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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 26, 2021, Vol. 24, No. 36

                           Headlines



A U S T R A L I A

ACN 151 368 124: Second Creditors' Meeting Set for March 5
ALTURA MINING: Second Creditors' Meeting Set for March 4
AUCARE DAIRY: Second Creditors' Meeting Set for March 9
EZ MACHINERY: Second Creditors' Meeting Set for March 5
INNOCO PTY: First Creditors' Meeting Set for March 8

REZEX TIMBER: First Creditors' Meeting Set for March 9


B A N G L A D E S H

PEOPLE'S LEASING: BB Appoints Auditor to Reconstruct Company


C H I N A

21VIANET GROUP: Fitch Affirms B+ Rating on LongTerm IDR
CHINA: Online-Lending Curbs to Hit Big Tech Firms, Regional Banks


I N D I A

ABS ELECTROPLATERS: CRISIL Keeps B Debt Rating in Not Cooperating
ACE AUGUSTA: CRISIL Keeps B Debt Rating in Not Cooperating
ADAMS MARKETING: CRISIL Keeps D Debt Ratings in Not Cooperating
ADITYA AUTOMOTIVE: CRISIL Lowers Rating on INR7cr Loans to B
ANANDAMELA ELECTRONICS: CRISIL Keeps B Ratings in Not Cooperating

ARADHANA DISTRIBUTORS: CRISIL Keeps B- Rating in Not Cooperating
BABA EXPORTS: CRISIL Keeps B Debt Rating in Not Cooperating
BIRESHWAR COLD: CRISIL Reaffirms B+ Rating on INR5.5cr Cash Loan
C. M. INDUSTRIES: CRISIL Keeps B Debt Rating in Not Cooperating
CKOMPAX METATECH: CRISIL Keeps D Debt Ratings in Not Cooperating

DHL INFRABULLS: CRISIL Reaffirms B+ Rating on INR20cr Loans
IL&FS GROUP: Karnataka Bank Reports Fraud on Unit's Loan
IL&FS GROUP: NCLT Approves INR707cr Claim of FSEL from NHAI
INDIA: Recession Exit Gains Momentum on Services, Manufacturing
KALYANI EDUCATION: Insolvency Resolution Process Case Summary

KMB GRANITE: CRISIL Keeps D Debt Rating in Not Cooperating
KMB TRADING: CRISIL Keeps D Debt Ratings in Not Cooperating
LEELA TRADE: Insolvency Resolution Process Case Summary
MAUKTIKA ENERGY: Insolvency Resolution Process Case Summary
NJT GRANITES: CRISIL Keeps B Debt Ratings in Not Cooperating

OCEANIC PHARMACHEM: CRISIL Lowers Rating on INR11cr Loan to B
RIO CERAMIC: CRISIL Keeps B Debt Ratings in Not Cooperating
ROSE INDUSTRIES: CRISIL Keeps B Debt Ratings in Not Cooperating
SAFILO HEALTHCARE: CRISIL Lowers Rating on INR7cr Loans t B
SAI UDYOG: CRISIL Keeps B+ Debt Ratings in Not Cooperating

SAISHA ENTERPRISES: CRISIL Keeps D Ratings in Not Cooperating
SAMEERA HOTELS: CRISIL Keeps B- Debt Rating in Not Cooperating
SARAVANAA PROJECTS: CRISIL Keeps B Ratings in Not Cooperating
SAVUTE TEXTILES: CRISIL Keeps D Debt Rating in Not Cooperating
SEVEN STAR: CRISIL Keeps B Debt Rating in Not Cooperating

SHIVA ENGINEERING: CRISIL Lowers Rating on INR2.5cr Loan to B
SHIVPRASAD FOODS: CRISIL Keeps D Debt Ratings in Not Cooperating
SHRESID INTERIORS: CRISIL Keeps B- Debt Rating in Not Cooperating
SIDDH SAI: CRISIL Keeps D Debt Ratings in Not Cooperating
SMART AGRO: CRISIL Keeps B Debt Rating in Not Cooperating

TORNADO MOTORS: CRISIL Keeps D Debt Ratings in Not Cooperating
TORRID MOTORS: CRISIL Keeps D Debt Rating in Not Cooperating
TWIN CITIES: CRISIL Keeps D Debt Ratings in Not Cooperating
UNDAVALLI CONSTRUCTIONS: CRISIL Keeps B+ Rating in Not Cooperating
VASHISTHA MERCANTILE: Insolvency Resolution Process Case Summary

VINAY POULTRY: CRISIL Hikes Rating on INR8cr LT Loan to B-


N E W   Z E A L A N D

CRYPTOPIA LTD: Assets Worth NZD62K Allegedly Stolen from Company
HOME FUNDING: Fined for Crafting False Home Savings Scheme


T H A I L A N D

THAI AIRWAYS: Posts THB141.2 Billion Loss as Debt Revamp Looms

                           - - - - -


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

ACN 151 368 124: Second Creditors' Meeting Set for March 5
----------------------------------------------------------
A second meeting of creditors in the proceedings of A.C.N. 151 368
124 Pty Ltd has been set for March 5, 2021, at 9:00 p.m. at One
Wharf Lane, Level 20, 171 Sussex Street, in Sydney, NSW.

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

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

Andre Lakomy and Jason Tang of Cor Cordis were appointed as
administrators of A.C.N. 151 368 124 on Jan. 29, 2021.

ALTURA MINING: Second Creditors' Meeting Set for March 4
--------------------------------------------------------
A second meeting of creditors in the proceedings of Altura Mining
Limited has been set for March 4, 2021, at 10:00 a.m. via telephone
and/or video conference using Zoom meetings.

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 March 3, 2021, at 4:00 p.m.

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

AUCARE DAIRY: Second Creditors' Meeting Set for March 9
-------------------------------------------------------
A second meeting of creditors in the proceedings of Aucare Dairy
(Aust) Pty Ltd has been set for March 9, 2021, at 10:30 a.m. Via
Zoom video conferencing

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 March 5, 2021, at 5:00 p.m.

Shane Justin Cremin of Rodgers Reidy was appointed as administrator
of Aucare Dairy on Feb. 1, 2021.

EZ MACHINERY: Second Creditors' Meeting Set for March 5
-------------------------------------------------------
A second meeting of creditors in the proceedings of EZ Machinery
Australia Pty Ltd FKA 'Abstract Engineering Pty Ltd' has been set
for March 5, 2021, at 11:00 a.m. via virtual meeting.

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

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

Shumit Banerjee of Westburn Advisory was appointed as administrator
of EZ Machinery on Jan. 29, 2021.

INNOCO PTY: First Creditors' Meeting Set for March 8
----------------------------------------------------
A first meeting of the creditors in the proceedings of Innoco Pty
Limited (Administrator Appointed) trading as Hacker Kitchens
Australia will be held on March 8, 2021, at 9:30 a.m. via Virtual
Meeting Via Zoom.

Anthony Elkerton of DW Advisory was appointed as administrator of
Innoco Pty on Feb. 24, 2021.


REZEX TIMBER: First Creditors' Meeting Set for March 9
------------------------------------------------------
A first meeting of the creditors in the proceedings of Rezex Timber
Pty. Ltd will be held on March 9, 2021, at 1:00 p.m. at the offices
of Hamilton Murphy, Level 1, 255 Mary Street, in Richmond,
Victoria.

Stephen Robert Dixon and Leigh William Dudman of Hamilton Murphy
were appointed as administrators of Rezex Timber on Feb. 25, 2021.




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B A N G L A D E S H
===================

PEOPLE'S LEASING: BB Appoints Auditor to Reconstruct Company
------------------------------------------------------------
Dhaka Tribune reports that Bangladesh Bank has dispatched an
auditor to the People's Leasing and Financial Services (PLFSL) that
is in the process of liquidation for assessing the non-bank
financial institution's actual assets and liabilities with the
intent of reconstructing the ailing company.

According to Dhaka Tribune, the central bank appointed Howladar
Yunus & Co., the representative of the American audit firm Grant
Thornton in Bangladesh, to assess the NBFI's actual assets and
liabilities after a meeting with the interested investors in PLFSL
on February 17.

Before the move, Shamsul Alamin Group, a real estate company, and
two other groups jointly applied to the finance ministry last year
to invest in the NBFI and take over the liabilities of the ailing
company, the report says.

Dhaka Tribune relates that the finance ministry forwarded the
application letter to the central bank and the BB got approval from
the High Court to reconstruct PLFSL.

However, three directors of Shamsul Alamin Group were on the board
of the PLFS for ten years until 2015.

The group was accused of being involved in the loan irregularities
of the ailing NBFI, according to central bank findings, Dhaka
Tribune relays.  

Alamgir Shamsul Alamin, who is also the president of the Real
Estate and Housing Association of Bangladesh (REHAB), is the
managing director of the business group.

"We sought a final proposal from the group as per the direction of
the High Court," Dhaka Tribune quotes a top official of the central
bank as saying seeking anonymity to speak candidly on the matter.

In this case, the interested group wanted to know the actual assets
and liabilities of the company.

"That's the reason for appointing an audit firm."

According to the report, the BB official said the interested
investors will have to submit their proposal for reconstructing the
NBFI within two months of the appointment of the audit firm.

After receiving their final proposal, it will be reconstructed as
per the direction of the High Court only if the BB is satisfied
after examining the proposal, the report notes.

The liquidation process of PLFSL will continue until the
reconstructing process is finalised, he added.

"After the completion of assessment by the audit firm, we will
evaluate the actual assets and liabilities of the company and send
a final proposal to the Bangladesh Bank," Alamgir Shamsul Alamin,
managing director of Shamsul Alamin Group, told Dhaka Tribune.

So nothing can be said before the assessment by the audit firm, he
added.

The government also wanted to reconstruct PLSFL instead of
liquidation as the issues of liquidation have already harmed the
country's financial sector, said industry insiders, Dhaka Tribune
adds.

