/raid1/www/Hosts/bankrupt/TCRAP_Public/210212.mbx        T R O U B L E D   C O M P A N Y   R E P O R T E R

                     A S I A   P A C I F I C

          Friday, February 12, 2021, Vol. 24, No. 26

                           Headlines



A U S T R A L I A

SWEET AMBITION: First Creditors' Meeting Set for Feb. 22


C H I N A

HNA GROUP: Chinese Court Puts Group Into Bankruptcy Administration
IONIX TECHNOLOGY: Hires Consultants to Enhance Brand Image
LUCKIN COFFEE: Chapter 15 Case Summary
SKYFUEL INC: Expects to Pay 75% to 100% to Unsecureds Under Plan
SKYFUEL INC: Plan Confirmation Hearing Starts March 10



I N D I A

A V RAMBABU: CRISIL Lowers Rating on INR25cr Bank Loan to D
BABA PURAN: Ind-Ra Keeps 'tB+' Deposits Rating in Non-Cooperating
BLUEJAY NUTS: Ind-Ra Withdraws 'B+' Long-Term Issuer Rating
CORONA BUS: CRISIL Withdraws D Rating on INR13cr Loans
DAIRYFLEX PACKAGING: CRISIL Assigns B Rating to INR27cr Loans

DURGA SHAKTI: Ind-Ra Lowers & Moves Long-Term Issuer Rating to 'D'
ELYSIUM PHARMACEUTICALS: Ind-Ra Moves B+ Rating to Non-Cooperating
GAYATRI SUGARS: CRISIL Moves D Debt Ratings to Not Cooperating
GOVIND RUBBER: CRISIL Keeps D Debt Ratings in Not Cooperating
GRANDEUR AGROTECH: CRISIL Keeps B+ Debt Ratings in Not Cooperating

HARIOM PROJECTS: Ind-Ra Moves BB Issuer Rating to Non-Cooperating
HARIYANA SHIP: CRISIL Keeps B+ Debt Rating in Not Cooperating
HYDROBATHS RAMCO: CRISIL Moves D Debt Ratings to Not Cooperating
KIRTHI POWER: ICRA Raises Rating on INR10cr Loans to BB-
MADHUSUDAN GARAI: ICRA Moves B Debt Ratings to Not Cooperating

MARK INFRASTRUCTURE: CRISIL Moves D Ratings to Not Cooperating
MAURYA PRINTERS: CRISIL Lowers Rating on INR14cr Loans to D
NEERAJ SALES: CRISIL Moves B Debt Ratings to Not Cooperating
NEO BUILDERS: CRISIL Keeps D Debt Rating in Not Cooperating
PARSVNATH DEVELOPERS: CRISIL Reaffirms D Rating on INR55cr Loan

PLUTO PLAZA: ICRA Keeps B+ Debt Rating in Not Cooperating
R R HOLIDAY: Ind-Ra Withdraws 'D' Long-Term Issuer Rating
R T EXPORTS: CRISIL Keeps D Debt Rating in Not Cooperating
RA FASHIONS: CRISIL Migrates D Debt Ratings to Not Cooperating
RADHE GIRDHARI: CRISIL Keeps B Debt Ratings in Not Cooperating

RCS FACILITY: CRISIL Assigns B Rating to INR2.0cr Cash Loan
SARANYA SPINNING: Ind-Ra Lowers Long-Term Issuer Rating to 'D'
SCHOOL BOOK: ICRA Places B+ Debt Ratings on Watch Developing
SENCO GOLD: CRISIL Keeps FB+ Rating in Not Cooperating Category
SHADI LAL: CRISIL Keeps C Debt Ratings in Not Cooperating

SUSHEEL ENGINEERS: CRISIL Moves D Debt Rating to Not Cooperating
SUVIDHA REALTORS: ICRA Lowers Rating on INR15.50cr Loan to B+
TRIBHAWAN AND CO: CRISIL Keeps B Debt Rating in Not Cooperating
UNDAVALLI CONSTRUCTIONS: Ind-Ra Affirms BB+ Long-Term Issuer Rating
VICEROY BANGALORE: CRISIL Keeps D Debt Rating in Not Cooperating

ZIMIDARA PESTICIDES: CRISIL Assigns B Rating to INR6.7cr Loan


M A L A Y S I A

AIRASIA GROUP: To Raise MYR250MM via Private Placement
MALAYSIA: Economy Sees Worst Year Since 1998 Asian Crisis


P A K I S T A N

PAKISTAN: To Seek Debt Relief From China Belt and Road Loan


S I N G A P O R E

MMP RESOURCES: Creditors' Meeting Scheduled for March 4
SINGAPORE AIRLINES: Defers SGD4 Billion of Spending on Planes


T H A I L A N D

THAI AIRWAYS: To Lay Off 395 Pilots in Restructuring Plan

                           - - - - -


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

SWEET AMBITION: First Creditors' Meeting Set for Feb. 22
--------------------------------------------------------
A first meeting of the creditors in the proceedings of Sweet
Ambition Pty Ltd, trading as The Cake Merchant, will be held on
Feb. 22, 2021, at 11:00 a.m. via teleconference facilities.

Mitchell Griffiths of Rapsey Griffiths Turnaround + Insolvency was
appointed as administrator of Sweet Ambition on Feb. 10, 2021.




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

HNA GROUP: Chinese Court Puts Group Into Bankruptcy Administration
------------------------------------------------------------------
Nikkei Asia reports that a Chinese court has placed HNA Group and
many of its affiliates into administration in response to a
creditors' petition for a bankruptcy restructuring of the sprawling
corporate empire.

The People's High Court of Hainan Province, where HNA is based, has
appointed a team to manage the group's affairs, according to stock
exchange disclosures on Feb. 10 and Feb. 11 by about a dozen
affiliated companies listed in Shanghai, Shenzhen and Hong Kong.

According to the Nikkei, the appointed overseers will now be
responsible for managing the assets of some 60 group companies,
including their accounting and business records and corporate
seals, and producing a report on their financial positions in
preparation for asset sales. Creditors are to submit claims by the
end of March ahead of discussion meetings set to start in
mid-April.

The Nikkei relates that the administered companies aim to sustain
normal operations, though the court appointees will have authority
and discretion to halt business.

Hainan Airlines Group, HNA Infrastructure Investment Group and
CCOOP Group were granted special permission to carry on their daily
businesses and administer their own accounts under the leadership
of a working group established a year ago by the Hainan government,
the report notes.

In the wake of the filing of the creditors' petition on Jan. 29,
the three companies had disclosed the discovery following an
investigation ordered by Beijing in October that more than CNY100
billion ($15.5 billion) of their combined assets had been siphoned
away by HNA Group and other affiliates.

Many of the misappropriations were done without required approvals
from the companies' boards or shareholders, according to the
disclosures cited by the Nikkei.

Due to the court's initiation of bankruptcy restructuring
procedures, the three companies will now be placed under probation
by the Shanghai and Shenzhen stock exchanges, the Nikkei states.
The trio are classified to be on the brink of delisting, with daily
price movements restricted to 5%, compared with 10% for ordinary
shares.

Their special status will be denoted by the label "*ST" -- for
special treatment -- at the front of the market tickers, with
trading to be suspended for a day on Feb. 18, the next session
after China's weeklong Lunar New Year break, the Nikkei says.

The Nikkei relates that CCOOP, a Shenzhen-listed retail and
wholesale unit, said that "there is a risk of restructuring
failing" and the company being forced by the court to shut down and
liquidate. Shanghai-listed Hainan Airlines and HNA Infrastructure
made similar remarks in their respective statements.

Hainan Airlines, the fourth-largest mainland Chinese carrier, will
enter restructuring against the background of an aviation sector
already highly stressed by the coronavirus pandemic, the Nikkei
says.

Subhas Menon, director general of the Association of Asia Pacific
Airlines, told reporters at an online news conference on Feb. 9
that its case is different from other ailing carriers because it
involves "a more fundamental restructuring, which was probably
already taking place before the COVID-19 crisis," the Nikkei
relays.

"If there is downsizing and restructuring, there will definitely be
excess aircraft which would compound the situation, because already
quite a lot of fleets are grounded," he said.

The eight carriers under the wing of Hainan Airlines operated 346
aircraft as of Dec. 31. HNA also controls a number of other
carriers outside of the Hainan Airlines Group, including Hong Kong
Airlines.

Observers believe a court-administered restructuring will be
positive overall for HNA's businesses, the Nikkei says.

The Nikkei relates that Shinichi Seki, a senior economist
specializing in China at the Japan Research Institute, said that
this could enable the Hainan government, which has been highly
supportive of the debt-ridden conglomerate, to "take up a certain
portion of the responsibilities," while offering symbolic support
for legal transparency.

He believes the expansion of its businesses -- and consequently its
debts -- would not have been possible without official support.

"This could spur other local governments to act on compressing debt
levels of their local state-owned enterprises before reaching a
brink of bankruptcy," the Nikkei quotes Seki as saying.

                          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.


IONIX TECHNOLOGY: Hires Consultants to Enhance Brand Image
----------------------------------------------------------
Ionix Technology, Inc. entered into a consulting agreement with Mr.
George Adamson, PhD, a well-known lithium battery expert in the
United States, and Mr. Steve Bellamy, a senior financial advisor in
order to improve the Company's core competitiveness and enhance its
brand image.  The Consultants have been engaged to assist the
Company to establish a manufacturing, assembly, R&D and corporate
head office in Las Vegas, Nevada.  The Consultants will each earn
96,000 restricted stock units as follows: 48,000 upon the 6 month
anniversary of the agreement and 48,000 upon the twelve month
anniversary.

Dr. George W. Adamson, Ph.D., majored in philosophy and physical
chemistry from Massachusetts Institute of Technology.  Dr. Adamson
has engaged in research work for more than thirty years and has
extensive experience in the field of Lithium-ion Battery Technology
and Energy Storage Technology.  He has successively served as vice
president of research and development, vice-president product
development, and chief technical operation officer for several
well-known technology companies such as "Valence Technology",
"ZPower", and "EOS Energy Storage".  He has extensive technology
development experience in new energy fields, with more than 50
research papers and patents.  The Company believes the addition of
Dr. Adamson will provide new impetus for IINX's progress in the new
energy and enhance the competitiveness of the Company's technology
and market.

Mr. Steve Bellamy graduated from Sheffield Hallam University in the
UK and is a member of the Institute of Chartered Accountants in
England and Wales.  Mr. Bellamy has over 40 years of experience in
financial management, including financial risk control, investment
management, investment operations and IPO planning.  He started his
career as Price Waterhouse in London and has since worked for
several financial institutions like Pacific Capital Bancorp and
London Investment Banking.  From 1998 to 2004, he served as CFO for
Wi-LAN and also Blue Casa Communications.  In the past five years,
he also successively participated in the founding and incubation of
new energy technology enterprises Green Dragon International and
Green Solutions.  He is highly praised for his practical financial
expertise and rich financial management experience.  The Company
believes that with Mr. Bellamy's help it will strengthen the
Company's project analysis and financing analysis capabilities.

                            About Ionix

Headquartered in Liaoning Province, China, Ionix Technology, Inc.
-- http://www.iinx-tech.com-- is a holding company that is
principally engaged in the photoelectric display and smart energy
industries.  The company has five operating subsidiaries: Changchun
Fangguan Electronics Technology Co., Ltd, a company which has been
focusing on R&D, manufacturing and marketing LCM and LCD; Changchun
Fangguan Photoelectric Display Technology Co., Ltd, a company which
specializes in developing, designing, and selling TN and STN LCD,
STN, CSTN, and TFT LCD modules as well as other related products;
Shenzhen Baileqi Electronic Technology Co., Ltd, a company which
specializes in LCD slicing, filling, researching and designing, and
selling of LCD Modules (LCM) and PCBs; Lisite Science Technology
(Shenzhen) Co., Ltd., a company engaged in the marketing and
selling of intelligent electronic devices; and Dalian Shizhe New
Energy Technology Co., Ltd., a company engaged in the new energy
support service, and operating the photovoltaic power generation,
electric vehicles and charging piles with corresponding operation
and maintenance and three dimensional parking.  Currently, IINX has
embarked on the layout of industrialization and marketization of
front end materials and back end modules of liquid crystal displays
and applications of flexible folding display technology by taking
Fangguan Electronics as production bases, to seize the market share
of OLED high technology.

Ionix reported a net loss of $277,668 for the year ended June 30,
2020, compared to net income of $397,047 for the year ended June
30, 2019.  As of Sept. 30, 2020, the Company had $17.12 million in
total assets, $7.23 million in total liabilities, and $9.89 million
in total stockholders' equity.

LUCKIN COFFEE: Chapter 15 Case Summary
--------------------------------------
Chapter 15 Debtor:        Luckin Coffee Inc.
                          Conyers Trust Company (Cayman) Ltd
                          P.O. Box 2681, Cricket Square
                          Hutchins Drive
                          George Town, Grand Cayman
                          Cayman Islands

Business Description:     Luckin Coffee Inc. --
                          https://www.luckincoffee.com --
                          China-based coffee chain founded in
                          2017.

