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

                     A S I A   P A C I F I C

          Wednesday, February 10, 2021, Vol. 24, No. 24

                           Headlines



A U S T R A L I A

ARISTOCRAT LEISURE: Moody's Affirms Ba1 CFR, Outlook Stable
ARTISAN INSTALLATIONS: First Creditors' Meeting Set for Feb. 18
AUTOCARE SERVICES: Enters Into Voluntary Administration
EVOKE DESIGN: First Creditors' Meeting Set for Feb. 18


C H I N A

BRIGHT SCHOLAR: Fitch Corrects Feb. 2 Ratings Release
HNA GROUP: Insolvency Could Test China's Young Bankruptcy Law
LOGAN GROUP: Moody's Hikes CFR to Ba2, Alters Outlook to Stable
LUCKIN COFFEE: JPLs File Chapter 15 Petition in New York
MEINIAN ONEHEALTH: Moody's Downgrades CFR to B2, Outlook Negative

TAIZHOU HUAXIN: Fitch Assigns BB+ Rating on Proposed USD Notes


I N D I A

AGRAWAL IRON: CRISIL Migrates D Debt Ratings to Not Cooperating
AKANKSHA AUTOMOBILES: CRISIL Moves B- Ratings to Not Cooperating
ANDHRA PRADESH: CRISIL Keeps B- Debt Ratings in Not Cooperating
ANSH ENERGY: Insolvency Resolution Process Case Summary
ASHRO TEXTILES: CRISIL Migrates D Debt Ratings to Not Cooperating

BALAJI GINNING: CRISIL Migrates B+ Debt Rating to Not Cooperating
BANGALORE INSTITUTE: CRISIL Moves D Ratings to Not Cooperating
BENCHMARK IT: CRISIL Migrates D Debt Rating to Not Cooperating
BLUE STAR: CRISIL Migrates D Debt Rating from Not Cooperating
BRIGHTSTAR HEALTHCARE: CRISIL Moves B Rating to Not Cooperating

CALZINI FASHIONS: Insolvency Resolution Process Case Summary
CAREER EDUCATIONAL: CRISIL Moves B+ Rating to Not Cooperating
CRYSTAL INDIA: CRISIL Lowers Rating on INR15cr Cash Loan to D
DELTRONIX INDIA: Insolvency Resolution Process Case Summary
DHANALAXMI AGRO: CRISIL Migrates B+ Ratings to Not Cooperating

GAIA PROPERTIES: CRISIL Moves B+ Debt Ratings to Not Cooperating
GSR AND KKR: CRISIL Lowers Rating on INR7cr Loans to D
HEATHER INFRASTRUCTURE: CRISIL Cuts Rating on INR5cr Loan to D
M B AGRO: CRISIL Migrates B+ Debt Ratings to Not Cooperating
MEGHA PLAST: CRISIL Migrates D Debt Ratings to Not Cooperating

MOHAMMED ENTERPRISES: CRISIL Reaffirms B+ Rating on INR80cr Loans
MSLG INFRASTRUCTURE: CRISIL Moves B+ Rating to Not Cooperating
NANDLAL KAMAL: Insolvency Resolution Process Case Summary
PK SULPHIKER: CRISIL Migrates D Debt Ratings to Not Cooperating
PREMIER LIMITED: Insolvency Resolution Process Case Summary

RS RICE: CRISIL Migrates B+ Debt Rating to Not Cooperating
S GANESH: CRISIL Migrates D Debt Ratings to Not Cooperating
SAPTAGIRI BOILED: CRISIL Reaffirms B+ Rating on INR10cr Loans
SHASHIRADHA COLD: CRISIL Moves B- Debt Ratings to Not Cooperating
SHIVA PARBOILED: CRISIL Moves B+ Debt Rating to Not Cooperating

SIDHARTH AND GAUTAM: CRISIL Moves B+ Ratings to Not Cooperating
STAR CITY: CRISIL Reaffirms B+ Ratings on INR15cr Loans
SUN FORGE: CRISIL Lowers Rating on INR7cr Cash Loan to B
SURYA ALLOY: CRISIL Keeps D Debt Ratings in Not Cooperating
SURYA EXIM: Insolvency Resolution Process Case Summary

SYMBIOSIS PROPERTIES: CRISIL Moves B+ Rating to Not Cooperating
UJJAWAL SAWERA: CRISIL Moves B+ Debt Rating to Not Cooperating
UMRAO HOTELS: CRISIL Migrates B+ Debt Ratings to Not Cooperating
VENKATALAXMI AGRO: CRISIL Moves B+ Ratings to Not Cooperating
VRINDA INFRA: Insolvency Resolution Process Case Summary

VSM VENTURE CONTROL: Insolvency Resolution Process Case Summary
VVG PAPER: CRISIL Raises Rating on INR21.75cr LT Loan to B+
WAHID SANDHAR: CRISIL Lowers Rating on INR53.26cr Loan to D
WSH PRIVATE LIMITED: Insolvency Resolution Process Case Summary


M Y A N M A R

MYANMAR: Military Coup Threatens Fragile Economic Recovery


N E W   Z E A L A N D

ANTOINE'S: Shuts Doors After 47 Years
BLADE GROUP: Security Services Firm Placed Into Receivership
TITAN ACQUISITIONCO: Moody's Affirms B2 CFR on Solid Performance


S I N G A P O R E

GLOBAL SPORTS: Court to Hear Judicial Management Bid on March 8
HONTOP ENERGY: Creditors' Meeting Set for February 18

                           - - - - -


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A U S T R A L I A
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ARISTOCRAT LEISURE: Moody's Affirms Ba1 CFR, Outlook Stable
-----------------------------------------------------------
Moody's Investors Service has affirmed the Ba1 corporate family
rating of Aristocrat Leisure Ltd. At the same time, Moody's has
affirmed the Ba1 foreign currency senior secured bank credit
facility rating of Aristocrat International Pty Limited.

The outlooks on both entities have been changed to stable from
negative.

"The change in Aristocrat's outlook to stable reflects our
expectation that the company's credit metrics will recover to
within rating tolerance thresholds over the next 12-18 months,"
says Maadhavi Barber, a Moody's Analyst. "We expect strong Digital
revenue growth, as well as a moderate, gradual recovery in Land
Based segment revenue over the period, will continue to drive
Aristocrat's earnings."

RATINGS RATIONALE

The rating affirmation reflects Aristocrat's strong market presence
and distribution across a diversified geographical footprint, as
well as its track record of developing products that continue to
attract consumers. In addition, recurring revenue and earnings
stability have increased, as a result of significant organic growth
in the premium gaming operations and digital businesses, and recent
acquisitions.

The company's results for the fiscal year ended September 30, 2020,
exceeded Moody's initial expectations, largely reflecting a
faster-than-expected recovery across the North American Gaming
operations (around 33% of Aristocrat's fiscal 2020 revenues),
combined with strong revenue growth (around 57% of revenues) in the
Digital segment.

The rating agency forecasts the company's leverage -- as measured
by Moody's adjusted debt/EBITDA -- will improve to around
2.4x-2.9x, just below the downgrade threshold of 3.0x.

Aristocrat's significant liquidity buffer of around AUD1.95 billion
as of 30 September 2020 should help the company withstand any
further unforeseen events, or a slower-than-expected recovery in
the Land Based business. Liquidity is supported by USD500 million
proceeds from the term loan B facility completed in May 2020, as
well as AUD277 million available under its revolving credit
facility.

ENVIRONMENTAL, SOCIAL AND GOVERNANCE (ESG) CONSIDERATIONS

The ratings of Aristocrat take into account environmental, social
and governance factors.

Aristocrat's operations are exposed to elevated social risks as
responsible gaming is an increasing focus for industry regulation.
However, Aristocrat aims to promote a sustainable games industry.
This includes seeking to mitigate social and reputational risks by
increasing transparency for digital game players, and ensuring age
minimums for social casino-style games.

The company's Global Information Security Policy aims to address
these risks and protect customers, partners and employees from
potential data breaches. Aristocrat is also focused on
strengthening its clear-web and dark-web threat intelligence
capabilities to proactively identify and manage potential issues.

Aristocrat's governance is a credit-supportive factor given that
Aristocrat is listed on the Australian Stock Exchange (ASX), and
therefore, subject to ASX listing rules, in addition to other
relevant laws and regulations. Aristocrat's Board is responsible
for maintaining a sound and transparent governance framework and
ensuring full compliance with the company's stringent regulatory
obligations. Six out of eight members are independent.

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

Moody's could upgrade the rating if the company commits to a
financial policy in line with an investment-grade rating, which
would include maintaining adjusted debt/EBITDA below 2.0x on a
sustained basis. An upgrade to investment grade would also require
Aristocrat transitioning to a fully unsecured capital structure.

The ratings could be downgraded if there is a further deterioration
in operating conditions or the company pursues major acquisitions,
which cause leverage to increase and/or liquidity weakening to
levels below Moody's expectations for the rating. Specifically,
adjusted debt/EBITDA sustained above 3.0x would likely lead to a
downgrade.

The principal methodology used in these ratings was Business and
Consumer Service Industry published in October 2016.

COMPANY PROFILE

Aristocrat Leisure Ltd is a leading gaming provider and games
publisher, with more than 6,400 employees located in offices around
the world. Aristocrat offers a diverse range of products and
services including electronic gaming machines, casino management
systems and digital social games. The company's land-based products
are approved for use in more than 300 licensed jurisdictions and
available in over 80 countries.

ARTISAN INSTALLATIONS: First Creditors' Meeting Set for Feb. 18
---------------------------------------------------------------
A first meeting of the creditors in the proceedings of Artisan
Installations Pty Ltd, formerly trading as Half Cost Kitchens, will
be held on Feb. 18, 2021, at 11:00 a.m. via Teleconference.

Shelley-Maree Brooks of Rodgers Reidy was appointed as
administrator of Artisan Installations on Feb. 5, 2021.

AUTOCARE SERVICES: Enters Into Voluntary Administration
-------------------------------------------------------
Stuart Marsh at 9News reports that Aussie car mover Autocare
Services has entered into voluntary administration as volatile
market conditions and low sales of new cars put enormous pressure
on the businesses' bottom line.

Autocare Services specialise in shore-to-door vehicle delivery,
which boils down to storing and distributing new cars to dealers,
corporate clients and leasing companies. The business employs
almost 600 Aussies across 20 sites.

"Autocare Services has been a major player in Australia's
automotive industry for 60 years, with almost 600 employees
currently working at 20 sites across Australia to deliver vehicle
logistics services for its customers," Autocare Services said in a
statement.  "The business has been exposed to the automotive
industry market downturn for three consecutive years now and
vehicle volumes are not forecast to return to levels that can
sustain the business in its current structure."

Christopher Hill, Joseph Hansell and Ross Blakeley of FTI
Consulting have been appointed as the administrators, 9News
discloses.

During the administration process, Autocare Services said it
intends to continue operating and servicing its many customers
across Australia.

According to 9News, LINX Cargo Care Group's Chief Executive
Officer, Anthony Jones, said Autocare Services continues to be
significantly impacted by the vehicle logistics market decline.

"Autocare Services has been working closely with its customers, and
the wider supply chain, to evolve the business in alignment with
the changing market conditions however, the material movement and
volatility has been heightened by the ongoing COVID-19 pandemic,"
9News quotes Mr. Jones as saying.

"Voluntary administration can provide Autocare Services with a
pathway for the tough, but necessary, change it needs for the
evolution of its business model to keep delivering services valued
by customers today, and into the future, to the Australian
automotive industry."

He said Autocare's financial difficulties do not reflect on the
financial position of LINX Group, which is currently sound, the
report adds.

Autocare Services Pty Ltd is a wholly owned subsidiary of LINX
Cargo Care Group, which employs 3,400 people across Australia and
New Zealand.

EVOKE DESIGN: First Creditors' Meeting Set for Feb. 18
------------------------------------------------------
A first meeting of the creditors in the proceedings of Evoke Design
Group Pty Ltd will be held on Feb. 18, 2021, at 10:00 a.m. via
teleconference.

Shelley-Maree Brooks of Rodgers Reidy was appointed as
administrator of Evoke Design on Feb. 5, 2021.




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C H I N A
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BRIGHT SCHOLAR: Fitch Corrects Feb. 2 Ratings Release
-----------------------------------------------------
Fitch Ratings issued a correction of a press release published on 2
February 2021, for Bright Scholar Education Holdings Limited, to
include the Corporate Rating Criteria and Country-Specific
Treatment of Recovery Ratings Criteria that were omitted in the
original release:

Fitch Ratings has affirmed Bright Scholar Education Holdings
Limited's Long-Term Issuer Default Rating (IDR) and senior
unsecured rating at 'BB-'. The Outlook on the Long-Term IDR is
Stable. The 'BB-' rating on the company's USD300 million 7.45%
senior notes due 2022 has also been affirmed.

The affirmation and Stable Outlook reflect Fitch's expectation that
Bright Scholar will maintain a solid financial profile as the
resilient domestic K-12 business provides buffer against
deterioration in overseas operations caused by the coronavirus
pandemic. However, rating headroom has reduced following its
overseas expansion, which increased leverage and weakened cash flow
generation.

Fitch believes Bright Scholar's business will be able to recover to
pre-Covid-19 levels given the strength of its brand, close
relationship with Chinese homebuilder Country Garden Holdings
Company Limited (BBB-/Stable) and positive industry dynamics.

The ratings on Bright Scholar reflects the company's solid market
position as the largest operator of international and bilingual
schools that cover kindergarten to 12th grade in China by
enrolment. The ratings also incorporate the education industry's
positive growth prospects and stable cash flow generation, the
company's synergistic relationship with Country Garden. The ratings
are constrained by the company's relatively small operating scale
and lower cash flow generation.

KEY RATING DRIVERS

Resilience on K-12 Education: Fitch believes steady growth in
Bright Scholar's domestic K-12 education business will support its
cash flow and make its credit profile more resilient against
disruptions in its overseas operations due to the pandemic. Its
unutilised capacity of around 25% as of September 2020 and
additional capacity from new schools will provide ample room for
growth.

