---

       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

          Monday, December 21, 2020, Vol. 23, No. 254

                           Headlines



A U S T R A L I A

BLUE SKY: Plaintiff Lawyers Prepare Shareholder Class Action
MALIVER PTY: Court Appoints Provisional Liquidators
XINJA BANK: Dumped Auditor, Struggled to Deliver Services


C H I N A

GOLDEN CREDIT: China Suspends Agency as Defaults Hit Market
WYNN RESORTS: Egan-Jones Lowers Senior Unsecured Ratings to CCC+
[*] CHINA: Regulator Approves Opening of Fifth Bad Loan Bank


I N D I A

ADVANCED MINING: CRISIL Keeps D on INR133cr Loans in NonCooperating
AL-SUPER FROZEN: CRISIL Keeps D on INR25cr Loan in Not Cooperating
ALANKRIT MERCANTILE: Insolvency Resolution Process Case Summary
AMBIENT COMPUTRONICS: Insolvency Resolution Process Case Summary
ANIL KUMAR: CRISIL Keeps D Debt Ratings in Not Cooperating

ANITHA CASHEWS: CRISIL Lowers Rating on INR7.10cr Term Loan to D
BAJAJ BASMATI: CRISIL Keeps D Debt Ratings in Not Cooperating
BALA BALAJI: CRISIL Keeps D Debt Ratings in Not Cooperating
BATANAGAR EDUCATION: CRISIL Keeps D Rating in Not Cooperating
BHARANI SPINNINGS: CRISIL Keeps D Debt Ratings in Not Cooperating

BOMMIDALA PURNAIAH: CRISIL Keeps C Ratings in Not Cooperating
CANOPY ESTATES: CRISIL Keeps D Debt Ratings in Not Cooperating
CHOUDHARI CONSTRUCTION: CRISIL Keeps D Ratings in Not Cooperating
CJ S HARITHA: CRISIL Keeps D Debt Ratings in Not Cooperating
EDEN CRITICAL: CRISIL Keeps D Debt Rating in Not Cooperating

ENTRACK OVERSEAS: CRISIL Keeps D Debt Ratings in Not Cooperating
GANESH RICE: CRISIL Keeps D Debt Ratings in Not Cooperating
GARUDA INFRATECH: CRISIL Keeps C Debt Ratings in Not Cooperating
GARV UDYOG: CRISIL Keeps D Debt Ratings in Not Cooperating
GREENLEAF TOBACCO: CRISIL Keeps D Debt Rating in Not Cooperating

HOTEL BABYLON: CRISIL Lowers Rating on INR29cr LT Loan to D
IL&FS LTD: Delhi High Court Allows NFRA to Probe IFIN Audits
IL&FS LTD: Indian Bank Declares IFIN Account as Fraud
RAASHRI PAINTS: CRISIL Keeps D Debt Ratings in Not Cooperating
RAJAVE TEXTILES: CRISIL Keeps D Debt Ratings in Not Cooperating

RATNAGIRI CHEMICALS: CRISIL Keeps D Ratings in Not Cooperating
SHIRAJ TIMBER: CRISIL Keeps D Debt Ratings in Not Cooperating
SHIV MAHIMA: CRISIL Cuts Rating on INR6.6cr Long Term Loan to D
VISHNU STEELS: CRISIL Keeps D Debt Ratings in Not Cooperating
YASORAM BUILDERS: CRISIL Lowers Rating on INR15cr LT Loan to D



M A L A Y S I A

PERAK CORP: Unit Sells Land, Proposes Scheme to Address Debts


S I N G A P O R E

HOE LEONG: Appeals to Strike Out Malaysian Civil Suit
NEW SILKROUTES: Appoints KMPG to Carry Out Independent Review

                           - - - - -


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

BLUE SKY: Plaintiff Lawyers Prepare Shareholder Class Action
------------------------------------------------------------
The Australian Financial Review reports that plaintiff lawyers have
pounced on court testimony provided by venture capitalist and
former Blue Sky director Elaine Stead as they prepare shareholder
class action lawsuits against the collapsed investment manager.

AFR relates that litigation firm Shine Lawyers, which is
investigating a class action on behalf of former Blue Sky
investors, has questioned whether the fallen fund manager may have
"misconceived" its legal obligations to disclose material
information to the market.

The concerns were raised following Dr Stead's testimony in the
Federal Court on December 4 as part of defamation proceedings
brought by the former Blue Sky director against The Australian
Financial Review, its publisher Fairfax Media and columnist Joe
Aston.

Under cross-examination by Sandy Dawson, SC, acting for Fairfax,
Dr. Stead said an article published by the Financial Review in June
2017 was "incorrect".

The article reported that Blue Sky had an even asset split across
its portfolio of about AUD1 billion in private equity and venture
capital, AUD1 billion in property and AUD1 billion in real assets
such as infrastructure. It was subsequently reported that Blue Sky
held just AUD600 million in private and venture equity investments
and was overweight property.

Asked whether ASX-listed Blue Sky issued a public statement
correcting the article, Dr Stead confirmed it did not, AFR relays.

"It was difficult to correct if we can't actually say the number
for each of the assets under management," AFR quotes Dr. Stead as
saying. She went on to confirm that not revealing the asset
breakdown publicly was a commercial decision.

When asked where the reported numbers "came from", she responded
that it was "cause for much consternation".

According to the report, Shine Lawyers class actions practice
leader Craig Allsop, a former ASIC lawyer, said he was "surprised"
by the testimony that the Blue Sky board believed the article to be
incorrect but chose not to correct it.

"In my opinion this misconceives disclosure requirements under the
continuous disclosure rules. In simple terms, a company has to
disclose information of which it becomes aware that is material to
the market," Mr. Allsop wrote in a statement to the Financial
Review.

"Whether or not a company typically reports information of the kind
that has become material is irrelevant ... If Ms. Stead's testimony
is accurate, it appears that Blue Sky did not sufficiently consider
materiality when deciding to stay quiet about the breakdown of its
assets under management in 2017."

AFR says the plaintiff lawyer pointed out that Blue Sky
"apparently" later decided that AUM breakdown was material as it
disclosed the information in 2018.

Shine is investigating the Blue Sky matter with a view to a
"likely" lawsuit seeking damages from the company. It is accepting
registrations of interest from shareholders who purchased Blue Sky
shares between October 2015 and March 2018, the report notes.

AFR relates that the firm, and others investigating potential Blue
Sky litigation, are awaiting the outcome of the company's voluntary
receivership. It is understood some intend to argue Blue Sky
breached its continuous disclosure obligations.

"We are continuing our investigation into Blue Sky's collapse with
a focus on the board's approach to its corporate governance
framework," the report quotes Piper Alderman partner Lachlan Lamont
as saying.  "To this end we have been following Dr Stead's evidence
closely in this trial and will no doubt be able to use her comments
to inform the direction of our own inquiries."

Blue Sky's creditors voted in favor of a temporary deed of company
arrangement in June 2019 that included a moratorium on any claims
against the company, AFR notes.

The Australian Securities and Investments Commission dropped its
investigation into Brisbane-based Blue Sky Alternative Investments
in May 2019, shortly before California-based backer Oaktree called
in receivers, the report recalls.

AFR adds that the inquiry followed the company losing more than
AUD800 million in market capitalisation after short-sellers dumped
suspicion on Blue Sky's financial performance and valuations of
fund assets.

                          About Blue Sky

Blue Sky Alternative Investments Limited (ASX: BLA) --
https://blueskyfunds.com.au/ -- is a private equity and venture
capital firm specializing in growth capital and late stage
investments. The firm also invests in private real estate,
infrastructure, hedge funds, and water asset classes. For growth
capital the firm invests in range of sectors including food,
healthcare and education. For venture capital the firm invests in
sectors including software, healthcare, food, retail and education.
The firm seeks to invest in Australia.