                            About PLFS

People's Leasing & Finance was engaged in the leasing business. The
Company's business activities included providing finance leases,
hire-purchase assets financing, term loans, Islamic finance, margin
trading, share trading, issue of debt instruments, factoring and
mobilization of public deposits.

Due to the big losses, the listed PLSF, a non-bank financial
institution (NBFI), failed to announce any dividend since 2014,
according to Dhaka Tribune.

Of its total outstanding loans, amounting to BDT1,131 crore, BDT748
crore (66.14 percent of the total loans) of the institution turned
into non-performing loans, Dhaka Tribune disclosed.

On June 26, 2019, the government directed the central bank to
liquidate People's Leasing.

It was the first liquidation process in Bangladesh's financial
sector in line with the Financial Institutions Act, 1993.




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C H I N A
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21VIANET GROUP: Fitch Affirms B+ Rating on LongTerm IDR
-------------------------------------------------------
Fitch Ratings has affirmed China-based carrier-neutral data-centre
provider 21Vianet Group, Inc.'s Long-Term Foreign- and
Local-Currency Issuer Default Ratings (IDR) at 'B+'. The Outlook is
Stable. Fitch has also affirmed the rating on 21Vianet's USD300
million 7.875% senior unsecured notes due October 2021 at 'B+' with
a Recovery Rating of 'RR4'.

The Stable Outlook reflects Fitch's expectation that 21Vianet's FFO
leverage will improve to 5.2x-5.3x, below the threshold of 5.5x
where Fitch may consider negative rating action, in 2021-2022,
although Fitch expects leverage to have remained above this
threshold at 5.5x-5.6x in 2020 (2019: 5.8x).

Fitch expects better EBITDA generation and higher utilisation of
cabinets to drive the deleveraging. 21Vianet will benefit from
industry growth, driven by robust demand for data centres from
Chinese internet companies and public cloud service providers such
as Alibaba Group Holding Limited (Alibaba, A+/Stable).

KEY RATING DRIVERS

Ambitious Capex; Manageable Leverage: 21Vianet's leverage profile
is mainly driven by the company's ambitious capex plan of CNY4
billion in 2020 and CNY5 billion each in 2021-2023 (2019: CNY1.3
billion). The company increased its capex guidance to expand its
data centre footprint and cabinet capacity to address higher demand
from retail and wholesale customers. The company added around
17,000 cabinets in 2020 and guided cabinet additions of 25,000 each
in 2021-2023.

Fitch expects Fitch-defined EBITDA margin (with adjustments for
lease charges) to expand to 24%-25% in 2022-2023 (2020-2021
forecasts: 20%-21%) as Fitch forecasts the utilisation rate to
improve from the trough in 2020-2021. Growing operating scale will
also drive EBITDA margin expansion because of the high fixed costs
of this business.

Equity Raising Not Factored In: The company plans to fund 50% of
its capex through equity injection. However, Fitch has not factored
any equity injection in Fitch's base case. 21Vianet has strong and
proven access to the equity market, which was evident when it
issued USD150 million in perpetual convertible shares in 1H20 - to
which Fitch assigned 50% of equity credit - and raised USD391
million of equity in September 2020.

Rated on Standalone Credit Profile: Fitch assesses the relationship
between 21Vianet and its parent, Tus-Holdings Co., Ltd. (THCL), as
one of "Weak Parent, Strong Subsidiary" with weak legal and
operational linkage, in line with Fitch's Parent and Subsidiary
Linkage Rating Criteria.

Fitch rates 21Vianet based on its standalone credit profile, as its
cash flow is largely ring-fenced within the group by restrictive
dividend covenants in its unsecured bond documents, which limit its
ability to pay significant cash to its parent. THCL owns 17% of
21Vianet, but has around 50% of the voting rights. Related-party
transactions worth more than CNY15 million require board approval.

Cash Flow Visibility: Fitch expects 21Vianet's revenue and cash
flow visibility to be supported by its high-quality data centre
portfolio, where 84% of its self-built cabinets are in top-tier
cities. Demand outpaces supply in these cities due to the local
governments' strict limits on land for data centre construction and
quotas on the use of power for data centres' daily operations. The
utilisation rate of stabilised data centres in these cities could
reach 80% compared to 30%-40% in western China.

Ongoing Wholesale Expansion: Fitch expects revenue contribution
from the wholesale segment to increase to the high-single digits in
2020-2021 (2019: nil), led by higher cabinet orders from Alibaba
and an increase in the share of new cabinets delivered to wholesale
customers to around 50% in 2020-2021. 21Vianet's business risk
profile will improve as wholesale contracts usually have longer
tenor of five-to-eight years, which provide higher cash flow
visibility than retail contracts. 21Vianet provided around 5,000
customised cabinets to Alibaba in 2020.

Persistent Negative FCF: Fitch expects 21Vianet to have large
negative free cash flow (FCF) of CNY3 billion-4 billion in
2020-2021 (2019: negative CNY714 million) due to significant capex.
Fitch believes the company will continue to spend heavily on
data-centre property and equipment procurement in the medium term
to expand market share. The capex-to-sales ratio is likely to reach
81%-86% in 2020-2021 (2019: 34%).

Refinancing in Place: 21Vianet issued USD525 million in convertible
notes in January 2021. The proceeds of the convertible notes will
be used to refinance its USD300 million notes due October 2021 with
the balance for capex. Fitch treats the USD525 million of
convertible notes as 100% debt, according to Fitch's Corporate
Hybrids Treatment and Notching Criteria, as they have an effective
maturity of five years and are not mandatory convertible notes.

Favourable Industry Dynamics: Fitch forecasts 21Vianet's 2020-2021
revenue will rise by 22%-33% a year, driven by China's strong
demand for data-centre capacity, supported by growth in the
internet economy and the accelerating digital transformation of
enterprises and the public sector. Fitch believes carrier-neutral
data centre providers such as 21Vianet are better positioned to
benefit from the rising demand than Chinese telcos. Carrier-neutral
operators have the ability to provide customised solutions,
customer services and connectivity with competing telecom
operators.

Diversified Customer Base: 21Vianet has longstanding relationships
with its customers, 70% of which are internet companies with high
growth prospects. Over 90% of its revenue is recurring. It has low
customer concentration, with the top-20 customers accounting for
35% of total revenue in 3Q20, supporting revenue stability.

Small Scale; Market Share: 21Vianet's ratings are constrained by
its small revenue scale and low-single digit revenue market share
in China's data-centre market. Chinese telcos, including China
Telecom Corporation Limited and China Unicom (Hong Kong) Limited,
have substantial scale, while carrier-neutral data-centre providers
have limited market share relative to larger incumbents despite
better growth prospects.

Variable Interest Equity Structure: The ratings reflect Fitch's
expectation that 21Vianet's relationships with the Chinese
government and regulatory authorities continue to be healthy.
However, any change could affect its credit strength as it does not
have equity control over its onshore operating companies. These
include Beijing Yiyun Network Technology Co., Ltd. and other
consolidated affiliated Chinese entities with which 21Vianet has
only contractual relationships due to government restrictions on
foreign ownership in China's value-added telecom businesses.

DERIVATION SUMMARY

21Vianet has a significantly weaker business risk profile than
leading global wholesale data-centre operator Digital Realty Trust,
Inc. (BBB/Stable) and retail co-location data-centre operator
Equinix, Inc. (BBB-/Positive). Both Digital Realty and Equinix have
strong competitive position through their global network of data
centres while 21Vianet is China-centric. Digital Realty's and
Equinix's credit strengths are further supported by their globally
diversified portfolio of data centres that serve granular tenant
bases across multiple industries. 21Vianet's Fitch-forecast 2021
FFO leverage of 5.2x is lower than Digital Realty's 5.5x but higher
than Equinix's 4.5x. Equinix's Positive Outlook reflects Fitch's
expectation that its capital access will improve to levels
consistent with higher rated REIT peers, including data-centre peer
Digital Realty.

21Vianet has a better business risk profile than TierPoint, LLC
(B-/Positive). TierPoint provides both retail co-location and
managed services, but derives a higher portion of revenue from
managed services. Relative to managed services, 21Vianet's
co-location and interconnection services have longer contract
tenors and more recurring revenue and cash flows. 21Vianet also has
stronger tenant profile as TierPoint targets secondary US markets
and focuses on SMEs in these markets. FFO leverages for 2021 for
21Vianet and TierPoint are similar at 5.2x and 5.3x, respectively.
The Positive Outlook on TierPoint's IDR reflects Fitch's
expectation of a more manageable financial leverage profile,
increased operating flexibility and additional headroom under the
upcoming amended credit agreement.

KEY ASSUMPTIONS

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

-- Small price increase in monthly recurring revenue (MRR) per
    cabinet in 2020 due to more value-added services provided; MRR
    to decline by 2%-3% in 2022 due to lower price charged on
    wholesale customers.

-- Annual net addition of self-built cabinets of 17,000 in 2020
    and 25,000 in 2021-2022 (2019: 6,336).

-- Average monthly cabinet utilisation ratio of 60%-61% in 2020
    2021, driven by the addition of a large number of cabinets
    (2019: 66%-67%).

-- Fitch-defined EBITDA margin (with adjustments for finance
    lease costs) of 19%-21% in 2020-2021 (2019: 19%) before
    improving to 23%-24% in 2022, equivalent to company-defined
    adjusted EBITDA margin of 28%-29% in 2020-2021 and 30%-31% in
    2022 (2019: 28%).

-- Capex of CNY4 billion in 2020 and CNY5 billion each in 2021
    2022 (2019: CNY1.3 billion).

-- No cash dividends over the rating horizon

-- USD525 million in convertible notes due 2026 and USD200
    million in private convertible notes due 2025 treated as 100%
    debt; and USD150 million in perpetual convertible preferred
    shares treated as 50% equity.

Recovery Rating Assumptions

-- For entities rated 'B+' and below - where default is closer
    and recovery prospects are more meaningful to investors.
    Fitch undertakes a bespoke analysis of recovery upon default
    for each instrument. The resulting debt instrument rating
    includes a Recovery Rating or published 'RR', graded from
    'RR1' to 'RR6', and is notched from the IDR accordingly. There
    are three steps in this analysis: estimating the distressed
    enterprise value; estimating creditor claims; and determining
    the distribution of value.