Increase in Enrolments Domestically: Bright Scholar's close
strategic relationship with Country Garden and operation of most of
its K-12 schools on Country Garden properties supply the education
company with new students. Student enrolment in its K-12 schools
continued to grow over the past few years. The number of students
in its international schools rose by 10.5% in the first quarter of
the financial year ending August 2021 (FY21), in its bilingual
schools by 8.4% and in its kindergartens by 16.3%.

Covid-19 Impact: The coronavirus pandemic in the UK has a large
impact on Bright Scholar's overseas school operations as seven of
its eight overseas schools are in the UK. Fitch expects revenue
from overseas schools to drop sharply in FY21 as a result of a 30%
decrease in student enrolment and loss of the majority of boarding
and meal fees due to the closure of campuses.

In contrast, Bright Scholar's school operations in China returned
to normal in June 2020. Fitch expects revenue to grow by the low
single digits in FY21, driven by stable growth in the domestic K-12
business and complementary education services.

Positive FCF: Fitch expects Bright Scholar to generate positive
free cash flow (FCF) despite the impact of the coronavirus. This is
supported by stable and recurring cash flow from its domestic K-12
schools, growth in its complementary education services and
moderate expansion of schools under an asset-light model, which
limits capex. The company has a clear deleveraging path after the
pandemic, with FFO adjusted net leverage trending towards 2x along
with the recovery in its overseas operations.

Profitability Under Pressure: Fitch expects weakness in the
overseas operations to weigh on Bright Scholar's overall
profitability, with EBITDA margin narrowing by 3pp to 14.3% in FY21
by Fitch’s estimate. The increasing number of low-profit
kindergartens in the portfolio will pressure profitability in the
medium term. The company has taken steps to reduce costs and
improve operational efficiencies, while utilization increased with
the ramp-up of new schools. These will partly offset the impact of
lower margins from its overseas schools and kindergartens.

Slower Acquisitions: Fitch expects Bright Scholar to be financially
conservative and reduce acquisitions in the next year or two due to
uncertainty related to the coronavirus. The company's recently
acquired businesses overseas have diversified its portfolio, but
weighed on its financial profile given deteriorating performance
amid the Covid-19 pandemic. In the medium term, Fitch expects the
company to seek growth opportunities in complementary education and
overseas schools to complement its K-12 education services.

Regulatory Uncertainty: The private education sector in China is
highly regulated and subject to stringent scrutiny. Fitch expects
current regulations to have limited impact on Bright Scholar's
existing school operations, but regulatory risk exists as the rules
are evolving rapidly.

Proposed regulations will limit Bright Scholar's ability to acquire
kindergartens and schools providing compulsory education as it is a
listed company. In addition, tightened restrictions over
kindergartens' pursuit of profits and the government's goal of
increasing the number of low-profit kindergartens to 80% of the
total will negatively affect the margin of Bright Scholar's
kindergarten business.

DERIVATION SUMMARY

Bright Scholar has slightly smaller EBITDAR scale and weaker
profitability than Chinese private-school operator Wisdom Education
International Holdings Company Limited (BB-/Stable). Bright Scholar
is more diversified than Wisdom Education in terms of school
locations and education formats, but its overseas operation has
been disrupted by the coronavirus and weighs on Bright Scholar's
cash flow generation.

Bright Scholar has stronger FCF generation due to its asset-light
model, supporting its deleveraging path after the pandemic, while
Wisdom Education's leverage is likely to stay high due to negative
FCF.

KEY ASSUMPTIONS

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

-- Single-digit revenue growth in FY21, improving to low-teens in
    FY22, driven by organic growth and recovery in overseas
    operations

-- EBITDA margin of 14% in FY21 due to the impact of the
    coronavirus pandemic, and gradually improve to 19% by FY24
    (FY20: 17.1%)

-- CNY300 million in capex in FY21 and CNY500 million-600 million
    per year in FY22-FY24 (FY20: CNY150 million)

-- Acquisition payment of CNY50million in FY21

-- No dividend payment

RATING SENSITIVITIES

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

-- Positive rating action is not expected in the medium term
    until Bright Scholar achieves a substantially larger operating
    scale without material deterioration in its financial profile

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

-- Significant deterioration in operating performance

-- FFO adjusted net leverage sustained above 3.0x (FY20: 2.3x)

-- FFO fixed-charge coverage sustained below 2.0x (FY20: 2.2x)

-- Evidence of greater government, regulatory or legal
    intervention leading to an adverse change in the company's
    operating and business profile

BEST/WORST CASE RATING SCENARIO

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

LIQUIDITY AND DEBT STRUCTURE

Strong Liquidity: Bright Scholar had CNY3.8 billion of cash and
short-term investments as of November 2020, which is more than
sufficient to cover its short-term bank borrowings of CNY945
million. Bright Scholar has demonstrated access to offshore capital
markets. It completed an equity placement in 2018 and issued a
USD300 million bond in 2019.

SUMMARY OF FINANCIAL ADJUSTMENTS

Fitch has chosen to use the multiple approach to capitalise leases
for Bright Scholar and assess leverage on an adjusted leverage
basis. Fitch thinks the multiple approach is more appropriate for
education services companies under the Generic Navigator, like
Bright Scholar, as leasing school and facility premises form a core
element of its operations. A multiple of 8x was used as the company
is based in China.

Bright Scholar typically collects tuition and fees at the beginning
of the semester and there is usually a large "contract liabilities"
on its balance sheet. Fitch has classified part of cash that is not
expected to generate EBITDA (i.e. contract liabilities * (1-EBITDA
margin)) as "not readily available", and this amount is excluded
from net debt calculations.

ESG CONSIDERATIONS

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

HNA GROUP: Insolvency Could Test China's Young Bankruptcy Law
-------------------------------------------------------------
The New York Times reports that pressure is mounting on companies
whose behavior could pose a risk to China's financial system. HNA
Group, the vast Chinese conglomerate that threw tens of billions of
dollars at trophy businesses around the world, is nearing the
biggest corporate collapse in recent Chinese history, offering a
glimpse of how Beijing treats its most powerful entrepreneurs, the
report says.

HNA's insolvency is the largest China has seen since the country
first began using its bankruptcy law in 2007, according to Michelle
Luo, a bankruptcy lawyer at Hui Ye law firm. It will also test the
law's strength - just 76 companies have gone through bankruptcy
proceedings in China, Alexandra Stevenson reports for The New York
Times.

The New York Times relates that Xi Jinping, China's top leader,
told a meeting of the country's senior Communist Party officials
late last month that the government must anticipate risks even as
it pursues growth. He urged officials to make plans to deal with
"gray rhinoceros" events, referring to large and evident problems
in the economy that are ignored until they become urgent threats.
Chinese media had often referred to HNA as a gray rhino before its
decline, the report notes.

The New York Times says the party has strengthened its hand in
private business in recent months and urged entrepreneurs to
"identify politically, intellectually and emotionally" with its
goals. It has also pledged to prevent what it called the
"disorderly expansion of capital," a reference to the type of
lavish spending of borrowed money for which HNA had become known.

Among the party's recent prominent targets is the Chinese online
shopping giant Alibaba Group, according to The New York Times. In
December, the authorities opened an antitrust investigation into
the company, which the Chinese billionaire Jack Ma helped found.
One month earlier, days before a planned initial public offering of
Mr. Ma's finance giant, Ant Group, regulators stepped in to stop
it.

                          About HNA Group

China-based HNA Group Co. Ltd. offers airlines services. The
Company provides domestic and international aviation
transportation, air travel, aviation maintenance, and aviation
logistics services. HNA Group also operates holding, capital,
tourism, logistics, and other business.

As reported in the Troubled Company Reporter-Asia Pacific on Feb.
1, 2021, Global Times said HNA Group on Jan. 29 declared bankruptcy
and restructuring after a multi-year debt and liquidity crisis. The
company was informed by South China's Hainan High People's Court on
Jan. 29 that "because the company is unable to pay off its debts,
related creditors appealed to the court for the company's
bankruptcy and restructuring," HNA said.

According to Global Times, HNA Group said it will cooperate with
the court for judicial review, carry forward the debt disposal, and
support the court's protection of the legal rights of its creditors
so as to ensure the smooth operations of the company.


LOGAN GROUP: Moody's Hikes CFR to Ba2, Alters Outlook to Stable
---------------------------------------------------------------
Moody's Investors Service has upgraded the corporate family rating
of Logan Group Company Limited to Ba2 from Ba3. Moody's has also
upgraded the senior unsecured debt rating on Logan's existing notes
to Ba3 from B1.

The outlook has been revised to stable from positive.

"The upgrade reflects our expectation that Logan's credit metrics
will improve over the next 12-18 months, driven by its strong
revenue growth and controlled debt increase," says Cedric Lai, a
Moody's Vice President and Senior Analyst.

Specifically, Logan's revenue growth will be driven by its strong
sales execution over the past few years. Its contracted sales grew
32% to RMB120.7 billion in 2020 compared with 2019, after recording
strong 34% growth to RMB96.0 billion in 2019.

"The upgrade also reflects Logan's track record in maintaining good
liquidity and balanced debt maturity profile," adds Lai.

RATINGS RATIONALE

Logan's Ba2 corporate family rating reflects its (1) strong brand
and proven track record of developing mass-market residential
properties in the Guangdong-Hong Kong-Macao Bay Area (Greater Bay
Area), (2) focus on mass-market products, which supports its sales
growth and operating cash flow while reducing its reliance on debt
funding, and (3) good liquidity.

On the other hand, the rating is constrained by Logan's high
geographic concentration in southern China, which exposes the
company's sales performance to local regulatory and economic
changes.

Moody's believes Logan's sizable salable resources and strong sales
execution will enable the company to further grow its contracted
sales to RMB135 biliion-RMB145 billion in 2021. Such strong
contracted sales with good cash collection rate will help fund the
company's business expansion, as well as support its revenue growth
and liquidity over the next 12-18 months.

Logan's operations are concentrated in its core markets in the
Greater Bay Area as at the end of June 2020, around 70% of its
total land bank by gross floor area was located there. However,
Moody's believes that solid housing demand as well as Logan's
strong market position in this region will help mitigate such
concentration risk.

At the same time, the company continues to demonstrate prudent
financial management with a balanced debt maturity profile and
solid balance sheet liquidity.

Moody's expects Logan's debt leverage -- as measured by
revenue/adjusted debt - will improve to 77%-83% over the next 12-18
months from 71% in the 12 months ended June 2020. This will be
driven by the expected robust revenue recognition on the back of
strong contracted sales over the past two to three years, as well
as by its disciplined approach to pursuing growth and controlling
debt increase.

Meanwhile, Moody's expects Logan's adjusted EBIT/interest will
remain strong at 4.2x from 4.4x over the same period, as Moody's
expectation for lower profit margins will offset the effect of its
revenue growth. Such financial profile supports its Ba2 CFR.

Logan's liquidity position is good. The company's cash balance of
RMB41.9 billion covered 1.35x of its short-term debt as of June 30,
2020. Moody's expects the company's cash holdings, together with
expected operating cash inflow, will be able to cover its maturing
short-term debt, committed land purchases, dividend payments, as
well as capital spending and payables for its previous
acquisitions, over the next 12-18 months.

The Ba3 senior unsecured debt rating is one notch lower than the
corporate family rating due to structural subordination risk. The
majority of Logan's claims are at its operating subsidiaries and
have priority over claims at the holding company in a liquidation
scenario. In addition, the holding company lacks significant
mitigating factors for structural subordination. Consequently, the
expected recovery rate for claims at the holding company will be
lower.

In terms of environmental, social and governance (ESG) factors,
Moody's has considered the company's concentrated ownership in its
controlling shareholder, Mr. Kei Hoi Pang, who held a 61.63% stake
in the company as of June 30, 2020. The concern on concentrated
ownership is partly mitigated by (1) the fact that the audit and
remuneration committees all comprise independent non-executive
directors; (2) Logan's stable 40% dividend payout ratio over the
past three years; and (3) the application of the Listing Rules of
the Hong Kong Stock Exchange and the Securities and Futures
Ordinance in Hong Kong to oversee related-party transactions.

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

The stable outlook reflects Moody's expectation that Logan will
maintain its financial discipline and good liquidity while pursuing
growth in contracted sales over the next 12-18 months.

Moody's could upgrade Logan's CFR if it successfully diversifies
the operations geographically and executes its sales plan through
the cycles, while maintaining strong financial and liquidity
profiles.

Specifically, Moody's could upgrade the rating if Logan's (1)
revenue/adjusted debt exceeds 85%; and (2) EBIT/interest coverage
is above 4.5x-5.0x, both on a sustained basis.

On the other hand, Moody's could downgrade the rating if its
contracted sales growth slows or it pursues aggressive growth, such
that its credit metrics weaken, with EBIT/interest coverage falling
below 3.5x and revenue/adjusted debt falling below 65%-70% on a
sustained basis; or its liquidity weakens, as reflected by
cash/short-term debt falling below 125%.

The principal methodology used in these ratings was Homebuilding
And Property Development Industry published in January 2018.

Established in 1996, Logan Group Company Limited is a property
developer based in Shenzhen. The company's principal focus is on
residential projects in Shenzhen, Shantou, Nanning and Huizhou.

The company listed on the Hong Kong Stock Exchange in December
2013. At the end of June 2020, the company's land bank totaled 64.0
million square meters in gross floor area in different cities
across China, including Shenzhen, Shantou Nanning, Hong Kong and
other cities in the Greater Bay Area, as well as Singapore.

LUCKIN COFFEE: JPLs File Chapter 15 Petition in New York
--------------------------------------------------------
The Joint Provisional Liquidators (the "JPLs") of Luckin Coffee
Inc. (the "Company") (OTC:LKNCY), Alexander Lawson of Alvarez &
Marsal Cayman Islands Limited and Wing Sze Tiffany Wong of Alvarez
& Marsal Asia Limited, on Feb. 5 filed a verified petition under
chapter 15 of title 11 of the United States Code (the "Chapter 15
Petition") with the United States Bankruptcy Court for the Southern
District of New York (the "U.S. Bankruptcy Court"). The Chapter 15
Petition seeks, among other things, recognition in the United
States of the Company's provisional liquidation pending before the
Grand Court of the Cayman Islands (the "Cayman Court"), Financial
Services Division, Cause No. 157 of 2020 (ASCJ) (the "Cayman
Proceeding")1 and related relief.