Foreign
Proceeding:               In the Matter of Luckin Coffee Inc.,
                          Grand Court of the Cayman Islands, Cause

                          No. FSD 157 of 2020

Chapter 15 Petition Date: February 5, 2021

Court:                    United States Bankruptcy Court
                          Southern District of New York

Case No.:                 21-10228

Judge:                    Hon. Martin Glenn

Foreign Representatives:  Alexander Lawson and
                          Wing Sze Tiffany Wong
                          P.O. Box 2507, 2nd Floor
                          70 Harbour Drive
                          George Town, Grand Cayman
                          Cayman Islands

Foreign
Representatives'
Counsel:                  Thomas R. Califano, Esq.
                          R. Craig Martin, Esq.
                          Erik F. Stier, Esq.
                          DLA PIPER LLP (US)
                          1251 Avenue of the Americas
                          27th Floor New York, New York 10020
                          Tel: (212) 335-4500
                          Fax: (212) 335-4501
                          Email: craig.martin@us.dlapiper.com
                                 thomas.califano@dlapiper.com
                                 erik.stier@dlapiper.com

Estimated Assets:         Unknown

Estimated Debts:          Unknown

A copy of the Involuntary Petition is available for free at
PacerMonitor.com at:

https://www.pacermonitor.com/view/QNCC4RY/Luckin_Coffee_Inc_and_Alexander__nysbke-21-10228__0001.0.pdf?mcid=tGE4TAMA

SKYFUEL INC: Expects to Pay 75% to 100% to Unsecureds Under Plan
----------------------------------------------------------------
Skyfuel, Inc., filed with the U.S. Bankruptcy Court for the
District of Colorado a Plan of Reorganization and a Disclosure
Statement on Jan. 29, 2021.

The Debtor conducted a sale process pursuant to the Order Approving
Amended Bid Procedures and received multiple bids to purchase some
or substantially all of the Debtor's assets from various
third-parties.  On Feb. 7, 2020, Kaidi delivered its Bid Term Sheet
to the Debtor, offering to purchase the Debtor's assets for
$6,000,000.  Kaidi, as the highest and best bid received from any
interested party, was announced as the winning bidder.

The Plan provides for a Sale of the equity interests of the Debtor
to Zhongxn Kaidi Electric Power Engineering Co., Ltd f/k/a China
Kaidi Electric Power Engineering Co., Ltd., and/or its assignee for
$2,100,000, and the payment of Allowed Claims from the Proceeds of
the Sale. In particular, the Plan contemplates as follows:

     * payment in full in cash by the Debtor or Reorganized Debtor
either on or after the Effective Date to holders of Allowed
Administrative Expense Claims;

     * payment in full in cash by the Debtor or Reorganized Debtor
either on or after the Effective Date to holders of Allowed
Priority Claims;

     * payment in cash by the Debtor or Reorganized Debtor in one
or more tranches to holders of Allowed General Unsecured Claims on
a pro rata basis, with the first installment of not less than 75%
of each Allowed General Unsecured Claim to be made on the Effective
Date or as soon as practicable thereafter, and the second
installment, if any, which shall consist of the remainder of the
Proceeds up to the full amount of each Allowed General Unsecured
Claim, to be paid by the 180th day after the Effective Date or as
soon as practicable thereafter, not to exceed one year from the
Effective Date. The General Unsecured Claims Class is estimated to
recover 75%-100% of its Allowed Claims;

     * cancellation of existing Equity Interests on the Effective
Date, with the holders of the existing Equity Interests to retain
their economic interests to receive the Excess Proceeds after
payment of all Allowed Claims, provided however, that the current
holders of Equity Interests will not receive any Distribution under
the Plan until holders of Allowed General Unsecured Claims have
been paid in full;

     * Interests in the Debtor shall be issued to Kaidi and the
assets shall be sold, transferred, assigned and conveyed to Kaidi
free and clear of all liens, except as set forth in the Plan.

The assets available for distribution under the Plan are comprised
of the Proceeds.  

A full-text copy of the Disclosure Statement dated Jan. 29, 2021,
is available at https://bit.ly/39UqC0E from PacerMonitor.com at no
charge.

Attorneys for the Debtor:

     David W. Parham, Esq.
     Texas SBN: 15459500
     Amy M. Leitch, Esq.
     AKERMAN LLP
     2001 Ross Avenue, Suite 3600
     Dallas, TX 75201
     Telephone: (214) 720-4300
     Facsimile: (214) 981-9339

                         About Skyfuel Inc.

Founded in 2007, Skyfuel, Inc. -- http://www.skyfuel.com/--
designs, manufactures and deploys complete solar field solutions
featuring the SkyTrough and SkyTroughDSP parabolic trough
concentrating solar collectors. SkyFuel is the solar thermal
technology arm of the Sunshine Kaidi New Energy Group Co., Ltd.
(Kaidi), a multi-billion dollar energy company based in Wuhan,
China.

An involuntary Chapter 11 petition for relief against SkyFuel, Inc.
(Bankr. D. Colo. Case No. 19-12400) was filed on March 29, 2019.
The court entered an order for relief on April 23, 2019.  The
Debtor is represented by Akerman LLP.

SKYFUEL INC: Plan Confirmation Hearing Starts March 10
------------------------------------------------------
Judge Joseph G. Rosania, Jr., has entered an order approving the
Disclosure Statement of Skyfuel, Inc., on an interim basis and
allowing the Disclosure Statement to be used in connection with
soliciting votes to accept or reject the Plan.

The Court will hold a telephonic preliminary hearing to consider
final approval of the Disclosure Statement and confirmation of the
Plan on March 10, 2021, at 10:00 a.m. (Prevailing Mountain Time).
The Court will reserve March 17, 2021, to conduct an evidentiary
hearing by Zoom video conference if necessary.

The deadline to submit votes on the Plan and objections to
confirmation of the Plan is March 5, 2021, at 5:00 p.m. (Prevailing
Mountain Time).

The Debtor must file a ballot tabulation report no later than 5:00
p.m. (Prevailing Mountain Time) on March 8, 2021.

As reported in the Troubled Company Reporter, Skyfuel filed a Plan
of Reorganization and a Disclosure Statement on Jan. 29, 2021.  The
Plan provides for a sale of the equity interests of the Debtor to
Zhongxn Kaidi Electric Power Engineering Co., Ltd f/k/a China Kaidi
Electric Power Engineering Co., Ltd., and/or its assignee for
$2,100,000, and the payment of Allowed Claims from the proceeds of
the sale.

The Plan provides for payment in cash by the Debtor in one or more
tranches to holders of Allowed General Unsecured Claims on a
pro-rata basis, with the first installment of not less than 75% of
each Allowed General Unsecured Claim to be made on the Effective
Date or as soon as practicable thereafter, and the second
installment, if any, which shall consist of the remainder of the
Proceeds up to the full amount of each Allowed General Unsecured
Claim, to be paid by the 180th day after the Effective Date or as
soon as practicable thereafter, not to exceed one year from the
Effective Date.  The General Unsecured Claims Class is estimated to
recover 75% to 100% of its Allowed Claims.

A full-text copy of the Disclosure Statement dated Jan. 29, 2021,
is available at https://bit.ly/39UqC0E from PacerMonitor.com at no
charge.

                        About Skyfuel Inc.

Founded in 2007, Skyfuel, Inc. -- http://www.skyfuel.com/--
designs, manufactures and deploys complete solar field solutions
featuring the SkyTrough and SkyTroughDSP parabolic trough
concentrating solar collectors.  SkyFuel is the solar thermal
technology arm of the Sunshine Kaidi New Energy Group Co., Ltd.
(Kaidi), a multi-billion dollar energy company based in Wuhan,
China.

An involuntary Chapter 11 petition for relief against SkyFuel, Inc.
(Bankr. D. Colo. Case No. 19-12400) was filed on March 29, 2019.
The court entered an order for relief on April 23, 2019.  The
Debtor is represented by Akerman LLP.



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

A V RAMBABU: CRISIL Lowers Rating on INR25cr Bank Loan to D
-----------------------------------------------------------
CRISIL Ratings has downgraded its ratings on the bank facilities of
A V Rambabu Infra Private Limited (AVR) to 'CRISIL D/CRISIL D' from
'CRISIL BB-/Stable/CRISIL A4+'.  The downgrade reflects delays in
interest servicing by AVR for more than 30 days.

                      Amount
   Facilities       (INR Crore)     Ratings
   ----------       -----------     -------
   Bank Guarantee         25        CRISIL D (Downgraded from
                                    'CRISIL BB-/ Stable')

   Secured Overdraft
   Facility               10        CRISIL D (Downgraded from
                                    'CRISIL A4+ ')

The ratings reflect the modest scale of operations, exposure to
intense competition and working capital intensive operations. These
weakness are offset by extensive experience of AVR's promoters in
the civil construction industry.

Key Rating Drivers & Detailed Description

Weaknesses:

* Modest scale of operations and exposure to intense competition:
With revenue of INR41.8 crore in fiscal 2020, scale remains small.
Further infrastructure industry is highly fragmented due to low
entry barrier, with many players executing small projects.

* Working capital intensive nature of operations: Operations are
working capital intensive, with gross current assets (GCA) of 426
days as on March 31, 2020. High GCA is on account of high inventory
of 397 days as on March 31, 2020. Working capital is mainly
supported by extended credit from the suppliers.

Strengths:

* Promoters' longstanding presence: The company's promoters have
more than two decades of experience in the infrastructure
(especially water works and waste water management) industry, and
have successfully completed many projects.

Liquidity: Poor

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

Rating Sensitivity factors

Upward factors

* Track record of timely debt servicing for at least more than 90
days
* Improvement in financial risk profile particularly liquidity.

AVR was established in 2008 by Mr. AV Rambabu, Ms Anna Durga Kumari
(wife), and Mr. A Krishna Chaitanya (son) in Hyderabad to take over
the operations of proprietorship firm, AV Rambabu. The company
undertakes drainage, effluent treatment plant, water supply and
pipeline, and irrigation projects. Operations are currently managed
by Mr. A Krishna Chaitanya.

BABA PURAN: Ind-Ra Keeps 'tB+' Deposits Rating in Non-Cooperating
-----------------------------------------------------------------
India Ratings and Research (Ind-Ra) has maintained Baba Puran Dass
Financial Services Ltd's term deposits in the non-cooperating
category. The issuer did not participate in the rating exercise
despite continuous requests and follow ups by the agency.
Therefore, investors and other users are advised to take
appropriate caution while using these ratings. The rating will
continue to appear as 'IND tB (ISSUER NOT COOPERATING)' on the
agency's website.

The instrument-wise rating action is:

-- INR 20 mil. Term deposits maintained in non-cooperating
     category with IND tB (ISSUER NOT COOPERATING) rating.

Note: ISSUER NOT COOPERATING:  The rating was last reviewed on
January 23, 2019. Ind-Ra is unable to provide an update, as the
agency does not have adequate information to review the ratings.

COMPANY PROFILE

Incorporated in 1995, Baba Puran Dass Financial Services is a
deposit-taking non-banking financial asset finance company. The
company primarily finances used passenger vehicles and new
two-wheelers on a hire and purchase basis.


BLUEJAY NUTS: Ind-Ra Withdraws 'B+' Long-Term Issuer Rating
-----------------------------------------------------------
India Ratings and Research (Ind-Ra) has withdrawn Bluejay Nuts
Private Limited's Long-Term Issuer Rating of 'IND B+ (ISSUER NOT
COOPERATING)'.

The instrument-wise rating actions are:

-- The 'IND B+' rating on INR32.5 mil. Proposed long-term loan*
     is withdrawn; and

-- The 'IND B+' rating on INR167.5 mil. Proposed fund-based
     limit* is withdrawn.

*The provisional ratings for the proposed instruments have been
withdrawn since it was outstanding for over 180 days and is no
longer expected to proceed as previously envisaged.

KEY RATING DRIVERS

The provisional rating has been withdrawn since it was outstanding
for over 180 days and is no longer expected to proceed as
previously envisaged.

COMPANY PROFILE

Incorporated in March 2015, Bluejay Nuts is engaged in the
processing and export of cashew nuts.


CORONA BUS: CRISIL Withdraws D Rating on INR13cr Loans
------------------------------------------------------
CRISIL Ratings has withdrawn its rating on the bank facilities of
Corona Bus Manufacturers Private Limited (CBMPL) on the request of
the company and after receiving no objection certificate from the
bank. The rating action is in-line with CRISIL Ratings policy on
withdrawal of its rating on bank loan facilities.

                     Amount
   Facilities     (INR Crore)    Ratings
   ----------     -----------    -------
   Cash Credit         8.5       CRISIL D (ISSUER NOT
                                 COOPERATING; Migrated from
                                 'CRISIL D'; Rating Withdrawn)

   Proposed Fund-      4.5       CRISIL D (ISSUER NOT
   Based Bank                    COOPERATING; Migrated from
   Limits                        'CRISIL D'; Rating Withdrawn)

CRISIL Ratings has been consistently following up with CBMPL for
obtaining information through letters and emails dated January 18,
2021 and January 23, 2021among 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 CBMPL. This restricts CRISIL's
ability to take a forward looking view on the credit quality of the
entity. CRISIL Ratings believes that rating action on CBMPL is
consistent with 'Assessing Information Adequacy Risk'. CRISIL
Ratings has migrated the ratings on the bank facilities of CBMPL to
'CRISIL D Issuer not cooperating'.

