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

                     A S I A   P A C I F I C

          Friday, February 19, 2021, Vol. 24, No. 31

                           Headlines



A U S T R A L I A

CROWN RESORTS: Unsuitable for Gaming Licence, NSW Watchdog Says
DOMESTIC CAT: Second Creditors' Meeting Set for Feb. 25
FIRST CHOICE: Second Creditors' Meeting Set for Feb. 25
GLOBAL BRANDS: First Creditors' Meeting Set for Feb. 26
LEAF BUILDING: Second Creditors' Meeting Set for Feb. 25

PRAESIDIUM GLOBAL: Second Creditors' Meeting Set for Feb. 26
SAM GILL: Second Creditors' Meeting Set for Feb. 25
SOAR AVIATION: Directors Deny Firm Was Insolvent for a Year


C H I N A

EHANG HOLDINGS: Shares Tumble After Short-Seller Attack
JD LOGISTICS: Prepares for IPO as Company Continues to Bleed Money
LUCKIN COFFEE: CEO Inquiry Finds No Evidence of Misconduct


I N D I A

AAYAN MULTITRADE: CRISIL Keeps B Rating in Not Cooperating
ARORA CONSTRUCTION: CRISIL Keeps B+ Rating in Not Cooperating
AVANEESH LOGISTICS: CRISIL Keeps B+ Rating in Not Cooperating
BAJPAI REFRIGERATION: CRISIL Keeps B+ Ratings in Not Cooperating
BELLA JEWELRY: CRISIL Keeps D Debt Ratings in Not Cooperating

BHARGAV FOODS: CRISIL Keeps D Debt Rating in Not Cooperating
BHAVIN IMPEX: CRISIL Keeps D Debt Ratings in Not Cooperating
BHOMIA BUTTONS: CRISIL Keeps B+ Debt Ratings in Not Cooperating
BRILLIANT ALLOYS: CRISIL Keeps D Debt Ratings in Not Cooperating
CANVAS INTEGRATED: CRISIL Keeps B+ Ratings in Not Cooperating

CUMBUM VALLEY: CRISIL Moves B Debt Ratings from Not Cooperating
FUTURE GROUP: Creditors Scramble to Recover US$2.5BB Loans
GURUDEV MOTORS: CRISIL Keeps B+ Debt Ratings in Not Cooperating
IDASA INDIA: CRISIL Keeps B Debt Ratings in Not Cooperating
INDRAYANI FERROCAST: CRISIL Keeps B Ratings in Not Cooperating

JALSA BANQUETS: CRISIL Keeps B- Debt Rating in Not Cooperating
JEEVAN JYOTI: CRISIL Keeps B Debt Rating in Not Cooperating
K. KOTESWARA: CRISIL Keeps B Debt Rating in Not Cooperating
KAMESHWAR INDUSTRIES: CRISIL Keeps D Ratings in Not Cooperating
KEYUR INDUSTRIES: CRISIL Keeps B+ Debt Rating in Not Cooperating

S.L. THAKUR: CRISIL Keeps B+ Debt Ratings in Not Cooperating
SUPER HOZE: CRISIL Keeps B Debt Rating in Not Cooperating
V. N. PETHE: CRISIL Keeps B Debt Ratings in Not Cooperating
V.S. ENGINEERING: CRISIL Keeps B Debt Rating in Not Cooperating
VIHAN ENTERPRISES: CRISIL Keeps B+ Debt Rating in Not Cooperating

VIKAS COTTON: CRISIL Keeps B Debt Ratings in Not Cooperating
VIKAS HOME: CRISIL Keeps B+ Debt Ratings in Not Cooperating
VISHWAS MILK: CRISIL Keeps B+ Debt Ratings in Not Cooperating
VITTAL CASHEW: CRISIL Lowers Rating on INR7cr Cash Loan to B
YESHASHVI STEELS: CRISIL Keeps B+ Debt Ratings in Not Cooperating

ZARINA LEATHER: CRISIL Keeps B Debt Ratings in Not Cooperating


N E W   Z E A L A N D

QEX LOGISTICS: Suspended from Trading After Directors Quit
REFINING NEW ZEALAND: Posts NZD193 Loss Amid Global Drop in Demand

                           - - - - -


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

CROWN RESORTS: Unsuitable for Gaming Licence, NSW Watchdog Says
---------------------------------------------------------------
Reuters reports that the New South Wales (NSW) state gambling
watchdog considers Crown Resorts unfit to hold a gaming licence for
its flagship Sydney casino, Crown said on Feb. 16, a week after an
inquiry found widespread money laundering and governance issues.

Reuters relates that the casino operator said the state gambling
watchdog gave it a notice in a letter after its Sydney casino
breached a clause of the VIP Gaming Management Agreement.

The watchdog has now begun a consultation process and invited Crown
to address the authority, it said.

According to Reuters, a report issued last week calling for
sweeping changes to Crown's board and culture was the culmination
of a year-long inquiry commissioned by the NSW gambling watchdog
that found criminal conduct took place at Crown's Melbourne
casino.

Since then, Crown's chief executive and three other directors have
resigned, while another broke links with major shareholder James
Packer, whose influence on the company was also criticized, Reuters
relates.

Headquartered in Melbourne, Australia, Crown Resorts Limited
(ASX:CWN) -- https://www.crownresorts.com.au/ -- wholly owns and
operates two of Australia's leading gambling and entertainment
complexes, Crown Melbourne and Crown Perth.

DOMESTIC CAT: Second Creditors' Meeting Set for Feb. 25
-------------------------------------------------------
A second meeting of creditors in the proceedings of Domestic Cat
Pty Ltd has been set for Feb. 25, 2021, at 11:00 a.m. at the Valles
Accountants, Level 1, 452 Flinders Street, in Melbourne, Victoria.


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

Creditors wishing to attend are advised proofs and proxies should
be submitted to the Administrator by Feb. 24, 2021, at 4:00 p.m.

Joshua Philip Taylor of Taylor Insolvency was appointed as
administrator of Domestic Cat on Jan. 20, 2021.

FIRST CHOICE: Second Creditors' Meeting Set for Feb. 25
-------------------------------------------------------
A second meeting of creditors in the proceedings of First Choice
Haulage Pty Ltd has been set for Feb. 25, 2021, at 11:00 a.m. via
virtual meeting in Microsoft Teams.

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

Creditors wishing to attend are advised proofs and proxies should
be submitted to the Administrator by Feb. 24, 2021, at 4:00 p.m.

David Lewis Clout of David Clout & Associates was appointed as
administrator of First Choice Haulage on Jan. 20, 2021.

GLOBAL BRANDS: First Creditors' Meeting Set for Feb. 26
-------------------------------------------------------
A first meeting of the creditors in the proceedings of Global
Brands Australia Limited will be held on Feb. 26, 2021, at 11:00
a.m.  The meeting will be held virtually.

Liam William Paul Bellamy of Chan & Naylor was appointed as
administrator of Global Brands on Feb. 16, 2021.


LEAF BUILDING: Second Creditors' Meeting Set for Feb. 25
--------------------------------------------------------
A second meeting of creditors in the proceedings of Leaf Building
Group Pty Ltd has been set for Feb. 25, 2021, at 11:00 a.m. via
Zoom meeting.

Zoom Meeting Details:
Meeting ID: 412 613 5044
Meeting Password:25462
Meeting
URL:https://zoom.us/j/4126135044?pwd=UENFejFwQmtUdDBkOGdYZGVWQ0RXQT09

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

Creditors wishing to attend are advised proofs and proxies should
be submitted to the Administrator by Feb. 24, 2021, at 4:00 p.m.

Nick Combis of Vincents Chartered Accountants was appointed as
administrator of Leaf Building Group on Jan. 20, 2021.