The Company is negotiating with its stakeholders regarding the
restructuring of the Company's financial obligations, to strengthen
the Company's balance sheet and enable it to emerge from the Cayman
Proceeding as a going concern, for the benefit of all stakeholders.
The relief sought in the Chapter 15 Petition is an important
component of the Company's restructuring. This relief will promote
centralized administration of the Company's assets by permitting
coordination between the Cayman Court and the U.S. Bankruptcy
Court, to protect the interests of stakeholders while facilitating
the Company's restructuring.

All Company stores remain open for business, offering products with
high quality, affordability and convenience to its customers in
China. The filing of the Chapter 15 Petition is not expected to
materially impact the Company's day-to-day operations. The Company
continues to meet its trade obligations in the ordinary course of
business, including paying suppliers, vendors and employees.

                         About Luckin Coffee

Luckin Coffee Inc., was a Xiamen, Fujian-based coffee chain.

In July 2020, Luckin Coffee called in liquidators to oversee a
corporate restructuring and negotiate with creditors to salvage its
business, less than four months after shocking the market with a
US$300 million accounting fraud, South China Morning Post said.

The Company hired Houlihan Lokey as financial advisers to implement
a workout with creditors. The start-up company also named Alexander
Lawson of Alvarez & Marsal Cayman Islands and Tiffany Wong Wing Sze
of Alvarez & Marsal Asia to act as "light-touch" joint provisional
liquidators (JPLs) under a Cayman Islands court order, it said in a
regulatory filing in New York.

The move was in response to a winding-up petition by an undisclosed
creditor.


MEINIAN ONEHEALTH: Moody's Downgrades CFR to B2, Outlook Negative
-----------------------------------------------------------------
Moody's Investors Service has downgraded the corporate family
rating of Meinian Onehealth Healthcare Holdings Co., Ltd. to B2
from B1. At the same time, Moody's has downgraded to B2 from B1 the
senior unsecured rating on the bonds issued by Mei Nian Investment
Limited and guaranteed by Meinian Onehealth.

The outlook remains negative.

"The downgrade reflects weakness in the company's financial
management, which results in its weak liquidity profile, in part
due to its reliance on short-term funding, and limited progress on
its refinancing plan for its upcoming debt maturities, leaving its
credit profile vulnerable to volatility in the operating
environment and funding market," says Shawn Xiong, a Moody's
Assistant Vice President and Analyst.

"The negative outlook reflects the company's high funding pressure
over the next 12 months, including refinancing its USD200 million
bond due April 2021, and funding its capital expenditure and
working capital needs," adds Xiong.

RATINGS RATIONALE

Meinian Onehealth's B2 CFR reflects the company's (1) leading
position in China's (A1 stable) private medical examination sector,
(2) its exposure to the country's growing preventive healthcare
industry, and (3) some operational benefits from having Alibaba
(China) Technology Co. and its affiliates as the second largest
shareholder group, with an approximate 13% stake at the end of
2020.

On the other hand, the rating is constrained by the integration and
execution risks stemming from (1) its weak liquidity profile, (2)
its strategy of growing through acquisitions and multistep
investments, (3) its shift towards a more premium service offering,
and (4) the evolving regulatory environment.

Moody's forecasts Meinian Onehealth's revenue to decline by 8%-11%
for 2020 due to disruptions caused by the coronavirus outbreak.
However, the company's revenue has rebounded during the second half
of 2020 and the recovery will continue into 2021.

At the same time, Moody's expects the company's margin to fall
significantly in 2020 before recovering in 2021 as revenue
rebounds. As such, the company's leverage -- as measured by
adjusted debt/EBITDA -- will likely improve to around 5.0x over the
next 12 to 18 months from a high level of around 7.0x in 2020. Such
a leverage level is consistent with its B2 rating.

Meinian Onehealth's liquidity position is weak. Factoring in the
RMB540 million proceeds from the sale of a 20% stake in a
subsidiary, Moody's expects the company's cash balance to increase
to RMB3.0 billion-RMB3.5 billion at the end of 2020 from around
RMB2.4 billion at the end of September 2020. This, along with cash
flow from operations of RMB1.0 billion-RMB1.2 billion in 2020, will
be insufficient to cover its short-term debt maturities of around
RMB4.6 billion and capital expenditure of RMB1.0 billion-RMB1.2
billion over the next 12 months.

Refinancing risk is heightened by Meinian Onehealth's sizable debt
maturities during the first half of 2021, including USD200 million
of offshore senior unsecured notes due April 3, 2021.

Meinian Onehealth has a history of rolling over its bank
borrowings. However, market uncertainties could make it more
difficult for the company to refinance.

If Meinian Onehealth is able to roll over its bank borrowings,
Moody's expects the company to have sufficient cash to repay its
upcoming USD200 million bond maturity.

Meinian Onehealth's ratings also consider the following
environmental, social and governance (ESG) factors.

From a social risk perspective, Meinian Onehealth operates in the
highly regulated healthcare services industry. A failure to comply
with relevant regulations, or changes in government policies or
regulations, could have an adverse impact on its operations.

On the governance front, Meinian Onehealth's ownership is
concentrated in a small number of shareholders, who have pledged a
high ratio of their shares. However, its share pledge has been
decreasing in recent periods.

The largest shareholder group is Mr. Yu Rong, who together with his
affiliates, hold a 19.81% stake in the company, followed by Alibaba
(China) Technology Co. and its affiliates' 13% stake.

This situation is partially tempered by Meinian Onehealth's status
as a listed and regulated entity.

The company's 11-member board consists of four independent
directors. Additionally, three members are appointed from Alibaba
Group and its subsidiaries.

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

An upgrade is unlikely in the near term, given the negative
outlook. However, the outlook could return to stable if (1) the
company refinances or repays its upcoming debt maturities,
including the USD200 million senior unsecured notes; and (2) the
company's operations continue to recover on a sustained basis.

The rating could be downgraded if Meinian Onehealth fails to put in
place a concrete refinancing plan; or if its operating performance
and credit profile fail to improve.

The principal methodology used in these ratings was Business and
Consumer Service Industry published in October 2016.

Headquartered in Shanghai, Meinian Onehealth Healthcare Holdings
Co., Ltd. is a leading Chinese preventive healthcare solutions
provider offering medical examinations and various other services.
The company was listed on the Shenzhen Stock Exchange in 2015.

TAIZHOU HUAXIN: Fitch Assigns BB+ Rating on Proposed USD Notes
--------------------------------------------------------------
Fitch Ratings has assigned Taizhou Huaxin Pharmaceutical Investment
Co., Ltd.'s (THPI; BB+/Stable) proposed US-dollar notes a rating of
'BB+'.

The proposed notes will be issued by Huaxin Pharmaceutical (Hong
Kong) Co., Limited, a wholly owned subsidiary of THPI. The proceeds
will be used for repaying overseas debt.

THPI is a flagship government-related entity responsible for the
urban development of the Taizhou medical high-tech development zone
and the incubation of the pharmaceutical industry.

KEY RATING DRIVERS

The proposed notes are unconditionally and irrevocably guaranteed
by THPI. The guarantee will constitute THPI's direct,
unsubordinated, and unconditional obligations and will rank pari
passu with all other present and future unsecured obligations. As a
result, Fitch equalises the notes' rating with THPI's Issuer
Default Rating (IDR).

RATING SENSITIVITIES

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

-- An upgrade in THPI's IDR will result in a similar change in
    the rating of the proposed notes.

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

-- A downgrade in THPI's IDR will result in a similar change in
    the rating of the proposed notes.

BEST/WORST CASE RATING SCENARIO

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

ESG CONSIDERATIONS

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



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

AGRAWAL IRON: CRISIL Migrates D Debt Ratings to Not Cooperating
---------------------------------------------------------------
CRISIL Ratings has migrated the rating on bank facilities of
Agrawal Iron & Industries (AGRIN) to 'CRISIL B+/Stable Issuer not
cooperating'.

                      Amount
   Facilities       (INR Crore)    Ratings
   ----------       -----------    -------
   Cash Credit           2.68      CRISIL D (ISSUER NOT
                                   COOPERATING; Rating Migrated)

   Long Term Loan       12         CRISIL D (ISSUER NOT
                                   COOPERATING; Rating Migrated)

   Proposed Long Term    0.32      CRISIL D (ISSUER NOT
   Bank Loan Facility              COOPERATING; Rating Migrated)

CRISIL Ratings has been consistently following up with AGRIN for
obtaining information through letters and emails dated October 27,
2020 and November 25, 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

CRISIL Ratings has been consistently following up with Agrawal Iron
& Industries (AGRIN) for obtaining information through letters and
emails dated October 27, 2020 and November 25, 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.’

AGRIN processes iron ore and manufactures iron-cum-manganese ore
pellets at its unit in Bastar, Chhattisgarh. The firm is promoted
by Mr. Anil Agrawal.

AKANKSHA AUTOMOBILES: CRISIL Moves B- Ratings to Not Cooperating
----------------------------------------------------------------
CRISIL Ratings has migrated the rating on bank facilities of
Akanksha Automobiles Private Limited (AAPL) to 'CRISIL B-/Stable
Issuer not cooperating'.

                      Amount
   Facilities       (INR Crore)    Ratings
   ----------       -----------    -------
   Cash Credit           4.5       CRISIL B-/Stable (ISSUER NOT
                                   COOPERATING; Rating Migrated)

   Long Term Loan        1.5       CRISIL B-/Stable (ISSUER NOT
                                   COOPERATING; Rating Migrated)

CRISIL Ratings has been consistently following up with AAPL for
obtaining information through letters and emails dated October 31,
2020 and December 22, 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
Ratings failed to receive any information on either the financial
performance or strategic intent of AAPL, which restricts CRISIL
Ratings’ ability to take a forward looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on AAPL
is consistent with 'Assessing Information Adequacy Risk’.
Therefore, on account of inadequate information and lack of
management cooperation, CRISIL Ratings has migrated the rating on
bank facilities of AAPL to 'CRISIL B-/Stable Issuer not
cooperating'.

AAPL was incorporated in 1997. It is an authorized dealer of Maruti
Suzuki India Limited (MSIL) passenger vehicles. It deals in sales
of new-cars, after sales services and sale of spare parts under the
brand name of MSIL.

The company has 9 sales outlets in Moradabad, Thakurdwara, Rampur,
Sambhal, Chandausi, Kath, Amroha, Bilaspur and Gajaurala in Uttar
Pradesh and promoted by Mr. Amit Goel and family.

ANDHRA PRADESH: CRISIL Keeps B- Debt Ratings in Not Cooperating
---------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Andhra
Pradesh Power Development Company Limited (APPDCL) continues to be
'CRISIL B-/Stable Issuer Not Cooperating'.

                      Amount
   Facilities       (INR Crore)     Ratings
   ----------       -----------     -------
   Cash Credit           900        CRISIL B-/Stable (Issuer Not
                                    Cooperating)

   Proposed Fund-        600        CRISIL B-/Stable (Issuer Not
   Based Bank Limits                Cooperating)

CRISIL Ratings has been consistently following up with APPDCL for
obtaining information through letters and emails dated June 30,
2020 and December 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
Ratings failed to receive any information on either the financial
performance or strategic intent of APPDCL, which restricts CRISIL
Ratings’ ability to take a forward looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on
APPDCL is consistent with 'Assessing Information Adequacy Risk’.
Based on the last available information, the ratings on bank
facilities of APPDCL continues to be 'CRISIL B-/Stable Issuer Not
Cooperating’.

APPDCL is a special-purpose vehicle which was originally set up as
a 50:50 joint venture between Andhra Pradesh Power Generation
Corporation Ltd (APGenco) and Infrastructure Leasing & Financial
Services Ltd, to implement mega power projects. Subsequently, the
company was reconstituted, with APGenco holding 51 percent stake
and the balance 49 percent being held by the four discoms of
erstwhile Andhra Pradesh (together holding 45.04 percent) and the
Government of Andhra Pradesh (3.96 percent).

APPDCL runs a thermal power project, Sri Damodaram Sanjeevaiah
Thermal Power Station, in Krishnapatnam, Andhra Pradesh. The
project has three units of 800 MW each. While Unit I commenced
commercial operations on February 5, 2015, and Unit II on August
24, 2015, the construction of Unit III commence in the current
fiscal and is expected to become operational by June 2019.

ANSH ENERGY: Insolvency Resolution Process Case Summary
-------------------------------------------------------
Debtor: Ansh Energy Solutions Private Limited
        C-301, Lohia Nagar
        Ghaziabad
        UP 201002
        IN

Insolvency Commencement Date: February 21, 2021

Court: National Company Law Tribunal, Noida Bench

Estimated date of closure of
insolvency resolution process: July 20, 2021

Insolvency professional: Mr. Vimal Kumar

Interim Resolution
Professional:            Mr. Vimal Kumar
                         V 1104
                         The Hyde Pak Sector-78
                         Noida 201301
                         E-mail: maidvimal1@rediffmail.com

                            - and -

                         G 41, 2nd Floor
                         Sector-63
                         Noida 201301
                         E-mail: cirp.ansh@gmail.com

Last date for
submission of claims:    February 4, 2021


ASHRO TEXTILES: CRISIL Migrates D Debt Ratings to Not Cooperating
-----------------------------------------------------------------
CRISIL Ratings has migrated the rating on bank facilities of Ashro
Textiles Private Limited (ATPL; part of the Ashro group) to 'CRISIL
D Issuer not cooperating'.

                     Amount
   Facilities     (INR Crore)   Ratings
   ----------     -----------   -------
   Cash Credit          2       CRISIL D (ISSUER NOT COOPERATING;
                                Rating Migrated)

   Long Term Loan       2.3     CRISIL D (ISSUER NOT COOPERATING;
                                Rating Migrated)

   Proposed Fund-       1.7     CRISIL D (ISSUER NOT COOPERATING;
   Based Bank Limits            Rating Migrated)

   Working Capital      1.0     CRISIL D (ISSUER NOT COOPERATING;
   Term Loan                    Rating Migrated)


CRISIL Ratings has been consistently following up with ATPL for
obtaining information through letters and emails dated January 18,
2021 and January 23, 2021 among others, apart from telephonic
communication. However, the issuer has remained non cooperative.

