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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

          Thursday, December 17, 2020, Vol. 23, No. 252

                           Headlines



A U S T R A L I A

ALITA RESOURCES: Second Creditors' Meeting Set for Dec. 23
ALTURA MINING: Creditors Approve Pilbara Minerals Share Buyout
BERNIPAVE CIVIL: Second Creditors' Meeting Set for Dec. 24
HIMU TRADING: Second Creditors' Meeting Set for Dec. 23
ISHARE INCUBATOR: First Creditors' Meeting Set for Dec. 29

MIGRATION COVER: ASIC Cancels AFS license
QLD QIC: Second Creditors' Meeting Set for Dec. 23
STANLEY STAFFING: First Creditors' Meeting Set for Dec. 24


C H I N A

HONGDA XINGYE: Fails to Repay Bonds On Time But Avoids Default


I N D I A

A. B. PAL: CRISIL Keeps B+ Debt Rating in Not Cooperating
A.G. BABU: CRISIL Keeps B Debt Ratings in Not Cooperating
A.V. MARBLE: CRISIL Keeps B+ on INR7cr Loan in Not Cooperating
ABC COTSPIN: CRISIL Keeps D Debt Ratings in Not Cooperating
ABC INC: CRISIL Keeps B+ on INR14cr Credit in Not Cooperating

ABHIVYAKTI WELFARE: CRISIL Keeps B Debt Rating in Not Cooperating
ADROIT CORPORATE: CRISIL Keeps D Debt Ratings in Not Cooperating
ALLIANCE FREIGHT: CRISIL Assigns B+ Rating to INR4.65cr LT Loan
BHAVANI COTTON: CRISIL Keeps B+ Debt Ratings in Not Cooperating
BRIGHT ENGINEERING: Ind-Ra Gives BB- Issuer Rating, Outlook Stable

CREATIVE INFRA: CRISIL Lowers Rating on INR6cr Cash Loan to B
DAIPAYAN AGRO: CRISIL Reaffirms B+ Rating on INR5cr Cash Loan
DEBOGRAM AGRO: CRISIL Keeps B on INR12cr Loan in Not Cooperating
DMR HOSPITALS: CRISIL Keeps D Debt Ratings in Not Cooperating
DWARAKAMAI CONSTRUCTIONS: CRISIL Keeps B+ Ratings in NonCooperating

GP GLOBAL: CRISIL Lowers Rating on INR142.5cr Loan to D
GUHAN TEXTILE: CRISIL Reaffirms B+ Rating on INR14cr Cash Loan
INNOVATIVE INTERIORS: CRISIL Cuts Rating on INR3cr Loan to B+
MARUTHI ENTERPRISES: CRISIL Cuts Rating on INR10cr Cash Loan to B
PARANI SPINNING: CRISIL Reaffirms B+ Rating on INR14cr Cash Loan

PRECISION MACHINES: Ind-Ra Moves 'BB+' Rating to Non-Cooperating
R J BUILDCON: CRISIL Hikes Rating on INR4cr Loan to B+
RASIK PRODUCTS: CRISIL Withdraws B+ Rating on INR1.1cr Loan
ROC FOODS: CRISIL Keeps C Debt Ratings in Not Cooperating
RREDIFICE PRIVATE: CRISIL Cuts Ratings on INR8cr Loans to D

RUSHABH INVESTMENT: CRISIL Cuts Rating on INR6.5cr Loan to B+
SAHAKAR MAHARSHI: Ind-Ra Gives 'BB-' Issuer Rating, Outlook Stable
SINDHU TRADE: Ind-Ra Cuts LongTerm Issuer Rating to 'IND B+'
SITARAM GEMS: Ind-Ra Moves BB LT Issuer Rating to Non-Cooperating
T G R PROJECTS: CRISIL Moves B Debt Rating From Not Cooperating

TATYASAHEB KORE: Ind-Ra Cuts Loan Rating to 'D', Outlook Stable
VENKATESWARA GRANITES: CRISIL Keeps D Ratings in Not Cooperating
ZAMBAD INFRASTRUCTURE: CRISIL Reaffirms D Rating on INR15cr Loan
[*] More Than 60% of Insolvency Led to Liquidation in Sept. Quarter


M A L A Y S I A

AIRASIA GROUP: Unit Restructuring Favors Airbus, BOC Aviation Says


S I N G A P O R E

XIHE HOLDINGS: Grant Thornton Named as Judicial Manager to Unit


S O U T H   K O R E A

SSANGYONG MOTOR: Defaults $55MM Loan to Bank of America, Others

                           - - - - -


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

ALITA RESOURCES: Second Creditors' Meeting Set for Dec. 23
----------------------------------------------------------
A second meeting of creditors in the proceedings of Alita Resources
Limited, Lithco No.2 Pty Ltd, and Tawana Resources Pty Ltd, has
been set for Dec. 23, 2020, at 3:00 p.m. at the offices of
McGrathNicol, Level 19, 2 The Esplanade, in Perth, WA.

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 Dec. 22, 2020, at 5:00 p.m.

Robert Michael Kirman and Robert Conry Brauer of McGrathNicol were
Alita Resources appointed as administrators of McGrathNicol on Dec.
4, 2020.


ALTURA MINING: Creditors Approve Pilbara Minerals Share Buyout
--------------------------------------------------------------
The Market Herald reports that Pilbara Minerals (PLS) has been
given the go-ahead by the creditors of Altura Mining (AJM) to
proceed with the hotly anticipated share buyout.

News of a potential deal between the two companies first broke in
late October, after Altura's long-standing funding issues sent it
into receivership, leaving its Pilangoora lithium project up for
grabs, the report relates.

Just days later, Pilbara Minerals brought forward an offer to
purchase Altura's parent company for US$175 million (about AUD237
million), according to the Market Herald.

As part of their receivership duties, Altura's creditors have now
approved and signed the deed of company arrangement, the report
notes. This makes the deed effective, leaving just the completion
of the planned AUD240 million equity raising left before the share
sale can finalise.

The Market Herald relates that at the same meeting to approve the
deed, the companies agreed to commence the equity raising process,
which comprises a $119 million placement to pension fund giant
AustralianSuper, followed by a $121 million entitlement offer at 36
cents per share.

With the deed underway, The AustraliaSuper deal is scheduled to
open this week, with the offer expected to follow soon after, the
report notes.

As part of the deal, Pilbara Minerals is required to pay a further
$6 million to fund dividends and employees obligations.

According to The Market Herald, Altura's lithium project neighbours
Pilbara Minerals' own Pilangoora lithium property and news of a
combined operation has once again sent PLS shares northwards,
capping an impressive trading year to-date for the battery metals
miner.

Pilbara's share price has more than doubled since the deal was
first revealed, and is currently trading more than 180% up on its
January levels, the report adds.

                        About Altura Mining

Altura Mining Limited (ASX:AJM) -- https://alturamining.com/ --
operates as a mining company. The Company explores and produces
spodumene concentrate, as well as provides drilling, geophysical,
and project development services. Altura Mining serves customers
worldwide.

Clifford Stuart Rocke and Jeremy Joseph Nipps of Cor Cordis were
appointed as administrators of Altura Mining Limited and Altura
Lithium Operations Pty Ltd on Oct. 26, 2020.


BERNIPAVE CIVIL: Second Creditors' Meeting Set for Dec. 24
----------------------------------------------------------
A second meeting of creditors in the proceedings of Bernipave Civil
Pty Ltd has been set for Dec. 24, 2020, at 10:00 a.m. via virtual
meeting.

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 Dec. 23, 2020, at 4:00 p.m.

Schon Gregory Condon RFD of Condon Associates was appointed as
administrator of Bernipave Civil on Nov. 27, 2020.


HIMU TRADING: Second Creditors' Meeting Set for Dec. 23
-------------------------------------------------------
A second meeting of creditors in the proceedings of Himu Trading
Pty Ltd has been set for Dec. 23, 2020, at 11:00 a.m. at the
offices of Amos Insolvency, 25/ 185 Airds Road, in Leumeah, NSW.
  
The purpose of the meeting is (1) to receive the report by the
Administrator about the business, property, affairs and financial
circumstances of the Company; and (2) for the creditors of the
Company to resolve whether the Company will execute a deed of
company arrangement, the administration should end, or the Company
be wound up.

Creditors wishing to attend are advised proofs and proxies should
be submitted to the Administrator by Dec. 22, 2020, at 4:00 p.m.

Peter Andrew Amos of Amos Insolvency was appointed as administrator
of Himu Trading on Nov. 23, 2020.


ISHARE INCUBATOR: First Creditors' Meeting Set for Dec. 29
----------------------------------------------------------
A first meeting of the creditors in the proceedings of Ishare
Incubator Pty Ltd will be held on Dec. 29, 2020, at 11:00 a.m. at
the offices of SM Solvency Accountants, 10/144 Edward Street, in
Brisbane, Queensland.

Brendan Nixon of SM Solvency Accountants was appointed as
administrator of Ishare Incubator on Dec. 16, 2020.


MIGRATION COVER: ASIC Cancels AFS license
-----------------------------------------
The Australian Securities and Investments Commission has cancelled
the Australian financial services (AFS) licence of NSW based
financial services provider Migration Cover Pty Ltd, effective Dec.
4, 2020.

ASIC found that Migration Cover failed to lodge its 2019 annual
accounts and maintain membership with the Australian Financial
Complaints Authority (AFCA). ASIC also found that Migration Cover
was no longer carrying on a financial services business.

Under the Corporations Act 2001, ASIC may suspend or cancel an AFS
licence if the licensee is no longer providing financial services
or fails to meet its legal obligations, including its obligations
to lodge financial statements and auditor's reports annually and
hold membership of a dispute resolution system.

The cancellation of Migration Cover's AFS licence is part of ASIC's
ongoing efforts to improve standards across the financial services
industry.

Migration Cover Pty Ltd held AFS licence 471072 since May 8, 2015.
Migration Cover may apply to the Administrative Appeals Tribunal
(AAT) for a review of ASIC's decision.


QLD QIC: Second Creditors' Meeting Set for Dec. 23
--------------------------------------------------
A second meeting of creditors in the proceedings of Qld QIC TW Pty.
Ltd. has been set for Dec. 23, 2020, at 10:00 a.m. at via
teleconference.

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

Creditors wishing to attend are advised proofs and proxies should
be submitted to the Administrator by Dec. 22, 2020, at 4:00 p.m.

John Ross Lindholm and George Georges of Qld QIC were appointed as
administrators of Qld QIC TW on Nov. 26, 2020.


STANLEY STAFFING: First Creditors' Meeting Set for Dec. 24
----------------------------------------------------------
A first meeting of the creditors in the proceedings of Stanley
Staffing Solutions Pty Ltd will be held on Dec. 24, 2020, at 2:00
p.m. at the offices of Hamilton Murphy Advisory Pty Ltd, Level 54,
111 Eagle Street, in Brisbane, Queensland.

Stephen Robert Dixon and Leigh William Dudman of Hamilton Murphy
were appointed as administrators of Stanley Staffing on Dec. 16,
2020.




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

HONGDA XINGYE: Fails to Repay Bonds On Time But Avoids Default
--------------------------------------------------------------
Caixin Global reports that Hongda Xingye Group Co. Ltd. failed to
repay CNY950 million ($145 million) of bonds that were due Dec. 14
but found a way to controversially avoid labeling it a default.

A day before the debt matured, Guangzhou-based Hongda Xingye held
an urgent meeting with 12 institutional holders of the 270-day
ultrashort-term bonds, Caixin says. More than 90% of the holders
voted to cancel registration of the bonds and accept repayment
sometime later under separate agreements, according to a Hongda
Xingye executive, Caixin relays.

Consequently, the company technically avoided a default, the
executive said. The official said the company will apply to the
Shanghai Clearing House to cancel the bonds as soon as possible but
didn’t divulge when bondholders will be paid, Caixin relates.

Hongda Xingye Co.,Ltd. manufactures and distributes chemical
products. The Company produces polyvinyl chloride (PVC), modified
PVC, caustic soda, soda ash, calcium carbide, soil conditioner,
hydrochloric acid, liquid chlorine, and other chemicals. Hongda
Xingye also conducts chemical trade, raw materials distribution,
and electronic trading businesses worldwide.




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

A. B. PAL: CRISIL Keeps B+ Debt Rating in Not Cooperating
---------------------------------------------------------
CRISIL said the ratings on bank facilities of A. B. Pal Electricals
Private Limited (ABPL) continue to be 'CRISIL B+/Stable/CRISIL A4
Issuer not cooperating'.

