% going forward.

Marginal Market Position: Fitch thinks 361 Degrees' market position
is likely to be stable in the medium term. Revenue growth was
strong at 16% in 2021 and the company could be a beneficiary of the
trend of Chinese brands incorporating traditional cultural
elements, called 'guochao' in Chinese. However, its smaller scale
and lower brand recognition is likely to prevent meaningful market
share gains compared with larger international and domestic
brands.

DERIVATION SUMMARY

No longer relevant, as the ratings have been withdrawn.

KEY ASSUMPTIONS

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

-- Revenue to increase by a high- to mid single-digit rate
    annually in 2022-2024;

-- Operating EBITDA margin at 13% in 2022-2024;

-- Capex of CNY100 million annually in 2022-2024, mainly for
    investment in e-commerce;

-- Dividend payout rate at 40% in 2022-2024.

RATING SENSITIVITIES

Not applicable, as the ratings are being withdrawn.

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

Net Cash: 361 Degrees has abundant liquidity, with a large cash
balance of CNY5.3 billion at end-2021 to meet short-term debt
obligations of CNY208 million.

ISSUER PROFILE

361 Degrees is a Chinese sportswear company established in 2003
with a 2.6% domestic market share in 2020. In addition to its core
brand, it operates 361 Degrees Kids and has a joint venture with
Nordic high-end outdoor brand, One Way.

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.


CHINA: Developers' Accounts Under Scrutiny as More Auditors Resign
------------------------------------------------------------------
The Wall Street Journal reports that auditors have resigned from a
series of Chinese property companies, reflecting the challenges of
verifying these businesses' financial health after a punishing
sector-wide downturn.

Audit firms are probably taking a hard look at the developers'
results after a series of revelations about off-balance-sheet
debts, analysts and investors said, the Journal relates.
Pandemic-related restrictions in mainland China and Hong Kong have
also made it harder to collect information.

In recent days, PricewaterhouseCoopers has quit as auditor at three
developers, Ronshine China Holdings Ltd., Powerlong Real Estate
Holdings Ltd. and Shimao Group Holdings Ltd., and at two linked
property-management companies, Ronshine Service Holding Co. and
Powerlong Commercial Management Holdings Ltd., the Journal
discloses citing stock-exchange filings made by the companies.

PwC in Hong Kong, a member of the global accounting network of the
same name, is responsible for signing off on these financial
statements because the companies are listed in the city, the
Journal notes.

According to the report, PwC quit its audit role at another
company, Hopson Development Holdings Ltd., in January. Firms that
are members of other international accounting networks such as BDO,
Deloitte and EY have also resigned from property-company audits in
recent months, the developers said in exchange filings.

A string of other companies, including China Evergrande Group,
haven't parted with their auditors but have warned they won't be
able to publish audited results by a March 31 deadline, the Journal
says. Several of these companies, including Evergrande, Guangzhou
R&F Properties Co. and Sunac China Holdings Ltd., are audited by
PwC. Hong Kong's stock exchange may allow shares in some to
continue trading, if they can publish unaudited figures.

The Journal relates that the recent resignations and warnings of
delays in financial reporting are indicators that "the auditors are
now taking their jobs a lot more seriously than they may have in
the past," said Michel Lowy, the chief executive of SC Lowy, a
financial institution specializing in distressed and high-yield
debt. "The quality of disclosures has been historically very poor,"
he said.

The Journal says the stakes have risen as hidden debts have
surfaced at companies such as Kaisa Group Holdings Ltd. and
Evergrande, sometimes via previously undisclosed guarantees for
privately issued debt or wealth-management products. Evergrande's
property-management subsidiary said recently that banks had taken
control of more than $2.1 billion of bank deposits it had pledged
to guarantee third-party borrowings.

The disclosures have surprised investors and credit-rating
companies. That has worsened already dire investor sentiment, which
has pushed many bond prices to levels that imply investors have
little hope of being repaid in full.

PwC's recent resignations came after it demanded more information
from the companies and said it couldn't provide a time frame for
completing audits, the companies' filings showed, the report adds.


SUNAC CHINA: Sweetens Proposed Bond Extension Plan
--------------------------------------------------
Caixin Global reports that debt-ridden real estate giant Sunac
China Holdings Ltd. has offered better terms to investors in a new
payment extension plan published on March 30, as part of its
efforts to delay paying up on a CNY4 billion (US$629.2 million)
onshore bond due April 1.

In the new proposal, Sunac China, the third largest Chinese
developer by sales, offered to shorten the payment extension to one
and a half years, Caixin relates. It also proposed paying the
bond's annual interest due April 1 as scheduled, as opposed to the
20-day delay of the interest payment outlined in its previous plan,
according to a company filing.

                        About Sunac China

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

As reported in the Troubled Company Reporter-Asia Pacific on March
28, 2022, Fitch Ratings has downgraded China-based
property-developer Sunac China Holdings Limited's Issuer Default
Rating (IDR) to 'CC', from 'B-', and the senior unsecured rating
and outstanding senior unsecured notes to 'CC', from 'B-', with a
Recovery Rating remaining at 'RR4'. All ratings have been removed
from Rating Watch Negative, on which they were placed in March 2022
amid poor capital-market access and worsening market confidence.

The downgrade reflects Sunac's narrowing margin of safety for
refinancing capital-market maturities. Fitch believes Sunac has to
address around CNY17 billion in maturities by the end of 2022 and
also faces mounting offshore debt repayments due to the
acceleration of principal repayments . Debt repayments hinge on
large asset disposals and the successful refinancing or extension
of bank and trust loans. The downgrade also reflects Sunac's
deteriorating financial transparency, as the company says it will
not publish its audited 2021 results by the deadline at end-March
2022.


ZHENRO PROPERTIES: Fitch Lowers LongTerm IDR to 'RD'
----------------------------------------------------
Fitch Ratings has downgraded China-based property developer Zhenro
Properties Group Limited's Long-Term Issuer Default Rating (IDR) to
'RD' (Restricted Default) from 'C' on the completion of an exchange
offer and consent solicitation in accordance with the agency's
rating definitions.

Zhenro's senior unsecured rating has been affirmed at 'C', with a
revised Recovery Rating of 'RR5' from 'RR4'.

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

KEY RATING DRIVERS

Restricted Default: Zhenro said the consent solicitation for its US
dollar perpetual capital securities was completed on 29 March 2022.
The company will redeem the outstanding USD200 million in perpetual
securities on 6 March 2023 at 102% of the outstanding principal
amount of the securities plus any distribution accrued.

On 29 March 2022, Zhenro completed the exchange of USD43 million of
notes issued by ZhenAn Glory Investment Limited and guaranteed by
Zhenro, USD196.64 million in April 2022 notes, CNY1,589.98 million
in July 2021 notes, USD270.22 million in October 2019 notes and
USD218.76 million in September 2021 notes. Zhenro combined the US
dollar notes into USD728.623 million of new dollar notes with an
interest rate of 8.0% maturing on 6 March 2023, and issued
CNY1,589.98 million of new yuan notes with an interest rate of 8.0%
maturing on 6 March 2023.

DERIVATION SUMMARY

Zhenro's IDR has been downgraded to 'RD' in line with Fitch's
rating definitions.

KEY ASSUMPTIONS

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

-- Attributable contracted sales of around CNY80 billion a year
    in 2022-2024;

-- Annual land premium maintained at around two years of land
    bank life;

-- Gross floor area (GFA) acquired to be 0.5x-1.0x of GFA sold in
    2021-2024;

-- Gross profit margin of 16%-19% in 2021-2024.

Key Recovery Rating Assumptions:

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

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

-- Fitch uses a multiple assumption tool to derive a 4x EBITDA
    multiple to derive Zhenro's going-concern value. Given the
    nature of property development, Fitch applies the liquidation
    value approach, as liquidation of the assets would result in a
    higher return to creditors compared with going-concern value.

Liquidation Approach

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

-- Advance rate of 80% applied to accounts receivable. This
    treatment is in line with Fitch's recovery rating criteria.

-- Advance rate of 25% applied to the book value of investment
    properties. The investment property portfolio mainly consists
    of malls in Tier 1 and 2 cities. The portfolio has an average
    rental yield of 1%-2%, which is below the industry average.
    Fitch considers a 25% advance rate as appropriate, as the
    implied rental yield on the liquidation value of the
    investment property portfolio would improve to 5%-6%, which
    would be considered acceptable in a secondary market
    transaction.

-- Advance rate of 50% applied to property, plant and equipment,
    which mainly consists of hotels and buildings, the value of
    which is insignificant.

-- Advance rate of 61% applied to net property inventory. The
    inventory mainly consists of completed properties held for
    sales, properties under development (PUD) and deposits for
    land acquisitions. Different advance rates were applied to the
    various inventory categories to derive a blended advance rate.