PRAESIDIUM GLOBAL: Second Creditors' Meeting Set for Feb. 26
------------------------------------------------------------
A second meeting of creditors in the proceedings of Praesidium
Global Pty Ltd has been set for Feb. 26, 2021, at 10:30 a.m. at
Morton + Lee Insolvency, Level 10, 388 Queen Street, in Brisbane,
Queensland.

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

Creditors wishing to attend are advised proofs and proxies should
be submitted to the Administrator by Feb. 25, 2021, at 4:00 p.m.

Gavin Charles Morton of Morton + Lee Insolvency was appointed as
administrator of Praesidium Global on Jan. 21, 2021.

SAM GILL: Second Creditors' Meeting Set for Feb. 25
---------------------------------------------------
A second meeting of creditors in the proceedings of Sam Gill
Corporation Pty Ltd has been set for Feb. 25, 2021, at 11:00 a.m.
via virtual meeting in Microsoft Teams.

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

Creditors wishing to attend are advised proofs and proxies should
be submitted to the Administrator by Feb. 24, 2021, at 4:00 p.m.

David Lewis Clout of David Clout & Associates was appointed as
administrator of Sam Gill on Jan. 20, 2021.

SOAR AVIATION: Directors Deny Firm Was Insolvent for a Year
-----------------------------------------------------------
Australian Aviation reports that Soar Aviation's directors have
denied claims by KPMG that the firm could have been insolvent for
up to a year before it entered administration.

A new note to creditors authored by the professional services firm
also said the flight school's directors maintained they "sought and
obtained funding" required to run the company in January 2020, the
report relates.

Australian Aviation reported last week that KPMG believed the firm
was insolvent "from as early as" January 2020, despite only
entering voluntary administration in December 2020.

Its collapse has left unsecured creditors owed hundreds of
thousands and many of its current trainees in limbo, Australian
Aviation says.

However, a new 'addendum' report from KPMG to creditors now states,
"It is the preliminary view of the Administrators that the date in
which Group became insolvent is likely to have occurred during the
period January 2020 to December 24, 2020.

"As noted in the Report, the date of insolvency has not yet been
determined and requires further investigation by a liquidator. A
liquidator will consider several indicators of insolvency to
determine a date of insolvency including the Group's ability to
obtain additional funding.

"The Directors have provided the following response in relation to
the Administrators' preliminary analysis:

   * From January 2020 through to December 2020 the Directors of
the group sought and obtained funding from Shareholders that was
required to meet the ongoing trading obligations of the business.

   * On December 24, 2020 the shareholders indicated that they were
not going to provide any further funding.

   * It is the firm view of the directors that the first date on
which the Soar Group could be considered insolvent is December 24,
2020."

                        About Soar Aviation

Founded in 2012, Soar Aviation grew to have campuses at Moorabbin
Airport in Melbourne, Bendigo Airport in regional Victoria and
Sydney's Bankstown Airport.  Its fleet of 50 aircraft comprised
Bristell LSA, Technam P2006T, Foxbat A22LS, Vixxen A32 and Aquila
A210 aircraft, according to the company's website, as well as a
CKAS 7D0F simulator.

On Dec. 29, 2020, Brendan Richards and James Stewart of KPMG were
appointed as administrators of:

    - Soar Aviation Holdings Pty Ltd;
    - Gobel Aviation Pty Ltd;
    - Soar Aviation (FIAD) Pty Ltd;
    - Soar Aviation Aircraft Holdings Pty Ltd;
    - Soar Aviation Melbourne Pty Ltd;
    - Soar Aviation Sydney Pty Ltd;
    - Soar Maintenance Pty Ltd; and
    - Double Sunrise Holdings Pty Limited



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

EHANG HOLDINGS: Shares Tumble After Short-Seller Attack
-------------------------------------------------------
Yang Ge and Fang Zuwang at Caixin Global report that EHang Holdings
Ltd., the Chinese startup that hopes to revolutionize
short-distance transport with its self-flying vehicles, is getting
an unwanted lesson on the aerodynamics of financial markets after a
short-seller attack sent the company's stock tumbling.

The Feb. 16 attack by Wolfpack Research sparked a selloff that saw
EHang shares lose more than half their value, falling from $124.09
to end the trading day at $46.30 on more than 10 times its typical
volume, according to Caixin. The shares regained some ground after
EHang issued its own response the next day. But at their Feb. 17
close of $77.73 they were still well below their pre-attack level.

"It seems like the company is a prime short target: products are
very early stage and profitability hasn't taken off yet," said one
analyst at a mid-sized brokerage, speaking on condition his name
not be used due to company policy, Caixin relays. "The allegations
are concerning, and despite the company's efforts to refute them,
it wouldn't be surprising if there was more turbulence ahead for
the stock."

Headquartered in Guangzhou, China, EHang Holdings Limited operates
as an autonomous aerial vehicle (AAV) technology platform company
in the People's Republic of China, Europe, North America, West
Asia, and internationally. It designs, develops, manufactures,
sells, and operates AAVs, as well as their supporting systems and
infrastructure for a range of industries and applications,
including passenger transportation, logistics, smart city
management, and aerial media solutions.

JD LOGISTICS: Prepares for IPO as Company Continues to Bleed Money
------------------------------------------------------------------
Caixin Global reports that JD Logistics Inc., the logistics arm of
China's e-commerce giant JD.com Inc., filed a prospectus for its
Hong Kong IPO on Feb. 16 and is on track to become JD's third
publicly-traded unit.

Caixin relates that the company had finished several rounds of
financing before the initial public offering, giving it a valuation
of $13.9 billion. The prospectus didn't specify the amount of the
money it seeks to raise, Caixin notes.

Despite helps from its parent company, JD Logistics has been
bleeding money for years, Caixin says. Richard Liu, when JD's CEO,
wrote in an internal email to the delivery leg in mid 2019 that the
financing could only support JD Logistics' operation for two years
if the company kept losing money.

In the first nine months of 2020, its revenue climbed 43.2%
year-on-year to CNY49.5 billion, and it managed to narrow its
losses to CNY11.71 million from some CNY996 million during the same
period in 2019, Caixin discloses.

Initially established as an internal department of JD.com and its
subsidiaries in 2007, JD Logistics became a stand-alone business in
2017 and began to conduct businesses for external customers, which
contributed over two-fifths of its revenue in the first nine months
of 2020.

Jingdong Technology Group Corp. holds a 79% stake in JD Logistics
before the IPO, while Jingdong E-Commerce (Express) LLC holds
another 7.9% shares. The rest are held by 16 companies, Caixin
discloses citing the company's prospectus.

Wang Zhenhui, former CEO of JD Logistics, was removed from the
position in Dec. 30 last year. Wang was replaced by Yu Rui, former
head of human resource at JD, Caixin notes.

JD Logistics offers supply chain and logistics services for
e-commerce industry. It offers supply chain solutions including
warehousing, transportation, order sorting, loading into truck,
order delivery, and after-sale services.

LUCKIN COFFEE: CEO Inquiry Finds No Evidence of Misconduct
----------------------------------------------------------
Reuters reports that Chinese coffee chain Luckin Coffee said on
Feb. 17 its board had found no evidence of misconduct by Chief
Executive Jinyi Guo during a month-long investigation into
allegations made by some employees.

Reuters relates that Guo, who took over after the competitor to
Starbucks ousted co-founder and chairman Charles Zhengyao amid an
internal fraud investigation, had denied the allegations.

Reuters says the coffee chain's explosive growth was halted last
year by an investigation into its accounts for overstating 2019
revenue and understating net loss.

This resulted in a penalty of $180 million to settle the fraud
charges and the company seeking bankruptcy protection.

According to Reuters, the latest investigation found that some
members of the company's former management had participated in the
planning of the petition letter sent to the board on Jan. 4.