CRISIL Ratings has withdrawn its rating on the bank facilities of
CBMPL on the request of the company and after receiving no
objection certificate from the bank. The rating action is in-line
with CRISIL Ratings policy on withdrawal of its rating on bank loan
facilities.

DAIRYFLEX PACKAGING: CRISIL Assigns B Rating to INR27cr Loans
-------------------------------------------------------------
CRISIL Ratings has assigned its 'CRISIL B/Stable' rating to the
bank facilities of Dairyflex Packaging Solutions Private Limited
(DPSPL).

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

   Proposed Term
   Loan                   18        CRISIL B/Stable (Assigned)

The rating reflects DPSPL's intense competition and exposure to
risks related to ongoing project, expected leveraged capital
structure. These weaknesses are partially offset by its extensive
industry experience of the promoters and adoption of latest
machinery in steady industry.

Key Rating Drivers & Detailed Description

Weakness:

* Exposure to risks related to ongoing project: DPSPL is scheduled
to commence its commercial production in June, 2021. Demand risk is
also expected to be moderate as the industry is highly fragmented
marked by low entry barriers with small capital and technological
requirements. Also, will be exposed to intense competition from
other players in the segment. Timely completion and successful
stabilisation of its operations at the new unit will remain a key
rating sensitivity factor. Moreover, the bank finance is yet to be
tied up and the sanction as well as disbursement will be a key
monitorable.

* Expected leveraged capital structure: DPSPL is expected to have
an average financial risk profile with high gearing and moderate
debt protection metrics. The project is aggressively funded through
a debt-equity ratio 4 times.

Strengths:

* Extensive industry experience of the promoters: The promoters
have an extensive experience in packaging industry as well as the
dairy industry through their other existing businesses. This has
given them an understanding of the dynamics of the market, and
enabled them to establish relationships with suppliers and
customers.

Liquidity: Stretched

Cash accrual are expected to be over INR4 crores which are
sufficient against term debt obligation of INR2-3 crores over the
medium term. In addition, it will be act as cushion to the
liquidity of the company.

Outlook Stable

CRISIL Ratings believes DPSPL will benefit from the extensive
experience of its promoters in the dairy and packaging industry.

Rating Sensitivity factors

Upward factors

* Stabilises operations at its proposed plant in time, and reports
revenues of over INR30 cr and profitability at PAT levels.
* Prepayment of loans or promoter's infusion of funds leading to
better capital structure.

Downward factors

* Faces a considerable delay in the commencement of its operations,

* Generates significantly low cash accruals of less than INR2
crores during its initial phase of operations
* Witnesses a substantial increase in its working capital
requirements thus weakening its liquidity & financial profile.

Incorporated in October 2020, DPSPL is currently setting up a plant
to manufacture packaging and printing products such as printed
sacks, rice bag, laminates, paneer pouch, dahi cup etc. with an
installed capacity of 90000 kg per day. The plant is expected to be
commissioned in June, 2021. DPSPL is owned & managed by Mr. Partik
Dayal, Mr. Pratyush Dayal, Mr. Amit Agarwal and Mr. Ajay Agarwal.

DURGA SHAKTI: Ind-Ra Lowers & Moves Long-Term Issuer Rating to 'D'
------------------------------------------------------------------
India Ratings and Research (Ind-Ra) has downgraded Durga Shakti
Foods Private Limited's (DSFPL) Long-Term Issuer Rating to 'IND D'
from 'IND BB' and has simultaneously migrated it to the
non-cooperating category. The Outlook was Stable. The issuer did
not participate in the rating exercise despite continuous requests
and follow-ups by the agency. Thus, the rating is based on the best
available information. Therefore, investors and other users are
advised to take appropriate caution while using these ratings. The
rating will now appear as 'IND D (ISSUER NOT COOPERATING)' on the
agency's website.

The instrument-wise rating actions are:

-- INR119 mil. Fund-based facilities downgraded and migrated to
     non-cooperating category with IND D (ISSUER NOT COOPERATING)
     rating; and

-- INR5 mil. Non-fund-based facilities downgraded and migrated to

     non-cooperating category with IND D (ISSUER NOT COOPERATING)
     rating.

Note: ISSUER NOT COOPERATING: Issuer did not cooperate; based on
the best available information

KEY RATING DRIVERS

The downgrade reflects DSFPL's delays in debt servicing in the
month of December 2020, the details of which are not available.

RATING SENSITIVITIES

Positive: Timely debt servicing for three consecutive months could
result in a positive rating action.

COMPANY PROFILE

Incorporated in 2008, DSFPL is engaged in the processing of
soyabean for extracting soyabean oil and soya de-oiled cake. The
processing facility is located in Khamgaon and Nagpur in
Maharashtra.

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

The instrument-wise rating actions are:

-- INR249.87 mil. Term loan due on June 2024 migrated to non-
     cooperating category with IND B+ (ISSUER NOT COOPERATING)
     rating;

-- INR150 mil. Fund-based limits migrated to non-cooperating
     category with IND B+ (ISSUER NOT COOPERATING) rating; and

-- INR32 mil. Non-fund-based limits migrated to non-cooperating
     category with IND A4 (ISSUER NOT COOPERATING) rating.

Note: ISSUER NOT COOPERATING: The ratings were last reviewed on
December 30, 2019. Ind-Ra is unable to provide an update, as the
agency does not have adequate information to review the ratings.

COMPANY PROFILE

Incorporated in 1995 by Yashwant Patel, Elysium Pharmaceuticals is
a formulation company based in Dabhasa, 19km from Vadodara,
Gujarat. The company commenced commercial operations in 1997 to
manufacture sterile formulations such as liquid and dry parenteral
and non-sterile formulations such as tablets, capsules, liquid
orals, ointment, and dry syrups under third-party and contract
manufacturing agreements for established pharmaceutical firms. It
produces own drugs under the ethical segment.

GAYATRI SUGARS: CRISIL Moves D Debt Ratings to Not Cooperating
--------------------------------------------------------------
CRISIL Ratings has migrated the rating on bank facilities of
Gayatri Sugars Limited (GSL) to 'CRISIL D Issuer not cooperating'.

                      Amount
   Facilities       (INR Crore)    Ratings
   ----------       -----------    -------
   Cash Credit          67.59      CRISIL D (ISSUER NOT
                                   COOPERATING; Rating Migrated)

   Long Term Loan       20.73      CRISIL D (ISSUER NOT
                                   COOPERATING; Rating Migrated)

   Proposed Long Term   47.68      CRISIL D (ISSUER NOT
   Bank Loan Facility              COOPERATING; Rating Migrated)

CRISIL Ratings has been consistently following up with GSL 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 GSL, which restricts CRISIL
Ratings' ability to take a forward looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on GSL
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 GSL to 'CRISIL D Issuer not cooperating'.

GSL, based in Hyderabad, was set up by Ms Indira Subbarami Reddy,
Mr Sandeep Reddy, and Ms Sarita Reddy in 1995. It manufactures
white crystal sugar and rectified spirit/extra neutral alcohol. It
is also involved in the power generation business. The company is
listed on the Bombay Stock Exchange (BSE).

GOVIND RUBBER: CRISIL Keeps D Debt Ratings in Not Cooperating
-------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Govind Rubber
Limited (GRL) continue to be 'CRISIL D/CRISIL D Issuer not
cooperating'.

                      Amount
   Facilities       (INR Crore)     Ratings
   ----------       -----------     -------
   Bank Guarantee        3.5        CRISIL D (Issuer Not
                                    Cooperating)

   Bill Discounting      4.29       CRISIL D (Issuer Not
                                    Cooperating)

   Cash Credit          40.18       CRISIL D (Issuer Not
                                    Cooperating)

   Letter of Credit     28.60       CRISIL D (Issuer Not
                                    Cooperating)

   Packing Credit        3.60       CRISIL D (Issuer Not
                                    Cooperating)

   Proposed Long Term   36.65       CRISIL D (Issuer Not
   Bank Loan Facility               Cooperating)

   Term Loan            10.92       CRISIL D (Issuer Not
                                    Cooperating)

   Working Capital      21          CRISIL D (Issuer Not
   Demand Loan                      Cooperating)

   Bills - Inland        1.26       CRISIL D (Issuer Not
                                    Cooperating)

CRISIL Ratings has been consistently following up with GRL for
obtaining information through letters and emails dated October 24,
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 GRL, which restricts CRISIL
Ratings' ability to take a forward looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on GRL
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the ratings on bank facilities of
GRL continues to be 'CRISIL D/CRISIL D Issuer not cooperating'.

GRL, incorporated in 1985, is engaged in manufacturing of tyres and
tubes. The company's business operations are overseen by Mr. Vinod
Poddar. GRL has its manufacturing facilities located at Ludhiana,
Punjab.

GRANDEUR AGROTECH: CRISIL Keeps B+ Debt Ratings in Not Cooperating
------------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Grandeur
Agrotech Private Limited (GAPL) continue to be 'CRISIL B+/Stable
Issuer not cooperating'.

                      Amount
   Facilities       (INR Crore)     Ratings
   ----------       -----------     -------
   Cash Credit            5         CRISIL B+/Stable (Issuer Not
                                    Cooperating)
      
   Term Loan              0.25      CRISIL B+/Stable (Issuer Not
                                    Cooperating)

CRISIL Ratings has been consistently following up with GAPL for
obtaining information through letters and emails dated December 18,
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 GAPL, which restricts CRISIL
Ratings' ability to take a forward looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on GAPL
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the ratings on bank facilities of
GAPL continues to be 'CRISIL B+/Stable Issuer not cooperating'.

GAPL was set up in 2005, by the promoters, Mr. Anupam Bansal, Ms.
Ritu Bansal, and Ms. Manju Bhandari. The company processes and
packages frozen peas under its brand, Green Valley. The processing
plant at Rudrapur, Uttarakhand, has capacity of 7500 tonnes per
annum.

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

The instrument-wise rating actions are:

-- INR90 mil. Fund-based working capital limits migrated to non-
     cooperating category with IND BB (ISSUER NOT COOPERATING)
     rating; and

-- INR110 mil. Non-fund-based based working capital limits
     migrated to non-cooperating category with IND A4+ (ISSUER NOT

     COOPERATING) rating.

Note: ISSUER NOT COOPERATING: The ratings were last reviewed on
February 13, 2020. Ind-Ra is unable to provide an update, as the
agency does not have adequate information to review the ratings.

COMPANY PROFILE

Hariom Projects is engaged in building construction activities and
is a leading contractor of Military Engineer Services. It
undertakes building works projects for the army, air force, and
navy in Gujarat, Rajasthan, and Maharashtra, and northeastern
states.

HARIYANA SHIP: CRISIL Keeps B+ Debt Rating in Not Cooperating
-------------------------------------------------------------
CRISIL Ratings said the rating on bank facilities of Hariyana Ship
Breakers Limited (HSBL; part of the Hariyana group) continues to be
'CRISIL B+/Stable Issuer not cooperating'.

                      Amount
   Facilities       (INR Crore)     Ratings
   ----------       -----------     -------
   Letter of Credit       400       CRISIL B+/Stable (Issuer Not
                                    Cooperating)

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

For arriving at the ratings, CRISIL has combined the business and
financial risk profiles of HIPL, Hariyana Ship Demolition Ltd
(HSDL), Hariyana Ship Breakers Ltd (HSBL), and Inducto Steel Ltd.
This is because these entities, collectively referred to as the
Hariyana group, have significant operational linkages and fungible
cash flows, and are under a common management.

The Hariyana group, promoted by Mr. Shanti Sarup Reniwal, is
primarily into ship breaking and steel trading. The group also
undertakes inter-corporate lending activities, and develops
residential real estate projects.

HYDROBATHS RAMCO: CRISIL Moves D Debt Ratings to Not Cooperating
----------------------------------------------------------------
CRISIL Ratings has migrated the rating on bank facilities of
Hydrobaths Ramco Marketing Private Limited (HRMPL) to 'CRISIL
D/CRISIL D Issuer not cooperating'.

                      Amount
   Facilities       (INR Crore)    Ratings
   ----------       -----------    -------
   Cash Credit           9.25      CRISIL D (ISSUER NOT
                                   COOPERATING; Rating Migrated)

   Import Letter         2.50      CRISIL D (ISSUER NOT
   of Credit Limit                 COOPERATING; Rating Migrated)

   Term Loan             1.25      CRISIL D (ISSUER NOT
                                   COOPERATING; Rating Migrated)

CRISIL Ratings has been consistently following up with HRMPL 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 HRMPL, which restricts CRISIL
Ratings' ability to take a forward looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on HRMPL
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 HRMPL to 'CRISIL D/CRISIL D Issuer not
cooperating'.

Set up in 2000 as a proprietorship firm by Mr. Vineet Bhutani and
reconstituted as a private limited company in 2009, HRMPL trades in
tiles and sanitary ware products. The company owns a showroom in
Gurugram.