-- The recovery analysis assumes that 21Vianet would be
    considered a going-concern in a bankruptcy and that the
    company would be reorganised rather than liquidated. Fitch has
    assumed a 10% administrative claim.

-- Fitch assumes 21Vianet's going-concern EBITDA to be around
    CNY764 million. It reflects Fitch's view of a sustainable,
    post-reorganisation EBITDA level, upon which Fitch based the
    valuation of the company.

-- An enterprise value/EBITDA multiple of 5x is used to calculate
    the post-reorganisation valuation. Fitch's multiple assumption
    represents a 9% discount to the average multiple of 5.5x for
    telecom infrastructure peers in the recovery analyses in APAC.

-- Fitch treats all debt domiciled at 21Vianet's variable
    interest entities as prior-ranking.

-- The recovery waterfall results in a recovery rate estimate
    corresponding to a 'RR4' Recovery Rating for the USD300
    million senior unsecured notes.

RATING SENSITIVITIES

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

-- Increase in scale and/or revenue market share in China's
    carrier-neutral data-centre market.

-- Wholesale business accounting for over 30% of core data-centre
    revenue without significant expansion in cloud services and
    virtual private network businesses.

-- FFO leverage below 4.5x for a sustained period; however, FFO
    leverage below this target alone is unlikely to lead to a
    positive rating action if the company fails to improve its
    revenue market share or meaningfully increase its revenue from
    the wholesale business.

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

-- Evidence of parental influence from THCL that would lead to an
    assessment of 'Moderate' to 'Strong' for parent-subsidiary
    linkage between THCL and 21Vianet.

-- Deterioration in liquidity should another shareholder other
    than THCL hold more than 50% of total voting rights or more
    than 50% of outstanding Class A shares; or THCL holds more
    than 25% of outstanding Class A shares; or 21Vianet ceases to
    be listed in the US without being listed on another stock
    exchange, which could trigger payment acceleration of the 2026
    USD525 million convertible notes.

-- M&A that adversely affects 21Vianet's business profile.

-- FFO leverage above 5.5x for a sustained period, which could be
    a result of weak EBITDA generation, low utilisation, or
    aggressive capex (2020 forecast: 5.5x-5.6x).

BEST/WORST CASE RATING SCENARIO

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

LIQUIDITY AND DEBT STRUCTURE

Adequate Liquidity: Fitch expects 21Vianet's liquidity to remain
adequate. At end-September 2020, the company had readily-available
cash of CNY5.2 billion, which was sufficient to fund short-term
loans of CNY83 million, short-term finance lease liabilities of
CNY355 million and USD300 million (around CNY2.1 billion) of senior
notes to mature in October 2021. Liquidity was further strengthened
by the issuance of USD525 million in convertible notes in January
2021.

21Vianet is exposed to a liquidity event risk if THCL increases its
holding of class A shares to over 25%, another shareholder
increases its voting rights to over 50% or holding of class A
shares to over 50%, or the company's equity is delisted from US
stock exchanges, in which case USD525 million of convertible notes
will need to be immediately repaid. However, Fitch believes the
possibility of such an event is remote.

ESG CONSIDERATIONS

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

CHINA: Online-Lending Curbs to Hit Big Tech Firms, Regional Banks
-----------------------------------------------------------------
The Wall Street Journal reports that China's banking regulator
formalized rules that will force Ant Group Co. and other online
lenders to have more skin in the game when they make loans with
banks, dealing a blow to a burgeoning business that helped drive
Chinese consumer spending in recent years.

Starting in 2022, internet-lending platforms in the country will
have to fund at least 30% of every loan they make jointly with
commercial lenders, which include banks, trust companies, and
finance companies. Individual banks will also be subject to new
caps on how much they can lend together with online partners, the
Journal relates citing regulations published on Feb. 20 by the
China Banking and Insurance Regulatory Commission.

According to the Journal, several analysts on Feb. 22 said the
rules are aimed at large technology companies including Ant and
WeBank, a large online lender backed by Tencent Holdings Ltd. Both
have become big originators of unsecured loans to individuals and
small businesses by working with dozens of commercial lenders that
supply most of the funds.

Ant, in particular, has come under intense regulatory scrutiny
since its blockbuster initial public offerings were pulled in early
November last year, the Journal says.  The owner of Alipay, which
has more than a billion users in China, has partnered with around
100 commercial lenders, including many small regional banks and
trust companies, to make loans to hundreds of millions of
individuals, raking in large profits in the process.

At the end of June 2020, Ant had the equivalent of $267 billion in
outstanding consumer loans, accounting for nearly a fifth of the
country's outstanding short-term household debt. Just 2% of that
total was funded by the Hangzhou-based company, the Journal
discloses.  Its consumer-lending services, Huabei and Jiebei, have
supplied credit to many free-spending young people in China who
don't qualify for bank-issued credit cards.

The Journal says Ant collected fees from the interest income banks'
earned on the loans, helped commercial lenders with risk
assessments, and channeled payments back to them. Its partnerships
with weaker financial institutions with poor risk-management
capabilities, however, made regulators concerned about how Ant was
leaving almost all the risk of loan defaults with lenders.

Under the new regulations, banks will have to limit their
co-lending with any internet platform to 25% of their Tier 1 net
capital, while overall online loans they make in this manner can't
exceed 50% of their outstanding loans. Regional banks won't be
allowed to make loans online to borrowers who live outside of their
jurisdictions, the Journal notes.

"The new rules can prevent banks from over-relying on online
lenders for credit assessment and over-concentrating on selective
Fintech partners. It also effectively closes the regulatory
loophole for regional banks to expand out of home regions via
online lending," analysts from Citigroup said in a research note,
the Journal relays.

They added that regional Chinese banks will be deprived of what had
been a source of business growth in recent years, as the change
will greatly restrict their activities, the Journal adds.



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ABS ELECTROPLATERS: CRISIL Keeps B Debt Rating in Not Cooperating
-----------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of ABS
Electroplaters (India) Private Limited (ABS; part of the ABS group)
continue to be 'CRISIL B/Stable/CRISIL A4 Issuer not cooperating'.

                      Amount
   Facilities       (INR Crore)     Ratings
   ----------       -----------     -------
   Cash Credit           75         CRISIL B/Stable (Issuer Not
                                    Cooperating)

   Letter of Credit      10         CRISIL A4 (Issuer Not
                                    Cooperating)

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

ABS was set up by Mr Prakash G Bhat as a proprietorship concern in
1986, and was reconstituted as a private limited company in 2003.
It manufactures electrical appliances and automotives, and has six
manufacturing units - three in Pune, and one each in Mumbai, Goa,
and Nasik. The company has electroplating capacity of 140,000
square feet per month and moulding capacity of 600 tonne per month
(tpm).

VIPL, which commenced operations in January 2014, also manufactures
appliances and automotives. It has three factories, two in Pune and
one in Goa. VIPL has installed moulding capacity of 200 tonne per
month and electroplating capacity of 280,000 square feet per month,
which is currently not operational.

ACE AUGUSTA: CRISIL Keeps B Debt Rating in Not Cooperating
----------------------------------------------------------
CRISIL Ratings said the rating on bank facilities of ACE Augusta
(Augusta) continues to be 'CRISIL B/Stable Issuer Not
Cooperating'.

                      Amount
   Facilities       (INR Crore)     Ratings
   ----------       -----------     -------
   Project Loan          9.9        CRISIL B/Stable (Issuer Not
                                    Cooperating)

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

Set up in 2015, Augusta is a partnership firm of the Jhamtani
group, promoted by Mr. Parmanand Jhamtani, for developing a
residential real estate project, Ace Augusta. The project is
located in Hinjewadi, Pune and has 82 saleable units.

ADAMS MARKETING: CRISIL Keeps D Debt Ratings in Not Cooperating
---------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Adams
Marketing Private Limited (AMPL) continue to be 'CRISIL D/CRISIL D
Issuer not cooperating'.

                      Amount
   Facilities       (INR Crore)     Ratings
   ----------       -----------     -------
   Bank Guarantee         2.5       CRISIL D (Issuer Not
                                    Cooperating)

   Cash Credit           21.5       CRISIL D (Issuer Not
                                    Cooperating)

   Proposed Long Term     3.5       CRISIL D (Issuer Not
   Bank Loan Facility               Cooperating)

   Term Loan              1         CRISIL D (Issuer Not
                                    Cooperating)

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

AMPL was incorporated in April 2007. It was formed through the
merger of three proprietorship firms (Adams Motors, Adams
Electronics, and Adams Paribar). The company, based in Howrah (West
Bengal), is an authorised dealer of various brands of consumer
durables.

ADITYA AUTOMOTIVE: CRISIL Lowers Rating on INR7cr Loans to B
------------------------------------------------------------
CRISIL Ratings has revised the ratings on bank facilities of Aditya
Automotive (Aditya) to 'CRISIL B/Stable Issuer Not Cooperating'
from 'CRISIL BB-/Stable Issuer Not Cooperating'.

                      Amount
   Facilities       (INR Crore)     Ratings
   ----------       -----------     -------
   Cash Credit            4.5       CRISIL B/Stable (ISSUER NOT
                                    COOPERATING; Revised from
                                    'CRISIL BB-/Stable ISSUER NOT
                                    COOPERATING')

   Channel Financing      2.5       CRISIL B/Stable (ISSUER NOT
                                    COOPERATING; Revised from
                                    'CRISIL BB-/Stable ISSUER NOT
                                    COOPERATING')

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

Set up in December 2013 as a proprietorship firm by Mr Dinesh
Agarwal, Aditya is an authorised dealer for two-wheelers of Honda
Motorcycles & Scooter India Pvt Ltd for the Pune-Baner area.