Reuters relates that Luckin said the special panel of the board
reviewed more than 50,000 transaction documents, emails and other
documents, and interviewed nearly 40 individuals, both external
parties and staff.

The investigation team included board members, outside counsels and
forensic accounting experts, the report notes.

                        About Luckin Coffee

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

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

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

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

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



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

AAYAN MULTITRADE: CRISIL Keeps B Rating in Not Cooperating
----------------------------------------------------------
CRISIL Ratings said the rating on bank facilities of Aayan
Multitrade LLP (AML) continues to be 'CRISIL B/Stable Issuer Not
Cooperating'.

                        Amount
   Facilities         (INR Crore)     Ratings
   ----------         -----------     -------
   Proposed Long Term       50        CRISIL B/Stable (Issuer Not
   Bank Loan Facility                 Cooperating)

CRISIL Ratings has been consistently following up with AML for
obtaining information through letters and emails dated July 25,
2020 and January 19, 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 AML, which restricts CRISIL
Ratings' ability to take a forward looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on AML
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the ratings on bank facilities of
AML continues to be 'CRISIL B/Stable Issuer Not Cooperating'.

AML was set up in 2015 at Pune as a partnership between Mr. Atul
Kshirsagar and Mr. Sachin The firm trades in molasses and plans to
start sugar factories in Nandurbar and Osmanabad (both in
Maharashtra).

ARORA CONSTRUCTION: CRISIL Keeps B+ Rating in Not Cooperating
-------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Arora
Construction Co. Private Limited (ACCPL) continue to be 'CRISIL
B+/Stable/CRISIL A4 Issuer not cooperating'.

                      Amount
   Facilities       (INR Crore)     Ratings
   ----------       -----------     -------
   Bank Guarantee        10         CRISIL A4 (Issuer Not
                                    Cooperating)

   Cash Credit            5         CRISIL B+/Stable (Issuer Not
                                    Cooperating)

CRISIL Ratings has been consistently following up with ACCPL for
obtaining information through letters and emails dated July 25,
2020 and January 19, 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 ACCPL, which restricts CRISIL
Ratings' ability to take a forward looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on ACCPL
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the ratings on bank facilities of
ACCPL continues to be 'CRISIL B+/Stable/CRISIL A4 Issuer not
cooperating'.

ACCPL, set up in 1990, is a civil contractor for private companies
and government departments. The company is in Faridabad (Haryana)
and is promoted by Mr. Gaurav Arora and family.

AVANEESH LOGISTICS: CRISIL Keeps B+ Rating in Not Cooperating
-------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Avaneesh
Logistics Private Limited (ALPL) continue to be 'CRISIL
B+/Stable/CRISIL A4 Issuer not cooperating'.

                      Amount
   Facilities       (INR Crore)     Ratings
   ----------       -----------     -------
   Bank Guarantee         4         CRISIL A4 (Issuer Not
                                    Cooperating)

   Cash Credit            4         CRISIL B+/Stable (Issuer Not
                                    Cooperating)

CRISIL Ratings has been consistently following up with ALPL for
obtaining information through letters and emails dated July 25,
2020 and January 19, 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 ALPL, which restricts CRISIL
Ratings' ability to take a forward looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on ALPL
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the ratings on bank facilities of
ALPL continues to be 'CRISIL B+/Stable/CRISIL A4 Issuer not
cooperating'.

ALPL, incorporated in 2010 by Mr. Anil Sapra, is engaged in the
material handling and transportation business. The company is based
in Nagpur, Maharashtra.

BAJPAI REFRIGERATION: CRISIL Keeps B+ Ratings in Not Cooperating
----------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Bajpai
Refrigeration and Bakers Company (BRBC) continue to be 'CRISIL
B+/Stable Issuer Not Cooperating'.

                      Amount
   Facilities       (INR Crore)     Ratings
   ----------       -----------     -------
   Cash Credit            6         CRISIL B+/Stable (Issuer Not
                                    Cooperating)

   Proposed Long Term     2         CRISIL B+/Stable (Issuer Not
   Bank Loan Facility               Cooperating)

   Term Loan              3.75      CRISIL B+/Stable (Issuer Not
                                    Cooperating)

CRISIL Ratings has been consistently following up with BRBC for
obtaining information through letters and emails dated July 25,
2020 and January 19, 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 BRBC, which restricts CRISIL
Ratings' ability to take a forward looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on BRBC
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the ratings on bank facilities of
BRBC continues to be 'CRISIL B+/Stable Issuer Not Cooperating'.

BRBC, a partnership firm set up by Mr. M C Bajpai, Mrs Sandhya
Bajpai, and Mr. Ashok Lakhan, has an integrated cold chain facility
in Kashipur, Uttarakhand, to supply fresh and chilled food produce,
mainly green peas. Commercial operations commenced in January 2015.

BELLA JEWELRY: CRISIL Keeps D Debt Ratings in Not Cooperating
-------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Bella Jewelry
Private Limited (BJPL) continue to be 'CRISIL D Issuer not
cooperating'.

                      Amount
   Facilities       (INR Crore)     Ratings
   ----------       -----------     -------
   Foreign Bill          7.50       CRISIL D (Issuer Not
   Discounting                      Cooperating)

   Proposed Short Term   2.49       CRISIL D (Issuer Not
   Bank Loan Facility               Cooperating)

CRISIL Ratings has been consistently following up with BJPL for
obtaining information through letters and emails dated July 25,
2020 and January 19, 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 BJPL, which restricts CRISIL
Ratings' ability to take a forward looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on BJPL
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the ratings on bank facilities of
BJPL continues to be 'CRISIL D Issuer not cooperating'.

Set up in 2004 as a partnership firm between Mr. Dauji Johari, Mr.
Sharad Johari, and Ms. Prabha Johari, the firm was reconstituted as
a private limited company with the current name in 2007. The
company manufactures and exports diamondstudded gold jewellery. Its
manufacturing unit is in Santacruz Electronics Export Processing
Zone, Mumbai.

BHARGAV FOODS: CRISIL Keeps D Debt Rating in Not Cooperating
------------------------------------------------------------
CRISIL Ratings said the rating on bank facilities of Bhargav Foods
(BGF) continues to be 'CRISIL D Issuer Not Cooperating'.

                      Amount
   Facilities       (INR Crore)     Ratings
   ----------       -----------     -------
   Cash Credit            15        CRISIL D (Issuer Not
                                    Cooperating)

CRISIL Ratings has been consistently following up with BGF for
obtaining information through letters and emails dated July 25,
2020 and January 19, 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 BGF, which restricts CRISIL
Ratings' ability to take a forward looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on BGF
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the ratings on bank facilities of
BGF continues to be 'CRISIL D Issuer Not Cooperating'.

BGF is a proprietorship firm set up in April, 2017. The firm is
based out of Delhi and is promoted and managed by Mr. Nitin Gaur.
The firm has a manufacturing plant in Mayapuri with a processing
capacity of 5 tons per hour for wheat processing. Currently the
firm is operating for 16 hours daily. The company sells the wheat
under its brand 'Pavitra Aahar'. The operations of the company
started in April, 2017.

BHAVIN IMPEX: CRISIL Keeps D Debt Ratings in Not Cooperating
------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Bhavin Impex
Private Limited (BIPL) continue to be 'CRISIL D Issuer Not
Cooperating'.

                      Amount
   Facilities       (INR Crore)     Ratings
   ----------       -----------     -------
   Proposed Cash         9.5        CRISIL D (Issuer Not
   Credit Limit                     Cooperating)

   Export Packing        9.5        CRISIL D (Issuer Not
   Credit                           Cooperating)

CRISIL Ratings has been consistently following up with BIPL for
obtaining information through letters and emails dated July 31,
2020 and January 19, 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 BIPL, which restricts CRISIL
Ratings' ability to take a forward looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on BIPL
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the ratings on bank facilities of
BIPL continues to be 'CRISIL D Issuer Not Cooperating'.