-- 70% advance rate on completed properties held for sale.
    Completed commodity housing units are closer to readily
    marketable inventory. The company's historical gross margin
    for development properties is around 20%. Therefore, a higher
    advance rate of 70% (against the typical 50% in the criteria
    for inventory) was applied.

-- 55% advance rate on PUD. Unlike completed projects, PUD are
    more difficult to sell. These assets are also in various
    stages of completion. A 55% advance rate was applied because
    Zhenro's PUD are mostly in Tier 1 and 2 cities. Its land-bank
    life is around two years, making book value reasonably close
    to market value. The PUD balance - prior to applying the
    advance rate - is net of margin-adjusted customer deposits.

-- 90% advance rate on deposits for land acquisitions. Land held
    for development is closer to readily marketable inventory,
    similar to completed commodity housing units, provided it is
    well located. Zhenro's land is generally not located in
    significantly disadvantaged areas. Therefore, a higher advance
    rate than the typical 50% mentioned in the criteria was
    considered.

-- Advance rate of 50% applied to joint-venture (JV) net assets.
    JV assets typically include a combination of completed units,
    PUD and land bank. A 50% advance rate was applied, in line
    with the baseline advance rate for inventory.

-- No advance rate was applied to excess cash after netting the
    amount of trade payables.

The allocation of value in the liability waterfall results in a
Recovery Rating corresponding to 'RR5' for the senior unsecured
rating.

RATING SENSITIVITIES

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

-- Fitch will reassess Zhenro's capital structure and cash flow
    once there is more information on the company's position.

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

-- Evidence that Zhenro has entered into bankruptcy filing,
    administration, receivership, liquidation or other formal
    winding-up procedure, or otherwise ceased business.

BEST/WORST CASE RATING SCENARIO

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

ISSUER PROFILE

Zhenro, listed on the Hong Kong stock exchange in 2018, is owned by
major shareholder Ou Zongrong, who started his property business in
1998. The land bank totalled 29.3 million square metres by end-June
2021, with 230 property projects mostly in Tier 1-2 cities.

ESG CONSIDERATIONS

Zhenro has an ESG Relevance Score of '4' for Financial Transparency
due to the reversal of its earlier stock-exchange announcement that
it was to redeem the perpetual bond in full on 5 March 2022, which
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.




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

LAI FUNG: Fitch Affirms 'B+' Foreign Currency IDR, Outlook Neg.
---------------------------------------------------------------
Fitch Ratings has affirmed Hong Kong-based Lai Fung Holdings
Limited's Long-Term Foreign-Currency Issuer Default Rating (IDR) at
'B+'. The Outlook is Negative. Fitch has also affirmed Lai Fung's
senior unsecured rating and the ratings on its USD350 million
senior notes due 2023 at 'B+' with a Recovery Rating of 'RR4', and
the USD2 billion medium-term note programme issued by Lai Fung MTN
Limited at 'B+', with a Recovery Rating of 'RR4'.

Fitch has revised Lai Fung's Standalone Credit Profile (SCP) to
'b-', from 'b+', as its investment property (IP) EBITDA interest
cover has deteriorated following a slow ramp-up of its Novotown
project in the city of Hengqin. However, Lai Fung follows the
'stronger parent' path under Fitch's Parent and Subsidiary Linkage
Rating Criteria and is rated two notches above its SCP. Fitch
assesses the consolidated profile of Lai Fung's parent, Lai Sun
Development Company Limited (LSD), at 'bb-', supported by healthy
IP EBITDA interest cover and a high-quality IP portfolio in Hong
Kong. Previously, Lai Fung's rating did not benefit from an uplift
due to the lower differentiation between the parent and
subsidiary's credit profiles.

The Negative Outlook reflects the uncertain recovery in LSD and Lai
Fung's IP EBITDA interest coverage.

KEY RATING DRIVERS

Lower Interest Coverage: Fitch expects Lai Fung's IP EBITDA
interest coverage to remain at around 0.6x in next 12-18 months,
despite the completion of new IPs. This is driven by continued
operating losses, a slow improvement in visitations to Novotown
amid Covid-19 outbreaks in the region and rising interest costs as
the company draws down on additional debt to fund its capex plan.
Fitch may take negative rating action if IP EBITDA interest
coverage deteriorates further.

The mature portfolio continued to perform steadily, but Fitch
factored in lower rental contributions from the new IPs in Shanghai
and Guangzhou based on pre-leasing activity. Lai Fung's development
sales and hotel EBITDA provide additional sources of cash for
interest payments.

Parent's Moderate Consolidated Profile: Fitch assesses LSD's
consolidated profile at 'bb-'. Other than its 55% stake in Lai
Fung, LSD's core business is its IPs in Hong Kong. Fitch considers
LSD's business profile to be in the 'BB' category, considering the
scale and granularity of its IP portfolio, which mostly consists of
suburban shopping malls and office buildings in Hong Kong, with
high occupancy rate. LSD's consolidated IP EBITDA interest coverage
of 1.1x in FY21 was much higher than Lai Fung's 0.6x.

Holding Company Liquidity: LSD has adequate liquidity at the
holding company level, with HKD2.8 billion of available cash and
HKD3.1 billion of committed undrawn facilities. This is sufficient
to cover HKD3.5 billion of short-term debt, including HKD400
million in bank loans and USD400 million in bonds due September
2022. The holding company IP EBITDA interest coverage was 2.1x in
2021.

Parent Supports Rating: Lai Fung's IDR is two notches above its
SCP. Fitch rates Lai Fung based on the 'Strong Parent, Weak
Subsidiary' approach under its Parent and Subsidiary Linkage Rating
Criteria. Fitch assesses the linkage factors of legal incentives as
'Low', strategic incentives as 'High' and operational incentives as
'Low'.

Fitch believes strategic incentives as 'High' given the overriding
importance of Lai Fung's financial contribution to the parent; it
contributes around half of LSD's consolidated IP valuation and
around 30% of its consolidated IP EBITDA. Lai Fung also provides
significant competitive advantage to the parent, as it is LSD's key
platform for its business in mainland China. Fitch believes
operational incentives are 'Low' as Lai Fung and LSD's businesses
are largely operationally separate and Fitch does not believe the
management overlap provides a sufficient mitigant.

New IPs Underway: Lai Fung is on track to add 1.3 million square
feet of rental gross floor area in the next two years, representing
about 30% of its existing rental portfolio. This includes Shanghai
Northgate Plaza, planned for completion in 2Q22, and Guangzhou
Haizhu Plaza, to be completed in 2H22. Pre-leasing activity is
ongoing for Guangzhou Haizhu Plaza, but pre-leasing at Shanghai
Northgate Plaza has been affected by Covid-19 lockdowns.

Large Capex Outstanding for Novotown Phase II: Fitch estimates that
around 70% of Novotown Phase II's development cost of HKD 6.7
billion remains to be spent in the next two to three years. Fitch
expects this to be funded by project loans and sale proceeds from
Lai Fung's development property business. Fitch estimates that Lai
Fung recorded contracted sales of about HKD500 million in 1H22,
with around HKD4 billion of net inventory for sale.

DERIVATION SUMMARY

Lai Fung and China Logistics Property Holdings Co., Ltd (CNLP,
B-/Stable) have a similar asset scale and both have an IP value of
above USD2.5 billion that generated EBITDA of above USD50 million
before the impact of the Covid-19 pandemic. CNLP's EBITDA interest
coverage of around 0.8x in 2020 was higher than Lai Fung's 0.6x.

Fitch considers the quality of Lai Fung's IP assets to be stronger,
as they consist of offices and shopping malls in high-tier cities.
Fitch also sees better funding access for Lai Fung than for CNLP,
with an adequate record in obtaining offshore bank consortium
loans.

KEY ASSUMPTIONS

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

-- Annual IP rental revenue growth of 7%-11% in 2022-2025 (2021:
    6%);

-- Recovery of the IP EBITDA margin to 60% in 2022-2025 (2021:
    46%);

-- Annual capex, including construction cost for the development
    property business, of HKD2 billion in 2022 and 2023 (2021
    capex, excluding development properties: HKD689 million);

-- Annual contracted sales of HKD1.2 billion in 2022-2025 (2021:
    HKD3.4 billion).

KEY RECOVERY RATING ASSUMPTIONS

The recovery analysis assumes that Lai Fung would be liquidated in
bankruptcy.

-- Fitch assumes a 10% administrative claim

-- Fitch uses a multiple assumption tool to derive a 4x EBITDA
    multiple to estimate going concern value.

Given the nature of real estate, the liquidation value approach
always results in a higher value than going concern.

Liquidation Approach

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

-- 69% advance rate applied to net inventory: Lai Fung's
    inventory mainly consists of completed properties held for
    sales and properties under development (PUD). Different
    advance rates are applied to these inventory categories to
    derive the blended advance rate for net inventory.

-- 50% advance rate to PUD. Unlike completed projects, PUD is
    more difficult to sell and are in various stages of
    completion. The PUD balance - prior to applying the advance
    rate - is net of margin-adjusted customer deposits.

