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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

          Monday, March 8, 2021, Vol. 24, No. 42

                           Headlines



A U S T R A L I A

ARTISAN INSTALLATIONS: Second Creditors' Meeting Set for March 16
EVOKE DESIGN: Second Creditors' Meeting Set for March 16
MORTGAGE HOUSE 2021-1P: S&P Assigns B (sf) Rating to Cl. F Notes
ROBERTS PLUMBING: First Creditors' Meeting Set for March 15
SHOFER PTY: First Creditors' Meeting Set for March 16

ZETO 6: First Creditors' Meeting Set for March 16


C H I N A

SUNSHINE 100: S&P Upgrades ICR to 'CCC-', Outlook Negative
[*] CHINA: Regulator Sees Risk From 'Bubble' in Real-Estate Prices


I N D I A

ALAIN GOLD: CRISIL Withdraws B+ Ratings on INR7cr Loans
AVIS PROJECTS: CRISIL Assigns B+ Ratings to INR5.50cr Loans
DASARI VEER: CRISIL Lowers Rating on INR13.05cr Loans to D
ETERNITY GLOBETEX: CRISIL Keeps D Debt Rating in Not Cooperating
GINGER ENTERPRISES: CRISIL Moves D Ratings to Not Cooperating

HANUMANT CONSTRUCTION: CRISIL Moves D Ratings to Not Cooperating
HINDUSTAN CONSTRUCTION: CRISIL Moves D Ratings to Not Cooperating
HITECH MARKETING: CRISIL Withdraws B Rating on INR7cr Cash Loan
JALARAM PLASTICS: CRISIL Keeps D Debt Ratings in Not Cooperating
KAILASANADHA TEXTILES: CRISIL Keeps D Ratings in Not Cooperating

MANTRAS GREEN: CRISIL Withdraws D Rating on INR4.75cr Loan
METALORE OVERSEAS: CRISIL Keeps D Debt Ratings in Not Cooperating
MOHIT VENTURES: Ind-Ra Affirms & Withdraws BB+ LT Issuer Rating
OMTEE STEEL: CRISIL Keeps D Debt Ratings in Not Cooperating
PRITS LEATHER: Ind-Ra Hikes LT Issuer Rating to BB, Outlook Stable

RAMESHWAR SAHAKARI: CRISIL Keeps D Debt Rating in Not Cooperating
RDC AUTOMOBILE: CRISIL Moves D Debt Ratings to Not Cooperating
ROYAL PRESSING: CRISIL Moves D Debt Ratings to Not Cooperating
S.K. HITECH: CRISIL Keeps D Debt Rating in Not Cooperating
SAJ ROOFING: CRISIL Keeps D Debt Ratings in Not Cooperating

SEFL DA SEP 2019 II: Ind-Ra Keeps BB+ Rating in Non-Cooperating
SEFL DA SEP 2019 III: Ind-Ra Keeps BB+ Rating in Non-Cooperating
SHARAYU AGRO: CRISIL Moves D Debt Ratings to Not Cooperating
SINGLA CABLES: CRISIL Moves D Debt Rating to Not Cooperating
SIRI SMELTERS: CRISIL Keeps D Debt Ratings in Not Cooperating

SREEKARA ORGANICS: Ind-Ra Affirms BB Issuer Rating, Outlook Stable
SUJITHA POULTRY: CRISIL Withdraws B Rating on INR5cr Cash Loan
SUNIL STEELS: CRISIL Withdraws D Ratings on INR7cr Loans
SURYA POULTRY: CRISIL Keeps D Debt Ratings in Not Cooperating
TOMAR BUILDERS: Ind-Ra Cuts LT Issuer Rating to D, Outlook Stable

TRISTAR GLOBAL: CRISIL Keeps D Debt Ratings in Not Cooperating
TUFFWARE INDUSTRIES: CRISIL Keeps D Ratings in Not Cooperating
WOOGA CERAMIC: CRISIL Moves D Debt Ratings to Not Cooperating


J A P A N

SOFTBANK GROUP: Egan-Jones Hikes Senior Unsecured Ratings to B+


M A C A U

MELCO RESORTS: S&P Affirms 'BB' Long-Term ICR, Outlook Negative


M A L A Y S I A

1MDB: Deloitte to Pay Malaysia $80MM in 1MDB-Related Settlement
BERTAM ALLIANCE: Reprimanded for Breaches; Directors Fined


S I N G A P O R E

GALOC PRODUCTION: Court Enters Wind-Up Order
GP GLOBAL: Singapore High Court Grants 6-Month Debt Moratorium
MONAKO ASIA: Court Enters Wind-Up Order
U100 PTE: Creditors' Proofs of Debt Due April 5

                           - - - - -


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

ARTISAN INSTALLATIONS: Second Creditors' Meeting Set for March 16
-----------------------------------------------------------------
A second meeting of creditors in the proceedings of Artisan
Installations Pty Ltd, formerly trading as Half Cost Kitchens, has
been set for March 16, 2021, at 10:00 a.m. via Teleconference.

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 15, 2021, at 4:00 p.m.

Shelley-Maree Brooks of Rodgers Reidy (Tas) Pty Ltd was appointed
as administrator of Artisan Installations on Feb. 5, 2021.

EVOKE DESIGN: Second Creditors' Meeting Set for March 16
--------------------------------------------------------
A second meeting of creditors in the proceedings of Evoke Design
Group Pty Ltd has been set for March 16, 2021, at 11:00 a.m. via
teleconference.

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 15, 2021, at 4:00 p.m.

Shelley-Maree Brooks of Rodgers Reidy (Tas) Pty Ltd was appointed
as administrator of Evoke Design on Feb. 5, 2021.

MORTGAGE HOUSE 2021-1P: S&P Assigns B (sf) Rating to Cl. F Notes
----------------------------------------------------------------
S&P Global Ratings assigned its ratings to seven classes of prime
residential mortgage-backed securities (RMBS) issued by Perpetual
Trustee Co. Ltd. as trustee for Mortgage House Capital Mortgage
Trust No.1 - Mortgage House RMBS Series 2021-1P. Mortgage House
RMBS Series 2021-1P is a securitization of residential mortgages
originated by Mortgage House of Australia Pty Ltd.

The ratings reflect:

-- S&P's view of the credit risk of the underlying collateral
portfolio, including its view that the credit support provided to
each class of notes is commensurate with the ratings assigned.
Credit support for the rated notes comprises note subordination,
lenders' mortgage insurance (LMI) on 8.6% of the loans in the
portfolio, and excess spread.

-- The underwriting standard and centralized approval process of
the seller, Mortgage House of Australia.

-- S&P's expectation that the various mechanisms to support
liquidity within the transaction, including a liquidity facility
equal to 1.2% of the outstanding balance of the notes, principal
draws, and a loss reserve that builds from excess spread, are
sufficient under our stress assumptions.

-- The benefit of a fixed- to floating-rate interest-rate swap
provided by Westpac Banking Corp. to hedge the mismatch between
receipts from any fixed-rate mortgage loans and the variable-rate
RMBS.

-- That loss of income for borrowers in the coming months due to
the effects of COVID-19 will likely put upward pressure on mortgage
arrears. S&P has updated its outlook assumptions for Australian
RMBS in response to changing macroeconomic conditions as a result
of the COVID-19 outbreak. As of Jan. 13, 2021, there are no
borrowers in the portfolio under COVID-19-related hardship
arrangements.

S&P Global Ratings believes there remains high, albeit moderating,
uncertainty about the evolution of the coronavirus pandemic and its
economic effects. Vaccine production is ramping up and rollouts are
gathering pace around the world. Widespread immunization, which
will help pave the way for a return to more normal levels of social
and economic activity, looks to be achievable by most developed
economies by the end of the third quarter. However, some emerging
markets may only be able to achieve widespread immunization by
year-end or later. S&P said, "We use these assumptions about
vaccine timing in assessing the economic and credit implications
associated with the pandemic. As the situation evolves, we will
update our assumptions and estimates accordingly."

  Ratings Assigned

  Mortgage House Capital Mortgage Trust No.1 - Mortgage House RMBS
Series 2021-1P

  Class A, A$552.0 million: AAA (sf)
  Class AB, A$10.2 million: AAA (sf)
  Class B, A$13.8 million: AA (sf)
  Class C, A$10.3 million: A (sf)
  Class D, A$6.2 million: BBB (sf)
  Class E, A$3.5 million: BB (sf)
  Class F, A$2.2 million: B (sf)
  Class G, A$1.8 million: Not rated


ROBERTS PLUMBING: First Creditors' Meeting Set for March 15
-----------------------------------------------------------
A first meeting of the creditors in the proceedings of Roberts
Plumbing & Contracting Pty Ltd will be held on March 15, 2021, at
2:00 p.m. via virtual meeting technology.

Cameron Shaw and Richard Albarran of Hall Chadwick Chartered
Accountants were appointed as administrators of Roberts Plumbing on
March 3, 2021.

SHOFER PTY: First Creditors' Meeting Set for March 16
-----------------------------------------------------
A first meeting of the creditors in the proceedings of Shofer Pty
Ltd will be held on March 16, 2021, at 2:00 p.m.

Matthew Donnelly of Deloitte was appointed as administrator of
Shofer Pty on March 4, 2021.


ZETO 6: First Creditors' Meeting Set for March 16
-------------------------------------------------
A first meeting of the creditors in the proceedings of Zeto 6
Malcolm Pty Ltd in its own right and ATF Zeto 6 Malcolm Unit Trust
will be held on March 16, 2021, at 3:00 p.m. The meeting will be
conducted by online video conference using Zoom Video Conference
Facilities.

Sam Kaso and Barry Wight of Cor Cordis were appointed as
administrators of Zeto 6 on March 3, 2021.




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

SUNSHINE 100: S&P Upgrades ICR to 'CCC-', Outlook Negative
----------------------------------------------------------
On March 4, 2021, S&P Global Ratings raised its issuer credit
rating on Sunshine 100 China Holdings Ltd. to 'CCC-' from 'SD'. The
rating reflects its  assessment of the company's credit profile.

S&P said, "The negative outlook reflects our view that Sunshine's
default risk remains elevated, considering its hefty maturities in
2021, including various domestic bonds, trust financing, and U.S.
dollar-denominated senior notes.

"The upgrade to 'CCC-' reflects our assessment of Sunshine's credit
profile following its below-par convertible bond repurchase, which
we considered to be distressed.