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

Detailed Rationale

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

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

BALAJI GINNING: CRISIL Migrates B+ Debt Rating to Not Cooperating
-----------------------------------------------------------------
CRISIL Ratings has migrated the rating on bank facilities of Sri
Balaji Ginning And Pressing Factory - Yavatmal (SGPF) to 'CRISIL
B+/Stable Issuer not cooperating'.

                      Amount
   Facilities       (INR Crore)     Ratings
   ----------       -----------     -------
   Cash Credit             6        CRISIL B+/Stable (ISSUER NOT
                                    COOPERATING; Rating Migrated)

CRISIL Ratings has been consistently following up with SGPF for
obtaining information through letters and emails dated October 27,
2020 and November 25, 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
Ratings failed to receive any information on either the financial
performance or strategic intent of SGPF, which restricts CRISIL
Ratings’ ability to take a forward looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on SGPF
is consistent with 'Assessing Information Adequacy Risk’.
Therefore, on account of inadequate information and lack of
management cooperation, CRISIL Ratings has migrated the rating on
bank facilities of SGPF to 'CRISIL B+/Stable Issuer not
cooperating'.

Setup in 2003, Yavatmal (Maharashtra)-based SGPF, promoted by Mr.
Murli Manohar Malpani, and Mr. Manish Malpani, is engaged in
ginning and pressing of cotton. The manufacturing unit is at
Yavatmal, Maharashtra.

BANGALORE INSTITUTE: CRISIL Moves D Ratings to Not Cooperating
--------------------------------------------------------------
CRISIL Ratings has migrated the rating on bank facilities of
Bangalore Institute of Gastroenterology Private Limited (BIG) to
'CRISIL D/CRISIL D Issuer not cooperating'.

                    Amount
   Facilities    (INR Crore)    Ratings
   ----------    -----------    -------
   Overdraft           2        CRISIL D (ISSUER NOT COOPERATING;

   Facility                     Rating Migrated)

   Term Loan          10        CRISIL D (ISSUER NOT COOPERATING;
                                Rating Migrated)

CRISIL Ratings has been consistently following up with BIG for
obtaining information through letters and emails dated January 18,
2021 and January 23, 2021 among others, apart from telephonic
communication. However, the issuer has remained non cooperative.

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

Detailed Rationale

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

Incorporated in 2013, BIG has set up a 100-bed gastroenterology
specialty hospital in Jayanagar (Bangalore). The company is owned
and managed by Dr. Ramesh Reddy, Dr. S Divakara Murthy, Dr.
Preethan K.N., Dr. R Sahadev and Dr Tejeswi S. Gutti who are
gastroenterology specialists. The hospital was set up with an aim
to provide one stop solution for gastrointestinal, hepatobiliary
and pancreatic diseases.

BENCHMARK IT: CRISIL Migrates D Debt Rating to Not Cooperating
--------------------------------------------------------------
CRISIL Ratings has migrated the rating on bank facilities of
Benchmark IT Solutions India Private Limited (BISPL) to 'CRISIL D
Issuer not cooperating'.

                      Amount
   Facilities       (INR Crore)    Ratings
   ----------       -----------    -------
   Rupee Term Loan        10       CRISIL D (ISSUER NOT
                                   COOPERATING; Rating Migrated)

CRISIL Ratings has been consistently following up with BISPL for
obtaining information through letters and emails dated December 23,
2020, January 18, 2021 and January 23, 2021 among others, apart
from telephonic communication. However, the issuer has remained non
cooperative.

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

Detailed Rationale

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

Incorporated in 2003 and promoted by Mr. Ganesh Patil and Mr. Rahul
Asanikar, BISPL provides information technology services, including
application development, enterprise integration solutions, and
mobile-based custom applications. Around 95% of revenue is derived
from overseas clients.

BLUE STAR: CRISIL Migrates D Debt Rating from Not Cooperating
-------------------------------------------------------------
Due to inadequate information, CRISIL Ratings, in line with SEBI
guidelines, had migrated its rating on the long term bank
facilities of Blue Star Building Materials Private Limited (BSBMPL)
to 'CRISIL D; Issuer Not cooperating'. However, the management has
subsequently started sharing requisite information, necessary for
carrying out comprehensive review of the rating.  Consequently,
CRISIL Ratings is migrating the ratings on the bank facilities of
BSBMPL to 'CRISIL D ' from 'CRISIL D; Issuer Not Cooperating'.

                      Amount
   Facilities       (INR Crore)     Ratings
   ----------       -----------     -------
   Cash Credit           12.5       CRISIL D (Migrated from
                                    'CRISIL D ISSUER NOT
                                    COOPERATING')

The rating reflects the poor liquidity, reflected in
overutilization of working capital limits. The same is on account
of stretched debtors over the past one year. The rating also
reflects the weak financial risk profile, working capital intensive
nature of operations, and modest scale of operations. These rating
weaknesses are partially offset by the extensive industry
experience of the promoters.

Analytical Approach

Unsecured loans from directors of INR33.64 Cr as on March 31, 2020
are treated as 75% equity and 25% debt as these are debts at
subordinated interest rates and expected to remain in the business
over the medium term.

Key Rating Drivers & Detailed Description

Weaknesses:

* Weak financial risk profile: Company has weak capital structure
as reflected in negative networth due to accumulated losses over
the years. This has also lead to poor capital structure with
gearing and total outside liabilities to tangible networth ratio of
(2.80) times and (3.25) times respectively as on March 31, 2020.
With negative networth, Capital structure is expected to remain
weak over the medium term as well.

* Working capital intensive operations: Working capital intensive
operations reflected in GCA days of 2751 days, driven by debtor
days of 2510 days, the debtors are payments to be received from its
group company. However it is expected to remain the same over the
medium term as well.

* Modest scale of operations: Fierce Competition may continue to
constrain scalability and margins. Modest scale of operations is
reflected in operating income of INR2.03 crore in fiscal 2020.

Strength:

* Extensive industry experience of the promoters: The promoters
have an experience of over 40 years in industrial machinery and
consumables industry. This has given them an understanding of the
dynamics of the market, and enabled them to establish relationships
with suppliers and customers.

Liquidity: Poor

Poor liquidity is reflected in full utilization of working capital
limits also resulting in overdrawals in the cash credit limit. The
same is on account of stretched debtors from the group company.
Cash accrual is expected at above INR35 lakhs and INR48 lakhs for
fiscals 2021 and 2022, respectively, against no long-term debt
repayment obligation. Unsecured loans of INR33.645 Cr are from
promoters and these provide support to the business operations and
liquidity.

Rating Sensitivity factors

Upward factors

* Timely debt servicing for more than 90 days
* Improvement in scale of operations and sustenance of operating
margin leading to higher cash accruals
* Improvement in working capital cycle

BSBMPL incorporated in 1996, is engaged in manufacturing and laying
paver blocks and Readymade concrete (RMC).

BRIGHTSTAR HEALTHCARE: CRISIL Moves B Rating to Not Cooperating
---------------------------------------------------------------
CRISIL Ratings has migrated the rating on bank facilities of
Brightstar Healthcare Private Limited (BHPL) to 'CRISIL B/Stable
Issuer not cooperating'.

                      Amount
   Facilities       (INR Crore)     Ratings
   ----------       -----------     -------
   Term Loan              25        CRISIL B/Stable (ISSUER NOT
                                    COOPERATING; Rating Migrated)

CRISIL Ratings has been consistently following up with BHPL for
obtaining information through letters and emails dated October 27,
2020 and November 25, 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
Ratings failed to receive any information on either the financial
performance or strategic intent of BHPL, which restricts CRISIL
Ratings’ ability to take a forward looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on BHPL
is consistent with 'Assessing Information Adequacy Risk’.
Therefore, on account of inadequate information and lack of
management cooperation, CRISIL Ratings has migrated the rating on
bank facilities of BHPL to 'CRISIL B/Stable Issuer not
cooperating'.

Incorporated in November 2012 and promoted by a group of doctors,
BHPL is setting up a 150-bed multi-speciality hospital in
Moradabad, Uttar Pradesh, which is likely to start operations from
March 2020. The company's promoters have had private practice of
over a decade each.

CALZINI FASHIONS: Insolvency Resolution Process Case Summary
------------------------------------------------------------
Debtor: Calzini Fashions Limited
        S-66, Greater Kailash
        Part-II, South Delhi
        New Delhi 110048

Insolvency Commencement Date: January 28, 2021

Court: National Company Law Tribunal, New Delhi (Court V) Bench

Estimated date of closure of
insolvency resolution process: July 27, 2021

Insolvency professional: Reetesh Kumar Agarwal

Interim Resolution
Professional:            Reetesh Kumar Agarwal
                         Unit No. 531, Fifth Floor
                         Plot No. 8, S.G. Shopping Mall
                         Community Center, D.C. Chowk
                         Sector 9, Rohini
                         New Delhi 110085
                         E-mail: carkagarwal@gmail.com
                                 calzinicirp@gmail.com

Last date for
submission of claims:    February 17, 2021


CAREER EDUCATIONAL: CRISIL Moves B+ Rating to Not Cooperating
-------------------------------------------------------------
CRISIL Ratings has migrated the rating on bank facilities of Career
Educational Society (CES) to 'CRISIL B+/Stable Issuer not
cooperating'.

                       Amount
   Facilities        (INR Crore)   Ratings
   ----------        -----------   -------
   Proposed Long Term     10       CRISIL B+/Stable (ISSUER NOT
   Bank Loan Facility              COOPERATING; Rating Migrated)

CRISIL Ratings has been consistently following up with CES for
obtaining information through letters and emails dated January 18,
2021 and January 23, 2021 among others, apart from telephonic
communication. However, the issuer has remained non cooperative.

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

Detailed Rationale

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

CES was established in 2001, in Ghaziabad (Uttar Pradesh), to
promote social welfare schemes operated by state and central
Government. The society is mainly connected with the mid-day meal
scheme, and hot cooked food scheme under Integrated Child
Development Services (ICDS) department. The day-to-day activities
are managed by Mr. Vishal Jindal- Secretary and Mr. Vijay Kumar
Jindal- President.

CRYSTAL INDIA: CRISIL Lowers Rating on INR15cr Cash Loan to D
-------------------------------------------------------------
CRISIL Ratings has downgraded its ratings on the bank facilities
Crystal India (CI) to 'CRISIL D/CRISIL D’ from 'CRISIL
B+/Stable/CRISIL A4'.

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

   Inland/Import           8        CRISIL A4 (Downgraded from
   Letter of Credit                 'CRISIL A4 ')

The downgrade reflects delays in interest servicing by CI for more
than 30 days.

CI has a weak financial risk profile and its promoters have
extensive experience in the chemical industry

Analytical Approach:

Unsecured loans of INR3.06 crores (as on March 31, 2020) have been
treated as Neither Debt nor Equity (NDNE), as they are expected to
be retained in business over medium term.

Key Rating Drivers & Detailed Description

Weaknesses:

* Delay in servicing of debt: CI has delayed servicing its interest
obligation due to a stretched liquidity, which resulted from weak
cash flow.

* Weak financial risk profile: Total outside liabilities to
adjusted networth is high at 6.5 times as on March 31, 2020. Debt
protection is weak with interest coverage of 1.32 time and net cash
accruals to adjusted debt is 0.04 times for fiscal 2021.

Strength:

* Extensive experience of the proprietor in the chemical industry:
Over three decades of experience in the chemicals and industrial
solvent manufacturing industry, have enabled the proprietor to
establish healthy relationships with customer and suppliers

Liquidity: Poor

Liquidity has been stretched, resulting in significant delays in
servicing interest obligation

Rating Sensitivity Factors

Upward factor

* Timely repayment of debt obligations for 90 days
* Improvement in liquidity profile

CI, formed in 1975 manufactures industrial solvents such as mono
ethylene glycol (MEG), di ethylene glycol (DEG), tri ethylene
glycol (TEG), and a branded solvent, Crysol CU132. It has a
manufacturing unit in Thane, Maharashtra, and is managed by Mr.
Ashok Mehra.

DELTRONIX INDIA: Insolvency Resolution Process Case Summary
-----------------------------------------------------------
Debtor: Deltronix India Limited

        Registered office:
        A-323, Sarita Vihar
        New Delhi 110044
        India

        Other address:
        E-3, Sector-59
        Noida 201301
        Uttar Pradesh
        India

Insolvency Commencement Date: February 3, 2021

Court: National Company Law Tribunal, Gurugram Bench

Estimated date of closure of
insolvency resolution process: August 2, 2021
                               (180 days from commencement)

Insolvency professional: Santosh Sharma

Interim Resolution
Professional:            Santosh Sharma
                         C/o Rajrani Sharma 6/129
                         Near Prakash Dairy
                         Lodhi Mohalla, Shahdara
                         New Delhi
                         National Capital Territory of Delhi
                         110032
                         E-mail: sci.santoshsharma@gmail.com

                            - and -

                         Unit No. 110, First Floor
                         JMD Pacific Square
                         Sector 15, Part II
                         Gurugram, Haryana 122001
                         E-mail: cirp.deltronix@gmail.com

Last date for
submission of claims:    February 17, 2021


DHANALAXMI AGRO: CRISIL Migrates B+ Ratings to Not Cooperating
--------------------------------------------------------------
CRISIL Ratings has migrated the rating on bank facilities of Sri
Dhanalaxmi Agro Industries (SDAI) to 'CRISIL B+/Stable Issuer not
cooperating'.

                      Amount
   Facilities       (INR Crore)    Ratings
   ----------       -----------    -------
   Cash Credit            13       CRISIL B+/Stable (ISSUER NOT
                                   COOPERATING; Rating Migrated)

   Term Loan               1.6     CRISIL B+/Stable (ISSUER NOT
                                   COOPERATING; Rating Migrated)

CRISIL Ratings has been consistently following up with SDAI for
obtaining information through letters and emails dated October 31,
2020, January 18, 2021 and January 23, 2021 among others, apart
from telephonic communication. However, the issuer has remained non
cooperative.

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

Detailed Rationale

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

SDAI was established in 2012, it is located in Nizamabad district
of Telengana. SDAI is owned and managed by Mr. Nakkalapudu Sai, Mr.
Palacharla Krishna, Mr. Palacharla Sunil Kumar, Mrs. Nakkalapudu
Surekha and Mrs. Palacharla Laxmi. SDAI is engaged in milling of
paddy and produce raw & para-boiled rice and other by product.