-- 70% advance rate to completed properties held for sale.
    Completed commodity housing units are closer to readily
    marketable inventory, as such, Fitch applied a higher advance
    rate than the typical 50% mentioned in the criteria.

-- 70% advance rate to IP. Lai Fung's IP portfolio mainly
    consists of commercial buildings located in high-tier cities,
    such as Shanghai and Guangzhou. The portfolio has an average
    rental yield of 4.4% on completed properties. Fitch considered
    a 70% advance rate to be appropriate, as the implied rental
    yield on the liquidation value would be 6.3%, which is
    acceptable in secondary market transactions.

-- 80% advance rate applied to trade receivables. As typical to
    the China property industry, account receivables constitute a
    small percentage of total assets. The applied advance rate in
    line with the advance rate of 80% for accounts receivables, as
    mentioned in the criteria.

-- 50% advance rate applied to property, plant and equipment,
    which mainly consists of hotel and theme-park assets, in line
    with criteria.

-- 0% advance rate to excess cash. China's homebuilding
    regulatory environment means that available cash, including
    pre-sales regulated cash, is typically prioritised for project
    completion, including payment for trade payables. Net payables
    (trade payables less available cash) are included in the debt
    waterfall ahead of secured debt, however, Fitch does not
    assume available cash in excess of outstanding trade payables
    would be available for other debt servicing purposes and
    therefore set a 0% advance rate for excess cash.

-- 0% advance rate to net payables, as available cash exceeds
    trade payables.

The allocation of value in the liability waterfall results in a
Recovery Rating of 'RR1' for offshore senior unsecured debt.
However, the Recovery Rating for senior unsecured debt is capped at
'RR4', because under Fitch's Country-Specific Treatment of Recovery
Ratings Criteria, China falls into Group D of creditor friendliness
and instrument ratings of issuers with assets in this group are
subject to a soft cap at the issuer's IDR.

RATING SENSITIVITIES

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

The Outlook may be revised to Stable if:

-- IP EBITDA interest cover improves towards 0.8x;

-- LSD's consolidated IP EBITDA interest cover is sustained above
    1.2x.

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

-- IP EBITDA interest cover falls below 0.6x for a sustained
    period;

-- Weakening of LSD's consolidated profile, including IP EBITDA
    interest cover, to below 1.2x for a sustained period;

-- Evidence of weakening linkage between Lai Fung and LSD.

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: Lai Fung had HKD2.5 billion of available cash
and HKD2.5 billion of committed undrawn facilities as at 1H22. This
was sufficient to cover short-term debt of HKD3.7 billion,
including HKD1.0 billion of bank loans and the USD350 million bond
due in January 2023. The company intends to refinance the US-dollar
bond in 2H22, subject to market conditions. The company has set up
a medium-term note programme.

The company can also draw on undrawn facilities and potentially
secure additional bank loans in light of its low loan/value ratio
of around 30%. It also has about HKD5.4 billion of unencumbered
investment properties, including Shanghai Mayflower, Shanghai
Regents Park and Guangzhou Haizhu Plaza. Most of the cash is held
onshore, but the committed undrawn facilities are offshore and can
be drawn down to repay debt.

ISSUER PROFILE

Lai Fung's core businesses include the investment and development
of serviced apartments, residential, office and commercial
properties and the development and operation of - and investment in
- cultural, leisure, entertainment and related facilities in
China.

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.




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

ADIE BROSWON: ICRA Keeps B+ Debt Ratings in Not Cooperating
-----------------------------------------------------------
ICRA has retained the long-term and short-term ratings of Adie
Broswon Breweries Private Limited in the 'Issuer Not Cooperating'
category. The rating is denoted as "[ICRA]B+(Stable)/[ICRA]A4;
ISSUER NOT COOPERATING".

                     Amount
   Facilities      (INR crore)     Ratings
   ----------      -----------     -------
   Long Term-          9.00        [ICRA]B+ (Stable) ISSUER NOT
   Fund Based/CC                   COOPERATING; Rating continues
                                   to remain under 'Issuer Not
                                   Cooperating' category

   Long Term-         72.14        [ICRA]B+ (Stable) ISSUER NOT
   Fund Based/TL                   COOPERATING; Rating continues
                                   to remain under 'Issuer Not
                                   Cooperating' category

   Long Term-         24.31        [ICRA]B+ (Stable) ISSUER NOT
   Unallocated                     COOPERATING; Rating continues
                                   to remain under 'Issuer Not
                                   Cooperating' category

   Short Term-         7.00        [ICRA]A4 ISSUER NOT
   Non Fund Based                  COOPERATING; Rating continues
                                   To remain under 'Issuer Not
                                   Cooperating' category

ICRA has been trying to seek information from the entity so as to
monitor its performance.  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.

ABB was incorporated in March 2010 and is a part of the Late Mr.
Hardeep Chadha Group. The company had set up a brewery for bottling
of beer in Amritsar, Punjab.


BAFNA MOTORS: ICRA Keeps B+ Debt Ratings in Not Cooperating
-----------------------------------------------------------
ICRA has retained the long-term and short-term ratings of Bafna
Motors Pune Pvt. Ltd. (BMPPL) in the 'Issuer Not Cooperating'
category. The ratings are denoted as [ICRA]B+ (stable); ISSUER NOT
COOPERATING".

                     Amount
   Facilities      (INR crore)     Ratings
   ----------      -----------     -------
   Long Term-         23.50        [ICRA]B+ (Stable) ISSUER NOT
   Fund Based                      COOPERATING; Rating continues
                                   to remain under 'Issuer Not
                                   Cooperating' category

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

Incorporated in August 2017, BMPPL is an authorised dealer of Tata
Motors Limited for its Passenger Vehicles (cars) as well as for
their spare parts and servicing. The company commenced operations
from January 2018, taking over the fixed assets (showrooms and
workshops) of Pandit Autowheels Pvt. Ltd. At present, it operates
four showrooms and three workshops in Pune, Maharashtra.

BMPPL is part of the Bafna Group promoted by Mr. M. C. Bafna and
his sons, Mr. Sumati Prasad Bafna and Mr. Sanjeev Bafna. In
addition, the company is involved in the servicing of vehicles and
sales of TML's genuine spare parts and accessories. It also
provides car finance and insurance facilities through its reputed
channel partners (leading banks and NBFCs).

As per provisional estimates, BMPPL reported a profit after tax
(PAT) of INR3.59 crore on an operating income (OI) of INR153.80
crore in FY2020, over a net loss of INR3.06 crore on an OI of
INR87.20 crore in FY2019.


BAJAJ FINANCE: S&P Affirms BB+/B ICRs & Alters Outlook to Positive
------------------------------------------------------------------
S&P Global Ratings revised its rating outlook on Bajaj Finance to
positive from stable. At the same time, S&P affirmed its 'BB+'
long-term and 'B' short-term issuer credit ratings on the
India-based NBFC. S&P also affirmed the 'BB+' long-term issue
rating on Bajaj Finance's senior secured debt under its MTN
program.

The outlook revision reflects S&P's view of a one-in-three chance
that Bajaj Finance's financial performance will sustain its
improving trend over the next 12-24 months. This is despite an
uneven economic recovery in India and macroeconomic headwinds.

Bajaj Finance's improving earnings and asset quality, and
continuing access to low-cost (or differentiated) funding could
strengthen its credit profile. The company's creditworthiness could
also benefit from a stronger regulatory environment in India. In
S&P's view, large entities such as Bajaj Finance could get
categorized into the "upper-layer" bracket under the proposed
scale-base regulation for NBFCs, subjecting them to enhanced
regulatory requirements. The Reserve Bank of India, the country's
central bank, plans to roll out the regulation from Oct. 1, 2022.

Bajaj Finance's credit costs will likely continue to trend down
over the next 12-24 months. S&P sees a one-third chance that credit
costs will decline closer to the five-year average of about 1.5%.
However, the pace of normalization is contingent upon a broader
economic recovery and the company navigating any potential
challenges in its operating environment and heightened competition.
Bajaj Finance's credit costs soared to 3.4% (annualized) for the
first nine months of fiscal 2022 (ending March 31, 2022), from 1.6%
in fiscal 2019. The company's profitability is also back to
pre-COVID-19 levels, with reported return on average assets at 3.9%
(annualized).

S&P said, "We believe Bajaj Finance benefits from being part of the
large Bajaj group. It therefore has better funding access at a
competitive price compared to peers. Nonetheless, we do not factor
any extraordinary support from the Bajaj group into our rating on
the company. That's because the group companies are regulated or
listed entities, restricting their ability to provide direct
support to Bajaj Finance in the case of an extraordinary event.

"The positive outlook reflects our view of a one-in-three chance
that Bajaj Finance's financial performance will continue to improve
over the next 12-24 months despite an uneven economic recovery in
India and macroeconomic headwinds. The company's strong market
position and healthy capital underpin its credit profile. Bajaj
Finance's creditworthiness should also benefit from a stronger
regulatory environment in India, with enhanced regulations and
oversight.