                      Amount
   Facilities       (INR Crore)     Ratings
   ----------       -----------     -------
   Bank Guarantee        .1         CRISIL A4 (ISSUER NOT
                                    COOPERATING)

   Bills Discount/       .9         CRISIL A4 (ISSUER NOT
   Cheque Purchase                  COOPERATING)

   Cash Credit         14.0         CRISIL B+/Stable (ISSUER NOT
                                    COOPERATING)

   Inland/Import        3           CRISIL A4 (ISSUER NOT
   Letter of Credit                 COOPERATING)

CRISIL has been consistently following up with ABPL for obtaining
information through letters and emails dated May 23, 2020 and
November 14, 2020 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
failed to receive any information on either the financial
performance or strategic intent of ABPL, which restricts CRISIL's
ability to take a forward looking view on the entity's credit
quality. CRISIL believes that rating action on ABPL is consistent
with 'Assessing Information Adequacy Risk'. Based on the last
available information, the ratings on bank facilities of ABPL
continues to be 'CRISIL B+/Stable/CRISIL A4 Issuer not
cooperating'.

ABPL was originally established in 1973 as a partnership firm; this
firm was reconstituted as a private limited company with the
current name in 1995. The company is based in Delhi and is promoted
by Mr. Thaker Pal Singh and his family members.


A.G. BABU: CRISIL Keeps B Debt Ratings in Not Cooperating
---------------------------------------------------------
CRISIL said the ratings on bank facilities of A.G. Babu Sah (AGBS)
continue to be 'CRISIL B/Stable Issuer Not Cooperating'.

                        Amount
   Facilities         (INR Crore)     Ratings
   ----------         -----------     -------
   Cash Credit              7         CRISIL B/Stable (ISSUER NOT
                                      COOPERATING)

   Proposed Long Term       0.02      CRISIL B/Stable (ISSUER NOT
   Bank Loan Facility                 COOPERATING)

   Rupee Term Loan          0.98      CRISIL B/Stable (ISSUER NOT
                                      COOPERATING)

CRISIL has been consistently following up with AGBS for obtaining
information through letters and emails dated May 23, 2020 and
November 14, 2020 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
failed to receive any information on either the financial
performance or strategic intent of AGBS, which restricts CRISIL's
ability to take a forward looking view on the entity's credit
quality. CRISIL believes that rating action on AGBS is consistent
with 'Assessing Information Adequacy Risk'. Based on the last
available information, the ratings on bank facilities of AGBS
continues to be 'CRISIL B/Stable Issuer Not Cooperating'.

Set up in 2014, AGBS is a Chennai-based partnership concern that
trades in silk sarees. The firm is managed by Kanchipuram (Tamil
Nadu)-based Sah family. AGBS has a 6000-square-feet showroom in
Kanchipuram.


A.V. MARBLE: CRISIL Keeps B+ on INR7cr Loan in Not Cooperating
--------------------------------------------------------------
CRISIL said the rating on bank facilities of A.V. Marble Palace
(AVMP) continues to be 'CRISIL B+/Stable Issuer Not Cooperating'.

                      Amount
   Facilities       (INR Crore)     Ratings
   ----------       -----------     -------
   Cash Credit            7         CRISIL B+/Stable (ISSUER NOT
                                    COOPERATING)

CRISIL has been consistently following up with AVMP for obtaining
information through letters and emails dated May 23, 2020 and
November 14, 2020 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
failed to receive any information on either the financial
performance or strategic intent of AVMP, which restricts CRISIL's
ability to take a forward looking view on the entity's credit
quality. CRISIL believes that rating action on AVMP is consistent
with 'Assessing Information Adequacy Risk'. Based on the last
available information, the ratings on bank facilities of AVMP
continues to be 'CRISIL B+/Stable Issuer Not Cooperating'.

Established in Trivandrum (Kerala) in 2004 by Mr. V Varghese and
Mr. P V Rajan, AVMP trades in tiles, marbles, and sanitary ware.


ABC COTSPIN: CRISIL Keeps D Debt Ratings in Not Cooperating
-----------------------------------------------------------
CRISIL said the ratings on bank facilities of ABC Cotspin Private
Limited (ABC) continue to be 'CRISIL D/CRISIL D Issuer not
cooperating'.

                      Amount
   Facilities       (INR Crore)     Ratings
   ----------       -----------     -------
   Bill Discounting       25        CRISIL D (ISSUER NOT
                                    COOPERATING)

   Packing Credit         59        CRISIL D (ISSUER NOT
                                    COOPERATING)

   Proposed Packing      186        CRISIL D (ISSUER NOT
   Credit                           COOPERATING)

CRISIL has been consistently following up with ABC for obtaining
information through letters and emails dated May 23, 2020 and
November 14, 2020 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
failed to receive any information on either the financial
performance or strategic intent of ABC, which restricts CRISIL's
ability to take a forward looking view on the entity's credit
quality. CRISIL believes that rating action on ABC is consistent
with 'Assessing Information Adequacy Risk'. Based on the last
available information, the ratings on bank facilities of ABC
continues to be 'CRISIL D/CRISIL D Issuer not cooperating'.

ABC, incorporated in 2006 by Mr. Ashish Jobanputra and his family
members, primarily trades in cotton bales. The company generates
over 90 per cent of its revenue from the export market. It also
operates a ginning unit in Botad (Gujarat) commissioned in November
2011. It is based in Ahmedabad (Gujarat).


ABC INC: CRISIL Keeps B+ on INR14cr Credit in Not Cooperating
-------------------------------------------------------------
CRISIL said the rating on bank facilities of ABC Inc (ABC)
continues to be 'CRISIL B+/Stable Issuer Not Cooperating'.

                      Amount
   Facilities       (INR Crore)     Ratings
   ----------       -----------     -------
   Cash Credit            14        CRISIL B+/Stable (ISSUER NOT
                                    COOPERATING)

CRISIL has been consistently following up with ABC for obtaining
information through letters and emails dated May 23, 2020 and
November 14, 2020 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
failed to receive any information on either the financial
performance or strategic intent of ABC, which restricts CRISIL's
ability to take a forward looking view on the entity's credit
quality. CRISIL believes that rating action on ABC is consistent
with 'Assessing Information Adequacy Risk'. Based on the last
available information, the ratings on bank facilities of ABC
continues to be 'CRISIL B+/Stable Issuer Not Cooperating'.

Set up in 2009 and based in Ludhiana (Punjab), ABC trades and
manufactures readymade garments. The firm was established as a
proprietorship firm by Mr. Girish Kapoor and was reconstituted as a
partnership firm in 2014. The firm is owned and managed by Mr.
Girish Kapoor and his son Mr. Arjun Kapoor.


ABHIVYAKTI WELFARE: CRISIL Keeps B Debt Rating in Not Cooperating
-----------------------------------------------------------------
CRISIL said the rating on bank facilities of Abhivyakti Welfare
Society (AWS) continues to be 'CRISIL B/Stable Issuer Not
Cooperating'.

                        Amount
   Facilities         (INR Crore)     Ratings
   ----------         -----------     -------
   Proposed Fund-           1         CRISIL B/Stable (ISSUER NOT
   Based Bank Limits                  COOPERATING)

CRISIL has been consistently following up with AWS for obtaining
information through letters and emails dated May 23, 2020 and
November 14, 2020 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
failed to receive any information on either the financial
performance or strategic intent of AWS, which restricts CRISIL's
ability to take a forward looking view on the entity's credit
quality. CRISIL believes that rating action on AWS is consistent
with 'Assessing Information Adequacy Risk'. Based on the last
available information, the ratings on bank facilities of AWS
continues to be 'CRISIL B/Stable Issuer Not Cooperating'.

AWS, a not-for-profit society, is managed by its secretary Mr.
Jagdish Mathur and vice president Mr. Laxman Singh Yadav. The
society is based in Aligarh district (Uttar Pradesh) and engaged in
various schemes mandated by the state and central governments in
Aligarh and surrounding areas. These include providing education
support to 6-14-year-old students under the National Child Labour
Project and free meals under the Mid-Day Meal Scheme. It also
operates a family counselling centre and a day-care centre.


ADROIT CORPORATE: CRISIL Keeps D Debt Ratings in Not Cooperating
----------------------------------------------------------------
CRISIL said the ratings on bank facilities of Adroit Corporate
Services Private Limited (ACSPL) continue to be 'CRISIL D Issuer
Not Cooperating'.

                      Amount
   Facilities       (INR Crore)     Ratings
   ----------       -----------     -------
   Cash Credit            6         CRISIL D (ISSUER NOT
                                    COOPERATING)

   Term Loan             18.53      CRISIL D (ISSUER NOT
                                    COOPERATING)

CRISIL has been consistently following up with ACSPL for obtaining
information through letters and emails dated May 23, 2020 and
November 14, 2020 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
failed to receive any information on either the financial
performance or strategic intent of ACSPL, which restricts CRISIL's
ability to take a forward looking view on the entity's credit
quality. CRISIL believes that rating action on ACSPL is consistent
with 'Assessing Information Adequacy Risk'. Based on the last
available information, the ratings on bank facilities of ACSPL
continues to be 'CRISIL D Issuer Not Cooperating'.

Incorporated in 1994, ACSPL provides business process outsourcing
services, primarily to the banking sector. The company is also a
R&T agent. Operations are managed by Mr. Sadashiva Shetty.


ALLIANCE FREIGHT: CRISIL Assigns B+ Rating to INR4.65cr LT Loan
---------------------------------------------------------------
CRISIL has assigned its 'CRISIL B+/Stable/CRISIL A4' ratings to the
bank facilities of Alliance Freight Carrier Private Limited
(AFCPL).

                        Amount
   Facilities         (INR Crore)    Ratings
   ----------         -----------    -------
   Term Loan               .6        CRISIL B+/Stable (Assigned)

   Overdraft              4.75       CRISIL A4 (Assigned)

   Proposed Long Term
   Bank Loan Facility     4.65       CRISIL B+/Stable (Assigned)

The ratings reflect AFCPL's modest scale of operations and weak
financial profile. These weaknesses are partially offset by its
extensive industry experience of the promoters and efficient
working capital cycle.

Key Rating Drivers & Detailed Description

Weakness:

* Modest scale of operations: AFCPL's business profile is
constrained by its modest scale of operations (Rs. 28.61 Cr in
FY20) in the intensely competitive Transport & Logistics industry.
Improvement in scale of operations and operating profitability
remain rating sensitivity factors over the medium term.

* Weak financial profile: Financial risk profile remains weak with
leveraged capital structure and weak debt protection metrics.
Capital structure remains leveraged with gearing over 6 times as on
March 31, 2020. Debt protection metrics remain weak with interest
cover of 1.6 times for FY20.

Strengths:

* Extensive industry experience of the promoters: The promoters
have an experience of around 20 years in Transport & Logistics
industry. This has given them an understanding of the dynamics of
the market, and enabled them to establish relationships with
suppliers and customers.

* Efficient working capital cycle: Working capital cycle is
efficiently managed as indicated by gross current assets (GCA) of
54 days as on March 31, 2020. GCA days is driven by debtors of 45
days as on March 31, 2020.

Liquidity Stretched

Bank limit utilization is moderate at around 60.75 percent for the
past twelve months ended October 2020.  Company is expected to
generate sufficient cash accruals to meet repayment obligations
over the medium term. Current ratio are moderate at 1.18 times on
March 31, 2020. The promoters are likely to extend funding support
in the form of unsecured loans. Unsecured loans from promoters
stood at INR1.24 Cr as on March 31, 2020.

Outlook: Stable

CRISIL believe AFCPL will continue to benefit from the extensive
experience of its promoter, and established relationships with
clients.

Rating Sensitivity factors

Upward factors

* Gearing below 3 times

* Sustained improvement in scale of operations and
   operating profitability

Downward factors

* Decline in cash accruals below INR0.25 Cr

* Stretch in working capital cycle

AFCPL was incorporated in 2006 and is managed by Mr. Sanjay Gupta.
AFCPL is engaged in providing third party logistics solutions
catering majorly to seeds, pesticides and fertilizers industries.
It is located in Hyderabad, Telangana and provides services to
almost all the major cities in the country.


BHAVANI COTTON: CRISIL Keeps B+ Debt Ratings in Not Cooperating
---------------------------------------------------------------
CRISIL said the ratings on bank facilities of Bhavani Cotton (BC;
part of the Devdeep group) continue to be 'CRISIL B+/Stable Issuer
Not Cooperating'.

                      Amount
   Facilities       (INR Crore)     Ratings
   ----------       -----------     -------
   Cash Credit           7.95       CRISIL B+/Stable (ISSUER NOT
                                    COOPERATING)

   Term Loan              .56       CRISIL B+/Stable (ISSUER NOT
                                    COOPERATING)

CRISIL has been consistently following up with BC for obtaining
information through letters and emails dated May 23, 2020 and
November 14, 2020 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
failed to receive any information on either the financial
performance or strategic intent of BC, which restricts CRISIL's
ability to take a forward looking view on the entity's credit
quality. CRISIL believes that rating action on BC is consistent
with 'Assessing Information Adequacy Risk'. Based on the last
available information, the ratings on bank facilities of BC
continues to be 'CRISIL B+/Stable Issuer Not Cooperating'.