On May 20, 2019, the Company announced that Oaktree Capital
Partners, L.P. appointed KordaMentha as Receivers and Managers of
the Company. Bradley Hellen and Nigel Markey were appointed as
administrators of Blue Sky Alternative Investments Limited.
Pilot Partners have also been appointed as Voluntary Administrators
of the Company.


MALIVER PTY: Court Appoints Provisional Liquidators
---------------------------------------------------
Following a successful Australian Securities and Investments
Commission application, the Federal Court on Dec. 15, 2020, ordered
the appointment of receivers to the property of Melissa Louise
Caddick and provisional liquidators to Maliver Pty Ltd.

The application arose from ASIC's concerns, which included that:

   * Maliver may be providing financial services without an
     Australian Financial Services Licence (AFSL);

   * the AFSL of another company may have been used without
     authorisation;

   * investor funds may have been unlawfully dealt with.

Bruce Gleeson and Daniel Robert Soire of Jones Partners were
appointed as receivers of the property of Ms. Caddick. Justice
Markovic ordered that the receivers, by February 15, 2021, provide
to the Court and ASIC a report that includes:

   * the assets and liabilities of Ms. Caddick;

   * an opinion as to the solvency of Ms. Caddick;

   * the amount of money received by Ms. Caddick from funds paid
     to Maliver by investors for investment;

   * any investor funds held by Ms. Caddick, any property acquired

     by Ms. Caddick with investor funds and any payments made by
     Ms. Caddick to third parties with investor funds and any
     other dealings by Ms. Caddick with investor funds;

   * any money paid directly to Ms. Caddick by investors for
     investment and any property acquired, any payments made and
     any other dealings, by Ms. Caddick with such money; and

   * the receivers' remuneration, costs and expenses.

Bruce Gleeson and Daniel Robert Soire of Jones Partners were also
appointed as provisional liquidators to Maliver. Justice Markovic
ordered that the provisional liquidators, by February 15, 2021,
provide to the Court and ASIC a report that includes:

   * persons who have paid money to Maliver for investment, the
     amounts they invested, and whether, and to what extent, these

     amounts have been repaid;

   * identification of any bank accounts in which investor funds
     are held, any Property acquired with investor funds or any
     other dealings with investor funds;

   * identification of Maliver's assets and liabilities;

   * an opinion as to the solvency of Maliver;

   * an opinion as to whether Maliver has proper financial
     records;

   * an opinion as to the claims that may be available to the
     liquidators for the recovery of funds for the benefit of
     creditors;

   * the likely return to creditors;

   * any other information necessary to enable the financial
     position of Maliver to be assessed;

   * an opinion as to whether Maliver has contravened any
     provisions of the Act and/or any other legislation; and

   * any suspected contraventions of the Act by any directors or
     officers of Maliver.

On December 17, 2020, the matter was further heard and remaining
Orders finalised.

ASIC's investigation is ongoing. The matter is next before the
Court on February 22, 2021.

Any person who is concerned they have invested with the defendants
can contact ASIC through email at maliver.investor@asic.gov.au.

Following an application by ASIC, the Federal Court made interim
orders on November 10, 2020 against Maliver Pty Limited and its
sole director, Melissa Louise Caddick.


XINJA BANK: Dumped Auditor, Struggled to Deliver Services
---------------------------------------------------------
Charlotte Grieve at The Sydney Morning Herald reports that fallen
neobank Xinja switched auditors and had trouble delivering services
to customers during its final year of operation, as it struggled to
secure the cash needed to stay afloat.

Corporate documents, obtained by The Age and The Sydney Morning
Herald, show Sydney-based firm Grant Thornton ceased to be Xinja's
auditor in April, with its last financial statement warning the
neobank temporarily breached its minimum capital requirements.

SMH relates that Grant Thorton said Xinja's cash flow relied on
"injections of additional capital" to maintain a buffer above
Australian Prudential Regulation Authority's requirements to
continue operating lawfully. The report also noted the group needed
to cut costs and expand products to stay afloat, SMH relays.

"Should the above transactions or assumptions not materialise,
there is a material uncertainty whether the group will continue as
a going concern," Grant Thornton's auditors warned, SMH relays.

Seven days later, Grant Thorton ceased to be Xinja's auditor and
was replaced by big four auditing firm PwC, SMH notes.

According to SMH, Grant Thornton senior auditor Alison Sheridan
said her final audit drew attention to the company's dependency on
capital raising to sustain operations. "In 2019 Xinja's Board made
the decision to change auditors," Ms. Sheridan said.

SMH relates that Xinja made a public statement on April 17,
indicating it was the auditor's decision to resign: "This is a
public announcement (which we're obliged to make by law – excuse
the formality) – confirming the resignation of Xinja Bank Ltd's
former auditor which will be effective from 17th April 2020."

Xinja paid more than double for its new audit team - AUD460,000 for
PwC compared to AUD179,557 for Grant Thorton – and received
largely the same advice, SMH says.

PwC found the company's position was concerning and pointed out its
over-reliance on raising money from third parties, SMH notes.
"There is a material uncertainty that may cast significant doubt on
the group's ability to continue as a going concern," PwC, as cited
by SMH, found. The audit also referred to Dubai-based World
Investments' lifeline investment of AUD433 million as
"non-binding". A Xinja spokesman confirmed there had been no
communication with the investors since making the decision to exit
banking, SMH relays.

According to SMH, governance expert Helen Bird, who sits on the
Australian Securities and Investment Commission's corporate
governance consultation panel, said companies can switch auditors
if they are not pleased with the findings.

"The auditor's role is to warn you about the potential problems,"
SMH quotes Ms. Bird as saying. "They may have been allergic to
something they didn't like the look of, reported it, and Xinja
didn't want to hear it."

Xinja's financial records show its losses have multiplied in recent
years. In 2018, the company reported a loss of AUD6.5 million and
the following year this had more than tripled to AUD21.8 million,
SMH discloses.

Over the course of this year, its once-dedicated customer base
which had helped raise close to AUD5 million through crowdfunding,
took to Xinja's since-deleted online community forum to vent their
fury about problems using the online bank.

The forum, accessed by The Age and Sydney Morning Herald using open
source technology, shows customers complaining about app crashes,
frozen accounts and disappearing money.

Xinja Bank was an Australian digital neobank offering transactions
and savings account products delivered through a mobile app.




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

GOLDEN CREDIT: China Suspends Agency as Defaults Hit Market
-----------------------------------------------------------
The Financial Times reports that China has suspended one of its top
credit rating agencies after a former executive was accused of
taking "massive" bribes, as a growing pile of defaults rattle the
country's $4 trillion corporate debt market.

The FT relates that the China Securities Regulatory Commission
announced on Dec. 15 that it was temporarily freezing the licence
of Golden Credit Rating and had forbidden the agency from taking on
new business for three months.

The move came as Shandong Ruyi, China's largest textile
manufacturer, looked set to default on a second bond in as many
days, the FT says.

According to the FT, China's debt markets, the world's
second-biggest, have been hit by a series of defaults by state-run
enterprises in recent weeks that have torpedoed investor
assumptions that authorities will always bail out these groups.

The securities regulator on Dec. 15 said Golden Credit had failed
to justify some of its credit ratings and upgrades. It ordered the
agency to "immediately carry out a comprehensive rectification  
. . . strengthen internal controls and compliance management,
strictly police business practices and improve the quality of
ratings," the FT relays.

The FT says China's credit rating agencies have been criticised for
standing by their triple A ratings for troubled state-owned
companies in the face of the defaults. "Most private investors do
not take credit ratings seriously as the system does a bad job in
measuring risks," the report quotes a former executive at a large
credit rating agency in China as saying.

He said agencies are motivated to inflate their ratings to attract
clients and are pressured to support government-linked groups'
financing efforts, the FT relates.

The executive called the suspension of Golden Credit "a political
decision". "The government wanted to set [it] as an example and
make others behave," he added.