GAIA PROPERTIES: CRISIL Moves B+ Debt Ratings to Not Cooperating
----------------------------------------------------------------
CRISIL Ratings has migrated the rating on bank facilities of Gaia
Properties and Infrastructure India Private Limited (GPIPL) to
'CRISIL B+/Stable Issuer not cooperating'.

                      Amount
   Facilities       (INR Crore)    Ratings
   ----------       -----------    -------
   Long Term Loan        4.5       CRISIL B+/Stable (ISSUER NOT
                                   COOPERATING; Rating Migrated)

   Overdraft Facility    2.5       CRISIL B+/Stable (ISSUER NOT
                                   COOPERATING; Rating Migrated)

   Proposed Long Term    3.0       CRISIL B+/Stable (ISSUER NOT
   Bank Loan Facility              COOPERATING; Rating Migrated)

CRISIL Ratings has been consistently following up with GPIPL for
obtaining information through letters and emails dated January 18,
2021 and January 23, 2021 among others, apart from telephonic
communication. However, the issuer has remained non cooperative.

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

Detailed Rationale

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

SPIPL and GPIPL based out of Kozhikode, Kerala is into residential
real-estate development since 2007. It has executed over 3 projects
so far and does project under the brand name - 'Good Earth'. The
group has one on-going project Good Earth - Walk on the Clouds
which is expected to be completed in next 1 month and one upcoming
project Good Earth - Barefoot on the Hills.

GSR AND KKR: CRISIL Lowers Rating on INR7cr Loans to D
------------------------------------------------------
CRISIL Ratings has downgraded its rating on the long-term bank
facilities of GSR and KKR Educational Society (GSR) to 'CRISIL D
Issuer Not Cooperating’ from 'CRISIL B/Stable Issuer Not
Cooperating’.  The downgrade reflects delay by GSR in repayment
of its term loan for the months of November 2020, December 2020 and
January 2021.

                      Amount
   Facilities       (INR Crore)    Ratings
   ----------       -----------    -------
   Cash Credit           1         CRISIL D (ISSUER NOT
                                   COOPERATING; Downgraded from
                                   'CRISIL B/Stable ISSUER NOT
                                   COOPERATING')

   Long Term Loan        6         CRISIL D (ISSUER NOT
                                   COOPERATING; Downgraded from
                                   'CRISIL B/Stable ISSUER NOT
                                   COOPERATING')

CRISIL Ratings has been consistently following up with GSR for
obtaining information through letters and emails dated January 14,
2020, and July 17, 2020, apart from telephonic communication.
However, GSR 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 entity. Such non
co-operation by a rated entity may be a result of deterioration in
its credit risk profile. The rating with 'issuer not cooperating'
suffix lacks a forward-looking component.

Detailed Rationale

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


The downgrade reflects delay by GSR in repayment of its term loan
for the months of November 2020, December 2020 and January 2021.

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

HEATHER INFRASTRUCTURE: CRISIL Cuts Rating on INR5cr Loan to D
--------------------------------------------------------------
CRISIL has downgraded its ratings on the bank facilities of Heather
Infrastructure Private Limited to 'CRISIL D/CRISIL D' from 'CRISIL
B+/Stable/CRISIL A4' (HIPL).  The ratings reflect delay in the
servicing of debt obligations.

                      Amount
   Facilities       (INR Crore)     Ratings
   ----------       -----------     -------
   Bank Guarantee         3         CRISIL D (Downgraded from
                                    'CRISIL A4')

   Long Term Loan         1.33      CRISIL D (Downgraded from
                                    'CRISIL B+/Stable')

   Overdraft Facility     5         CRISIL D (Downgraded from
                                    'CRISIL B+/Stable')

   Proposed Long Term     0.67      CRISIL D (Downgraded from
   Bank Loan Facility               'CRISIL B+/Stable')

The ratings continue to reflect high dependence on customer
advances to complete its on-going real-estate projects and exposure
to risk relating to cyclicality in the Indian real estate industry.
These rating weaknesses are partially offset by extensive
experience of the promoter and average financial risk profile.

Key Rating Drivers & Detailed Description

Weaknesses:

* High dependence on customer advances to complete its on-going
project: The company has 2 on-going projects in Trivandrum for
which construction is on-going. With low reliance on bank
borrowing, the company is highly reliant on incremental booking and
customer advances to support its on-going project, constraining its
business risk profile. However, promoter's experience of more than
a decade and established market presence should support the booking
progress over the medium term.

* Exposure to risks relating to cyclicality in Indian real estate
industry and economic cycles: The real estate sector in India is
fragmented and dominated by a few regional players; also, the
industry is inherently cyclical. Demand was largely impacted by
insecurity regarding earnings of individuals with the economy
facing high retrenchment levels. Customers' anticipation of further
correction in real estate prices was a key reason for low demand in
the market. The government has undertaken steps to stimulate demand
with differential interest rates and priority sector status for
low-value loans and reduction in excise duty on major inputs such
as steel and cement.

Strengths:

* Extensive industry experience of promoter: The business risk
profile of HIPL will continue to benefit over the medium term from
the extensive experience of its promoter Mr. George Abraham, who
has been engaged in the civil construction and real-estate
development for more than a decade.

* Average financial risk profile: Financial risk profile was marked
by average capital structure and moderate debt protection metrics.
Gearing was 2.5 times as on March 31st, 2020 while interest
coverage was 2.7 times for the same fiscal. With completion of its
on-going real-estate projects and repayment of project loan,
financial risk profile is expected to gradually improve over the
medium term.

Liquidity: Poor

The bank limits have been highly utilized at around 94 percent in
the last thirteen months ending November 2020, due to working
capital intensive operations. Further, there has been delay in
servicing the term debt obligations due to liquidity issue in the
company. Current ratio stood at around 1.4 times as at 31st March
2020. Further, the company has availed the COVID moratorium.

Rating Sensitivity factors

Upward factors

* Timely repayment of debt obligations.

* Increase in scale of operations and profitability.

HIPL incorporated in 2008, is primarily engaged in civil
construction works in Kerala. The company has recently ventured
into the real estate segment with 2 residential real estate
projects in Thiruvananthapuram. The company is promoted by Mr.
George Abraham.

M B AGRO: CRISIL Migrates B+ Debt Ratings to Not Cooperating
------------------------------------------------------------
CRISIL Ratings has migrated the rating on bank facilities of M B
Agro Mills (MBAM) to 'CRISIL B+/Stable Issuer not cooperating'.

                      Amount
   Facilities       (INR Crore)     Ratings
   ----------       -----------     -------
   Cash Credit            8         CRISIL B+/Stable (ISSUER NOT
                                    COOPERATING; Rating Migrated)

   Proposed Long Term     0.33      CRISIL B+/Stable (ISSUER NOT
   Bank Loan Facility               COOPERATING; Rating Migrated)

   Term Loan              6.17      CRISIL B+/Stable (ISSUER NOT
                                    COOPERATING; Rating Migrated)

CRISIL Ratings has been consistently following up with MBAM for
obtaining information through letters and emails dated January 18,
2021 and January 23, 2021 among others, apart from telephonic
communication. However, the issuer has remained non cooperative.

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

Detailed Rationale

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

MBAM was established in 2017 as partnership firm by Mr. Shiv Kumar
Mittal, Mr. Anil Mittal, Ms Renu Mittal, Mr. Viney Mittal, and Mr.
Amit Mittal. The firm mills and processes paddy to produce rice and
rice bran. It started commercial operation from January 2019 and
has a rice milling facility at Sittarganj, Uttarakhand.

MEGHA PLAST: CRISIL Migrates D Debt Ratings to Not Cooperating
--------------------------------------------------------------
CRISIL Ratings has migrated the rating on bank facilities of Megha
Plast Private Limited (MPPL) to 'CRISIL D/CRISIL D Issuer not
cooperating'.

                      Amount
   Facilities      (INR Crore)     Ratings
   ----------      -----------     -------
   Cash Credit           7         CRISIL D (ISSUER NOT
                                   COOPERATING; Rating Migrated)

   Letter of Credit      3         CRISIL D (ISSUER NOT
                                   COOPERATING; Rating Migrated)

CRISIL Ratings has been consistently following up with MPPL for
obtaining information through letters and emails dated October 27,
2020 and November 25, 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
Ratings failed to receive any information on either the financial
performance or strategic intent of MPPL, which restricts CRISIL
Ratings’ ability to take a forward looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on MPPL
is consistent with 'Assessing Information Adequacy Risk’.
Therefore, on account of inadequate information and lack of
management cooperation, CRISIL Ratings has migrated the rating on
bank facilities of MPPL to 'CRISIL D/CRISIL D Issuer not
cooperating'.

Incorporated in 2002, Meghalaya-based MPPL commenced operations in
November 2005. Mr. Trilokchand Agrawal, Mr. Suresh Agrawal, and Mr.
Ayush Agrawal are the promoters, while Mr. Sohan Gupta (the
director) manages the operations. The company manufactures PP/HDPE
bags for cement companies in northeast India.

MOHAMMED ENTERPRISES: CRISIL Reaffirms B+ Rating on INR80cr Loans
-----------------------------------------------------------------
CRISIL Ratings has reaffirmed its 'CRISIL B+/Stable' rating on the
long term bank facilities of Mohammed Enterprises Private Limited
(MEPL).

                      Amount
   Facilities       (INR Crore)     Ratings
   ----------       -----------     -------
   Cash Credit            50        CRISIL B+/Stable (Reaffirmed)

   Proposed Long Term
   Bank Loan Facility     30        CRISIL B+/Stable (Reaffirmed)

The rating continues to reflect working capital intensive
operations, weak financial risk profile and susceptibility of its
profitability margins to volatility in tobacco prices and to
fluctuations in foreign exchange rates. These rating weaknesses are
partially offset by the benefits that MEPL derives from its
promoters' extensive industry experience in the tobacco industry
and its established relations with customers.

Key Rating Drivers & Detailed Description

Strengths:

* Promoters' extensive industry experience in the tobacco industry
and its established relations with customers and suppliers: Mr.
Mohammed Mustafa, the managing director, and other working
directors of MEPL have about 26 years of experience in the tobacco
industry. This has helped the company develop healthy relationships
with customers in domestic and exports market.

Weaknesses:

* Working capital intensive operations: MEPL's operations are
working capital intensive as reflected in gross current assets
(GCA) of 454 days estimated as on March 31, 2020. High GCAs are on
account of high inventory level, ranging from 6-8 months, and a
credit period of 1-2 months extended to its customers.

* Weak financial risk profile: Financial risk profile remains weak
on account of leverage capital structure and weak debt protection
metrics. Due to high of working capital debt, capital structure
remains leveraged with gearing and total outside liabilities to
tangible networth (TOLTNW) of 3.7 times and 5.56 times respectively
as on March 31, 2020. Debt protection metrics remain weak with
interest cover of 1.17 times for FY20.

* Susceptibility of its profitability margins to volatility in
tobacco prices and to fluctuations in foreign exchange rates:
Tobacco prices depend upon factors such as acreage under
cultivation and yield in crop season and hence are volatile. The
company maintains a tobacco inventory of around 3-4 months, which
exposes its operating margin to the risk of any significant fall in
its prices. Furthermore, Around 20% of MEPL's total revenue comes
from direct exports which exposes the company's profitability
margins to volatility in foreign exchange rates.

Liquidity: Stretched

Liquidity profile is marked by high bank limit utilization,
moderate cash accruals and moderate current ratio.

Bank limit utilization remains high at 89 % due to large working
capital requirements for the past 12 months ending Sep 2020. MEPL
is expected to generate cash accruals of INR 2 Cr against repayment
obligations of INR 0.7 Cr for FY21. It is expected to maintain
healthy cushion between accruals and repayments over the medium
term. Current ratio remains moderate at 1.4 times on March 31,
2020.

Outlook: Stable

CRISIL believes MEPL will continue to benefit over the medium term
from its promoters' extensive industry experience and established
relationship with customers.

Rating Sensitivity factors

Upward factor

* Improvement in interest coverage above 1.5 times
* Improvement in working capital cycle

Downward factors

* Stretch in receivables or pile-up of inventory adversely affects
liquidity
* decline in profitability below 7 %

MEPL was originally set up as a proprietorship firm in 1985 by Mr.
Mohammed Mustafa Shaik and his family members; it was reconstituted
as a private limited company in 2000. The company, based in the
Guntur district of Andhra Pradesh, processes raw tobacco.

MSLG INFRASTRUCTURE: CRISIL Moves B+ Rating to Not Cooperating
--------------------------------------------------------------
CRISIL Ratings has migrated the rating on bank facilities of MSLG
Infrastructure to 'CRISIL B+/Stable Issuer not cooperating'.

                         Amount
   Facilities         (INR Crore)   Ratings
   ----------         -----------   -------
   Proposed Long Term       1       CRISIL B+/Stable (ISSUER NOT
   Bank Loan Facility               COOPERATING; Rating Migrated)

CRISIL Ratings has been consistently following up with MSLGI for
obtaining information through letters and emails dated January 18,
2021 and January 23, 2021 among others, apart from telephonic
communication. However, the issuer has remained non cooperative.

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

Detailed Rationale

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

MSLGI was established in 2018 by Mr. Kalva Sumaja and Mr. Kalva Sai
Vishnu Reddy. It is engaged in the business of purchase and sale of
land parcels, development of land and other similar activities.


NANDLAL KAMAL: Insolvency Resolution Process Case Summary
---------------------------------------------------------
Debtor: Nandlal Kamal Kishore Vyapaar Pvt Ltd
        1A Akrur Datta Lane
        Kolkata 700012 (WB)

Insolvency Commencement Date: February 2, 2021

Court: National Company Law Tribunal, Kolkata Bench

Estimated date of closure of
insolvency resolution process: July 31, 2021

Insolvency professional: Ajay Kumar Agarwal

Interim Resolution
Professional:            Ajay Kumar Agarwal
                         Plot no. IID/31/1, Street No. 1111
                         PS Qube, Unit Number 1015A
                         10th Floor, Beside City Centre 2
                         Kolkata 700161
                         E-mail: cs.aaa.2014@gmail.com
                                 cirp.nkkvpl@gmail.com

Last date for
submission of claims:    February 8, 2021


PK SULPHIKER: CRISIL Migrates D Debt Ratings to Not Cooperating
---------------------------------------------------------------
CRISIL Ratings has migrated the rating on bank facilities of P.K.
Sulphiker (PKS) to 'CRISIL D/CRISIL D Issuer not cooperating'.