For arriving at the rating, CRISIL consolidated the business and
financial risk profiles of BC, Nilkanth Cotton Fibers (NCF) and
Devdeep Cotton Industries (DCI) as these entities, together known
as the Devdeep group, are engaged in a similar line of business,
have business synergies and common promoters.

                          About the Group

BC (previously known as Devdeep Cotex), is a Gondal, Gujarat based
firm, involved in cotton ginning activity. The firm was set up in
2012. The company has manufacturing facility based in Gondal,
Gujarat.

NCF was incorporated in 2014 as partnership firm and is promoted by
the Sakarvadiya family. It has capacity operating unit is in Gondal
(Rajkot).

DCI is engaged in cotton ginning in its plant in Gondal. The firm
was set up in 2008.

The Devdeep group is majorly promoted by the Sakarvadiya and Gami
families. They are engaged in cotton ginning and pressing
activities for around a decade. The group majorly trades in cotton
bales and seeds.


BRIGHT ENGINEERING: Ind-Ra Gives BB- Issuer Rating, Outlook Stable
------------------------------------------------------------------
India Ratings and Research (Ind-Ra) has assigned Bright Engineering
Works (BEW) a Long-Term Issuer Rating of 'IND BB-'. The Outlook is
Stable.

The instrument-wise rating actions are:

-- INR23 mil. Term loans due in July 2024 assigned with IND BB-/
     Stable rating; and

-- INR75 mil. Proposed term loans* assigned with IND BB-/Stable
     rating.

*to be allocated

KEY RATING DRIVERS

The ratings reflect BEW's small scale of operations, as indicated
by revenue of INR234 million in FY20 (FY19: INR317 million). The
revenue declined owing to a decline in orders during the year. The
partnership firm's domestic business is based on orders from two
customers - Cummins Technologies India Pvt Ltd and Misumi India Pvt
Ltd. Furthermore, the Halliburton group companies - namely
Halliburton Energy Services and Halliburton Manufacturing and
Technology (M) Sdn- account for more than 50% of BEW's exports. The
firm generates 99% of its revenue from these customers. It
manufactures precision machine components and assemblies based on
the drawings or prints provided by the customers. These machine
parts are mainly utilized in the oil and gas sector. During
April-October 2020, the company booked sales of INR111.3 million.
The management expects negative growth in revenue for FY21 owing to
the impact of the COVID-19-led disruptions coupled with the
downturn in the oil and gas sector. The firm is in the process of
converting into a company and will be known as Bright Precision
Machining Works Private Limited.

The ratings also reflect BEW's average EBITDA margins. The margin
fell sharply to 13.9% in FY20 (FY19: 23.4%) due to the decline in
the revenue. BEW manufactures machine parts catering to the
engineering sector, wherein the volumes sold are low but the
margins are high. The return on capital employed was 14% in FY20
(FY19: 40%). The agency expects the margins to fall further in FY21
owing to the likely decline in revenue.

Liquidity Indicator - Stretched: BEW does not have any access to
capital markets. The average peak utilization of overdraft limits,
which are 100% backed by fixed deposits, was 47.4% in the 12 months
ended October 2020. The working capital cycle days improved to 53
days in FY20 (FY19: 55 days) due to reduced receivable days of 70
(80). The cash flow from operations increased to INR41 million in
FY20 (FY19: INR15 million) owing to favorable changes in working
capital. The increase in cash flow from operations coupled with the
absence of any major capex during FY20 led to the free cash flow
turning positive at INR35 million (FY19: negative INR4 million).
The debt-led-capex is estimated to be completed by FY24, while
commencing revenue generation from the same. In FY21, till November
2020, BEW has incurred capex of INR64.44 million, funded through
own funds and a part of it will be reimbursed by term loan. The
total capex will amount to INR99.29 million. The debt repayments
scheduled for FY21 are INR7.7 million. The cash and cash
equivalents, including fixed deposits, stood at INR45 million at
end-FY20 (end-FY19: INR37 million).

The ratings, however, are supported by the strong credit metrics
due to the low debt level. The gross interest coverage (operating
EBITDA/gross interest expense) deteriorated, owing to a decline in
the absolute EBITDA to INR32 million in FY20 (FY19: INR74 million),
yet continued to be strong at 4.4x (10.2x) and the net leverage
marginally improved (total adjusted net debt/operating EBITDA) to
0.5x (0.6x) due to reduced debt. The credit metrics may deteriorate
further in FY21 as the company is undertaking debt-led-capex for
procuring the neighboring land, the construction of building and
the procurement of additional machineries and equipment for
business enhancement.

The ratings are also supported by the partners' experience of more
than two decades in the precision machine components industry.

RATING SENSITIVITIES

Negative: Any further decline in the operating performance, leading
to the net leverage exceeding 4.0x, and deterioration in the
liquidity position, all on a sustained basis, would lead to a
negative rating action.

Positive: A significant improvement in the operating performance,
while maintaining the credit metrics and an improvement in the
liquidity position, all on a sustained basis, would lead to a
positive rating action.

COMPANY PROFILE

Incorporated in 1975, Bright Engineering Works (BEW) is into
manufacturing of precision machine parts and assemblies. It
manufactures parts for OEMs in engineering sector. The partners of
the firm are Sharan Suttatti and Mallesh Suttatti. The
manufacturing unit is located at Hadapsar in Pune, Maharashtra.


CREATIVE INFRA: CRISIL Lowers Rating on INR6cr Cash Loan to B
-------------------------------------------------------------
CRISIL has revised the ratings on bank facilities of Creative Infra
and Construction (CIC) to 'CRISIL B/Stable Issuer Not Cooperating'
from 'CRISIL BB-/Stable Issuer Not Cooperating'.

                      Amount
   Facilities       (INR Crore)     Ratings
   ----------       -----------     -------
   Cash Credit            6         CRISIL B/Stable (ISSUER NOT
                                    COOPERATING; Revised from
                                    'CRISIL BB-/Stable ISSUER NOT
                                    COOPERATING')

CRISIL has been consistently following up with CIC for obtaining
information through letters and emails dated May 23, 2020 and
November 14, 2020 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
failed to receive any information on either the financial
performance or strategic intent of CIC, which restricts CRISIL's
ability to take a forward looking view on the entity's credit
quality. CRISIL believes that rating action on CIC is consistent
with 'Assessing Information Adequacy Risk'. Based on the last
available information, the ratings on bank facilities of CIC
Revised to 'CRISIL B/Stable Issuer Not Cooperating' from 'CRISIL
BB-/Stable Issuer Not Cooperating'.

CIC was established in 1986 by Mr. Mehul Mehta. It is involved in
manufacture of ready mix concrete used in the construction
industry. It has recently also started manufacturing precast ducts
and boxes.

CICPL, established on 29th of July 2017, is setting up facility for
manufacture of ready mix concrete, Precast concrete box culvert and
Precast elements.


DAIPAYAN AGRO: CRISIL Reaffirms B+ Rating on INR5cr Cash Loan
-------------------------------------------------------------
CRISIL has reaffirmed its 'CRISIL B+/Stable/CRISIL A4' ratings on
the bank facilities of Daipayan Agro Food Product Private Limited
(DAFPL).

                      Amount
   Facilities       (INR Crore)     Ratings
   ----------       -----------     -------
   Bank Guarantee        0.3        CRISIL A4 (Reaffirmed)

   Cash Credit           5          CRISIL B+/Stable (Reaffirmed)

   Rupee Term Loan       2          CRISIL B+/Stable (Reaffirmed)

The ratings continue to reflect the company's modest scale of
operations, exposure to intense competition, and susceptibility to
changes in government regulations. These weaknesses are partially
offset by the extensive experience of its promoters in the poultry
farming business.

Key Rating Drivers & Detailed Description

Weaknesses:

* Modest scale of operations: Revenue was only INR0.74 crore in
fiscal 2019 as operations began from December 2018. It is estimated
to increase to INR8.19 crore in fiscal 2020 with increase in
capacity utilization. However, scale of operation still remains
modest and is expected to grow with further increase in capacity
utilisation over the medium term.

* Exposure to intense competition: The rice milling business in
West Bengal is highly fragmented due to many organised and
unorganised players catering to regional demand. This limits
ability to bargain with suppliers and customers, thereby
constraining operating margin and revenue.

* Susceptibility to changes in government regulations: Being an
agricultural product, availability of paddy is seasonal and
dependent on monsoon/irrigation. This exposes the company to risk
of limited availability of raw materials in case of unfavourable
climatic conditions, leading to fluctuations in paddy and rice
prices. This is compounded by limited ability to completely pass on
any increase in raw material price to customers. Also, the rice
industry is regulated in terms of paddy price, export/import of
rice, and rice release mechanism. Minimum support price of paddy
and prevailing rice price are key determinants of a rice mill's
profitability.

Strength:

* Extensive experience of the promoters: Benefits from the
promoters' experience of three decades through group concerns and
established relationships with customers should continue to support
the business.

Liquidity Poor

Liquidity risk profile of the company continues to be poor with
expected annual cash accrual of INR1.1-1.4 crore against repayment
obligation of INR0.40-0.85 crore per annum over the medium term.
However, bank limit utilisation is moderate at 55%, averaged over
the 12 months through October 2020. Moreover, promoters have
provided support in the form of unsecured loans.

Outlook: Stable

CRISIL believes DAFPL will continue to benefit from the extensive
experience of its promoters.

Rating sensitivity factors:

Upward factors:

  * Revenue growing at a compound annual growth rate (CAGR) of 20%
over the medium term

  * Improvement in liquidity position

  * Healthy financial risk profile

Downward factors:

  * Decline in scale of operations and profitability

  * Net cash accruals declining below INR0.90 crore, thereby,
putting pressure on debt repayment ability

Incorporated in 2017 and promoted by Mr. Debdas Mondal and family,
DAFPL set up a rice milling plant in south 24 Parganas, West
Bengal, with an installed capacity of 48,000 tonne per annum. The
operations of the company has started from December 2018.


DEBOGRAM AGRO: CRISIL Keeps B on INR12cr Loan in Not Cooperating
----------------------------------------------------------------
CRISIL said the rating on bank facilities of Debogram Agro
Industries LLP (DAI) continues to be 'CRISIL B/Stable Issuer Not
Cooperating'.

                      Amount
   Facilities       (INR Crore)     Ratings
   ----------       -----------     -------
   Long Term Loan         12        CRISIL B/Stable (ISSUER NOT
                                    COOPERATING)

CRISIL has been consistently following up with DAI for obtaining
information through letters and emails dated May 23, 2020 and
November 14, 2020 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
failed to receive any information on either the financial
performance or strategic intent of DAI, which restricts CRISIL's
ability to take a forward looking view on the entity's credit
quality. CRISIL believes that rating action on DAI is consistent
with 'Assessing Information Adequacy Risk'. Based on the last
available information, the ratings on bank facilities of DAI
continues to be 'CRISIL B/Stable Issuer Not Cooperating'.

Set up in 2017, DAI provides cold storage facility to potato
farmers and traders in Burdwan (West Bengal). Mr. Sushil Mondol,
Mr. Sisir Kumar Mondal, Mr. Nirmal Kumar Mondal and Ms. Pradipta
Mondal are the directors of the company. Cold storage with total
capacity of 30,000 mtpa, is operational from March 2017.


DMR HOSPITALS: CRISIL Keeps D Debt Ratings in Not Cooperating
-------------------------------------------------------------
CRISIL said the ratings on bank facilities of DMR Hospitals Private
Limited (DMR) continue to be 'CRISIL D/CRISIL D Issuer not
cooperating'.

                       Amount
   Facilities       (INR Crore)   Ratings
   ----------       -----------   -------
   Overdraft              1       CRISIL D (ISSUER NOT
                                  COOPERATING)

   Proposed Long Term     2.6     CRISIL D (ISSUER NOT
   Bank Loan Facility             COOPERATING)

   Rupee Term Loan        8.9     CRISIL D (ISSUER NOT
                                  COOPERATING)

CRISIL has been consistently following up with DMR for obtaining
information through letters and emails dated May 23, 2020 and
November 14, 2020 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
failed to receive any information on either the financial
performance or strategic intent of DMR, which restricts CRISIL's
ability to take a forward looking view on the entity's credit
quality. CRISIL believes that rating action on DMR is consistent
with 'Assessing Information Adequacy Risk'. Based on the last
available information, the ratings on bank facilities of DMR
continues to be 'CRISIL D/CRISIL D Issuer not cooperating'.

DMR, incorporated in 2011, runs a multi-speciality hospital in
Karnal (Haryana). The company is promoted by Dr Subhash Khanna, Mr.
Dalip Singh, Mr. Saurabh Juneja, and Mr. Tarun Chawla.


DWARAKAMAI CONSTRUCTIONS: CRISIL Keeps B+ Ratings in NonCooperating
-------------------------------------------------------------------
CRISIL said the ratings on bank facilities of Dwarakamai
Constructions Private Limited (DCPL) continue to be 'CRISIL
B+/Stable/CRISIL A4 Issuer not cooperating'.