Incorporated in 2001, BIPL is promoted by the Sayani group, which
has been involved in the manufacturing and export of copper alloys
and brass fittings since more than a decade. BIPL manufactures,
exports, and trades in brass ingots, billets, brass extrusion,
brass fasteners and fittings.

BHOMIA BUTTONS: CRISIL Keeps B+ Debt Ratings in Not Cooperating
---------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Bhomia
Buttons Private Limited (BBPL) continue to be 'CRISIL B+/Stable
Issuer Not Cooperating'.

                      Amount
   Facilities       (INR Crore)     Ratings
   ----------       -----------     -------
   Cash Credit            12        CRISIL B+/Stable (Issuer Not
                                    Cooperating)

   Long Term Loan          3        CRISIL B+/Stable (Issuer Not
                                    Cooperating)

CRISIL Ratings has been consistently following up with BBPL for
obtaining information through letters and emails dated July 25,
2020 and January 19, 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 BBPL, which restricts CRISIL
Ratings' ability to take a forward looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on BBPL
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the ratings on bank facilities of
BBPL continues to be 'CRISIL B+/Stable Issuer Not Cooperating'.

Incorporated in 2002, BBPL is promoted by Mr. Sandeep Jain. The
company, based in Bahadurgarh, Haryana, manufactures standard and
customised buttons, as well as hangers and labels.

BRILLIANT ALLOYS: CRISIL Keeps D Debt Ratings in Not Cooperating
----------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Brilliant
Alloys Private Limited (BAPL) continue to be 'CRISIL D Issuer Not
Cooperating'.

                      Amount
   Facilities       (INR Crore)     Ratings
   ----------       -----------     -------
   Cash Credit           12         CRISIL D (Issuer Not
                                    Cooperating)

   Proposed Long Term     0.16      CRISIL D (Issuer Not
   Bank Loan Facility               Cooperating)

   Rupee Term Loan       12.75      CRISIL D (Issuer Not
                                    Cooperating)

CRISIL Ratings has been consistently following up with BAPL for
obtaining information through letters and emails dated July 25,
2020 and January 19, 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 BAPL, which restricts CRISIL
Ratings' ability to take a forward looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on BAPL
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the ratings on bank facilities of
BAPL continues to be 'CRISIL D Issuer Not Cooperating'.

Incorporated in 2011 and promoted by Mr. R Indrajit, BAPL
manufactures mild steel billets at its facility in Thirvannamalai
Tamil Nadu.

CANVAS INTEGRATED: CRISIL Keeps B+ Ratings in Not Cooperating
-------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Canvas
Integrated Cold Chain Services (CICCS) continue to be 'CRISIL
B+/Stable Issuer Not Cooperating'.

                      Amount
   Facilities       (INR Crore)     Ratings
   ----------       -----------     -------
   Cash Credit            2.5       CRISIL B+/Stable (Issuer Not
                                    Cooperating)

   Term Loan              5         CRISIL B+/Stable (Issuer Not
                                    Cooperating)

CRISIL Ratings has been consistently following up with CICCS for
obtaining information through letters and emails dated July 25,
2020 and January 19, 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 CICCS, which restricts CRISIL
Ratings' ability to take a forward looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on CICCS
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the ratings on bank facilities of
CICCS continues to be 'CRISIL B+/Stable Issuer Not Cooperating'.

Established in 2010 as a partnership firm, CICCS is based in
Himachal Pradesh. It started commercial operations in August 2014.
The firm processes and packages frozen peas, sweet corn, potato
patties, nuggets, and mixed vegetables, which it markets under its
Frozen Delight brand. Its operations are managed by Mr. Aloke
Bhatnagar. Its processing plant is in Una, Himachal Pradesh.

CUMBUM VALLEY: CRISIL Moves B Debt Ratings from Not Cooperating
---------------------------------------------------------------
Due to inadequate information and in line with the Securities and
Exchange Board of India guidelines, CRISIL Ratings had migrated its
rating on the long-term bank facilities of Cumbum Valley Winery Pvt
Ltd (CVWPL) to 'CRISIL B+/Stable Issuer Not Cooperating'. However,
CVWPL's management has started sharing the information required for
carrying out a comprehensive review of the rating. Consequently,
CRISIL Ratings is migrating its rating on the long-term bank
facilities of CVWPL to 'CRISIL B/Stable' from 'CRISIL B+/Stable
Issuer Not Cooperating'.

                    Amount
   Facilities     (INR Crore)     Ratings
   ----------     -----------     -------
   Cash Credit         8.7        CRISIL B/Stable (Migrated from
                                  'CRISIL B+/Stable ISSUER NOT
                                  COOPERATING')

   Long Term Loan     38.69       CRISIL B/Stable (Migrated from
                                  'CRISIL B+/Stable ISSUER NOT
                                  COOPERATING')

   Proposed Long       7.61       CRISIL B/Stable (Migrated from
   Term Bank                      'CRISIL B+/Stable ISSUER NOT
   Loan Facility                  COOPERATING')

The downgrade reflects weakening of CVWPL's liquidity, driven by
the ongoing Covid 19-led economic slowdown. Delayed payments from
government departments led to CVWPL's bank lines being fully
utilised in fiscal 2021. Cash accrual is also expected to be
insufficient to meet the upcoming term debt obligation. However,
liquidity should remain partially supported by the timely,
need-based funds extended by the promoter.

The rating also considers exposure to risks of customer
concentration and unfavourable change in government regulations,
and a modest financial risk profile. These weaknesses are partially
offset by extensive experience of the promoter in the agriculture
and allied industries and CVWPL's established market position.

Analytical Approach

Unsecured loans (INR18.44 crore as on March 31, 2020) have been
treated as 75% equity and 25% debt because these loans are from
promoters and are expected to be continued in the business.


Key Rating Drivers & Detailed Description

Strengths:

* Experience of promoter: The promoter has over a decade of
experience in the agriculture and allied industry, which has
enabled the company to grow as a fully integrated unit. Also, the
promoter's established relationship with various stakeholders in
the industry should continue to support the business. CVWPL has now
also ventured into cultivation of plants and vegetables, which will
further boost revenue profile.

* Established market position: CVWPL is one of the three wineries
in Tamil Nadu and the only winery in the state with its own brand
and integrated manufacturing facility. The company should remain a
strong player in the wine segment, driven by its market share of
about 50% and the growing consumption of wine.

Weakness:

* Exposure to risks of customer concentration and unfavourable
change in regulation: CVWPL only supplies to Tamil Nadu State
Marketing Corporation (TASMAC), which is the sole distributor of
liquor in the state. The prices at which the product has to be
retailed are determined by the Government of Tamil Nadu (owner of
TASMAC). Hence, any adverse regulatory change or delay in price
revision (as witnessed in the past) could significantly affect
CVWPL's business.

* Average financial risk profile: Financial risk profile is likely
to remain constrained by lower-than-expected cash accrual. Networth
was low at INR21.12 crore as on March 31, 2020, with gearing high
at 2.56 times. Debt protection metrics were also subdued, with
interest coverage and net cash accrual to total debt ratios of 1.26
times and 0.04 time, respectively, for fiscal 2020.

Liquidity: Stretched

Liquidity should remain weak. Cash accrual are expected to be
around INR3-3.2 crores over the medium term which are insufficient
to meet the yearly debt obligation of around
INR3.8-4 crores. Bank limit utilisation was high and averaged
97.49% during the 12 months through July 2020. However, current
ratio was strong at 1.71 times on March 31, 2020. Liquidity is
likely to remain partially supported by the timely, need-based
funds extended by the promoter.    