The FT notes that the problems in China's bond markets come as
foreign investors have this year increased their holdings of
Chinese treasuries and debt issued by big policy banks, the latter
at a record. However, their exposure to the default-hit corporate
credit market is low.

Shandong Ruyi, once known as the LVMH of China, defaulted on a bond
worth $153 million on Dec. 14. The company looked set to miss
payment on a separate CNY1 billion ($153 million) bond due on Dec.
17.

"In a way it's the bond market hitting puberty," Edmund Goh,
director of Asia fixed income at Aberdeen Standard Investments, of
the recent defaults, the FT relays.

He added that the repayment woes would "definitely" give investors
second thoughts about buying into corporate debt in China. Many
foreign investors were already sceptical over China's officially
low default rate, which implied the presence of "zombie
companies".

"Given the outstanding size of the local government debt, and you
compare that against the fiscal deficits they are running, it is
almost impossible for them to bail out everyone," the FT quotes Mr.
Goh as saying.

The suspension of Golden Credit came less than 24 hours after
Chinese authorities said they would prosecute Jin Yongshou, the
agency's former general manager, for allegedly taking bribes to
boost the ratings of issuers, the FT adds.

Regulators are also investigating China Chengxin, another big
rating agency, after miner Yongcheng Coal and Electricity Holding
kicked off November's string of defaults, according to the FT.
China Chengxin rated Yongcheng's debt triple A.

The troubles at Golden Credit echo those of Dagong, previously one
of China's most prolific rating agencies, whose 2018 suspension
ultimately led to a government takeover last year, the FT states.


WYNN RESORTS: Egan-Jones Lowers Senior Unsecured Ratings to CCC+
----------------------------------------------------------------
Egan-Jones Ratings Company, on December 2, 2020, downgraded the
foreign currency and local currency senior unsecured ratings on
debt issued by Wynn Resorts Limited to CCC+ from B-. EJR also
downgraded the rating on commercial paper issued by the Company to
C from B.

Headquartered in Las Vegas, Nevada, Wynn Resorts, Limited owns and
operates luxury hotels and destination casino resorts in Las Vegas,
Nevada, Macau, and China.

[*] CHINA: Regulator Approves Opening of Fifth Bad Loan Bank
------------------------------------------------------------
Reuters reports that China's banking and insurance regulator said
on Dec. 17 it has approved the opening of China Galaxy Asset
Management Co., Ltd, the fifth asset management company in the
country that will mainly deal with bad loans and toxic assets
nationwide.

According to Reuters, Chinese banks are braced for rising bad debt
in the coming months as policies designed to give borrowers
breathing space on loans during the coronavirus crisis expire.

The newly set-up company is 65% held by China Galaxy Financial
Holdings, and 13.3% by Central Huijin Investment Co, an investment
arm of China's sovereign fund China Investment Corp, the China
Banking and Insurance Regulatory Commission said in a statement on
its website.

China Galaxy Asset Management is authorised to buy and invest in
non-performing assets of financial institutions, as well as to
carry out bankruptcy restructuring and management, the regulator
said.

It will be located in Beijing and have registered capital of CNY10
billion (US$1.53 billion), the statement showed.

The country's other four specialist bad loan banks are China Cinda
Asset Management, China Huarong Asset Management, China Great Wall
Asset Management and China Orient Asset Management.




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

ADVANCED MINING: CRISIL Keeps D on INR133cr Loans in NonCooperating
-------------------------------------------------------------------
CRISIL said the ratings on bank facilities of Advanced Mining
Technologies Private Limited (AMT) continue to be 'CRISIL D/CRISIL
D Issuer not cooperating'.

                      Amount
   Facilities       (INR Crore)     Ratings
   ----------       -----------     -------
   Bank Guarantee         32        CRISIL D (ISSUER NOT
                                    COOPERATING)

   Proposed Long Term    101        CRISIL D (ISSUER NOT
   Bank Loan Facility               COOPERATING)

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

AMT was established in 2005 by Mr. N Venkata Subba Rao along with
his friends and family members. The company provides coal mining
services, through the highwall mining technology. It is based in
Hyderabad, Telangana.


AL-SUPER FROZEN: CRISIL Keeps D on INR25cr Loan in Not Cooperating
------------------------------------------------------------------
CRISIL said the rating on bank facilities of Al-Super Frozen Foods
Private Limited (ASFF) continues to be 'CRISIL D Issuer Not
Cooperating'.

                      Amount
   Facilities       (INR Crore)     Ratings
   ----------       -----------     -------
   Term Loan             25         CRISIL D (ISSUER NOT
                                    COOPERATING)

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

For arriving at the rating, CRISIL has taken a standalone approach
for the assessment of ratings as ASFF is now bought by the
promoters of Mirha Exports Pvt Ltd. Previously, ASFF used to be
part of the Al Nafees group and CRISIL had taken a consolidated
approach with its other group entities (mainly Al Nafees Frozen
Foods Pvt Ltd).

ASFF, promoted by Mirha Exports Pvt Ltd, processes and exports
buffalo meat. Its plant in Unnao (Uttar Pradesh) has capacity to
process 600 animals daily.


ALANKRIT MERCANTILE: Insolvency Resolution Process Case Summary
---------------------------------------------------------------
Debtor: M/s Alankrit Mercantile Private Limited
        402, Corporate Annexe
        Sonawala Lane
        Next to Udyogbhavan
        Goregaon East Mumbai
        Mumbai City
        MH 400063

Insolvency Commencement Date: December 9, 2020

Court: National Company Law Tribunal, Mumbai Bench

Estimated date of closure of
insolvency resolution process: June 7, 2021
                               (180 days from commencement)

Insolvency professional: Ms. Rajshree Padia

Interim Resolution
Professional:            Ms. Rajshree Padia
                         Office No. 17, 10th Floor
                         Pinnacle Corporate Park
                         G-Block
                         Bandra Kurla Complex
                         Bandra (E)
                         Mumbai 400051
                         E-mail: rajshreecs@hotmail.com
                                 alankrit.cirp@gmail.com

Last date for
submission of claims:    December 23, 2020


AMBIENT COMPUTRONICS: Insolvency Resolution Process Case Summary
----------------------------------------------------------------
Debtor: Ambient Computronics Private Limited
        38, A.N. Path
        North S.K. Puri
        Boring Road
        Patna 800013
        Bihar, India

Insolvency Commencement Date: December 10, 2020

Court: National Company Law Tribunal, Kolkata Bench

Estimated date of closure of
insolvency resolution process: June 7, 2021

Insolvency professional: Subodh Kumar Agrawal

Interim Resolution
Professional:            Subodh Kumar Agrawal
                         1, Ganesh Chandra Avenue
                         Room No. 301, 3rd Floor
                         Kolkata 700013
                         E-mail: subodhka@gmail.com
                                 cirp.ambient@gmail.com

Last date for
submission of claims:    December 25, 2020


ANIL KUMAR: CRISIL Keeps D Debt Ratings in Not Cooperating
----------------------------------------------------------
CRISIL said the ratings on bank facilities of Anil Kumar Biswal
(AKB) continue to be 'CRISIL D/CRISIL D Issuer not cooperating'.

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

   Cash Credit         8.5          CRISIL D (ISSUER NOT
                                    COOPERATING)

   Letter of Credit     .6          CRISIL D (ISSUER NOT
                                    COOPERATING)

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

AKB was set up in 1995 in Balugaon, Odisha, as a proprietorship
firm by Mr Anil Kumar Biswal. It constructs and develops roads and
buildings; and also undertakes other civil and electrical repair
works. The firm is classified as a Class 1A contractor under the
Government of Odisha.


ANITHA CASHEWS: CRISIL Lowers Rating on INR7.10cr Term Loan to D
----------------------------------------------------------------
CRISIL has downgraded its rating on the long-term bank facility of
Anitha Cashews (AC) to 'CRISIL D' from 'CRISIL B/Stable'.