"Our rating reflects Sunshine's exceptionally weak liquidity and
continued repayment risks over the next six months.

"We still view Sunshine's capital structure as unsustainable.
Although the company issued US$120 million senior notes with a high
coupon rate of 12% in February 2021, the proceeds were mainly used
for the bond repurchase. We estimate its unrestricted cash balance
at Chinese renminbi (RMB) 2.5 billion-RMB3 billion after the
transaction, which will still be insufficient to cover operating
needs and other maturities this year. The maturities include senior
notes of US$293 million in July and US$170 million in December.

"We expect Sunshine's operating cash flow to be insufficient for
debt repayment given its weak property sales and limited visibility
on its primary land disposal. At the same time, external financing
will be challenging based on the company's weak credit metrics. We
therefore believe a default or distressed exchange remains likely
over the next six months while Sunshine seeks various measures to
meet its financial obligations."

The negative outlook on Sunshine reflects the high uncertainty of
its timely debt repayment within the next six months and beyond, in
particular its domestic bonds totaling RMB1 billion due in April to
July, trust loans, and offshore convertible bonds and senior notes
totaling US$508.5 million due between July and December. Sunshine's
liquidity continues to be exceptionally weak.

S&P could lower the rating if it sees an increased likelihood of
nonpayment of any debt obligations. This could happen if:

-- Sunshine's accessibility to capital markets or support from
financial institution weakens, such that it cannot refinance; or

-- The company proposes debt restructuring such as an exchange
offer or market repurchases, which we would consider as
distressed.

S&P could raise the rating if the company forms a feasible debt
repayment plan for its maturities in 2021 and can shore up its
liquidity position.


[*] CHINA: Regulator Sees Risk From 'Bubble' in Real-Estate Prices
------------------------------------------------------------------
The Wall Street Journal reports that China's chief banking
regulator warned about rising risks from the country's property
sector and from global financial markets, underscoring Beijing's
focus on risk controls after a robust pandemic recovery.

The Journal relates that Guo Shuqing, chairman of the China Banking
and Insurance Regulatory Commission, told reporters in a briefing
on March 2 that he was concerned about what he called a "bubble" in
Chinese real-estate prices, which he said could threaten the
country's financial sector and its broader economy.

"Many people buy homes not to live in, but to invest or speculate.
This is very dangerous," said Mr. Guo, comparing the property
bubble to a "gray rhino" - an obvious but neglected threat, the
Journal relays.

According to the Journal, Mr. Guo also warned about the possibility
of spillover from what he described as asset bubbles in global
financial markets, which he added were out of sync with real-world
economic conditions. He said Beijing was studying measures to
manage capital inflows in a way that would prevent any global
turbulence from hitting domestic financial markets without
discouraging foreign investment.

But Mr. Guo's chief worry concerned the possibility of a steep drop
in home prices in the world's second-largest economy. In recent
decades, buying an apartment in a big city has come to be regarded
as a surefire investment by many Chinese people, the report says.



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

ALAIN GOLD: CRISIL Withdraws B+ Ratings on INR7cr Loans
-------------------------------------------------------
CRISIL Ratings has withdrawn the ratings on certain bank facilities
of Alain Gold Souk (AGS), as:

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

   Proposed Fund-
   Based Bank Limits      2.5      CRISIL B+/Stable (ISSUER NOT
                                   COOPERATING; Rating Withdrawn)

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

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

Detailed Rationale

Despite repeated attempts to engage with the management, CRISIL
Ratings failed to receive any information on either the financial
performance or strategic intent of AGS. This restricts CRISIL
Ratings' ability to take a forward looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on AGS
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the rating on bank facilities of
AGS continues to be 'CRISIL B+/Stable Issuer Not Cooperating'.

CRISIL Ratings has withdrawn its rating on the bank facilities of
AGS on the request of the company and receipt of a no objection
certificate from its bank. The rating action is in line with CRISIL
Ratings' policy on withdrawal of its ratings on bank loans.


AGS was established as proprietorship firm in 2016. It is engaged
in manufacturing of jewellery and related articles such as
jewellery of gold and silver, gold bangles, gold neckless, diamond
bangles, gold clip, gold chain and diamond set. It is based in
Ayoor- Kerala and owned by Mr. Muhammed Shan.

AVIS PROJECTS: CRISIL Assigns B+ Ratings to INR5.50cr Loans
-----------------------------------------------------------
CRISIL Ratings has assigned its 'CRISIL B+/Stable' rating to the
long-term facilities of Avis Projects And Infrastructure Private
Limited (APIPL).

                      Amount
   Facilities       (INR Crore)     Ratings
   ----------       -----------     -------
   Cash Credit           4.41       CRISIL B+/Stable (Assigned)

   Working Capital
   Term Loan             1.09       CRISIL B+/Stable (Assigned)

The rating reflects APIPL's susceptibility to tender-based
business, modest scale of-and working capital intensive operations
and highly leveraged capital structure. These weaknesses are
partially offset by the extensive experience of the promoter and
above average operating margin.

Key rating drivers & detailed description

Weaknesses:

* Susceptibility to tender-based operations: Revenue and
profitability entirely depend on the ability to win tenders. Also,
entities in this segment face intense competition, thus requiring
to bid aggressively to get contracts, which restricts the operating
margin to a moderate level. Moreover, given the cyclicality
inherent in the construction industry (largely for sugar
factories), the ability to maintain profitability through operating
efficiency becomes critical.

* Modest scale of operations: Business is constrained by the modest
scale of operations with revenue of INR6.4 crore for fiscal 2020.
Further the first quarter of fiscal 2021 also remained subdued on
account of the impact of pandemic resulting in frequent lockdowns
and logistical challenges to curb the spread of Covid-19, this is
expected to constrain the growth for the fiscal.  However, the
scale is expected to improve on account of moderate order book and
the same remains key monitorable.

* Working capital intensive operations: Gross current assets (GCAs)
were 334-714 days over the three fiscals ended March 31, 2020
driven by sizeable inventory, which includes work in progress
(70-80%) and raw material (20-30%). GCAs were 714 days as on March
31, 2020.

* Highly leveraged capital structure: Financial risk profile is
weak marked by high total outside liabilities to adjusted tangible
networth ratio of more than 7 times for the three years ended March
31, 2020.

Strengths:

* Extensive experience of the promoter: The promoter's experience
of almost eight years in the construction industry and healthy
relationship with sugar mills in the region should continue to
support the business.

* Above Average operating margin: Operating margin was
above-average at 8-16% in the three fiscals ended March 31, 2020.
Profitability is expected to remain moderate and support the
business risk profile over the medium term.

Liquidity: Stretched

Cash accrual, expected at INR30-50 lakh per annum over the medium
term should cover yearly term debt obligation of INR20-40 lakh.
However the bank limit utilization was high at 92% on average in
the 12 months ended December 2020. Current ratio was moderate at
1.02 times as on March 31, 2020.

Outlook: Stable

CRISIL Ratings believes APIPL will continue to benefit from the
extensive experience of its promoter

Rating sensitivity factors

Upward factors

* Sustained increase in revenue and stable operating margin,
* Improvement in working capital cycle with GCAs of 200-250 days.

Downward factors

* Further stretch in working capital cycle,
* Lower revenue resulting in net cash accrual of less than INR40
lakh,
* Large debt-funded capital expenditure weakens the capital
structure.

Incorporated in 2013 and located in Pune, Maharashtra, APIPL is
owned and managed by Mr Niranjan Vijay Kulkarni. It undertakes
civil construction works, such as construction of sugar factory and
co-generation unit.

DASARI VEER: CRISIL Lowers Rating on INR13.05cr Loans to D
----------------------------------------------------------
CRISIL Ratings has downgraded its rating on the long-term bank
facilities of Dasari Veer Raju and Gunnam Ram Chandra Rao Memorial
Trust (DVRGRCMT) to 'CRISIL D' from 'CRISIL B+/Stable'.

                      Amount
   Facilities       (INR Crore)     Ratings
   ----------       -----------     -------
   Cash Credit           2.29       CRISIL D (Downgraded from
                                    'CRISIL B+/Stable')

   Term Loan            10.76       CRISIL D (Downgraded from
                                    'CRISIL B+/Stable')

The downgrade reflects delay by DVRGRCMT, in paying instalments on
some of its term debt obligations for December 2021, due to weak
liquidity.  

The rating also continues to reflect the trust's small scale of
operations, geographic concentration in revenue, and susceptibility
to regulatory risks inherent in the education sector. The
weaknesses are partially offset by the extensive experience of the
trustee in the education sector.

Key Rating Drivers & Detailed Description

Weakness:

* Delay in servicing installments on term debt obligation: Owing to
weak liquidity, the trust was not able to service the installments
on its term debt obligations for the month of December 2020.

* Small scale of operations and geographic concentration in
revenue: Revenue of around INR28.06 crore in fiscal 2020 reflects
the small scale of operations. The trust runs six institutes, which
have high occupancy. However, small capacity restricts cash
accrual, and hence, the financial risk profile.

* Vulnerability to regulatory risks associated with educational
institutions: Courses offered by educational institutes have to
comply with specific operational and infrastructure norms laid down
by regulatory bodies. Thus, the trust has to regularly invest in
workforce and infrastructure, as per the prescribed norms.

Strengths:

* Extensive experience of the trustees: The decade-long presence of
the trustees in the education sector, has helped the trust ramp up
operations, as indicated by the year-on-year growth in operating
income.


Liquidity: Poor

Liquidity may remain stretched as cash accrual projected per annum
over the medium term, will be inadequate to cover the yearly debt
obligation.

Rating Sensitivity factors

Upward factors
* Track record of timely debt servicing for at least 90 days.
* Sustained improvement in financial risk profile, especially
liquidity

Established in 2007, DVRGRCMT currently operates six educational
institutes in Odisha.

ETERNITY GLOBETEX: CRISIL Keeps D Debt Rating in Not Cooperating
----------------------------------------------------------------
CRISIL Ratings said the rating on bank facilities of Eternity
Globetex Private Limited (EGPL) continues to be 'CRISIL D Issuer
Not Cooperating'.

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

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

EGPL, incorporated in 2016, by Mr Sanjay Juneja and Mr Nikunj
Kapadia, manufactures dress material mostly on job work basis. The
manufacturing facility is at Vasai, Maharashtra.