"We may raise the ratings on Bajaj Finance over the next 12-24
months if the company sustains the improvement in its financial
performance, successfully navigating any challenges in operating
conditions and heightened competition.

"We may revise the outlook to stable if the positive momentum in
Bajaj Finance's financial performance stalls."


C & R TEXTILES: ICRA Keeps B+ Issuer Rating in Not Cooperating
--------------------------------------------------------------
ICRA has retained the ratings for the bank facilities of C & R
Textiles (P) Ltd. in the 'Issuer Not Cooperating' category. The
rating is denoted as "[ICRA]B+(Stable); ISSUER NOT COOPERATING".

                      Amount
   Facilities       (INR crore)     Ratings
   ----------       -----------     -------
   Issuer Rating          -         [ICRA]B+(Stable); ISSUER NOT
                                    COOPERATING; Rating Continues
                                    to remain under issuer not
                                    cooperating category

ICRA has been trying to seek information from the entity so as to
monitor its performance.  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 1994 by Mr. C. R. Rai, CRT manufactures textile
home furnishings including bed linens, quilts, kitchen linens,
dhurries, cushion covers, throws, etc. which are marketed under the
brand name IACS and operates through its plant situated in Noida.
The company is an export-oriented unit and exports to retailers
primarily located in Portugal, USA and France. The company's plant
is equipped with 18 looms at present.


GREAT VALUE: ICRA Keeps B+ Debt Ratings in Not Cooperating
----------------------------------------------------------
ICRA has retained the long-term ratings of Great Value Fuels
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-         113.00       [ICRA]B+ (Stable) ISSUER NOT
   Fund Based-                     COOPERATING; Rating continues
   Term Loan                       to remain under 'Issuer Not
                                   Cooperating' category

   Long Term-          10.00       [ICRA]B+ (Stable) ISSUER NOT
   NonFund based                   COOPERATING; Rating continues
   Term Loan                       to remain under 'Issuer Not
                                   Cooperating' category

   Long Term-          16.90       [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.

Great Value Fuels Private Limited (GVF) was incorporated in 2008
and had entered into an agreement with Department of Transport
(DoT), Government of Delhi to run public buses in Delhi. The DoT
Govt of Delhi has launched a scheme to corporatize the Private
Stage Carriage operation of buses in Delhi and appointed Delhi
Integrated Multi Modal Transit System Limited (DIMTS) as Integrated
Mechanism for the Private stage carriage buses corporatization
scheme.


GSR AND KKR: CRISIL Keeps D Debt Ratings in Not Cooperating
-----------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of GSR and KKR
Educational Society continue to be 'CRISIL D Issuer Not
Cooperating'.

                       Amount
   Facilities       (INR Crore)     Ratings
   ----------       -----------     -------
   Cash Credit            1         CRISIL D (Issuer Not
                                    Cooperating)
   Long Term Loan         6         CRISIL D (Issuer Not
                                    Cooperating)

CRISIL Ratings has been consistently following up with GSR for
obtaining information through letters and emails dated January 22,
2022 and February 7, 2022 among others, apart from telephonic
communication. However, the issuer has remained non cooperative.

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

Detailed Rationale

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

GSR was established in 2007 under the Society's Registration Act,
1861. The society operates an education institute, KKR & KSR
Institute of Technology & Sciences, in Vinjanampadu, near Guntur in
Andhra Pradesh. The college offers undergraduate and post-graduate
courses in engineering and business management.


JAI HANUMAN: CRISIL Keeps D Debt Ratings in Not Cooperating
-----------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Jai Hanuman
Agrotech Private Limited (JHAPL) continue to be 'CRISIL D/CRISIL D
Issuer Not Cooperating'.

                       Amount
   Facilities       (INR Crore)     Ratings
   ----------       -----------     -------
   Cash Credit           1.5        CRISIL D (Issuer Not
                                    Cooperating)

   Overdraft Facility    0.18       CRISIL D (Issuer Not
                                    Cooperating)

   Term Loan             3.62       CRISIL D (Issuer Not
                                    Cooperating)

CRISIL Ratings has been consistently following up with JHAPL for
obtaining information through letters and emails dated January 22,
2022 and February 7, 2022 among others, apart from telephonic
communication. However, the issuer has remained non cooperative.

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

Detailed Rationale

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

JHAPL was set up by Mr Santosh Kumar, Mr Ajeet Kumar and Mr. Pramod
Kumar for providing a multipurpose cold storage facility in Patna.
The total capacity is 10,000 tonne and has been operational since
March 2015.


KALPANA NATURAL: CRISIL Keeps D Debt Ratings in Not Cooperating
---------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Kalpana
Natural Forest Products Private Limited (KNFPL) continue to be
'CRISIL D Issuer Not Cooperating'.

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

   Term Loan            7           CRISIL D (Issuer Not
                                    Cooperating)

CRISIL Ratings has been consistently following up with KNFPL for
obtaining information through letters and emails dated January 22,
2022 and February 7, 2022 among others, apart from telephonic
communication. However, the issuer has remained non cooperative.

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

Detailed Rationale

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

KNFPL was founded by the Korba (Chhattisgarh)-based Agrawal family,
and is a part of the Plam group. The company undertakes real estate
projects and trades in tendu leaves. It is developing a residential
real estate project, Palm Enclave, in Bilaspur (Chhattisgarh).


KANCHESHWAR SUGAR: CRISIL Moves D Debt Ratings to Not Cooperating
-----------------------------------------------------------------
CRISIL Ratings has migrated the rating on bank facilities of
Kancheshwar Sugar Limited (KSL) to 'CRISIL D Issuer not
cooperating'.

                       Amount
   Facilities       (INR Crore)     Ratings
   ----------       -----------     -------
   Cash Credit           50         CRISIL D (ISSUER NOT
                                    COOPERATING; Rating Migrated)

   Term Loan             45         CRISIL D (ISSUER NOT
                                    COOPERATING; Rating Migrated)

   Term Loan             28         CRISIL D (ISSUER NOT
                                    COOPERATING; Rating Migrated)

CRISIL Ratings has been consistently following up with KSL for
obtaining information through letters and emails dated March 8,
2022 and March 12, 2022 among others, apart from telephonic
communication. However, the issuer has remained non cooperative.

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

Detailed Rationale

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

Incorporated in 2011, KSL manufactures sugar. Its plant is in
Mangrul, Maharashtra, with an installed capacity for the crushing
of 3500 tonne per day. It also has a 15-megawatt co-generation
power plant. Mr Dilip Mane, Mr Ashwinkumar Bhopale, Mr Pravin More,
and their associates are the promoters.

KAYCEE INDUSTRIES: CRISIL Withdraws D Rating on INR7.50cr Loan
--------------------------------------------------------------
CRISIL Ratings has withdrawn its rating on the bank facilities of
Kaycee Industries (KI) on the request of the company and after
receiving no objection certificate from the bank. The rating action
is in-line with CRISIL Rating's policy on withdrawal of its rating
on bank loan facilities.

                       Amount
   Facilities       (INR Crore)     Ratings
   ----------       -----------     -------
   Bank Guarantee       0.12        CRISIL D/Issuer Not
                                    Cooperating (Withdrawn)

   Cash Credit          7.5         CRISIL D/Issuer Not
                                    Cooperating (Withdrawn)

   Inland/Import
   Letter of Credit     0.25        CRISIL D/Issuer Not
                                    Cooperating (Withdrawn)

   Long Term Loan       0.88        CRISIL D/Issuer Not
                                    Cooperating (Withdrawn)

   Proposed Long Term   4.75        CRISIL D/Issuer Not
   Bank Loan Facility               Cooperating (Withdrawn)

CRISIL Ratings has been consistently following up with KI for
obtaining information through letters and emails dated March 16,
2022 and March 21, 2022 among others, apart from telephonic
communication. However, the issuer has remained non cooperative.

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

Detailed Rationale

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

Established in 2007, KI, a partnership firm of Mr Tarun Dave. The
firm is engaged in manufacturing of reclaim Lead. The firm has a
facility in at Saregam near Vapi, Gujarat with an installed
capacity of smelting 500 tonnes per month. There are five partners
in this partnership firm.


KHWAHISH MARKETING: CRISIL Keeps D Ratings in Not Cooperating
-------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Khwahish
Marketing Private Limited (KMPL) continue to be 'CRISIL D/CRISIL D
Issuer Not Cooperating'.

                         Amount
   Facilities         (INR Crore)    Ratings
   ----------         -----------    -------
   Overdraft Facility      7.5       CRISIL D (Issuer Not
                                     Cooperating)

   Proposed Long Term     12.5       CRISIL D (Issuer Not
   Bank Loan Facility                Cooperating)


CRISIL Ratings has been consistently following up with KMPL for
obtaining information through letters and emails dated January 22,
2022 and February 7, 2022 among others, apart from telephonic
communication. However, the issuer has remained non cooperative.