                      Amount
   Facilities       (INR Crore)     Ratings
   ----------       -----------     -------
   Cash Credit          2.5         CRISIL D (Downgraded from
                                    'CRISIL B/Stable')

   Term Loan             .32        CRISIL D (Downgraded from
                                    'CRISIL B/Stable')

   Working Capital      7.10        CRISIL D (Downgraded from
   Term Loan                        'CRISIL B/Stable')

The downgrade reflects the delay by AC in repaying the interest and
principal obligation on the term loan and over drawings on working
capital loans for more than 30 days. Furthermore, networth was
modest on account of accumulated losses during the past fiscal and
is likely to impact capital structure over the medium term. Also,
the firm's liquidity was stretched because of inadequate net cash
accrual to meet debt obligation over the medium term.

The rating continues to reflect the small scale of operations with
exposure to risks related to volatility in prices and weak
financial risk profile. These weaknesses are partially offset by
extensive experience of the promoters in the cashew processing
business.

Key Rating Drivers & Detailed Description

Weakness:

* Small scale of operations with exposure to risks related to
volatility in prices: The firm's business risk profile remains
constrained on account of its small scale of operations and
volatility in raw material prices in a highly fragmented industry.
The raw material prices remain high with lower selling prices,
restricting firms to earn good margins.

* Weak financial risk profile: The AC has weak financial risk
profile is marked by eroding net worth due to operating losses.
However, the financial risk profile is expected to recover in the
medium term by increasing its capacity by job work basis, through
funding support and unsecured loans from promoters.

Strengths:

* Extensive experience of the promoters in the cashew processing
business: AC is promoted by Mr. Ganesh Nayak and his family. The
family has been related to the same line of business for over 2
decades. The firm has a strong customer base in the domestic
market, with whom it has been associated since inception, resulting
in repeat business. Its long-standing position in the cashew
segment has given the firm a negotiating edge with its various
intermediaries. AC also has a good network of raw cashew nut
suppliers spread across several geographies, which ensures
availability of high quality cashew nuts throughout the year.

Liquidity Poor

AC's liquidity is poor due to inadequate cash accrual for meeting
debt repayments and full utilization of bank limits. The working
capital limits of INR4.9 crore have been utilized at almost full
levels over the last twelve months ended October 2020. Cash accrual
of around INR0.25 - 0.50 crore is expected to be generated over the
medium term that shall be inadequate to meet repayment obligations.
However, the same shall be supported by funding support in the form
of unsecured loans from promoters. Nevertheless, the liquidity is
expected to remain poor over the medium term

Rating Sensitivity factors

Upward factors:

* Improvement in operating income by more than 15 percent, with
improvement in

* operating profitability, resulting in better than expected cash
accrual

* Sufficient cash accrual against the maturing debt

* Track record of three months for timely repayment of debt
obligations

Set up as a partnership firm in 2009 by Mr. Ganesh Nayak and his
family members, AC sells cashew kernels in the domestic market. It
currently operates a single processing facility in Karnataka. The
day-to-day activities of the firm are managed by the managing
partner, Mr. Nayak.


BAJAJ BASMATI: CRISIL Keeps D Debt Ratings in Not Cooperating
-------------------------------------------------------------
CRISIL said the ratings on bank facilities of Bajaj Basmati Private
Limited (BBPL) continue to be 'CRISIL D Issuer Not Cooperating'.

                      Amount
   Facilities       (INR Crore)     Ratings
   ----------       -----------     -------
   Cash Credit           38         CRISIL D (ISSUER NOT
                                    COOPERATING)

   Term Loan             19         CRISIL D (ISSUER NOT
                                    COOPERATING)

   Warehouse Financing   10         CRISIL D (ISSUER NOT
                                    COOPERATING)

CRISIL has been consistently following up with BBPL for obtaining
information through letters and emails dated May 23, 2020 and
November 30, 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 BBPL, which restricts CRISIL's
ability to take a forward looking view on the entity's credit
quality. CRISIL believes that rating action on BBPL is consistent
with 'Assessing Information Adequacy Risk'. Based on the last
available information, the ratings on bank facilities of BBPL
continues to be 'CRISIL D Issuer Not Cooperating'.

BBPL was incorporated in April 2010 by Mr. Krishan Bajaj and Mr.
Sahil Bajaj. It mills and processes paddy into rice, rice bran,
broken rice, and husk. Its two rice mills, in Jalalabad and Muktsar
(both in Punjab), have combined installed paddy milling capacity of
17 tonnes per hour.


BALA BALAJI: CRISIL Keeps D Debt Ratings in Not Cooperating
-----------------------------------------------------------
CRISIL said the ratings on bank facilities of Bala Balaji Srinivasa
Poultries (BBSP) continue to be 'CRISIL D Issuer Not Cooperating'.

                      Amount
   Facilities       (INR Crore)     Ratings
   ----------       -----------     -------
   Cash Credit           5          CRISIL D (ISSUER NOT
                                    COOPERATING)

   Long Term Loan        1.23       CRISIL D (ISSUER NOT
                                    COOPERATING)

   Proposed Long Term
   Bank Loan Facility     .50       CRISIL D (ISSUER NOT
                                    COOPERATING)

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

Set-up in 1989 by Mr. Gannamani Sree Ramarao, BBSP is engaged in
hatchery business and has capacity to breed 2 lakh layering birds.


BATANAGAR EDUCATION: CRISIL Keeps D Rating in Not Cooperating
-------------------------------------------------------------
CRISIL said the rating on bank facilities of Batanagar Education
and Research Trust (BERT) continues to be 'CRISIL D Issuer Not
Cooperating'.

                      Amount
   Facilities       (INR Crore)     Ratings
   ----------       -----------     -------
   Term Loan              13        CRISIL D (ISSUER NOT
                                    COOPERATING)

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

BERT was registered in February 2007 as a public, non-profit,
charitable trust. It has set up an engineering college, Batanagar
Institute of Engineering Management and Science, at Maheshtala in
Kolkata.


BHARANI SPINNINGS: CRISIL Keeps D Debt Ratings in Not Cooperating
-----------------------------------------------------------------
CRISIL said the ratings on bank facilities of Shree Bharani
Spinnings India Limited (SBSIL) continue to be 'CRISIL D/CRISIL D
Issuer not cooperating'.

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

   Cash Credit          5.25        CRISIL D (ISSUER NOT
                                    COOPERATING)

   Letter of Credit     2.50        CRISIL D (ISSUER NOT
                                    COOPERATING)

   Long Term Loan       4           CRISIL D (ISSUER NOT
                                    COOPERATING)

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

SBSIL was incorporated in 1994 as a private limited company for the
purpose of setting up a spinning mill with 3000 spindles. It was
reconstituted as a public Limited company. The company commenced
commercial production in 1995 with 5760 spindles. Presently, it has
14,880 spindles of capacity.


BOMMIDALA PURNAIAH: CRISIL Keeps C Ratings in Not Cooperating
-------------------------------------------------------------
CRISIL said the ratings on bank facilities of Bommidala Purnaiah
Holdings Private Limited (BPHL) continue to be 'CRISIL C Issuer Not
Cooperating'.

                      Amount
   Facilities       (INR Crore)     Ratings
   ----------       -----------     -------
   Open Cash Credit     24.20       CRISIL C (ISSUER NOT
                                    COOPERATING)

   Proposed Long Term     .77       CRISIL C (ISSUER NOT
   Bank Loan Facility               COOPERATING)

   Working Capital       4.80       CRISIL C (ISSUER NOT
   Demand Loan                      COOPERATING)

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

Set up in 1996, BPHL is part of the Bommidala group, which has
diversified interests in packaging, rope manufacturing, and lease
financing.