GINGER ENTERPRISES: CRISIL Moves D Ratings to Not Cooperating
-------------------------------------------------------------
CRISIL Ratings has migrated the rating on bank facilities of Shree
Ginger Enterprises Limited (SGEL) to 'CRISIL D/CRISIL D Issuer not
cooperating'.

                      Amount
   Facilities       (INR Crore)     Ratings
   ----------       -----------     -------
   Bank Guarantee         20        CRISIL D (ISSUER NOT
                                    COOPERATING; Rating Migrated)

   Cash Credit            34.9      CRISIL D (ISSUER NOT
                                    COOPERATING; Rating Migrated)
   Proposed Long Term
   Bank Loan Facility      7.1      CRISIL D (ISSUER NOT
                                    COOPERATING; Rating Migrated)

CRISIL Ratings has been consistently following up with SGEL for
obtaining information through letters and emails dated November 28,
2020 and December 22, 2020 among others, apart from telephonic
communication. However, the issuer has remained non cooperative.

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

Detailed Rationale

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

SGEL was incorporated as Ginger Enterprises Ltd in 2002 and is
promoted by Mr Sanjay Kumar Tayal and his family members. The
company manufactures partially oriented yarn (POY), polyester
texturised yarn (PTY), and knitted fabric in Silvassa. Operations
are managed by Mr Keshav Tayal.

HANUMANT CONSTRUCTION: CRISIL Moves D Ratings to Not Cooperating
----------------------------------------------------------------
CRISIL Ratings has migrated the rating on bank facilities of
Hanumant Construction Private Limited (HCPL) to 'CRISIL D/CRISIL D
Issuer not cooperating'.

                      Amount
   Facilities       (INR Crore)    Ratings
   ----------       -----------    -------
   Bank Guarantee         14       CRISIL D (ISSUER NOT
                                   COOPERATING; Rating Migrated)

   Cash Credit            19       CRISIL D (ISSUER NOT
                                   COOPERATING; Rating Migrated)

CRISIL Ratings has been consistently following up with HCPL for
obtaining information through letters and emails dated November 28,
2020 and December 22, 2020 among others, apart from telephonic
communication. However, the issuer has remained non cooperative.

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

Detailed Rationale

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

The Raipur-based HCPL was set up in 1996, by Mr Kamal Dayal
Choudhury. The company executes civil construction projects related
to industrial site development and construction of dams,
reservoirs, canals, road, and bridges.

HINDUSTAN CONSTRUCTION: CRISIL Moves D Ratings to Not Cooperating
-----------------------------------------------------------------
CRISIL Ratings has migrated the rating on bank facilities of
Hindustan Construction - Raebareli (HC) to 'CRISIL D/CRISIL D
Issuer not cooperating'.

                      Amount
   Facilities       (INR Crore)    Ratings
   ----------       -----------    -------
   Bank Guarantee         1        CRISIL D (ISSUER NOT
                                   COOPERATING; Rating Migrated)
    
   Cash Credit            6        CRISIL D (ISSUER NOT
                                   COOPERATING; Rating Migrated)

   Term Loan              0.47     CRISIL D (ISSUER NOT
                                   COOPERATING; Rating Migrated)

CRISIL Ratings has been consistently following up with HC for
obtaining information through letters and emails dated December 23,
2020 and January 29, 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 HC, which restricts CRISIL
Ratings' ability to take a forward looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on HC is
consistent with 'Assessing Information Adequacy Risk'. Therefore,
on account of inadequate information and lack of management
cooperation, CRISIL Ratings has migrated the rating on bank
facilities of HC to 'CRISIL D/CRISIL D Issuer not cooperating'.

HC was established as a proprietorship firm in 2005 by Mr
Pushpendra Singh. It is an A class approved government contractor
working for the PWD, AA class approved contractor for the
Irrigation Department, and a contractor for Power Corporation of
India to undertake projects related to construction of roads,
buildings, drainage, and other works. The registered office is at
Raebareli.

HITECH MARKETING: CRISIL Withdraws B Rating on INR7cr Cash Loan
---------------------------------------------------------------
CRISIL Ratings has withdrawn the ratings on certain bank facilities
of Hitech Marketing (HM), as:

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

CRISIL Ratings has been consistently following up with HM for
obtaining information through letters and emails dated Feb. 5, 2021
and February 11, 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 HM. This restricts CRISIL
Ratings' ability to take a forward looking view on the credit
quality of the entity. CRISIL Ratings believes that rating action
on HM is consistent with 'Assessing Information Adequacy Risk'.
CRISIL Ratings has migrated the ratings on the bank facilities of
HM to 'CRISIL B/Stable Issuer not cooperating'.

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

HM was set up in 1990 at Chandigarh, Punjab. The firm trades in
medicated poultry feed and medicines. Promoter, Mr Yashpal Singla
has been engaged in a similar business since 1984, through another
entity, Paul Distributors.

JALARAM PLASTICS: CRISIL Keeps D Debt Ratings in Not Cooperating
----------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Sri Jalaram
Plastics (SJP) continue to be 'CRISIL D Issuer Not Cooperating'.

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

   Proposed Cash          7         CRISIL D (Issuer Not
   Credit Limit                     Cooperating)

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

SJP was set up in 2010 Mr. Chandrakanth Thakker, Mr. Bharath
Thakker, Mr. Hasmuk Thakker, and their family members. The firm
manufactures polypropylene woven sacks used for packaging in
various industries such as cement, fertiliser, and rice. Its
manufacturing unit is in the Nizamabad district of Telangana.

KAILASANADHA TEXTILES: CRISIL Keeps D Ratings in Not Cooperating
----------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Sri
Kailasanadha Textiles Private Limited (SKT) continue to be 'CRISIL
D Issuer Not Cooperating'.

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


   Long Term Loan         9.04      CRISIL D (Issuer Not
                                    Cooperating)

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

SKT was set up in 2013 Mr. Tulabandula Paripurna Krishna Rao, Mr.
T. Ram Kalyan, and their family members. The company is engaged in
ginning and pressing of raw cotton. The firm's ginning unit is
located in Guntur district in Andhra Pradesh.

MANTRAS GREEN: CRISIL Withdraws D Rating on INR4.75cr Loan
----------------------------------------------------------
CRISIL Ratings has withdrawn the ratings on certain bank facilities
of Mantras Green Resources Limited (MGRL), as:

                      Amount
   Facilities       (INR Crore)    Ratings
   ----------       -----------    -------
   Bank Guarantee        4.75      CRISIL D (ISSUER NOT
                                   COOPERATING; Migrated from
                                   'CRISIL D'; Rating Withdrawn)

   Inland/Import         3.00      CRISIL D (ISSUER NOT
   Letter of Credit                COOPERATING; Migrated from
                                   'CRISIL D'; Rating Withdrawn)

   Proposed Long Term    0.21      CRISIL D (ISSUER NOT
   Bank Loan Facility              COOPERATING; Migrated from
                                   'CRISIL D'; Rating Withdrawn)

   Term Loan             5.04      CRISIL D (ISSUER NOT
                                   COOPERATING; Migrated from
                                   'CRISIL D'; Rating Withdrawn)

   Working Capital
   Facility              7.00      CRISIL D (ISSUER NOT
                                   COOPERATING; Migrated from
                                   'CRISIL D'; Rating Withdrawn)

CRISIL Ratings has been consistently following up with MGRL for
obtaining information through letters and emails dated February 5,
2021 and February 11, 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 MGRL. This restricts CRISIL
Ratings' ability to take a forward looking view on the credit
quality of the entity. CRISIL Ratings believes that rating action
on MGRL is consistent with 'Assessing Information Adequacy Risk'.
CRISIL Ratings has migrated the ratings on the bank facilities of
MGRL to 'CRISIL D/CRISIL D Issuer not cooperating'.

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

Mantras was formed as an environmental advisory organisation in
2005 promoted by Mr U K Sharma. In 2009, it started consultancy
services for waste handling for various industries. In 2014, the
company started offering engineering and turnkey solutions for
waste handling for various projects.

METALORE OVERSEAS: CRISIL Keeps D Debt Ratings in Not Cooperating
-----------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Metalore
Overseas Private Limited (MOPL; part of the Metalore group)
continue to be 'CRISIL D Issuer Not Cooperating'.

                      Amount
   Facilities       (INR Crore)     Ratings
   ----------       -----------     -------
   Cash Credit           6.5        CRISIL D (Issuer Not
                                    Cooperating)

   Foreign Bill         19.5        CRISIL D (Issuer Not
   Exchange                         Cooperating)

   Inland/Import         0.25       CRISIL D (Issuer Not
   Letter of Credit                 Cooperating)

   Packing Credit        1.50       CRISIL D (Issuer Not
                                    Cooperating)

   Proposed Long Term   22.25       CRISIL D (Issuer Not
   Bank Loan Facility               Cooperating)

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

For arriving at the ratings, CRISIL has combined the business and
financial risk profiles of MOPL, KS Impex Ltd (KSIL), and Shree
Kripa Agro (SKA). This is because the three entities, together
referred to as the Metalore group, are in the same line of
business, have operational and financial linkages, and are under
the same promoter group and management.

The Metalore group, set up in 2001, exports steel utensils,
polyester yarn, cosmetics and standard toiletries, and agricultural
commodities, mainly to the UAE. The group also trades in these
commodities in the domestic market. Recently, it started processing
and selling edible oil (mustard and soya bean) in the domestic
market.

MOHIT VENTURES: Ind-Ra Affirms & Withdraws BB+ LT Issuer Rating
---------------------------------------------------------------
India Ratings and Research (Ind-Ra) has affirmed Mohit Ventures
Private Limited's (MVPL) Long-Term Issuer Rating at 'IND BB+' and
has simultaneously withdrawn it.

The instrument-wise rating actions are:

-- INR77.5 mil. Fund-based working capital limit* affirmed and
     withdrawn;

-- INR22.5 mil. Non-fund-based working capital limit** affirmed
     and withdrawn; and

-- INR86.7 mil. Term loan due on March 2024 affirmed and
     withdrawn.

*Affirmed at 'IND BB+/Stable' before being withdrawn
**Affirmed at 'IND A4+' before being withdrawn

Ind-Ra is no longer required to maintain the ratings as it has
received a no-objection certificate from the lender. This is
consistent with the Securities and Exchange Board of India's
circular dated March 31, 2017 for credit rating agencies.