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

Detailed Rationale

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

Incorporated in 2005 as private limited company, KMPL is a trader
of iron and steel products. Based in Ghaziabad, Uttar Pradesh, the
firm is managed and promoted by Mr. Prashant Sharma.


KSR PROPERTIES: ICRA Lowers Rating on INR30cr LT Loan to C
----------------------------------------------------------
ICRA has revised the ratings on certain bank facilities of KSR
Properties Private Limited (KSR), as:

                    Amount
   Facilities     (INR crore)    Ratings
   ----------     -----------    -------
   Long Term-        30.00       [ICRA]C; ISSUER NOT COOPERATING;
   Unallocated                   Rating Continues to remain under
                                 'Issuer Not Cooperating'
                                 Category

Rationale

The rating downgrade reflects that in Corporate Insolvency 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 November 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.

As part of its process and in accordance with its rating agreement
with KSR Properties Private Limited, ICRA has been trying to seek
information from the entity so as to monitor its performance.
Further, ICRA has been sending repeated reminders to the entity for
payment of surveillance fee that became due 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 1999, KSR Properties Private Limited (KSR) is a
private limited concern with Mr. Ramana Reddy Kunduru as Managing
Director. The entity is into the business of real estate
development and has completed three projects since its inception.
The company's main areas of activity are apartments and luxury
villas. Presently, the company is engaged in execution of two
residential apartment project named KSR Cordelia and KSR Basil in
KR Puram and Old Madras Road in Bangalore respectively. In the
future, the company plans to launch one row house project with an
aggregate saleable area of 1.41 lakh square feet (sqft).


LAXMI SRINIVASA: ICRA Withdraws B+ Rating on INR6.50cr Loan to B+
-----------------------------------------------------------------
ICRA has withdrawn the ratings assigned to the bank facilities of
Sri Laxmi Srinivasa Roller Flour Mills at the request of the
company and based on the No Objection Certificate/Closure
Certificate received from the banker. However, ICRA does not have
information to suggest that the credit risk has changed since the
time the rating was last reviewed. The Key Rating Drivers,
Liquidity Position, Rating Sensitivities, Key Financial indicators
have not been captured as the rated instruments are being
withdrawn.

                     Amount
   Facilities      (INR crore)     Ratings
   ----------      -----------     -------
   Long Term-          6.50        [ICRA]B+ (Stable) ISSUER NOT
   Fund Based/CC                   COOPERATING; Withdrawn

   Long term-
   Unallocated         0.50        [ICRA]B+(Stable) ISSUER NOT
                                   COOPERATING; Withdrawn

Sri Laxmi Srinivasa Roller Flour Mills (SLSRFM) was founded in 2008
as a partnership firm and is involved in milling of wheat and
produces atta, maida, rava and bran. The firm has milling unit at
Kondamadugu village of Nalgonda district of Telangana with an
installed production capacity of 52,560 metric tonnes per annum.
The firm's corporate office is in Lingampally, Hyderabad. SLSRFM
sells its products mainly in the wholesale and retail market in
Andhra Pradesh and Telangana under the brand names of '9star' and
'Eagle' (relatively lower priced).


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

                       Amount
   Facilities       (INR Crore)     Ratings
   ----------       -----------     -------
   Bank Guarantee        5          CRISIL D (Issuer Not
                                    Cooperating)

   Cash Credit           4.5        CRISIL D (Issuer Not
                                    Cooperating)

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

CRISIL Ratings has been consistently following up with MIPL for
obtaining information through letters and emails dated January 22,
2022 and February 28, 2022 among others, apart from telephonic
communication. However, the issuer has remained non cooperative.

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

Detailed Rationale

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

Incorporated in 1998 by Mr Vemuri Ravi Kiran, Hyderabad-based MIPL
undertakes civil construction works related to construction of
buildings.


MATRIX SECURITY: ICRA Keeps B Debt Ratings in Not Cooperating
-------------------------------------------------------------
ICRA has retained the long-term ratings of Matrix Security and
Surveillance 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-        18.00        [ICRA]B (Stable) ISSUER NOT
                                   COOPERATING; Rating continues
                                   to remain under 'Issuer Not
                                   Cooperating' category

   Non-Fund based     10.00        [ICRA]B (Stable); ISSUER NOT
                                   COOPERATING; Rating Continues
                                   to remain under issuer not
                                   cooperating category

   Unallocated        52.00        [ICRA]B (Stable); ISSUER NOT
                                   COOPERATING; Rating Continues
                                   to remain under issuer not
                                   cooperating category

ICRA has been trying to seek information from the entity so as to
monitor its performance.  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 2008, MSSPL is promoted by Mr. M.V.S Subba Raju and
Mr. K Suya Narayana Raju. It provides a wide range of indoor and
outdoor security and surveillance solutions. The company has a wide
product range, which includes video surveillance, perimeter
detection systems, access control systems and scanning systems. The
major clients for the company are Indian Railways, Andhra Pradesh,
Telangana and Karnataka police departments, defence establishments
and various public sector banks.


MOJIKA REAL: ICRA Withdraws D Rating on INR37cr Term Loan
---------------------------------------------------------
ICRA has withdrawn the ratings assigned to the bank facilities of
Mojika Real Estate and Developers (P) Ltd. at the request of the
company and based on the No Objection Certificate received from the
banker, in accordance with ICRA's policy on withdrawal and
suspension. However, ICRA does not have information to suggest that
the credit risk has changed since the time the rating was last
reviewed. The key rating drivers, liquidity position, rating
sensitivities have not been captured as the related instruments are
being withdrawn.

                      Amount
   Facilities       (INR crore)     Ratings
   ----------       -----------     -------
   Term Loan            37.00       [ICRA]D; Withdrawn

Incorporated in 2006, MREDPL is developing three residential
projects at present, namely Ultima Phase 1 and Phase 2 in Jaipur
and Homes in Sikar in Rajasthan. This apart, the company has unsold
inventory in the recently completed projects in Jaipur, namely
Touch, Heritage, Midas Cosmic, Dream Point and Lakshmi Vihar. The
ongoing and recently completed projects are spread across ~1.7
million sq. ft. and comprise 2,081 units. Besides, it has completed
several small-sized projects in Jaipur.


NEO BUILDERS: CRISIL Keeps D Debt Ratings in Not Cooperating
------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Neo Builders
and Developers (NBD) continue to be 'CRISIL D Issuer Not
Cooperating'.

                       Amount
   Facilities       (INR Crore)     Ratings
   ----------       -----------     -------
   Term Loan             10         CRISIL D (Issuer Not
                                    Cooperating)

   Term Loan             10         CRISIL D (Issuer Not
                                    Cooperating)

CRISIL Ratings has been consistently following up with NBD for
obtaining information through letters and emails dated January 31,
2022 and February 28, 2022 among others, apart from telephonic
communication. However, the issuer has remained non cooperative.

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

Detailed Rationale

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

NBD was setup in 2005, as a sole proprietorship concern of Mr.
Naresh Mehta. The firm is engaged in residential real estate
development in Mumbai. The firm is currently undertaking
redevelopment project at Girgaon, Mumbai.


RA FASHIONS: CRISIL Keeps D Debt Ratings in Not Cooperating
-----------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of RA Fashions
Private Limited (RAFPL; part of the Ashro group) continue to be
'CRISIL D Issuer Not Cooperating'.

                       Amount
   Facilities       (INR Crore)     Ratings
   ----------       -----------     -------
   Cash Credit           2.5        CRISIL D (Issuer Not
                                    Cooperating)

   Long Term Loan        1.91       CRISIL D (Issuer Not
                                    Cooperating)

   Working Capital
   Term Loan             2.59       CRISIL D (Issuer Not
                                    Cooperating)

CRISIL Ratings has been consistently following up with RAFPL for
obtaining information through letters and emails dated January 22,
2022 and February 7, 2022 among others, apart from telephonic
communication. However, the issuer has remained non cooperative.

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

Detailed Rationale

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

CRISIL Ratings has combined the business and financial risk
profiles of RA Fashions Pvt Ltd (RAFPL) and ATPL. This is because
the companies, collectively referred to as the Ashro group, have
common management and are in the same line of business, leading to
operational and financial linkages.

ATPL and RAFPL were incorporated in 2011 by Mr Ravinder Agarwal.
The group manufactures readymade garments for men and women. The
weaving unit is in Wada (Thane) and the stitching unit in
Bengaluru.

RAJ CHICK: CRISIL Keeps D Debt Ratings in Not Cooperating
---------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Raj Chick
Farms Private Limited (RCFPL; part of the Raj group) continue to be
'CRISIL D Issuer Not Cooperating'.