ANANDAMELA ELECTRONICS: CRISIL Keeps B Ratings in Not Cooperating
-----------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Anandamela
Electronics Private Limited (AEPL) continue to be 'CRISIL B/Stable
Issuer Not Cooperating'.

                        Amount
   Facilities         (INR Crore)   Ratings
   ----------         -----------   -------
   Cash Credit            4.90      CRISIL B/Stable (Issuer Not
                                    Cooperating)

   Proposed Long Term     4.95      CRISIL B/Stable (Issuer Not
   Bank Loan Facility               Cooperating)

   Term Loan              1.00      CRISIL B/Stable (Issuer Not
                                    Cooperating)

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

Siliguri (West Bengal)-based AEPL, incorporated in August 1987,
distributes and retails in electronic goods for LG Electronics
India Pvt Ltd, Samsung India Pvt Ltd, and Sony India Ltd.

ARADHANA DISTRIBUTORS: CRISIL Keeps B- Rating in Not Cooperating
----------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Aradhana
Distributors Private Limited (ADPL) continue to be 'CRISIL
B-/Stable Issuer Not Cooperating'.

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

   Proposed Fund-         0.79      CRISIL B-/Stable (Issuer Not
   Based Bank Limits                Cooperating)

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

ADPL, incorporated in 1997, is an authorised dealer for Honda
Motorcycle & Scooter India Pvt Ltd in Kolkata. The company also
owns an authorised service centre for Mitsubishi Motors
Corporation. Its operations are managed by Mr. Sanjay Patodia.

BABA EXPORTS: CRISIL Keeps B Debt Rating in Not Cooperating
-----------------------------------------------------------
CRISIL Ratings said the rating on bank facilities of Shree Baba
Exports (SBE) continues to be 'CRISIL B/Stable Issuer Not
Cooperating'.

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

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

SBE was established in 1980 as a partnership firm, Shree Baba
Enterprises, by Mr. Ramesh Agarwal and Ms. Batsoo Devi. Later, in
2000 the firm was converted into the proprietorship firm and got
its current name. The firm manufactures menthol crystals and trades
in essential oils, used in pharmaceuticals, perfume compounds, and
toothpastes.


BIRESHWAR COLD: CRISIL Reaffirms B+ Rating on INR5.5cr Cash Loan
----------------------------------------------------------------
CRISIL Ratings has reaffirmed its 'CRISIL B+/Stable' rating on the
long-term bank facilities of Bireshwar Cold Storage Private Limited
(BCSPL).

                      Amount
   Facilities       (INR Crore)     Ratings
   ----------       -----------     -------
   Cash Credit            5.5       CRISIL B+/Stable (Reaffirmed)

   Proposed Long Term     2.0       CRISIL B+/Stable (Reaffirmed)
   Bank Loan Facility     

   Working Capital
   Facility               0.8       CRISIL B+/Stable (Reaffirmed)

The rating reflects the weak financial risk profile and exposure to
risks related to intense competition, strong regulations and delay
in payments from farmers because of adverse market conditions in
the cold storage industry. These weaknesses are partially offset by
the extensive experience of the promoters.

Key Rating Drivers & Detailed Description

Weakness:

* Exposure to intense competition and regulations in the cold
storage industry of West Bengal (WB): The potato cold storage
industry in WB is regulated by the regional Cold Storage
Association, with rentals determined by the Department of
Agricultural Marketing, Government of WB. The cap on rentals will
continue to restrict scope for players to earn a higher profit, by
leveraging their respective strengths and geographical advantages.
Intense competition will further necessitate that discounts are
offered to ensure healthy utilisation of the storage capacity, and
thus, constrain profitability.

* Weak financial risk profile: Financial risk profile was marked by
modest networth of around INR2.5 crore and high gearing of 2.5
times, as on March 31, 2020, mainly due to loans extended to
farmers, especially towards the end of the fiscal. Debt protection
metrics were weak, with interest coverage and net cash accrual to
total debt ratios at 1.52 times and 0.05 time, respectively, in
fiscal 2020.

* Vulnerability to delay in payments by farmers because of adverse
market conditions: As part of the Government of West Bengal's
initiative to support agriculture, banks extend financial
assistance to farmers storing produce in private cold storages,
against hypothecated cold-storage receipts. Cold storage operators
raise loans from banks on the behalf of farmers and traders, and
extend the loans to the latter. However, the primary responsibility
of loan repayment lies with cold storages. In case of adverse
market trends and decline in potato prices, farmers do not find it
profitable to pay the rental and interest charges, along with the
loan obligation, and hence, do not retrieve potatoes from cold
storages. Consequently, the units face cash flow mismatches and
bank liabilities. Though the company has not faced any such issue
in the recent past, it remains vulnerable to downturns, given its
presence in an agricultural industry.

Strengths:

* Extensive experience of the promoters: The two-decade-long
experience of the promoters in the cold storage business in WB, and
their strong relationships with potato farmers should continue to
support the business risk profile. This will also help maintain
healthy utilisation of storage capacity (average of 90% in fiscal
2021).

Liquidity: Poor

Liquidity is marked by low cash accrual and full bank limit
utilisation. Cash accrual of around INR28 lakhs was reported in
fiscal 2020, against nil debt. Expected cash accrual should suffice
to cover the maturing term debt obligation over the medium term.
The promoters are also likely to bring in funds in case of an
exigency. However, bank limit was almost fully utilised during the
peak season (March), when farmers generally bring potatoes for
storage, against which the company extends loans. Cash credit limit
is then gradually repaid as the farmers retrieve the potatoes from
the cold storage units.

Outlook Stable

CRISIL Ratings believes BCSPL will continue to benefit from the
extensive experience of its promoters in the cold storage business
in WB.

Rating Sensitivity factors

Upward factors

* Upward revision in rental rates and optimum capacity utilisation,
resulting in ramp-up in revenue, while the operating margin exceeds
40%
* Better liquidity, with cash accrual exceeding INR50 lakh

Downward factors

* Downward revision in rental rates and dip in capacity
utilisation, weakening the business risk profile
* Weakening of interest coverage ratio to below 1 time
* Delay in payments by the farmers, straining liquidity

BCSPL was set up in 1978, at Bankura (WB). The company provides
cold storage facilities to potato farmers and traders, and also
trades in potatoes. It is owned by the Kolkata-based Pal family,
which has over 30 years of experience in this business.

C. M. INDUSTRIES: CRISIL Keeps B Debt Rating in Not Cooperating
---------------------------------------------------------------
CRISIL Ratings said the rating on bank facilities of C. M.
Industries (CMI) continues to be 'CRISIL B/Stable Issuer Not
Cooperating'.

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

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

CMI, a proprietorship firm, manufactures oil and oil cakes from
cotton seeds, sells packaged and graded wheat, and trades in other
agricultural commodities such as chana, soybean, maize, and pulses.
The firm also trades in cotton bales. Mr. Anant Goyal is the
proprietor of the firm and also manages the operations.

CKOMPAX METATECH: CRISIL Keeps D Debt Ratings in Not Cooperating
----------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Ckompax
Metatech Private Limited (CMPL) continue to be 'CRISIL D Issuer Not
Cooperating'.

                      Amount
   Facilities       (INR Crore)     Ratings
   ----------       -----------     -------
   Cash Credit            20        CRISIL D (Issuer Not
                                    Cooperating)

   Proposed Working       30        CRISIL D (Issuer Not
   Capital Facility                 Cooperating)

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

CMPL, incorporated in October 2011 promoted by Zaveri family, CMPL
was acquired in July 2016 by its current promoters, Mr. Atul
Kshirsagar and Mr. Sachin Singare. Since then, the company changed
its operations from lock assembly to sugar and ethanol trading.

DHL INFRABULLS: CRISIL Reaffirms B+ Rating on INR20cr Loans
-----------------------------------------------------------
CRISIL Ratings has reaffirmed its 'CRISIL B+/Stable' rating on the
long-term bank facility of DHL Infrabulls (DHL).

                       Amount
   Facilities        (INR Crore)    Ratings
   ----------        -----------    -------
   Long Term Loan         2.58      CRISIL B+/Stable (Reaffirmed)
   Proposed Long Term
   Bank Loan Facility    17.42      CRISIL B+/Stable (Reaffirmed)

The rating continues to reflect exposure to project risk and
susceptibility to cyclicality inherent in the real estate industry.
These weaknesses are partially offset by the experience of the
partners in the construction industry and their funding support.

Key rating drivers & detailed description

Weaknesses:

* Exposure to project risk: The firm is currently executing a
single project, Singapore Life City, in Nagpur. Though phase 1 is
completed and booking is steady, phases 2 and 7 (clubhouse) are
still in nascent stages of implementation. Furthermore, the
remaining phases (3 to 6) are yet to begin.

* Susceptibility to cyclicality inherent in the real estate
industry: The real estate sector is affected by volatile prices,
opaque transactions, and intense competition. Moreover, the
multiplicity of property laws and non-standardised government
regulations can affect the tenure of project execution. The risk is
compounded by aggressive completion timelines and shortage of
manpower (project engineers and skilled labour) in this sector.
Apart from these macroeconomic factors, the credit risk profile is
expected to be driven by the level of economic activity and the
outlook for the real estate sector. Any adverse change in the
overall economic environment is likely to impact the segment.

Strengths:

* Extensive experience of the partners and their funding support:
The partners have industry experience of more than a decades, and
have undertaken projects in Madhya Pradesh and Maharashtra. Also,
they have brought in capital of INR5 crore (as of March 31, 2019)
and are expected to provide need-based financial aid.

Liquidity: Stretched

Liquidity will remain stretched during initial phase because of
expected modest cash accrual and upcoming debt obligation. Phase 7
(clubhouse) is funded through a term loan of INR2.58 crore, and
through equity infusion and unsecured loans from the partners. The
loan repayment is expected to commence from fiscal 2022. Liquidity
should be supported by advances from customers and unsecured loans
and equity from the partners, till the completion of the project.
The firm has opted for moratorium for interest servicing of term
loan till August 2020.