BPHL trades in tobacco. Mr. Bommidala Venkata Raja Srinivas is the
managing director of the company. It is based in Guntur, Andhra
Pradesh.


CANOPY ESTATES: CRISIL Keeps D Debt Ratings in Not Cooperating
--------------------------------------------------------------
CRISIL said the ratings on bank facilities of Canopy Estates
Private Limited (CEPL) continue to be 'CRISIL D Issuer Not
Cooperating'.

                      Amount
   Facilities       (INR Crore)     Ratings
   ----------       -----------     -------
   Mortgage Loan          20        CRISIL D (ISSUER NOT  
   Facility                         COOPERATING)

   Proposed Long Term     30        CRISIL D (ISSUER NOT
   Bank Loan Facility               COOPERATING)

CRISIL has been consistently following up with CEPL for obtaining
information through letters and emails dated May 30, 2020 and
November 30, 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 CEPL, which restricts CRISIL's
ability to take a forward looking view on the entity's credit
quality. CRISIL believes that rating action on CEPL is consistent
with 'Assessing Information Adequacy Risk'. Based on the last
available information, the ratings on bank facilities of CEPL
continues to be 'CRISIL D Issuer Not Cooperating'.

CEPL is part of the Canopy group, promoted by the Rizvi family in
1996. The group undertakes residential real estate development in
and around Bengaluru. Mr. Yasir Rizvi has more than 25 years of
experience in construction and real estate development. The
promoters have completed about 10 projects including villas, row
houses, budget and luxury apartment, and duplex penthouses, with
total saleable area of around one million square foot over the past
17 years.


CHOUDHARI CONSTRUCTION: CRISIL Keeps D Ratings in Not Cooperating
-----------------------------------------------------------------
CRISIL said the ratings on bank facilities of Choudhari
Construction Co. (CCC) continue to be 'CRISIL D/CRISIL D Issuer not
cooperating'.

                      Amount
   Facilities       (INR Crore)     Ratings
   ----------       -----------     -------
   Bank Guarantee        2.8        CRISIL D (ISSUER NOT
                                    COOPERATING)

   Cash Credit           5          CRISIL D (ISSUER NOT
                                    COOPERATING)

   Proposed Long Term    1.2        CRISIL D (ISSUER NOT
   Bank Loan Facility               COOPERATING)

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

CCC was set up as a partnership firm in 1983 by Mr. Hamiram
Choudhari and his wife, Mrs. Ratanben Choudhari. It undertakes
various infrastructure-related construction activities, comprising
construction and repair of roads, buildings, and sewerage systems
in Mumbai and Pune. The firm participates in tenders floated by the
Brihanmumbai Municipal Corporation, Mumbai Metropolitan Regional
Development Authority, and Public Works Department.


CJ S HARITHA: CRISIL Keeps D Debt Ratings in Not Cooperating
------------------------------------------------------------
CRISIL said the ratings on bank facilities of CJ S Haritha Homes
(CJ) continue to be 'CRISIL D Issuer Not Cooperating'.

                        Amount
   Facilities         (INR Crore)     Ratings
   ----------         -----------     -------
   Proposed Long Term     13.22       CRISIL D (ISSUER NOT
   Bank Loan Facility                 COOPERATING)

   Term Loan              17.08       CRISIL D (ISSUER NOT
                                      COOPERATING)

   Working Capital         4.00       CRISIL D (ISSUER NOT
   Term Loan                          COOPERATING)

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

Established in 2010, CJS is a Kottayam-based residential real
estate developer, promoted by Mr. D Kumar and his wife Mrs Sreeja
Kumar. Prior to setting up of CJS, the promoters were engaged in
civil construction, primarily commercial buildings and shopping
malls, under their group firm, CJS Constructions.


EDEN CRITICAL: CRISIL Keeps D Debt Rating in Not Cooperating
------------------------------------------------------------
CRISIL said the rating on bank facilities of Eden Critical Care
Hospital Private Limited (ECCHPL) continues to be 'CRISIL D Issuer
Not Cooperating'.

                      Amount
   Facilities       (INR Crore)     Ratings
   ----------       -----------     -------
   Term Loan             19.5       CRISIL D (ISSUER NOT
                                    COOPERATING)

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

Set up in 2011 by Dr. Sanjay Bansal and his family members, ECCHPL
operates a 100-bed multi-specialty hospital in Chandigarh. The
hospital began operations in July 2014.


ENTRACK OVERSEAS: CRISIL Keeps D Debt Ratings in Not Cooperating
----------------------------------------------------------------
CRISIL said the ratings on bank facilities of Entrack Overseas
Private Limited (EOPL) continue to be 'CRISIL D/CRISIL D Issuer not
cooperating'.

                       Amount
   Facilities        (INR Crore)     Ratings
   ----------        -----------     -------
   Export Packing          25        CRISIL D (ISSUER NOT
   Credit                            COOPERATING)

   Proposed Long Term      55        CRISIL D (ISSUER NOT
   Bank Loan Facility                COOPERATING)

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

Incorporated in 2012, EOPL exports agricultural commodities to
Asian, European, and West Asian countries. The company, based is
Mangalore (Karnataka), is promoted by Ms. Sudha S Nayak and Mr. U
Aditya Nayak.


GANESH RICE: CRISIL Keeps D Debt Ratings in Not Cooperating
-----------------------------------------------------------
CRISIL said the ratings on bank facilities of Ganesh Rice Mills
(Partnership) (GRM; part of the Josan group) continue to be 'CRISIL
D Issuer Not Cooperating'.

                      Amount
   Facilities       (INR Crore)     Ratings
   ----------       -----------     -------
   Cash Credit            12        CRISIL D (ISSUER NOT
                                    COOPERATING)

   Proposed Long Term      5.16     CRISIL D (ISSUER NOT
   Bank Loan Facility               COOPERATING)

   Term Loan               6.34     CRISIL D (ISSUER NOT
                                    COOPERATING)

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

For arriving at the rating, CRISIL has combined the business and
financial risk profiles of Josan Foods Pvt Ltd (JFPL) and GRM. This
is because these two entities, together referred to herein as the
Josan group, are in a similar line of business and have a common
management.

                           About the Group

JFPL, set up in 2000 by Mr. Hukam Chand Josan and Mr. Sher Chand
Josan in Ferozepur (Punjab), mills and shells rice.

GRM, set up in 2010, mills rice. Currently, the firm is managed by
its partners, Mr. Sarvjeet Josan and Mr. Pushpinder Singh.

The Josan group has combined milling and sorting capacities of 14
tonnes per hour (tph) and 10 tph, respectively.


GARUDA INFRATECH: CRISIL Keeps C Debt Ratings in Not Cooperating
----------------------------------------------------------------
CRISIL said the ratings on bank facilities of Garuda Infratech
India Private Limited (GIIPL) continue to be 'CRISIL C/CRISIL A4
Issuer not cooperating'.

                      Amount
   Facilities       (INR Crore)     Ratings
   ----------       -----------     -------
   Bank Guarantee          3        CRISIL A4 (ISSUER NOT
                                    COOPERATING)

   Cash Credit             6        CRISIL C (ISSUER NOT
                                    COOPERATING)

   Proposed Long Term     17        CRISIL C (ISSUER NOT
   Bank Loan Facility               COOPERATING)

CRISIL has been consistently following up with GIIPL 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 GIIPL, which restricts CRISIL's
ability to take a forward looking view on the entity's credit
quality. CRISIL believes that rating action on GIIPL is consistent
with 'Assessing Information Adequacy Risk'. Based on the last
available information, the ratings on bank facilities of GIIPL
continues to be 'CRISIL C/CRISIL A4 Issuer not cooperating'.

Incorporated in 2010 and based in Hyderabad (Andhra Pradesh), GIIPL
undertakes civil construction work for residential projects. It is
promoted by Mr. Sreenivas Babu Kode, Mr. Ancha Chittaranjan, Mr.
Satya Lakshmi Narayana Gottipati, Mr. Raju Venkata Manthena, and
Mr. Satya Sekhar Boppanna.