KEY RATING DRIVERS

The affirmation reflects MVPL's continued medium scale of
operations, as indicated by revenue of INR3,585.9 million in FY20
(FY19: INR4,010.5 million). Despite increased sales (FY20:
104,385.01 tons; FY19: 100,254.01 tons), the revenue fell due to a
decline in steel prices. However, the sales were lower than
expected during the lockdown in 1QFY21. In 10MFY21, the company
achieved revenue of INR2,030.3 million. Consequently, Ind-Ra
expects the revenue to decline on a yoy basis in FY21.

The ratings factor in MVPL's modest EBITDA margins due to the
nature of the business. The margins are vulnerable to the volatile
nature of steel prices. The margin fell to 3.4% in FY20 (FY19:
3.8%) due to an increase in raw material costs. The company's ROCE
was 26.9% in FY20 (FY19: 37.1%). In FY21, Ind-Ra expects the
company's EBITDA margin to be 2%-3%.

Liquidity Indicator - Stretched: MVPL's average utilization of the
fund-based limits was 98% for the 12 months ended January 2021. In
FY20, the cash flow from operations and fund flow from operation
remained positive despite but fell to INR48.4 million (FY19:
INR60.6 million) and INR32.6 million (INR53.9 million),
respectively, due to an increase in the working capital
requirements. Ind-Ra expects the company's cash flow from
operations to decrease in FY21 due to a continued increase in the
working capital requirement. The net working capital cycle was 24
days in FY20 (FY19: 18 days) owing to an increase in inventory days
(FY20: 21 days; FY19: 13 days) and debtor days (25 days; 19 days).
The working capital cycle is likely to elongate marginally in FY21
due to further rise in debtor days as well as inventory days. The
company had availed the Reserve Bank of India-prescribed debt
moratorium for March-August 2020.

The ratings, however, continue to be supported by the strong credit
metrics due to the low debt levels (FY20: INR164 million; FY19:
INR195 million). Despite a reduction in the total debt, the metrics
weakened slightly in FY20 due to the decline in the absolute EBITDA
to INR120 million (FY19: INR151). The company's net leverage
(adjusted net debt/operating EBITDAR) was  1.35x in FY20 (FY19:
1.29x) and the interest coverage (operating EBITDAR/gross interest
expense + rents) was 5.24x (5.87x). Ind-Ra expects the metrics to
deteriorate further in FY21 due to the likely fall in the EBITDA
margins. However, metrics will improve over the medium term on
account of the likely reduction in the total debt, backed by
scheduled repayments and the absence of debt-funded capex.

The ratings, however, continue to be supported by the promoters'
experience of over two decades in the iron and steel industry.

COMPANY PROFILE

Incorporated in 1999, MVPL manufactures thermo-mechanically treated
bars at its 158,400 metric tons per annum unit in Koderma,
Jharkhand, for Kamdhenu Limited and Kamdhenu Concast Limited, and
sells them under the brand names - Kamdhenu and Kay2, respectively.
The commercial operations started from July 2017. The company has
three directors, namely Anil Kumar Pandey, Jitesh Kumar Singh and
Binoy Kumar Singh.

OMTEE STEEL: CRISIL Keeps D Debt Ratings in Not Cooperating
-----------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Shri Omtee
Steel Private Limited (SOSPL) continue to be 'CRISIL D Issuer Not
Cooperating'.

                      Amount
   Facilities       (INR Crore)     Ratings
   ----------       -----------     -------
   Cash Credit            10        CRISIL D (Issuer Not
                                    Cooperating)

   Proposed Term Loan      2.11     CRISIL D (Issuer Not
                                    Cooperating)

   Term Loan              10.39     CRISIL D (Issuer Not
                                    Cooperating)

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

SOSPL, incorporated in 2009 and promoted by the Jain family,
manufactures thermo-mechanically treated (TMT) bars. The company
has recently backward integrated into manufacturing billets from
sponge iron. Operations are managed by Mr. Deepak Jain and his
brother, Mr. Anil Jain.

PRITS LEATHER: Ind-Ra Hikes LT Issuer Rating to BB, Outlook Stable
------------------------------------------------------------------
India Ratings and Research (Ind-Ra) has upgraded Prits Leather Art
Private Limited's (PLAPL) Long-Term Issuer Rating to 'IND BB' from
'IND B+'. The Outlook is Stable.

The instrument-wise rating action is:

-- INR135 mil. Fund-based working capital limit upgraded with
     IND BB/Stable/IND A4+ rating.

KEY RATING DRIVERS

The upgrade reflects an improvement in PLAPL's credit metrics in
FY20, as indicated by its net adjusted leverage (net debt/
operating EBITDA) of negative 0.61x (FY19: 1.08x) and EBITDA
interest coverage (operating EBITDA/gross interest expense) of
10.86x (7.62x). The improvement in the credit metrics was due to an
increase in the operating EBITDA to INR106.74 million in FY20
(FY19: INR100.26 million) and a decline in the total debt to
INR76.57 million (INR125.36 million). Ind-Ra expects the credit
metrics to remain comfortable in FY21 amid the absence of any major
debt-led capex.

The company's scale of operations remains moderate, with revenue
improving to INR1,075.50 million in FY20 (FY19: INR971.41 million),
on account of an increase in the export sales, coupled with the
addition of new customers in the newly started textiles segment.
Ind-Ra expects the revenue to decline marginally in FY21 since the
company was not operational for nearly a month, along with the
muted demand from customers, both due to the COVID-19 outbreak.

Liquidity Indicator – Stretched: The ratings are constrained by
the company's lack of access to the capital market. The average
peak utilization of the fund-based limits was 60% during the 12
months ended December 2020. Its cash flow from operations improved
to INR197.54 million in FY20 (FY19: INR119.44 million), owing to an
improvement in debtor realization in FY20. Any delays in debtor
realization can have severe impact on the liquidity of the company.
It had INR142.13 million of cash and cash equivalents at FYE20
(FYE19: INR16.88 million). PLAPL's cash conversion cycle shortened
to negative 5 days in FY20 (FY19: 11 days) owing to an improvement
in debtor days to 45 from 64.

The ratings continue to benefit from the company's
volatile-yet-healthy EBITDA margin, which rose to 9.92% in FY20
(FY19: 10.32%, FY18: 8.27%, FY17: 9.70%), resulting from a fall in
the raw material price and administrative expenses. The company's
return on capital employed was 28.7% in FY20 (FY19: 28.9%). Ind-Ra
expects the EBITDA margin to decline marginally in FY21 due to an
increase in the selling and administrative expenses.

The ratings also benefit from over two decades of experience of
PLAPL's promoters in the leather industry, leading to the company's
established relationships with customers and suppliers.

RATING SENSITIVITIES

Negative: Any dip in the scale of operations leading to
deterioration in the credit metrics on a sustained basis with the
interest coverage falling below 2.0x and/or an elongation of the
net working capital cycle will be negative for the ratings.

Positive: Substantial growth in the scale of operations along with
the maintenance of the credit metrics, on a sustained basis, will
be positive for the ratings.

COMPANY PROFILE

Headquartered in Uttar Pradesh, PLAPL manufactures and exports
leather products including garments, bags, belts and accessories.

RAMESHWAR SAHAKARI: CRISIL Keeps D Debt Rating in Not Cooperating
-----------------------------------------------------------------
CRISIL Ratings said the rating on bank facilities of Shri Rameshwar
Sahakari Sakhar Karkhana Limited (SRSSKL) continues to be 'CRISIL D
Issuer Not Cooperating'.

                      Amount
   Facilities       (INR Crore)     Ratings
   ----------       -----------     -------
   Cash Credit           30         CRISIL D (Issuer Not
                                    Cooperating)

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

Established in 2001 by a group of agriculturists in Jalna,
Maharashtra, SRSSKL is promoted by Mr. Raosaheb Patil Danve (member
of Parliament) and manufactures sugar. Mr. Santosh Patil Danve is
its chairman, and operations are managed by Mr. Dharmaraj Shewale
(managing director) with support from other functional personnel.

RDC AUTOMOBILE: CRISIL Moves D Debt Ratings to Not Cooperating
--------------------------------------------------------------
CRISIL Ratings has migrated the rating on bank facilities of RDC
Automobile Private Limited (RDC) to 'CRISIL D Issuer not
cooperating'.

                      Amount
   Facilities       (INR Crore)    Ratings
   ----------       -----------    -------
   Drop Line              3.6      CRISIL D (ISSUER NOT
   Overdraft                       COOPERATING; Rating Migrated)
   Facility               
                                   
   Electronic Dealer     15.0      CRISIL D (ISSUER NOT
   Financing Scheme                COOPERATING; Rating Migrated)
   (e-DFS)              
                                  
CRISIL Ratings has been consistently following up with RDC for
obtaining information through letters and emails dated November 28,
2020 and December 22, 2020 among others, apart from telephonic
communication. However, the issuer has remained non cooperative.

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

Detailed Rationale

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

RDC, incorporated in 2015, is an authorised dealer for cars of Jeep
India. Jeep is a brand of American automobiles that is a division
of FCA US LLC (formerly Chrysler Group, LLC), a wholly owned
subsidiary of Fiat Chrysler Automobiles. The promoters also own RDC
Motors Pvt Ltd (an authorised dealer for cars of Fiat India
Automobiles Ltd) in Chennai and Vellore (both in Tamil Nadu). The
operations are managed by Mr Chandrasekar.

ROYAL PRESSING: CRISIL Moves D Debt Ratings to Not Cooperating
--------------------------------------------------------------
CRISIL Ratings has migrated the rating on bank facilities of Royal
Pressing and Components - Kashipur (RPC) to 'CRISIL D/CRISIL D
Issuer not cooperating'.

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

   Letter of Credit       1.5      CRISIL D (ISSUER NOT
                                   COOPERATING; Rating Migrated)

CRISIL Ratings has been consistently following up with RPC for
obtaining information through letters and emails dated November 28,
2020 and December 22, 2020 among others, apart from telephonic
communication. However, the issuer has remained non cooperative.

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

Detailed Rationale

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

Set up in 2010, RPC, a proprietorship concern of Mr Surendra Pal
Singh Tomar, manufactures sheet metal and molding components for
automotive companies.