                      Amount
   Facilities       (INR Crore)    Ratings
   ----------       -----------    -------
   Bank Guarantee        10        CRISIL D (ISSUER NOT
                                   COOPERATING; Rating Migrated)

   Cash Credit            9        CRISIL D (ISSUER NOT
                                   COOPERATING; Rating Migrated)

   Proposed Long Term     0.1      CRISIL D (ISSUER NOT  
   Bank Loan Facility              COOPERATING; Rating Migrated)

   Term Loan              3.25     CRISIL D (ISSUER NOT
                                   COOPERATING; Rating Migrated)

CRISIL Ratings has been consistently following up with PKS for
obtaining information through letters and emails dated January 18,
2021 and January 23, 2021 among others, apart from telephonic
communication. However, the issuer has remained non cooperative.

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

Detailed Rationale

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

PKS was set up as a proprietorship firm in 1993 by Mr. P K
Sulphiker. The firm undertakes civil construction, including
construction and improvement of roads and bridges, in Kerala.

PREMIER LIMITED: Insolvency Resolution Process Case Summary
-----------------------------------------------------------
Debtor: Premier Limited
        169 Gat Village
        Sawardari Taluka Khed
        (Chakan Industrial Area)
        Pune, Maharashtra 410501

Insolvency Commencement Date: January 29, 2021

Court: National Company Law Tribunal, Mumbai Bench

Estimated date of closure of
insolvency resolution process: July 27, 2021

Insolvency professional: Kanak Jani

Interim Resolution
Professional:            Kanak Jani
                         17, Sai Moreshwar Luxuria
                         Plot No. 74, Sector 18
                         Kharghar, Next to Sanjeevani
                         International School
                         Navi Mumbai
                         Maharashtra 410210
                         E-mail: kanakj@yahoo.com

                            - and -

                         4th Floor India Mercantile Mansion
                         (Extn.)
                         Madame Cama Road
                         Dr. Ambedkar Statue Chowk Area
                         Opp. Regal Cinema
                         Colaba, Mumbai
                         Maharashtra 400005
                         E-mail: premier.cirp@gmail.com

Last date for
submission of claims:    February 16, 2021


RS RICE: CRISIL Migrates B+ Debt Rating to Not Cooperating
----------------------------------------------------------
CRISIL Ratings has migrated the rating on bank facilities of R.S
Rice Mill - Nawada (RSRM) to 'CRISIL B+/Stable Issuer not
cooperating'.

                      Amount
   Facilities       (INR Crore)     Ratings
   ----------       -----------     -------
   Cash Credit            9         CRISIL B+/Stable (ISSUER NOT
                                    COOPERATING; Rating Migrated)

CRISIL Ratings has been consistently following up with RSRM for
obtaining information through letters and emails dated October 31,
2020, January 18, 2021 and January 23, 2021 among others, apart
from telephonic communication. However, the issuer has remained non
cooperative.

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

Detailed Rationale

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

RSRM was set up in 2012 as a proprietorship concern by Mr.
Premdarshi. The firm mills and processes rice at its plant in
Nawada, Bihar, which has an installed capacity of 6 tonne per hour.

S GANESH: CRISIL Migrates D Debt Ratings to Not Cooperating
-----------------------------------------------------------
CRISIL Ratings has migrated the rating on bank facilities of S.
Ganesh and Nagendra Co (SGN) to 'CRISIL D/CRISIL D Issuer not
cooperating'.

                      Amount
   Facilities       (INR Crore)    Ratings
   ----------       -----------    -------
   Foreign Letter        4.5       CRISIL D (ISSUER NOT Rating
   of Credit                       COOPERATING; Migrated)

   Overdraft Facility    2.5       CRISIL D (ISSUER NOT Rating
                                   COOPERATING; Migrated)

   Proposed Long Term    1.0       CRISIL D (ISSUER NOT Rating
   Bank Loan Facility              COOPERATING; Migrated)

CRISIL Ratings has been consistently following up with SGN for
obtaining information through letters and emails dated October 27,
2020 and November 25, 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
Ratings failed to receive any information on either the financial
performance or strategic intent of SGN, which restricts CRISIL
Ratings’ ability to take a forward looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on SGN
is consistent with 'Assessing Information Adequacy Risk’.
Therefore, on account of inadequate information and lack of
management cooperation, CRISIL Ratings has migrated the rating on
bank facilities of SGN to 'CRISIL D/CRISIL D Issuer not
cooperating'.

Set up in 1960 as a proprietorship firm by Mr. Balaganesan, SGN is
a wholesale trader of inorganic chemicals in Nagercoil, Tamil Nadu.

SAPTAGIRI BOILED: CRISIL Reaffirms B+ Rating on INR10cr Loans
-------------------------------------------------------------
CRISIL Ratings has reaffirmed its 'CRISIL B+/Stable' ratings on the
long-term bank facilities Saptagiri Boiled and Raw Rice Mill.

                      Amount
   Facilities       (INR Crore)     Ratings
   ----------       -----------     -------
   Cash Credit            9         CRISIL B+/Stable (Reaffirmed)
   Proposed Cash
   Credit Limit           1         CRISIL B+/Stable (Reaffirmed)

The rating continues to reflect below average financial risk and
susceptibility of operating performance to volatile raw material
prices. These rating weaknesses are partially offset by partner’s
extensive industry experience in the rice milling industry and
established customer and supplier relationship.

Analytical Approach:

Unsecured loans amounting to INR 4.2 crore as on March 31st, 2020
are treated as debt due to absence of track record of
non-withdrawal.

Key Rating Drivers & Detailed Description

Weakness:

* Susceptibility of operating performance to volatile raw material
prices: Raw material accounts for majority of the total cost, which
exposes the firm to risks relating to volatility in raw material
prices. Moreover, the domestic rice industry is highly regulated in
terms of paddy prices, export/import policies, and rice release
mechanism, which affects the operating performance of the firm.

* Below average financial risk profile: The net worth was small at
INR2.57 crore and total outside liabilities to adjusted net worth
ratio (TOL/ANW) high at 6.57 times as on March 31, 2020. Debt
protection metrics were comfortable as indicated by interest
coverage of 1.4 times in fiscal 2020.

Strengths:

* Partner’s extensive industry experience in the rice milling
business and its established relationships with suppliers and
customers: Mr. Kodala Uma Venkata Subba Rao, has been engaged in
trading and milling of rice for more than four decades. Backed by
partner’s experience and their understanding of the dynamics of
the local market, firm has established healthy relationship with
its suppliers and customers.

Liquidity: Stretched

Bank limit utilisation is high at around 94.95 percent for the past
twelve months ended Nov-20. Cash accrual are expected to be over
INR0.25 crore which are sufficient against term debt obligation of
INR0.10-0.12 crore over the medium term. Current ratio are healthy
at 1.4 times on March31, 2020.

Outlook: Stable

CRISIL believes the firm will continue to benefit from the
extensive experience of the partners and established relationship
with suppliers and customers.

Rating Sensitivity factors

Upward factor:

* Significant increase in scale of operations by 20% coupled with
stable margins
* Improvement in financial risk profile and efficient working
capital management

Downward factor:

* Fall in interest coverage ratio below 1.0 times
* Significant capital withdrawal or large debt funded capex

SBRRM, a partnership firm of Mr. Kodala Uma Venkata Subba Rao and
Mrs. Kodali Padma Thulasi is engaged in processing and milling of
non-basmati rice. Its processing facility has installed capacity of
4 tonnes per hour and is located in Ongole, Andhra Pradesh.

SHASHIRADHA COLD: CRISIL Moves B- Debt Ratings to Not Cooperating
-----------------------------------------------------------------
CRISIL Ratings has migrated the rating on bank facilities of
Shashiradha Cold Storage Private Limited (SCSPL) to 'CRISIL
B-/Stable Issuer not cooperating'.

                      Amount
   Facilities       (INR Crore)    Ratings
   ----------       -----------    -------
   Cash Credit           4.9       CRISIL B-/Stable (ISSUER NOT
                                   COOPERATING; Rating Migrated)

   Term Loan             4.2       CRISIL B-/Stable (ISSUER NOT
                                   COOPERATING; Rating Migrated)

   Working Capital
   Facility              0.4       CRISIL B-/Stable (ISSUER NOT
                                   COOPERATING; Rating Migrated)

CRISIL Ratings has been consistently following up with SCSPL for
obtaining information through letters and emails dated October 27,
2020 and November 25, 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
Ratings failed to receive any information on either the financial
performance or strategic intent of SCSPL, which restricts CRISIL
Ratings’ ability to take a forward looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on SCSPL
is consistent with 'Assessing Information Adequacy Risk’.
Therefore, on account of inadequate information and lack of
management cooperation, CRISIL Ratings has migrated the rating on
bank facilities of SCSPL to 'CRISIL B-/Stable Issuer not
cooperating'.

SCSPL, incorporated in 2015, operates a cold storage unit for
potatoes, with capacity of 1,83,000 quintal, in Pashchim Medinipur,
West Bengal. The company occasionally trades in potatoes to ensure
optimum capacity utilisation of the cold storage unit. It also
finances farmers' potato storage, which is refinanced by banks.

SHIVA PARBOILED: CRISIL Moves B+ Debt Rating to Not Cooperating
---------------------------------------------------------------
CRISIL Ratings has migrated the rating on bank facilities of Shiva
Parboiled Industries (SPI) to 'CRISIL B+/Stable Issuer not
cooperating'.

                      Amount
   Facilities       (INR Crore)    Ratings
   ----------       -----------    -------   
   Cash Credit            8        CRISIL B+ /Stable (ISSUER NOT
                                   COOPERATING; Rating Migrated)

CRISIL Ratings has been consistently following up with SPI for
obtaining information through letters and emails dated January 18,
2021 and January 23, 2021 among others, apart from telephonic
communication. However, the issuer has remained non cooperative.

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

Detailed Rationale

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

SPI was established in 1991 as a partnership firm and is promoted
by Mr. M Ravindra and Mr. G Nagendra with 50% shareholding each.
SPI processes non-basmati rice at its plant capacity of 8 metric
tonne per hour at Nalgonda, Telangana.

SIDHARTH AND GAUTAM: CRISIL Moves B+ Ratings to Not Cooperating
---------------------------------------------------------------
CRISIL Ratings has migrated the rating on bank facilities of
Sidharth and Gautam Engineers (SGE) to 'CRISIL B+/Stable Issuer not
cooperating'.

                      Amount
   Facilities       (INR Crore)    Ratings
   ----------       -----------    -------
   Cash Credit            8        CRISIL B+/Stable (ISSUER NOT
                                   COOPERATING; Rating Migrated)

   Proposed Fund-         5        CRISIL B+/Stable (ISSUER NOT
   Based Bank Limits               COOPERATING; Rating Migrated)

CRISIL Ratings has been consistently following up with SGE for
obtaining information through letters and emails dated January 18,
2021 and January 23, 2021 among others, apart from telephonic
communication. However, the issuer has remained non cooperative.

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

Detailed Rationale

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

SGE was established in 1981 by Mr. R K Makkar as a proprietorship
firm. Later, in 2002, Mr. Sidharth Makkar was added as a partner
and it was reconstituted as a partnership firm. The firm
manufactures seamless pipe fittings for power, refineries,
petrochemicals, oil and gas processing plants, fire-fighting, and
heavy engineering sectors. The manufacturing facility is in
Faridabad, Haryana.

STAR CITY: CRISIL Reaffirms B+ Ratings on INR15cr Loans
-------------------------------------------------------
CRISIL Ratings has reaffirmed its 'CRISIL B+/Stable' rating on the
long-term bank facilities of Star City Multispeciality Hospital
Private Limited (SCMHPL).

                       Amount
   Facilities        (INR Crore)    Ratings
   ----------        -----------    -------
   Proposed Long Term
   Bank Loan Facility    12.51      CRISIL B+/Stable (Reaffirmed)

   Term Loan              2.49      CRISIL B+/Stable (Reaffirmed)

The rating continues to reflect the company's small scale of
operations, geographic concentration in revenue and average
financial risk profile. These weaknesses are partially offset by
the extensive experience of the promoters in the healthcare
industry.

CRISIL Ratings has also taken into cognizance the moratorium on
interest granted by the banker for six months ended August 31,
2020, as permitted by the Reserve Bank of India.

Dedicated beds for Covid-19 patients may result in
higher-than-expected growth in revenue and profitability in fiscal
2021. However, sustenance of revenue at similar levels will be a
key monitorable.

Analytical Approach

Unsecured loan of INR0.26 crore as on March 31, 2020, from the
promoters has been treated as debt in absence of track record of
non-withdrawal.

Key Rating Drivers & Detailed Description

Strengths:

* Extensive experience of the promoters: The hospital's strong
regional presence, and promoters' experience of over two decades in
the healthcare segment, efficient management of hospital and
established relationships with doctors practicing in the vicinity
will continue to support the business.

Weaknesses:

* Small scale of operations and geographic concentration in
revenue: With revenue of INR6.34 crore in fiscal 2020 and 50-bed
capacity, scale of operations is small. The company operates only
one hospital, and is present only in Kalyan, which limits growth in
the image-sensitive healthcare industry.

* Average financial risk profile: Networth was modest at INR2.97
crore and total outside liabilities to adjusted networth ratio was
subdued at 1.96 times as on March 31, 2020. Debt protection metrics
were weak, reflected in interest coverage ratio of 0.75 time for
fiscal 2020.             

Liquidity: Poor

Cash accrual, expected to be modest at INR1.1-2.1 crore per annum,
will sufficiently cover yearly term debt obligation of INR0.4-0.7
crore over the medium term. The company has nil working capital
limit to support incremental working capital requirement and modest
cash and bank balances. Current ratio was weak at 0.81 time as on
March 31, 2020. Expected capital expenditure (capex) of INR1.25
crore in fiscal 2021 will be funded through debt. Any stretch in
the working capital cycle, decline in occupancy or
lower-than-expected profitability will significantly weaken the
liquidity and hence will be key monitorables.