GARV UDYOG: CRISIL Keeps D Debt Ratings in Not Cooperating
----------------------------------------------------------
CRISIL said the ratings on bank facilities of Garv Udyog (GU)
continue to be 'CRISIL D/CRISIL D Issuer not cooperating'.

                      Amount
   Facilities       (INR Crore)     Ratings
   ----------       -----------     -------
   Cash Credit           4.25       CRISIL D (ISSUER NOT
                                    COOPERATING)

   Letter of Credit      6.50       CRISIL D (ISSUER NOT
                                    COOPERATING)

   Term Loan             3.75       CRISIL D (ISSUER NOT
                                    COOPERATING)

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

GU is a partnership firm, manufacturing copper wires, which are
used in electrical products. The firm's manufacturing facility is
located in Shiv Ganga Industrial Estate, Haridwar. Its operations
are managed by current partners Mr. Mukesh Dhawan and Mr. Sumit
Magan.


GREENLEAF TOBACCO: CRISIL Keeps D Debt Rating in Not Cooperating
----------------------------------------------------------------
CRISIL said the rating on bank facilities of Greenleaf Tobacco
Threshers Limited (GTTL) continues to be 'CRISIL D Issuer Not
Cooperating'.

                      Amount
   Facilities       (INR Crore)     Ratings
   ----------       -----------     -------
   Export Packing        15         CRISIL D (ISSUER NOT
   Credit                           COOPERATING)

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

GTTL was set up in 1985 as a private limited company by Mr.
Shyamsundara Rao and his family, and was reconstituted as a closely
held public limited company in 1990. The company processes tobacco
leaves and is based in Guntur (Andhra Pradesh).


HOTEL BABYLON: CRISIL Lowers Rating on INR29cr LT Loan to D
-----------------------------------------------------------
CRISIL has revised the rating on the long-term bank facilities of
Hotel Babylon Capital Private Limited (HBCPL) to 'CRISIL D Issuer
Not Cooperating' from 'CRISIL B/Stable Issue Not Cooperating'.

                    Amount
   Facilities     (INR Crore)   Ratings
   ----------     -----------   -------
   Long Term Loan      29       CRISIL D (ISSUER NOT COOPERATING;
                                Downgraded from 'CRISIL B/Stable
                                ISSUER NOT COOPERATING')

CRISIL has been consistently following up with HBCPL seeking
information via letters and emails dated August 29, 2020 and
November 6th, 2020 and November 11th 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 has been
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. Such ratings with an '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 HBCPL financial performance or
strategic intent. This restricts CRISIL's ability to take a
forward-looking view on the entity's credit quality. CRISIL
believes that the rating action on HBCPL is consistent with
'Assessing Information Adequacy Risk'. Based on the last available
information, the rating on the long-term bank facilities of HBCPL
has been revised to 'CRISIL D Issuer Not Cooperating' from 'CRISIL
B/Stable Issue Not Cooperating'.

The downgrade reflects the delay in term debt repayment for the
months September and October 2020. It was recently brought to
CRISIL's attention that there are delays in servicing term loan
interest as well as principal repayments. This is owing to the
firm's poor liquidity position.

HBCPL, was incorporated in 2012 and runs a 3 star hotel in Raipur,
Chhattisgarh. The company is promoted by Mr. Paramjeet Singh
Khanuja and his wife Mrs Jugesh Kaur.


IL&FS LTD: Delhi High Court Allows NFRA to Probe IFIN Audits
------------------------------------------------------------
The Economic Times reports that the Delhi High Court has allowed
audit regulator National Financial Reporting Authority (NFRA) to
carry on investigation and issue notices to executives working with
BSR & Associates, which was the auditor of ILFS Financial Services
(IFIN).

While hearing the case on Dec. 16, the court, however, said no
order should be made effective or put on the regulator's website
without seeking permission of the court, ET says. Justice Navin
Chawla adjourned the case to March 18, 2021 for further hearing.

According to ET, the NFRA had launched an investigation into audits
of IFIN, IL&FS Transportation Networks (ITNL) and their parent
Infrastructure Leasing and Financial Services (IL&FS), following
allegations of financial irregularities at the group.

BSR, part of the KPMG network, and Deloitte Haskins and Sells, part
of the Deloitte network, are under NFRA's lens for their audit of
IFIN, ET states.

BSR has dragged the NFRA to court and is arguing that the regulator
can't investigate the firm in the IL&FS case as its retrospective,
as the regulator wasn't even formed at the time when the alleged
irregularities took place, ET says.

Senior counsels Darius Khambata, Mukul Rohatgi and Sandeep Sethi
along with law firm AZB & Partners are representing the auditors as
well as BSR, ET discloses. Additional solicitor general Chetan
Sharma is representing the government in this case.

                            About IL&FS

Infrastructure Leasing & Financial Services Limited (IL&FS) --
https://www.ilfsindia.com/ -- is an infrastructure development and
finance company based in India. It focuses on the development and
commercialization of infrastructure projects, and creation of value
added financial services. The company operates in Financial
Services, Infrastructure Services, and Others segments.

The Indian government, in October 2018, stepped in to take control
of crisis-ridden IL&FS by moving the National Company Law Tribunal
(NCLT) to supersede and reconstitute the board of the firm which
has defaulted on a series of its debt payments, according to Indian
Express. This was said to be an attempt to restore the confidence
of financial markets in the credibility and solvency of the
infrastructure financing and development group.


IL&FS LTD: Indian Bank Declares IFIN Account as Fraud
-----------------------------------------------------
The Times of India reports that state-owned Indian Bank declared
its fully provided non-performing account IL&FS Financial Services
Ltd (IFIN) with outstanding dues of INR408 crore as fraud on Dec.
15. It also said it has reported the same to the RBI as per banking
regulatory norms. For the year-ended March 30, 2020 (i.e) before
its merger with Allahabad Bank, gross NPAs (bad loans) of Indian
Bank stood at INR14,150 crore. Gross NPAs stood at INR36,197 crore
at end of September, 2020, TOI discloses.

A crisis broke at IL&FS, when several group entities defaulted on
repayments resulting from severe liquidity problems which began in
September, 2018. Following this, the board was superseded by the
government and since then, the company as well as related entities
have come under the regulatory lens.

A resolution process was proposed and the company reportedly
submitted several progress reports and updates to the NCLT. Earlier
in October, Punjab and Sind Bank had reported to the banking
regulator the account of IFIN as fraud with outstanding dues of
over INR561 crore, TOI notes.

                            About IL&FS

Infrastructure Leasing & Financial Services Limited (IL&FS) --
https://www.ilfsindia.com/ -- is an infrastructure development and
finance company based in India. It focuses on the development and
commercialization of infrastructure projects, and creation of value
added financial services. The company operates in Financial
Services, Infrastructure Services, and Others segments.

The Indian government, in October 2018, stepped in to take control
of crisis-ridden IL&FS by moving the National Company Law Tribunal
(NCLT) to supersede and reconstitute the board of the firm which
has defaulted on a series of its debt payments, according to Indian
Express. This was said to be an attempt to restore the confidence
of financial markets in the credibility and solvency of the
infrastructure financing and development group.


RAASHRI PAINTS: CRISIL Keeps D Debt Ratings in Not Cooperating
--------------------------------------------------------------
CRISIL said the ratings on bank facilities of Raashri Paints and
Barrels Private Limited (RPBPL; previously known as Evergreen Drums
and Cans Private Limited) continue to be 'CRISIL D/CRISIL D Issuer
not cooperating'.