S.K. HITECH: CRISIL Keeps D Debt Rating in Not Cooperating
----------------------------------------------------------
CRISIL Ratings said the rating on bank facilities of S.K. Hitech
Industries (SKHI) continues to be 'CRISIL D Issuer Not
Cooperating'.

                      Amount
   Facilities       (INR Crore)     Ratings
   ----------       -----------     -------
   Cash Term Loan        7.98       CRISIL D (Issuer Not
                                    Cooperating)

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

Established in 2015, Davanagere (Karnataka) based SKHI is set to
processes paddy to produce rice, broken rice, bran and husk. The
firm has an installed processing capacity of 14 tonne per hour of
paddy. The commercial operations are expected to start from end of
September 2016. Managing partner, Mrs. Syyed Rehana and her family
manage operations.


SAJ ROOFING: CRISIL Keeps D Debt Ratings in Not Cooperating
-----------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Saj Roofing
Solutions Private Limited (SRS) continue to be 'CRISIL D Issuer Not
Cooperating'.

                      Amount
   Facilities       (INR Crore)     Ratings
   ----------       -----------     -------
   Cash Credit           3.2        CRISIL D (Issuer Not
                                    Cooperating)

   Cash Term Loan        4.0        CRISIL D (Issuer Not
                                    Cooperating)

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

SRS was established in 2016 by Mr Sebastien Cletus in Coimbatore,
Tamil Nadu. The company manufactures roofing sheets for industrial
use.

SEFL DA SEP 2019 II: Ind-Ra Keeps BB+ Rating in Non-Cooperating
---------------------------------------------------------------
India Ratings and Research (Ind-Ra) has maintained SEFL DA
September 2019 II's (government of India partial credit
guarantee-backed direct assignment transaction) on Rating Watch
Negative (RWN) and has simultaneously migrated it to the
non-cooperating category. The issuer did not participate in the
rating exercise despite continuous requests and follow-ups by the
agency. Thus, the rating is based on the best available
information. Therefore, investors and other users are advised to
take appropriate caution while using these ratings. The rating will
now appear as 'IND BB+ (SO)(ISSUER  NOT COOPERATING)/RWN' on the
agency's website.

The instrument-wise rating actions are:

-- INR3,412.55 bil. Assignee payouts issued on September 30, 2019

     coupon rate of 10.01%% due on September 30, 2023 maintained
     on RWN; migrated to non-cooperating category with IND BB+
     (SO)(ISSUER NOT COOPERATING)/RWN rating; and

-- INR379.17 mil. Assignor retention due on September 30, 2023
     maintained on RWN; migrated to non-cooperating category with
     IND BB+ (SO)(ISSUER NOT COOPERATING)/RWN rating.

* The maturity dates are subject to change due to transaction
amendments, as a consequence of COVID-19 regulatory relief in the
form of moratorium granted to borrowers in the pool.

^Balance after October 31, 2020 payout date

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

The construction equipment pool assigned to the trust is originated
by SREI Equipment Finance Limited (SEFL; the assignor, and
collection and processing agent (CPA)).

KEY RATING DRIVERS

The ratings have been maintained on RWN in view of the continued
uncertainty around the pending outcome of the meeting with the
creditors and its impact on the collection efficiency of the
transaction.

SEFL has proposed a scheme of arrangement to its creditors and the
same is under consideration. Meanwhile, SEFL's creditors have
decided that the collections of the underlying loan receivables
would be deposited in the trust and retention account (TRA)
maintained by the lead bank of the consortium of creditors, which
would then be identified and transferred to the assignee bank.
However, with the collections being deposited in the TRA, the
reconciliation of the cash flow to be remitted from the TRA to the
assignee bank account is posing a challenge to SEFL, as understood
from the assignor. Hence, SEFL is unable to share the complete
information essential to assess the ratings of the assignee payout
and assignor retention tranches. Hence, Ind-Ra has migrated the
rating to the non-cooperating category.

COMPANY PROFILE

SEFL is engaged in the financing of construction, IT, medical and
agriculture-based farm equipment operating through 78 branches, 92
satellite locations and 153 SEFL entrepreneur partners spread
across 21 states in India. SEFL's revenue increased to INR50.79
billion during FY20 (FY19: INR43.78 billion). The company's profit
after tax decreased to INR0.56 billion in FY20 (FY19: INR3.06
billion), while its gross stage III asset increased to INR33.2
billion (INR16.7 billion).

In 1HFY21, the company reported a profit after tax of INR0.22
billion. As of September 30, 2020, SEFL had assets under management
of INR356.32 billion, of which 10.16% is in stage III asset
category.


SEFL DA SEP 2019 III: Ind-Ra Keeps BB+ Rating in Non-Cooperating
----------------------------------------------------------------
India Ratings and Research (Ind-Ra) has maintained SEFL DA
September 2019 III's (government of India partial credit
guarantee-backed direct assignment transaction) rating of 'IND
BB+(SO)' on Rating Watch Negative (RWN) and has simultaneously
migrated it to the non-cooperating category. The issuer did not
participate in the rating exercise despite continuous requests and
follow-ups by the agency. Thus, the rating is based on the best
available information. Therefore, investors and other users are
advised to take appropriate caution while using these ratings. The
rating will now appear as 'IND BB+ (SO)(ISSUER NOT
COOPERATING)'/RWN on the agency's website.

The instrument-wise rating actions are:

-- INR2,221.88 bil. Assignee payouts issued on September 30, 2019

     coupon rate 10.26% due on September 30, 2023 maintained on
     RWN; migrated to non-cooperating category with IND BB+
     (SO)(ISSUER NOT COOPERATING)/RWN rating; and

-- INR246.88 mil. Assignor retention due on September 30, 2023
     maintained on RWN; migrated to non-cooperating category with
     IND BB+ (SO)(ISSUER NOT COOPERATING) /RWN rating.

* The maturity dates are subject to change due to transaction
amendments, as a consequence of the COVID-19 regulatory relief in
the form of moratorium granted to borrowers in the pool.

^Balance after October 31, 2020 payout date

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

The construction equipment pool assigned to the trust is originated
by SREI Equipment Finance Limited (SEFL; the assignor, and
collection and processing agent).

KEY RATING DRIVERS

The ratings have been maintained on RWN in view of the continued
uncertainty around the pending outcome of the meeting with the
creditors and its impact on the collection efficiency of the
transaction.

SEFL has proposed a scheme of arrangement to its creditors and the
same is under consideration. Meanwhile, SEFL' creditors have
decided that the collections of the underlying loan receivables
would be deposited in the trust and retention account (TRA)
maintained by the lead bank of the consortium of creditors, which
would then be identified and transferred to the assignee bank.
However, with the collections being deposited in the TRA, the
reconciliation of the cash flow to be remitted from the TRA to the
assignee bank account is posing a challenge to SEFL, as understood
from the assignor. Hence, SEFL is unable to share the complete
information essential to assess the ratings of the assignee payout
and assignor retention tranches. Hence, Ind-Ra has migrated the
rating to the non-cooperating category.

COMPANY PROFILE

SEFL is engaged in the financing of construction, IT, medical and
agriculture-based farm equipment operating through 78 branches, 92
satellite locations and 153 SREI entrepreneur partners spread
across 21 states in India. SEFL's revenue increased to INR50.79
billion during FY20 (FY19: INR43.78 billion). The company's profit
after tax decreased to INR0.56 billion in FY20 (FY19: INR3.06
billion), while its gross stage III asset increased to INR33.2
billion (INR16.7 billion).  

In 1HFY21, the company reported profit after tax of INR0.22
billion. As of September 30, 2020, SEFL had an asset under
management of INR356.32 billion, of which 10.16% is in the stage
III asset category.


SHARAYU AGRO: CRISIL Moves D Debt Ratings to Not Cooperating
------------------------------------------------------------
CRISIL Ratings has migrated the rating on bank facilities of
Sharayu Agro Industries Limited (SAI) to 'CRISIL D Issuer not
cooperating'.

                      Amount
   Facilities       (INR Crore)     Ratings
   ----------       -----------     -------
   Proposed Cash          20        CRISIL D (ISSUER NOT
   Credit Limit                     COOPERATING; Rating Migrated)

   Term Loan             200        CRISIL D (ISSUER NOT
                                    COOPERATING; Rating Migrated)

CRISIL Ratings has been consistently following up with SAI for
obtaining information through letters and emails dated November 28,
2020 and December 22, 2020 among others, apart from telephonic
communication. However, the issuer has remained non cooperative.

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

Detailed Rationale

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

Incorporated on February 21, 2011 as Lokmanya Sahakar Udyog Limited
was renamed as SAI in fiscal 2015. Promoted by Mr. Srinivas Pawar,
company is based out of Phaltan, Satara District (Maharashtra) and
is engaged in manufacturing of sugar.

SINGLA CABLES: CRISIL Moves D Debt Rating to Not Cooperating
------------------------------------------------------------
CRISIL Ratings has migrated the rating on bank facilities of Singla
Cables (SC) to 'CRISIL D Issuer not cooperating'.

                      Amount
   Facilities       (INR Crore)    Ratings
   ----------       -----------    -------
   Cash Credit            14       CRISIL D (ISSUER NOT
                                   COOPERATING; Rating Migrated)

CRISIL Ratings has been consistently following up with SC for
obtaining information through letters and emails dated November 28,
2020 and December 22, 2020 among others, apart from telephonic
communication. However, the issuer has remained non cooperative.

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

Detailed Rationale

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

Established in 2002 as a partnership concern, SC manufactures
polythene-insulated jelly filled cables, telephone drop wires,
signalling cables, jumper wires, and high-density polyethylene
telecom ducts. Mr Krishen Gopal Singla, Mr Varun Singla, and Mr
Tarun Singla are the partners. The manufacturing facility is at
SIDCO Industrial Complex in Bari Brahmana, Jammu.

SIRI SMELTERS: CRISIL Keeps D Debt Ratings in Not Cooperating
-------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Siri Smelters
and Energy Private Limited (SSEPL) continue to be 'CRISIL D Issuer
Not Cooperating'.

                      Amount
   Facilities       (INR Crore)     Ratings
   ----------       -----------     -------
   Cash Credit          6.45        CRISIL D (Issuer Not
                                    Cooperating)

   Term Loan            8.55        CRISIL D (Issuer Not
                                    Cooperating)

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

GF was established in 1993 as proprietorship firm. It is engaged in
the manufacturing of cotton yarn, having manufacturing facility
located in Panipat, Haryana. It is owned and managed by Mrs. Savita
Garg.