Outlook Stable

CRISIL believes CVWPL will continue to benefit from healthy
operational efficiencies and the experience of the promoter.

Rating Sensitivity Factors

Upward factor

* Sustained improvement in scale of operation by 30% and sustenance
of operating margin, leading to higher cash accruals
* Improvement in working capital cycle

Downward factor

* Decline in net cash accruals below INR5 crore on account of
decline in revenue or operating profits.
* Large debt-funded capital expenditure weakens capital structure

CVWPL, incorporated in 2009, manufactures red wine and fortified
wine at its winery in Cumbum (Tamil Nadu). Mr. R Raghu is the
promoter.

FUTURE GROUP: Creditors Scramble to Recover US$2.5BB Loans
----------------------------------------------------------
Reuters reports that Future Group's creditors are exploring options
to recover more than $2.5 billion in loans, amid worries the Indian
retailer's planned sale of assets to Reliance Industries could
fail, four bankers with knowledge of the matter said.

Future may face liquidation if the deal, already mired in legal
wrangling, falls through and banks are actively discussing an
alternate one-time restructuring option that could include an
easier repayment tenure and fresh capital infusion, the people said
on condition of anonymity as the talks are private, Reuters
relays.

"Without Reliance, there is no future for Future," Reuters quotes
one of the bankers at a major state-owned lender as saying.

Bankers have discussed a restructuring plan in the past week and
are drawing up a blueprint, the sources, as cited by Reuters,
said.

Future's top financial creditors include India's largest lender
State Bank of India, along with smaller rivals Bank of Baroda and
Bank of India, the report discloses.

According to Reuters, Future, India's No.2 retailer with more than
1,700 stores, has been hit hard by the pandemic and agreed to sell
most of its retail assets to Mukesh Ambani-led Reliance in a $3.4
billion deal.

Reuters relates that the transaction, however, has faced legal
hurdles with e-commerce giant Amazon.com alleging that Future, by
agreeing to sell assets to Reliance, was violating terms of a deal
the U.S. firm had struck with a Future Group entity.

Future denies any wrongdoing, the report notes.

Reuters says the deal was temporarily blocked by a New Delhi court
but subsequently the order was struck down. Amazon has now taken
the matter to India's Supreme Court.

The Future-Reliance deal will help creditors recover up to 80% of
their dues, the four bankers estimate, Reuters states.

The troubled retailer's over $2.5 billion debt includes loans from
banks and money owed to operational creditors, adds Reuters.

Future Group operates multi-branded retail outlets. The company's
retail chains include department stores, outlet stores, sportswear,
home improvement and consumer durables, supermarket, and
convenience stores as well as food parks.

GURUDEV MOTORS: CRISIL Keeps B+ Debt Ratings in Not Cooperating
---------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Gurudev
Motors Private Limited (GMPL) continue to be 'CRISIL
B+/Stable/CRISIL A4 Issuer not cooperating'.

                      Amount
   Facilities       (INR Crore)     Ratings
   ----------       -----------     -------
   Inventory Funding    21.0        CRISIL B+/Stable (Issuer Not
   Facility                         Cooperating)

   Letter of credit      1.9        CRISIL A4 (Issuer Not
   & Bank Guarantee                 Cooperating)

   Term Loan             9.3        CRISIL B+/Stable (Issuer Not
                                    Cooperating)

CRISIL Ratings has been consistently following up with GMPL for
obtaining information through letters and emails dated July 25,
2020 and January 19, 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 GMPL, which restricts CRISIL
Ratings' ability to take a forward looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on GMPL
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the ratings on bank facilities of
GMPL continues to be 'CRISIL B+/Stable/CRISIL A4 Issuer not
cooperating'.

Incorporated in 2004, GMPL is an authorized dealer and service
centre for all passenger vehicles of Skoda Auto India Private Ltd
(SAIPL) in Chennai, Madurai, Trichy and Vellore (Tamil Nadu). It
also has a Tata Motors showroom with service centre in Chennai.

IDASA INDIA: CRISIL Keeps B Debt Ratings in Not Cooperating
-----------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Idasa India
Limited (IIL) continue to be 'CRISIL B/Stable Issuer Not
Cooperating'.

                      Amount
   Facilities       (INR Crore)     Ratings
   ----------       -----------     -------
   Cash Credit            7.9       CRISIL B/Stable (Issuer Not
                                    Cooperating)

   Proposed Long Term     4.6       CRISIL B/Stable (Issuer Not
   Bank Loan Facility               Cooperating)

CRISIL Ratings has been consistently following up with IIL for
obtaining information through letters and emails dated July 25,
2020 and January 19, 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 IIL, which restricts CRISIL
Ratings' ability to take a forward looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on IIL
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the ratings on bank facilities of
IIL continues to be 'CRISIL B/Stable Issuer Not Cooperating'.

IIL was set up in 1985, and is promoted by Mr. Suresh Kumar
Aggarwal. The company processes milk and manufactures skimmed milk
powder and ghee under its brand, IDASA. The processing unit is
situated in Malerkotla (Punjab).

INDRAYANI FERROCAST: CRISIL Keeps B Ratings in Not Cooperating
--------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Indrayani
Ferrocast Private Limited (IFPL) continue to be 'CRISIL
B/Stable/CRISIL A4 Issuer not cooperating'.

                      Amount
   Facilities       (INR Crore)     Ratings
   ----------       -----------     -------
   Bank Guarantee         5         CRISIL A4 (Issuer Not
                                    Cooperating)

   Cash Credit           20         CRISIL B/Stable (Issuer Not
                                    Cooperating)

   Letter of Credit      65         CRISIL A4 (Issuer Not
                                    Cooperating)

   Proposed Long Term    10         CRISIL B/Stable (Issuer Not
   Bank Loan Facility               Cooperating)

CRISIL Ratings has been consistently following up with IFPL for
obtaining information through letters and emails dated July 25,
2020 and January 19, 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 IFPL, which restricts CRISIL
Ratings' ability to take a forward looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on IFPL
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the ratings on bank facilities of
IFPL continues to be 'CRISIL B/Stable/CRISIL A4 Issuer not
cooperating'.

Established in 2002, IFPL manufactures steel billets at its unit in
Pune (Maharashtra). The company is promoted by Goyal, Oswal and
Poddar families.

JALSA BANQUETS: CRISIL Keeps B- Debt Rating in Not Cooperating
--------------------------------------------------------------
CRISIL Ratings said the rating on bank facilities of Jalsa Banquets
Private Limited (JBPL) continues to be 'CRISIL B-/Stable Issuer Not
Cooperating'.

                      Amount
   Facilities       (INR Crore)     Ratings
   ----------       -----------     -------
   Term Loan              5.75      CRISIL B-/Stable (Issuer Not
                                    Cooperating)

CRISIL Ratings has been consistently following up with JBPL for
obtaining information through letters and emails dated July 31,
2020 and January 19, 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 JBPL, which restricts CRISIL
Ratings' ability to take a forward looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on JBPL
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the ratings on bank facilities of
JBPL continues to be 'CRISIL B-/Stable Issuer Not Cooperating'.

Incorporated in 2009, JBPL is promoted by the Indore (Madhya
Pradesh)-based Kakkar and Juneja families. The company owns and
operates marriage lawns, banquet hall and rooms near Indore, and
organises social and corporate events, targeting the luxury
segment.

JEEVAN JYOTI: CRISIL Keeps B Debt Rating in Not Cooperating
-----------------------------------------------------------
CRISIL Ratings said the rating on bank facilities of Jeevan Jyoti
Health Care and Research Centre Private Limited (Jeevan Jyoti)
continues to be 'CRISIL B/Stable Issuer Not Cooperating'.