                      Amount
   Facilities       (INR Crore)     Ratings
   ----------       -----------     -------
   Cash Credit          7.5         CRISIL D (ISSUER NOT
                                    COOPERATING)

   Corporate Loan       6           CRISIL D (ISSUER NOT
                                    COOPERATING)

   Letter of Credit    10           CRISIL D (ISSUER NOT
                                    COOPERATING)

   Proposed Long Term   0.35        CRISIL D (ISSUER NOT
   Bank Loan Facility               COOPERATING)

   Term Loan            6.15        CRISIL D (ISSUER NOT
                                    COOPERATING)

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

EDCPL was originally set up as a partnership firm in 1974; the firm
was reconstituted as a private limited company in 1992-93 (refers
to financial year, April 1 to March 31). It manufactures metal
containers, cans, roll-on-pilfer-proof caps, barrels, and drums.
Its day-to-day operations are being managed by Mr. Kamal
Jhunjhunwala.


RAJAVE TEXTILES: CRISIL Keeps D Debt Ratings in Not Cooperating
---------------------------------------------------------------
CRISIL said the ratings on bank facilities of Rajave Textiles
Private Limited (RTPL) continue to be 'CRISIL D/CRISIL D Issuer not
cooperating'.

                      Amount
   Facilities       (INR Crore)     Ratings
   ----------       -----------     -------
   Bank Guarantee        1.05       CRISIL D (ISSUER NOT
                                    COOPERATING)

   Cash Credit          50          CRISIL D (ISSUER NOT
                                    COOPERATING)

   Letter of Credit      8          CRISIL D (ISSUER NOT
                                    COOPERATING)

   Long Term Loan       12.29       CRISIL D (ISSUER NOT
                                    COOPERATING)

   Proposed Long Term   10.10       CRISIL D (ISSUER NOT
   Bank Loan Facility               COOPERATING)

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

Incorporated in 1995 and promoted by Mr. S Ravindran, RTPL
manufactures cotton yarn of counts ranging from 18s to 40s. The
company's spinning mill is in Coimbatore (Tamil Nadu).


RATNAGIRI CHEMICALS: CRISIL Keeps D Ratings in Not Cooperating
--------------------------------------------------------------
CRISIL said the ratings on bank facilities of Ratnagiri Chemicals
Private Limited (RCPL) continue to be 'CRISIL D/CRISIL D Issuer not
cooperating'.

                      Amount
   Facilities       (INR Crore)     Ratings
   ----------       -----------     -------
   Cash Credit           4.5        CRISIL D (ISSUER NOT
                                    COOPERATING)

   Packing Credit        4.5        CRISIL D (ISSUER NOT
                                    COOPERATING)

   Post Shipment         2          CRISIL D (ISSUER NOT
   Credit                           COOPERATING)

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

Incorporated in 1996 by Mr. P. V. Ramana Rao, RCPL is engaged in
the manufacturing of specialty chemicals and antioxidant additives,
which find application in food processing, petrochemical, and
pharmaceutical industries. The company has its manufacturing
facilities at Parshuram (Ratnagiri) with a total installed capacity
of around 2500 MT per annum.


SHIRAJ TIMBER: CRISIL Keeps D Debt Ratings in Not Cooperating
-------------------------------------------------------------
CRISIL said the ratings on bank facilities of Shiraj Timber Traders
(STT) continue to be 'CRISIL D/CRISIL D Issuer not cooperating'.

                      Amount
   Facilities       (INR Crore)     Ratings
   ----------       -----------     -------
   Cash Credit           25.5       CRISIL D (ISSUER NOT
                                    COOPERATING)

   Letter of Credit      14.5       CRISIL D (ISSUER NOT
                                    COOPERATING)

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

STT was set up as a partnership firm in 1985 by Mr. Shirajul-Haque
Mohammad and his brothers, Mr. Maroof Mohammad and Mr. Salim
Mohammad. The firm trades in timber. It mainly imports teakwood and
hardwood from countries across West Africa and South America. The
administrative office is at Mumbai.


SHIV MAHIMA: CRISIL Cuts Rating on INR6.6cr Long Term Loan to D
---------------------------------------------------------------
CRISIL has downgraded the rating on the long-term bank facilities
of Shiv Mahima Milk Products Private Limited (SMPL) to 'CRISIL D
Issuer Not Cooperating' from 'CRISIL B/Stable Issuer Not
Cooperating'.

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

   Long Term Loan     6.6       CRISIL D (ISSUER NOT COOPERATING;  
   
                                Downgraded from 'CRISIL B/Stable
                                ISSUER NOT COOPERATING')

CRISIL has been consistently following up with SMPL seeking
information via letters and emails dated February 12, 2020 and
August 15, 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 has been
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. Such ratings with an '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 SMPL's financial performance
or strategic intent. This restricts CRISIL's ability to take a
forward-looking view on the entity's credit quality.  CRISIL
believes that the rating action on SMPL is consistent with
'Assessing Information Adequacy Risk'. Based on the last available
information, the rating on the long-term bank facilities of SMPL
has been downgraded to 'CRISIL D Issuer Not Cooperating' from
'CRISIL B/Stable Issuer Not Cooperating'.

The downgrade reflects the delay in term debt repayment over the
past three months. It was recently brought to CRISIL's attention
that bank facilities has been over-utilised for over 90 days.

SMPL was incorporated in 2013, promoted by the Mittal family. The
Jaipur-based company has set up a wheat-processing unit with a
grinding capacity of 63,000 tpa at Shahapur to manufacture maida,
wheat, and bran. The key promoter, Mr. Bharat Mittal manages
operations along with his wife, Ms Mukta Mittal.


VISHNU STEELS: CRISIL Keeps D Debt Ratings in Not Cooperating
-------------------------------------------------------------
CRISIL said the ratings on bank facilities of Vishnu Steels (VS)
continue to be 'CRISIL D/CRISIL D Issuer not cooperating'.

                      Amount
   Facilities       (INR Crore)     Ratings
   ----------       -----------     -------
   Cash Credit           19         CRISIL D (ISSUER NOT
                                    COOPERATING)

   Letter of credit       1.55      CRISIL D (ISSUER NOT
   & Bank Guarantee                 COOPERATING)

   Long Term Loan         3.90      CRISIL D (ISSUER NOT
                                    COOPERATING)

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

Vishnu Steels, set up in 2003 by Mr. Gumansingh B Rajpurohit,
manufactures thermo-mechanically treated (TMT) bars from ingots.
The firm has a plant in Wada district, Thane (Maharashtra).


YASORAM BUILDERS: CRISIL Lowers Rating on INR15cr LT Loan to D
--------------------------------------------------------------
Due to inadequate information, CRISIL, in line with Securities and
Exchange Board of India guidelines, had migrated the rating on the
long-term bank facility of Yasoram Builders Private Limited (YBPL)
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 rating.
Consequently, CRISIL is downgraded the rating to 'CRISIL D' from
'CRISIL B+/Stable Issuer Not Cooperating'.

                      Amount
   Facilities       (INR Crore)     Ratings
   ----------       -----------     -------
   Long Term Loan         15        CRISIL D (Downgraded from
                                    'CRISIL B+/Stable ISSUER NOT
                                    COOPERATING')

Key Rating Drivers & Detailed Description

Weaknesses:

* Delays in debt servicing: Stretched liquidity has resulted in
delays in serving the term loan and the account is currently
classified in SMA 0 category by the bank.

* Susceptibility to risks and cyclicality inherent in the real
estate industry: The real estate sector in India is cyclical
because of sharp movements in prices and a highly fragmented market
structure. With increase in supply, attractive prices offered by
various builders, and constant regulatory changes, profitability of
real estate players is expected to come under pressure over the
medium term.

Strength:

* Extensive experience of the promoters: An experience of around 50
years in executing residential projects in various cities of Kerala
has helped the promoters to forge a healthy relationship with
customers and suppliers.

Liquidity Poor
There have been delays in debt servicing.

Rating Sensitivity Factors

Upward factors

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

  * Improvement in business performance, leading to better
liquidity.