Outlook: Stable

DHL should continue to benefit from the experience of the partners
and their funding support.

Rating sensitivity factors:

Upward factors

* Greater than 60% bookings, leading to sufficient liquidity
* Timely completion of construction

Downward factors

* Bookings lower than 20%, resulting in higher dependence on
external funding
* Delay in receipt of customer advances or in execution, causing a
cost overrun, thereby weakening liquidity.

Set up in 2016 as a partnership concern by Mr Sanjeev Jaiswal, Mr
Nishit Jaiswal, Mr Rishit Jaiswal, and Mr Santosh Kumar Shiv Prasad
Singh, DHL is currently executing a residential-cum-commercial real
estate project, Singapore Life City, at Wardha Road in Nagpur.

IL&FS GROUP: Karnataka Bank Reports Fraud on Unit's Loan
--------------------------------------------------------
Yahoo! Finance reports that Karnataka Bank has reported to the
Reserve Bank of India a fraud in its credit facilities extended to
IL&FS Transportation Networks Ltd with an outstanding balance of
INR34.16 crore.

"The above entity had availed credit facilities from us during 2016
under multiple banking arrangements wherein our bank was one of the
member banks and during 2018, the borrowing account was classified
as a non-performing asset and has been fully provided for."

"As such, there is no impact on financials of the bank going
forward," said the private sector lender in a statement issued on
Feb. 19, Yahoo! Finance relays.

                            About IL&FS

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

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

IL&FS GROUP: NCLT Approves INR707cr Claim of FSEL from NHAI
-----------------------------------------------------------
IANS reports that the National Company Law Tribunal (NCLT) has
approved the settlement claim of INR707.709 crore made by Fagne
Sonagarh Expressway Limited (FSEL), a special purpose vehicle of
IL&FS for the expressway project, from National Highways Authority
of India (NHAI).

According to IANS, the settlement amount will be paid by NHAI under
the approved guidelines for resolution of road projects that have
been stuck for various reasons. The NHAI Conciliation Committee had
last year approved the claim for FSEL.

As per the Road Transport and Highways Ministry's guidelines
formulated in March 2019, incomplete or stalled projects for
various reasons, authorities would be able to foreclose the
project's concession agreement and pay a compensation based on
value of work done or 90 per cent of debt due, whichever is lower,
IANS notes.

IANS says FSEL project has been resolved under these guidelines as
the company could not complete the project on account of financial
distress and defaults.

Allowing the application for the settlement, the Mumbai bench of
NCLT said: "The settlement amount paid by the NHAI to FSEL
subcontractors shall be deposited into an Escrow Account in any
nationalised bank and shall be maintained as fixed deposits," IANS
relays.

Further, the deposits would be immune to any adjustment or set off
against any other dues.

According to IANS, the crisis-ridden IL&FS Group last month said
that it has addressed aggregate debt of around INR32,000 crore.

The aggregate debt of INR32,000 addressed comprised around
INR21,600 crore of debt addressed basis cash balances and around
INR10,300 crore of additional net recovery expected from resolution
and restructuring applications filed with the NCLT (Mumbai) and
NCLAT, the approvals for which were awaited, it had said, IANS
adds.

                            About IL&FS

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

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

INDIA: Recession Exit Gains Momentum on Services, Manufacturing
---------------------------------------------------------------
Anirban Nag at Bloomberg News reports that India's economy looked
ready to leave a sharp downturn behind in the new year, as business
and consumer activity showed more signs of gathering momentum in
January.

Two of the eight high-frequency indicators tracked by Bloomberg
News improved last month, while five held steady and one
deteriorated. That, for now, kept the needle on a dial measuring
overall economic activity unchanged at 5 -- a number arrived at by
using the three-month weighted average to smooth out volatility in
the single-month scores.

The January reading points to a solid start for the new quarter,
building on nascent gains seen in the October-December period,
Bloomberg says. Official data on Feb. 19 is likely to show that
India exited a recession in the final three months of 2020, with
economists in a Bloomberg survey forecasting a gross domestic
product expansion of 0.5% from a year ago.

                         Business Activity

Activity in India's dominant services sector expanded for a fourth
straight month in January, with the pace of new work and and
business activity both quickening from a month ago, Bloomberg
discloses. The Markit India Services Purchasing Managers' Index
came in at 52.8 from 52.3 a month earlier. A reading above 50
indicates expansion.

Bloomberg relates that manufacturing activity also continued to
strengthen, with companies ramping up production at the quickest
pace in three months, thanks to higher sales and new export orders.
Worryingly though, both input and output price pressures gathered
steam and which will likely prevent headline inflation from easing
sharply in coming months.

                              Exports

Exports regained more ground last month, backed by healthy
performance of sectors such as engineering goods, gems and jewelry,
iron ore and textiles, Bloomberg says.

                         Consumer Activity

According to Bloomberg, passenger vehicle sales, a key indicator of
demand, rose nearly 11.4% in January from a year ago, with
two-wheelers and utility vehicles witnessing robust demand. Surveys
from the Reserve Bank of India this month showed that consumers
perceived the current economic situation as being better than it
was in November when a similar survey was conducted, and they
expect improvement in their conditions in the coming year,
Bloomberg relates.

Demand for loans picked up a tad in January. Central bank data
showed credit grew at around 6.5% from a year earlier. Liquidity
conditions were little changed from December when advance tax
payments led to a tighter cash position, says Bloomberg.

                        Industrial Activity

Industrial production rose 1% in December from a year earlier,
according to Bloomberg. Production of capital goods rose 0.6%,
while infrastructure goods and manufacturing sector expanded in an
encouraging end to the October-to-December quarter.

Output at infrastructure industries, which makes up 40% of the
industrial production index, contracted 1.3% in December from a
year ago, a smaller drop than the 2.6% seen in November. Both data
are published with a one-month lag, Bloomberg notes.

KALYANI EDUCATION: Insolvency Resolution Process Case Summary
-------------------------------------------------------------
Debtor: Kalyani Education Private Limited

        Registered office:
        C/o Ravi Communication
        J.J. Hospital Compound
        Byculla, Mumbai 08

        Principal office:
        Parag, 46, Ashwin Sector
        Nr Hotel Sai Palace
        Mumbai-Agra Highway
        Nashik 4220092

Insolvency Commencement Date: February 19, 2021

Court: National Company Law Tribunal, Mumbai Bench

Estimated date of closure of
insolvency resolution process: August 18, 2021

Insolvency professional: Vinit Gangwal

Interim Resolution
Professional:            Vinit Gangwal
                         Office No. 503, 5th Floor
                         Varun Capital
                         CTS No. 364-365/13
                         Off J M Road
                         Bharat Petrolium Lane
                         Next to Citiotel, Shivajinagar
                         Pune 411005
                         E-mail: ip.vinitgangwal@sudharman.in

                            - and -

                         504, 5th Floor, The Central Building
                         Shell Colony Road, Chembur (East)
                         Mumbai 400071
                         E-mail: ip.kalyanieducation@
                                 sankalp-ipe.com

Last date for
submission of claims:    March 5, 2021


KMB GRANITE: CRISIL Keeps D Debt Rating in Not Cooperating
----------------------------------------------------------
CRISIL Ratings said the rating on bank facilities of KMB Granite
Quarriers (KMB) continues to be 'CRISIL D Issuer Not Cooperating'.

                      Amount
   Facilities       (INR Crore)     Ratings
   ----------       -----------     -------
   Cash Credit            20        CRISIL D (Issuer Not
                                    Cooperating)

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

KMB was established as a partnership firm by Mr. Mohammed Yaseen,
Mr. Mohammed Ismail, and Mr. Abdulla in 2012. The firm undertakes
quarrying of rough granite. It started commercial operations from
January 2014.

KMB TRADING: CRISIL Keeps D Debt Ratings in Not Cooperating
-----------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of KMB Trading
Corporation Private Limited (KMB) continue to be 'CRISIL D Issuer
Not Cooperating'.

                      Amount
   Facilities       (INR Crore)     Ratings
   ----------       -----------     -------
   Cash Credit            6         CRISIL D (Issuer Not
                                    Cooperating)

   Corporate Loan         2.5       CRISIL D (Issuer Not
                                    Cooperating)

   Funded Interest        4.15      CRISIL D (Issuer Not
   Term Loan                        Cooperating)

   Long Term Loan        12.72      CRISIL D (Issuer Not
                                    Cooperating)

   Proposed Long Term     1.13      CRISIL D (Issuer Not
   Bank Loan Facility               Cooperating)

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

Set up in 1999 as a partnership between Mr. K Shoukath Ali and his
brother Mr. Yusuff Basha, KMB was reconstituted as a private
limited company in 2010. The company, headquartered in Salem (Tamil
Nadu), quarries and sells rough granite blocks.

LEELA TRADE: Insolvency Resolution Process Case Summary
-------------------------------------------------------
Debtor: Leela Trade Steel and Commodities India Private Limited
        Office No. 215/16/17, II floor
        Kohinoor Arcade, Sector 24
        Pune-Bombay Road
        Tilak Chowk, Nigdi
        Pune 44 MH
        IN

Insolvency Commencement Date: February 18, 2021

Court: National Company Law Tribunal, Pune Bench

Estimated date of closure of
insolvency resolution process: August 16, 2021
                               (180 days from commencement)

Insolvency professional: Mr. Shashant Sudhakar Yeola

Interim Resolution
Professional:            Mr. Shashant Sudhakar Yeola
                         Flat No. 7, Indrayani
                         Ganesh Nagar, Opp. Lekha Nagar
                         Agra Road, Nashik
                         Maharashtra 422009
                         E-mail: shashantsyeola@gmail.com

                            - and -

                         Office No. 204/B, 2nd Floor
                         Adinath Shopping Complex
                         Pune-Satara Road
                         Pune 411037
                         E-mail: shashantsyeola@gmail.com

Last date for
submission of claims:    March 3, 2021


MAUKTIKA ENERGY: Insolvency Resolution Process Case Summary
-----------------------------------------------------------
Debtor: Mauktika Energy Private Limited
        Suryachakra House
        Plot No. 304-L-III Road No. 78
        Jubilee Hills, Hyderabad
        TG 500033

Insolvency Commencement Date: February 9, 2021

Court: National Company Law Tribunal, Hyderabad Bench

Estimated date of closure of
insolvency resolution process: August 8, 2021

Insolvency professional: Pradeep Kumar Sravanam

Interim Resolution
Professional:            Pradeep Kumar Sravanam
                         6-40, Plot No. 101
                         Suprabhat Township, Venture-2
                         Near Nalla Mallareddy Engineering College
                         K. Singarm Ghatkesar Mandal
                         Rangareddy District
                         Hyderabad 500088
                         E-mail: 12283kumar@icmaim.in

Last date for
submission of claims:    February 29, 2021


NJT GRANITES: CRISIL Keeps B Debt Ratings in Not Cooperating
------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of NJT Granites
(NJT) continue to be 'CRISIL B/Stable Issuer Not Cooperating'.