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

   Long Term Loan       4.38        CRISIL D (Issuer Not
                                    Cooperating)

   Long Term Loan       4.3         CRISIL D (Issuer Not
                                    Cooperating)

   Long Term Loan       4.7         CRISIL D (Issuer Not
                                    Cooperating)

   Proposed Long Term
   Bank Loan Facility   1.62        CRISIL D (Issuer Not
                                    Cooperating)

CRISIL Ratings has been consistently following up with RCFPL for
obtaining information through letters and emails dated January 31,
2022 and February 28, 2022 among others, apart from telephonic
communication. However, the issuer has remained non cooperative.

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

Detailed Rationale

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

For arriving at the rating, CRISIL Ratings has combined the
business and financial risk profiles of RCFPL and Raj Breeders and
Hatcheries Private Limited (RBHPL). This is because both these
companies, together referred to as the Raj group, are under the
same management, and have considerable operational and financial
linkages with each other.

The Raj group, which comprises RBHPL (up in 1998) and RCFPL (2002),
is promoted by Mr. O P Khurana and his family. Both entities are is
in the poultry farming business.


RELIABLE AGENCIES: ICRA Keeps B+ Debt Ratings in Not Cooperating
----------------------------------------------------------------
ICRA has retained the long-term and short-term ratings of Reliable
Agencies in the 'Issuer Not Cooperating' category. The rating is
denoted as "[ICRA]B+(Stable)/[ICRA]A4; ISSUER NOT COOPERATING".

                     Amount
   Facilities      (INR crore)     Ratings
   ----------      -----------     -------
   Fund based-         0.30        [ICRA]B+ (Stable) ISSUER NOT
   Term Loan                       COOPERATING; Rating continues
                                   to remain under 'Issuer Not
                                   Cooperating' category

   Fund based-         5.21        [ICRA]B+ (Stable) ISSUER NOT
   Cash Credit                     COOPERATING; Rating continues
                                   to remain under 'Issuer Not
                                   Cooperating' category

   Unallocated
   Limits              4.49        [ICRA]B+(Stable)/[ICRA]A4;
                                   ISSUER NOT COOPERATING;
                                   Rating Continues to remain
                                   under issuer not cooperating
                                   category

ICRA has been trying to seek information from the entity so as to
monitor its performance. 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.

Reliable Agencies was established in the year 1972 by Mr. M.
Venkataraman with the objective of engaging in the business of
distributing welding equipment and consumables. Over the years the
entity has expanded its business into distribution of all the
reputed brands of welding equipment and consumables. The firm
currently has exclusive distribution rights for the products of
Ador, D&H Secheron and Schutz Carbon in the Hyderabad region of
Telangana.


ROYSONS CERAMICS: CRISIL Keeps D Debt Ratings in Not Cooperating
----------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Roysons
Ceramics Private Limited (RCPL) continue to be 'CRISIL D Issuer Not
Cooperating'.

                       Amount
   Facilities       (INR Crore)     Ratings
   ----------       -----------     -------
   Cash Credit          3.35        CRISIL D (Issuer Not
                                    Cooperating)

   Term Loan           12.5         CRISIL D (Issuer Not
                                    Cooperating)

CRISIL Ratings has been consistently following up with RCPL for
obtaining information through letters and emails dated January 22,
2022 and February 7, 2022 among others, apart from telephonic
communication. However, the issuer has remained non cooperative.

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

Detailed Rationale

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

RCPL, incorporated in August 2016, manufactures products such as
general castable, calcined clay, high alumina castable and mortar,
magnesite ramming mass, and bed materials. The plant in Burdwan
(West Bengal) has production capacity of 31,200 tonne per annum.
Commercial operations started from February 2018. Mr Saubhik Ray,
Mr Subhankar Ray and Mr Gopal Ray are the directors.


SRIKARA PARENTERALS: CRISIL Keeps D Ratings in Not Cooperating
--------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Srikara
Parenterals Private Limited (SPPL) continue to be 'CRISIL D Issuer
Not Cooperating'.

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

   Funded Interest       2.58       CRISIL D (Issuer Not
   Term Loan                        Cooperating)

   Long Term Loan        2.52       CRISIL D (Issuer Not
                                    Cooperating)

   Proposed Long Term    0.72       CRISIL D (Issuer Not
   Bank Loan Facility               Cooperating)
   Working Capital
   Term Loan             2.18       CRISIL D (Issuer Not
                                    Cooperating)

CRISIL Ratings has been consistently following up with SPPL for
obtaining information through letters and emails dated January 22,
2022 and February 7, 2022 among others, apart from telephonic
communication. However, the issuer has remained non cooperative.

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

Detailed Rationale

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

Incorporated in 2006 and based in Vijayawada (Andhra Pradesh), SPPL
manufactures intravenous fluids used in the healthcare industry.
The company is promoted by Mr. Gorla Naga Manikyala Rao, and its
day-to-day operations are managed by Mr. Prem Raj Rayepudi.


TARA HEALTH: CRISIL Keeps D Debt Ratings in Not Cooperating
-----------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Tara Health
Foods Limited (THFL) continue to be 'CRISIL D Issuer Not
Cooperating'.

                       Amount
   Facilities       (INR Crore)     Ratings
   ----------       -----------     -------
   Cash Credit         217.54       CRISIL D (Issuer Not
                                    Cooperating)

   Term Loan            84.46       CRISIL D (Issuer Not
                                    Cooperating)

CRISIL Ratings has been consistently following up with THFL for
obtaining information through letters and emails dated January 22,
2022 and February 7, 2022 among others, apart from telephonic
communication. However, the issuer has remained non cooperative.

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

Detailed Rationale

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

THFL was incorporated in 1977 and was acquired in 2004 by the
current promoter. The company is currently owned and managed by Mr.
Balwant Singh, managing director, who is a first-generation
entrepreneur with about nine years of experience in the cattle-feed
industry. THFL produces and supplies compounded cattle feed and
refines and processes edible oil, including olive oil and blended
oil, primarily in northern India.


URIHK PHARMACEUTICAL: ICRA Withdraws B+ Rating on LT/ST Loans
-------------------------------------------------------------
ICRA Ratings said the long-term/short-term ratings assigned to the
unallocated limits of Urihk Pharmaceutical Private Limited has been
withdrawn at the request of the company (as the instrument has not
been placed) and in accordance with ICRA's policy on withdrawal and
suspension. However, ICRA does not have information to suggest that
the credit risk has changed since the time the ratings were last
reviewed.

                      Amount
   Facilities       (INR crore)     Ratings
   ----------       -----------     -------
   Long-term/           28.00       [ICRA]B+ (Stable)/[ICRA]A4;
   Short-term                       Withdrawn  
   Limits–
   Unallocated          

The Key rating drivers, Liquidity position, Rating sensitivities,
Key financial indicators have not been captured as the rated
instruments are being withdrawn.

Urihk, a subsidiary of UREKA Hong Kong Ltd, was incorporated in
December 2017. It is involved in the manufacturing, launching,
registering and distributing of drugs in the critical care and
neuro segments in India. Urihk is 100% owned by UREKA Hong Kong,
which began as a partnership of three companies: Jiangsu Aidea
Pharmaceutical Co. Ltd. (Aidea), Joint Force Pharmaceutical Limited
(JFPL), and Shenzhen Mellow Hope Pharm Limited (Mellow Hope). The
shareholding of Aidea, JFPL and Mellow Hope in UREKA Hong Kong Ltd
is in the ratio of 40:30:30, respectively. Urihk's API
manufacturing facility is under construction and is expected to
commence operations soon. At present, as Urihk does not have its
own facility yet, it is outsourcing the manufacturing of its
products on a loan-licence basis to other approved manufacturing
facilities.

V.R.K. ASSOCIATES: ICRA Keeps D Debt Rating in Not Cooperating
--------------------------------------------------------------
ICRA has retained the long-term ratings of V.R.K. Associates
Private Limited in the 'Issuer Not Cooperating' category. The
rating is denoted as "[ICRA]D; ISSUER NOT COOPERATING".

                    Amount
   Facilities     (INR crore)    Ratings
   ----------     -----------    -------
   Long Term-         8.00       [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.

Incorporated in 2001 as a private limited company, VRK is involved
in various activities which include prepaid card distribution of
Vodafone, retailing of mobile phones and running an eight-room
hotel in Sarnath, Uttar Pradesh. In addition to that, the company
has an Indane Gas Agency business and a retail jewellery shop.
Furthermore, the company has been constructing a new hotel in
Sarnath for which it has taken the term loan.

ZINDRELLA: CRISIL Keeps D Debt Rating in Not Cooperating Category
-----------------------------------------------------------------
CRISIL Ratings said the rating on bank facilities of Zindrella
continues to be 'CRISIL D Issuer Not Cooperating'.

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

CRISIL Ratings has been consistently following up with Zindrella
for obtaining information through letters and emails dated January
22, 2022 and February 7, 2022 among others, apart from telephonic
communication. However, the issuer has remained non cooperative.

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

Detailed Rationale

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

Set up in 2011 as a proprietorship concern by Ms Dyna Gickson,
Zindrella retails ready-made garments at its 15 outlets in Kerala.