                      Amount
   Facilities       (INR Crore)     Ratings
   ----------       -----------     -------
   Bank Guarantee         9         CRISIL A4 (ISSUER NOT
                                    COOPERATING)

   Proposed Long Term     7         CRISIL B+/Stable (ISSUER NOT
   Bank Loan Facility               COOPERATING)

   Secured Overdraft      4         CRISIL B+/Stable (ISSUER NOT
   Facility                         COOPERATING)

CRISIL has been consistently following up with DCPL for obtaining
information through letters and emails dated May 23, 2020 and
November 14, 2020 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
failed to receive any information on either the financial
performance or strategic intent of DCPL, which restricts CRISIL's
ability to take a forward looking view on the entity's credit
quality. CRISIL believes that rating action on DCPL is consistent
with 'Assessing Information Adequacy Risk'. Based on the last
available information, the ratings on bank facilities of DCPL
continues to be 'CRISIL B+/Stable/CRISIL A4 Issuer not
cooperating'.

Incorporated in 2000 in Hyderabad and promoted by Mr. Madan Mohan
Reddy Desai, DCPL undertakes civil construction projects (mainly
construction of roads) in Andhra Pradesh and Karnataka.


GP GLOBAL: CRISIL Lowers Rating on INR142.5cr Loan to D
-------------------------------------------------------
CRISIL has downgraded its ratings on the bank facilities of GP
Global Energy Private Limited (GP Energy) to 'CRISIL D/CRISIL D'
from 'CRISIL BB/Stable/CRISIL A4+'.

                      Amount
   Facilities       (INR Crore)     Ratings
   ----------       -----------     -------
   Cash Credit            15        CRISIL D (Downgraded from
                                    'CRISIL BB/Stable')

   Cash Credit &         142.5      CRISIL D (Downgraded from
   Working Capital                  'CRISIL BB/Stable')
   demand loan            
                                    
   Letter of Credit       75        CRISIL D (Downgraded from
                                    'CRISIL A4+')

The downgrade reflects poor liquidity profile marked by devolvement
of certain letter of credits (LCs) and LC account being remaining
overdrawn for more than 30 days.

The ratings continue to reflect GP Energy's modest business risk
profile and average capital structure. These advantages are offset
by exposure to intense competition in the petroleum trading
business and to volatility in the prices of crude-related products
and weak debt protection metrics.

Analytical Approach

Based on the undertaking received from the promoter, CRISIL
continue to carry out the review of GP Energy on a standalone basis
and, therefore, any support from/to the ultimate parent i.e. Gulf
Petrochem FZC is not factored in the ratings.

Key Rating Drivers & Detailed Description

Strengths:

* Business risk profile: GP Energy's scale of operations in trading
oil and various oil products along with steel is large. The
promoters have over two decades of experience in the industry.

* Capital structure: Total outside liabilities to tangible networth
ratio was average at 2.65 times as on March 31, 2020 driven by
networth of over INR130 crore. In the absence of large capital
expenditure plans over the medium term, capital structure is
expected to remain average.

Weaknesses:

* Delays in servicing of debt: Stretched liquidity has resulted in
devolved LCs remaining unpaid and LC account being overutilized for
over 30 days.

* Exposure to intense competition in the petroleum trading business
and to volatility in the prices of crude-related products: Due to
low entry barriers, the business is exposed to intense competition.
Profitability is also susceptible to prices of traded products,
which account for over 90% of operating cost. However, the company
benefits from its established risk mitigation practices.

* Below-average debt protection metrics: Interest cover and net
cash accrual to total debt ratios were 1.7 times and 0.04 time,
respectively, in fiscal 2020. The metrics are expected to remain
weak over the medium term.

Liquidity Poor

Liquidity is poor as reflected in devolvement of letter of
credits.

Rating Sensitivity factors

Upward factors

  * Increase in profitability, leading to significant improvement
in cash accruals

  * Improvement in debt protection metrics with interest cover
increasing to over 3 times on a sustainable basis driven by higher
accruals or lower debt

  * Track record of timely debt servicing for 90 days or more

Incorporated in 2010, GP Energy is part of the UAE-based GP Global
group. The name was changed from Gulf Petrochem Energy Pvt Ltd in
January 2016. The company mainly imports and supplies bunker fuel
to vessels calling at various ports of Gujarat such as Kandla,
Mundra, Sikka, and Mul Dwarka.


GUHAN TEXTILE: CRISIL Reaffirms B+ Rating on INR14cr Cash Loan
--------------------------------------------------------------
CRISIL has removed its rating on the bank facilities of Guhan
Textile Mills Private Limited (GTMPL) from 'Rating Watch with
Negative Implications' and has reaffirmed the ratings at 'CRISIL
B+/CRISIL A4' while assigning a 'Stable' outlook to the long term
rating.

                    Amount
   Facilities    (INR Crore)    Ratings
   ----------    -----------    -------
   Foreign           0.15       CRISIL A4 (Removed from
   Exchange                     'Rating Watch with Negative
   Forward                      Implications'; Rating Reaffirmed)

   Letter of         0.13       CRISIL A4 (Removed from
   Guarantee                    'Rating Watch with Negative
                                Implications'; Rating Reaffirmed)

   Letter of         3.0        CRISIL A4 (Removed from
   Credit                       'Rating Watch with Negative
                                Implications'; Rating Reaffirmed)

   Open Cash        14.0        CRISIL B+/Stable (Removed from
   Credit                       'Rating Watch with Negative
                                Implications'; Rating Reaffirmed)

   Term Loan          .72       CRISIL B+/Stable (Removed from
                                'Rating Watch with Negative
                                Implications'; Rating Reaffirmed)

CRISIL had placed its rating on the long term bank facilities of
GTMPL on watch on November 25, 2020 following the imposition of a
30 day moratorium on deposit and facilities with LVB. The company
had working capital facilities with LVB. Subsequently the
moratorium was lifted on November 27, 2020 and the company has been
accessing its deposits and facilities since then. There has been no
major impact on the operations of the company during the moratorium
period.

The rating reflects GTM's working-capital-intensive operations
along with weak financial risk profile. These weaknesses are
partially offset by promoter's extensive experience in the
industry.

Analytical Approach

For arriving at the ratings, CRISIL has combined the business and
financial risk profiles of GTMPL and Parani Spinning Mills Private
Limited (PSM). This is because all these entities, together
referred as the Guhan group, operate in the same industry and have
operational and financial linkages.

Key Rating Drivers & Detailed Description

Weaknesses:

* Working capital-intensive operations: Gross current assets were
high at 442 days as on March 31, 2020, on account of receivables
and inventory of 95 days and 347 days, respectively. However,
working capital requirement is partly supported by payables of
around 222 days.

* Weak financial risk profile: Net worth was moderate at INR5.92
crore as on March 31, 2020, albeit gearing and TOLTNW ratio has
been high at 10.72 times and 15.43 times respectively as on March
31, 2020. Debt protection metrics remained below average, with
interest coverage and net cash accrual to total debt ratios of 1.49
times and 3%, respectively as on March 31, 2020, driven by moderate
operating margin.

Strengths:

* Extensive experience of promoters and proximity to textile hub:
Presence of over two decades in the textile spinning industry has
enabled the promoters to understand domestic market dynamics,
withstanding economic cycles, and establish strong relationship
with customers and suppliers. Moreover, manufacturing facilities
are located in Tirupur, Tamil Nadu, which is one of the major
textile manufacturing and processing hub and gives easy access to a
large clientele.

Liquidity Stretched

Average month end bank limit utilization for the last 12 months
ended on August, 2020 is high with almost full utilization.
Estimated net cash accruals in the range of INR1.2 crore is
expected to remain sufficient against repayment obligations of less
than INR0.7 crore. Moratorium received on interest payment under
Covid 19 relaxation supports liquidity. Current ratio is moderate
at around 1.46 times as on March 31, 2020.

Outlook: Stable

CRISIL believes that GTMPL will continue to benefit over the medium
term from the extensive industry experience of its promoters in
cotton hosiery manufacturing Industry.

Rating Sensitivity Factor:

Upward Factors:

  * Strong revenue growth while maintaining EBITDA margin of more
than 10%

  * Efficient working capital management and maintenance of
moderate capital structure

Downward Factors:

  * Major decline in revenues or operating margin falling below 8%

  * Stretch in working capital cycle or significant debt funded
capex.

Incorporated in 1992, GTMPL is engaged in the business of
manufacturing of Cotton hosiery combed and slub yarns ranging from
25 to 66s counts. The company is promoted by Mr. Karuppusamy and
family and is based out of Tirupur, Tamil Nadu.

Parani Spinning Mills Private Limited (PSM) is engaged in the
business of manufacturing of cotton hosiery combed and melange
yarns ranging from 25 to 40s counts, and is based out of Tirupur,
Tamil Nadu.


INNOVATIVE INTERIORS: CRISIL Cuts Rating on INR3cr Loan to B+
-------------------------------------------------------------
CRISIL has downgraded its rating on the bank facilities of
Innovative Interiors Private Limited (IIPL) to CRISIL
B+/Stable/CRISIL A4' from 'CRISIL BB-/Stable/CRISIL A4+'.

                      Amount
   Facilities       (INR Crore)     Ratings
   ----------       -----------     -------
   Bank Guarantee         2         CRISIL A4 (Downgraded from
                                    'CRISIL A4+')

   Long Term Loan         1.6       CRISIL B+/Stable (Downgraded
                                    from 'CRISIL BB-/Stable')

   Secured Overdraft      3.0       CRISIL B+/Stable (Downgraded  
   Facility                         from 'CRISIL BB-/Stable')

The rating downgrade reflects CRISIL's expectation that the credit
risk profile of the company will remain constrained by business and
financial risk. The financial risk profile is marked by fully
utilized bank limits on account of stretch in receivables. The
rating downgrade also factor's CRISIL's belief that company's
operating performance would remain weak in fiscal 2021 due to
COVID19 impact. The company's revenues are expected to de-grow by
10-20 percent in current fiscal while operating profitability would
be at around 9-10 percent.

The rating continues to reflect the working capital-intensive
nature of operations, modest scale, and exposure to intense
competition in a highly fragmented industry. These weaknesses are
partially off-set by the extensive experience of the firm's
promoter in the Interior decorative industry and established
clientele.

Key Rating Drivers & Detailed Description

Weaknesses

* Modest scale and Exposure to Intense Competition: With revenue at
INR18.69 crore for fiscal 2020, scale remains small in the
competitive interior decorating and furnishings industry.
Tender-based nature of business further limits pricing
flexibility.

* Working Capital-Intensive Operations: The gross current assets
(GCA) are estimated at 171 days, driven by inventory and
receivables of around 135 days and 38 days respectively as on March
31, 2020. Receivables collection in a timely manner shall remain a
key monitor-able given that majority of IIPL's clients operate in
the hospitality space.

Strengths

* Promoters' Extensive Experience and Established Clientele:
Presence of around 15 years in the furnishings and interior
decorative segment has enabled the promoters to establish strong
relationships with customers and suppliers. The company has
undertaken projects for reputed brands in Pondicherry & Chennai.

Liquidity Stretched

Bank limit utilization was high at around 97% for the past twelve
months ended August 2020. Cash accruals of over INR1 crore in
FY2021 are expected to be sufficient against term debt obligations
over the medium term. In addition, recently obtained covid-related
loans are expected to act as cushion to the liquidity profile of
the company. Current ratio was moderate at 1.18 times on March 31,
2020.

Outlook: Stable

CRISIL believes IIPL will continue to benefit over the medium term
from the promoters' extensive experience.

Rating Sensitivity Factor

Upward Factors

* Improvement in revenue by over 15 ' 20%
* Operating margins of over 15%.
* Improvement in the working capital cycle

Downward Factors

* Decline in the revenue profile or operating
   margins of less than 10%
* Stretch in the working capital cycle
* Large debt-funded capital expenditure that
   weakens capital structure

Established in 2006, IIPL, promoted by Chennai-based Mr. K Pandian
and his family, undertakes interior designing projects on a turnkey
basis for commercial establishments, including Hotels and Jewellery
Shops (75% of sales), and individuals (25%).


MARUTHI ENTERPRISES: CRISIL Cuts Rating on INR10cr Cash Loan to B
-----------------------------------------------------------------
CRISIL has removed its rating on the bank facilities of Sri Maruthi
Enterprises (Maruthi Enterprises; part of Sri Maruthi Exports
group) from 'Rating Watch with Negative Implications' and has
downgraded the rating to 'CRISIL B' from 'CRISIL B+' while
assigning a 'Stable' outlook.

                    Amount
   Facilities    (INR Crore)     Ratings
   ----------    -----------     -------
   Cash Credit         10        CRISIL B/Stable (Downgraded from
                                 'CRISIL B+'; Removed from
                                 'Rating Watch with Negative
                                 Implications')

CRISIL had placed its ratings on the bank facilities of Maruthi on
watch on Nov. 25, 2020, following the imposition of a 30 days
moratorium on the deposits and facilities with Lakshmi Vilas Bank
(LVB). The company had working capital facilities with LVB.
Subsequently the moratorium was lifted on November 27th, 2020 and
the company has been accessing its deposits and facilities since
then. There has been no major impact on the operations of the
company during the moratorium period.