                         Amount
   Facilities          (INR Crore)    Ratings
   ----------          -----------    -------
   Proposed Long Term      46.5       CRISIL B/Stable (Issuer Not
   Bank Loan Facility                 Cooperating)

CRISIL Ratings has been consistently following up with Jeevan Jyoti
for obtaining information through letters and emails dated July 31,
2020 and January 30, 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 Jeevan Jyoti, which restricts
CRISIL Ratings' ability to take a forward looking view on the
entity's credit quality. CRISIL Ratings believes that rating action
on Jeevan Jyoti is consistent with 'Assessing Information Adequacy
Risk'. Based on the last available information, the ratings on bank
facilities of Jeevan Jyoti continues to be 'CRISIL B/Stable Issuer
Not Cooperating'.

Jeevan Jyoti, incorporated in Dec. 2011 is currently implementing a
257 bedded Multi speciality hospital in Silchar District of Assam.
The hospital is expected to commence operations from April 2017
onwards. The aggregate cost of setting up the project is INR76.08
Crore and is being funded at a debt-equity ratio of 1.56 times. The
hospital is being promoted by Dr. Rajdeep Roy and associates.


K. KOTESWARA: CRISIL Keeps B Debt Rating in Not Cooperating
-----------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of K. Koteswara
Reddy (KKR) continue to be 'CRISIL B/Stable/CRISIL A4 Issuer not
cooperating'.

                      Amount
   Facilities       (INR Crore)     Ratings
   ----------       -----------     -------
   Bank Guarantee         7         CRISIL A4 (Issuer Not
                                    Cooperating)

   Secured Overdraft      4         CRISIL B/Stable (Issuer Not
   Facility                         Cooperating)

CRISIL Ratings has been consistently following up with KKR for
obtaining information through letters and emails dated July 25,
2020 and January 19, 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 KKR, which restricts CRISIL
Ratings' ability to take a forward looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on KKR
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the ratings on bank facilities of
KKR continues to be 'CRISIL B/Stable/CRISIL A4 Issuer not
cooperating'.

Incorporated in the year 1998, KKR is based out of Hyderabad
(Telangana) and promoted by Mr. K.Koteswara Reddy. The firm is
engaged in undertaking civil contract primarily related to
construction of roads in Andhra Pradesh, Telangana and Maharashtra.

KAMESHWAR INDUSTRIES: CRISIL Keeps D Ratings in Not Cooperating
---------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Kameshwar
Industries (KI) continue to be 'CRISIL D Issuer Not Cooperating'.

                      Amount
   Facilities       (INR Crore)     Ratings
   ----------       -----------     -------
   Cash Credit            8         CRISIL D (Issuer Not
                                    Cooperating)

   Proposed Long Term     3.78      CRISIL D (Issuer Not
   Bank Loan Facility               Cooperating)

   Term Loan              1.22      CRISIL D (Issuer Not
                                    Cooperating)

CRISIL Ratings has been consistently following up with KI for
obtaining information through letters and emails dated July 25,
2020 and January 19, 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 KI, which restricts CRISIL
Ratings' ability to take a forward looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on KI is
consistent with 'Assessing Information Adequacy Risk'. Based on the
last available information, the ratings on bank facilities of KI
continues to be 'CRISIL D Issuer Not Cooperating'.

Set up in 2013, KI is a partnership firm located in Kadi (Gujarat).
Mr. Parshottam Shantilal Patel manages operations on behalf of the
six other partners. The firm has a facility for cotton ginning and
pressing. It also sells cotton seeds. Operations commenced in
December 2013.

KEYUR INDUSTRIES: CRISIL Keeps B+ Debt Rating in Not Cooperating
----------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Keyur
Industries (KI) continue to be 'CRISIL B+/Stable/CRISIL A4 Issuer
not cooperating'.

                        Amount
   Facilities         (INR Crore)    Ratings
   ----------         -----------    -------
   Bill Purchase-           2        CRISIL A4 (Issuer Not
   Discounting Facility              Cooperating)

   Cash Credit              8        CRISIL B+/Stable (Issuer Not
                                     Cooperating)

CRISIL Ratings has been consistently following up with KI for
obtaining information through letters and emails dated July 25,
2020 and January 19, 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 KI, which restricts CRISIL
Ratings' ability to take a forward looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on KI is
consistent with 'Assessing Information Adequacy Risk'. Based on the
last available information, the ratings on bank facilities of KI
continues to be 'CRISIL B+/Stable/CRISIL A4 Issuer not
cooperating'.

Established in 1974, KI commenced operations as a small-scale
manufacturer and exporter of psyllium seed (popularly known as
Isabgol), psyllium husk, and psyllium husk powder. The firm is
promoted by Mr. Girdharlal Patel and is currently managed by Mr.
Manubhai Girdharlal Patel and family members. Its production
facilities are in Sidhpur in the Mehsana district of Gujarat.

S.L. THAKUR: CRISIL Keeps B+ Debt Ratings in Not Cooperating
------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of S.L. Thakur
(STC) continue to be 'CRISIL B+/Stable/CRISIL A4 Issuer not
cooperating'.

                      Amount
   Facilities       (INR Crore)     Ratings
   ----------       -----------     -------
   Bank Guarantee         3         CRISIL A4 (Issuer Not
                                    Cooperating)

   Cash Credit            6         CRISIL B+/Stable (Issuer Not
                                    Cooperating)

   Proposed Long Term     0.63      CRISIL B+/Stable (Issuer Not
   Bank Loan Facility               Cooperating)

   Term Loan              0.37      CRISIL B+/Stable (Issuer Not
                                    Cooperating)

CRISIL Ratings has been consistently following up with STC for
obtaining information through letters and emails dated July 25,
2020 and January 19, 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 STC, which restricts CRISIL
Ratings' ability to take a forward looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on STC
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the ratings on bank facilities of
STC continues to be 'CRISIL B+/Stable/CRISIL A4 Issuer not
cooperating'.

STC was established in 1997 as a proprietorship firm by Mr.
Shreekrishna Laxminarayan Thakur. The firm undertakes construction
of roads, bridges, and buildings for the PWD in Sindhudurg, where
it is based.

SUPER HOZE: CRISIL Keeps B Debt Rating in Not Cooperating
---------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Super Hoze
Industries Private Limited (SHIPL) continue to be 'CRISIL
B/Stable/CRISIL A4 Issuer not cooperating'.

                      Amount
   Facilities       (INR Crore)     Ratings
   ----------       -----------     -------
   Cash Credit           2.5        CRISIL B/Stable (Issuer Not
                                    Cooperating)

   Letter of credit      3.5        CRISIL A4 (Issuer Not
   & Bank Guarantee                 Cooperating)

CRISIL Ratings has been consistently following up with SHIPL for
obtaining information through letters and emails dated July 25,
2020 and January 19, 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 SHIPL, which restricts CRISIL
Ratings' ability to take a forward looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on SHIPL
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the ratings on bank facilities of
SHIPL continues to be 'CRISIL B/Stable/CRISIL A4 Issuer not
cooperating'.

SHIPL was incorporated in 2005. The company was initially set up by
Mr. Deepak Talwar, the Burman family (promoters of the Dabur
group), and Avigo Venture Investment Pvt Ltd, with equal
shareholding. In 2008-09 (refers to financial year, April 1 to
March 31), the Burman family acquired the entire stake in the
company after the exit of Mr. Talwar and Avigo Venture Investment
Pvt Ltd. SHIPL manufactures liquefied natural gas (LPG) hoses and
industrial (hydraulic and others) hoses at its plant in Baddi
(Himachal Pradesh).