KIRTHI POWER: ICRA Raises Rating on INR10cr Loans to BB-
--------------------------------------------------------
ICRA Ratings has revised the ratings on certain bank facilities of
Sri Kirthi Power Solutions India Private Limited's (SKPSIPL), as:

                      Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long-term Fund-       4.88      Upgraded to [ICRA]BB-(Stable)  
   based–Term Loan                 from [ICRA]B(Stable)

   Long-term-            5.12      Upgraded to [ICRA]BB-(Stable)
   Unallocated                     from [ICRA]B(Stable)

Rationale

The ratings upgrade factors in the improvement in SKPSIPL liquidity
position, with release of past dues by Southern Power Distribution
Company of Telangana Limited (TSSPDCL) and sanction of INR0.95-
crore debt under the Guarantee Emergency Credit Line (GECL) scheme.
Further, the rating favourably factors in the long-term power
purchase agreement (PPA) with the state-owned distribution utility,
TSSPDCL, at a tariff rate of INR6.45 per unit providing revenue and
cash flow visibility.

The rating, however, is constrained by its stretched receivable
position owing to delays in receipt of payments from TSSPDCL. ICRA
notes that the company has overdue receivables of eight months as
of December 2020 with the last bill pertaining to March 2020
received in December 2020. Furthermore, the cost competitiveness of
the PPA tariff remains weak and thereby the project is exposed to
risk of grid curtailment/reduction in offtake by the counterparty.
Nonetheless, it has not faced any grid availability issues from
TSSPDCL till date.

The rating is further constrained by the subdued performance of the
solar power plant since its commercial operation date (COD) with
average annual generation lower than P90 estimates of 17.5%. It
reported PLF of 15.3% in FY2020 and 13.1% in 9M FY2021. This apart,
the rating remains constrained by the sensitivity of debt metrics
to power generation and in turn to weather conditions because of
the one-part tariff under the PPA. Further, the single location and
single asset operations increases this risk.

The Stable outlook on the [ICRA]BB- rating reflects ICRA's opinion
that SKPSIPL would continue to benefit from long-term PPA with the
offtaker.

Key rating drivers and their description

Credit strengths

* Limited demand risk with long-term PPA: The company had signed a
PPA with TSSPDCL for the 2.0-MW capacity for a period of 20 years
from the COD i.e. March 31, 2016 at a tariff rate of INR6.45 per
unit, which limits the demand and pricing risks.

* Operational power plant since March 2016 eliminating execution
risk: The 2-MW solar power plant is operational since March 31,
2016, thereby eliminating the execution risk associated with
under-construction projects.

Credit challenges

* Exposed to counterparty credit risk: The company's operations
remain exposed to high counterparty credit risk with TSSPDCL being
the sole offtaker for the entire capacity. It receives payments
with a delay of eight months from TSSPDCL and has overdue
receivables of eight months as of December 2020, with the last bill
pertaining to March 2020 received in December 2020.

* Power generation continues to be lower than P90 estimates: The
solar power plant continues to report subdued performance since COD
with generation lower than P90 estimates of 17.5%. The company
reported an average PLF of 15.3% in FY2020, which further declined
to 13.1% in 9M FY2021 due to transformer breakdown. While ICRA
notes that the company has replaced the transformer and carried out
other minor repair works, the sustained improvement in generation
are yet to be seen.

* Weak cost competitiveness of PPA tariff: SKPSIPL remains exposed
to the risk of future reduction in offtake/grid curtailment by
TSSPDCL, given the relatively high PPA tariff of INR6.45 per unit
against the average power purchase cost of the state distribution
utility and competitively bid tariff rates for sourcing solar
energy. Nonetheless, it has not faced any grid availability issues
from TSSPDCL till date.

* Single asset operations; cash flows vulnerable to variability in
solar irradiation: SKPSIPL is entirely dependent on power
generation by the solar power project for its revenues and cash
accruals, given the single-part nature of the tariff. As a result,
any adverse variation in weather conditions may impact its PLF and
consequently its cash flows. The single location and single asset
nature of the company's operations amplifies this risk though the
same is mitigated, to an extent, by the operational track record of
the plant since its COD in March 2016.

Liquidity position: Stretched

The company's liquidity position is stretched due to delays in
receipt of payments from TSSPDCL. It has external term loan of
INR4.7 crore as on March 31, 2020, of which INR0.9 crore is
scheduled to be repaid in FY2021. Although the cash accruals would
be lower than its repayment obligations in FY2021, the sanction of
GECL loan of INR0.95 crore in FY2021 and release of past dues by
the TSSPDCL supported the repayments. Further, SKPSIPL will
continue to benefit from the financial support extended by the
promoters, if required.

Rating sensitivities

Positive factors - ICRA may upgrade rating if the company
demonstrates a sustained improvement in its generation levels
resulting in improvement cash accruals, while the reduction in
receivable position leads to an improved liquidity. Specific credit
metrics that could lead to an upgrade of SKPSIPL rating include
DSCR greater than 1.1 times on a sustained basis.

Negative factors - Negative pressure on SKPSIPL rating may arise if
the payment from TSSPDCL is further delayed, adversely impacting
its liquidity position. Moreover, deterioration in operational
performance of the plant may result in a rating
downgrade.

SKPSIPL has developed a 2.0-MW solar power plant in Nalgonda
district of Telangana, which commissioned operations on March 31,
2016. Kirthi Power Solutions Private Limited was renamed as Sri
Kirthi Power Solutions India Private Limited in July 2018. The
company has signed a PPA with TSSPDCL for a period of 20 years with
a feed-in tariff rate of INR6.45 per unit. The total cost of the
project is INR12.34 crore and is part funded by a term loan of
INR8.00 crore and promoter's equity of INR4.34 crore.

MADHUSUDAN GARAI: ICRA Moves B Debt Ratings to Not Cooperating
--------------------------------------------------------------
ICRA Ratings has migrated the rating on bank facilities of
Madhusudan Garai (MG) to Issuer Not Cooperating category.

                      Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Fund-based–           3.00      [ICRA]B (Stable) ISSUER NOT
   Cash Credit                     COOPERATING; Rating moved to
                                   the 'Issuer Not Cooperating'
                                   category

   Non-fund based–       3.50      [ICRA]B (Stable) ISSUER NOT
   Bank Guarantee                  COOPERATING; Rating moved to
                                   the 'Issuer Not Cooperating'
                                   category

Rationale

The rating is based on limited cooperation from the entity since
the time it was last rated in January 2020. As a part of its
process and in accordance with its rating agreement with Madhusudan
Garai, ICRA has been sending repeated reminders to the entity for
payment of surveillance fee that became due. Despite multiple
requests by ICRA, the entity's management has remained
non-cooperative. In the absence of requisite cooperation and in
line with SEBI's Circular No. SEBI/HO/MIRSD4/CIR/2016/119, dated
November 1, 2016, the entity's rating has been moved to the "Issuer
Not Cooperating" category.

The rating considers Madhusudan Garai's (MG) relatively small scale
of current operations and weak financial profile, as reflected by
low profits and cash accruals, and depressed coverage indicators.
The rating also notes the high working capital intensity of the
business on the back of high receivables, leading to a stretched
liquidity position of the concern. MG remains exposed to client and
geographical concentration risks as the major portion of its
revenues and the current outstanding order book are contributed by
the Indian Railways, which again are confined to West Bengal. The
rating is also impacted by the highly fragmented and competitive
nature of the industry, which coupled with the tender-based
contract awarding system, limits the profitability. ICRA also notes
the risks associated with the entity's status as a proprietorship
concern, including the risk of capital withdrawal.

The rating, however, derives comfort from the long experience of
the promoter in the civil construction business, and a reputed
client base, which mitigate the counterparty credit risk to a large
extent.

The Stable outlook on the [ICRA]B rating reflects ICRA's opinion
that MG will continue to benefit from the long experience of the
promoter in the civil construction business.

Key rating drivers and their description

Credit strengths

* Long experience of promoter: MG was established as a
proprietorship concern in 1979 by the Nadia-based Mr. Madhusudan
Garai, who has more than four decades of experience in constructing
and maintaining roads, car sheds, buildings, bridges, subways,
structural steel sheds etc.

* Reputed customer profile reduces counterparty risk to an extent:
The concern has established relationships with various government
departments like the Public Works Department (PWD), the Central
Public Works Department (CPWD) and the Indian Railways and has
received repeat orders. The counterparty risk reduces to a large
extent because of a reputed client base. However, at present, the
Indian Railways accounts for the entire revenue and the outstanding
order book, which again is concentrated in West Bengal. This
exposes the concern to high client and geographical concentration
risks.

Credit challenges

* Relatively small scale of current operations: The concern's scale
of operations continued to remain small. Moreover, it also declined
to INR11.20 crore in FY2020 from INR14.54 crore in FY2019,
registering a YoY decline of ~23% primarily on account of lower
execution of the awarded contracts on the back of a delay in
obtaining necessary approvals.

* Weak financial profile characterised by low operating profit and
depressed coverage indicators: The operating profit of the concern
decreased significantly in FY2020 primarily due to a decline in the
scale of operations and an increase in overhead expenses.
Consequently, the coverage indicators remained depressed, as
indicated by an interest coverage indicator of 0.23 times, Total
Debt/OPBDITA of 19.80 times and NCA/Total Debt of 28% in FY2020.

* High working capital intensity of business leading to a stretched
liquidity position: The working capital intensity of the concern
increased to 47% in FY2020 from 28% in FY2019, primarily due to a
decrease in the scale of operations, increase in the receivables
and a decline in the payables. This in turn, stretches the
concern's liquidity position, which restricts its financial
flexibility to a large extent.

* Fragmented and intensely competitive nature of the industry:
Small and medium-sized government civil construction projects lead
to low entry barriers and allow many players to enter this sector,
thus intensifying competition. As contracts are awarded to the L1
bidder, margins remain under pressure.

* Risks associated with the entity's status as a proprietorship
concern: MG's legal status as a proprietorship concern gives rise
to the risk of capital withdrawal by the proprietor, which might
impact the capital structure and the liquidity position.

Liquidity position: Stretched

ICRA expects that the liquidity position of the concern is likely
to remain stretched on account of high receivables, which in turn
will restrict its financial flexibility to a large extent.
Moreover, significant cash margin given against bank guarantees
issued to its customers as performance guarantee, and security
deposit withheld by the clients as per terms of the contracts,
affect its liquidity. This in turn, resulted in high utilisation of
its cash credit limit, as reflected by an average utilisation of
~92% in the last six months.

Rating sensitivities

Positive factors - ICRA may upgrade MG's rating if the concern
demonstrates an improvement in the top line along with the
liquidity position on a sustained basis.

Negative factors - Pressure on MG's rating may arise due to a delay
in order execution, which may lead to a significant decline in
revenue and profits of the entity. An increase in the working
capital requirements, which may adversely impact the entity's
liquidity position, may also exert pressure on the entity's
rating.

MG was established as a proprietorship concern in 1979 by the
Nadia-based Mr. Madhusudan Garai, who has an experience of more
than four decades in constructing and maintaining roads, car sheds,
buildings, bridges, subways, structural steel sheds, etc.


MARK INFRASTRUCTURE: CRISIL Moves D Ratings to Not Cooperating
--------------------------------------------------------------
CRISIL Ratings has migrated the rating on bank facilities of Mark
Infrastructure Private Limited (MIPL) to 'CRISIL D/CRISIL D Issuer
not cooperating'.

                      Amount
   Facilities       (INR Crore)     Ratings
   ----------       -----------     -------
   Bank Guarantee         5         CRISIL D (ISSUER NOT
                                    COOPERATING; Rating Migrated)

   Cash Credit            4.5       CRISIL D (ISSUER NOT
                                    COOPERATING; Rating Migrated)

   Proposed Long Term
   Bank Loan Facility     5.0       CRISIL D (ISSUER NOT
                                    COOPERATING; Rating Migrated)

CRISIL Ratings has been consistently following up with MIPL 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 MIPL, which restricts CRISIL
Ratings' ability to take a forward looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on MIPL
is consistent with 'Assessing Information Adequacy Risk'.
Therefore, on account of inadequate information and lack of
management cooperation, CRISIL Ratings has migrated the rating on
bank facilities of MIPL to 'CRISIL D/CRISIL D Issuer not
cooperating'.

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

MAURYA PRINTERS: CRISIL Lowers Rating on INR14cr Loans to D
-----------------------------------------------------------
CRISIL Ratings has downgraded its rating on the long-term bank
facilities of Maurya Printers Private Limited (MPPL) to 'CRISIL D'
from 'CRISIL B/Stable'. The downgrade reflects frequent delays by
MPPL in paying instalment on some of its term loan due to weak
liquidity.

                      Amount
   Facilities       (INR Crore)     Ratings
   ----------       -----------     -------
   Cash Credit            10        CRISIL D (Downgraded from
                                    'CRISIL B/Stable')

   Long Term Loan          4        CRISIL D (Downgraded from
                                    'CRISIL B/Stable')

The rating also considers MPPL's large working capital requirement.
These weaknesses are partially offset by extensive experience of
the promoter in manufacturing printed cartons and corrugated
boxes.