The rating factors decline in the operating performance on the back
of significant reduction in the scale of operations. The
consolidated revenues were at INR5 crores during April ' November
2020 and is likely to report over 40% decline in revenue for fiscal
2021. The group faced operational issues pertaining to availability
of transportation from its quarry to the yard for exports, which
were further aggravated by the pandemic situation in current
fiscal. Although the group has considerable orders to be executed
over the year; the execution of the same would remain a key
monitorable. An impact on revenues for this fiscal, is likely to
result in lower accruals.

The ratings continue to reflect the below-average financial risk
profile, modest scale of operations in a competitive segment and
the firm's working capital-intensive operations. These weaknesses
are partially offset by the extensive experience of the promoter in
the granite industry, and established relationships with customers
and distributors.

Analytical Approach

For arriving at the ratings, CRISIL has combined the business and
financial risk profiles of Sri Maruthi Enterprises and Sri Maruthi
Exports (SME), together known as the Sri Maruthi Exports group.
This is because the entities are under a common management, engaged
in similar lines of business, with significant operational and
financial linkages.

Key Rating Drivers & Detailed Description

Weaknesses:

* Below-average financial risk profile: Capital structure is marked
by a weak gearing estimated at over 2.5 times and modest networth
estimated at around INR7.5 crore as on March 31, 2020. Debt
protection metrics are subdued, with interest coverage and net cash
accrual to adjusted debt ratios likely at 2.5 times and 0.10 time,
respectively, for fiscal 2020.

* Working capital-intensive operations: Operations were highly
working capital-intensive, marked by gross current assets of over
400 days as on March 31, 2020, driven by large inventory and
receivables of around 90 and 70 days, respectively. Receivables are
stretched due to the modest bargaining power with customers.

* Modest scale of operations in a competitive segment: The business
risk profile is constrained by its modest scale of operations.
There is intense competition in granite processing industry which
would continue to constrain scalability, pricing power, and
profitability.

Strengths:

* Extensive experience of the promoters: The two-decade-long
experience of the promoters, in the granite industry, and their
healthy relationships with customers, will continue to support the
business risk profile.

* Established relationship with customers and distributors: SMG has
maintained a steady relationship with its customers in China and is
continuously expanding its customer base. The established network
of wholesalers and traders in overseas markets, and sound track
record will help the group maintain its market position.

Liquidity Stretched

Liquidity will remain stretched with the cash accruals likely to
remain small at about INR0.8 crore, with limited cushion against
repayment obligations of INR0.3 crore, per annum, over the medium
term. Nevertheless, the sanctioned limit of INR8 crore, utilized at
25% for the 12 months ended November 2020, will support the
liquidity.

Outlook: Stable

CRISIL believes Sri Maruthi group will continue to benefit from its
established track record in the granite industry and its
diversified end-user profile.

Rating Sensitivity Factors

Upward Factors

* Growth in revenue to over INR40 crore and stable
   operating margin

* Better working capital management

Downward Factors

* Decline in revenues and margins leading to
   decrease in net cash accruals to below INR0.5 crores

* Further deterioration in gearing, due to higher
   working capital debt or long-term loans for any
   capex plans.

The Sri Maruthi Group, set up in 2005, is engaged in granite
processing and trading, and derives its revenue from exports to
China. The group is promoted by Mr. E. Mohan and Ms. E. Ramani.


PARANI SPINNING: CRISIL Reaffirms B+ Rating on INR14cr Cash Loan
----------------------------------------------------------------
CRISIL has removed its rating on long term bank facilities of
Parani Spinning Mills Private Limited (PSM) from 'Rating Watch with
Negative Implications' and has reaffirmed the long term ratings at
'CRISIL B+' while assigning a 'Stable' outlook and reaffirming the
short term rating at 'CRISIL A4'.

                    Amount
   Facilities     (INR Crore)   Ratings
   ----------     -----------   -------
   Buyer's Credit      .79      CRISIL B+/Stable (Removed from
                                'Rating Watch with Negative
                                Implications'; Rating Reaffirmed)

   Inland/Import      3.00      CRISIL A4 (Removed from
   Letter of Credit             'Rating Watch with Negative
                                Implications'; Rating Reaffirmed)

   Open Cash         14         CRISIL B+/Stable (Removed from
   Credit                       'Rating Watch with Negative
                                Implications'; Rating Reaffirmed)

   Term Loan          0.21      CRISIL B+/Stable (Removed from
                                'Rating Watch with Negative
                                Implications'; Rating Reaffirmed)

CRISIL had placed its rating on the long term bank facilities of
PSM on watch on November 25, 2020 following the imposition of a 30
day moratorium on deposit and facilities with LVB. The company had
working capital facilities with LVB. Subsequently the moratorium
was lifted on November 27, 2020 and the company has been accessing
its deposits and facilities since then. There has been no major
impact on the operations of the company during the moratorium
period.

The rating reflects PSM's working-capital-intensive operations
along with weak financial risk profile. These weaknesses are
partially offset by promoter's extensive experience in the
industry.

Analytical Approach

For arriving at the ratings, CRISIL has combined the business and
financial risk profiles of Guhan Textile Mills Private Limited
(GTMPL) and PSM. This is because all these entities, together
referred as the Guhan group, operate in the same industry and have
operational and financial linkages.

Key Rating Drivers & Detailed Description

Weakness:

* Working capital-intensive operations: Gross current assets were
high at 442 days as on March 31, 2020, on account of receivables
and inventory of 95 days and 347 days, respectively. However,
working capital requirement is partly supported by payables of
around 222 days.

* Weak financial risk profile: Net worth was moderate at INR5.92
crore as on March 31, 2020, albeit gearing and TOLTNW ratio has
been high at 10.72 times and 15.43 times respectively as on March
31, 2020. Debt protection metrics remained below average, with
interest coverage and net cash accrual to total debt ratios of 1.49
times and 3%, respectively as on March 31, 2020, driven by moderate
operating margin.

Strengths:

* Extensive experience of promoters and proximity to textile hub

Presence of over two decades in the textile spinning industry has
enabled the promoters to understand domestic market dynamics,
withstanding economic cycles, and establish strong relationship
with customers and suppliers. Moreover, manufacturing facilities
are located in Tirupur, Tamil Nadu, which is one of the major
textile manufacturing and processing hub and gives easy access to a
large clientele.

Liquidity Stretched

Average month end bank limit utilization for the last 12 months
ended on August, 2020 is high with almost full utilization.
Estimated net cash accruals in the range of INR1.2 crore is
expected to remain sufficient against repayment obligations of less
than INR0.7 crore. Moratorium received on interest payment under
covid 19 relaxation supports liquidity. Current ratio is moderate
at around 1.46 times as on March 31, 2020.

Outlook: Stable

CRISIL believes that PSM will continue to benefit over the medium
term from the extensive industry experience of its promoters in
cotton hosiery manufacturing Industry.

Rating Sensitivity factors

Upward Factors:

* Strong revenue growth while maintaining EBITDA
   margin of more than 10%

* Efficient working capital management and maintenance
   of moderate capital structure

Downward Factors:

* Major decline in revenues or operating margin
   falling below 8%

* Stretch in working capital cycle or significant debt
   funded capex

Incorporated in 1992, GTMPL is engaged in the business of
manufacturing of Cotton hosiery combed and slub yarns ranging from
25 to 66s counts. The company is promoted by Mr. Karuppusamy and
family and is based out of Tirupur, Tamil Nadu.

PSM is engaged in the business of manufacturing of cotton hosiery
combed and melange yarns ranging from 25 to 40s counts, and is
based out of Tirupur, Tamil Nadu.


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

The instrument-wise rating actions are:

-- INR66.0 mil. Fund-based limits migrated to non-cooperating
     category with IND BB+ (ISSUER NOT COOPERATING)/IND A4+
     (ISSUER NOT COOPERATING) rating;

-- INR115.0 mil. Non-fund-based limits migrated to non-
     cooperating category with IND A4+ (ISSUER NOT COOPERATING)
     rating; and

-- INR78.3 mil. Term loans due on March 2024 migrated to non-
     cooperating category with IND BB+ (ISSUER NOT COOPERATING)
     rating.

Note: ISSUER NOT COOPERATING: The ratings were last reviewed on
December 4, 2019. Ind-Ra is unable to provide an update, as the
agency does not have adequate information to review the ratings.

COMPANY PROFILE

Founded in 1990, Precision Machines & Equipments manufactures
heavy, precision fabrication and machining. Its facilities are
located in Porur, Irungattukottai and Oragadam in Tamil Nadu. The
total installed capacity is 60 units per month.


R J BUILDCON: CRISIL Hikes Rating on INR4cr Loan to B+
------------------------------------------------------
Due to inadequate information and in-line with the Securities and
Exchange Board of India guidelines, CRISIL had migrated its ratings
on the bank facilities of R J Buildcon Private Limited (RJ) to
'CRISIL D/CRISIL D Issuer Not Cooperating'. However, the management
has started sharing the information necessary for a review.
Consequently, CRISIL is migrating the ratings to 'CRISIL
B+/Stable/CRISIL A4'.

                      Amount
   Facilities       (INR Crore)     Ratings
   ----------       -----------     -------
   Bank Guarantee       5.05        CRISIL A4 (Migrated from
                                    'CRISIL D ISSUER NOT
                                    COOPERATING')

   Overdraft            4           CRISIL B+/Stable (Migrated
                                    from 'CRISIL D ISSUER NOT
                                    COOPERATING')

   Term Loan            0.95        CRISIL B+/Stable (Migrated
                                    from 'CRISIL D ISSUER NOT
                                    COOPERATING')

The ratings migration also factors in timely servicing of debt by
the company for the previous three quarters. Liquidity though
remains stretched is partly supported by adequate cash accrual for
debt-servicing and need-based fund support from the promoters.

The ratings continue to reflect RJ's modest scale of-and working
capital intensive operations in the intensely competitive civil
construction industry and average financial risk profile. These
weaknesses are mitigated by the extensive industry experience of
the promoters and their fund support.

Analytical Approach

Unsecured loans from the promoters are treated as neither debt nor
equity as the funds are to stay in the business.

Key Rating Drivers & Detailed Description

Weakness:

* Modest scale of operations in the intensely competitive civil
construction industry: Operating income was INR11.1 crore in fiscal
2020, which has reduced from historical level. The scale of
operations has remained modest and fluctuating due to the
tender-based nature of business. The company mainly bids for
tenders floated by government authorities and urban local bodies.
The ability of the company to successfully bid for new projects,
improve its order book position and successfully execute the
projects on a timely basis will be crucial. The sustenance of
revenue growth over the medium term will remain a monitorable.

* Working capital-intensive operations: Retention money and earnest
money deposit (EMD) clauses in contracts keep operations working
capital intensive. As on March 31, 2020, inventory and debtors were
70 and 45 days, respectively. However, 2-3% of the contract value
has to be kept as EMD with counterparties. Also, counterparties
withhold 5-6% of the bill value as defect liability for 30-36
months after the completion of the project. Hence, gross current
assets remained high at around 761 days as on March 31, 2020.
Working capital requirement is likely to remain large over the
medium term as well.

* Average financial risk profile: A small networth and subdued debt
protection metrics constrain the overall financial risk profile.

Strength:

* Extensive experience of the promoters: The promoters' experience
of over a decade in the road construction industry and healthy
relations with government agencies such as the Pune Municipal
Corporation (PMC), Public Works Department (PWD), Pimpri Chinchwad
Municipal Corporation (PCMC) and National Highway Authority of
India (NHAI) will continue to support the business. Moreover,
need-based funding support from the promoters is expected to
continue.

Liquidity Stretched

Net cash accrual, expected at INR0.42 ' 0.95 crore, should
comfortably cover term debt obligation of INR0.15 crore over the
next two fiscals. Though cash accrual is sufficient to meet term
debt obligation, large working capital requirement exerts pressure
on liquidity. Bank limit was utilized 79.82% in the 12 months ended
October 2020. The utilization, nonetheless has remained almost full
in recent months. Need-based funding support from the promoters in
the form of unsecured loans is expected to continue. Current ratio
was healthy at 1.61 times on March 31, 2020.

Outlook: Stable

CRISIL believes RJ will continue to benefit from the extensive
experience of its promoters.

Rating Sensitivity factors

Upward factors:

  * Increase in revenue by 30% and stable operating margin,
    leading to higher cash accrual

  * Significant improvement in working capital cycle

Downward factors:

  * Decline in net cash accrual to below INR0.3 crore on
    account of fall in revenue or profitability

  * Any large debt-funded capital expenditure weakening
    the financial risk profile

Incorporated in March 2008, RJ is promoted by Mr. Shailesh Jalkote
and his family and primarily undertakes road construction
contracts. The company has executed projects for PMC, Pune PWD,
PCMC and NHAI.