SREEKARA ORGANICS: Ind-Ra Affirms BB Issuer Rating, Outlook Stable
------------------------------------------------------------------
India Ratings and Research (Ind-Ra) has affirmed Sreekara Organics'
(SO) Long-Term Issuer Rating at 'IND BB'. The Outlook is Stable.

The instrument-wise rating actions are:

-- INR75 mil. (increased from INR65 mil.) Fund-based working
     capital limits affirmed with IND BB/Stable/IND A4+ rating;
     and

-- INR10 mil. (reduced from INR20 mil.) Non-fund-based limits
     affirmed with IND A4+ rating.

KEY RATING DRIVERS

The affirmation reflects SO's continued small scale of operations.
The firm's revenue improved to INR477.1 million in FY20 (FY19:
INR463.9 million) due to increased sales. The firm posted a revenue
of INR526.09 million in 10MFY21 and the agency expects it to
improve further in 2021, driven by improved global demand for its
products.

The ratings further reflect the firm's modest credit metrics. SO's
adjusted net leverage (adjusted net debt/operating EBITDA)
deteriorated to 1.9x in FY20 (FY19: 1.6x) and the interest coverage
(operating EBITDA/gross interest expense) to 2.1x (2.2x) due to an
increase in its net borrowings to INR84.3 million (INR59.0
million). Ind-Ra expects the firm's credit metrics to weaken
further in FY21 owing to an increase in its net borrowings to fund
its increased working capital requirements.

Liquidity Indicator – Stretched: SO's average capital utilization
stood at 72.3% over the 12-months ended December 2020 for
fund-based working capital limits and 100% for its non-fund-based
limits. The firm reported negative free cash flows during FY18-FY20
owing to the undertaking of regular capex for adding machineries.
SO's cash flow from operations turned negative to INR4.4 million in
FY20 (FY19: positive INR4.6 million), mainly due to an increase in
the debtor days to 96 (69) due to the adverse impact of the
COVID-19 pandemic. The agency expects the increased debtor days to
continue in FY21, resulting in a further decline in the cash flow
from operations. The agency also expects the free cash flows to
remain negative in the near term due to the firm's annual
maintenance capex.

The firm does not have any capital market exposure and relies on
banks facilities and promoters' funds to meet its funding
requirements. The company did not avail of the Reserve Bank of
India-prescribed debt moratorium. The firm had cash and cash
equivalents of INR17.8 million at FYE20 (FYE19: INR0.1 million)
against an outstanding debt of INR84.3 million (INR59 million). The
company's liquidity is supported by its improving cash accruals.

The ratings are also constrained by the partnership nature of the
firm.

The ratings, however, are supported by SO's healthy, albeit
volatile, EBITDA margin of 7.2% in FY20 (FY19: 7.8%; FY18:8.3%
FY17:8.4%). The margin contracted in FY20 owing to volatility in
raw material prices. Its return on capital employed stood at 17% in
FY20 (FY19: 21%).

The ratings are also supported by SO's around a decade's operating
track record and its partners' experience of over two decades in
the pharmaceutical industry.

RATING SENSITIVITIES

Negative: Any debt-led capex or margin pressure, leading to any
deterioration in the credit metrics with the interest coverage
reducing below 2x, could lead to negative rating action.

Positive: A substantial rise in the revenue, while maintaining the
credit metrics, could lead to a positive rating action.

COMPANY PROFILE

Established in 2000, SO manufactures active pharmaceutical
ingredients and related intermediates at its site in the Industrial
Development Area Bollaram, Sangareddy district (Telangana).

SUJITHA POULTRY: CRISIL Withdraws B Rating on INR5cr Cash Loan
--------------------------------------------------------------
CRISIL Ratings has withdrawn the ratings on certain bank facilities
of Sujitha Poultry Farm (SPF), as:

                      Amount
   Facilities       (INR Crore)     Ratings
   ----------       -----------     -------
   Cash Credit            5         CRISIL B/Stable (ISSUER NOT
                                    COOPERATING; Migrated from
                                    'CRISIL B/Stable'; Rating
                                    Withdrawn)

CRISIL Ratings has been consistently following up with SPF for
obtaining information through letters and emails dated November 28,
2020, February 5, 2021 and February 11, 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 SPF. This restricts CRISIL
Ratings' ability to take a forward looking view on the credit
quality of the entity. CRISIL Ratings believes that rating action
on SPF is consistent with 'Assessing Information Adequacy Risk'.
CRISIL Ratings has migrated the rating on the bank facilities of
SPF to 'CRISIL B/Stable Issuer not cooperating'.

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

Established in 2005, SPF, a partnership firm of Mr P Chinraj and Ms
C Shanthi, is involved in the poultry business.

SUNIL STEELS: CRISIL Withdraws D Ratings on INR7cr Loans
--------------------------------------------------------
CRISIL Ratings has withdrawn the ratings on certain bank facilities
of Sunil Steels - Podiyadi (SSP; part of the M. O. Poonnen group),
as:

                    Amount
   Facilities     (INR Crore)     Ratings
   ----------     -----------     -------
   Cash Credit         6.5        CRISIL D (ISSUER NOT
                                  COOPERATING; Rating Withdrawn)

   Proposed Long       0.5        CRISIL D (ISSUER NOT
   Term Bank                      COOPERATING; Rating Withdrawn)
   Loan Facility       
                                  

CRISIL Ratings has been consistently following up with SSP for
obtaining information through letters and emails dated April 3,
2020 and April 08, 2020 among others, apart from telephonic
communication. However, the issuer has remained non cooperative.

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

Detailed Rationale

Despite repeated attempts to engage with the management, CRISIL
Ratings failed to receive any information on either the financial
performance or strategic intent of SSP. This restricts CRISIL
Rating's ability to take a forward looking view on the credit
quality of the entity. CRISIL Ratings believes that rating action
on SSP is consistent with 'Assessing Information Adequacy Risk'.
CRISIL Ratings has Continues the rating on the bank facilities of
SSP to 'CRISIL D Issuer not cooperating'.

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

For arriving at the ratings, CRISIL Ratings has combined the
business and financial risk profiles of Sunil Steels - Podiyadi and
M. O. Poonnen. That's because both firms, together referred to as
the M. O. Poonnen group, are in the same line of business, and have
common promoters and significant operational and financial
linkages.

The M. O. Poonnen group was established in 1985 by Mr. M.O.
Poonnen. The Kerala-based group imports and processes marbles. The
group which also trades Ceramics, granites and various construction
materials retails its products through its three retail showrooms
in Kerala and its operations are managed by Mr. Sunil George
Oommen.

SURYA POULTRY: CRISIL Keeps D Debt Ratings in Not Cooperating
-------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Sri Surya
Poultry Farm (SSPF) continue to be 'CRISIL D Issuer Not
Cooperating'.

                      Amount
   Facilities       (INR Crore)     Ratings
   ----------       -----------     -------
   Bank Guarantee         1         CRISIL D (Issuer Not
                                    Cooperating)

   Cash Credit            4.2       CRISIL D (Issuer Not
                                    Cooperating)

   Long Term Bank
   Facility               7.3       CRISIL D (Issuer Not
                                    Cooperating)

   Proposed Working
   Capital Facility       0.5       CRISIL D (Issuer Not
                                    Cooperating)

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

Set up in 2011 as a partnership firm by Mr. Srinivas Reddy and his
family, Andhra Pradesh-based SSPF is engaged in the poultry
business and has installed capacity of 2.24 lakh layer birds.

TOMAR BUILDERS: Ind-Ra Cuts LT Issuer Rating to D, Outlook Stable
-----------------------------------------------------------------
India Ratings and Research (Ind-Ra) has downgraded Tomar Builders &
Contractors Private Limited's (TBCPL) Long-Term Issuer Rating to
'IND D' from IND BB (ISSUER NOT COOPERATING).

The instrument-wise rating actions are:

-- INR300 mil. Non-fund-based working capital limit (Short- term)

     downgraded with IND D rating.

KEY RATING DRIVERS

The downgrade reflects TBCPL's delays in debt servicing for
November 2019 to February 2021, due to stretched liquidity,
resulting from delayed receivables.

RATING SENSITIVITIES

Positive: Timely debt servicing for three consecutive months could
be positive for the ratings.

COMPANY PROFILE

Incorporated in May 1994, Tomar Builders & Contractors constructs
roads and bridges in Madhya Pradesh.

TRISTAR GLOBAL: CRISIL Keeps D Debt Ratings in Not Cooperating
--------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Tristar
Global Infrastructure Private Limited (TGIPL) continue to be
'CRISIL D Issuer Not Cooperating'.

                      Amount
   Facilities       (INR Crore)     Ratings
   ----------       -----------     -------
   Bank Guarantee        15.5       CRISIL D (Issuer Not
                                    Cooperating)

   Cash Credit            5         CRISIL D (Issuer Not
                                    Cooperating)

   Letter of Credit       2         CRISIL D (Issuer Not
                                    Cooperating)

   Proposed Long Term     6         CRISIL D (Issuer Not
   Bank Loan Facility               Cooperating)

   Working Capital       14.5       CRISIL D (Issuer Not
   Term Loan                        Cooperating)

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

TGIPL, incorporated in 1999, is owned and managed by Mr. Vijay
Vasudeva and his family members. It is in the construction
business, and executes specialised jobs such as waterproofing,
installation of expansion joints, and roofing and related
activities. Its corporate office is in Delhi.

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

                      Amount
   Facilities       (INR Crore)     Ratings
   ----------       -----------     -------
   Bank Guarantee        0.05       CRISIL D (Issuer Not
                                    Cooperating)

   Bill Discounting      8.00       CRISIL D (Issuer Not
                                    Cooperating)

   Letter of Credit      0.50       CRISIL D (Issuer Not
                                    Cooperating)

   Overdraft Facility    0.26       CRISIL D (Issuer Not
                                    Cooperating)

   Packing Credit        4.75       CRISIL D (Issuer Not
                                    Cooperating)

   Proposed Short Term   0.54       CRISIL D (Issuer Not
   Bank Loan Facility               Cooperating)

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

TI was established in 1994 by the Mumbai-based Ganger family. The
firm manufactures and exports stainless steel utensils and
non-stick cookware. It sells its products primarily to Latin
American and African countries through agents and traders based in
these countries. TI has its manufacturing unit at Vasai,
Maharashtra.