Key Rating Drivers & Detailed Description

Weaknesses

* Delays in servicing term debt obligation: MPPL has been irregular
in paying instalment on some of its term loan due to weak
liquidity. The company has 5-6 different term loan accounts; while
some of these accounts have been repaid on time, the others are
regularly delayed by 10-15 days.

* Large working capital requirement: The working capital cycle may
remain stretched over the medium term and will be closely
monitored. Thus, bank lines are usually fully utilised, with
instances of over-utilisation in certain months, though regularised
timely. Gross current assets were sizeable at 274 days as on March
31, 2020, driven by huge inventory and substantial receivables of
125 days and 145 days, respectively.

Strength

* Extensive experience of promoter: The three-decade-long
experience of the promoter, his strong understanding of local
market dynamics and healthy relationship with suppliers and
customers should continue to support the business.

Liquidity: Poor

Liquidity is likely to remain weak, marked by consistent delays in
term debt obligation. The company has availed of the Reserve Bank
of India-approved Covid-19 moratorium for its loan accounts.

Rating Sensitivity factors

Upward Factors

* Regularisation of timely debt repayment
* Revenue growth of 20% per annum and steady profitability, leading
to higher-than-expected cash accrual

MPPL, incorporated in 2003 by Mr Raghav Ram Maurya, manufactures
printed cartons and corrugated boxes; it also undertakes job work.
The printing facility at Okhla, New Delhi, has capacity of 12,000
tonne of sheets per annum. MPPL is no longer associated with
Priyadarshi Print-O-Pac Pvt Ltd and Priyadarshi Printers, which
were its associate concerns earlier.

NEERAJ SALES: CRISIL Moves B Debt Ratings to Not Cooperating
------------------------------------------------------------
CRISIL Ratings has migrated the rating on bank facilities of Neeraj
Sales Private Limited (NSPL) to 'CRISIL B/Stable Issuer not
cooperating'.

                      Amount
   Facilities       (INR Crore)     Ratings
   ----------       -----------     -------
   Cash Credit           7.5        CRISIL B /Stable (ISSUER NOT
                                    COOPERATING; Rating Migrated)

   Proposed Long Term    5.5        CRISIL B /Stable (ISSUER NOT
   Bank Loan Facility               COOPERATING; Rating Migrated)

CRISIL Ratings has been consistently following up with NSPL 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 NSPL, which restricts CRISIL
Ratings' ability to take a forward looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on NSPL
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 NSPL to 'CRISIL B/Stable Issuer not
cooperating'.

NSPL was incorporated in 2009, its engaged in trading of edible
oil. NSPL is managed by Mr. Pankaj Anand and Ms Poonam Anand.

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

                      Amount
   Facilities       (INR Crore)     Ratings
   ----------       -----------     -------
   Term Loan              20        CRISIL D (Issuer Not
                                    Cooperating)

CRISIL Ratings has been consistently following up with NBD for
obtaining information through letters and emails dated June 29,
2020 and December 29, 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 NBD, which restricts CRISIL
Ratings' ability to take a forward looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on NBD
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the ratings on bank facilities of
NBD continues to be 'CRISIL D Issuer Not Cooperating'.

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

PARSVNATH DEVELOPERS: CRISIL Reaffirms D Rating on INR55cr Loan
---------------------------------------------------------------
CRISIL Ratings has reaffirmed its rating on the long-term bank
facilities of Parsvnath Developers Limited (PDL) at 'CRISIL D'. The
rating on the bank loan facility of INR17.06 crore, however, has
been withdrawn at the company's request as these limits are closed
and there are no dues against it. The rating action is in line with
CRISIL's policy on withdrawal of its ratings on bank facilities.

                      Amount
   Facilities       (INR Crore)     Ratings
   ----------       -----------     -------
   Cash Credit          55.00       CRISIL D (Reaffirmed)

The reaffirmation reflects sustained overdues in debt servicing on
account of stretched liquidity. PDL is also exposed to cyclicality
inherent in the real estate sector. However, it benefits from the
extensive experience of its promoters in the real estate industry.

Analytical Approach

For arriving at the rating, CRISIL has combined the business and
financial risk profiles of PDL and its subsidiaries and associates.
This is because all these entities, collectively referred to as
PDL, are managed by the same promoters and have financial linkages.
The standalone entity has investments aggregating INR475 crores and
has given loans & advances of INR333 crores to its related parties
as of March 31, 2020.

Key Rating Drivers & Detailed Description

Weakness:

* Stretched liquidity reflected by ongoing overdues in the group:
There has been sustained overdues in debt servicing in group on
account of stretched liquidity. The group continues to show
interest accrued and due of INR223 crores as on March 31, 2020. For
the rated amount of cash credit facility, the overdues have been
upto 30 days in recent months, primarily due to levy of monthly
interest. However company is monetizing their projects to reduce
its debt exposure. Regularization of debt servicing will remain a
key rating sensitivity factor.

* Susceptibility to cyclical demand inherent in the real estate
sector: The real estate sector in India is cyclical and volatile,
resulting in fluctuations in cash flow because of changes in
realisations. In contrast, cash flow, related to project completion
and servicing debt, is relatively fixed, and could lead to
substantial mismatches. The residential real estate sector has
remained under pressure due to weak demand and bearish consumer
sentiment over the past few years, resulting in refinancing needs.
Demonetisation and RERA have also impacted demand as buyers adopt a
'wait and watch' attitude, increasing the funding challenges for
developers.

Strengths:

* Promoters' extensive experience: Healthy track record of over two
decades in the real estate sector has enabled the promoters to
develop a well-diversified portfolio, which includes residential
apartments and townships, commercial and retail space, special
economic zones (SEZs), information technology (IT) parks, and
hotels. It is also engaged in the construction contracting
business.

Liquidity:Poor

Liquidity is Poor due to the slowdown in sales and flow of customer
advances from projects. However company has been reducing its
existing limits in the bank and also reducing the debt at
consolidated level through project monetization. The outstanding
debt at the group has reduced to INR3144.5 crs (as of March 2020)
from INR4,216.4 crs (as of March 2019).

Rating Sensitivity factors

Upward factors

* Track record of timely debt servicing for atleast over 90 days
* Sustainable improvement in financial risk profile.

Incorporated in 1990, PDL develops real estate projects and has a
well-diversified portfolio of residential apartments, integrated
townships, commercial and retail projects, SEZs, IT parks, and
hotels. It is also engaged in the construction contracting
business. While the company has delivered about 3.17 crore square
feet (sq ft) through its 65 completed projects, the ongoing project
portfolio comprises around 40 projects spread over about 5.15 crore
sq ft. It has pan-India presence, but has undertaken majority of
projects in Delhi and the National Capital Region.

PLUTO PLAZA: ICRA Keeps B+ Debt Rating in Not Cooperating
---------------------------------------------------------
ICRA Ratings said the rating for the INR35.00-crore bank facilities
of Pluto Plaza Private Limited (PPPL) continues to remain under
'Issuer Not Cooperating' category'. The rating is denoted as
"[ICRA]B+ (Stable) ISSUER NOT COOPERATING".

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

ICRA has been trying to seek information from the entity so as to
monitor its performance, but despite repeated requests by ICRA, the
entity's management has remained non-cooperative. The current
rating action has been taken by ICRA basis best available/dated/
limited information on the issuers' performance. Accordingly, the
lenders, investors and other market participants are advised to
exercise appropriate caution while using this rating as the rating
may not adequately reflect the credit risk profile of the entity.
The rating action has been taken in accordance with ICRA's policy
in respect of non-cooperation by a rated entity available at
www.icra.in.
  
Incorporated in August 2005 as a private limited company, Pluto
Plaza Private Limited (PPPL) is developing a shopping mall
'Plutone' over 3.88 acres of land at Chhend, which is adjacent to
the Ring Road in Rourkela, Odisha. The proposed shopping mall is
likely to host a multiplex, restaurants, food court, shops and an
anchor store. The mall will be partially sold out and the balance
part will be put on rent. The proposed shopping mall-cum-multiplex
is scheduled to start operations from April 2019.

R R HOLIDAY: Ind-Ra Withdraws 'D' Long-Term Issuer Rating
---------------------------------------------------------
India Ratings and Research (Ind-Ra) has withdrawn R R Holiday Homes
Private Limited's (RRHPL) Long-Term Issuer Rating of 'IND D (ISSUER
NOT COOPERATING).'

The instrument-wise rating actions are:

-- The 'IND D' rating on INR180.4 mil. Term loan due on June 2020

     is withdrawn; and

-- The 'IND D' rating on INR10 mil. Fund-based working capital
     limit is withdrawn.

KEY RATING DRIVERS

The ratings have been withdrawn as the agency has received a
no-dues certificate from the rated facilities' lender. Ind-Ra will
no longer provide rating or analytical coverage for RRHPL.

COMPANY PROFILE

RRHPL is engaged in hospitality, restaurant, flight catering, and
travel and tour businesses. The company has two flagship holiday
homes, Uday Samudra Leisure Beach Hotel and Uday Suites, and
provides flight catering services under the name of Uday Sky
Kitchen.

R T EXPORTS: CRISIL Keeps D Debt Rating in Not Cooperating
----------------------------------------------------------
CRISIL Ratings said the rating on bank facilities of R T Exports
Limited (RTEL) continues to be 'CRISIL D Issuer not cooperating'.

                      Amount
   Facilities       (INR Crore)     Ratings
   ----------       -----------     -------
   Term Loan             14.95      CRISIL D (Issuer Not
                                    Cooperating)

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

RTEL was incorporated in 1980 and has since been engaged in the
export of agri products, mainly Basmati rice. The company also has
a warehouse facility in Bundi (Rajasthan), which it leases out to
Food Corporation of India (FCI) and some other clients.

RA FASHIONS: CRISIL Migrates D Debt Ratings to Not Cooperating
--------------------------------------------------------------
CRISIL Ratings has migrated the rating on bank facilities of RA
Fashions Private Limited (RAFPL; part of the Ashro group) to
'CRISIL D Issuer not cooperating'.

                      Amount
   Facilities       (INR Crore)    Ratings
   ----------       -----------    -------
   Cash Credit           2.5       CRISIL D (ISSUER NOT
                                   COOPERATING; Rating Migrated)

   Long Term Loan        1.91      CRISIL D (ISSUER NOT
                                   COOPERATING; Rating Migrated)

   Working Capital       2.59      CRISIL D (ISSUER NOT
   Term Loan                       COOPERATING; Rating Migrated)

CRISIL Ratings has been consistently following up with RAFPL 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 RAFPL, which restricts CRISIL
Ratings' ability to take a forward looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on RAFPL
is consistent with 'Assessing Information Adequacy Risk'.
Therefore, on account of inadequate information and lack of
management cooperation, CRISIL Ratings has migrated the rating on
bank facilities of RAFPL 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.

RADHE GIRDHARI: CRISIL Keeps B Debt Ratings in Not Cooperating
--------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Radhe
Girdhari Cold Storage Private Limited (RGCSPL) continue to be
'CRISIL B/Stable Issuer not cooperating'.

                      Amount
   Facilities       (INR Crore)     Ratings
   ----------       -----------     -------
   Cash Credit            0.3       CRISIL B/Stable (Issuer Not
                                    Cooperating)

   Long Term Loan         5.6       CRISIL B/Stable (Issuer Not
                                    Cooperating)

   Term Loan              1.8       CRISIL B/Stable (Issuer Not
                                    Cooperating)

CRISIL Ratings has been consistently following up with RGCSPL for
obtaining information through letters and emails dated June 29,
2020 and December 18, 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 RGCSPL, which restricts CRISIL
Ratings' ability to take a forward looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on
RGCSPL is consistent with 'Assessing Information Adequacy Risk'.
Based on the last available information, the ratings on bank
facilities of RGCSPL continues to be 'CRISIL B/Stable Issuer not
cooperating'.

Incorporated in 2017, RGCSPL operates a cold storage unit for
storing potatoes, with a capacity of 6,000 MT, in the Khagaria
district of Bihar. The company also, at times, undertakes trading
in potatoes to ensure optimum capacity utilisation of its cold
storage unit. It also provides funding to the farmers against the
potatoes stored, which is in turn re-financed by the banks. The
company was started by Mr. Randhir Kesari.

RCS FACILITY: CRISIL Assigns B Rating to INR2.0cr Cash Loan
-----------------------------------------------------------
CRISIL Ratings has assigned 'CRISIL B/Stable' rating to bank
facilities of RCS Facility Solutions Co (RFSC).

                      Amount
   Facilities       (INR Crore)     Ratings
   ----------       -----------     -------
   Cash Credit           2          CRISIL B/Stable (Assigned)
   Long Term Loan        0.27       CRISIL B/Stable (Assigned)
   Overdraft Facility    1          CRISIL B/Stable (Assigned)
   Proposed Fund-
   Based Bank Limits     1.73       CRISIL B/Stable (Assigned)

The rating reflects modest scale of operations, and below average
financial risk profile. These weaknesses are partially offset by
the extensive experience of the proprietor in the manpower supply
business.