YBPL, promoted by Mr. A R Sreedhara Vadhyar, Mr. Rohit Vishwanath
Prabhu and their family members, is engaged in residential real
estate development. Based in Kochi, Kerala, the company is
currently undertaking three residential real estate projects in the
city. It is part of the Yasoram group, the management of which has
been in the real estate business in Kerala for over four decades.
The promoters had entered the real estate business in 1970 in their
personal capacities and since then have executed several projects.
YBPL has completed more than 20 residential and commercial projects
totalling about 5 lakh square foot.




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

PERAK CORP: Unit Sells Land, Proposes Scheme to Address Debts
-------------------------------------------------------------
The Sun Daily reports that Perak Corp Bhd's wholly owned subsidiary
PCB Development Sdn Bhd has entered into two separate
interconditional sale and purchase agreements with Pertubuhan
Keselamatan Sosial (Perkeso) for the proposed disposal of four
pieces of vacant commercial land and one piece of vacant
residential land all in Hulu Kinta for a total of MYR78.68 million
cash.

In a Bursa filing, the group said it plans to use MYR70.8 million
of the proceeds to repay part of the existing bank borrowings of
Perak Corp and its subsidiaries, which is expected to result in
annual interest savings of about MYR3.21 million based on the
interest rate of between 5.86% and 6.05% a year on the revolving
credit and the term loan, Sun Daily relays.

Sun Daily says the proceeds will also go towards working capital
requirements.

According to the report, the group has proposed a scheme of
arrangement for the settlement of Perak Corp and PCB Development's
(scheme companies) outstanding liabilities and debt obligations.

"The proposed scheme of arrangement will involve the settlement of
the scheme liabilities, which are proposed to be compromised and
settled via a combination of a cash settlement amounting to
MYR120.52 million from the proceeds to be raised from the proposed
disposal of Perkeso properties and identified landbanks, cash
settlement amounting to MYR100 million from the proceeds raised
from the disposal of two parcels of freehold lands including the
Movie Animation Park Studio assets, issuance of up to 19.9 million
redeemable cumulative preference shares A at an issue price of MYR1
each and an issuance of up to 50.2 million redeemable cumulative
preference shares B at an issue price of MYR1 each in Perak Corp.

"Additionally, a debt waiver all outstanding debt amounting to
MYR343.59 million by interco creditors, a proposed debt waiver
amounting to MYR544.55 million by the scheme creditors, and the
settlement of the balance amount of MYR23.16 million owing to the
non-financial institutions of the scheme companies will be part of
the scheme of arrangement," the group, as cited by Sun Daily,
said.

It elaborated that the scheme of arrangement is aimed at
resuscitating the financial viability of the group by restructuring
the repayment of indebtedness due to the scheme creditors and the
consequential interest servicing burden, Sun Daily relates.

"The implementation of the proposed scheme of arrangement will also
enable the scheme companies to continue their operations on a
going-concern basis whilst their financial liabilities are being
resolved."

Meanwhile, the proposed disposals provide the group an avenue to
reduce its gearing level and improve its overall cash flow
position, the report says. It is also part of its efforts towards
the formalisation of its regularisation plan to uplift itself from
its PN17 status, Sun Daily adds.

                         About Perak Corp

Perak Corporation Berhad is an investment holding company. The
Company, through its subsidiaries, develops integrated privatized
project, operates multipurpose port facilities, sells and leases
port related land. Perak Corp. also develops tourism project,
operates in property investment and development, manages hotel,
distributes water supply, and provides transport and travel
services.

As reported in the Troubled Company Reporter-Asia Pacific on Feb.
14, 2020, Perak Corp Bhd -- whose Movie Animation Park Studios
(MAPS) theme park in Ipoh was closed in January 2020 until further
notice -- has lapsed into Practice Note 17 (PN17) status.  The
state-owned firm told the stock exchange on Feb. 11 that it is now
regarded a PN17 company, arising from the default in payment and
its inability to declare solvency.  This comes after the group
defaulted on another repayment of principal, this time in respect
of the Musharakah Mutanaqisah Term Financing-I and Tawarruq
Revolving Credit-i of up to MYR100 million granted by Affin Islamic
Bank Bhd.




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

HOE LEONG: Appeals to Strike Out Malaysian Civil Suit
-----------------------------------------------------
Lynette Tan at The Business Times reports that Hoe Leong
Corporation on Dec. 17 said it has appealed to strike out a civil
suit in Malaysia for alleged deceit and fraudulent
misrepresentation.

Its application to strike out the civil suit was dismissed by the
Malaysian High Court earlier in December, BT relates. The trial of
the legal suit has been fixed for Oct. 21-25, 2021.

In September last year, Hoe Leong had been served with a writ and
statement of claim taken out by solicitors of Halim Saad against
the company and five other defendants, BT recalls.

According to the report, Mr. Halim's claim in the civil suit is for
alleged deceit and/or fraudulent misrepresentation by Hoe Leong and
an alleged conspiracy by the defendants which caused him to suffer
loss and damage. He is seeking general damages against the
defendants.

Shares in Hoe Leong remain suspended; they last traded at SGD0.002
on Aug. 28 last year, BT discloses.  

Hoe Leong Corporation Ltd. -- https://www.hoeleong.com/ -- provides
vessel-chartering services for the oil and gas industry.  The
Company also manufactures, trades and distributes spare parts for
heavy equipment and industrial machinery.


NEW SILKROUTES: Appoints KMPG to Carry Out Independent Review
-------------------------------------------------------------
Lynette Tan at The Business Times reports that New Silkroutes Group
has appointed KPMG Services to carry out an independent review
regarding two agreements involving a China unit, and the valuation
of its stake in a Thai firm.

BT relates that KPMG will report directly to the Singapore
Exchange's regulatory arm (SGX RegCo) and New Silkroutes' audit and
risk committee.

This comes after independent external auditor Deloitte & Touche
included a disclaimer of opinion on the group's financial
statements for the fiscal year ended June 30, BT says.

According to BT, Deloitte said in its Oct. 14 report that it was
unable to obtain sufficient audit evidence on matters including the
business rationale, commercial substance and structuring of two
agreements that New Silkroutes' wholly-owned subsidiary Shanghai
Fengwei Garment Accessory (SFGA) signed with a Chinese entity in
April.

New Silkroutes disclosed that the Chinese entity is Shanghai Minlin
New Textile Materials Sales Centre. Its ultimate beneficial owner,
Lin Jie, is an acquaintance of New Silkroutes' executive director
and substantial shareholder, Shen Yuyun.

In addition, Deloitte had said it could not determine the
appropriateness of the valuation methodology used for Thai General
Nice Coal and Coke, BT relays.

New Silkroutes holds 4.5 per cent of the Thai entity and had
classified this stake as a financial asset at fair value through
other comprehensive income, BT discloses. It recorded a fair-value
loss of US$2.5 million in FY20, bringing its value to US$17.2
million. But the Thai firm had not begun operating by end-June.

Based in Singapore, New Silkroutes Group Limited (SGX:BMT) --
http://www.newsilkroutes.org/-- is an investment holding company
focused on healthcare and energy. The Company owns and operates
primary care medical and dental facilities in Singapore and
Vietnam, as well as pharmacy management systems in Singapore and
China. New Silkroutes's energy division is involved in physical oil
trades in SEA and North Asia.



                           *********


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

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

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

This material is copyrighted and any commercial use, resale or
publication in any form (including e-mail forwarding,
electronic re-mailing and photocopying) is strictly prohibited
without prior written permission of the publishers.
Information contained herein is obtained from sources believed
to be reliable, but is not guaranteed.

TCR-AP subscription rate is US$775 for 6 months delivered via e-
mail.  Additional e-mail subscriptions for members of the same
firm for the term of the initial subscription or balance
thereof are US$25 each.  For subscription information, contact
Peter Chapman at 215-945-7000.



                *** End of Transmission ***