RASIK PRODUCTS: CRISIL Withdraws B+ Rating on INR1.1cr Loan
-----------------------------------------------------------
CRISIL has withdrawn its ratings on the bank facilities of Rasik
Products Private Limited (RPPL) on the request of the company and
receipt of a no objection certificate from its bank. The rating
action is in line with CRISIL's policy on withdrawal of its ratings
on bank loans.

                     Amount
   Facilities      (INR Crore)     Ratings
   ----------      -----------     -------
   Bank Guarantee        1.9       CRISIL A4 (ISSUER NOT
                                   COOPERATING; Rating Withdrawn)

   Packing Credit        6.0       CRISIL A4 (ISSUER NOT
                                   COOPERATING; Rating Withdrawn)

   Proposed Long Term    1.1       CRISIL B+/Stable (ISSUER NOT
   Bank Loan Facility              COOPERATING; Rating Withdrawn)

   Secured Overdraft     9         CRISIL A4 (ISSUER NOT
   Facility                        COOPERATING; Rating Withdrawn)

CRISIL has been consistently following up with RPPL for obtaining
information through letters and emails dated December 31, 2019 and
May 11, 2020, 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
failed to receive any information on either the financial
performance or strategic intent of RPPL. This restricts CRISIL's
ability to take a forward looking view on the entity's credit
quality. CRISIL believes that rating action on RPPL is consistent
with 'Assessing Information Adequacy Risk'. Based on the last
available information, the rating on bank facilities of RPPL
continues to be 'CRISIL B+/Stable/CRISIL A4 Issuer Not
Cooperating'.

CRISIL has withdrawn its ratings on the bank facilities of RPPL on
the request of the company and receipt of a no objection
certificate from its bank. The rating action is in line with
CRISIL's policy on withdrawal of its ratings on bank loans.

RPPL, incorporated in 1998 by Mr. Girdhari Khandelwal, manufactures
multi-layer transferable coating, films, foils and laminates. Its
manufacturing units is based in Mathura, Uttar Pradesh.


ROC FOODS: CRISIL Keeps C Debt Ratings in Not Cooperating
---------------------------------------------------------
CRISIL said the ratings on bank facilities of ROC Foods Limited
(ROC) continue to be 'CRISIL C/CRISIL A4 Issuer not cooperating'.

                        Amount
   Facilities         (INR Crore)    Ratings
   ----------         -----------    -------
   Bank Guarantee         .25        CRISIL A4 (ISSUER NOT
                                     COOPERATING)

   Cash Credit           8.00        CRISIL C (ISSUER NOT
                                     COOPERATING)

   Proposed Long Term   24.00        CRISIL C (ISSUER NOT
   Bank Loan Facility                COOPERATING)

CRISIL has been consistently following up with ROC for obtaining
information through letters and emails dated May 23, 2020 and
November 14, 2020 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
failed to receive any information on either the financial
performance or strategic intent of ROC, which restricts CRISIL's
ability to take a forward looking view on the entity's credit
quality. CRISIL believes that rating action on ROC is consistent
with 'Assessing Information Adequacy Risk'. Based on the last
available information, the ratings on bank facilities of ROC
continues to be 'CRISIL C/CRISIL A4 Issuer not cooperating'.

AL was initially established as a private limited company in 1988
by Dr K D Singh under the name, Toubro Infotech & Industries Ltd
(TIIL). TIPL was reconstituted as AL when it came out with its
initial public offering in 1994. AL has grown into a diversified
corporation with operations in chemical trading, pharmaceuticals,
food-processing, floriculture, and steel.

ROC, a wholly owned subsidiary of AL, was hived off from AL in
2009. AFL is a farm-to-fork company engaged in poultry breeding and
hatching, and sale of raw and value-added meat products through its
retail chain, Republic of Chicken. AFL's portfolio includes whole
birds, eggs, chicken cuts, boneless breasts, boneless leg meat,
sausages and other cold cuts, and ready-to-eat poultry products.


RREDIFICE PRIVATE: CRISIL Cuts Ratings on INR8cr Loans to D
-----------------------------------------------------------
Due to inadequate information and in line with the Securities and
Exchange Board of India guidelines, CRISIL had migrated its ratings
on the bank facilities of Rredifice Private Limited (Rredifice) to
'CRISIL BB-/Stable/CRISIL A4+ Issuer Not Cooperating'. However, the
company's management has started sharing the information necessary
for a comprehensive review of the ratings. Consequently, CRISIL is
downgrading the ratings to 'CRISIL D/CRISIL D' from 'CRISIL
BB-/Stable/CRISIL A4+ Issuer Not Cooperating'.

                      Amount
   Facilities       (INR Crore)     Ratings
   ----------       -----------     -------
   Bank Guarantee        2.4        CRISIL D (Downgraded from
                                    'CRISIL BB-/Stable ISSUER NOT
                                    COOPERATING')

   Cash Credit           5.6        CRISIL D (Downgraded from
                                    'CRISIL A4+ ISSUER NOT
                                    COOPERATING')

The downgrade reflects the company's overdrawn cash credit limit
for more than 30 straight days because of weak liquidity.

The rating reflects company's modest scale of operations. However,
it benefits from the extensive experience of the promoters in the
civil construction industry.

Key Rating Drivers & Detailed Description

Weaknesses:

* Overdrawn cash credit facility for more than 30 days because of
weak liquidity: Liquidity is weak, as reflected in instances of the
cash credit facility being overdrawn for more than 30 days in the
12 months through November 2020.

* Modest scale of operations: Turnover of INR23.23 crore for fiscal
2020 reflects the company's modest scale of operations, which is
partly constrained by the tender-based business.

Strength:

* Extensive experience of the promoters: The decade-long experience
of the promoters has helped the company bag a steady stream of
orders from government authorities.

Liquidity Poor
Poor liquidity has resulted in overutilization of the working
capital limits for more than 30 days. Operations are working
capital intensive, leading to dependence on external debt for
meeting working capital requirement.

Rating Sensitivity Factors

Upward factors

* Track record of timely debt servicing for at least 90 days

* Improvement in business performance and reduction in
receivables resulting in better liquidity.

RREDRR is a private limited company promoted by  Mr. B Mallikarjuna
Reddy and Mr. Sravan Kumar Reddy. The company undertakes civil
construction work for canals, tunnels and roads in Andhra Pradesh.


RUSHABH INVESTMENT: CRISIL Cuts Rating on INR6.5cr Loan to B+
-------------------------------------------------------------
CRISIL has downgraded its rating on the bank loan facilities of
Rushabh Investment Private Limited (RIPL) to 'CRISIL
B+/Stable/CRISIL A4' from 'CRISIL BB-/Stable/CRISIL A4+'.

                      Amount
   Facilities       (INR Crore)     Ratings
   ----------       -----------     -------
   Bank Guarantee        2.5        CRISIL A4 (Downgraded from
                                    'CRISIL A4+')

   Cash Credit           6.5        CRISIL B+/Stable (Downgraded
                                    from 'CRISIL BB-/Stable')

   Letter of Credit      3.5        CRISIL A4 (Downgraded from
                                    'CRISIL A4+')

The downgrade reflects deterioration in business risk profile of
the company on account of steep decline in revenue and PAT losses
reported in fiscal 2020. The loss of key clientele and higher fixed
costs led to weaker operating performance in fiscal 2020. The
company's performance continues to be impacted in fiscal 2021 on
account of loss of clientele. It has recorded revenue of around
INR7 crore in H1FY2021 and revenue for full year of about INR16
crore. The downgrade also reflects its elongated working capital
cycle driven by higher levels of inventory and debtors and near to
full utilization of bank limits.

The ratings continue to reflect large working capital requirements
and average business risk profile. These weaknesses are partially
offset by the extensive experience of the company's promoters and
their funding support, along with moderate financial risk profile.

Analytical Approach

CRISIL has treated unsecured loans of INR49.46 crore as on March
31, 2020, by promoters extended to RIPL as 75% equity and 25% debt
as the USLs are subordinated to external debt and are interest
free.

Key Rating Drivers & Detailed Description

Weaknesses

* Average business risk profile: The business risk profile is
average marked by modest scale of operations of INR15.77 crore in
FY 2020. Also, the operating margins of the company have been
fluctuating for the past few years owing to volatility of raw
material prices and higher fixed cost due to dip in revenues.

* Large working capital requirement: The working capital
requirements have remained large as reflected in Gross Current
Assets (GCA) days of around 321 as on March 31, 2020. This was
mainly owing to large debtor days of around 121 days as on March
31, 2020. Also, the inventory days though improved, have remained
moderately high. Limited credit from suppliers leads to high
reliance on working capital limits to fund these activities.

Strengths

* Extensive experience of the promoters and their funding support:
The promoters' experience of over two decades in the industry has
helped the company develop healthy relations with its customers and
diversify its business segment. Also, timely, need-based unsecured
loans should continue to support the business.

* Moderate financial risk profile: RIPL's financial risk profile is
moderate supported by moderate networth of INR23.67 crore as on
March 31, 2020 and comfortable capital structure with gearing of
0.81 times as on March 31, 2020

Liquidity Stretched

The liquidity is stretched. Net cash accruals were low at INR0.58
crore against nil repayment obligations. However, net cash accruals
to total debt stood at 0.03 times, which would constrain the
liquidity and financial flexibility. The utilization of bank line
has remained high owing to large working capital requirements.

Outlook: Stable

CRISIL believes RIPL will continue to benefit from its promoters'
experience and their funding support.

Rating Sensitivity Factors:

Upward Factors:

  * Improvement in business risk profile with revenue
    above INR25 crore and cash accruals over INR1 crore
    consistently

  * Improvement in working capital management

Downward Factors:

  * Further decline in revenue and operating margins of
    less than 3%

  * Further stretch in working capital cycle and
    continued high reliance on bank lines to fund
    working capital requirements

RIPL, incorporated in 1991, manufactures telecom scratch cards,
self-adhesive labels, and induction sealing wads at its unit in
Sanaswadi, near Pune; it also makes plastic smart cards. Mr. Atul
Ajmera and family are the promoters while Mr. Bimal Mehta manages
the daily operations.


SAHAKAR MAHARSHI: Ind-Ra Gives 'BB-' Issuer Rating, Outlook Stable
------------------------------------------------------------------
India Ratings and Research (Ind-Ra) has assigned Sahakar Maharshi
Shankarrao Kolhe Sahakari Sakhar Karkhana Ltd (SMSK) a Long-Term
Issuer Rating of 'IND BB-'. The Outlook is Stable.

The instrument-wise rating action is:

-- INR250 mil. Fund-based limits assigned with IND BB-/Stable/IND

     A4+ rating.

KEY RATING DRIVERS

The ratings reflect SMSK's weak credit metrics due to modest EBITDA
and high debt levels. The gross interest coverage (operating
EBITDA/gross interest expense) deteriorated to 0.6x in FY20 (FY19:
1.6x) and the net leverage (total adjusted net debt/operating
EBITDA) to 27.1x (6.5x), owing to a decrease in the EBITDA to INR64
million (INR256 million). Ind-Ra expects the credit metrics to
remain weak in FY21, owing to the continued modest EBITDA.

The ratings also factor in SMSK's modest EBITDA margins with a
return on capital employed of 1% in FY20 (FY19: 6%). The margins
contracted to 1.6% in FY20 (FY19: 5.6%) as the company incurred
INR228.47 million of operating expenses for modifications in the
chemical and distillery segment during the year. Ind-Ra expects the
margins to marginally increase in FY21, owing to an increase in
ethanol prices from 1 December 2020.

The ratings also reflect SMSK's medium scale of operations. In
FY20, revenue declined to INR3,935 million (FY19: INR4,577
million), majorly due to a 14.5% yoy decline in non-sugar sales to
INR2,561.8 million and a 13.1% yoy decrease in sugar sales to
INR1,373.1 million owing to lower crushing days. The company
operated for 92 days during sugar season 2020 (SS20) compared to153
days in SS19. The total cane crushed volume was 358,354 metric tons
(tm) and recovery rate was 9.4% in SS20 (SS19: 660,261mt, 9.7%).
SMSK booked revenue of INR878 million during April to August 2020.

Liquidity Indicator - Stretched: The company's average peak
utilization of the fund-based limits was 90.8% for the 12 months
ended November 2020. It has scheduled debt repayments of INR315
million during FY21. SMSK has paid 100% of its fair and
remunerative price cane arrears. The net cash conversion cycle
remained elongated at 128 days in FY20 (FY19: 79 days), due to a
decrease in payable period to 38 days (84 days) resulting from the
payment of cane arrears. The inventory holding period remained long
at 163 days (157 days), which is intrinsic to the sugar industry.
SMSK's cash flow from operations remained negative at INR40 million
in FY20 (FY19: negative INR40 million), owing to the decline in the
EBITDA. Its free cash flow improved, although remained negative, to
INR125 million in FY20 (FY19: negative INR197 million) on the back
of no major capex. However, its total outside liabilities/total net
worth improved to 2.1x in FY20 (FY19: 2.5x), owing to a decrease in
total debt to INR1,737.51 million (INR1,907.83 million). The free
cash flow and the total outside liabilities/total net worth
excludes land revaluation reserve of INR3,347.23 million during
FY20. The cash and cash equivalents stood at INR4.6 million at
FYE20 (FYE19: INR252.72 million). The sugar stock in hand at
end-November 2020 was 203,000 quintals.