Key Rating Drivers & Detailed Description

Weakness:

* Moderate scale of operation and working capital intensive
operation: Although the operation of the company is steadily grown
during FY20, but remain modest at INR9 crore in FY20 (against
INR8.06 crore in FY19). RFSC's scale remains modest due to intense
competition in the manpower supply business. Intense competition
and moderate scale of operation may continue to constrain pricing
power and profitability.

* Below average financial risk profile: Financial risk profile
remain leveraged with networth and gearing of INR0.61 crore and
5.03 times respectively as on March 31, 2020. Debt protection
metrics with interest coverage ratio were satisfactory at 1.77
times and net cash accrual to adjusted debt ratio of 0.04 times for
fiscal 2020.

Strengths:

* Extensive experience of the proprietor: The three-decade-long
experience of the proprietor in the manpower supply business and
the high quality of services provided have helped RFSC maintain
healthy customer relationships. Over the years, the firm has
continuously renewed contracts with clients and increased the
contract value along with the scope of work.

Liquidity: Stretched

Liquidity expected to remain stretched with tightly matched
accruals vis-à-vis term debt repayment and bank lines of INR2
crore utilised over 98%. Liquidity supported by timely support of
proprietor and family in form of infusion of unsecured loan of INR1
crore to support the operations.

Outlook Stable

CRISIL Ratings believes the firm will benefit from the extensive
experience of its proprietor and its funding support.

Rating Sensitivity factors

Upward factors

* Significant growth in revenue along with sustained operating
margin over 7%*

* Improvement in gearing


Downward factors

* Decline in revenue or operating margin (below 5%), leading to
lower-than-expected net cash accrual

* Substantial increase in working capital requirement, weakening
liquidity and financial risk profile

RFSC was set up as a proprietorship firm by Mr Mahesh Patel. The
Gujarat-based firm provides skilled and semi-skilled manpower for
facility management to institutions and corporates.

SARANYA SPINNING: Ind-Ra Lowers Long-Term Issuer Rating to 'D'
--------------------------------------------------------------
India Ratings and Research (Ind-Ra) has downgraded Saranya Spinning
Mills Private Ltd's (SSMPL) Long-Term Issuer Rating to 'IND D' from
'IND BB+'. Simultaneously, Ind-Ra has reassigned SSMPL a Long-Term
Issuer Rating of 'IND BB+'. The Outlook is Stable.

The instrument-wise rating actions are:

-- INR486.7 mil. (increased from INR148.7 mil.) Term loan # due
     on October 2028 downgraded and reassigned with IND BB+/Stable

     rating;

-- INR400 mil. Fund-based facilities * downgraded and reassigned
     with IND BB+/Stable/IND A4+ rating; and

-- INR5.4 mil. Non-fund-based facilities $ downgraded and
     reassigned with IND A4+ rating.

# Reassigned 'IND BB+'/Stable/ after being downgraded to 'IND D'
* Reassigned 'IND BB+'/Stable/'IND A4+' after being downgraded to

    'IND D'
$ Reassigned 'IND A4+' after being downgraded to 'IND D'

KEY RATING DRIVERS

The downgrade reflects the delayed payment of the first equated
monthly installment of the COVID-19 emergency loan in the month of
November 2020. The equated monthly installment was paid in three
tranches in December 2020 – on December 11, 2020, December 16,
2020 and December 18, 2020. Subsequently, there were delays
observed in the debt servicing of the funded interest term loan up
to three days in the month of January 2021 due to non-availability
of the signatory.

The ratings have been reassigned before the curing period in line
with the Default Recognition and Post-Default Curing Period
published by Ind-Ra since the reasons for the delay in debt
servicing has been addressed and SSMPL had sufficient balance in
the cash credit account for the debt servicing on the due dates,
which has been confirmed by the banker as well. Also, the company
has taken measures to ensure non-recurrence of these errors. In
addition, the company repaid the entire COVID-19 emergency loan
before the maturity period in February 2021.

The ratings factor in SSMPL's medium scale of operations, as
indicated by revenue of INR1,644.1 million in FY20 (FY19:INR1,658.9
million). The revenue declined marginally by 0.89% primarily on
account of COVID-19-led operational disruptions towards the end of
the year. SSMPL achieved a revenue of INR857 million in 9MFY21.
Ind-Ra expects the revenue of the company to decline further in
FY21 due to the slowdown in the production during the initial five
months of FY21 because of the pandemic-related disruptions. As of
January 2021, the company had orders amounting to INR200
million-220 million, which are likely to be executed by end-FY21.

The ratings reflect SSMPL's modest EBITDA margins due to the
intense competition in the industry. The margin fell to 9.1% in
FY20 (FY19:10.5%) because of the fall in sales reported by the
high-margin made-ups division. This division's sales are mainly
driven by exports, which had been impacted by the COVID-19 outbreak
during January-March 2020. The return on capital employed was 7% in
FY20 (FY19:10%). The company achieved operating profitability of
15.1% during 9MFY21. Ind-Ra expects, the operating profitability of
company to increase in FY21, backed by various cost-reduction
measures and higher realizations, resulting from the increased
prices of yarn and fabrics.

The rating also factors SSMPL's moderate credit metrics because of
the modest margins.  Despite a decline in the total debt to
INR744.8 million in FY20 (FY19: INR759.6 million), the credit
metrics deteriorated during the year owing to the decrease in the
operating EBITDA to INR149.6 million (FY19:INR173.9 million). The
interest coverage (operating EBITDA/gross interest expense) was
2.2x in FY20 (FY19:2.6x) and the net leverage (total adjusted net
debt/operating EBITDAR) was 4.9x (4.4x). Ind-Ra expects the overall
credit metrics of the company to deteriorate further in FY21 on
account of the likely increase in the total debt position, as the
company has undertaken debt-led capex of INR420 million for the
modernization of machinery during the year. Of the total capex, 80%
would be incurred in FY21 and remaining in FY22. Out of INR420
million, about INR336 million would be funded by term loans and
rest would be funded by the proceeds from the sales of old
machineries.

Liquidity Indicator – Stretched: SSMPL's average utilization of
the fund-based working capital limits was 95.3% over the 12 months
ended December 2020. The free cash flows remained negative over
FY19-FY20 on account of continuous capex incurred by the company
towards the addition and upgradation of machinery. The net cash
conversion cycle of the company stretched to 163 days in FY20
(FY19: 147 days), mainly because of an increase in inventory days
to 121 days (FY19:99 days) due to operational disruptions during
the last few weeks of the year. The company has repayment
obligation of INR73.43 million for FY21 and INR71.18 million for
FY22, which are likely to be met through internal accruals. The
company had availed the Reserve Bank of India-prescribed moratorium
over March-August 2020 and the accumulated interest portion of
working capital limits has been converted into funded interest term
loan, which has to be repaid by FYE21.  The company relies on
single bank and does not have any access to capital markets.

The ratings, however, are supported by the promoter's experience of
25 years in the textile industry, leading to strong customer
relationships.

RATING SENSITIVITIES

Negative: Any decline in the revenue and operating EBITDA, any
unplanned debt-led capex or a further stretch in the working
capital cycle, leading to stress on the liquidity position,
resulting in deterioration in the credit metrics, on a sustained
basis, could be negative for the ratings.

Positive: A substantial improvement in the revenue, operating
EBITDA, working capital cycle and liquidity position, leading to
the net leverage falling below 3.5x, on a sustained basis, could be
positive for the ratings.

COMPANY PROFILE

SSMPL was set up in 2001 by R Peraisamy and his son, Ashok Kumar.
It manufactures viscose yarn, viscose fabric, and polyester cotton
fabric at its spinning mill in Ponneri, Namakkal (Tamil Nadu).

SCHOOL BOOK: ICRA Places B+ Debt Ratings on Watch Developing
------------------------------------------------------------
ICRA Ratings has placed the ratings on the bank facilities of
School Book Company (SBC) on 'rating watch with developing
implications'.

                      Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long term–           6.0        [ICRA]B+, Placed on watch
with
   Fund-based/CC                   Developing implications

   Long term–           3.0        [ICRA]B+, Placed on watch
with
   Fund-based/TL                   Developing implications

Rationale

One of the partners, Mr. Vinayaka Bhandary issued a public notice
on January 21, 2021 to dissolve the partnership firm w.e.f. January
30, 2021. The firm came out with a counter notice on January 22,
2021 disregarding the public notice as illegal. ICRA has taken note
of the above event and has placed the ratings of [ICRA]B+ on
'rating watch with developing implications'. ICRA will monitor the
impact of the dispute on the business and the financial profile of
the firm. The rating would be concluded once the dispute is
resolved.

School Book Company (SBC) is based in Mangalore and trades in
notebooks, stationery paper, other stationery items (normally used
in offices and schools) and textbooks (school and general). It also
has a digital printing solution. The firm was established in 1922
and has a multi-storied central warehouse in Mangalore for its
trading and distribution operations, two retail shops in Mangalore
(Car Street and KS Rao Road) and a digital printing press. It is
managed by 10 partners of the Bhandary family.


SENCO GOLD: CRISIL Keeps FB+ Rating in Not Cooperating Category
---------------------------------------------------------------
CRISIL Ratings said the rating on bank facilities of Senco Gold
Limited (SGL) continues to be 'FB+/Stable Issuer Not Cooperating'.

                      Amount
   Facilities       (INR Crore)     Ratings
   ----------       -----------     -------
   Fixed Deposits         99        FB+/Stable (ISSUER NOT
                                    COOPERATING)

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

SGL was incorporated in August 1994, as a private limited company,
and reconstituted as a public limited company, with the current
name in August 2007. Promoted by Mr Shankar Sen, Mrs Ranjana Sen,
and Mr Suvankar Sen, it manufactures and retails plain and studded
gold jewellery, along with diamond, platinum, and silver jewellery.
It also exports to wholesalers in Saudi Arabia, Dubai, and
Singapore.

SHADI LAL: CRISIL Keeps C Debt Ratings in Not Cooperating
---------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Sir Shadi Lal
Enterprises Limited (SSLEL) continue to be 'CRISIL C Issuer not
cooperating'.

                      Amount
   Facilities       (INR Crore)     Ratings
   ----------       -----------     -------
   Cash Credit            71        CRISIL C (Issuer Not
                                    Cooperating)

   Proposed Long Term     40.45     CRISIL C (Issuer Not
   Bank Loan Facility               Cooperating)

   SEFASU Loan            18.55     CRISIL C (Issuer Not
                                    Cooperating)

CRISIL Ratings has been consistently following up with SSLEL for
obtaining information through letters and emails dated June 29,
2020 and December 29, 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 SSLEL, which restricts CRISIL
Ratings' ability to take a forward looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on SSLEL
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the ratings on bank facilities of
SSLEL continues to be 'CRISIL C Issuer not cooperating'.

SSLEL was established in 1933 by Mr. Shadi Lal. The company
manufactures sugar and alcohol at its facilities in Shamli, Uttar
Pradesh. It is listed on the Bombay Stock Exchange.

SUSHEEL ENGINEERS: CRISIL Moves D Debt Rating to Not Cooperating
----------------------------------------------------------------
CRISIL Ratings has migrated the rating on bank facilities of
Susheel Engineers (SE) to 'CRISIL D Issuer not cooperating'.

                      Amount
   Facilities       (INR Crore)    Ratings
   ----------       -----------    -------
   Overdraft Facility     6.5      CRISIL D (ISSUER NOT
                                   COOPERATING; Rating Migrated)

CRISIL Ratings has been consistently following up with SE 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 SE, which restricts CRISIL
Ratings' ability to take a forward looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on SE 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 SE to 'CRISIL D Issuer not cooperating'.

SE was establish in 1994 by its proprietor Mr. Sidram. G. Sidrure
and is based out of Pune (Maharashtra). It manufactures boiler
components, steel casing, industrial chimney, collector columns,
industrial duct etc.

SUVIDHA REALTORS: ICRA Lowers Rating on INR15.50cr Loan to B+
-------------------------------------------------------------
ICRA Ratings has revised the ratings on certain bank facilities of
Suvidha Realtors & Constructions Private Limited (Suvidha), as:

                     Amount
   Facilities      (INR crore)    Ratings
   ----------      -----------    -------
   Long Term-           15.50     Downgraded to [ICRA]B+ (Stable)
   Term Loan                      from [ICRA] BB-; Rating removed
                                  from watch

Rationale

The resolution of watch follows the rejection of the company's
request for restructuring of its loans. However, the company has
received an extended moratorium on its project loan for Suvidha
Indraprastha based on the revised completion date. The ratings
downgrade for Suvidha is primarily due to weak sales velocity in
FY2020 and YTD FY2021 for their only ongoing project, Suvidha
Indraprastha, and low committed receivables. Additionally, high
pending construction cost have resulted in weak cash flow cover for
the company. Moreover, while the company has received moratorium
for a part of its debt, weak operational cash flows render it
dependent on support from promoters to manage its funding position.
The rating remains constrained by the high geographical
concentration risk with all projects developed in the Hubli market.
However, the rating favourably factors in the extensive experience
of the Suvidha Group in Hubli and Dharwad real-estate markets.
Moreover, the company has completed the projects, Suvidha Maadha
Towers and Suvidha's Matoshree Lifestyle Mall, in FY2020 and has
associated unsold inventory. The Stable outlook reflects ICRA's
belief that the company will continue to benefit from its track
record in the Hubli market.