WOOGA CERAMIC: CRISIL Moves D Debt Ratings to Not Cooperating
-------------------------------------------------------------
CRISIL Ratings has migrated the rating on bank facilities of Wooga
Ceramic Private Limited (WCPL) to 'CRISIL D Issuer not
cooperating'.

                      Amount
   Facilities       (INR Crore)     Ratings
   ----------       -----------     -------
   Cash Credit           1.25       CRISIL D (ISSUER NOT
                                    COOPERATING; Rating Migrated)

   Proposed Long Term    2.25       CRISIL D (ISSUER NOT
   Bank Loan Facility               COOPERATING; Rating Migrated)
  
   Term Loan             4.50       CRISIL D (ISSUER NOT
                                    COOPERATING; Rating Migrated)

CRISIL Ratings has been consistently following up with WCPL for
obtaining information through letters and emails dated November 28,
2020 and December 22, 2020 among others, apart from telephonic
communication. However, the issuer has remained non cooperative.

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

Detailed Rationale

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

Incorporated in 2017, Gujarat-based WCPL has set up a plant to
manufacture sanitary wares. The company is promoted by Mr Ketan
Patel and Mr Vishal Parecha, and their families. Operations
commenced in February 2019.



=========
J A P A N
=========

SOFTBANK GROUP: Egan-Jones Hikes Senior Unsecured Ratings to B+
---------------------------------------------------------------
Egan-Jones Ratings Company, on February 22, 2021 upgraded the
foreign currency and local currency senior unsecured ratings on
debt issued by SoftBank Group Corporation to B+ from B.

Headquartered in Minato City, Tokyo, Japan, SoftBank Group
Corporation is a Japanese multinational conglomerate holding
company.




=========
M A C A U
=========

MELCO RESORTS: S&P Affirms 'BB' Long-Term ICR, Outlook Negative
---------------------------------------------------------------
S&P Global Ratings affirmed its 'BB' long-term issuer credit rating
on Melco Resorts (Macau) Ltd. (MRM) and 'BB-' long-term issuer
credit rating on Studio City Co. Ltd. Both are Melco Resorts &
Entertainment Ltd. (MLCO) operating subsidiaries.

S&P said, "The negative outlook on MRM and Studio City reflects our
view that risks to a recovery in EBITDA remain, given the uncertain
recovery of the tourism industry in Macau and the Philippines.

"We affirmed our ratings on MRM and Studio City as we believe
improving visitor numbers in line with the easing of quarantine
restrictions between Macau and mainland China will help MLCO
improve its leverage below our 3.5x downgrade threshold by late
2021 or early 2022 on a run-rate basis. Mainland Chinese visitation
to Macau has steadily increased since the resumption of the
Individual Visit Scheme nationwide in the third quarter last year,
with GGR reaching around 30% of its prepandemic levels. While the
recovery is more gradual than our initial expectation, we remain
optimistic on its eventual recovery. Macau recently removed the
last two Chinese cities from its quarantine list as vaccinations
roll out in the city and the Greater China region.

"We now anticipate Macau's GGR for 2021 to be 30%-40% below its
2019 levels (compared with our previous estimate of 10%-20%). The
market's recovery will be bumpy, partly because of visa
limitations, testing requirements, and travel fears. Additional
constraints include continued quarantine restrictions for Hong Kong
visitors, economic challenges, and reduced gaming capacity.
However, we still see pent-up demand for casinos and continue to
expect a full recovery in 2022 when travel activities further
normalize. Premium mass market players are leading the recovery
with City of Dreams seeing its mass market GGR recovering to around
50% of its prepandemic level in the fourth quarter. Studio City's
recovery has been more gradual, likely due to its greater focus on
base mass market. Macau remains a strong market in the long term
and support will come from economic growth in mainland China, a
growing middle class, improving infrastructure connecting the
mainland and Macau, as well as expanding hotel capacity, in our
view."

In the Philippines, City of Dreams Manila has been operating at 30%
capacity since August last year. It reported property EBITDA of
US$17 million in the fourth quarter, around 30% of its 2019 level.
Mass market GGR recovered to around 50% of its 2019 level while VIP
business remained weak. Strong local mass market demand and the
company's efforts to control costs could continue to support the
property's cash flows. However, it is unlikely to see meaningful
EBITDA improvement until the country eases the lockdown measures in
the Metro Manila area. S&P presumes this will gradually happen in
the second quarter as the country continues to roll out
vaccinations.

S&P said, “As a result, we expect MLCO's debt to EBITDA will stay
above our downgrade trigger in 2021. Subsequently, we expect MLCO
to gradually improve its leverage to below our 3.5x downgrade
threshold by late 2021 or early 2022 on a run-rate basis."

MLCO's financial discipline and liquidity profile support the
ratings. MLCO has a track record of maintaining prudent financial
policies and entered the COVID-19 crisis with an adjusted
debt-to-EBITDA leverage of 2.6x as of Dec. 31, 2019; a substantial
buffer given S&P's downgrade threshold of 3.5x. The company has
made efforts to preserve its liquidity since the outbreak of
COVID-19:

-- MLCO has suspended its quarterly dividend program since the
first quarter of 2020, preserving around US$80 million a quarter.
S&P forecasts MLCO will only resume its quarterly dividends in the
second half of the year when travel activities are expected to
further normalize.

-- It has deferred a significant amount of capital expenditure
(capex) for City of Dreams Mediterranean and Studio City Phase II,
and modestly reduced total investment requirements. Our base case
assumes MLCO will reach its peak investment cycle in late 2021 to
early 2022 and MLCO's credit metrics will have significantly
improved by that time based on S&P's expectation of GGR recovery in
Macau and the Philippines.

-- The company reduced its fixed operating expenses for Macau
operations by approximately 40% at peak from pre-COVID-19 levels.
Some cost reductions are likely to be permanent savings. Given the
efforts in controlling costs, the company's Macau operations
managed to achieve breakeven property EBITDA in the fourth quarter.
While S&P expects these fixed operating expenses to bounce back
quickly along with the business volume recovery, it demonstrates
MLCO's abilities and willingness to cut costs amid market
volatilities.

-- MLCO has extended its maturity profile through new issuances by
Melco Resorts Finance Ltd. and Studio City Finance Ltd. The company
has no material maturities before 2025 following the last round of
refinancing in January 2021. Furthermore, Studio City raised
additional equity in 2020 to bolster its balance sheet.
S&P said, "MLCO's solid liquidity provides a buffer in the event
that the Macau market recovers slower than we expect or
zero-revenue conditions return due to a significant resurgence of
COVID-19 cases. By our estimates, MLCO has more than 12 months of
liquidity, including cash and revolving credit lines, to cover its
fixed operating expenses even under zero-revenue conditions. MLCO's
financial discipline and liquidity profile, and our expectation
that incremental risks will not materialize in the next few years,
warrant us being more forward looking on its credit metrics
recovery."

S&P Global Ratings believes there remains high, albeit moderating,
uncertainty about the evolution of the coronavirus pandemic and its
economic effects. Vaccine production is ramping up and rollouts are
gathering pace around the world. Widespread immunization, which
will help pave the way for a return to more normal levels of social
and economic activity, looks to be achievable by most developed
economies by the end of the third quarter. However, some emerging
markets may only be able to achieve widespread immunization by
year-end or later. S&P said, "We use these assumptions about
vaccine timing in assessing the economic and credit implications
associated with the pandemic. As the situation evolves, we will
update our assumptions and estimates accordingly."

The negative outlook on MLCO's operating subsidiaries MRM and
Studio City reflects S&P's view that there is still meaningful
risk, given the uncertain recovery of the tourism industry in Macau
and the Philippines. The ongoing pandemic has delayed the recovery
and will likely result in the company's credit metrics staying
above our downgrade threshold through the end of 2021.

S&P said, "We may lower our rating on MRM and Studio City if we
believe MLCO is not on track to reduce its debt to EBITDA to below
our 3.5x downgrade threshold by end-2021 or early 2022 on a
run-rate basis. This is based on a 4.0x debt-to-EBITDA ratio
assumption at Melco International Development Ltd. This could
happen if there is another major wave of COVID-19 such that travel
and other restrictions are reinstated in Macau or mainland China or
if MLCO eases its financial policies before its gaming operations
fully recover. In a less likely scenario, we may lower our rating
on Studio City if its liquidity profile diminishes materially due
to a slower-than-expected recovery in Macau while the company
invests heavily in Studio City Phase 2.

"We may revise our outlook to stable if MLCO is on track to improve
its debt-to-EBITDA ratio to 3.5x. In our opinion, this will be
primarily driven by a rapid recovery in tourism in Macau, coupled
with the company's prudent financial management."




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

1MDB: Deloitte to Pay Malaysia $80MM in 1MDB-Related Settlement
---------------------------------------------------------------
Anisah Shukry and Yantoultra Ngui at Bloomberg News report that
Deloitte PLT agreed to a MYR324-million (US$80 million) settlement
with the Malaysian government to resolve all claims related to the
firm's audit of 1MDB and its former unit SRC International between
2011-2014.

The payout is the largest 1MDB-related settlement by an audit firm
in Southeast Asia, the Finance Ministry said in a statement on
March 3, Bloomberg relays.  It comes less than a week after a local
lender agreed to a MYR2.83-billion settlement over its involvement
in transactions related to the state investment company.

"This marks another success in the Malaysian government's
continuing recovery efforts against parties involved in 1MDB, SRC
and its related entities," Bloomberg quotes Finance Minister Tengku
Zafrul Abdul Aziz as saying in the statement.

Malaysia in 2019 imposed the maximum fine on Deloitte PLT for
breaches related to a bond issuance by 1MDB, becoming the first
auditor of the scandal-ridden fund to face penalties, Bloomberg
notes.  The fund was started to lure investments to the country,
but instead became the center of worldwide probes into possible
corruption and money laundering.

Bloomberg relates that Goldman Sachs Group Inc. last year admitted
its role in the biggest foreign bribery case in U.S. enforcement
history, reaching multiple international settlements in the
billions of dollars to end probes into its fundraising for 1MDB.

The accord with Deloitte will speed up the payment of monies to
meet 1MDB and SRC's outstanding obligations, which would otherwise
be delayed by lengthy and costly court battles, the Finance
Ministry, as cited by Bloomberg, said.