However, the ratings are supported by SMSK's fully integrated
nature of operations which aids its realizations, especially during
downturns in the sugar segment. The company increased its sugar
manufacturing capacity to 5,000 tons cane per day in 1HFY21 from
4,500tcd, for which it incurred a capex of INR40 million which was
funded by internal accruals. Moreover, SMSK has a 12MW cogeneration
facility, for which it has a power purchase agreement with the
Maharashtra State Electricity Board at INR6.43 per unit for the
surplus power. The company also has a license to manufacture
ethanol with a capacity of 120,000 liters per day and sell it to
oil companies through on tender basis at government regulated
rates. It also manufactures and sells liquor with 1.2 million
bottles per day capacity (3,500,000 boxes) under the brand Bobby.

The ratings also benefit from two and a half-decade-long experience
of SMSK's promoters in the sugar industry.

RATING SENSITIVITIES

Negative: Deterioration in the operating performance, leading to
the interest coverage sustaining below 1.2x or an elongation of the
working capital cycle or deterioration of the liquidity position,
would be negative for the ratings.

Positive: A significant improvement in the working capital cycle as
well as the operating performance, leading to an improvement in the
credit metrics, on a sustained basis, will be positive for the
ratings.

COMPANY PROFILE

SMSK has an integrated facility to manufacture sugar, generate
power, produce ethanol and rectified spirit and liquor. The
facility is located in Ahmednagar, Maharashtra. The company was
founded in 1960 by Shankarrao Kolhe.


SINDHU TRADE: Ind-Ra Cuts LongTerm Issuer Rating to 'IND B+'
------------------------------------------------------------
India Ratings and Research (Ind-Ra) has downgraded Sindhu Trade
Links Limited's (STLL) Long-Term Issuer Rating to 'IND B+' from
'IND BBB-' while simultaneously placing it on Rating Watch Negative
(RWN).

The detailed rating actions are:

-- INR0.7 mil. Fund-based limits downgraded and placed on RWN
     with IND B+/RWN/IND A4/RWN rating;

-- INR1.9 mil. Non-fund-based limits downgraded and placed on RWN

     with IND B+/RWN/IND A4/RWN rating; and

-- INR1.6 mil. Term loan due on March 2023 downgraded and placed
     on RWN with IND B+/RWN rating.

Analytical Approach: Ind-Ra continues to take a consolidated view
of STLL and its subsidiaries - Hari Bhoomi Communications Private
Limited (shareholding: 84.7%), Indus Automotives Private Limited
(98.1%), Param Mitra Resources Pte Limited (96.2%) and Sudha Bio
Power Pvt Ltd (100%) while arriving at the ratings as all the
entities have common promoters.

KEY RATING DRIVERS

The downgrade reflects deterioration in STLL's liquidity position
in 1HFY21 on account of lower-than-expected EBITDA generation in
the coal transportation and coal mining segments owing to
COVID-19-led business disruptions. Ind-Ra expects that the
operating profit from the company's coal operations to remain
lower-than-expected in the near-to-medium term leading to
deterioration in the consolidated credit profile. There has been
delay in servicing of term debt obligations by STLL on account of
stretched liquidity position. With reference to the agency's
Treatment of Restructurings due to COVID-19 Related Business
Disruptions and the updated (revised on 12 December 2020) FAQs on
Resolution Framework for COVID-19 related stress released by the
Reserve Bank of India, the delay in servicing of term debt
obligations by the company has not been tagged as a default. The
company has availed the Reserve Bank of India-prescribed moratorium
under the COVID-19 relief package scheme over March-August 2020 and
has also applied for emergency credit line guarantee scheme to
improve its liquidity position.

The RWN reflects the uncertainty regarding the successful
implementation of the debt restructuring. The agency will continue
to monitor the effects of these measures and the consequent
economic/business ramifications on STLL's cash flows and liquidity.
Unsuccessful restructuring may lead to a multi-notch downgrade.

Liquidity Indicator – Stretched: STLL's liquidity position
deteriorated in 1HFY21 with a low cash balance of INR0.3 billion at
end-September 2020 (end-September 2019: INR0.3 billion) and high
average utilization (95%) of its working capital limits during the
12 months ended November 2020. STLL's liquidity was partially
supported by around INR500 million received from the sale of a
property along with around INR250 million unsecured loan provided
by directors during 8MFY21. Against the total outstanding debt of
around INR10.4 billion at end-September 2020 (end-9MFY20: INR10.1
billion), the company has to make debt repayments of around INR1.0
billion and INR1.8 billion in 2HFY21 and FY22, respectively.  

A steep decline in STLL's revenue (1HFY21: INR3.9 billion, 1HFY20:
INR6.2 billion) and EBITDA (INR0.3 billion, INR0.6 billion) during
1HFY21 caused the consolidated gross interest coverage (operating
EBITDA/interest expense) to deteriorate (0.4x, 0.8x). FY20
consolidated financials have not yet been disclosed by the company.


RATING SENSITIVITIES

The RWN reflects that the ratings may be either downgraded or
affirmed. Ind-Ra will resolve the RWN based upon the clarity on the
implementation of the COVID-19 restructuring scheme. Inability in
availing the restructuring scheme would be negative for the
ratings.

COMPANY PROFILE

STLL is engaged in the business of transportation services, along
with the trading of oil and lubricants. Its subsidiaries are
engaged in media, automobiles and spare parts, bio-power generation
and coal mining operations.


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

The instrument-wise rating actions are:

-- INR350 mil. Fund-based limit migrated to non-cooperating
     category with IND BB (ISSUER NOT COOPERATING) rating; and

-- INR10 mil. Non-fund-based limit migrated to non-cooperating
     category with IND A4+ (ISSUER NOT COOPERATING) rating.

Note: ISSUER NOT COOPERATING: The ratings were last reviewed on
December 9, 2019. Ind-Ra is unable to provide an update, as the
agency does not have adequate information to review the ratings.

COMPANY PROFILE

Incorporated in 2001, Sitaram Gems is a partnership firm engaged in
diamond manufacturing, and rough diamond cutting and polishing. The
firm exports to Hong Kong and Bangkok. Its domestic markets are
Mumbai, Surat and Kolkata. It is managed by Manjibhai Kevadia.


T G R PROJECTS: CRISIL Moves B Debt Rating From Not Cooperating
---------------------------------------------------------------
Due to inadequate information, CRISIL, in line with Securities and
Exchange Board of India guidelines, had migrated the ratings on the
bank facilities of T G R Projects India Private Limited  (TGRPL) to
'CRISIL B/Stable; issuer not cooperating'. However, the management
has subsequently started sharing the requisite information for
carrying out a comprehensive review of the ratings. Consequently,
CRISIL is migrating the ratings to 'CRISIL B/Stable'.

                    Amount
   Facilities     (INR Crore)    Ratings
   ----------     -----------    -------
   Long Term Loan     29.81      CRISIL B/Stable (Migrated from
                                 'CRISIL B/Stable ISSUER NOT
                                 COOPERATING')

   Proposed Term       2.19      CRISIL B/Stable (Migrated from
   Loan                          'CRISIL B/Stable ISSUER NOT
                                 COOPERATING')

The rating continues to reflect the geographic concentration in
revenue and susceptibility to inherent cyclicality in India's real
estate sector. These rating weaknesses are partially offset by
extensive experience of the promoters in the real estate
development industry and track record of the company in executing
residential projects in Bengaluru.

Key Rating Drivers & Detailed Description

Weaknesses:

* Geographic concentration in revenue: The ongoing project 'Ankshu
Ecstasy' is situated in Bengaluru. Any events such as slowdown in
the infrastructure spending in Bengaluru or policy regulations may
affect the pace of completion of the ongoing projects and thereby
impair its cash generation. TGRPL shall continue to experience
geographical concentration in its revenues in the medium term.

* Susceptibility to inherent cyclicality in India's real estate
sector: India's real estate sector is characterized by swinging
fortunes and severe cyclicality, apart from being largely
unregulated. Though TGRPL commands a good reputation in Bangalore,
which partially mitigates the aforesaid risk, it shall remain
vulnerable to industry upswings and downtrends, apart from
increasing regulation by governmental authorities.

Strengths:

* Promoters' extensive experience: Promoters of TGRPL have been
engaged in the real estate business for close to two decades,
especially in and around Bangalore with an extensive experience,
that the promoters have developed industry insight in the company's
area of operations

* Track record of the company in executing residential projects in
Bangalore: The company has successfully completed 11 projects in
Bengaluru, where it is also undertaking its ongoing project. The
proven track record is expected to keep the company in good stead
as it constructs and sells units in its ongoing projects.

Liquidity Stretched

TGRPL is likely to fund the construction of its ongoing project and
the upcoming project through a mix of customer advances, unsecured
loans and bank loan. The repayments of the term loan starting from
December 2020 coupled with funding support from promoters in form
of unsecured loans the same remained at INR37.68 crore as on March
2020. Furthermore, any delay in receipt of advances from customers
is likely to impact the company's liquidity in a significant way.

Outlook: Stable

CRISIL believes TGRPL will benefit over the medium term from its
promoters' extensive experience in the real estate business.

Rating Sensitivity Factors:

Upward factors:

  * Significant improvement in debt service coverage ratio (DSCR)
to over 2 times, supported by substantially higher-than-anticipated
cash flow

  * Early completion of projects and higher customer advances,
leading to substantial cash flows

Downward Factors:

  * Drawdown of more-than-expected debt or cost overrun, leading to
drop in DSCR to below 1 times.

  * Weak cash flows from operations because of subdued response,
delay in completion of, projects, thereby weakening financial risk
profile, particularly liquidity.

Bengaluru (Karnataka) based, TGRPL was incorporated in the year
2012 by Mr. Gopal Reddy, Mr. Aravind Reddy, Mrs. G. Aruna Devi, Mr.
Mansukhlal Patel, Mr. G. Anand and others. The company began
commercial operation in 2014 and is currently engaged in the
construction of residential apartments in Bangalore.


TATYASAHEB KORE: Ind-Ra Cuts Loan Rating to 'D', Outlook Stable
---------------------------------------------------------------
India Ratings and Research (Ind-Ra) has downgraded Shree Tatyasaheb
Kore Warana Sahakari Sakhar Karkhana Ltd's (STKWSSKL) bank
facilities to 'IND D' from 'IND B+'. The Outlook was Stable.

The detailed rating actions are:

-- INR1,041.9 bil. Term loans (Long-term) due on FY21-FY24
     downgraded with IND D rating;

-- INR5.24 bil. Fund-based working capital facility (Long-term)
     downgraded with IND D rating; and

-- INR218.10 mil. Proposed term loan (Long-term)* downgraded with
     Provisional IND D rating.

*The rating is provisional and shall be confirmed upon the
sanction and execution of loan documents for the above facilities
to the satisfaction of Ind-Ra.

KEY RATING DRIVERS

The downgrade reflects delays in debt servicing by STKWSSKL during
the three months ended November 2020, due to a stretched liquidity
position. This was because of reduced sales due to low demand for
its products, owing to the ongoing COVID-19 pandemic.

RATING SENSITIVITIES

Positive: Timely debt servicing for three consecutive months will
be positive for the ratings.

COMPANY PROFILE

STKWSSKL was registered on September 27, 1955 under The Maharashtra
Co-operative Societies Act, 1960. The cooperative operates a 12,000
metric tons capacity sugar plant, a 44MW capacity cogen power plant
and a 80 kilo lit liters day capacity ethanol plant in Warananagar
near Kolhapur, Maharashtra. Shobhatai Vilasrao Kore is the Chairman
and SR Bhagat is the Managing Director.


VENKATESWARA GRANITES: CRISIL Keeps D Ratings in Not Cooperating
----------------------------------------------------------------
CRISIL said the ratings on bank facilities of Sri Venkateswara
Granites & Exports Limited (DGL) continue to be 'CRISIL D/CRISIL D
Issuer not cooperating'.

                      Amount
   Facilities       (INR Crore)     Ratings
   ----------       -----------     -------
   Export Packing         7         CRISIL D (ISSUER NOT
   Credit                           COOPERATING)

   Letter of Credit       2         CRISIL D (ISSUER NOT
                                    COOPERATING)

   Long Term Loan        15         CRISIL D (ISSUER NOT
                                    COOPERATING)

CRISIL has been consistently following up with DGL for obtaining
information through letters and emails dated May 23, 2020 and
November 14, 2020 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
failed to receive any information on either the financial
performance or strategic intent of DGL, which restricts CRISIL's
ability to take a forward looking view on the entity's credit
quality. CRISIL believes that rating action on DGL is consistent
with 'Assessing Information Adequacy Risk'. Based on the last
available information, the ratings on bank facilities of DGL
continues to be 'CRISIL D/CRISIL D Issuer not cooperating'.