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

JAPAN: Power Retailers Exiting Business as Energy Crunch Worsens
----------------------------------------------------------------
Bloomberg News reports that the war in Ukraine is making a bad
situation worse for Japanese power providers struggling with the
energy crisis, forcing more companies to quit the business.

In the last month, at least four companies halted power retail
operations, as a surge in wholesale electricity prices makes it
challenging to procure stable supply and turn a profit, Bloomberg
says. At least seven temporarily halted taking on new customers for
some plans.

For the fiscal year ending March 31, 14 Japanese power companies
have filed for bankruptcy, Bloomberg discloses citing Teikoku
Databank. That's the most since data going back to 2014.

"No one in the power industry is making money right now," Bloomberg
quotes Yohei Kiguchi, president of Enechange Ltd., a provider of
energy information services in Tokyo, as saying.

While the companies exiting Japan's power market are relatively
small in size and represent a fraction of the more than 700
retailers, it indicates the start of a trend that could accelerate
on sky-high wholesale power prices, the report notes. Most power
retailers are forced to procure expensive power from the wholesale
market, while selling that supply to customers at a much lower set
rate, resulting in a loss.

Bloomberg says power retailers have been anxious over high
liquefied natural gas prices since last September, when they began
to creep upward. Regional utilities have already downgraded their
forecasts for the fiscal year. Now, Russia's invasion of Ukraine is
exacerbating the situation.

According to Bloomberg, some of the notable retreats from the
market in the past month include:

   - Renewable energy company West Holdings Corp. said it will
     halt its power retail operations, as conditions made it
     increasingly difficult to procure a stable power supply.

   - Hope Energy Inc. filed for bankruptcy on the back of
     "abnormally high power prices."

   - Rakuten Energy Inc., a unit of e-commerce giant Rakuten Group

     Inc., said it will temporarily halt taking on new customers
     for some of its plans.

Japan's power market fully liberalized in 2016, breaking the
monopoly held by regional utilities, like Tokyo Electric Power Co.,
now known as Tokyo Electric Power Company Holdings Inc. Since then,
hundreds of small power retailers have crowded the market, vying
for customers, the report states.

Bloomberg notes that the situation has become particularly
difficult for retailers that don't own their own power-generating
capacities and have to procure energy through the market.

Many retailers form bilateral contracts with larger power producers
around February and March for prices beyond April. That's made the
timing of the war particularly bad, as tighter supplies drive up
oil and gas prices to record highs, Kiguchi said.

Bloomberg says Japan's spot power prices are roughly triple the
five-year average, with futures on the European Energy Exchange
pointing at higher prices remaining at current elevated levels
through at least the summer.

Power retailers in Japan faced eye-watering prices last winter,
when frigid temperatures caught utilities unprepared, the report
relates. The country's trade ministry, which oversees Japan's
energy policies, enacted some measures to support retailers, such
as allowing them to make installment payments for the imbalance
fees.

Enechange has been petitioning the trade ministry to take more
steps to alleviate the current situation, Mr. Kiguchi said,
Bloomberg relays. The company has set up a free hotline for roughly
140,000 users expected to be affected by a company that has
recently pulled out of retail operations.


TOSHIBA CORPORATION: S&P Affirms 'BB+/B' ICRs, Outlook Negative
---------------------------------------------------------------
S&P Global Ratings has affirmed its 'BB+' long-term issuer credit
rating and 'B' short-term issuer and issue credit ratings on
Toshiba Corp. S&P removed the long-term issuer credit rating from
CreditWatch with negative implications, on which S&P placed it on
Nov. 16, 2021. The outlook is negative.

The affirmation is based on its view that, despite ongoing
management turmoil, the company's major financial ratios are
unlikely to soon deteriorate significantly. This is because they
are supported by relatively stable profit and cash flow generated
from its infrastructure business.

The resolution of the CreditWatch placement is based on our view
that, following rejection of a Toshiba plan, there is now a much
lower likelihood of its business base, competitiveness, and cash
flow deteriorating significantly. The proposed plan, which would
have spun off assets to a new entity, was rejected at an
extraordinary general shareholders meeting on March 24, 2022.

S&P expects Toshiba's performance to remain stable in the next 12
months or so. The company has built up a backlog of orders over the
past year. Semiconductors are in high demand, and solid energy and
infrastructure businesses will absorb negative factors such as
rising prices of raw materials. Toshiba's management has been in
disarray since April 2021, with frequent changes in leadership and
significant shifts in business strategy. However, revenue and
profit increased year on year in April-December 2021.

S&P said, "We do not expect the company's main cash flow indicators
to deteriorate substantially in the next year or so, for now. We
believe relatively stable profit and cash flow from the
infrastructure business will support the indicators to certain
degree, despite Toshiba's investment and shareholder return
policies. We expect the company to invest aggressively in capital
expenditures and growth. We also assume the company will likely
allocate about ¥150 billion to shareholder returns, compared with
¥208 billion in April-December 2021. We have not incorporated into
our base case the sale of its elevator business and other large
assets. We forecast that the ratio of debt to EBITDA will remain
below 2.0x over the next year or so. The ratio was 1.4x as of March
31, 2021.

"We believe that deficiencies in Toshiba's governance undermine its
credit quality. The company has experienced management turmoil,
exacerbated by its complex relationship with shareholders,
including activists. Since April 2021, there have been frequent
changes in management. In addition, the spin-off plan had been
recommended by a strategic committee of external directors and the
board of directors had agreed to it. However, it was rejected at
the shareholders meeting. We consider this is as evidence that the
board, including external directors, cannot manage conflicts of
interest between different stakeholders. Accordingly, we lowered
our assessment of our management and governance modifier for
Toshiba to weak from fair."

Having said that, the company's stronger financial standing than
peers with the same financial risk profile and relatively strong
relationships with main banks support the ratings.

S&P said, "We believe the actions of activists and other
shareholders will continue to significantly influence Toshiba's
credit quality. We think the company's creditworthiness could
deteriorate if it were to accept any acquisition proposal by
private equity funds and delists. We understand no formal proposal
has been made. We recognize that, in general, companies that come
under the control of private equity funds often embark on financial
policies that aim to achieve rapid returns for shareholders,
typically through aggressive debt leverage.

"The negative outlook reflects our view that management instability
could cause customer attrition, and Toshiba's businesses may become
less competitive if it is unable to invest sufficient funds in the
growth of its core segments. In addition, we think there is more
than a one-in-three chance that key cash flow ratios will worsen
more than we factor into our current assumptions, if the company
uses most of its free cash flow for shareholder returns rather than
improving its finances."

S&P might consider downgrading Toshiba in the next 12 months if it
sees a higher likelihood of any of the following scenarios:

-- Management turmoil becoming more serious due to frequent
changes in management or continued absence of a clear business
strategy;

-- Increasing uncertainty over its orders and business
performance; or

-- Aggressive investment for growth or large shareholder returns
causing debt to EBITDA to worsen to above 2.5x, with dim prospects
for a swift recovery.

S&P might consider revising the outlook upward to stable if it
comes to view both the following scenarios as likely to occur:

-- The company stabilizes operations and finances through a more
stable relationship with shareholders; and,

-- S&P comes to expect debt to EBITDA will stay below 2.5x as the
company controls investment and shareholder returns.

ESG Credit Indicators: To: E-2 S-2 G-5 From: E-2 S-2 G-4

S&P revised its governance credit indicator for Toshiba to G-5 from
G-4. The revision reflects the effects of its downward revision in
the company's management and governance described above.

  Ratings Score Snapshot

  Issuer credit rating: BB+/Negative/B
  Business risk: Fair
  Country risk: Low risk
  Industry risk: Intermediate risk
  Competitive position: Fair
  Financial risk: Intermediate
  Cash flow/Leverage: Intermediate
  Anchor: bb+

  Modifiers:

  Diversification/Portfolio effect: Neutral (no impact)
  Capital structure: Neutral (no impact)
  Financial policy: Neutral (no impact)
  Liquidity: Adequate (no impact)
  Management and governance: Weak (-1 notch)
  Comparable rating analysis: Positive (+1 notch)

Environmental, social, and governance (ESG) credit factors for  
this change in credit rating/outlook and/or CreditWatch status:

-- Governance structure




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

AROHA CAFE: Creditors' Proofs of Debt Due on April 25
-----------------------------------------------------
Creditors of Aroha Cafe 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 27, 2022.

The company's liquidator is Kelera Nayacakalou.


BEACHCROFT BHL: Creditors' Proofs of Debt Due on May 6
------------------------------------------------------
Creditors of Beachcroft BHL Engineering Limited are required to
file their proofs of debt by May 6, 2022, to be included in the
company's dividend distribution.

The company commenced wind-up proceedings on March 29, 2022.