Key rating drivers and their description

Credit strengths

* Experience of promoters in the real-estate industry spanning over
30 years: SRCPL is managed by Mr. Dinesh Kumar Mahajan, who has
around 30 years of experience in real-estate development in the
Hubli market. The company has developed nearly 0.8 million sq. ft.
of real-estate space in Hubli over the past 25 years. However, at
present, the company has only one ongoing project and plans to
launch another residential project depending on the market
scenario.

* Reduced project execution risks: The company has been able to
complete Suvidha Maadha Towers and Suvidha's Matoshree Lifestyle
Mall in FY2020, which reduced the project execution risk to a
certain extent. Further, Suvidha has sufficient unsold inventory of
these completed projects, which when sold will improve its cash
flow position. However, in the current market scenario, ramp up in
sales remains to be seen.

Credit challenges

* Exposure to high market risk: The company has sold only 33% of
its share of saleable area in Suvidha Indraprastha, which was
launched in FY2018. However, the market risks for Suvidha Maadha
Towers and Suvidha's Matoshree Lifestyle Mall are moderate given
95% and 75% of the company's share of saleable portions in the said
projects, respectively, has been sold till December 31, 2020. In
the backdrop of the ongoing pandemic, the sales velocity of the
company has remained low with eleven units sold in FY2020 and only
one unit in YTD FY2021, which is a concern.

* Exposure to high funding risk: The company's project, Suvidha
Indraprastha, is expected to be completed by December 2021, revised
from December 2020. This entails a cost of ~Rs.10 crore. Moreover,
the company has a debt outstanding of ~Rs.15 crore. The committed
receivables provide a moderate cover of 18% over the pending cost
and debt outstanding. The repayments for the construction loan
starts from October 2021, and hence the quantum of sales and
collections in the near term would be a key rating monitorable.

* Geographical concentration risks arising from presence only in
Hubli and Dharwad: The company's activities are concentrated in the
Hubli and Dharwad real-estate markets, which expose the company to
geographical concentration risks.  Any adverse development in the
region can impact execution and sales level of its projects.

Liquidity position: Stretched

The pending cost for Suvidha Indraprastha project is ~INR10.0 crore
as on December 31, 2020, which is to be funded through INR5.2 crore
of committed receivables and the rest through future sales.
Further, the company has an unsold inventory of about ~INR28.0
crore based on the current market price prevailing in the project's
location. The company has fully utilised its available overdraft
limits, which are backed by fixed deposits and does not have any
significant free cash levels. In absence of adequate collections,
the company remains dependent on the promoter's funding support.

Rating sensitivities

Positive factors - ICRA could upgrade Suvidha's rating if there is
a consistent increase in sales velocity and collections. An
improvement in the company's scale of operations will also be a
positive trigger.

Negative factors - ICRA could downgrade Suvidha's rating if cash
flow from operations is lower than expected either because of
subdued response or low customer advances in the ongoing projects
or if any significant delay in completion weakens the company's
liquidity position.

Suvidha Realtors & Constructions Private Limited (Suvidha) was
incorporated in August 1988 and is involved in the development of
residential and commercial real-estate properties. The company is
promoted by Mr. Dinesh Kumar Rameshlal Mahajan, who has more than
30 years of experience in the real-estate development. SRCPL is a
part of the Suvidha Group, having interests in real-estate projects
located in and around Hubli, Karnataka. At present, the company is
constructing a residential project, Suvidha Indraprastha, having
three towers.


TRIBHAWAN AND CO: CRISIL Keeps B Debt Rating in Not Cooperating
---------------------------------------------------------------
CRISIL Ratings said the rating on bank facilities of Tribhawan and
Co. (TAC) continues to be 'CRISIL B/Stable Issuer not
cooperating'.

                      Amount
   Facilities       (INR Crore)     Ratings
   ----------       -----------     -------
   Warehouse Receipts     10        CRISIL B/Stable (Issuer Not
                                    Cooperating)

CRISIL Ratings has been consistently following up with TAC for
obtaining information through letters and emails dated June 29,
2020 and December 18, 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 TAC, which restricts CRISIL
Ratings' ability to take a forward looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on TAC
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the ratings on bank facilities of
TAC continues to be 'CRISIL B/Stable Issuer not cooperating'.

TAC is a proprietorship firm promoted by Mr. Anil Jain. It trades
in paddy and rice (Basmati and Parmal), and has been in this
business for a few decades.

UNDAVALLI CONSTRUCTIONS: Ind-Ra Affirms BB+ Long-Term Issuer Rating
-------------------------------------------------------------------
India Ratings and Research (Ind-Ra) has revised Undavalli
Constructions Private Limited's (UCPL) Outlook to Negative from
Stable, while affirming its Long-Term Issuer Rating at 'IND BB+'.

The instrument-wise rating action is:

-- INR900 mil. Proposed term loan* assigned with IND BB+/Negative

     rating.

*The provisional rating of the proposed bank facilities has been
converted to final rating as per Ind-Ra's updated policy. This is
because the agency notes that debt seniority and general terms and
conditions of term loan tend to be uniform across banks, and are
not a rating driver.

The Outlook revision reflects UCPL's yet-to-be-tied-up status of
its term loan and low sales velocity in FY20. Ind-Ra believes the
timely funding of the term loan and timely receipt of advance from
the customers is critical for the project completion.

KEY RATING DRIVERS

The ratings reflect a high finance risk faced by UCPL, as the
company is yet to receive a sanction for an INR1,000 million term
loan for its under-construction residential project, Srivalli
Pravas in Guntur (Andhra Pradesh). As informed by the management to
the agency, UCPL has submitted its term loan proposal to the bank.
The project cost is estimated by the management at about
INR2,783.10 million, the majority of which will be funded through
customer advances (INR1,123.10 million; 40% of the project cost);
followed by term-loan funding (INR1,000 million; 36% of the project
cost) and the balance by promoters contribution (unsecured loans;
including equity share capital; INR660 million;  24% of the project
cost). UCPL's promoters have infused INR370.53 million as of 9MFY21
and targets infusing its balance share of INR189.47 million by
FYE21.

The ratings also reflect a high execution risk, considering only
35% of the project was completed by end- 9MFY21. Although UCPL's
application for the Real Estate Regulatory Authority certification
with the Andhra Pradesh government has been obtained, the agency
believes the timely sanction of the term loan and the receipt of
customer advances will be critical for timely project execution.

Liquidity Indicator - Stretched: The company had a low cash and
cash equivalents balance of INR2.20 million at end-1HFY21 (FYE20:
INR2.82 million; FY19:INR2.64 million). The company's construction
is dependent on its customer advances and unsecured loans. The
company's cash flow from operations, although improved, remained
negative at INR89.13 million in FY20 (FY19: negative INR282.92
million) due to an increase in advance from customers. There is no
risk of default as the company does not have any working capital
limit or term loan.

The ratings reflect UCPL's low sales velocity as it booked only
eight units in FY20. The same slowed down further in 9MFY21 owing
to the adverse impact of various macro-economic factors, such as
the change in the Andhra Pradesh government's sand policy,
continued delays in the term loan tie up, all of which was
exacerbated by the COVID-19 led operational disruptions and
lockdown. This also reflects the continued saleability and funding
risks associated with the project due to the aforementioned
factors. The advances collected out of the booked flats was INR289
million (17% of the sale consideration of booked units - INR1,724
million). Ind-Ra expects the company to book 2 units in 4QFY21 and
10 units-15 units in FY22, and the balance customer advances (of
INR1,434.52 million) to be received in the next 12 months depending
on the progress of the construction.

The ratings, however, are supported by the project's favorable
location. As informed by the management, about 17% of the total
available flats have been booked since the project's commencement
in April 2018. The project is located opposite the Nagarjuna
University on the Guntur Vijayawada Highway in Andhra Pradesh.
Moreover, the project is in proximity to Amaravati (4km away) and
other major cities such as Vijaywada (8km away) and Guntur (13km
away). Ind-Ra expects the locational advantage to boost real estate
requirements in and around places such as Amaravati, Vijayawada and
Guntur.

The ratings are also supported by the promoters' extensive
experience of over two decades in the real estate sector. Moreover,
UCPL faces a low regulatory risk, as the project has obtained
construction permission, layout plan approval, environment
clearance and airport no-objection certificate.

RATING SENSITIVITIES

Negative: Lower-than-Ind-Ra-expected bookings, slow realization of
customer advances and/or significant time or cost overruns could
result in a downgrade.

Outlook revision to Stable: Fast bookings, along with the timely
realization of customer advances and timely project execution
without any additional debt, will lead to the Outlook being revised
back to Stable.

COMPANY PROFILE

Established in March 2016, UCPL was promoted by Undavalli Ramu. The
company is engaged in the construction of residential and
commercial complexes. UCPL is constructing a residential complex, a
premium gated community project by name Srivalli Pravas of eight
towers consisting of 668 flats of various sizes i.e., varies from
1,150 square feet to 4,000 square feet with a total built-up area
of approximately 12,98,455 square feet. The project site is
situated in Kaza village, near Kaza toll plaza, Guntur-Vijayawada
and in close proximity to the Acharya Nagarjuna University.


VICEROY BANGALORE: CRISIL Keeps D Debt Rating in Not Cooperating
----------------------------------------------------------------
CRISIL Ratings said the rating on bank facilities of Viceroy
Bangalore Hotels Private Limited (VBHPL) continues to be 'CRISIL D
Issuer Not Cooperating'.

                      Amount
   Facilities       (INR Crore)     Ratings
   ----------       -----------     -------
   Term Loan             206        CRISIL D (Issuer Not
                                    Cooperating)

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

VBHPL, incorporated in 2010, is setting up a five-star hotel in
Bengaluru (Karnataka). The company has a tie-up with Marriott
International for managing operations of the hotel, which will
operate under the Renaissance brand and is expected to commence
operations by September 2015. Viceroy Hotels Ltd holds 40 per cent
stake in VBHPL, and JP Morgan Mauritius India Pvt Ltd holds the
balance 60 per cent.

ZIMIDARA PESTICIDES: CRISIL Assigns B Rating to INR6.7cr Loan
-------------------------------------------------------------
CRISIL Ratings has assigned its 'CRISIL B/Stable' rating to the
long-term bank facility of Zimidara Pesticides (ZP).

                      Amount
   Facilities       (INR Crore)     Ratings
   ----------       -----------     -------
   Cash Credit           6.7        CRISIL B/Stable (Assigned)

The rating reflects ZP's modest scale, large working capital
requirements and a weak financial risk profile. These weaknesses
are partially offset by the extensive experience of the proprietor
in the pesticides trading sector.

Analytical Approach:

Of the unsecured loan of INR8.2 crore provided by the proprietor as
on March 31, 2020, INR5 crore has been treated as neither debt nor
equity.

Key Rating Drivers & Detailed Description

Weaknesses

* Modest scale in a highly fragmented industry: Scale of operations
is modest, as reflected in revenue of INR67.74 crore in fiscal
2020. Furthermore, the pesticide trading industry is highly
fragmented, with several small players. Hence, revenue and
operating margin are expected to remain low at INR70-80 crore and
1.8-2.0% over the medium term.

* Large working capital requirement: Operations are working
capital-intensive, as reflected in gross current assets (GCAs) of
181 days as on March 31, 2020, driven by inventory of 34 days and
receivables of 93 days. High GCAs have increased dependency on
external bank lines, which in turn has led to constrained
liquidity. However, liquidity is supported by supplier credit, low
debt obligation and consistent support from the proprietor through
unsecured loans.

* Below-average financial risk profile: Financial risk profile is
below average, with below-average debt protection metrics,
indicated by interest coverage ratio of 1.15 times in fiscal 2020.
Total outside liabilities to tangible networth ratio was high at
3.65 times as on March 31, 2020, because of low accretion to
reserves and considerable working capital borrowings. However, the
absence of any capital expenditure over the medium term and low
incremental working capital requirement because of the small scale
should support the financial risk profile.

Strength

* Extensive experience of the proprietor: The three-decade-long
experience of the proprietor and his healthy relationships with
customers have led to steady orders over the medium term.

Liquidity: Poor

Bank limit utilisation averaged 97% over the 12 months through
August 2020. Net cash accrual, expected at INR0.1-0.23 crore per
annum, will sufficiently cover minimal yearly debt obligation over
the medium term. Current ratio was moderate at 1.44 times on March
31, 2020.

Outlook: Stable

CRISIL believes ZP will maintain its business risk profile, backed
by the proprietor's extensive experience.

Rating Sensitivity factors

Upward factors

* Sustained revenue growth of 20% over the medium term along with
improvement in the financial risk profile
* Efficient working capital management

Downward factor

* Decline in interest coverage to below 1 time
* Stagnancy of business because of weak demand, stretched
receivables or pile-up of inventory adversely affecting liquidity

Established in 1990 as a proprietorship firm by Mr Om Prakash, ZP
trades in pesticides, seeds and fertilisers. It is an authorised
dealer and distributor for around 42 pesticide companies in Abohar,
Punjab.