V. N. PETHE: CRISIL Keeps B Debt Ratings in Not Cooperating
-----------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of V. N. Pethe
Bros (VN) continue to be 'CRISIL B/Stable Issuer Not Cooperating'.

                      Amount
   Facilities       (INR Crore)     Ratings
   ----------       -----------     -------
   Cash Credit           4.55       CRISIL B/Stable (Issuer Not
                                    Cooperating)

   Term Loan             1.45       CRISIL B/Stable (Issuer Not
                                    Cooperating)

CRISIL Ratings has been consistently following up with VN for
obtaining information through letters and emails dated July 25,
2020 and January 19, 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 VN, which restricts CRISIL
Ratings' ability to take a forward looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on VN is
consistent with 'Assessing Information Adequacy Risk'. Based on the
last available information, the ratings on bank facilities of VN
continues to be 'CRISIL B/Stable Issuer Not Cooperating'.

Incorporated in 1957, V N Pethe Bros (VN) is a partnership concern.
The firm trades in grocery items such as wheat, sugar, pulses and
maida, in addition to pesticides and fertilisers.  The firm also
grows mango, coconut and cashew in its farms.


V.S. ENGINEERING: CRISIL Keeps B Debt Rating in Not Cooperating
---------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of V.S.
Engineering Private Limited (VSEPL) continue to be 'CRISIL
B/Stable/CRISIL A4 Issuer not cooperating'.

                      Amount
   Facilities       (INR Crore)     Ratings
   ----------       -----------     -------
   Bank Guarantee         5         CRISIL A4 (Issuer Not
                                    Cooperating)

   Cash Credit            7         CRISIL B/Stable (Issuer Not
                                    Cooperating)

CRISIL Ratings has been consistently following up with VSEPL for
obtaining information through letters and emails dated July 25,
2020 and January 19, 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 VSEPL, which restricts CRISIL
Ratings' ability to take a forward looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on VSEPL
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the ratings on bank facilities of
VSEPL continues to be 'CRISIL B/Stable/CRISIL A4 Issuer not
cooperating'.

Set up in 1992, VSEPL is engaged in manufacturing of concrete
sleepers, supply of ballast and civil construction primarily
related to construction of roads. The day to day operations are
managed by its Managing Director, Mr. A. Rajeswara Rao.

VIHAN ENTERPRISES: CRISIL Keeps B+ Debt Rating in Not Cooperating
-----------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Vihan
Enterprises (VE) continue to be 'CRISIL B+/Stable/CRISIL A4 Issuer
not cooperating'.

                      Amount
   Facilities       (INR Crore)     Ratings
   ----------       -----------     -------
   Bank Guarantee         25        CRISIL B+/Stable (Issuer Not
                                    Cooperating)

   Bank Guarantee         25        CRISIL A4 (Issuer Not
                                    Cooperating)

CRISIL Ratings has been consistently following up with VE for
obtaining information through letters and emails dated August 22,
2020 and January 19, 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 VE, which restricts CRISIL
Ratings' ability to take a forward looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on VE is
consistent with 'Assessing Information Adequacy Risk'. Based on the
last available information, the ratings on bank facilities of VE
continues to be 'CRISIL B+/Stable/CRISIL A4 Issuer not
cooperating'.

Established in 2005, VE is a government contractor for electrical
works such as installation of electric substations, electrical
lines, transmission towers, meters and others. The company majorly
undertakes turnkey projects for state electricity boards (SEBs). It
has been certified as an A class contractor by the Madhya  Pradesh
SEB due to its proven track record in executing and commissioning
of several projects. PE is being currently being managed by Mr. RK
Dubey.

VIKAS COTTON: CRISIL Keeps B Debt Ratings in Not Cooperating
------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Vikas Cotton
Industries Private Limited (VCIPL) continue to be 'CRISIL B/Stable
Issuer Not Cooperating'.

                      Amount
   Facilities       (INR Crore)     Ratings
   ----------       -----------     -------
   Cash Credit            8.5       CRISIL B/Stable (Issuer Not
                                    Cooperating)

   Proposed Long Term     0.3       CRISIL B/Stable (Issuer Not
   Bank Loan Facility               Cooperating)

   Term Loan              1.2       CRISIL B/Stable (Issuer Not
                                    Cooperating)

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

VCIPL, based in Kadi (Gujarat), was incorporated in 2005 and
promoted by the Patel family. The company is engaged in ginning and
pressing of raw cotton. It has its facility at Kadi, with a
capacity of more than 350 bales of cotton per day.

VIKAS HOME: CRISIL Keeps B+ Debt Ratings in Not Cooperating
-----------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Vikas Home
Furnishing (VHF) continue to be 'CRISIL B+/Stable Issuer Not
Cooperating'.

                      Amount
   Facilities       (INR Crore)     Ratings
   ----------       -----------     -------
   Cash Credit            2.6       CRISIL B+/Stable (Issuer Not
                                    Cooperating)

   Proposed Long Term     4.4       CRISIL B+/Stable (Issuer Not
   Bank Loan Facility               Cooperating)

   Term Loan              3.0       CRISIL B+/Stable (Issuer Not
                                    Cooperating)

CRISIL Ratings has been consistently following up with VHF for
obtaining information through letters and emails dated July 25,
2020 and January 19, 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 VHF, which restricts CRISIL
Ratings' ability to take a forward looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on VHF
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the ratings on bank facilities of
VHF continues to be 'CRISIL B+/Stable Issuer Not Cooperating'.

Vikas Home Furnishing (VHF); incorporated in 2016; is established
as a partnership firm for manufacturing of polyester bed sheets.
The plant is established at Panipat with capacity of about 40000
meters per day. The firm is promoted by Mr. Anuj Goel, Mr. Navin
Goel, Mr. Anuj Bajaj and Anubhav Bajaj who gain expertise through
family business in the similar line.


VISHWAS MILK: CRISIL Keeps B+ Debt Ratings in Not Cooperating
-------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Vishwas Milk
Products Private Limited (VMP) continue to be 'CRISIL B+/Stable
Issuer Not Cooperating'.

                      Amount
   Facilities       (INR Crore)     Ratings
   ----------       -----------     -------
   Cash Credit           3.5        CRISIL B+/Stable (Issuer Not
                                    Cooperating)

   Proposed Cash         1.0        CRISIL B+/Stable (Issuer Not
   Credit Limit                     Cooperating)

   Proposed Long Term    2.22       CRISIL B+/Stable (Issuer Not
   Bank Loan Facility               Cooperating)

   Term Loan             1.78       CRISIL B+/Stable (Issuer Not
                                    Cooperating)

CRISIL Ratings has been consistently following up with VMP for
obtaining information through letters and emails dated July 25,
2020 and January 19, 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 VMP, which restricts CRISIL
Ratings' ability to take a forward looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on VMP
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the ratings on bank facilities of
VMP continues to be 'CRISIL B+/Stable Issuer Not Cooperating'.

VMP, incorporated in 2008 by Mr. Sanjeev Arora and his wife Ms.
Upasana Apora, processes milk, and manufactures skimmed milk powder
and ghee. Its plant is in Fatehgarh Churian (Punjab) and has
capacity to process 200,000 litres of milk per day.

VITTAL CASHEW: CRISIL Lowers Rating on INR7cr Cash Loan to B
------------------------------------------------------------
CRISIL Ratings has revised the ratings on bank facilities of Vittal
Cashew Industries (VCI) to 'CRISIL B/Stable/CRISIL A4 Issuer Not
Cooperating' from 'CRISIL BB-/Stable/CRISIL A4+ Issuer Not
Cooperating'.