The pacts won't affect Malaysia's claims against individuals like
fugitive businessman Low Taek Jho and other related parties, the
ministry said. The individuals are being actively pursued in
relation to the 1MDB scandal, it added, Bloomberg relays.

"The government is determined to ensure that appropriate actions
are taken against all individuals or entities involved, directly or
indirectly, in the global 1MDB scheme," said Zafrul.

                             About 1MDB

Kuala Lumpur-based 1Malaysia Development Bhd (1MDB) operated as a
government agency. The Company offered financial assistance,
analysis, and advice through investors, corporations, and
consultants to startups and growth companies. 1MDB focused on
investments with strategic value and high multiplier effects on the
economy, particularly in energy, real estate, tourism, and
agribusiness.

As reported in the Troubled Company Reporter-Asia Pacific in June
2015, Reuters relayed that Singapore Police Force has frozen two
bank accounts to help with an investigation in to Malaysia's
troubled state-owned investment fund 1Malaysia Development Bhd
(1MDB), which is being probed by authorities in Malaysia for
financial mismanagement and graft.  Reuters said the freezing of
the Singapore bank accounts follows a similar move in Malaysia
where a task force investigating 1MDB said earlier in July that it
had frozen half a dozen bank accounts following a media report that
nearly $700 million had been transferred to an account of
Malaysia's Prime Minister Najib Razak.

The Wall Street Journal reported in July 2015 that investigators
looking into 1MDB had traced close to US$700 million of deposits
moving through Falcon Bank in Singapore into personal bank accounts
in Malaysia belonging to Najib.

The TCR-AP, citing Bloomberg News, reported in November 2015, that
1MDB agreed to sell its power assets to China General Nuclear Power
Corp. for MYR9.83 billion (US$2.3 billion) as the state investment
company moved one step closer to winding down operations after its
mounting debt raised investor concern.

Bloomberg, citing President Arul Kanda in October 2015, related
that the company faced cash-flow problems after a planned initial
public offering of Edra faced delays amid unfavorable market
conditions.  The listing plan was later canceled as the company
opted for a sale of the assets, Bloomberg noted.

The TCR-AP, citing The Wall Street Journal, reported in April 2016,
that the company defaulted on a $1.75 billion bond issue,
triggering cross defaults on two other Islamic notes totaling
MYR7.4 billion ($1.9 billion).

Asian Nikkei Review reported in June 2016 that Malaysia has
replaced the board of 1Malaysia Development Berhad with treasury
officials, paving the way for the dissolution of the troubled state
investment fund.

BERTAM ALLIANCE: Reprimanded for Breaches; Directors Fined
----------------------------------------------------------
The Sun Daily reports that Bursa Malaysia Securities has publicly
reprimanded Bertam Alliance Bhd and five of its directors for
breaches of the Bursa Malaysia Securities Main Market Listing
Requirements (Main LR).

Additionally, the directors were fined a total of MYR225,000, the
report discloses.

According to Sun Daily, Bursa found that Bertam Alliance had
breached paragraph 9.19(19)(a)(ii) of the Main LR for failing to
make an immediate announcement of the winding-up order dated Nov.
30, 2017 against its subsidiary, Bertam Development Sdn Bhd
(BDSB).

Along with that, it was found to have breached paragraph 8.04(3)(b)
of the Main LR read together with paragraph 4.1(a) of Practice Note
17 (PN17) for failing to make the first announcement on an
immediate basis upon the winding-up of BDSB, Sun Daily relays.

Sun Daily relates that Bertam had only on Dec. 11, 2017 announced
that the High Court had refused to set aside the winding-up
petition and allowed the winding-up and on Dec. 22, 2017 announced
the detailed contents of the winding-up order. Furthermore, the
winding up order had triggered the prescribed criteria in paragraph
2.1(c) of PN17 as BDSB was a major subsidiary and the total assets
of BDSB represented 82% of Bertam Group's total assets as at Sept
30, 2017.

However, Bertam only made the first announcement on April 4, 2018.

Sun Daily discloses that the five directors who were fined are:
executive director Lim Nyuk Foh, executive director Chiew Boon
Chin, audit commitee member and senior independent non-executive
chairman Datuk Mohamed Arsad Sehan, audit committee chairman and
independent non-executive director Lim Shaw Keong @ Alfred Lim as
well as audit committee member and non independent non-executive
director Koo Jenn Man.

"The finding of breach and imposition of the above penalties on
Bertam and its directors were made pursuant to paragraph 16.19 of
the Main LR upon completion of due process and after taking into
consideration all facts and circumstances of the matter including
the materiality of the breaches, impact of the breaches to Bertam
and shareholders/investors and the roles, responsibilities,
knowledge and conduct of the directors," Bursa said in a
statement.

In a separate statement, Bursa Malaysia Securities said it has
publicly reprimanded and imposed a fine of MYR28,500 on Mohd Ikmal
Zulkifli, and ordered him to be struck off its register for
misconducts/breaches involving personal/unauthorised trades in the
accounts of two clients.

At the time, Ikmal was a commissioned dealer's representative of
RHB Investment Bank Bhd at its Pandan Indah branch office, and had
violated several rules including misusing Client A's account to
carry out his own trading activities of share speculation on
numerous trading days as well as over a period of two months,
misused Client B's account to carry out trades based on his own
discretion without Client B's knowledge and consent and the shares
were then force sold.

These trades had resulted in losses in the clients' accounts which
were disputed by the clients.

Ikmal also wrongfully applied/used monies/sales proceeds/contra
gains in Client B's trust account to settle his unauthorised
purchases or to off-set fully or partially against the contra
losses incurred arising from his contra trading.

Bursa said as an experienced registered person, he knew or ought to
know that he should not use or initiate any arrangement to use any
client's account for his personal trades and to share the profits
with the client.

"Hence, the client's purported agreement/consent to the arrangement
would not absolve Ikmal from the breaches. Ikmal's misconducts had
clearly undermined investor protection, particularly protection of
clients' accounts and monies which is one of the fundamental
obligations of a dealer's representative (DR)and must be upheld at
all times," it said.

It added that the public reprimand was imposed on Ikmal as a
deterrent consideration so as to create market awareness and
reinforce the serious view taken by Bursa Malaysia Securities for
cases involving abuse/misuse of clients' accounts/monies by DRs.

                       About Bertam Alliance

Bertam Alliance Berhad -- http://www.bertamalliance.com/-- engages
in property and plantation development activities in Malaysia.

Bertam Alliance Bhd has been classified as an affected listed
issuer under Practice Note 17 (PN17) as Bursa Malaysia has rejected
the company's application for a waiver from being classified as
PN17 company. The bourse made its decision after taking into
consideration the winding-up order against its wholly-owned unit
Bertam Development Sdn Bhd (BDSB), which accounts for at least 50%
of the company's total assets.



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

GALOC PRODUCTION: Court Enters Wind-Up Order
--------------------------------------------
The High Court of Singapore entered an order on Feb. 19, 2021, to
wind up the operations of Galoc Production Company W.L.L.

OL Master (Singapore Fund 1) Pte. Limited, Orchard Landmark II
(Singapore Fund 1), and OCP Asia Fund III (SF 1) Pte. Limited filed
the petition against the company.

The company's liquidator is:

         Luke Anthony Furler
         c/o AJCapital Advisory Pte. Limited
         36 Armenian Street #04-07
         Singapore 179934

GP GLOBAL: Singapore High Court Grants 6-Month Debt Moratorium
--------------------------------------------------------------
Reuters reports that the Singapore High Court on March 2 granted
oil trader GP Global APAC Pte Ltd a six-month debt moratorium, the
company's lawyers said on March 4, paving the way for its parent
company to restructure more than $1 billion in debt.

According to Reuters, GP APAC is the Singapore unit of GP Global, a
global oil trader and ship fuel supplier based in the United Arab
Emirates that is in default amid allegations that employers carried
out fraudulent trades. The moratorium will keep GP APAC's creditors
from independently pursuing legal actions and allow it to resume
restructuring efforts, including selling off GP Global's oil
refining and storage assets, Reuters says.

The Singapore unit owes more than $464 million to its top 20
unsecured creditors while its parent had total liabilities of more
than $1.2 billion, Reuters discloses.

GP APAC applied in early February for the moratorium after
Singapore-based marine fuel supplier Equatorial Marine Fuel
Management Services Pte Ltd obtained a court ruling allowing it to
seize GP's Singapore office to recoup more than $700,000 in claims,
recalls Reuters.

In March 2's hearing the High Court also granted an order that
would prevent the seizure, Daniel Tan and Moses Lin, GP APAC's
legal advisers and partners at law firm Shook Lin & Bok LLP, told
Reuters.

"This is all GP APAC wanted, a restructuring where everyone is
treated equally and there is no 'queue jumping'," Reuters quotes
Mr. Lin as saying.

GP APAC had planned to sell the office to raise SGD8.5 million
($6.4 million) as part of its restructuring plan.

We "can proceed to complete the sale of the property to the
awaiting buyer," said Mr. Tan.

Under the court order, about SGD1 million ($752,000) from the sale
of the property would be paid to the court for distribution to
creditors when the company's restructuring scheme is approved, the
lawyers said, Reuters relays.

"If the scheme is not approved and the moratorium is lifted, then
this money may be paid out to Equatorial in accordance with the
judgment they have obtained," said Mr. Lin, notes the report.

GP Global APAC Pte Ltd is a Singapore-based oil trading company.

MONAKO ASIA: Court Enters Wind-Up Order
---------------------------------------
The High Court of Singapore entered an order on Feb. 26, 2021, to
wind up the operations of Monako Asia Pte Ltd.

Douvet Singapore Pte Ltd filed the petition against the company.

The company's liquidator is:

         Kon Yin Tong
         Aw Eng Hai
         c/o Foo Kon Tan LLP
         24 Raffles Place
         #07-03, Clifford Centre
         Singapore 048621

U100 PTE: Creditors' Proofs of Debt Due April 5
-----------------------------------------------
Creditors of U100 Pte Ltd, which is in voluntary liquidation, are
required to file their proofs of debt by April 5, 2021, to be
included in the company's dividend distribution.

The company's liquidator is:

         Ng Choon Heng
         c/o 600 North Bridge Road
         #05-01 Parkview Square
         Singapore 188778



                           *********


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

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

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

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

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



                *** End of Transmission ***