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

AIRASIA GROUP: To Raise MYR250MM via Private Placement
------------------------------------------------------
Bernama reports that low-cost airline, AirAsia Group Bhd is
expected to raise approximately MYR250 million through the first
tranche of its private placement involving 369.85 million shares
valued at 67.5 sen each.

The issue price, which was fixed Feb. 10, represented a discount of
9.82 per cent to the company's five-day volume weighted average
price of 74.85 sen up to Feb. 9, Bernama says.

"The actual number of placement shares to be placed out under the
first tranche will depend on the final acceptance by the identified
placees.

"Any placement share not placed out under the first tranche will be
included in the subsequent tranches," said RHB Investment Bank Bhd
said in a filing to Bursa Malaysia on behalf of AirAsia, Bernama
relays.

AirAsia had on Jan. 21 announced it would undertake a private
placement with the issuance of 668.4 million shares to raise up to
MYR454.5 million to finance its working capital, among others,
Bernama recalls.

The private placement represents up to 20 per cent of its total
number of issued shares, the report adds.

                           About AirAsia

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

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

MALAYSIA: Economy Sees Worst Year Since 1998 Asian Crisis
---------------------------------------------------------
Anisah Shukry at Bloomberg News reports that Malaysia's economic
contraction quickened again in the fourth quarter, as a fresh virus
wave late in 2020 helped drive the economy to its worst annual
showing since the Asian financial crisis.

Gross domestic product shrank 3.4% in the fourth quarter from a
year earlier, its third straight contraction and a deeper decline
than the -3.1% figure analysts surveyed by Bloomberg were
expecting. The economy contracted 5.6% for all of 2020, its worst
performance since 1998 and below the government's projection of
-3.5% to -5.5%.

The data are "an undoubtedly downbeat print to end the year of 2020
on a challenging note," said Wellian Wiranto, an economist at
Oversea-Chinese Banking Corp in Singapore, Bloomberg relays. With
difficulties continuing into the early part of this year, "the
market would inadvertently see today's GDP data as one big signal
that Bank Negara Malaysia may have to ease in March rather than
wait for any more 'confirmatory' data."

According to Bloomberg, central bank governor Nor Shamsiah Mohd
Yunus said on Feb. 11 that monetary policy remains appropriate and
accommodative after the bank cut its policy rate by 125 basis
points last year to fight the recession. Still, she added, the
central bank has room to provide further support to the economy if
needed.

The worst may be over -- at least for now -- as Malaysia allowed
the retail sector to resume operations on Feb. 10, following a
month-long lockdown that's estimated to have cost the economy
MYR700 million ($173 million) a day, Bloomberg notes.

Bloomberg relates that the government said it would gradually
reopen the economy even as the country remains under a state of
emergency, seeking a balance that will protect lives while ensuring
that economic activity continues.

Bloomberg says the loosened restrictions came into effect after
health officials estimated daily virus cases peaked at the end of
January. The nation added 2,764 new cases Feb. 9 -- the smallest
number since Jan. 11 -- and Health Director-General Noor Hisham
Abdullah said infections may show a downward trend by the time the
lockdown is slated to end Feb. 18. The tally rose to 3,288 cases on
Feb. 10.

The government last month unveiled a MYR15 billion package to help
the economy weather the impact from the recent surge in Covid
cases, Bloomberg recalls. The plan, which includes cash support to
the poor, tax breaks and wage subsidies, will be funded through a
reallocation of existing funds and not via fresh spending.

So far, however, 2021 is off to a slow start with most of the
country under lockdown, Bloomberg says.

The second wave of infections "will see the economy shrink much
more sharply this quarter," Alex Holmes, an Asia economist at
Capital Economics, wrote in a note after the GDP release, Bloomberg
relays. Even if the lockdown isn't extended beyond next week, "high
infections mean social distancing will remain a drag for months to
come."

"Despite the recent deterioration in activity, we believe Malaysia
is relatively well positioned for a recovery," said Joseph
Incalcaterra, chief Asean economist at HSBC Holdings Plc in Hong
Kong, who expects the central bank to cut rates at its March
meeting.

"A strong degree of fiscal support in 2020 prevented a sharp
deterioration in the labor market," he said, while "an advantageous
mix of semiconductor, machinery, and commodity production should
translate into robust export growth in 2021."



===============
P A K I S T A N
===============

PAKISTAN: To Seek Debt Relief From China Belt and Road Loan
-----------------------------------------------------------
Faseeh Mangi at Bloomberg News reports that Pakistan plans to ask
China for relief on payments for power projects Beijing financed
over the past eight years, the latest developing nation that's
struggling to repay debt under President Xi Jinping's Belt and Road
Initiative.

In informal talks, Pakistan and China have discussed easing terms
on the repayment of debt on about a dozen power plants, Bloomberg
relates citing a person with knowledge of the matter, who said
Islamabad hasn't made a formal request yet. The parties have
canvassed Beijing's willingness to stagger debt payments, as
opposed to lowering equity returns, the person said, requesting
anonymity as the plan is private.

According to Bloomberg, an enormous build-out of Chinese-financed
power plants in Pakistan, which was originally intended to solve
its electricity shortages, has resulted in a surplus that Islamabad
isn't able to afford. Infrastructure projects funded by China's
initiative in other developing nations, such as Sri Lanka and
Malaysia, have suffered issues ranging from heavy debt loads to
corruption.

A spokesperson at China's Ministry of Foreign Affairs said they
aren't aware of Pakistan's plan to seek debt relief.

"Energy projects have provided Pakistan with a large amount of
stable and low-priced electricity, effectively reducing the overall
price of electricity in Pakistan," the spokesperson said in a
written response to Bloomberg. "China-Pakistan energy cooperation
has progressed smoothly and brought about real economic and social
benefits."

Bloomberg says China has previously denied U.S. criticism that the
initiative leads to debt traps, while acknowledging that countries
have had difficulties repaying loans due to the pandemic-induced
global recession. Last year, Beijing canceled interest-free loans
to 15 African countries due to mature by the end of 2020, and it
has delayed other payments.

The Belt and Road program had found new life in Pakistan last year
with the signing of $11 billion worth of projects, most of which
went to revamping the nation's railway system, Bloomberg says.

While Chinese financing has helped Pakistan diversify fuel
supplies, it has also resulted in a surplus of electricity, which
is problematic for the government in Islamabad because it is the
sole buyer and pays producers even when they don't generate. To
help tackle the issue, the government has negotiated with power
plants, which produce roughly half of its electricity, to lower
rates.

According to Bloomberg, Pakistan will formally make the request to
defer debt payments to China, as well as other plants that were
part of the latest power policy, after it concludes deals with
those local power producers to reduce electricity tariffs, said the
person with knowledge of the matter. Debt relief from China will
also help the government reduce power payments.



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

MMP RESOURCES: Creditors' Meeting Scheduled for March 4
-------------------------------------------------------
Mr. Abuthahir Abdul Gafoor -- abuthahir@aag-ca.com -- and Ms.
Yessica Budiman -- yessicabudiman@aag-ca.com -- of AAG Corporate
Advisory Pte Ltd were appointed as joint and several Provisional
Liquidators of MMP Resources Limited on Feb. 5, 2021.

The appointment comes after the Directors made a Statutory
Declaration of the Company's inability to continue business by
reason of its liabilities.

A meeting of the creditors of the company will be held via audio
visual communication on March 4, 2021, at 11:00 a.m.

Separately, the Company said that on Feb. 8, 2021, it received from
the Singapore Exchange Securities Trading Limited a notification of
delisting from the Official List of the SGX-ST.

MMP Resources Limited -- http://mmpresources.com/-- is a
Singapore-based construction company, built on dual revenue models
- construction and operations.

SINGAPORE AIRLINES: Defers SGD4 Billion of Spending on Planes
-------------------------------------------------------------
Reuters reports that Singapore Airlines Ltd said on Feb. 9 it would
defer over SGD4 billion of spending on Airbus SE and Boeing Co
planes after reaching agreements with the aircraft manufacturers to
delay deliveries.

It will convert 14 of its Boeing 787-10 orders to 11 additional
777-9s to meet its fleet needs beyond the financial year ending in
March 2026, the airline said in a statement.

"The agreements with Airbus and Boeing are a key plank of our
strategy to navigate the disruptions caused by the Covid-19
pandemic," Reuters quotes Singapore Airlines Chief Executive Goh
Choon Phong as saying.

"They allow us to defer capital expenditure and recalibrate the
rate at which we add capacity, aligning both with the projected
recovery trajectory for international air travel," he said.

According to Reuters, the airline will cut capital spending plans
by SGD2.2 billion in the 2020-21 financial year ending March 31,
SGD1.7 billion in 2021-22 and by a more limited amount in the
following three years.

Singapore lacks a domestic travel market and international travel
is expected to take until 2024 to rebound to 2019 levels, according
to industry estimates.

Singapore Airlines last week posted a SGD142 million net loss in
the third quarter as passenger numbers plunged by 97.6% due to the
pandemic, though its cargo business held up better given a tight
freight market, Reuters discloses.

The decision to switch some of its Boeing orders to 777-9s is a
boost for the planemaker's poor-selling 777X programme but adds
pressure on the smaller 787, already hit by production problems.

Reuters adds that Boeing last week said that 118 orders for its
777X widebody plane under development are no longer seen as firm
under accounting rules that require it to regularly assess their
viability, leaving it with 191 solid orders for the model.

                      About Singapore Airlines

Singapore Airlines Limited provides air transportation,
engineering, pilot training, air charter, and tour wholesaling
services.

As reported in the Troubled Company Reporter-Asia Pacific on Dec.
31, 2020, Egan-Jones Ratings Company, on December 22, 2020,
downgraded the foreign currency and local currency senior unsecured
ratings on debt issued by Singapore Airlines Limited to BB- from
BB.



===============
T H A I L A N D
===============

THAI AIRWAYS: To Lay Off 395 Pilots in Restructuring Plan
---------------------------------------------------------
Andrew Curran at Simple Flying reports that Thai Airways is to lay
off 395 pilots as part of its restructuring and rehabilitation
plan. It follows Thai Airways Acting President Chansin
Treenuchagron last month saying the airline's reorganization was on
track and progressing well. This round of retrenchment means Thai
Airways will now employ less than 1,000 pilots.

It's another hiccup in a litany of problems facing Thai Airways as
it struggles to avoid disappearing off the aviation map, Simple
Flying notes. The airline first sought bankruptcy protection in May
2020. The travel downturn pushed Thai over the fiscal cliff, but
the airline had bled red ink for years.

In conjunction with the announcement of further lay-off, Thai
Airways also said they would "ground" their Airbus A330 and A380
aircraft, Simple Flying relates.

Shortly after entering into bankruptcy protection, Thai Airways
began defaulting on debt, the report notes. In July, Simple Flying
reported on the airline saying it couldn't pay US$2.7 billion then
owing. That default affected banks and official government
stakeholders.

Since entering into bankruptcy protection, there has been one
problem after the other at Thai Airways. Some are significant, such
as the debt default. Some are more minor, such as the airline
banning food and drink on domestic flights. But it adds up to a
continuing run of poor publicity for Thai Airways.

Despite this, acting president Chansin Treenuchagron said things
are on track at Thai Airways, Simple Flying relates. The local
bankruptcy court has granted an extension to the airline, giving it
until March 2 to submit its rehabilitation plan, the report notes.
Reportedly, the delay is due to the airline's complex financial
deals and debts. But Thai Airways said it is confident the plan
will be ready by the new due date, Simple Flying adds.  

                         About Thai Airways

Thai Airways International PCL (BAK:THAI) --
http://www.thaiairways.co.th/-- is the national carrier of
Thailand.  The company provides air transportation, freight and
mail services on domestic and international routes including Asia,
Europe, North America, Africa and South West Pacific. The Company
is a state enterprise which is controlled by the government and
partly owned by the public.

As reported in Troubled Company Reporter-Asia Pacific on May 21,
2020, Thailand's cabinet approved a plan to restructure troubled
Thai Airways International Pcl's finances through a bankruptcy
court, the Southeast Asian country's prime minister said on May 19,
2020.

The plan for a court-led restructuring of the national carrier
replaces a previous proposal of a government-backed rescue package
that was heavily criticised in the country.

Thai Airways on May 27, 2020 said it appointed board members as
rehabilitation planners in a bankruptcy court submission.

On Sept. 14, 2020, Thailand's Central Bankruptcy Court approved
Thai Airways debt restructuring.

Thai Airways posted losses every year after 2012, except in 2016.
In 2019, it reported losses of THB12.04 billion.

The company's shareholders' equity turned negative at minus THB18.1
billion ($580 million) as of June. While its total liabilities
ballooned to THB332.1 billion, a 36.7% increase from the end of
2019, its cash and cash equivalents fell by 35.5% to THB13.9
billion, according to the Nikkei Asian Review.



                           *********


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
publication in any form (including e-mail forwarding,
electronic re-mailing and photocopying) is strictly prohibited
without prior written permission of the publishers.
Information contained herein is obtained from sources believed
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firm for the term of the initial subscription or balance
thereof are US$25 each.  For subscription information, contact
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