                        Amount
   Facilities         (INR Crore)    Ratings
   ----------         -----------    -------
   Proposed Long Term      6.5       CRISIL B/Stable (Issuer Not
   Bank Loan Facility                Cooperating)

   Term Loan               3.5       CRISIL B/Stable (Issuer Not
                                     Cooperating)

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

Set up in December 2014 as a partnership firm, by Mr. Alex Thomas
along with his wife, NJT quarries and sells granite. The firm,
based in Kasargode, Kerala.

OCEANIC PHARMACHEM: CRISIL Lowers Rating on INR11cr Loan to B
-------------------------------------------------------------
CRISIL Ratings has revised the ratings on bank facilities of
Oceanic Pharmachem Private Limited (Oceanic) to 'CRISIL
B/Stable/CRISIL A4 Issuer Not Cooperating' from 'CRISIL
BB+/Stable/CRISIL A4+ Issuer Not Cooperating'.

                      Amount
   Facilities       (INR Crore)     Ratings
   ----------       -----------     -------
   Bill Negotiation       20        CRISIL A4 (ISSUER NOT
                                    COOPERATING; Revised from
                                    'CRISIL A4+ ISSUER NOT
                                    COOPERATING')

   Cash Credit            11        CRISIL B/Stable (ISSUER NOT
                                    COOPERATING; Revised from
                                    'CRISIL BB+/Stable ISSUER NOT
                                    COOPERATING')

   Packing Credit         12        CRISIL A4 (ISSUER NOT
   in Foreign                       COOPERATING; Revised from
   Currency                         'CRISIL A4+ ISSUER NOT
                                    COOPERATING')

CRISIL Ratings has been consistently following up with Oceanic 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 Oceanic, which restricts CRISIL
Ratings' ability to take a forward looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on
Oceanic is consistent with 'Assessing Information Adequacy Risk'.
Based on the last available information, the ratings on bank
facilities of Oceanic revised to 'CRISIL B/Stable/CRISIL A4 Issuer
Not Cooperating' from 'CRISIL BB+/Stable/CRISIL A4+ Issuer Not
Cooperating'.

Established in 1998 by Mr J J Shah, Oceanic caters to the
pharmaceutical and fine chemicals requirement of multinational and
international companies. The company develops organic and inorganic
chemicals used in pharmaceuticals, agrochemicals, cosmetics, and
herbal products. It also conducts pharmaceutical research on
patented drugs going off-patent, including literature surveys and
root synthesis; and provides technical details regarding
manufacturing process. Oceanic also conducts plant audits and finds
outsourcing partners for pharma companies. Recently, the company
started working with innovators and API and generic players trying
to enter niche markets by helping them obtain registrations.
Oceanic has a strong presence in custom synthesis and is managed by
highly experienced personnel with focus on process optimisation and
new method development with R&D and pilot plant scale capabilities.
On a need-based module, it also develops method and synthesis
compounds as per the desired specification provided by a customer.

RIO CERAMIC: CRISIL Keeps B Debt Ratings in Not Cooperating
-----------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Rio Ceramic
Private Limited (RCPL) continue to be 'CRISIL B/Stable/CRISIL A4
Issuer not cooperating'.

                      Amount
   Facilities       (INR Crore)     Ratings
   ----------       -----------     -------
   Bank Guarantee         1.3       CRISIL A4 (Issuer Not
                                    Cooperating)

   Cash Credit            5         CRISIL B/Stable (Issuer Not
                                    Cooperating)
   
   Proposed Long Term     2.95      CRISIL B/Stable (Issuer Not
   Bank Loan Facility               Cooperating)

   Term Loan              5.5       CRISIL B/Stable (Issuer Not
                                    Cooperating)

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

RCPL, incorporated in 2014 and promoted by Morbi (Gujarat)-based
Mr. Ashokbhai Rupala and Mr. Shamjibhai Patel, manufactures wall
tiles at its facilities in Morbi.

ROSE INDUSTRIES: CRISIL Keeps B Debt Ratings in Not Cooperating
---------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Rose
Industries (RI) continue to be 'CRISIL B/Stable Issuer Not
Cooperating'.

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

   Term Loan              1.6       CRISIL B/Stable (Issuer Not
                                    Cooperating)

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

RI is a proprietorship firm based in Kota, Rajasthan. The firm was
established in 2015 and processes (mills, polishes, and sorts)
wheat. The firm was established by Mr Gulab Chand Jain.

SAFILO HEALTHCARE: CRISIL Lowers Rating on INR7cr Loans t B
-----------------------------------------------------------
CRISIL Ratings has revised the ratings on bank facilities of Safilo
Healthcare (SH) to 'CRISIL B/Stable Issuer Not Cooperating' from
'CRISIL BB-/Stable Issuer Not Cooperating'.

                        Amount
   Facilities        (INR Crore)     Ratings
   ----------        -----------     -------
   Secured Overdraft      3.5        CRISIL B/Stable (ISSUER NOT
   Facility                          COOPERATING; Revised from
                                     'CRISIL BB-/Stable ISSUER
                                     NOT COOPERATING')

   Term Loan              3.5        CRISIL B/Stable (ISSUER NOT
                                     COOPERATING; Revised from
                                     'CRISIL BB-/Stable ISSUER
                                     NOT COOPERATING')

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

SH was established in 2015 as a partnership firm by the Adroja
Family. The firm is engaged in manufacturing of baby diapers under
its own brand 'champs'. They have one manufacturing facility in
Morbi, Gujarat.

SAI UDYOG: CRISIL Keeps B+ Debt Ratings in Not Cooperating
----------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Sai Udyog
(SU) continue to be 'CRISIL B+/Stable Issuer Not Cooperating'.

                      Amount
   Facilities       (INR Crore)     Ratings
   ----------       -----------     -------
   Cash Credit           1.25       CRISIL B+/Stable (Issuer Not
                                    Cooperating)

   Term Loan             5.25       CRISIL B+/Stable (Issuer Not
                                    Cooperating)

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

SU is a proprietorship firm set up in 1994 by Mr Ashok Kumar Rao.
It manufactures precision components required in construction and
mining equipment, compressors, and automotive components. It also
manufactures components used in pneumatic tool spares and windmill
bearings. It derives majority of its revenue from ACIL.

SAISHA ENTERPRISES: CRISIL Keeps D Ratings in Not Cooperating
-------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Saisha
Enterprises Private Limited (SEPL) continue to be 'CRISIL D Issuer
Not Cooperating'.

                        Amount
   Facilities         (INR Crore)    Ratings
   ----------         -----------    -------
   Proposed Long Term      6.08      CRISIL D (Issuer Not
   Bank Loan Facility                Cooperating)

   Term Loan               6.42      CRISIL D (Issuer Not
                                     Cooperating)

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

Incorporated in 2010, SEPL derives parking income from its parking
space located in Shirdi (Maharashtra). The company has constructed
its commercial complex including 13 shops, 40-room hotel and a
restaurant having total rental area of 1.5 lakh square feet. SEPL
is promoted by Mr. Navnath Gondkar and has its registered office in
Ahmednagar (Maharashtra).

SAMEERA HOTELS: CRISIL Keeps B- Debt Rating in Not Cooperating
--------------------------------------------------------------
CRISIL Ratings said the rating on bank facilities of Sameera Hotels
(Chennai) Private Limited (SHPL) continues to be 'CRISIL B-/Stable
Issuer Not Cooperating'.

                      Amount
   Facilities       (INR Crore)     Ratings
   ----------       -----------     -------
   Long Term Loan         26        CRISIL B-/Stable (Issuer Not
                                    Cooperating)

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

Incorporated in 2011, Chennai-based, SHPL owns two hotels in
Chennai and Vellore. The company has a consolidated 110 rooms with
various facilities like cafe, restaurant, bar, spa etc. The
operations of the company are managed by the promoters, Mr
Murugesan and his family.

SARAVANAA PROJECTS: CRISIL Keeps B Ratings in Not Cooperating
-------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Saravanaa
Projects & Co. (SPC) continue to be 'CRISIL B/Stable Issuer Not
Cooperating'.

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

   Long Term Loan         2         CRISIL B/Stable (Issuer Not
                                    Cooperating)

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

Set up in 2001, SPC is promoted by Mr. M S Hari Babu. It undertakes
civil construction works, primarily construction of roads for
various government entities. The company is based in Chennai.

SAVUTE TEXTILES: CRISIL Keeps D Debt Rating in Not Cooperating
--------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Savute
Textiles Private Limited (STPL) continue to be 'CRISIL D Issuer Not
Cooperating'.

                      Amount
   Facilities       (INR Crore)     Ratings
   ----------       -----------     -------
   Cash Credit           13.5       CRISIL D (Issuer Not
                                    Cooperating)

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

Started in 2012, Kerala based Savute Textiles Private Ltd is
engaged in the manufacturing of linen fabric. The company's day to
day operations are managed by its director Mr. Stephen Logan and Mr
Gopinathan.