                      Amount
   Facilities       (INR Crore)     Ratings
   ----------       -----------     -------
   Packing Credit         2         CRISIL A4 (ISSUER NOT
                                    COOPERATING; Revised from
                                    'CRISIL A4+ ISSUER NOT
                                    COOPERATING')

   Cash Credit/           7         CRISIL B/Stable (ISSUER NOT
   Overdraft facility               COOPERATING; Revised from
                                    'CRISIL BB-/Stable ISSUER NOT
                                    COOPERATING')

CRISIL Ratings has been consistently following up with VCI for
obtaining information through letters and emails dated July 25,
2020 and January 19, 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 VCI, which restricts CRISIL
Ratings' ability to take a forward looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on VCI
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the ratings on bank facilities of
VCI revised to 'CRISIL B/Stable/CRISIL A4 Issuer Not Cooperating'
from 'CRISIL BB-/Stable/CRISIL A4+ Issuer Not Cooperating'.

Set up in 2008, Kasargod (Kerala)-based VCI is engaged in
processing and export of cashew kernels. The firm has its
processing facility in Kanhangad (Tamil Nadu). The operations of
VCI are managed by Mr. Sathish Kamath and his family.

YESHASHVI STEELS: CRISIL Keeps B+ Debt Ratings in Not Cooperating
-----------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Yeshashvi
Steels and Alloys Private Limited (YSAPL) continue to be 'CRISIL
B+/Stable Issuer Not Cooperating'.

                      Amount
   Facilities       (INR Crore)     Ratings
   ----------       -----------     -------
   Cash Credit           3.50       CRISIL B+/Stable (Issuer Not
                                    Cooperating)


   Term Loan             7.35       CRISIL B+/Stable (Issuer Not
                                    Cooperating)

CRISIL Ratings has been consistently following up with YSAPL for
obtaining information through letters and emails dated August 22,
2020 and January 19, 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 YSAPL, which restricts CRISIL
Ratings' ability to take a forward looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on YSAPL
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the ratings on bank facilities of
YSAPL continues to be 'CRISIL B+/Stable Issuer Not Cooperating'.

YSAPL, based in Bellary (Karnataka) was established in 2007 by a
team of technocrats. It is manufactures and sells sponge iron.
YSAPL also sells small quantity of char dust, which is a by-product
of sponge iron manufacturing process.

ZARINA LEATHER: CRISIL Keeps B Debt Ratings in Not Cooperating
--------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Zarina
Leather Exports (ZLE) continue to be 'CRISIL B/Stable/CRISIL A4
Issuer not cooperating'.

                      Amount
   Facilities       (INR Crore)     Ratings
   ----------       -----------     -------
   Bill Discounting       4.5       CRISIL B/Stable (Issuer Not
                                    Cooperating)

   Cash Credit            7         CRISIL B/Stable (Issuer Not
                                    Cooperating)

   Packing Credit         0.9       CRISIL A4 (Issuer Not
                                    Cooperating)

   Proposed Long Term     2.6       CRISIL B/Stable (Issuer Not
   Bank Loan Facility               Cooperating)

CRISIL Ratings has been consistently following up with ZLE for
obtaining information through letters and emails dated July 25,
2020 and January 19, 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 ZLE, which restricts CRISIL
Ratings' ability to take a forward looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on ZLE
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the ratings on bank facilities of
ZLE continues to be 'CRISIL B/Stable/CRISIL A4 Issuer not
cooperating'.

ZLE, set up in 1993, derives its revenues from the manufacture of
semi-finished leather. The firm's day-to-day operations are managed
by Mr. Abdul Rahim.



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

QEX LOGISTICS: Suspended from Trading After Directors Quit
----------------------------------------------------------
Radio New Zealand reports that the stock exchange regulator has
taken the unusual step of suspending trading in a listed company
after most of its board resigned en-masse.

RNZ says three independent directors of QEX Logistics, which
freights online purchases to China, resigned after the company
failed to meet debt repayments.

According to RNZ, Conor English, Danny Chan and Martin MacDonald
resigned as directors, effective immediately, because of
"differences" with Ronnie Xue, the company's majority shareholder,
chief executive and now sole remaining director.

RNZ relates that the company said a subsidiary, New Y Trading, had
breached the conditions of its banking arrangements with Westpac,
which was not taking any action at this stage.

"New Y Trading will continue to take steps to improve its trading
position to rectify its interest cover levels," QEX said in a
statement to the NZX, RNZ relays.

It said it was also moving quickly to replace the directors who
have resigned.

However, the regulator said the resignation of the directors meant
QEX did not meet listing rules covering the makeup of a board, RNZ
relays.

"RegCo considers that a suspension is in the best interests of the
market, given the intent and objectives of the relevant corporate
governance provisions."

QEX was hit by a NZD4.3 million loss of stock from a bonded
warehouse in Shanghai, which was unlikely to be covered by
insurance, RNZ notes.

QEX Logistics Limited provides logistics services. The Company
offers storage, packaging, customs clearance, freight forwarding,
and delivery services. QEX Logistics serves customers in New
Zealand.

REFINING NEW ZEALAND: Posts NZD193 Loss Amid Global Drop in Demand
------------------------------------------------------------------
Radio New Zealand reports that a significant squeeze on refining
margins and reduced demand for fuel globally saw the owner of
Northland's Marsden Point refinery suffer a loss for the financial
year.

Refining New Zealand, partially owned by customers BP, Mobil and Z
Energy, reported a net loss of NZD198.3 million, most of which can
be accounted for by a NZD158 million write down of its refining
assets, announced earlier in the year, RNZ discloses.

According to RNZ, Chief executive Naomi James said the global drop
in demand triggered by Covid 19, as well as expectations of a slow
recovery, weighed heavily on an already oversupplied market.

"Singapore Complex Margins were negative across most of the year
and the Gross Refining Margin of US$1.63 per barrel earned was the
second lowest in the 25-year history of the Company's Processing
Agreements," RNZ quotes Ms. James as saying.

The company was forced to adapt to the reduced revenue, pulling
back on refinery production.

It operated processing facilities on a rotating basis to produce at
lower rates, and shut down the facility altogether for a six-week
period to help balance fuel supply across New Zealand.

A fee floor, which guarantees the refinery a fixed amount of
revenue, helped cushion the impacts of the low margins and reduced
production, and the company adjusted its costs to fall within the
fee floor, RNZ relays.

"This significant reduction in costs required a 'whole of business'
response and strong financial discipline."

"This was achieved through a combination of both short-term
measures - stopping and deferring all non-essential work and
reducing variable costs due to the lower throughput - and through
longer-term structural changes including a reset of our turnaround
philosophy," Ms. James said.

According to RNZ, following a strategic review carried out last
year, Refining New Zealand confirmed on Feb. 17 it had made
progress in its plan to stop processing crude oil and transition to
an import terminal for fuel.

It said it had now agreed terms with one of its major shareholders
and customers BP, but that talks with other major fuel companies Z
Energy and Mobil would continue, RNZ relates.

Z Energy and Refining New Zealand last year clashed over the
processor's moves to a simplified model with reduced production
levels, with the fuel company disputing the processing fees it was
being asked to pay.

Refining New Zealand said that while talks were ongoing, it would
not pursue the customer disputes.

"There is a strong commitment from management and the board to
realise fair value for shareholders from the company's strategic
infrastructure assets while continuing to support secure,
competitive fuel supply to New Zealand," Ms. James said.

She said the final decision to convert to an import terminal would
be made following a vote by its non-customer shareholders following
an independent report, RNZ relays.

Refining New Zealand operates Marsden Point Oil Refinery, a 96,000
BPD refinery located at Marsden Point, Whangarei, Northland, New
Zealand.


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

Troubled Company Reporter-Asia Pacific is a daily newsletter co-
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Marites O. Claro, Joy A. Agravante, Rousel Elaine T. Fernandez,
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Editors.

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

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