Outlook: Stable

CRISIL Ratings believes SCMHPL will continue to benefit from the
extensive experience of the promoters.

Rating Sensitivity factors

Upward factors

* Increase in revenue and profitability backed by improved
occupancy leading to net cash accrual of more than INR3 crore

* Improvement in liquidity backed by better cash and bank balances,
lower reliance on external debt or equity infusion

Downward factors

* Decline in revenue and profitability leading to net cash accrual
below INR1 crore

* Large, debt-funded capex, stretched working capital cycle or
further deterioration in liquidity, weakening the financial risk
profile

Incorporated in 2010, SCMHPL runs a 50-bed multispecialty hospital
in Kalyan. The company is promoted by Dr Chandrakant D Shivsharan
(laparoscopic surgeon), Dr Pravin P Bhujbal, Dr Pradeep B Shelar,
Dr Bhavesh J Chauhan, Dr Umesh V Kapuskar, Dr Chandan R Singh and
Dr Rajesh Pastaria.

SUN FORGE: CRISIL Lowers Rating on INR7cr Cash Loan to B
--------------------------------------------------------
CRISIL Ratings has revised the ratings on bank facilities of Sun
Forge Private Limited (SPL) to 'CRISIL B/Stable Issuer Not
Cooperating' from 'CRISIL BB/Stable Issuer Not Cooperating'.

                      Amount
   Facilities       (INR Crore)    Ratings
   ----------       -----------    -------
   Cash Credit            7        CRISIL B/Stable (ISSUER NOT
                                   COOPERATING; Revised from
                                   'CRISIL BB/Stable ISSUER NOT
                                   COOPERATING)

CRISIL Ratings has been consistently following up with SPL for
obtaining information through letters and emails dated June 29,
2020 and December 31, 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
Ratings failed to receive any information on either the financial
performance or strategic intent of SPL, which restricts CRISIL
Ratings' ability to take a forward looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on SPL
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the ratings on bank facilities of
SPL Revised to 'CRISIL B/Stable Issuer Not Cooperating' from
'CRISIL BB/Stable Issuer Not Cooperating'.

Incorporated in 2001 in Rajkot and promoted Mr. Rajesh Kalaria and
Mr. Nathabhai Kalaria, SPL forges engineering products for the
bearing, automotive, and general engineering industries across the
globe.

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

                      Amount
   Facilities       (INR Crore)     Ratings
   ----------       -----------     -------
   Cash Credit          91.49       CRISIL D (ISSUER NOT
                                    COOPERATING)

   Letter of credit     50.77       CRISIL D (ISSUER NOT
   & Bank Guarantee                 COOPERATING)

   Term Loan           173.38       CRISIL D (ISSUER NOT
                                    COOPERATING)

CRISIL Ratings has been consistently following up with Surya Alloy
for obtaining information through letters and emails dated June 30,
2020 and December 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
Ratings failed to receive any information on either the financial
performance or strategic intent of Surya Alloy, which restricts
CRISIL Ratings' ability to take a forward looking view on the
entity's credit quality. CRISIL Ratings believes that rating action
on Surya Alloy is consistent with 'Assessing Information Adequacy
Risk'. Based on the last available information, the ratings on bank
facilities of Surya Alloy continues to be 'CRISIL D/CRISIL D Issuer
Not Cooperating'.

Surya Alloy was promoted by Mr. Ashish Rungta and the late Mr.
Motilal Rungta in 1990. The Rungta group has been mainly
manufacturing railway track material for the Indian Railways since
20 years. Surya Alloy mainly manufactures and supplies railway
track material, including spheroidal graphite cast iron inserts,
elastic railway clips, grooved rubber pads, metal liners, and fish
plates. The company is approved by the Research Design & Standards
Organisation of the Indian Railways. Over the years, Surya Alloy
has expanded its product profile to include ingots and billets
(alloy/non-alloy steel), special spring steel rounds, and rolled
products such as angles, channels, joists, Z-section bars, and
flats. The company has also set up a ferroalloys division.

SURYA EXIM: Insolvency Resolution Process Case Summary
------------------------------------------------------
Debtor: Surya Exim Limited
        172/B, Moje: Aarak
        Taluka: Jalalpore
        Navsari Gujarat 396475
        India

Insolvency Commencement Date: February 3, 2021

Court: National Company Law Tribunal, Surat Bench

Estimated date of closure of
insolvency resolution process: August 2, 2021

Insolvency professional: Sunil Kumar Kabra

Interim Resolution
Professional:            Sunil Kumar Kabra
                         M-19, Metro Tower
                         Ring Road
                         Surat 395002
                         Gujarat
                         E-mail: jlnusco@gmail.com
                                 cirp.suryaexim@gmail.com

Last date for
submission of claims:    February 17, 2021


SYMBIOSIS PROPERTIES: CRISIL Moves B+ Rating to Not Cooperating
---------------------------------------------------------------
CRISIL Ratings has migrated the rating on bank facilities of
Symbiosis Properties And Infrastructures India Private Limited
(SPIPL) to 'CRISIL B+/Stable Issuer not cooperating'.

                         Amount
   Facilities         (INR Crore)   Ratings
   ----------         -----------   -------
   Proposed Long Term       50      CRISIL B+/Stable (ISSUER NOT
   Bank Loan Facility               COOPERATING; Rating Migrated)

CRISIL Ratings has been consistently following up with SPIPL for
obtaining information through letters and emails dated January 18,
2021 and January 23, 2021 among others, apart from telephonic
communication. However, the issuer has remained non cooperative.

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

Detailed Rationale

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

SPIPL and GPIPL based out of Kozhikode, Kerala is into residential
real-estate development since 2007. It has executed over 3 projects
so far and does project under the brand name - 'Good Earth'. The
group has one on-going project Good Earth - Walk on the Clouds
which is expected to be completed in next 1 month and one upcoming
project Good Earth - Barefoot on the Hills.

UJJAWAL SAWERA: CRISIL Moves B+ Debt Rating to Not Cooperating
--------------------------------------------------------------
CRISIL Ratings has migrated the rating on bank facilities of
Ujjawal Sawera Samiti (USS) to 'CRISIL B+/Stable Issuer not
cooperating'.

                         Amount
   Facilities         (INR Crore)   Ratings
   ----------         -----------   -------
   Proposed Long Term       1       CRISIL B+/Stable (ISSUER NOT
   Bank Loan Facility               COOPERATING; Rating Migrated)

CRISIL Ratings has been consistently following up with USS for
obtaining information through letters and emails dated January 18,
2021 and January 23, 2021 among others, apart from telephonic
communication. However, the issuer has remained non cooperative.

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

Detailed Rationale

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

USS is a Meerut based organisation operating as a not-for-profit
society and is managed by the Chairman, Mr. Mahesh Kumar and
Secretary, Mr. Ravindra Pal. The society provides free meals under
the mid-day meal scheme and other government mandated schemes. The
society is having license from Food Safety Authority of India.

UMRAO HOTELS: CRISIL Migrates B+ Debt Ratings to Not Cooperating
----------------------------------------------------------------
CRISIL Ratings has migrated the rating on bank facilities of Umrao
Hotels and Resorts Private Limited (UHRPL) to 'CRISIL B+/Stable
Issuer not cooperating' from 'CRISIL BB-/Negative'.

                        Amount
   Facilities         (INR Crore)   Ratings
   ----------         -----------   -------
   Proposed Long Term       8       CRISIL B+ /Stable (ISSUER NOT
   Bank Loan Facility               COOPERATING; Migrated from
                                    'CRISIL BB-/Negative')

   Term Loan                5       CRISIL B+ /Stable (ISSUER NOT
                                    COOPERATING; Migrated from
                                    'CRISIL BB-/Negative')

CRISIL Ratings has been consistently following up with UHRPL for
obtaining information through letters and emails dated January 18,
2021 and January 23, 2021 among others, apart from telephonic
communication. However, the issuer has remained non cooperative.

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

Detailed Rationale

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

Set up in 2012, UHRPL has developed a 4-star hotel near the IGI
Airport. The company is a part of the Cozy Deepika group that has
diversified business operations in airline ticketing, cargo
services, catering, representing airlines as general sales agents,
and owning and operating hotels and resorts. The group is promoted
and managed by New Delhi-based entrepreneur, Mr. Jagdish Yadav and
his family, and friend, Mr. Virender Teotia.

VENKATALAXMI AGRO: CRISIL Moves B+ Ratings to Not Cooperating
-------------------------------------------------------------
CRISIL Ratings has migrated the rating on bank facilities of Sri
Venkatalaxmi Agro Foods (SVAF) to 'CRISIL B+/Stable Issuer not
cooperating'.

                      Amount
   Facilities       (INR Crore)     Ratings
   ----------       -----------     -------
   Cash Credit            4         CRISIL B+/Stable (ISSUER NOT
                                    COOPERATING; Rating Migrated)

   Proposed Long Term     6         CRISIL B+/Stable (ISSUER NOT
   Bank Loan Facility               COOPERATING; Rating Migrated)

CRISIL Ratings has been consistently following up with SVAF for
obtaining information through letters and emails dated January 18,
2021 and January 23, 2021 among others, apart from telephonic
communication. However, the issuer has remained non cooperative.

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

Detailed Rationale

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

SVAF was set up as a partnership firm between Ms Kolli
Shanthakumari and her family in 2009. It mills and processes paddy
into rice, broken rice, and idli rawa.

VRINDA INFRA: Insolvency Resolution Process Case Summary
--------------------------------------------------------
Debtor: Vrinda Infra Ventures Private Limited
        Shop No. 45, Chetak Complex
        MP Nagar Zone II
        Bhopal MP 462011
        IN

Insolvency Commencement Date: February 3, 2021

Court: National Company Law Tribunal, Indore Bench

Estimated date of closure of
insolvency resolution process: August 1, 2021
                               (180 days from commencement)

Insolvency professional: Mr. Vijay Prakash Usharia

Interim Resolution
Professional:            Mr. Vijay Prakash Usharia
                         B 17/16, Mahananda Nagar
                         Ujjain, Madhya Pradesh 456010
                         E-mail: vijay.usharia1317@gmail.com

Last date for
submission of claims:    February 18, 2021


VSM VENTURE CONTROL: Insolvency Resolution Process Case Summary
---------------------------------------------------------------
Debtor: VSM Venture Control Systems Pvt Ltd

        Registered office:
        Office No. 104, Building No. A-84
        Street No. 15, Madhu Vihar
        Patparganj, East Delhi
        Delhi 110092

        Principal office:
        W-53D & W-54H, Sector-11
        Noida 201307
        Uttar Pradesh

Insolvency Commencement Date: December 24, 2020

Court: National Company Law Tribunal, New Delhi Bench-V

Estimated date of closure of
insolvency resolution process: June 22, 2021
                               (180 days from commencement)

Insolvency professional: Deepak Kumar Aggarwal

Interim Resolution
Professional:            Deepak Kumar Aggarwal
                         116, H-6, Aggarwal Tower
                         Netaji Subhash Place
                         Pitampura
                         New Delhi 110034
                         E-mail: ipdeepakaggarwal@gmail.com
                                 ip.vsmventure@gmail.com

Last date for
submission of claims:    January 11, 2021


VVG PAPER: CRISIL Raises Rating on INR21.75cr LT Loan to B+
-----------------------------------------------------------
CRISIL Ratings has upgraded its rating on the long-term bank
facilities of V V G Paper Industry Pvt Ltd (VVG) to 'CRISIL
B+/Stable' from 'CRISIL B/Stable'.

                      Amount
   Facilities       (INR Crore)    Ratings
   ----------       -----------    -------
   Long Term Loan       21.75      CRISIL B+/Stable (Upgraded
                                   from 'CRISIL B/Stable')

The upgrade factors in CRISIL ratings' belief that the improvement
in the operating performance will be sustained over the medium
term, backed by steady ramp up in operations. The company has
achieved revenue of INR44.23 crore in the first 9 month of fiscal
2021 and expected to cross revenue of INR60 crore for the entire
year (From INR13.31 crore in fiscal 2020). Fiscal 2021, is the
first full year of operations for the company and is expected to
witness steady ramp up in scale. The Company is expected to report
an operating profit in fiscal 2021 compared to operating loss of
5.7 percent in Fiscal 2020. As a consequence, the cash accruals are
likely to improve and enhance the financial risk profile and
liquidity.

Analytical Approach

Unsecured loans of INR4.94 crore, extended by the promoters as on
March 31, 2020, have been treated as 75% equity and 25% debt, since
these funds do not carry any interest, and are expected to be
retained in the business.

Key Rating Drivers & Detailed Description

Weakness:

* Vulnerability to volatile raw material prices and cyclicality in
the industrial paper industry: Operating margin remains susceptible
to volatile raw material (waste paper) prices, which are linked
directly to international prices. Any adverse fluctuation in raw
material prices can impact profitability. Kraft paper is used for
tertiary packaging; thus, offtake depends on industrial production
and other macroeconomic factors, such as gross domestic product
growth and disposable income, due to their strong linkage with
spending on consumer durables and fast-moving consumer goods.
Steady demand is necessary to further ramp-up scale and earnings
amid capacity expansion.

* Below-average financial risk profile: Networth was small at
around INR3.69 crore as on March 31, 2020 while gearing was high at
7.88 times. Going forward, with better accretions to reserves, the
company is likely to improve its capital structure. Debt Protection
metrics were negative in fiscal 2020 due to the initial stage of
operation. However, with improved performance for this fiscal, the
debt protection metrics are likely to improve

Strengths:

* Extensive experience of the promoters: The project is being
promoted by the SR group, which has presence in various sectors
such as cement and steel trading, construction and land
development, and stone crushing. Longstanding presence of the
promoter in diversified operations should continue to support the
business.

Liquidity - Stretched

Cash credit limit of INR6 crore was fully utilised and is expected
to be enhanced to INR7.5 crore. Cash accrual, expected at INR1.75
crore and INR5 crore in fiscals 2021 and 2022, respectively, should
cover debt obligation of INR1.57 crore and INR3.5 crore. A Covid
loan of INR5.35 crore and unsecured loans from promoters of INR4.94
crore as on March 31, 2020 supports liquidity.