SEVEN STAR: CRISIL Keeps B Debt Rating in Not Cooperating
---------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Seven Star
Grains Private Limited (SGPL) continue to be 'CRISIL B/Stable
Issuer Not Cooperating'.

                      Amount
   Facilities       (INR Crore)     Ratings
   ----------       -----------     -------
   Cash Credit           22         CRISIL B/Stable (Issuer Not
                                    Cooperating)

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

SGPL was incorporated in December 2013, promoted by Ms Esha Mahajan
and Mr Gorav Mahajan, who are also the directors. The company mills
and markets varieties of rice. It started operations in May 2015 at
its facility in Jammu.

SHIVA ENGINEERING: CRISIL Lowers Rating on INR2.5cr Loan to B
-------------------------------------------------------------
CRISIL Ratings has revised the ratings on bank facilities of Shiva
Engineering Works (SEW) to 'CRISIL B/Stable/CRISIL A4 Issuer Not
Cooperating' from 'CRISIL BB/Stable/CRISIL A4+ Issuer Not
Cooperating'.

                      Amount
   Facilities       (INR Crore)     Ratings
   ----------       -----------     -------
   Bank Guarantee         4         CRISIL A4 (ISSUER NOT
                                    COOPERATING; Revised from
                                    'CRISIL A4+ ISSUER NOT
                                    COOPERATING')

   Cash Credit            2.5       CRISIL B/Stable (ISSUER NOT
                                    COOPERATING; Revised from
                                    'CRISIL BB/Stable ISSUER NOT
                                    COOPERATING')

   Letter of Credit       2.0       CRISIL A4 (ISSUER NOT
                                    COOPERATING; Revised from
                                    'CRISIL A4+ ISSUER NOT
                                    COOPERATING')

   Proposed Long Term     1.7       CRISIL B/Stable (ISSUER NOT
   Bank Loan Facility               COOPERATING; Revised from
                                    'CRISIL BB/Stable ISSUER NOT
                                    COOPERATING')

CRISIL Ratings has been consistently following up with SEW 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 SEW, which restricts CRISIL
Ratings' ability to take a forward looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on SEW
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the ratings on bank facilities of
SEW revised to 'CRISIL B/Stable/CRISIL A4 Issuer Not Cooperating'
from 'CRISIL BB/Stable/CRISIL A4+ Issuer Not Cooperating'.

SEW was set up as a proprietorship by Mr S R Modi in 1957, and was
reconstituted as a partnership in 1991 with the founder and his
three sons as partners. The Kolkata based firm undertakes
fabrication of locomotive parts, deck-loading barges, control
pulpits, and bridging components for various departments under the
Ministry of Defence, Government of India; Chittaranjan Locomotive
Works; and also for a few reputed private sector players.

SHIVPRASAD FOODS: CRISIL Keeps D Debt Ratings in Not Cooperating
----------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Shivprasad
Foods and Milk Products (SFMP) continue to be 'CRISIL D Issuer Not
Cooperating'.

                      Amount
   Facilities       (INR Crore)     Ratings
   ----------       -----------     -------
   Cash Credit            7         CRISIL D (Issuer Not
                                    Cooperating)

   Term Loan              7.67      CRISIL D (Issuer Not
                                    Cooperating)

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

SFMP was set up by Mr Sharad More. The firm processes cow's milk
and manufactures ghee and butter. It also has an SMP manufacturing
unit with capacity of 10 tonne per day.

SHRESID INTERIORS: CRISIL Keeps B- Debt Rating in Not Cooperating
-----------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Shresid
Interiors Private Limited (SIPL) continue to be 'CRISIL
B-/Stable/CRISIL A4 Issuer not cooperating'.

                      Amount
   Facilities       (INR Crore)     Ratings
   ----------       -----------     -------
   Bank Guarantee        4.5        CRISIL A4 (Issuer Not
                                    Cooperating)

   Cash Credit           3.5        CRISIL B-/Stable (Issuer Not
                                    Cooperating)

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

SIPL, incorporated in 1995, is promoted by Delhi-based Mr. Sanjiv
Lamba. The company undertakes turnkey projects, primarily interior
designing for hospitality and real estate projects; it also trades
in ready-made furniture through its retail showroom in Delhi.

SIDDH SAI: CRISIL Keeps D Debt Ratings in Not Cooperating
---------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Siddh Sai
Developers Private Limited (SSDPL) continue to be 'CRISIL D/CRISIL
D Issuer not cooperating'.

                      Amount
   Facilities       (INR Crore)     Ratings
   ----------       -----------     -------
   Cash Credit            9         CRISIL D (Issuer Not
                                    Cooperating)

   Letter of Credit       3         CRISIL D (Issuer Not
                                    Cooperating)

   Proposed Long Term     1.2       CRISIL D (Issuer Not
   Bank Loan Facility               Cooperating)

   Standby Line           1.8       CRISIL D (Issuer Not
   of Credit                        Cooperating)

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

SSDPL was incorporated in 2008 by Delhi-based Agarwal family. Mr.
Atul Agarwal and his nephews, Mr. Shikhar Agarwal and Mr. Shivam
Agarwal, are the key promoters of the company and are actively
managed in its day-to-day operations. SSDPL trades in iron and
steel scrap, sponge iron, mild steel billets/ingots, and other long
steel products such as thermo-mechanically treated bars and angels
in Uttar Pradesh and the National Capital Region (NCR).

SMART AGRO: CRISIL Keeps B Debt Rating in Not Cooperating
---------------------------------------------------------
CRISIL Ratings said the rating on bank facilities of Smart Agro
Food Park Private Limited (SAFPPL) continues to be 'CRISIL B/Stable
Issuer Not Cooperating'.

                      Amount
   Facilities       (INR Crore)     Ratings
   ----------       -----------     -------
   Term Loan              27        CRISIL B/Stable (Issuer Not
                                    Cooperating)

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

Smart Agro Food Park Pvt Ltd incorporated in the 26th May 2014 is a
Special Purpose Vehicle that has been incorporated set up a Mega
Food Park in the Nizamabad District of erstwhile Andhra Pradesh
under the Ministry of Food Processing Industries' Mega Food Parks
Scheme.

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

                      Amount
   Facilities       (INR Crore)     Ratings
   ----------       -----------     -------
   Bank Guarantee         13        CRISIL D (Issuer Not
                                    Cooperating)

   Cash Credit            17        CRISIL D (Issuer Not
                                    Cooperating)

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

Tornado, incorporated in September 2010, is promoted by Mr.
Jitendra Pal Singh Chadha, and his wife, Mrs. Amanpreet Chaddha.
The company is an authorised dealer of Volkswagen passenger
vehicles, and has one showroom and workshop in Mumbai
(Maharashtra).

TORRID MOTORS: CRISIL Keeps D Debt Rating in Not Cooperating
------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Torrid Motors
(Torrid) continue to be 'CRISIL D Issuer Not Cooperating'.

                      Amount
   Facilities       (INR Crore)     Ratings
   ----------       -----------     -------
   Cash Credit            5         CRISIL D (Issuer Not
                                    Cooperating)

   Term Loan              1         CRISIL D (Issuer Not
                                    Cooperating)

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

Torrid, incorporated in September 2013, is the sole proprietorship
of Mr. Jitendra Pal Singh Chadha. The firm is an authorized dealer
of Fiat passenger vehicles, and has one showroom and workshop in
Mumbai (Maharashtra).

TWIN CITIES: CRISIL Keeps D Debt Ratings in Not Cooperating
-----------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Twin Cities
Steel Re-Rolling Mills Private Limited (TCSPL) continue to be
'CRISIL D Issuer Not Cooperating'.

                      Amount
   Facilities       (INR Crore)     Ratings
   ----------       -----------     -------
   Cash Credit           6.50       CRISIL D (Issuer Not
                                    Cooperating)

   Corporate Loan        2.42       CRISIL D (Issuer Not
                                    Cooperating)

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

TCSPL was set up in 1985 by Mr. R K Agarwal, Mr. Adarsh Agarwal,
and their family members. The company, based in Hyderabad,
manufactures and trades in steel structurals.

UNDAVALLI CONSTRUCTIONS: CRISIL Keeps B+ Rating in Not Cooperating
------------------------------------------------------------------
CRISIL Ratings said the rating on bank facilities of Undavalli
Constructions (UC) continues to be 'CRISIL B+/Stable Issuer Not
Cooperating'.

                      Amount
   Facilities       (INR Crore)    Ratings
   ----------       -----------    -------
   Proposed Working      12        CRISIL B+/Stable (Issuer Not
   Capital Facility                Cooperating)

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

Set up in 2010 by Mr. Undavalli Ramu, UC undertakes construction
activities in Andhra Pradesh. It is undertaking construction of
residential real estate project for group entity - Undavalli
Construction Private Limited.

VASHISTHA MERCANTILE: Insolvency Resolution Process Case Summary
----------------------------------------------------------------
Debtor: Vashistha Mercantile and Trading Private Limited
        Shop No. 11, Ground Floor
        Satyam Co-operative Housing Ltd
        Thakur Complex, Kandivali (East)
        Mumbai 400101

Insolvency Commencement Date: February 15, 2021

Court: National Company Law Tribunal, Mumbai Bench

Estimated date of closure of
insolvency resolution process: August 17, 2021

Insolvency professional: Mr. Ankur Kumar

Interim Resolution
Professional:            Mr. Ankur Kumar
                         Office No. 18, 10th Floor
                         Pinnacle Corporate Park
                         Bandra Kurla Complex
                         Bandra (e)
                         Mumbai 400051
                         E-mail: ankur.srivastava@ezylaws.com
                                 vashistha-cirp@ezylaws.com

Last date for
submission of claims:    March 4, 2021


VINAY POULTRY: CRISIL Hikes Rating on INR8cr LT Loan to B-
----------------------------------------------------------
Due to inadequate information, CRISIL Ratings, in line with SEBI
guidelines, had migrated the rating of Vinay Poultry Farm Private
Limited (VPFPL) to 'CRISIL D; Issuer Not Cooperating'. However, the
management has subsequently started sharing requisite information,
necessary for carrying out comprehensive review of the rating.
Consequently, CRISIL is migrating the rating on the long term bank
facilities of Turbo to 'CRISIL B-/Stable' from 'CRISIL D; Issuer
Not Cooperating'.