The company's liquidator is:

          Craig Andrew Young
          PO Box 87340
          Auckland


HABITAT REAL: Creditors' Proofs of Debt Due on May 28
-----------------------------------------------------
Creditors of Habitat Real Estate Limited are required to file their
proofs of debt by May 28, 2022, to be included in the company's
dividend distribution.

The company commenced wind-up proceedings on March 28, 2022.

The High Court of New Zealand at Tauranga appointed Janet Sprosen
and Leon Francis Bowker of KPMG as joint and several liquidators of
the company on March 28, 2022.  The appointment was made on the
application of Inland Revenue.


OM SHANTI: Creditors' Proofs of Debt Due on May 13
--------------------------------------------------
Creditors of OM Shanti Private Limited (trading as Pita Pit –
Onehunga Dressmart) and GMP Glass Limited are required to file
their proofs of debt by May 13, 2022, to be included in the
company's dividend distribution.

The companies commenced wind-up proceedings on March 30, 2022.

The company's liquidator is:

          Pritesh Patel
          Patel & Co
          344 Great South Road
          Papatoetoe, Auckland 2215




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

BIJLIPAY ASIA: Court Enters Wind-Up Order
-----------------------------------------
The High Court of Singapore entered an order on March 18, 2022, to
wind up the operations of Bijlipay Asia Pte. Ltd.

Attorney Dr. Michael Jaffé in his capacity as insolvency
administrator of Wirecard AG, Wirecard Technologies GMBH, and
Wirecard Sales International Holding GMBH filed the petition
against the company.

The company's liquidators are:

          Cameron Duncan
          David Kim
          KordaMentha Pte Ltd
          16 Collyer Quay, #30-01
          Singapore 049318


JUBILANT PHARMA: S&P Affirms 'BB' ICR & Alters Outlook to Negative
------------------------------------------------------------------
S&P Global Ratings revised its outlook on Jubilant Pharma Ltd. to
negative from stable and affirmed the long-term issuer credit
rating at 'BB'. S&P also affirmed the 'BB' long-term issue rating
on the Singapore-based pharmaceutical company's US$200 million
senior unsecured notes. The recovery rating on the notes is '3'.

The negative outlook reflects the likelihood of a downgrade if the
group's EBITDA margins remain below 20% and debt-to-EBITDA ratio
stays above 2x without signs of improving toward about 2x beyond
the next 12 months.

Jubilant Pharma's operating performance will remain weak over the
next 12 months. We forecast the group's EBITDA will be lower by
10%-12% in fiscal 2023 (year ending March 31, 2023), compared to
fiscal 2021 levels, despite an about 15% year-on-year growth. This
is primarily because of the weaker performance of the group's
generics and contract development and manufacturing operations
(CDMO) business segments. In July 2021, the U.S. Food and Drug
Administration (USFDA) restricted imports from the group's solid
dosage formulations facility in Roorkee, India. The CDMO business
is also losing revenue as one-time contracts for COVID-19-related
drugs and vaccines start tapering off. The generics and the CDMO
segments accounted for about half of the group revenues in fiscal
2021.

S&P said, "In our base case, we expect the issues at the Roorkee
plant to be resolved by the end of fiscal 2023 without further
significant drag on earnings. Moreover, Jubilant Pharma is working
on replacing its one-off COVID-19-related CDMO business with more
stable products. The group's EBITDA should recover to fiscal 2021
levels in fiscal 2024.

"Not recovering from its current operational weakness is a key
rating risk for Jubilant Pharma. Our expectation of an improvement
in earnings by the end of fiscal 2023, compared to fiscal 2022,
hinges on the good recovery of the radiopharmaceuticals business.
The segment's revenues had declined by about 25% in fiscal 2021 due
to the pandemic. However, performance should strengthen starting
fiscal 2022, given easing COVID-related restrictions and pent-up
demand. In our base case, revenues will return to fiscal 2020
levels in fiscal 2023 and grow 10% in fiscal 2024. Although we do
not expect significant earnings recovery in the CDMO business,
failure to win new contracts could further weaken the segment.
Delays in addressing the USFDA issues at Roorkee,
higher-than-anticipated remediation costs, or an increase in the
cost structure associated with the facility are also key downside
risks.

"Jubilant Pharma's credit metrics are highly sensitive to earnings
recovery. We anticipate that the group's debt will remain largely
unchanged over the next 12-18 months. This is because free
operating cash flows over this period are not sizeable given the
group will direct a significant portion of its operating cash flows
toward capital investments. The ongoing expansion of its CDMO
capacity along with product development expenses will keep capital
investments elevated at Indian rupee (INR) 6.5 billion-(INR) 7.5
billion annually over this period, compared to about INR5 billion
in fiscal 2021. We estimate the group will generate INR1.5
billion-INR2 billion in free operating cash flows over the next
12-18 months, compared to almost INR10 billion in fiscal 2021.

"Absent any sizable debt-funded acquisitions and improving earnings
trajectory, the group's credit metrics should improve. We forecast
its debt-to-EBITDA ratio will move toward 2x by the end of fiscal
2023 and drop below 2x in fiscal 2024, from an estimated 2.7x in
fiscal 2022. However, a 10% decline in EBITDA from our base-case
assumptions could result in the debt-to-EBITDA ratio remaining at
about 2.5x as of March 31, 2023, versus closer to 2.0x in our base
case.

"In our view, the improvement in earnings by end of fiscal 2023 is
vital for Jubilant Pharma's liquidity position and access to credit
markets. The company has sizable debt maturities in March 2024--in
particular its US$200 million unsecured notes.

"Jubilant Pharma remains strategic and integral to Jubilant
Pharmova Ltd., its ultimate parent. We assess Jubilant Pharma's
credit quality to be the same as that of the parent. This is
because Jubilant Pharma owns and operates the group's key
pharmaceutical assets and contributes to over 90% of its revenues
and EBITDA. We expect Jubilant Pharma's earnings contribution to
reduce to about 75% from fiscal 2023 with the demerger of its
active pharmaceutical ingredients (API) business to the parent.
Still, in our view, Jubilant Pharma will remain core to the group.
In addition, shared treasury operations, common brand, linked
reputation, and the parent's strong long-term commitment also
support our view.

"The negative outlook on Jubilant Pharma reflects the uncertainty
around the group's revenue growth and margins amid regulatory
issues and tough operating conditions. This could result in the
group's EBITDA margins staying below 20% and debt-to-EBITDA ratio
staying above 2x without signs of recovering toward about 2x beyond
the next 12 months."

S&P could lower the rating on Jubilant Pharma if the group's
debt-to-EBITDA ratio weakens to, and remains above 2x, possibly due
to:

-- Unresolved regulatory issues at its Roorkee plant, which could
entail significantly higher remediation costs than we anticipate
and impede revenue growth; or

-- Jubilant Pharma's other business segments face growth
challenges and magnify margin pressures.

S&P could revise its outlook back to stable if the operating issues
are resolved such that the group's debt-to-EBITDA ratio improves to
about 2x sustainably.

A stable outlook would also require Jubilant Pharma to proactively
address the refinancing requirements of its March 2024 maturities
and conserve its good liquidity position.

Singapore-based Jubilant Pharma has presence in the niche specialty
(radiopharma and allergy therapy products) pharmaceuticals,
generics manufacturing, and CDMO of API and sterile injectables and
non-sterile products. The company has six USFDA approved
manufacturing facilities in the U.S., Canada and India and also
operates a network of 48 radio pharmacies in the U.S.

Jubilant Pharma is a 100%-owned subsidiary of India-listed Jubilant
Pharmova Ltd.


MAJ AVIATION: Court to Hear Wind-Up Petition on April 22
--------------------------------------------------------
A petition to wind up the operations of MAJ Aviation Pte Ltd and
Maj Property Pte Ltd will be heard before the High Court of
Singapore on April 22, 2022, at 10:00 a.m.

DBS Bank Ltd filed the petition against the company on March 24,
2022.

The Petitioner's solicitors are:

          Shook Lin & Bok LLP
          1 Robinson Road
          #18-00, AIA Tower
          Singapore 048542


SKILLTECH ALUMINIUM: Court to Hear Wind-Up Petition on April 22
---------------------------------------------------------------
A petition to wind up the operations of Skilltech Aluminium
Construction Pte Ltd will be heard before the High Court of
Singapore on April 22, 2022, at 10:00 a.m.

Maybank Singapore Limited filed the petition against the company on
March 23, 2022.

The Petitioner's solicitors are:

          Shook Lin & Bok LLP
          1 Robinson Road
          #18-00, AIA Tower
          Singapore 048542


SWISSCO HOLDINGS: Court Enters Wind-Up Order
--------------------------------------------
The High Court of Singapore entered an order on March 22, 2022, to
wind up the operations of Swissco Holdings Limited.

The company's liquidators are:

          EE Meng Yen Angela
          Aaron Loh Cheng Lee
          c/o Ernst & Young LLP
          One Raffles Quay, North Tower Level 18
          Singapore 048583



                           *********


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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