Outlook Stable

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

Rating Sensitivity factors

Upward factors

* Improvement in revenue and profitability leading to cash accrual
of more than INR4.5 crore
* Strengthening of the financial risk profile

Downward factors

* De-growth in revenue and profitability leading to lower cash
accrual
* Weakening of the interest coverage ratio to less than 1.5 times.

VVG, incorporated in 2017, is a Hosur (Krishnagiri, Tamil
Nadu)-based company that set up a plant to manufacture kraft paper.
The plant commenced operations from November 2019. Ms G Neelima and
Mr. Dilip Kumar P are the promoters.

WAHID SANDHAR: CRISIL Lowers Rating on INR53.26cr Loan to D
-----------------------------------------------------------
CRISIL Ratings has downgraded its ratings on the bank facilities of
Wahid Sandhar Sugar Ltd (WSSL) to 'CRISIL D/CRISIL D' from 'CRISIL
BB/Stable/CRISIL A4+'.  The downgrades reflect instances of delay
in servicing term debt because of stretched liquidity.

                      Amount
   Facilities       (INR Crore)     Ratings
   ----------       -----------     -------
   Bank Guarantee         1         CRISIL D (Downgraded from
                                    'CRISIL A4+')

   Cash Credit           40         CRISIL D (Downgraded from
                                    'CRISIL BB/Stable')

   Proposed Fund-
   Based Bank Limits      1.74      CRISIL D (Downgraded from
                                    'CRISIL BB/Stable')

   Term Loan             53.26      CRISIL D (Downgraded from
                                    'CRISIL BB/Stable')

The ratings also factor in large working capital requirement and
susceptibility to climatic conditions and regulations in the sugar
industry. However, the company benefits from the extensive
experience of the promoters in the sugar industry and a moderate
financial risk profile.

Key Rating Drivers & Detailed Description

Weakness:

* Susceptibility to unfavourable climatic conditions and government
regulations: The sugar industry is highly regulated, with
government controls on pricing, supply of sugarcane, and sugar
release mechanism. Central and state governments fix sugarcane
prices without reference to sugar prices, which adversely affects
the industry when sugar prices are low. The prices depend on
supply, which in turn depends on the quarterly release mechanism
and sugar import policy, both of which are controlled by the
central government.

* Working capital-intensive operations: Gross current assets (GCAs)
were high at 214 days as on March 31, 2020, on account of large
inventory of 137 days as sugarcane is available only seasonally.
However, working capital requirement was partially funded through
payables of 39 days. Operations are expected to remain working
capital intensive over the medium term.

Strengths:

* Extensive experience of the promoters: The promoters have been in
the sugar industry for more than 30 years. Over this period, they
have successfully developed a sound understanding of market
dynamics and established a strong relationship with sugarcane
farmers, resulting in seamless supply of raw material.

* Moderate financial risk profile: Interest subvention by state and
central governments led to moderate debt protection metrics, with
interest coverage and net cash accrual to adjusted debt ratios of
1.80 times and 0.13 time, respectively, for fiscal 2020. The total
outside liabilities to tangible networth ratio was 1.30 times,
backed by a comfortable networth of INR235.66 crore, as on March
31, 2020. The financial risk profile should improve further due to
steady accretion to reserves and reducing term debt.

Liquidity: Poor

Cash accrual is expected to be just sufficient to meet debt
repayment obligation over the medium term. Average bank limit
utilisation was high at 95.6% during the 12 months through November
2020. The company had availed a moratorium on debt repayment under
the Reserve Bank of India's Covid-19 Regulatory Package for the
period March to August 2020.

Rating Sensitivity factors

Upward Factors:

* Timely repayment of debt, leading to stabilisation of the account
for more than three months continuously.
* Improvement in the working capital cycle with GCAs below 190
days
* Better profitability, leading to high cash accrual.

WSS was established by the Narang group in Phagwara, Punjab, in
1933. The facility was taken over by the Oswal group in 1989. The
current management acquired a controlling stake from the Oswal
group in 2000. WSS manufactures and markets sugar under the
Phagwara brand.

WSH PRIVATE LIMITED: Insolvency Resolution Process Case Summary
---------------------------------------------------------------
Debtor: WSH Private Limited
        701 Yash Aqwa, 7th Floor
        Nr. Vijay Cross Road
        Navrangpura
        Ahmedabad, 380013
        Gujarat

Insolvency Commencement Date: January 27, 2021

Court: National Company Law Tribunal, Vadodara Bench

Estimated date of closure of
insolvency resolution process: August 2, 2021

Insolvency professional: Mr. Suhas Dinkar Bhattbhatt

Interim Resolution
Professional:            Mr. Suhas Dinkar Bhattbhatt
                         212, Atlantis
                         K-10, B Tower
                         Opp. Honest Restaurant
                         Near Genda Circle
                         Sarabhai Road, Vadodara
                         Gujarat 390007
                         E-mail: cssuhasb@gmail.com

                            - and -

                         520, Grand K-10
                         Opp. Honest Restaurant
                         Near Genda Circle, Vadodara
                         Gujarat 390007
                         E-mail: sbhattbhattco@gmail.com

Last date for
submission of claims:    February 18, 2021




=============
M Y A N M A R
=============

MYANMAR: Military Coup Threatens Fragile Economic Recovery
----------------------------------------------------------
Deutsche Welle reports that Myanmar's economy, already reeling from
COVID-19 restrictions, is in for more pain as a military coup
leaves foreign investors rattled, putting at risk billions of
dollars in investments.

Myanmar's military seized control of the country earlier this
month, claiming that November elections, which handed a landslide
victory to Aung San Suu Kyi's National League for Democracy, were
rigged, DW says. Tens of thousands of people have hit the streets
against the coup in the largest protest in the country in more than
a decade.

According to the report, western governments have condemned the
coup with Washington threatening to slap economic sanctions if
power was not restored to the Suu Kyi administration.

"Now with the coup, the view would be: basket case, banana
republic," Yangon-based analyst David Mathieson told AFP news
agency. "I think what we are going to see is a lot of Western
countries going 'no way.'"



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

ANTOINE'S: Shuts Doors After 47 Years
-------------------------------------
Aimee Shaw at The New Zealand Herald reports that veteran chef Tony
Astle has closed his popular Parnell restaurant Antoine's.

According to the Herald, the award-winning, 47-year-old
establishment - which specialised in fine dining using
old-fashion-style silver service - shut its doors two weeks ago.

The celebrated chef made the announcement on Antoine's website.

"We want to thank you all for the loyal support over the past 47
years, but the time has come for us to say goodbye. You will all
[be] sincerely be missed, and the memories will live on from all
the great times we had which we thank you for," the Herald quotes
Mr. Astle as saying.

"Although this is me signing off for now, there might be something
new in the pipeline a bit later so keep your eyes peeled.

"Once again, thank you to all," the statement read.

Astle, who has been a mentor to some of the country's
highest-profile chefs, including Michael Meredith and Simon Gault,
told the Herald the closure was not related to Covid.

The decision to close Antoine's came following a personal matter,
he said, but he would not reveal what that matter was, the Herald
adds.

BLADE GROUP: Security Services Firm Placed Into Receivership
------------------------------------------------------------
John Anthony at Stuff.co.nz reports that a company providing
security services to three managed isolation facilities in Auckland
has gone into receivership.

Blade Group was placed in receivership on January 25.

The company provided security services to the Sudima Hotel, So
hotel and Grand Mercure, all three of which are being used as
Covid-19 managed isolation facilities for recent returnees to New
Zealand, the report says.

Waterstone Insolvency's Greg Sherriff has been appointed receiver,
Stuff discloses.

According to Stuff, Mr. Sherriff said the company also provided
security for four pubs belonging to Britomart Hospitality Group.

A company may be forced into receivership if it is unable to pay
its debts to a secured creditor. A secured creditor can appoint a
receiver to collect and sell a company's assets over which they
have a financial claim.

In August, Prime Minister Jacinda Ardern said the Government's
intention was to stop using private security contractors at managed
isolation and quarantine facilities, and instead use Defence Force
staff.

Where the Government did use security staff they would be employed
by the Ministry of Business Innovation and Employment (MBIE) which
would provide training and pay the living wage, she said.

Mr. Sherriff said, for the Grand Mercure, the main contract was
held by Green Security which had subcontracted work to Blade
Group.

Due to the receivership that sub-contract had been cancelled and
Green Security would now be providing security services directly to
Grand Mercure, he said, Stuff relays.

In relation to the Sudima and So Hotels, Mr. Sherriff said he had
been in touch with officials from MBIE and, together with the
hotels, was ensuring that the contracted level of security was
maintained.

"We will be looking to identify a suitable security firm to take
over these contracts," Stuff quotes Mr. Sherriff as saying.

A security firm was also being sourced to take over contracts at
the pubs, he said.

Blade Group is owned and directed by Rupert Magele.

TITAN ACQUISITIONCO: Moody's Affirms B2 CFR on Solid Performance
----------------------------------------------------------------
Moody's Investors Service has affirmed Titan AcquisitionCo New
Zealand Limited's (Trade Me) B2 corporate family and first lien
term loan ratings. At the same time, Moody's has revised the
outlook to stable from negative.

The rating affirmation and change in outlook to stable from
negative reflect Trade Me's solid trading performance in recent
periods, with limited sustained impact from the pandemic. For the
fiscal year ended June 2020 (fiscal 2020), Trade Me's Moody's
adjusted EBITDA was only down around 2% year on year, surpassing
Moody's earlier expectations.

RATINGS RATIONALE

The company has been supported by the resilience of the New Zealand
economy due to the country's success in handling the covid
pandemic, with limited caseload since the end of the Level 4
lockdown in late April 2020.

Adjusted debt/EBITDA registered 6.5x for fiscal 2020 and Moody's
expects leverage to be in the low to mid 6x range over the next
12-18 months.

For the September 2020 quarter, reported EBITDA grew 6.7% on the
prior year. By division, the company's Marketplace and Property
segments have been the best performing. The Marketplace segment has
benefited from a growing trend of consumers purchasing items
online, with segment revenue up 18% over the prior year. The
Property segment revenue also grew an impressive 27%, benefiting
from a strong housing market in New Zealand. On the other hand,
subdued hiring activity continues to constrain the Jobs segment
with segment revenue down 22% from the prior year. Revenue from the
Motors segment remained largely flat year on year.

Trade Me's rating benefits from the company's leading market
position and strong brand awareness in New Zealand, good business
line diversity and strong margins and free cash flow generation.

The rating also recognises ongoing risks from the pandemic, the
potential for new entrants and disruption in the company's sector,
as well as the company's small absolute size and geographic
concentration in New Zealand.

Liquidity

Trade Me's liquidity is solid. As of the end of September, the
company had cash on hand of NZD67 million and undrawn facilities of
NZD88 million. Moody's expects the company will remain free cash
flow positive.

Rating Outlook

The stable outlook reflects our expectation that Trade Me's credit
metrics will remain in line with the parameters set for the B2
rating.

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

Factors that Could Lead to an Upgrade

The rating could be upgraded if Trade Me achieves sustained
earnings growth, with adjusted debt/EBITDA below 6.5x on a
consistent basis.

Factors that Could Lead to a Downgrade

The rating could be downgraded if: (1) adjusted debt/EBITDA exceeds
7.5x; (2) the company experiences a significant deterioration in
its market share; or (3) its liquidity profile weakens
substantially.

The principal methodology used in these ratings was Business and
Consumer Service Industry published in October 2016.

Titan AcquisitionCo New Zealand Limited (Trade Me) is the leading
online marketplace and classified business in New Zealand with
local scale across a breadth of service offerings including
auctions, fixed price sales for new and used goods (Marketplace)
and classified advertisements for automotive (Motors), real estate
(Property) and employment (Jobs). Trade Me also has web businesses
specializing in accommodation and payments.



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

GLOBAL SPORTS: Court to Hear Judicial Management Bid on March 8
---------------------------------------------------------------
A petition to place Global Sports Commerce Pte. Ltd. under judicial
management will be heard before the High Court of Singapore on
March 8, 2021, at 10:00 a.m.

Tam Chee Chong of Kairos Corporate Advisory Pte. Ltd has been
nominated as the judicial manager.

Crest Investment Holdings Pte. Ltd. filed the petition against the
company on Oct. 13, 2020.

The Petitioner's solicitors are:

          Wong Partnership LLP
          12 Marina Boulevard
          Level 28
          Marina Bay Financial Centre Tower 3
          Singapore 018982

Singapore-based Global Sports Commerce Pte. Ltd. (GSC) --
http://www.globalsportscommerce.com/-- operates as a sports,
technology, and management company. The Company offers cutting edge
technology solutions for digital LED signage technology, sports
scoring software, and connectivity, as well as provides strategic
consulting, client management, and other related services. GSC
serves customers worldwide.

HONTOP ENERGY: Creditors' Meeting Set for February 18
-----------------------------------------------------
The Judicial Managers of Hontop Energy (Singapore) Pte. Ltd will
hold a meeting for the company's creditors on Feb. 18, 2021, at
3:00 p.m. via electronic means.

Agenda of the meeting are:

   a. to update on the status of Judicial Management;

   b. to consider and if thought fit, to approve an application to

      Court by the Judicial Managers for an extension of the
      Judicial Management Order; and

   c. any other business.

The Judicial Managers can be reached at:

     Lin Yueh Hung
     Oon Su Sun
     c/o RSM Corporate Advisory Pte Ltd
     8 Wilkie Road #03-08
     Wilkie Edge
     Singapore 228095

Hontop Energy (Singapore) Pte Ltd, a unit of China Wanda Group,
buys crude oil for the group's 100,000 barrels per day refinery in
Dongying, Shandong province, operated by Tianhong Chemicals Co
Ltd.

The Singapore High Court on Sept. 7, 2020, placed Hontop Energy
under judicial management.

The application was filed by CIMB Bank Singapore on June 15, 2020
as the bank looked to recover US$105 million from Hontop and
accused the company of fraudulent conduct.



                           *********


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 2021.  All rights reserved.  ISSN: 1520-9482.

This material is copyrighted and any commercial use, resale or
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