                      Amount
   Facilities       (INR Crore)     Ratings
   ----------       -----------     -------
   Long Term Loan         8         CRISIL B-/Stable ((Migrated
                                    from 'CRISIL D ISSUER NOT
                                    COOPERATING')

The rating reflects timely repayments of debt obligations.

The rating also factors average financial risk profile and modest
scale of operations. These weaknesses are partly offset by the
extensive experience of the promoters.

Key Rating Drivers & Detailed Description

Weaknesses:

* Average Financial Risk profile: The company has an average
financial risk profile marked by weak capital structure and modest
debt protection metrics. The interest coverage was around 0.6 times
in fiscal 2020.

* Modest Scale of operations: The company has reported modest scale
of operations as indicated by the topline of around INR28 crores in
fiscal 2020. Going forward, the topline is expected to gradually
improve over the medium term.

Strength:

* Experience of promoters: The promoter's decade long experience in
the feed manufacturing industry will support the company's business
risk profile with the established relationship with customers and
suppliers. CRISIL believes the company will continue to derive
benefits from an extensive experience of the promoters over the
medium term.


Liquidity: Stretched

Liquidity is stretched marked by modest cash accrual and high bank
limit utilization. Cash accrual, expected at INR0.6-0.7 crores over
the medium term should adequate to cover debt obligation over the
medium term. The fund-based limit of INR4.5 crore was utilized at
89% over the last eight months through November 2020.  Also, the
need based funding support from management supports the liquidity
profile over the medium term. The current ratio stood at around 0.8
times as at 31st March 2020. Further, the company has availed the
COVID moratorium relief announced by Reserve Bank of India.

Outlook Stable

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

Rating Sensitivity factors

Upward Factor

* Improvement in the revenue profile to more than INR40 crores.
* Improvement in the financial risk profile.

Downward Factor

* Decline in the topline to less than INR10 crores.
* Further, deterioration of financial risk profile.

VPFPL, which commenced operations in July 2018, is involved in
hatching of eggs through layering farm with 5 sheds of 75,000 birds
each. Mr V Palanisamy and Mr P Thilagam manage the operations.




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

CRYPTOPIA LTD: Assets Worth NZD62K Allegedly Stolen from Company
----------------------------------------------------------------
Sam Sherwood at Stuff.co.nz reports that more than NZD60,000 worth
of cryptocurrency has reportedly been stolen from international
currency exchange Cryptopia, despite the company being in
liquidation following a NZD24 million hack.

Stuff relates that the alleged theft happened several months after
it was revealed a former employee had been charged with stealing
almost NZD250,000 worth of cryptocurrencies and customer data.

According to Stuff, Stakenet was alerted that about NZD62,000 worth
of XSN cryptocurrency was being moved from its cold wallet (also
known as an offline wallet) on February 1.

The wallet, which contained about NZD2.7 million in total, had been
dormant since the Cryptopia hack in January 2019.

"We had no prior warning of any intended movement so naturally we
immediately contacted [liquidator] Grant Thornton, who is supposed
to be in control of these assets and in charge of redistributing
them back to their rightful owners," Stuff quotes a Stakenet
spokesman as saying.

An email, seen by Stuff, from Grant Thornton's Tom Aspin to
Stakenet said it was investigating the transaction, which was not
authorised by the liquidator.

The Stakenet spokesman said the company had hoped it could recover
its users' cryptocurrency from Grant Thornton as it had not been
affected by the hack, Stuff relays.

"If this unauthorised transaction has happened under Grant
Thornton's watch then they need to explain to the users why they
failed to secure . . . [their] assets like they were supposed to do
and how someone was able to access them."

It is understood the liquidator has contacted police about the
alleged theft, Stuff says.

Cryptopia went into liquidation in May 2019 after a hacker stole
NZD24 million - 15 per cent of Cryptopia clients' digital currency
stock, made up of about 900 different currencies including bitcoin.
It is regarded as the biggest theft in New Zealand history.

The exchange was holding cryptocurrencies worth about NZD170
million and had 800,000 account holders with a positive coin
balance.

The company's liquidators went to the High Court in Christchurch in
March last year asking for guidance on whether the account holders
were entitled to all the currencies in their accounts or whether
the funds were debts that ranked along with other creditors, Stuff
recalls.

Creditors were owed about NZD12 million, including about NZD5
million owed to Inland Revenue, Stuff discloses. A decision for the
account holders meant creditors would get about half of what they
were owed.

In a judgement released in July last year, Justice David Gendall
found for the account holders, saying Cryptopia held the digital
assets on trust by way of a separate trust for each
cryptocurrency.

                      About Cryptopia Limited

Cryptopia Limited -- https://support.cryptopia.co.nz/csm -- was a
cryptocurrency exchange based in New Zealand.

On May 15, 2019, David Ruscoe and Russell Moore from Grant Thornton
were appointed as liquidators to wind up the company's affairs.

Cryptopia Limited filed a Chapter 15 petition (Bankr. S.D. New York
Case No. 19-11688) on May 24, 2019.  Timothy E. Graulich, Esq.,
Davis Polk & Wardwell LLP, in New York, is the U.S. counsel.

HOME FUNDING: Fined for Crafting False Home Savings Scheme
----------------------------------------------------------
NZ Herald reports that an Auckland company has been fined
NZD400,000 for a "carefully crafted scheme" that targeted
"vulnerable" low-income home buyers.

Home Funding Group Limited (HFG), which is currently in
liquidation, was convicted on two charges under the Fair Trading
Act 1986 in the Auckland District Court in January, the Herald
relates.

HFG offered services to prospective home buyers who found it
difficult to save for a deposit or qualify for bank finance.

It claimed to operate a savings scheme which could assist customers
to purchase a home with a deposit as low as 5 per cent.

However, customers' payments were not paid into or treated as being
in any form of savings scheme, the report says.

According to the Herald, the contracts that customers entered into
were for a brokerage and financial coaching service.

Between February 2015 and April 2017 HFG received NZD316,361 from
149 customers. They typically paid HFG NZD50-NZD100 per week.

In sentencing remarks, Judge Josephine Bouchier said it was a
"carefully crafted scheme" and the conduct involved "serious
offending against vulnerable people," the Herald relays.

She said affidavits from four victims were "extremely sad" and
"heart-rending" and that all four complainants were still unable to
purchase houses of their own.

In presentations to prospective customers HFG said at the end of
the contract term customers would get back the money they paid to
HFG; money paid to HFG could be used for a house deposit; and HFG
had a special relationships with various banks.

The Herald relates that Judge Bouchier directed full refunds be
paid to eight complainants named in the commission's case and
voided their contracts.

Since the company is now in liquidation, the question of whether
refunds will be paid is in the hands of the liquidator, the report
states.

The Commerce Commission charged HFC in April 2019.

"The claims made by HFG induced consumers to make regular payments
to HFG in the belief they were putting money towards a house
deposit," the Herald quotes chairwoman Anna Rawlings as saying.
"They were not. In fact they were paying for financial services and
HFG's contract allowed HFG to limit or avoid providing those
services.

"HFG did not have special relationships with any bank.  The money
paid could not be used for a deposit, and the commission is not
aware of a single customer who completed the HFG contract and
successfully purchased a home."




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

THAI AIRWAYS: Posts THB141.2 Billion Loss as Debt Revamp Looms
--------------------------------------------------------------
Suttinee Yuvejwattana and Anuchit Nguyen at Bloomberg News report
that Thai Airways International Pcl, the nation's flag carrier in
the middle of a debt restructuring, reported a record loss last
year after the coronavirus outbreak ground most of its services to
a halt.

The net loss widened to THB141.2 billion ($4.7 billion), or
THB64.68 a share, from THB12 billion, or THB5.51 a share in 2019,
Thai Airways said in an exchange filing on Feb. 18. The annual loss
was the largest ever for a Thai company, according to data compiled
by the Stock Exchange of Thailand. Revenue slumped 73.8% to 48.3
billion baht.

Thai Airways, which has posted losses every year barring one since
2013, is preparing to submit a debt rehabilitation plan to the
bankruptcy court in Bangkok by March 2 in a bid to reduce its
liabilities from THB336.7 billion and return to profit. The airline
has sold stakes in some units, cut staff and opened its flight
simulators to the public to generate additional revenue and cushion
the blow from an unprecedented hit to global tourism and travel
industry.

Thai Airways shares have dropped more than 40% since start of 2020
While the airline expects its performance in the first half to
improve from a year ago with easing of some travel curbs, it will
still be "negative," it said in the statement. While
tourism-reliant Thailand has eased curbs on foreign tourists, a
mandatory two-week quarantine and a fresh wave of infections have
kept most visitors away. Wider availability of Covid-19 vaccines
will be the key to reviving travel demand, the airline said.

"Vaccines will be a significant factor in the aviation industry
because it affects entry restriction policy of Thailand and other
countries around the world and would increase the traveling
confident of tourists," Thai Airways said. "However, air travel
around the world is expected to return to normal in 2024."

The airline's losses last year included one-time expenses of almost
THB92 billion from an employee separation plan and impairment
losses on aircraft, right-of-use assets and aircraft spare parts,
it said in the statement. The widening losses sent Thai Airways
equity to a negative THB127 billion at the end of last year, it
said.

Thai Airways shares, up 29% this year, were suspended on Thursday
as the Stock Exchange of Thailand considered whether the company is
subject to delisting because of its negative equity. The bourse
will decide on delisting of the stock within seven days, or by
March 7, it said in a statement.

                       About Thai Airways

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

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

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

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

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

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

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



                           *********


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

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

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

This material is copyrighted and any commercial use, resale or
publication in any form (including e-mail forwarding,
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Information contained herein is obtained from sources believed
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