Incorporated in 2011, DGL is engaged in granite processing. DGL was
promoted by Mr. Ramadugu Mahender Rao, Mr. M Ramadugu Manohar Rao
and Mr. Gorukanti Naveen Kumar. DGL has commenced its commercial
operations during November, 2013.


ZAMBAD INFRASTRUCTURE: CRISIL Reaffirms D Rating on INR15cr Loan
----------------------------------------------------------------
CRISIL has reaffirmed its rating on the long-term bank facility of
Zambad Infrastructure Limited (ZIL) at 'CRISIL D'.

                      Amount
   Facilities       (INR Crore)     Ratings
   ----------       -----------     -------
   Long Term Loan         15        CRISIL D (Reaffirmed)

The rating reflects the recent delay in servicing debt obligations
because of weak liquidity. The rating also reflects the company's
susceptibility to cyclicality in domestic real estate. These
weaknesses are partially offset by the extensive experience of the
promoters.

Key Rating Drivers & Detailed Description

Weaknesses:

* Delay in debt servicing due to weak liquidity: The Company has
availed a long-term project loan in December 2018. There has been
instance of delay in repayment of term loan installments because of
weak liquidity amid constrained project cash flows. The company has
not fully paid its instalment due for the quarter of September
2020.

* Susceptibility to cyclicality in domestic real estate industry:
The real estate sector in India is cyclical and marked by volatile
prices, opaque transactions, and a highly fragmented market
structure because of the presence of a large number of regional
players. Absence of regulatory certifications on land titles
exposes real estate developers to legal risks. CRISIL believes that
ZIL's business risk profile will remain constrained due to
cyclicality in domestic real estate industry.

Strengths

* Extensive industry experience of the company's promoters: The
promoter Mr. Subhash Zambad started its construction activities
back in 1982, with various landmark projects in Aurangabad and
Pune. The promoter has an experience of developing total
residential/commercial space of 2.5 million square feet. CRISIL
believes that the promoter's extensive experience will help the
company in timely executing the project in ZIL.

Liquidity Poor

Liquidity is poor as indicated by instances of delays in the
repayment of term loan. There is cash flow constraint owing to
delay in sale of project, which has resulted in delays in servicing
debt.

Rating Sensitivity Factor

Upward Factor

* Track record of timely debt servicing for at least 90 days

* Healthy booking with timely receipts of advances from
customers.

Promoted by Mr. Subhash Zambad, ZIL started construction activity
in 1982. The company is undertaking a commercial real estate
project in Aurangabad (Maharashtra).


[*] More Than 60% of Insolvency Led to Liquidation in Sept. Quarter
-------------------------------------------------------------------
Business Standard reports that more than 60% of the corporate
insolvency resolution processes (CIRPs) that achieved closure in
July-September 2020 have ended up in liquidation. The data by the
Insolvency and Bankruptcy Board of India (IBBI) showed that 68 of
the 112 cases closed during this period went into liquidation,
Business Standard discloses. While a significant number of cases
had faced liquidation in the previous quarter too, it was still
only one-third of the total cases that got closure. Cases of
liquidation have been on the rise, even as the initiation of the
CIRP under the Insolvency and Bankruptcy Code (IBC) has been under
suspension till December 2020.

According to Business Standard, experts said this further
underlines the lack of investor interest in stressed assets at
present. "Earlier, the cases coming to the NCLT had most of their
value eroded and therefore, there was a lot of liquidation. Now,
due to the Covid-19 pandemic, there is a financial crunch.
Resolution plans are coming but not sufficiently. Unless enthusiasm
comes back to industry, we will see more liquidation," Business
Standard quotes Manoj Kumar, partner, Corporate Professionals, as
saying.

Business Standard adds that the IBBI numbers also showed that of
the 1,022 liquidation cases for which the data was available, 751,
or around 73% , were earlier under the Board for Industrial and
Financial Reconstruction (BIFR) regime. About 50% of the CIRPs
yielded orders for liquidation, compared to 13.41% cases that ended
up with a resolution plan.

Around 60% - 530 of the 893 ongoing liquidation cases, have been
going on for more than a year. Final report has been submitted in
just about 13% of the liquidation cases initiated so far under the
Code.

IBC experts feel that it is a good decision to suspend the
initiation of corporate insolvencies for the pandemic period since
it will only add more supply of stressed assets into the market at
a time when there is hardly any demand, Business Standard relays.

Business Standard relates that the IBBI chief has also said that
rescuing a viable firm is more important than liquidating an
unviable company during the Covid crisis. "If you fail to liquidate
an unviable one, it is bad. But it can be rectified next year,"
Sahoo said.

Business Standard says the bankruptcy regulator has proposed a
statutory mechanism to allow a company to withdraw from the process
of voluntary liquidation at any point after its initiation.
According to the report, the IBBI said if there was a business
opportunity, the closure of the voluntary liquidation process
midway may serve the interests of stakeholders and the economy
better. Industry experts feel that in order to limit the number of
liquidation cases in the coming months, the suspension of
initiating the CIRP is a good idea since investor interest might
pick up in 2021. "The government should also take this time (of
suspension) to put in place the pre-pack scheme and the special
framework for MSMEs . . . Both of which may bring down
liquidations," Kumar, as cited by Business Standard, added.




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

AIRASIA GROUP: Unit Restructuring Favors Airbus, BOC Aviation Says
------------------------------------------------------------------
Reuters reports that lessor BOC Aviation Limited (BOCA) has asked a
Malaysian court to dismiss AirAsia X Bhd's debt restructuring
scheme as it rules out a debt-to-equity swap and gives too much
power to Airbus as a creditor, an affidavit filed by a top BOCA
executive showed.

AirAsia X (AAX), the long-haul unit of budget airline AirAsia
Group, has proposed to reconstitute $15.3 billion of debt into a
principal amount of MYR200 million ($48 million) and have the rest
waived, according to Reuters.

Reuters relates that the airline, which has posted losses since
June 2019, said the alternative was to face liquidation with no
returns to creditors. It is now seeking court approval to convene a
meeting with creditors to vote on the scheme.

In an affidavit filed at the Kuala Lumpur High Court on Nov. 26
seen by Reuters, BOCA Chief Operating Officer David Walton said the
restructuring was unfair as it writes off 99.7% of claims without
offering creditors an equity stake.

BOCA became one of Norwegian Air's top shareholders in May after
agreeing with other lessors to convert debt to equity. The airline
sought bankruptcy protection last month after failing to get more
state support.

Mr. Walton also questioned AAX's unfair debt calculations, given
most of the amount was tied to aircraft orders from Airbus SE that
have not been delivered, Reuters relays.

AAX had previously disclosed that BOCA had challenged the
restructuring, but had not given the reasons for it.

"Aircraft purchase commitments cannot be considered as an accurate
assessment of the accrued and crystallised debts," Mr. Walton said
in the affidavit supporting the lawsuit by BOCA.

In other recent restructurings such as Thai Airways International
PCL and Virgin Australia, the main creditors have been current
financiers, lessors and suppliers, not plane manufacturers based on
orders.

AAX's restructuring plan needs approval from creditors holding at
least 75% of the total value of the debt, Reuters says.

A source with direct knowledge of the matter has told Reuters that
Airbus has nearly 75% on its own, giving lessors relatively little
say.

According to Reuters, Mr. Walton said BOCA should be categorised as
a financing creditor separately from an equipment manufacturer like
Airbus as they have different interests.

BOCA declined to comment, saying it is engaged in legal action,
while Airbus declined to comment citing confidentiality, Reuters
notes.

Last month, a court in Britain ordered AAX to pay BOCA $23.4
million for outstanding aircraft lease liabilities, Reuters
recalls. BOCA registered the foreign judgment in Malaysia last
week.

Reuters notes that AAX announced on Dec. 14 plans to raise $123
million through a rights issue from existing shareholders and share
subscription from new investors.

The fundraising however is contingent on approval for the
restructuring scheme and at least a dozen creditors have filed
objections to it. AAX said it will continue to engage with
creditors to allay their concerns, the report adds.

                           About AirAsia

AirAsia Berhad provides low-cost air carrier service. The company
provides services on short-haul, point-to-point domestic and
international routes. AirAsia, headquartered in Malaysia, operates
from hubs in Malaysia, Thailand, Indonesia, Philippines and India.

As reported in the Troubled Company Reporter-Asia Pacific on July
9, 2020, auditor Ernst & Young said the carrier's ability to
continue as a going concern may be in "significant doubt."  In a
statement to the Kuala Lumpur stock exchange, Ernst & Young said
AirAsia's current liabilities already exceeded its current assets
by MYR1.84 billion at the end of 2019, a year when it posted a
MYR283 million net loss, Bloomberg News disclosed. That was before
the coronavirus crisis, which has further hit the carrier's
financial performance and cash flow.




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

XIHE HOLDINGS: Grant Thornton Named as Judicial Manager to Unit
---------------------------------------------------------------
Manifold Times reports that a notice was published in the
Government Gazette on Dec. 11 the appointment of judicial managers
for Xin Hui Shipping Pte Ltd (UEN NO. 199003651N), a subsidiary of
the Lim family owned XiHe Holdings Pte Ltd.

Gavin Mark McIntyre, Director of Xin Hui Shipping, announced
Seshadri Rajagopalan and Paresh Jotangia of Grant Thornton will be
the joint judicial managers of the company, the report discloses.

The interim judicial managers can be reached at:

          Grant Thornton
          8 Marina View
          #40-04/05 Asia Square Tower 1
          Singapore 018960

Xihe Holdings is a Singapore-based tanker shipowner. The exempt
private company owned by Hin Leong founder OK Lim and his son, has
been placed under interim judical managers (IJMs), after more
creditors threw their support behind OCBC Bank's application to
take control over Xihe's restructuring out of the Lim family's
hands, according to The Business Times.

A Singapore High Court appointed Grant Thornton Singapore as IJMs
for Xihe Holdings during a chambers hearing on Aug. 13, 2020, BT
said.




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

SSANGYONG MOTOR: Defaults $55MM Loan to Bank of America, Others
---------------------------------------------------------------
Reuters reports that Mahindra & Mahindra's South Korean unit
Ssangyong Motor Co has defaulted on loan repayment of about KRW60
billion ($55 million), the Indian company said in a statement to
the stock exchange on Dec. 15.

Of the total payment that was due on Dec. 14, about KRW30 billion
was owed to Bank of America, KRW20 billion to JP Morgan Chase and
KRW10 billion to BNP Paribas, Mahindra said, Reuters relays.

According to Reuters, Mahindra has since June been looking for a
buyer for all or most of its 75% stake in the South Korean
sport-utility vehicle (SUV) maker, which it bought from
near-insolvency in 2010 but has struggled to turnaround.

Reuters relates that the move is part of a wider restructuring
effort by Mahindra under which it is reviewing all of its
loss-making businesses to cut costs and prioritise capital
expenditure.

Ssangyong has total outstanding loans of about KRW100 billion ($92
million) to the three banks, Mahindra said.

While the Indian automaker had made a commitment to cover the
loans, its final liability would be limited to the extent not
recovered from the South Korean SUV maker, it added, Reuters
relays.

                        About Ssangyong Motor

Headquartered in Kyeonggi-Do, South Korea, Ssangyong Motor Co. Ltd.
engages in the manufacture and sale of automobiles. The Company
mainly manufactures and sells recreational vehicles (RVs), sports
utility vehicles (SUVs), multi-purpose vehicles (CDVs) and
passenger cars under the brand name of rexton sports, korando,
korando sports, korando turismo, tivoli, tivoli air and others. The
Company also provides automobile parts. The Company distributes its
products within domestic market and to overseas markets.

The auditor of SsangYong Motor Co. on Aug. 14, 2020, refused to
deliver an opinion on the carmaker's ability to remain a going
concern.  KPMG Samjong Accounting Corp. declined to give its
opinion on SsangYong Motor's earnings results for the January-June
period. Samjong was also skeptical about SsangYong Motor's ability
to continue operations after the company continued to report net
losses in the January-March period, according to Yonhap News
Agency.

SsangYong has reported net losses in the past 14 quarters through
the second quarter of this year. Its net losses narrowed to KRW8.85
billion in the second quarter from KRW51.45 billion a year earlier,
Yonhap disclosed.



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

Troubled Company Reporter-Asia Pacific is a daily newsletter co-
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Marites O. Claro, Joy A. Agravante, Rousel Elaine T. Fernandez,
Julie Anne L. Toledo, Ivy B. Magdadaro and Peter A. Chapman,
Editors.

Copyright 2020.  All rights reserved.  ISSN: 1520-9482.

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